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Loans Held for Sale - Fair Value | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Loans Held for Sale - Fair Value |
Note 4 – 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:
September 30, 2024 |  | December 31, 2023 |  |
Unpaid principal balance | $ | 1,283.6 |  |  | $ | 678.8 |  |  |
Premium (discount) | (89.5) |  |  | (2.4) |  |  |
Unrealized gain (loss) | 1.4 |  |  | (2.2) |  |  |
Total fair value | $ | 1,195.5 |  |  | $ | 674.2 |  |  |
The following table presents the composition of Loans held for sale, at fair value by type:
| September 30, 2024 |  | December 31, 2023
GSE loans | $ | 630.7 |  |  | $ | 219.3 |
Government- Forward loans | 130.9 |  |  | 254.0 |
Forward loans repurchased from Ginnie Mae guaranteed securitization (1) | 19.9 |  |  | 19.1 |
Reverse loans (2) | 407.5 |  |  | 166.6 |
Other residential mortgage loans | 6.6 |  |  | 15.2 |
Total | $ | 1,195.5 |  |  | $ | 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 September 30, 2024 and December 31, 2023, the balance includes $395.2 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 September 30, |  | Nine Months Ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023
Beginning balance | $ | 1,103.9 |  |  | $ | 1,352.9 |  |  | $ | 674.2 |  |  | $ | 617.8 |
Originations and purchases | 4,856.2 |  |  | 4,418.0 |  |  | 12,265.6 |  |  | 9,830.3 |
Proceeds from sales | (4,733.8) |  |  | (4,697.9) |  |  | (11,571.2) |  |  | (9,273.6) |
Principal collections | (23.5) |  |  | (19.6) |  |  | (74.1) |  |  | (66.6) |
Transfers from (to): |  |  |  |  |  |  |
Loans held for investment, at fair value | 1.0 |  |  | 1.5 |  |  | 2.9 |  |  | 4.6 |
Receivables, net | (9.2) |  |  | (11.5) |  |  | (27.4) |  |  | (26.0) |
REO (Other assets) | (8.2) |  |  | (3.6) |  |  | (15.5) |  |  | (14.8) |
Advances (capitalization upon Ginnie Mae modifications) | 2.1 |  |  | 1.3 |  |  | 7.0 |  |  | 5.0 |
Fair value gain (loss) on loans held for sale, at fair value (1) | (0.1) |  |  | (93.9) |  |  | (82.3) |  |  | (135.0) |
Other | 7.2 |  |  | (2.5) |  |  | 16.4 |  |  | 3.0 |
Ending balance | $ | 1,195.5 |  |  | $ | 944.7 |  |  | $ | 1,195.5 |  |  | $ | 944.7 |
(1)Excludes retained MSR upon securitization. See below table of gain (loss) 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 September 30, |  | Nine Months Ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023
MSRs retained on transfers of forward mortgage loans | $ | 61.6 |  |  | $ | 71.4 |  |  | $ | 163.9 |  |  | $ | 134.0 |
Gain (loss) on sale of mortgage loans (1) | (7.9) |  |  | (89.4) |  |  | (85.7) |  |  | (139.6) |
Gain (loss) on sale of repurchased Ginnie Mae loans (1) | — |  |  | (0.5) |  |  | (1.0) |  |  | (0.5) |
Change in fair value of loans held for sale | 7.8 |  |  | (4.1) |  |  | 4.4 |  |  | 5.0 |
Gain on loans held for sale, at fair value | 61.4 |  |  | (22.5) |  |  | 81.7 |  |  | (1.0) |
Gain (loss) on derivative instruments (Pipeline economic hedge) | (36.0) |  |  | 34.1 |  |  | (26.3) |  |  | 38.9 |
Change in fair value of IRLCs | 1.1 |  |  | (2.7) |  |  | (0.4) |  |  | (0.2) |
Provision for representation and warranty obligations | (0.8) |  |  | (0.7) |  |  | (1.7) |  |  | (1.3) |
| $ | 25.8 |  |  | $ | 8.2 |  |  | $ | 53.2 |  |  | $ | 36.3 |
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.

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