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Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Changes in Notional Balances of Holdings of Derivatives The table below summarizes the fair value, notional and maturity of our 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 years ended December 31, 2021 and 2020:
December 31, 2021December 31, 2020
MaturitiesNotionalFair ValueMaturitiesNotionalFair Value
Derivative Assets (Other assets)
Forward sales of Reverse loansFeb. 2022$175,000 $364 Jan. 2021$30,000 $34 
Forward loans IRLCsJan. - Apr. 20221,021,978 16,074 Apr. 2021619,713 22,224 
Reverse loans IRLCsJan. 202263,327 2,011 Jan. 202111,692 482 
TBA forward Pipeline tradesJan. - Mar. 2022587,000 946 N/A— — 
Interest rate swap futuresMar. 2022792,500 1,734 Mar. 2021593,500 504 
Option contractsJan. 2022125,000 547 N/A— — 
OtherN/A— — N/A— 2 
Total$2,764,805 $21,675 $1,254,905 $23,246 
Derivative Liabilities (Other liabilities)
Forward sales of Reverse loansN/A$— $— Jan. 2021$20,000 $(84)
TBA forward Pipeline tradesJan. - Mar. 2022645,000 (898)N/A— — 
TBA forward MBS tradesFeb. 2022550,000 (287)Jan. 2021400,000 (4,554)
Option contractsFeb. 2022450,000 (824)N/A— — 
OtherN/A— (1,070)N/A— — 
Total$1,645,000 $(3,080)$420,000 $(4,638)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Year Ended December 31, 2021Year Ended December 31, 2020
Gain / (Loss)Gain / (Loss)
AmountFinancial Statement LineAmountFinancial Statement Line
Derivative Instruments
Forward loans IRLCs$(6,150)Gain on loans held for sale, net$17,479 Gain on loans held for sale, net
Reverse loans IRLCs1,529 Reverse mortgage revenue, net349 Reverse mortgage revenue, net
TBA forward pipeline trades1,483 Gain on loans held for sale, net (Economic Hedge)— N/A
Interest rate swap futures and TBA forward MBS trades— Gain on loans held for sale, net (Economic hedge)(10,140)Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures, TBA forward MBS trades and option contracts(9,542)MSR valuation adjustments, net27,538 MSR valuation adjustments, net
Forward sales of Reverse loans414 Reverse mortgage revenue, net(29)Reverse mortgage revenue, net
Other(2)Gain on loans held for sale, net73 Gain on loans held for sale, net
Other(1,070)Other, net— N/A
$(13,339)$35,270