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Loans Held for Sale - Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of 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:
| March 31, 2024 |  | December 31, 2023 |  |
Unpaid principal balance | $ | 1,065.2 |  |  | $ | 678.8 |  |  |
Premium (discount) | (34.7) |  |  | (2.4) |  |  |
Unrealized gain (loss) | (4.8) |  |  | (2.2) |  |  |
Total fair value | $ | 1,025.7 |  |  | $ | 674.2 |  |  |
The following table presents the composition of Loans held for sale, at fair value by type:
| March 31, 2024 |  | December 31, 2023
GSE loans | $ | 408.9 |  |  | $ | 219.3 |
Government- Forward loans | 339.0 |  |  | 254.0 |
Forward loans repurchased from Ginnie Mae guaranteed securitization (1) | 19.7 |  |  | 19.1 |
Reverse loans (2) | 250.9 |  |  | 166.6 |
Other residential mortgage loans | 7.2 |  |  | 15.2 |
Total | $ | 1,025.7 |  |  | $ | 674.2 |
(1)Pursuant to Ginnie Mae servicing guidelines. (2)Includes government-insured 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 March 31, 2024 and December 31, 2023, the balance includes $241.5 million and $119.5 million, respectively, of loans pledged as collateral for the Asset-Backed Notes issued by OLIT. Also see Note 2 – Securitizations and Variable Interest Entities and Note 13 – Borrowings. The following table presents the activity of Loans held for sale, at fair value:
| Three Months Ended March 31, |  |
2024 |  | 2023 |  |  |  |
Beginning balance | $ | 674.2 |  |  | $ | 617.8 |  |  |  |  |
Originations and purchases | 2,988.9 |  |  | 2,552.4 |  |  |  |  |
Proceeds from sales | (2,581.0) |  |  | (2,296.1) |  |  |  |  |
Principal collections | (23.1) |  |  | (15.4) |  |  |  |  |
Transfers from (to): |  |  |  |  |  |  |
Loans held for investment, at fair value | 1.0 |  |  | 1.6 |  |  |  |  |
Receivables, net | (10.6) |  |  | 1.1 |  |  |  |  |
REO (Other assets) | (3.0) |  |  | (4.2) |  |  |  |  |
Advances (capitalization upon Ginnie Mae modifications) | 2.1 |  |  | 2.0 |  |  |  |  |
Fair value gain (loss) on loans held for sale, at fair value (1) | (27.5) |  |  | (17.2) |  |  |  |  |
Other | 4.7 |  |  | 3.1 |  |  |  |  |
Ending balance | $ | 1,025.7 |  |  | $ | 845.2 |  |  |  |  |
(1)Excludes retained MSR upon securitization. See below table of gain (loss) on loans held for sale, net.
Schedule of Gains on Loans Held for Sale, Net |
Gain (Loss) on Loans Held for Sale, Net | Three Months Ended March 31, |  |
2024 |  | 2023 |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 34.7 |  |  | $ | 31.1 |  |  |  |  |
Gain (loss) on sale of forward mortgage loans (1) | (24.2) |  |  | (22.1) |  |  |  |  |
Gain (loss) on sale of repurchased Ginnie Mae loans (1) | (0.8) |  |  | 0.2 |  |  |  |  |
Change in fair value of loans held for sale | (2.5) |  |  | 4.8 |  |  |  |  |
Gain on loans held for sale, at fair value | 7.2 |  |  | 13.9 |  |  |  |  |
Gain (loss) on economic hedge derivative instruments | 4.6 |  |  | (16.4) |  |  |  |  |
Change in fair value of IRLCs | (0.6) |  |  | 5.7 |  |  |  |  |
Provision for representation and warranty obligations | (0.3) |  |  | (0.3) |  |  |  |  |
| $ | 10.9 |  |  | $ | 2.8 |  |  |  |  |
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.

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