XML 24 R13.htm IDEA: XBRL DOCUMENT v3.25.3
Mortgage Banking Activities, Net
 9 Months Ended
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)2025202420252024
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, net28,719 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 value1,030 694 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, net11,413 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.