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Derivative Financial Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023 and 2022.
June 30, 2023December 31, 2022
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansJuly 2023$30.0 $0.1 Jan. 2023$20.0 $0.1 
Forward loans IRLCsJuly - Nov. 20231,136.7 1.1 N/A— — 
Reverse loans IRLCsAug. 202316.4 0.3 Jan. 202313.8 0.6 
TBA forward MBS tradesJuly - Sep. 20231,620.0 7.4 Jan. - Mar. 2023804.0 6.6 
Forward sales of Forward loans — — Jan. 2023100.0 0.4 
Total$2,803.1 $8.9 $937.8 $7.7 
Derivative Liabilities (Other liabilities)
Forward loans IRLCsN/A$— $— Jan. - Apr. 2023$540.1 $(1.3)
Forward sales of Reverse loansJuly 202320.0 — Jan. 202320.0 (0.1)
TBA forward MBS tradesJuly - Sep. 2023381.0 (1.1)Jan. - Feb. 202385.0 (0.7)
Interest rate swap futuresSep. 20231,570.0 (10.9)Jan. 2023670.0 (13.6)
Interest rate option contractsAug. 2023620.0 (1.2)N/A— — 
Other 77.6 (0.1)N/A56.4 (0.1)
Total$2,668.6 $(13.2)$1,371.4 $(15.7)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statement of operations.
Three Months Ended June 30,Six Months Ended June 30,Financial Statement Line
Gain (loss)2023202220232022
Derivative Instruments
Forward loans IRLCs$(3.2)$0.6 $2.4 $(11.5)Gain on loans held for sale, net
Reverse loans IRLCs(0.2)(0.8)(0.3)(1.2)Gain on reverse loans held for investment and HMBS-related borrowings, net
Reverse loans IRLCs (Equity IQ loans)— 0.3 — 0.3 Gain on loans held for sale, net
TBA trades (economically hedging forward pipeline trades and EBO pipeline)21.2 29.1 4.8 76.2 Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging reverse pipeline trades)— (0.1)— (0.1)Gain on reverse loans held for investment and HMBS-related borrowings, net
Interest rate swap futures, TBA trades and interest rate option contracts(65.2)(16.9)(51.1)(83.7)MSR valuation adjustments, net
Forward sales of Reverse loans— 0.6 — 0.2 Gain on reverse loans held for investment and HMBS-related borrowings, net
Other— 0.5 0.3 0.9 Other, net
Total$(47.4)$13.3 $(44.0)$(18.7)