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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2024 and 2023.
|  | September 30, 2024 |  | December 31, 2023
|  | Maturities | Notional | Fair value |  | Maturities | Notional | Fair value
Derivative Assets (Other assets) |  |  |  |  |  |  |  |
Forward sales of Reverse loans |  | October 2024 | $ | 20.0 |  | $ | — |  |  | N/A | $ | — |  | $ | — |
Forward loans IRLCs |  | October 2024 - January 2025 | 1,673.4 |  | 4.6 |  |  | January - May 2024 | 592.5 |  | 5.1 |
Reverse loans IRLCs |  | November 2024 | 26.9 |  | 0.6 |  |  | February 2024 | 22.1 |  | 0.6 |
TBA forward MBS trades |  | October 2024 - December 2024 | 1,205.8 |  | 3.9 |  |  | January - March 2024 | 1,818.6 |  | 10.1 |
Forward sales of Forward loans |  | October 2024 - November 2024 | 170.0 |  | 0.5 |  |  | January 2024 | 5.5 |  | — |
Interest rate swap futures |  | December 2024 | 75.0 |  | 0.4 |  |  | March 2024 | 790.0 |  | 3.9 |
Interest rate option contracts |  | N/A | — |  | — |  |  | January 2024 | 750.0 |  | 1.9 |
Total |  |  | $ | 3,171.1 |  | $ | 10.1 |  |  |  | $ | 3,978.7 |  | $ | 21.6 |
Derivative Liabilities (Other liabilities) |  |  |  |  |  |  |  |
Forward sales of Reverse loans |  | October 2024 | 20.0 |  | — |  |  | January 2024 | 50.0 |  | (0.1) |
TBA forward MBS trades |  | October 2024 - December 2024 | 979.3 |  | (5.3) |  |  | January - March 2024 | 854.9 |  | (6.8) |
Forward sales of Forward loans |  | October 2024 | 90.0 |  | — |  |  | N/A | — |  | — |
Interest rate swap futures |  | December 2024 | 675.0 |  | (8.6) |  |  | N/A | — |  | — |
Other |  | N/A | — |  | — |  |  | N/A | 15.3 |  | (0.1) |
Total |  |  | $ | 1,764.3 |  | $ | (13.9) |  |  |  | $ | 920.2 |  | $ | (7.0) |
The table below summarizes the net gains and losses of our derivative instruments recognized in our unaudited consolidated statements of operations.
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Financial Statement Line
Gain (Loss) | 2024 |  | 2023 |  | 2024 |  | 2023 |
Derivative Instruments |  |  |  |  |  |  |  |  |
Forward loans IRLCs | $ | 1.1 |  |  | $ | (2.7) |  |  | $ | (0.4) |  |  | $ | (0.2) |  |  | Gain on loans held for sale, net
Reverse loans IRLCs | (0.1) |  |  | 0.1 |  |  | — |  |  | (0.2) |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Forward trades (economically hedging forward pipeline trades and EBO pipeline) | 0.5 |  |  | 1.0 |  |  | 0.5 |  |  | 1.0 |  |  | Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging forward pipeline trades and EBO pipeline) | (36.5) |  |  | 33.1 |  |  | (26.8) |  |  | 37.9 |  |  | Gain on loans held for sale, net (Economic hedge)
Interest rate futures, TBA trades and interest rate option contracts (economically hedging MSR) | 54.3 |  |  | (68.6) |  |  | (50.0) |  |  | (119.7) |  |  | MSR valuation adjustments, net
Forward sales of Reverse loans | — |  |  | (0.2) |  |  | 0.1 |  |  | (0.2) |  |  | Gain on reverse loans held for investment and HMBS-related borrowings, net
Other | — |  |  | (0.1) |  |  | — |  |  | 0.2 |  |  | Other, net
Total | $ | 19.4 |  |  | $ | (37.3) |  |  | $ | (76.7) |  |  | $ | (81.3) |  |  |

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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B + Details
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