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Loans Held for Sale | 9 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
Loans Held for Sale |
Note 4 – Loans Held for Sale
Loans Held for Sale - Fair Value | Three Months Ended September 30, |  | Nine Months Ended September 30,
2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance | $ | 683,140 |  |  | $ | 680,866 |  |  | $ | 917,534 |  |  | $ | 366,364 |
Originations and purchases | 5,334,747 |  |  | 6,366,795 |  |  | 13,489,346 |  |  | 12,987,522 |
Proceeds from sales | (5,191,548) |  |  | (6,098,495) |  |  | (13,365,766) |  |  | (12,362,149) |
Principal collections | (60,653) |  |  | (22,334) |  |  | (155,884) |  |  | (39,037) |
Transfers from (to): |  |  |  |  |  |  |
Loans held for investment, at fair value | 10,807 |  |  | 1,220 |  |  | 30,437 |  |  | 2,898 |
Receivables, net | 28,884 |  |  | (7,625) |  |  | 61,095 |  |  | (25,151) |
REO (Other assets) | (649) |  |  | (1,767) |  |  | (673) |  |  | (5,312) |
Gain (loss) on sale of loans | (62,148) |  |  | 1,793 |  |  | (248,751) |  |  | (13,006) |
Capitalization of advances on Ginnie Mae modifications | 2,585 |  |  | 7,334 |  |  | 15,698 |  |  | 14,625 |
Increase (decrease) in fair value of loans | (22,064) |  |  | (5,336) |  |  | (23,493) |  |  | (6,025) |
Other | 2,117 |  |  | (830) |  |  | 5,675 |  |  | 892 |
Ending balance (1) | $ | 725,218 |  |  | $ | 921,621 |  |  | $ | 725,218 |  |  | $ | 921,621 |
(1)At September 30, 2022 and 2021, the balances include $(27.8) million and $(9.3) million, respectively, of fair value adjustments.
Loans Held for Sale - Lower of Cost or Fair Value | Three Months Ended September 30, |  | Nine Months Ended September 30,
2022 |  | 2021 |  | 2022 |  | 2021
Beginning balance - before Valuation Allowance | $ | 8,138 |  |  | $ | 20,278 |  |  | $ | 15,365 |  |  | $ | 27,652 |
Proceeds from sales | — |  |  | (2,916) |  |  | (5,160) |  |  | (9,583) |
Principal collections | (156) |  |  | (415) |  |  | (776) |  |  | (629) |
Transfers from (to): |  |  |  |  |  |  |
Receivables, net | 105 |  |  | (444) |  |  | (1,087) |  |  | (1,160) |
REO (Other assets) | — |  |  | (22) |  |  | (358) |  |  | (567) |
Gain on sale of loans | — |  |  | 35 |  |  | 4 |  |  | 549 |
Other | 81 |  |  | 144 |  |  | 180 |  |  | 398 |
Ending balance - before Valuation Allowance | 8,168 |  |  | 16,661 |  |  | 8,168 |  |  | 16,661 |
Beginning balance - Valuation Allowance | $ | (3,813) |  |  | $ | (5,124) |  |  | $ | (4,372) |  |  | $ | (6,180) |
(Provision for) reversal of valuation allowance | 44 |  |  | 602 |  |  | 81 |  |  | 1,582 |
Transfer to Liability for indemnification obligations (Other liabilities) | 21 |  |  | (60) |  |  | 543 |  |  | 16 |
Ending balance - Valuation Allowance | (3,748) |  |  | (4,582) |  |  | (3,748) |  |  | (4,582) |
Ending balance, net | $ | 4,420 |  |  | $ | 12,079 |  |  | $ | 4,420 |  |  | $ | 12,079 |
Gain (Loss) on Loans Held for Sale, Net | Three Months Ended September 30, |  | Nine Months Ended September 30,
2022 |  | 2021 |  | 2022 |  | 2021
Gain (loss) on sales of loans, net |  |  |  |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 70,225 |  |  | $ | 66,420 |  |  | $ | 176,190 |  |  | $ | 136,482 |
Gain (loss) on sale of forward mortgage loans (1) (2) | (59,814) |  |  | (2,601) |  |  | (222,408) |  |  | (25,440) |
Gain (loss) on sale of repurchased Ginnie Mae loans (1)(3) | (116) |  |  | 3,962 |  |  | (9,780) |  |  | 12,277 |
| 10,294 |  |  | 67,781 |  |  | (55,998) |  |  | 123,319 |
Change in fair value of IRLCs | (17,687) |  |  | (4,135) |  |  | (28,854) |  |  | (9,225) |
Change in fair value of loans held for sale | (21,160) |  |  | (3,491) |  |  | (20,798) |  |  | (3,323) |
Gain (loss) on economic hedge instruments (4) | 48,389 |  |  | 780 |  |  | 124,613 |  |  | 592 |
Other | (906) |  |  | (1,233) |  |  | (2,299) |  |  | (3,227) |
| $ | 18,931 |  |  | $ | 59,702 |  |  | $ | 16,665 |  |  | $ | 108,136 |
(1)Realized gain (loss) on sale of loans, excluding retained MSRs. (2)Includes $22.5 million gain in the three and nine months ended September 30, 2021 related to loans purchased through the exercise of our servicer call rights with respect to certain Non-Agency trusts and sold, servicing released. (3)Activity for the nine months ended September 30, 2022 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. (4)Excludes gains of $2.0 million and $15.4 million during the three and nine months ended September 30, 2022, respectively, and $1.5 million and $25.5 million during the three and nine months ended September 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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