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Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 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 nine months ended September 30, 2022 and 2021.
September 30, 2022December 31, 2021
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of reverse loansOct. 2022$40,000 $173 Feb. 2022$175,000 $364 
Forward loans IRLCsN/A— — Jan. - Apr. 20221,021,978 16,074 
Reverse loans IRLCsOct. 202219,224 610 Jan. 202263,327 2,011 
TBA forward MBS tradesOct. - Dec. 20221,448,000 23,977 Jan. - Mar. 2022587,000 946 
Interest rate swap futuresN/A— — Mar. 2022792,500 1,734 
Interest rate option contractsN/A— — Jan. 2022125,000 547 
Total$1,507,224 $24,760 $2,764,805 $21,675 
Derivative Liabilities (Other liabilities)
Forward loans IRLCsNov. 2022 - Feb. 2023$1,289,388 $(12,800)N/A$— $— 
Forward sales of reverse loansOct. 202230,000 (85)N/A— — 
TBA forward MBS tradesOct. - Dec. 2022418,000 (2,208)Jan. - Mar. 20221,195,000 (1,185)
Interest rate swap futuresDec. 2022440,000 (7,274)N/A— — 
Interest rate option contractsOct. 2022500,000 (1,172)Feb. 2022450,000 (824)
OtherN/A11,907 (164)N/A— (1,070)
Total$2,689,295 $(23,704)$1,645,000 $(3,080)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Three Months Ended September 30,Nine Months Ended September 30,Financial Statement Line
Gain (loss)2022202120222021
Derivative Instruments
Forward loans IRLCs$(17,953)$(3,743)$(28,834)$(8,817)Gain on loans held for sale, net
Reverse loans IRLCs(250)327 (1,421)141 Reverse mortgage revenue, net
Reverse loans IRLCs (Equity IQ loans)266 — (20)— Gain on loans held for sale, net
TBA trades (economically hedging forward pipeline trades and EBO pipeline)48,389 780 124,613 592 Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging reverse pipeline trades)(131)— (209)— Reverse mortgage revenue, net
Interest rate swap futures, TBA trades and interest rate option contracts(23,814)(12,607)(107,490)(3,310)MSR valuation adjustments, net
Forward sales of Reverse loans(478)274 (276)471 Reverse mortgage revenue, net
Other— (423)— (439)Gain on loans held for sale, net
Other(31)— 906 — Other, net
Total$5,998 $(15,392)$(12,730)$(11,362)