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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Activity | The table below 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 nine months ended September 30, 2020 and 2019.
|  | September 30, 2020 |  | December 31, 2019
|  | Maturities | Notional | Fair value |  | Maturities | Notional | Fair value
Derivative Assets |  |  |  |  |  |  |  |
Forward sales of Reverse loans |  | Nov. 2020 | $ | 20,000 |  | $ | 31 |  |  | Jan. 2020 | $ | 40,000 |  | $ | 8 |
Forward loans IRLCs |  | Oct. to Dec. 2020 | 857,257 |  | 21,606 |  |  | Mar. 2020 | 204,020 |  | 4,745 |
Reverse loans IRLCs |  | Oct. 2020 | 30,977 |  | 1,073 |  |  | Jan. 2020 | 28,546 |  | 133 |
TBA forward MBS trades |  | Oct. to Nov. 2020 | 400,000 |  | 117 |  |  | Jan to Mar. 2020 | 1,200,000 |  | 1,121 |
Other |  | n/a | — |  | 16 |  |  | n/a | — |  | — |
Total |  |  | $ | 1,308,234 |  | $ | 22,843 |  |  |  | $ | 1,472,566 |  | $ | 6,007 |
Derivative Liabilities |  |  |  |  |  |  |  |
Forward sales of Reverse loans |  | Oct. 2020 | $ | 60,000 |  | $ | (114) |  |  | Jan. 2020 | $ | 20,000 |  | $ | (29) |
TBA forward MBS trades |  | Oct. to Nov. 2020 | 190,000 |  | (696) |  |  | n/a | — |  | — |
Interest rate swap futures |  | Dec. 2020 | 355,000 |  | (213) |  |  | n/a | — |  | — |
Borrowings - interest rate caps |  | n/a | — |  | — |  |  | May 2020 | 27,083 |  | — |
Other |  | n/a | — |  | (648) |  |  | n/a | — |  | (71) |
Total |  |  | $ | 605,000 |  | $ | (1,671) |  |  |  | $ | 47,083 |  | $ | (100) |
We report derivatives at fair value in Other assets or in Other liabilities on our unaudited consolidated balance sheets. Derivative instruments are generally entered into as economic hedges against changes in the fair value of a recognized asset or liability and are not designated as hedges for accounting purposes. We generally report the changes in fair value of such derivative instruments in the same line item in the unaudited consolidated statement of operations as the changes in fair value of the related asset or liability. For all other derivative instruments not designated as a hedging instrument, we report changes in fair value in Other, net.
| Nine Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2019
| Gain / (Loss) |  | Gain / (Loss)
| Amount | Financial Statement Line |  | Amount | Financial Statement Line
Derivative Assets (Liabilities) |  |  |  |  |
Forward loans IRLCs | $ | 16,860 |  | Gain on loans held for sale, net |  | $ | 401 |  | Gain on loans held for sale, net
Reverse loans IRLCs | 940 |  | Reverse mortgage revenue, net |  | 802 |  | Reverse mortgage revenue, net
Forward LHFS trades | — |  |  |  | (3,689) |  | Gain on loans held for sale, net
Interest rate swap futures and TBA forward MBS trades | (9,564) |  | Gain on loans held for sale, net (Economic hedge) |  | 345 |  | Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades | 39,258 |  | MSR valuation adjustments, net |  | 322 |  | MSR valuation adjustments, net
Forward sales of Reverse loans | (62) |  | Reverse mortgage revenue, net |  | 106 |  | Reverse mortgage revenue, net
Borrowings - interest rate caps | — |  | Other, net |  | (358) |  | Other, net
Other | (561) |  | Gain on loans held for sale, net |  | (220) |  |
Total | $ | 46,871 |  |  |  | $ | (2,291) |  |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
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