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Loans Held for Sale - Fair Value (Tables) | 9 Months Ended
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Sep. 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:
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.
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 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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