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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Activity
The following table summarizes derivative activity, including the derivatives used in each of our identified hedging programs. The notional amount of our contracts does not represent our exposure to credit loss. None of the derivatives were designated as a hedge for accounting purposes as of, or during the three months ended March 31, 2020 and 2019:
 
IRLCs
 
Interest Rate Risk
 
MSR Hedging
 
IRLCs and Loans Held for Sale
 
Borrowings
 
TBA / Forward MBS Trades and Futures (1)
 
Forward Trades
 
Interest Rate Caps
Notional balance at March 31, 2020
$
382,773

 
$
740,000

 
$
100,000

 
$
10,833

Notional balance at December 31, 2019
232,566

 
1,200,000

 
60,000

 
27,083

 
 
 
 
 
 
 
 
Maturity
April 2020 - June 2020
 
 May 2020 - June 2020
 
April 2020 - May 2020
 
May 2020
 
 
 
 
 
 
 
 
Fair value of derivative assets (liabilities) at:
 

 
 

 
 

 
 

March 31, 2020
$
10,478

 
$
2,999

 
$
(235
)
 
$
—

December 31, 2019
4,878

 
1,121

 
(92
)
 
—

 
 
 
 
 
 
 
 
Gains (losses) on derivatives during the three months ended:
Gain on loans held for sale, net
 
MSR valuation adjustments, net
 
Gain on loans held for sale, net
 
Other, net
March 31, 2020
$
5,714

 
$
35,291

 
$
(7,192
)
 
$
—

March 31, 2019
(341
)
 
$
—

 
(2,270
)
 
(402
)

(1)
The March 31, 2020 balances include $500.0 million notional balance and $0.8 million fair value, of interest rate swap futures (nil at December 31, 2019). The related gain on these interest rate futures for the three months ended March 31, 2020 was $0.8 million.