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Loans Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2022
Receivables [Abstract] |
Schedule of Loans Held for Sale Fair Value |
Loans Held for Sale - Fair Value | Three Months Ended June 30, |  | Six Months Ended June 30,
2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance | $ | 716,024 |  |  | $ | 500,814 |  |  | $ | 917,534 |  |  | $ | 366,364 |
Originations and purchases | 4,681,989 |  |  | 3,286,826 |  |  | 8,154,599 |  |  | 6,620,727 |
Proceeds from sales | (4,603,355) |  |  | (3,094,639) |  |  | (8,174,218) |  |  | (6,263,654) |
Principal collections | (65,765) |  |  | (11,285) |  |  | (95,231) |  |  | (16,703) |
Transfers from (to): |  |  |  |  |  |  |
Loans held for investment, at fair value | 16,492 |  |  | 777 |  |  | 19,630 |  |  | 1,678 |
Receivables, net | 32,911 |  |  | (8,893) |  |  | 32,211 |  |  | (17,526) |
REO (Other assets) | (24) |  |  | (1,493) |  |  | (24) |  |  | (3,545) |
Gain (loss) on sale of loans | (114,300) |  |  | (1,067) |  |  | (186,602) |  |  | (14,799) |
Capitalization of advances on Ginnie Mae modifications | 5,810 |  |  | 3,897 |  |  | 13,114 |  |  | 7,291 |
Increase (decrease) in fair value of loans | 10,841 |  |  | 4,567 |  |  | (1,429) |  |  | (689) |
Other | 2,517 |  |  | 1,362 |  |  | 3,556 |  |  | 1,722 |
Ending balance (1) | $ | 683,140 |  |  | $ | 680,866 |  |  | $ | 683,140 |  |  | $ | 680,866 |
(1)At June 30, 2022 and 2021, the balances include $(5.7) million and $(7.4) million, respectively, of fair value adjustments.
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity |
Loans Held for Sale - Lower of Cost or Fair Value | Three Months Ended June 30, |  | Six Months Ended June 30,
2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance - before Valuation Allowance | $ | 13,347 |  |  | $ | 22,471 |  |  | $ | 15,365 |  |  | $ | 27,652 |
Proceeds from sales | (4,824) |  |  | (1,827) |  |  | (5,160) |  |  | (6,667) |
Principal collections | (393) |  |  | — |  |  | (621) |  |  | (214) |
Transfers from (to): |  |  |  |  |  |  |
Receivables, net | (89) |  |  | (492) |  |  | (1,192) |  |  | (716) |
REO (Other assets) | — |  |  | (72) |  |  | (358) |  |  | (545) |
Gain on sale of loans | — |  |  | 125 |  |  | 4 |  |  | 514 |
Other | 97 |  |  | 73 |  |  | 100 |  |  | 254 |
Ending balance - before Valuation Allowance | 8,138 |  |  | 20,278 |  |  | 8,138 |  |  | 20,278 |
Beginning balance - Valuation Allowance | $ | (4,320) |  |  | $ | (5,462) |  |  | $ | (4,372) |  |  | $ | (6,180) |
(Provision for) reversal of valuation allowance | 109 |  |  | 277 |  |  | 38 |  |  | 980 |
Transfer to Liability for indemnification obligations (Other liabilities) | 398 |  |  | 61 |  |  | 521 |  |  | 76 |
Ending balance - Valuation Allowance | (3,813) |  |  | (5,124) |  |  | (3,813) |  |  | (5,124) |
Ending balance, net | $ | 4,325 |  |  | $ | 15,154 |  |  | $ | 4,325 |  |  | $ | 15,154 |
Schedule of Gains on Loans Held for Sale, Net |
Gain (Loss) on Loans Held for Sale, Net | Three Months Ended June 30, |  | Six Months Ended June 30,
2022 |  | 2021 |  | 2022 |  | 2021
Gain (loss) on sales of loans, net |  |  |  |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 60,162 |  |  | $ | 35,802 |  |  | $ | 105,965 |  |  | $ | 70,062 |
Gain (loss) on sale of forward mortgage loans (1) | (90,298) |  |  | (4,272) |  |  | (162,594) |  |  | (22,839) |
Gain (loss) on sale of repurchased Ginnie Mae loans (1)(2) | (10,262) |  |  | 3,416 |  |  | (9,664) |  |  | 8,316 |
| (40,398) |  |  | 34,946 |  |  | (66,292) |  |  | 55,539 |
Change in fair value of IRLCs | 890 |  |  | 3,528 |  |  | (11,167) |  |  | (5,090) |
Change in fair value of loans held for sale | 12,048 |  |  | 5,149 |  |  | 362 |  |  | 168 |
Gain (loss) on economic hedge instruments (3) | 29,118 |  |  | (188) |  |  | 76,224 |  |  | (188) |
Other | (718) |  |  | (722) |  |  | (1,393) |  |  | (1,995) |
| $ | 940 |  |  | $ | 42,713 |  |  | $ | (2,266) |  |  | $ | 48,434 |
(1)Realized gain (loss) on sale of loans, excluding retained MSRs. (2)Includes an $8.8 million loss during the three months ended June 30, 2022 on certain delinquent and aged loans repurchased in connection with the Ginnie Mae EBO program with an aggregated UPB of $299.7 million, net of the associated MSR fair value adjustment. (3)Excludes gains (losses) of $0.1 million and $13.4 million during the three and six months ended June 30, 2022, respectively, and $(11.3) million and $24.1 million during the three and six months ended June 30, 2021, respectively, on inter-segment economic hedge derivatives presented within MSR valuation adjustments, net. Third-party derivatives are hedging the net exposure of MSR and pipeline, and the change in fair value of derivatives are reported within MSR valuation adjustments, net. Inter-segment derivatives are established to transfer risk and allocate hedging gains/losses to the pipeline separately from the MSR portfolio. Refer to Note 19 – Business Segment Reporting.

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