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Mortgage Banking Activities, Net | 9 Months Ended
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Sep. 30, 2025
Mortgage Banking [Abstract] |
Mortgage Banking Activities, Net | Mortgage Banking Activities, Net Mortgage banking activities, net includes changes in fair value of loans held-for-sale, loan purchase commitments, interest rate lock commitments and related risk management derivatives held in our Sequoia Mortgage Banking and CoreVest Mortgage Banking segments. 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, 2025 and 2024. Table 5.1 – Mortgage Banking Activities
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In Thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Sequoia Mortgage Banking Activities, Net: |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential consumer loans, at fair value (1) |  | $ | 54,872 |  |  | $ | 20,959 |  |  | $ | 100,566 |  |  | $ | 31,410 |
Trading securities (2) |  | (24,382) |  |  | (28,630) |  |  | (92,354) |  |  | (17,508) |
Risk management derivatives (3) |  | (2,426) |  |  | 34,051 |  |  | 65,389 |  |  | 25,121 |
Other income, net (4) |  | 655 |  |  | 335 |  |  | 1,665 |  |  | 1,764 |
Total Sequoia mortgage banking activities, net |  | 28,719 |  |  | 26,715 |  |  | 75,266 |  |  | 40,787 |
CoreVest Mortgage Banking Activities, Net: |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential investor term loans, at fair value (1) |  | 3,291 |  |  | 6,061 |  |  | 14,781 |  |  | 11,833 |
Residential investor bridge loans, at fair value |  | 1,030 |  |  | 694 |  |  | 5,635 |  |  | 2,748 |
Risk management derivatives (3) |  | 18 |  |  | 551 |  |  | (1,820) |  |  | 2,692 |
Other income, net (4) (5) |  | 7,074 |  |  | 5,548 |  |  | 20,180 |  |  | 14,989 |
Total CoreVest mortgage banking activities, net |  | 11,413 |  |  | 12,854 |  |  | 38,776 |  |  | 32,262 |
Mortgage Banking Activities, Net |  | $ | 40,132 |  |  | $ | 39,569 |  |  | $ | 114,042 |  |  | $ | 73,049 |
(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.

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