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Derivative Financial Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2021 and 2020.
June 30, 2021December 31, 2020
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansJul. 2021$80,000 $238 Jan. 2021$30,000 $34 
Forward loans IRLCsAug. - Oct. 2021995,020 17,141 Apr. 2021619,713 22,224 
Reverse loans IRLCsJul. 202168,383 296 Jan. 202111,692 482 
TBA forward Pipeline tradesJul. - Aug. 20211,263,000 160 N/A— — 
TBA forward MBS tradesAug. 2021660,000 2,250 N/A— — 
Interest rate swap futuresSep. 2021450,000 4,500 Mar. 2021593,500 504 
OtherN/A— — N/A— 2 
Total$3,516,403 $24,585 $1,254,905 $23,246 
Derivative Liabilities (Other liabilities)
Forward sales of Reverse loansAug. 2021$20,000 $(91)Jan. 2021$20,000 $(84)
TBA forward Pipeline tradesJul. - Aug. 20211,260,000 (1,740)N/A— — 
TBA forward MBS tradesN/A— — Jan. 2021400,000 (4,554)
Interest rate swap futuresSep. 2021600,000 (2,203)N/A— — 
OtherN/A— (5)N/A— — 
Total$1,880,000 $(4,039)$420,000 $(4,638)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Six Months Ended June 30, 2021Six Months Ended June 30, 2020
Gain / (Loss)Gain / (Loss)
AmountFinancial Statement LineAmountFinancial Statement Line
Derivative
Forward loans IRLCs$(5,074)Gain on loans held for sale, net$12,088 Gain on loans held for sale, net
Reverse loans IRLCs(186)Reverse mortgage revenue, net892 Reverse mortgage revenue, net
Forward LHFS trades— Gain on loans held for sale, net— Gain on loans held for sale, net
TBA forward pipeline trades(188)Gain on loans held for sale, net (Economic hedge)— Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades— Gain on loans held for sale, net (Economic hedge)(9,563)Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades9,297 MSR valuation adjustments, net42,811 MSR valuation adjustments, net
Forward sales of Reverse loans197 Reverse mortgage revenue, net(168)Reverse mortgage revenue, net
Other(16)Gain on loans held for sale, net(796)Gain on loans held for sale, net
Total$4,030 $45,263