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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2024
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 three months ended March 31, 2024 and 2023.
March 31, 2024December 31, 2023
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansApril 2024$40.0 $0.2 N/A$— $— 
Forward loans IRLCs April - July 2024 1,176.6 4.5 January - May 2024592.5 5.1 
Reverse loans IRLCsMay 202425.5 0.6 February 202422.1 0.6 
TBA forward MBS tradesApril - June 20241,665.7 5.9 January - March 20241,818.6 10.1 
Forward sales of Forward loansApril 2024130.0 0.1 January 20245.5 — 
Interest rate swap futuresJune 2024215.0 0.7 March 2024790.0 3.9 
Interest rate option contractsN/A— — January 2024750.0 1.9 
Total$3,252.9 $11.9 $3,978.7 $21.6 
Derivative Liabilities (Other liabilities)
Forward sales of Reverse loansN/A— — January 202450.0 (0.1)
TBA forward MBS tradesApril - June 20242,097.7 (5.3)January - March 2024854.9 (6.8)
Forward sales of Forward loansApril 202450.0 (0.3)N/A— — 
Interest rate swap futuresJune 2024635.0 (1.4)N/A— — 
Other
N/A
— — N/A15.3 (0.1)
Total$2,782.7 $(7.1)$920.2 $(7.0)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statements of operations.
Three Months Ended March 31,Financial Statement Line
Gain (Loss)
20242023
Derivative Instruments
Forward loans IRLCs$(0.6)$5.7 Gain on loans held for sale, net
Reverse loans IRLCs— (0.1)Gain on reverse loans held for investment and HMBS-related borrowings, net
Forward trades (economically hedging forward pipeline trades and EBO pipeline)(0.3)— Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging forward pipeline trades and EBO pipeline)4.9 (16.4)Gain on loans held for sale, net (Economic hedge)
Interest rate swap futures, TBA trades and interest rate option contracts (economically hedging MSR)
(53.7)14.1 MSR valuation adjustments, net
Forward sales of Reverse loans0.3 — Gain on reverse loans held for investment and HMBS-related borrowings, net
Other— 0.3 Other, net
Total$(49.3)$3.5