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Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2021 and 2020.
September 30, 2021December 31, 2020
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansOct. 2021$85,000 $762 Jan. 2021$30,000 $34 
Forward loans IRLCsNot.2021 - Dec.20211,222,451 13,407 Apr. 2021619,713 22,224 
Reverse loans IRLCsOct. 202180,486 623 Jan. 202111,692 482 
TBA forward Pipeline tradesOct.2021 - Dec.20211,210,000 5,538 N/A— — 
Interest rate swap futuresN/A— — Mar. 2021593,500 504 
OtherN/A— — N/A— 2 
Total$2,597,937 $20,329 $1,254,905 $23,246 
Derivative Liabilities (Other liabilities)
Forward sales of Reverse loansOct. 2021$55,000 $(341)Jan. 2021$20,000 $(84)
TBA forward Pipeline tradesOct.2021 - Dec.2021245,000 (276)N/A— — 
TBA forward MBS tradesOct.2021 - Nov.20211,210,000 (11,227)Jan. 2021400,000 (4,554)
Interest rate swap futuresOct.2021 - Dec.2021952,500 (8,236)N/A— — 
OtherN/A— (438)N/A— — 
Total$2,462,500 $(20,518)$420,000 $(4,638)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
Gain / (Loss)Gain / (Loss)
AmountFinancial Statement LineAmountFinancial Statement Line
Derivative
Forward loans IRLCs$(8,817)Gain on loans held for sale, net$16,860 Gain on loans held for sale, net
Reverse loans IRLCs141 Reverse mortgage revenue, net940 Reverse mortgage revenue, net
TBA forward pipeline trades592 Gain on loans held for sale, net (Economic hedge)— Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades— Gain on loans held for sale, net (Economic hedge)(9,564)Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades(3,310)MSR valuation adjustments, net39,258 MSR valuation adjustments, net
Forward sales of Reverse loans471 Reverse mortgage revenue, net(62)Reverse mortgage revenue, net
Other(439)Gain on loans held for sale, net(561)Gain on loans held for sale, net
Total$(11,362)$46,871