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Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:
December 31, 2023December 31, 2022
MaturitiesNotionalFair ValueMaturitiesNotionalFair Value
Derivative Assets (Other assets)
Forward sales of Reverse loansNA$— $— January 2023$20.0 $0.1 
Forward loans IRLCsJanuary - May 2024592.5 5.1 N/A— — 
Reverse loans IRLCsFebruary 202422.1 0.6 January 202313.8 0.6 
TBA forward MBS tradesJanuary - March 20241,818.6 10.1 January - March 2023804.0 6.6 
Forward sales of Forward loansJanuary 20245.5 — January 2023100.0 0.4 
Interest rate swap futuresMarch 2024790.0 3.9 N/A— — 
Interest rate option contracts
January 2024
750.0 1.9 N/A— — 
Total$3,978.7 $21.6 $937.8 $7.7 
Derivative Liabilities (Other liabilities)
Forward loans IRLCsNA$— $— January - April 2023$540.1 $(1.3)
Forward sales of Reverse loansJanuary 202450.0 (0.1)January 202320.0 (0.1)
TBA forward MBS tradesJanuary - March 2024854.9 (6.8)January - February 202385.0 (0.7)
Interest rate swap futuresNA— — January 2023670.0 (13.6)
OtherN/A15.3 (0.1)N/A56.4 (0.1)
Total$920.2 $(7.0)$1,371.4 $(15.7)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statements of operations.
Years Ended December 31,
Gain (Loss)202320222021Financial Statement Line
Derivative Instruments
Forward loans IRLCs$6.4 $(17.4)$(6.2)Gain on loans held for sale, net
Reverse loans IRLCs(0.1)(1.4)1.5 Gain on reverse loans held for investment and HMBS-related borrowings, net
TBA trades (economically hedging forward pipeline trades and EBO pipeline)19.1 101.3 1.5 Gain on loans held for sale, net (Economic hedge)
Forward trades (economically hedging forward pipeline trades and EBO pipeline)(0.4)0.4 — 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(33.1)(106.9)(9.5)MSR valuation adjustments, net
Forward sales of Reverse loans(0.2)(0.3)0.4 Gain on reverse loans held for investment and HMBS-related borrowings, net
Other0.2 1.0 (1.1)Other, net
Total$(8.2)$(23.5)$(13.3)