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Residential mortgage banking activities and variable expenses on residential mortgage banking activities | 6 Months Ended
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Jun. 30, 2022
Residential mortgage banking activities and variable expenses on residential mortgage banking activities |
Gains on residential mortgage banking activities, net of variable loan expenses | Note 10. Residential mortgage banking activities and variable expenses on residential mortgage banking activities ​ Residential mortgage banking activities reflects revenue within our residential mortgage banking business directly related to loan origination and sale activity. This primarily consists of the realized gains on sales of residential loans held for sale and loan origination fee income. Residential mortgage banking activities also consists of unrealized gains and losses associated with the changes in fair value of the loans held for sale, the fair value of retained MSR additions, and the realized and unrealized gains and losses from derivative instruments. Variable expenses include correspondent fee expenses and other direct expenses relating to these loans, which vary based on loan origination volumes. ​ The table below presents the components of residential mortgage banking activities and associated variable expenses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
(in thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021 | ​
Realized and unrealized gain (loss) of residential mortgage loans held for sale, at fair value | ​ | $ | (7,886) | ​ | $ | 31,020 | ​ | $ | (12,973) | ​ | $ | 60,580 | ​
Creation of new MSRs, net of payoffs | ​ | ​ | 8,834 | ​ | ​ | 6,976 | ​ | ​ | 15,928 | ​ | ​ | 13,324 | ​
Loan origination fee income on residential mortgage loans | ​ | ​ | 4,749 | ​ | ​ | 5,192 | ​ | ​ | 8,859 | ​ | ​ | 11,424 | ​
Unrealized gain (loss) on IRLCs and other derivatives |  | ​ | (2,750) | ​ | ​ | (6,498) |  | ​ | (443) | ​ | ​ | (7,229) | ​
Residential mortgage banking activities | ​ | $ | 2,947 | ​ | $ | 36,690 | ​ | $ | 11,371 | ​ | $ | 78,099 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variable income (expenses) on residential mortgage banking activities | ​ | $ | 4,532 | ​ | $ | (21,421) | ​ | $ | 3,553 | ​ | $ | (36,906) | ​
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- Definition The entire disclosure for residential mortgage banking activities. + References No definition available. + Details
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- References No definition available. + Details
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