Mortgage Banking Activities

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income (loss) for the years ended December 31, 2023, 2022, and 2021.

Table 20.1 – Mortgage Banking Activities


	Years Ended December 31,
(In Thousands)	2023		2022		2021
Residential Consumer Mortgage Banking Activities, Net
Changes in fair value of:
Residential loans, at fair value (1)	$	42,976	$	(131,675)	$	83,733
Trading securities (2)	(159)		4,249		(352)
Risk management derivatives (3)	(17,908)		100,713		38,352
Other income (expense), net (4)	2,873		5,431		5,418
Total residential consumer mortgage banking activities, net	27,782		(21,282)		127,151

Residential Investor Mortgage Banking Activities, Net:
Changes in fair value of:
BPL term loans, at fair value (1)	16,500		(91,690)		63,872
BPL bridge loans, at fair value	5,704		2,679		8,253
Risk management derivatives (3)	(914)		56,731		2,708
Other income, net (5)	18,314		39,903		33,760
Total residential investor mortgage banking activities, net	39,604		7,623		108,593
Mortgage Banking Activities, Net	$	67,386	$	(13,659)	$	235,744

(1)For residential loans, includes changes in fair value for associated loan purchase commitments. For business purpose loans, includes changes in fair value for associated interest rate lock commitments.

(2)Represents fair value changes on trading securities that are being used as hedges to manage the mark-to-market risks associated with our residential consumer 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.