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Loans Held for Sale | 12 Months Ended
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Dec. 31, 2023
Receivables [Abstract] |
Loans Held for Sale | Note 4 — Loans Held for Sale - Fair Value The following table presents the estimated fair value of Loans held for sale for which we elected the fair value option:
| December 31, 2023 |  | December 31, 2022 |  |
Unpaid principal balance | $ | 678.8 |  |  | $ | 623.7 |  |  |
Premium (discount) | (2.4) |  |  | 7.4 |  |  |
Unrealized gain (loss) | (2.2) |  |  | (13.3) |  |  |
Total fair value | $ | 674.2 |  |  | $ | 617.8 |  |  |
The following table presents the composition of Loans held for sale, at fair value by type:
| December 31, 2023 |  | December 31, 2022
GSE loans | $ | 219.3 |  |  | $ | 318.3 |
Government- Forward loans | 254.0 |  |  | 150.2 |
Forward loans repurchased from Ginnie Mae guaranteed securitization (1) | 19.1 |  |  | 32.1 |
Reverse loans (2) | 166.6 |  |  | 102.5 |
Other residential mortgage loans | 15.2 |  |  | 14.8 |
Total fair value | $ | 674.2 |  |  | $ | 617.8 |
(1)Pursuant to Ginnie Mae servicing guidelines. (2)Includes inactive reverse mortgage loans purchased from Ginnie Mae securitization pools that reached the 98% of maximum claim amount and are generally liquidated through foreclosure and subsequent sale of the REO properties. As of December 31, 2023, the balance includes $119.5 million loans pledged as collateral for the Asset-Backed Notes issued by OLIT. Also see Note 2 — Securitizations and Variable Interest Entities and Note 14 — Borrowings. The following table presents the activity of Loans held for sale, at fair value:
| Years Ended December 31,
2023 |  | 2022 |  | 2021
Beginning balance | $ | 617.8 |  |  | $ | 917.5 |  |  | $ | 366.4 |
Originations and purchases | 12,797.5 |  |  | 17,582.0 |  |  | 19,972.4 |
Proceeds from sales | (12,450.8) |  |  | (17,477.2) |  |  | (19,279.2) |
Principal collections | (87.5) |  |  | (106.9) |  |  | (58.6) |
Transfers from (to): |  |  |  |  |
Loans held for investment, at fair value | 6.1 |  |  | 8.0 |  |  | 4.3 |
Receivables | (33.2) |  |  | (13.2) |  |  | (33.6) |
REO (Other assets) | (19.4) |  |  | (3.1) |  |  | (8.4) |
Advances (capitalization upon Ginnie Mae modifications) | 6.4 |  |  | 18.1 |  |  | 24.8 |
Fair value gain (loss) on loans held for sale, at fair value (1) | (165.7) |  |  | (294.0) |  |  | (67.5) |
Other | 2.8 |  |  | (13.4) |  |  | (2.9) |
Ending balance | $ | 674.2 |  |  | $ | 617.8 |  |  | $ | 917.5 |
(1) Excludes retained MSR upon securitization. See below table of gain (loss) on loans held for sale, net. The following table presents the components of Gain (loss) of loans held for sale at fair value, net:
| Years Ended December 31,
Gain (Loss) on Loans Held for Sale, Net | 2023 |  | 2022 |  | 2021
MSRs retained on transfers of forward mortgage loans | $ | 183.0 |  |  | $ | 234.7 |  |  | $ | 222.7 |
Gain (loss) on sale of forward mortgage loans (1)(2) | (178.8) |  |  | (278.0) |  |  | (87.8) |
Gain (loss) on sale of repurchased Ginnie Mae loans (1)(3) | (2.7) |  |  | (10.1) |  |  | 18.4 |
Change in fair value of loans held for sale (4) | 15.9 |  |  | (5.9) |  |  | 1.9 |
Gain (loss) on loans held for sale, at fair value | 17.3 |  |  | (59.3) |  |  | 155.2 |
Gain (loss) on economic hedge derivative instruments (5) | 18.6 |  |  | 101.7 |  |  | 1.5 |
Change in fair value of IRLCs | 6.4 |  |  | (17.4) |  |  | (6.2) |
Provision for representation and warranty obligations | (1.7) |  |  | (3.0) |  |  | (4.7) |
| $ | 40.6 |  |  | $ | 22.0 |  |  | $ | 145.8 |
(1)Realized gain (loss) on sale of loans, excluding retained MSRs. (2)Includes $27.1 million gain in 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)Includes an $8.8 million loss in 2022 on certain delinquent and aged loans repurchased (net of the associated Ginnie Mae MSR fair value adjustment) 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)Includes a $10.9 million unrealized gain in 2023 related to the revaluation of inactive HECM loan buyouts opportunistically acquired at a discount and securitized in a private placement transaction completed in June 2023. Also see Note 2 — Securitizations and Variable Interest Entities. (5)Excludes gains of $15.7 million and $25.3 million on inter-segment economic hedge derivatives presented within MSR valuation adjustments, net for 2022 and 2021, respectively. No such gains or losses were recognized during 2023. 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 and are eliminated in the consolidated financial statements. Refer to Note 23 — Business Segment Reporting.

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