Mortgage Banking Activities, Net (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of 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 months ended March 31, 2025 and 2024.

Table 5.1 – Mortgage Banking Activities


	Three Months Ended March 31,
(In Thousands)	2025		2024
Sequoia Mortgage Banking Activities, Net:
Changes in fair value of:
Residential consumer loans, at fair value (1)	$	30,599	$	(3,854)
Trading securities (2)	(29,327)		8,511
Risk management derivatives (3)	20,787		3,089
Other income, net (4)	92		81
Total Sequoia mortgage banking activities, net	22,151		7,827

CoreVest Mortgage Banking Activities, Net:
Changes in fair value of:
Residential investor term loans, at fair value (1)	6,930		(296)
Residential investor bridge loans, at fair value	1,032		946
Risk management derivatives (3)	(2,945)		2,509
Other income, net (4) (5)	5,885		3,570
Total CoreVest mortgage banking activities, net	10,902		6,729
Mortgage Banking Activities, Net	$	33,053	$	14,556

(1)Includes changes in fair value for associated loan purchase commitments for residential consumer loans and associated interest rate lock commitments for residential investor term loans.

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

(3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks.

(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.