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Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
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, 2024December 31, 2023
MaturitiesNotionalFair valueMaturitiesNotionalFair value
Derivative Assets (Other assets)
Forward sales of Reverse loansOctober 2024$20.0 $— N/A$— $— 
Forward loans IRLCs October 2024 - January 2025 1,673.4 4.6 January - May 2024592.5 5.1 
Reverse loans IRLCsNovember 202426.9 0.6 February 202422.1 0.6 
TBA forward MBS trades October 2024 - December 2024 1,205.8 3.9 January - March 20241,818.6 10.1 
Forward sales of Forward loansOctober 2024 - November 2024170.0 0.5 January 20245.5 — 
Interest rate swap futuresDecember 202475.0 0.4 March 2024790.0 3.9 
Interest rate option contractsN/A— — January 2024750.0 1.9 
Total$3,171.1 $10.1 $3,978.7 $21.6 
Derivative Liabilities (Other liabilities)
Forward sales of Reverse loansOctober 202420.0 — January 202450.0 (0.1)
TBA forward MBS tradesOctober 2024 - December 2024979.3 (5.3)January - March 2024854.9 (6.8)
Forward sales of Forward loansOctober 202490.0 — N/A— — 
Interest rate swap futuresDecember 2024675.0 (8.6)N/A— — 
Other
N/A
— — N/A15.3 (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)
2024202320242023
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)