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Loans Held for Sale - Fair Value (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2024 |  | December 31, 2023 |  |
Unpaid principal balance | $ | 1,139.8 |  |  | $ | 678.8 |  |  |
Premium (discount) | (28.7) |  |  | (2.4) |  |  |
Unrealized gain (loss) | (7.2) |  |  | (2.2) |  |  |
Total fair value | $ | 1,103.9 |  |  | $ | 674.2 |  |  |
The following table presents the composition of Loans held for sale, at fair value by type:
| June 30, 2024 |  | December 31, 2023
GSE loans | $ | 558.0 |  |  | $ | 219.3 |
Government- Forward loans | 263.0 |  |  | 254.0 |
Forward loans repurchased from Ginnie Mae guaranteed securitization (1) | 23.9 |  |  | 19.1 |
Reverse loans (2) | 249.8 |  |  | 166.6 |
Other residential mortgage loans | 9.2 |  |  | 15.2 |
Total | $ | 1,103.9 |  |  | $ | 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 June 30, 2024 and December 31, 2023, the balance includes $228.7 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 June 30, |  | Six Months Ended June 30,
2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 1,025.7 |  |  | $ | 845.2 |  |  | $ | 674.2 |  |  | $ | 617.8 |
Originations and purchases | 4,420.5 |  |  | 2,859.9 |  |  | 7,409.4 |  |  | 5,412.3 |
Proceeds from sales | (4,256.4) |  |  | (2,279.6) |  |  | (6,837.4) |  |  | (4,575.8) |
Principal collections | (27.5) |  |  | (31.6) |  |  | (50.6) |  |  | (47.0) |
Transfers from (to): |  |  |  |  |  |  |
Loans held for investment, at fair value | 0.8 |  |  | 1.5 |  |  | 1.9 |  |  | 3.1 |
Receivables, net | (7.6) |  |  | (15.6) |  |  | (18.2) |  |  | (14.5) |
REO (Other assets) | (4.3) |  |  | (7.1) |  |  | (7.3) |  |  | (11.2) |
Advances (capitalization upon Ginnie Mae modifications) | 2.8 |  |  | 1.7 |  |  | 4.9 |  |  | 3.7 |
Fair value gain (loss) on loans held for sale, at fair value (1) | (54.7) |  |  | (23.9) |  |  | (82.2) |  |  | (41.1) |
Other | 4.5 |  |  | 2.3 |  |  | 9.2 |  |  | 5.5 |
Ending balance | $ | 1,103.9 |  |  | $ | 1,352.9 |  |  | $ | 1,103.9 |  |  | $ | 1,352.9 |
(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 | The following table presents the components of Gain (loss) of loans held for sale at fair value, net:
Gain (Loss) on Loans Held for Sale, Net | Three Months Ended June 30, |  | Six Months Ended June 30,
2024 |  | 2023 |  | 2024 |  | 2023
MSRs retained on transfers of forward mortgage loans | $ | 67.7 |  |  | $ | 31.5 |  |  | $ | 102.4 |  |  | $ | 62.6 |
Gain (loss) on sale of mortgage loans (1) | (53.6) |  |  | (28.1) |  |  | (77.8) |  |  | (50.2) |
Gain (loss) on sale of repurchased Ginnie Mae loans (1) | (0.2) |  |  | (0.1) |  |  | (1.0) |  |  | 0.1 |
Change in fair value of loans held for sale | (0.9) |  |  | 4.3 |  |  | (3.4) |  |  | 9.1 |
Gain on loans held for sale, at fair value | 13.0 |  |  | 7.6 |  |  | 20.2 |  |  | 21.5 |
Gain (loss) on economic hedge derivative instruments | 5.0 |  |  | 21.2 |  |  | 9.7 |  |  | 4.8 |
Change in fair value of IRLCs | (1.0) |  |  | (3.2) |  |  | (1.6) |  |  | 2.4 |
Provision for representation and warranty obligations | (0.6) |  |  | (0.3) |  |  | (0.9) |  |  | (0.6) |
| $ | 16.5 |  |  | $ | 25.3 |  |  | $ | 27.4 |  |  | $ | 28.1 |
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.

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