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Mortgage Banking Activities, Net | 9 Months Ended
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Sep. 30, 2023
Mortgage Banking [Abstract] |
Mortgage Banking Activities, Net | Mortgage Banking Activities, Net The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income for the three and nine months ended September 30, 2023 and 2022. Table 20.1 – Mortgage Banking Activities
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Residential Mortgage Banking Activities, Net |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans, at fair value (1) |  | $ | (2,819) |  |  | $ | (22,776) |  |  | $ | 5,272 |  |  | $ | (125,012) |
Trading securities (2) |  | (482) |  |  | 148 |  |  | 2,188 |  |  | 4,249 |
Risk management derivatives (3) |  | 12,158 |  |  | 24,319 |  |  | 10,508 |  |  | 107,573 |
Other income, net (4) |  | 107 |  |  | 467 |  |  | 1,422 |  |  | 5,496 |
Total residential mortgage banking activities, net |  | 8,964 |  |  | 2,158 |  |  | 19,390 |  |  | (7,694) |
Business Purpose Mortgage Banking Activities, Net: |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
BPL term loans, at fair value (1) |  | 1,600 |  |  | (19,306) |  |  | 13,214 |  |  | (84,493) |
BPL bridge loans, at fair value |  | 1,438 |  |  | (9) |  |  | 4,808 |  |  | 2,242 |
Risk management derivatives (3) |  | 3,434 |  |  | 24,044 |  |  | 1,295 |  |  | 56,564 |
Other income, net (5) |  | 4,004 |  |  | 9,648 |  |  | 13,956 |  |  | 36,214 |
Total business purpose mortgage banking activities, net |  | 10,476 |  |  | 14,377 |  |  | 33,273 |  |  | 10,527 |
Mortgage Banking Activities, Net |  | $ | 19,440 |  |  | $ | 16,535 |  |  | $ | 52,663 |  |  | $ | 2,833 |
(1)For residential loans, includes changes in fair value for associated loan purchase commitments. For BPL term loans, includes changes in fair value for associated interest rate lock commitments. (2)Represents fair value changes on trading securities that are being used along as hedges to manage the mark-to-market risks associated with our residential mortgage banking operations. (3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations. (4)Amounts in this line item include other fee income from loan acquisitions and provisions for repurchases, presented net. (5)Amounts in this line item include other fee income from loan originations.

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