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Derivative Financial Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 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 six months ended June 30, 2024 and 2023.
June 30, 2024December 31, 2023
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansJuly 2024$20.0 $— N/A$— $— 
Forward loans IRLCs July - October 2024 1,532.4 3.5 January - May 2024592.5 5.1 
Reverse loans IRLCsSeptember 202422.2 0.6 February 202422.1 0.6 
TBA forward MBS tradesJuly - September 20242,269.7 7.5 January - March 20241,818.6 10.1 
Forward sales of Forward loansN/A— — January 20245.5 — 
Interest rate swap futuresSeptember 2024250.0 0.5 March 2024790.0 3.9 
Interest rate option contractsJuly 2024250.0 0.2 January 2024750.0 1.9 
Treasury futures contracts
September 202475.0 0.1 N/A— — 
Total$4,419.2 $12.6 $3,978.7 $21.6 
Derivative Liabilities (Other liabilities)
Forward sales of Reverse loansJuly 202420.0 — January 202450.0 (0.1)
TBA forward MBS tradesJuly - August 20242,110.5 (8.2)January - March 2024854.9 (6.8)
Interest rate swap futuresSeptember 2024350.0 (1.5)N/A— — 
Interest rate option contractsJuly 2024250.0 (0.2)N/A— — 
Other
N/A
— — N/A15.3 (0.1)
Total$2,730.5 $(9.9)$920.2 $(7.0)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statements of operations.
Three Months Ended June 30,
Six Months Ended June 30,
Financial Statement Line
Gain (Loss)
2024202320242023
Derivative Instruments
Forward loans IRLCs$(1.0)$(3.2)$(1.6)$2.4 Gain on loans held for sale, net
Reverse loans IRLCs0.1 (0.2)0.1 (0.3)Gain on reverse loans held for investment and HMBS-related borrowings, net
Forward trades (economically hedging forward pipeline trades and EBO pipeline)0.3 — — — Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging forward pipeline trades and EBO pipeline)4.8 21.2 9.7 4.8 Gain on loans held for sale, net (Economic hedge)
Interest rate futures, TBA trades and interest rate option contracts (economically hedging MSR)
(50.6)(65.2)(104.3)(51.1)MSR valuation adjustments, net
Forward sales of Reverse loans(0.2)— 0.1 — Gain on reverse loans held for investment and HMBS-related borrowings, net
Other— — — 0.3 Other, net
Total$(46.7)$(47.4)$(96.0)$(44.0)