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Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2022
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, 2022 and 2021:
|  | December 31, 2022 |  | December 31, 2021
|  | Maturities | Notional | Fair Value |  | Maturities | Notional | Fair Value
Derivative Assets (Other assets) |  |  |  |  |  |  |  |
Forward sales of Reverse loans |  | January 2023 | $ | 20.0 |  | $ | 0.1 |  |  | February 2022 | $ | 175.0 |  | $ | 0.4 |
Forward loans IRLCs |  | N/A | — |  | — |  |  | January - April 2022 | 1,022.0 |  | 16.1 |
Reverse loans IRLCs |  | January 2023 | 13.8 |  | 0.6 |  |  | January 2022 | 63.3 |  | 2.0 |
TBA forward MBS trades |  | January - March 2023 | 804.0 |  | 6.6 |  |  | January - March 2022 | 587.0 |  | 0.9 |
Forward sales of Forward loans |  | January 2023 | 100.0 |  | 0.4 |  |  | N/A | — |  | — |
Interest rate swap futures |  | N/A | — |  | — |  |  | March 2022 | 792.5 |  | 1.7 |
Interest rate option contracts |  | N/A | — |  | — |  |  | January 2022 | 125.0 |  | 0.5 |
Total |  |  | $ | 937.8 |  | $ | 7.7 |  |  |  | $ | 2,764.8 |  | $ | 21.7 |
Derivative Liabilities (Other liabilities) |  |  |  |  |  |  |  |
Forward loans IRLCs |  | January - April 2023 | $ | 540.1 |  | $ | (1.3) |  |  | N/A | $ | — |  | $ | — |
Forward sales of Reverse loans |  | January 2023 | 20.0 |  | (0.1) |  |  | N/A | — |  | — |
TBA forward MBS trades |  | January - February 2023 | 85.0 |  | (0.7) |  |  | January - March 2022 | 1,195.0 |  | (1.2) |
Interest rate swap futures |  | January 2023 | 670.0 |  | (13.6) |  |  | N/A | — |  | — |
Interest rate option contracts |  | N/A | — |  | — |  |  | February 2022 | 450.0 |  | (0.8) |
Other |  | N/A | 56.4 |  | (0.1) |  |  | N/A | — |  | (1.1) |
Total |  |  | $ | 1,371.4 |  | $ | (15.7) |  |  |  | $ | 1,645.0 |  | $ | (3.1) |
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
| Years Ended December 31, |  |
Gain (Loss) | 2022 |  | 2021 |  | 2020 |  | Financial Statement Line
Derivative Instruments |  |  |  |  |  |  |
Forward loans IRLCs | $ | (17.4) |  |  | $ | (6.2) |  |  | $ | 17.5 |  |  | Gain on loans held for sale, net
Reverse loans IRLCs | (1.4) |  |  | 1.5 |  |  | 0.3 |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
TBA trades (economically hedging forward pipeline trades and EBO pipeline) | 101.3 |  |  | 1.5 |  |  | — |  |  | Gain on loans held for sale, net (Economic hedge)
Forward trades (economically hedging forward pipeline trades and EBO pipeline) | 0.4 |  |  | — |  |  | — |  |  | Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures and TBA forward MBS trades | — |  |  | — |  |  | (10.1) |  |  | Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging reverse pipeline trades) | (0.3) |  |  | — |  |  | — |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Interest rate swap futures, TBA trades and interest rate option contracts | (106.9) |  |  | (9.5) |  |  | 27.5 |  |  | MSR valuation adjustments, net
Forward sales of Reverse loans | (0.3) |  |  | 0.4 |  |  | — |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Other | — |  |  | — |  |  | 0.1 |  |  | Gain on loans held for sale, net
Other | 1.0 |  |  | (1.1) |  |  | — |  |  | Other, net
Total | $ | (23.5) |  |  | $ | (13.3) |  |  | $ | 35.3 |  |  |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
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