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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2023 and 2022.
|  | September 30, 2023 |  | December 31, 2022
|  | Maturities | Notional | Fair value |  | Maturities | Notional | Fair value
Derivative Assets (Other assets) |  |  |  |  |  |  |  |
Forward sales of Reverse loans |  | Oct. 2023 | $ | 15.0 |  | $ | — |  |  | Jan. 2023 | $ | 20.0 |  | $ | 0.1 |
Reverse loans IRLCs |  | Nov. - Dec. 2023 | 20.2 |  | 0.4 |  |  | Jan. 2023 | 13.8 |  | 0.6 |
TBA forward MBS trades |  | Oct. - Dec. 2023 | 1,244.0 |  | 11.0 |  |  | Jan. - Mar. 2023 | 804.0 |  | 6.6 |
Forward sales of Forward loans |  | Oct. - Nov. 2023 | 189.0 |  | 1.4 |  |  | Jan. 2023 | 100.0 |  | 0.4 |
Interest rate swap futures |  | Dec. 2023 | 335.0 |  | 0.8 |  |  | N/A | — |  | — |
Total |  |  | $ | 1,803.2 |  | $ | 13.6 |  |  |  | $ | 937.8 |  | $ | 7.7 |
Derivative Liabilities (Other liabilities) |  |  |  |  |  |  |  |
Forward loans IRLCs |  | Oct. 2023-Feb. 2024 | $ | 916.9 |  | $ | (1.6) |  |  | Jan. - Apr. 2023 | $ | 540.1 |  | $ | (1.3) |
Forward sales of Reverse loans |  | Oct. 2023 | 31.6 |  | (0.1) |  |  | Jan. 2023 | 20.0 |  | (0.1) |
TBA forward MBS trades |  | Oct. -Dec. 2023 | 863.0 |  | (10.0) |  |  | Jan. - Feb. 2023 | 85.0 |  | (0.7) |
Forward sales of Forward loans |  | Oct. - Nov. 2023 | 10.0 |  | — |  |  | N/A | — |  | — |
Interest rate swap futures |  | Dec. 2023 | 915.0 |  | (11.0) |  |  | Jan. 2023 | 670.0 |  | (13.6) |
Interest rate option contracts |  | Oct. -Nov. 2023 | 900.0 |  | (1.4) |  |  | N/A | — |  | — |
Other |  | N/A | 27.2 |  | (0.2) |  |  | N/A | 56.4 |  | (0.1) |
Total |  |  | $ | 3,663.7 |  | $ | (24.3) |  |  |  | $ | 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 September 30, |  | Nine Months Ended September 30, |  | Financial Statement Line
Gain (Loss) | 2023 |  | 2022 |  | 2023 |  | 2022 |
Derivative Instruments |  |  |  |  |  |  |  |  |
Forward loans IRLCs | $ | (2.7) |  |  | $ | (18.0) |  |  | $ | (0.2) |  |  | $ | (28.8) |  |  | Gain on loans held for sale, net
Reverse loans IRLCs | 0.1 |  |  | (0.3) |  |  | (0.2) |  |  | (1.4) |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Reverse loans IRLCs (Equity IQ loans) | — |  |  | 0.3 |  |  | — |  |  | — |  |  | Gain on loans held for sale, net
Forward trades (economically hedging forward pipeline trades and EBO pipeline) | 1.0 |  |  | — |  |  | 1.0 |  |  | — |  |  | Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging forward pipeline trades and EBO pipeline) | 33.1 |  |  | 48.4 |  |  | 37.9 |  |  | 124.6 |  |  | Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging reverse pipeline trades) | — |  |  | (0.1) |  |  | — |  |  | (0.2) |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Interest rate swap futures, TBA trades and interest rate option contracts | (68.6) |  |  | (23.8) |  |  | (119.7) |  |  | (107.5) |  |  | MSR valuation adjustments, net
Forward sales of Reverse loans | (0.2) |  |  | (0.5) |  |  | (0.2) |  |  | (0.3) |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Other | (0.1) |  |  | — |  |  | 0.2 |  |  | 0.9 |  |  | Other, net
Total | $ | (37.3) |  |  | $ | 6.0 |  |  | $ | (81.3) |  |  | $ | (12.7) |  |  |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + 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 + Details
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