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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Activity
The table below summarizes the fair value, notional and maturity of derivative instruments. 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, 2021 and 2020.
March 31, 2021December 31, 2020
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets
Forward sales of Reverse loansApr. 2021 to May .2021$70,000 $100 Jan. 2021$30,000 $34 
Forward loans IRLCsJul. 2021916,930 13,622 Apr. 2021619,713 22,224 
Reverse loans IRLCsApr. 202150,197 967 Jan. 202111,692 482 
TBA forward MBS tradesApr. 2021 to May .2021590,000 794 N/A— — 
Interest rate swap futuresN/A— — Mar. 2021593,500 504 
OtherN/A— — — 2 
Total$1,627,127 $15,483 $1,254,905 $23,246 
Derivative Liabilities
Forward sales of Reverse loansApr. 2021$35,000 $(152)Jan. 2021$20,000 $(84)
TBA forward MBS tradesApr. 202110,000 (314)Jan. 2021400,000 (4,554)
Interest rate swap futuresJun. 20211,400,000 (9,532)N/A— — 
OtherN/A— (14)N/A— — 
Total$1,445,000 $(10,012)$420,000 $(4,638)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Three Months Ended March 31, 2021Three Months Ended March 31, 2020
Gain / (Loss)Gain / (Loss)
AmountFinancial Statement LineAmountFinancial Statement Line
Derivative Assets (Liabilities)
Forward loans IRLCs$(8,602)Gain on loans held for sale, net$5,714 Gain on loans held for sale, net
Reverse loans IRLCs485 Reverse mortgage revenue, net(115)Reverse mortgage revenue, net
Interest rate swap futures and TBA forward MBS trades— Gain on loans held for sale, net (Economic hedge)(7,192)Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades(13,682)MSR valuation adjustments, net35,291 MSR valuation adjustments, net
Forward sales of Reverse loans(2)Reverse mortgage revenue, net(143)Reverse mortgage revenue, net
Other(16)Gain on loans held for sale, net— Gain on loans held for sale, net
Total$(21,816)$33,555