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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Activity
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 three months ended March 31, 2022 and 2021.
March 31, 2022December 31, 2021
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of reverse loansApr. - May 2022 $86,000 $391 Feb. 2022$175,000 $364 
Forward loans IRLCsApr. - June 2022569,766 4,016 Jan. - Apr. 20221,021,978 16,074 
Reverse loans IRLCsApr. 202247,781 1,657 Jan. 202263,327 2,011 
TBA forward MBS tradesApr. - June 2022413,000 3,113 Jan. - Mar. 2022587,000 946 
Interest rate swap futuresN/A— — Mar. 2022792,500 1,734 
Interest rate option contractsMay 2022400,000 125 Jan. 2022125,000 547 
Total$1,516,547 $9,302 $2,764,805 $21,675 
Derivative Liabilities (Other liabilities)
Forward sales of reverse loansApr. - May 2022$115,000 $(382)N/A$— $— 
TBA forward MBS tradesApr. - June 2022784,000 (7,065)Jan. - Mar. 20221,195,000 (1,185)
Interest rate option contractsApr. - May 20221,700,000 (4,791)Feb. 2022450,000 (824)
OtherN/A51,276 (677)N/A— (1,070)
Total$2,650,276 $(12,916)$1,645,000 $(3,080)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Gain / (Loss)Gain / (Loss)
AmountFinancial Statement LineAmountFinancial Statement Line
Derivative Instruments
Forward loans IRLCs$(12,057)Gain on loans held for sale, net$(8,602)Gain on loans held for sale, net
Reverse loans IRLCs(354)Reverse mortgage revenue, net485 Reverse mortgage revenue, net
TBA trades (economically hedging forward pipeline trades and EBO pipeline)47,107 Gain on loans held for sale, net (Economic hedge)— Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures, TBA trades and interest rate option contracts(66,764)MSR valuation adjustments, net(13,682)MSR valuation adjustments, net
Forward sales of Reverse loans(355)Reverse mortgage revenue, net(2)Reverse mortgage revenue, net
Other— Gain on loans held for sale, net(16)Gain on loans held for sale, net
Other393 Other, net— Other, net
Total$(32,030)$(21,816)