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Loans Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Summary of Activity in Balance of Loans Held for Sale, at Fair Value
The following table presents the estimated fair value of Loans held for sale for which we elected the fair value option:
December 31, 2024December 31, 2023
Unpaid principal balance$1,401.2 $678.8 
Premium (discount)(91.6)(2.4)
Unrealized gain (loss)(19.4)(2.2)
Total fair value$1,290.2 $674.2 

The following table presents the composition of Loans held for sale, at fair value by type:
 December 31, 2024December 31, 2023
GSE loans$610.8 $219.3 
Government- Forward loans215.5 254.0 
Forward loans repurchased from Ginnie Mae guaranteed securitization (1)26.1 19.1 
Reverse loans (2)
432.4 166.6 
Other residential mortgage loans5.3 15.2 
Total fair value
$1,290.2 $674.2 
(1)Pursuant to Ginnie Mae servicing guidelines.
(2)Includes 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 December 31, 2024 and December 31, 2023, the balance includes $375.4 million and $119.5 million respectively loans pledged as collateral for the Asset-Backed Notes issued by OLIT. Also see Note 2 — Securitizations and Variable Interest Entities and Note 14 — Borrowings.
Summary of Activity in Balance of Loans Held for Sale, at Lower of Cost or Fair Value
The following table presents the activity of Loans held for sale, at fair value:
Years Ended December 31,
202420232022
Beginning balance$674.2 $617.8 $917.5 
Originations and purchases17,811.4 12,797.5 17,582.0 
Proceeds from sales(16,857.8)(12,450.8)(17,477.2)
Principal collections(102.1)(87.5)(106.9)
Transfers from (to):
Loans held for investment, at fair value4.8 6.1 8.0 
Receivables(32.9)(33.2)(13.2)
REO (Other assets)(26.8)(19.4)(3.1)
Advances (capitalization upon Ginnie Mae modifications)9.3 6.4 18.1 
Fair value gain (loss) on loans held for sale, at fair value (1)
(216.2)(165.7)(294.0)
Other (2)
26.1 2.8 (13.4)
Ending balance
$1,290.2 $674.2 $617.8 
(1)See below table of gain (loss) on loans held for sale, net, excluding MSRs retained on transfers of forward mortgage loans.
(2)Includes capitalized interest on reverse loans, reported within Interest income.
Summary of Activity in Gain on Loans Held for Sale, Net
The following table presents the components of Gain (loss) of loans held for sale at fair value, net:
Years Ended December 31,
Gain (Loss) on Loans Held for Sale, Net
202420232022
MSRs retained on transfers of forward mortgage loans$247.6 $183.0 $234.7 
Loss on sale of forward mortgage loans (1)
(200.0)(178.8)(278.0)
Loss on sale of repurchased Ginnie Mae loans (1)(2)
(1.4)(2.7)(10.1)
Change in fair value of loans held for sale (3)
(14.7)15.9 (5.9)
Gain (loss) on loans held for sale, at fair value
31.4 17.3 (59.3)
Gain (loss) on economic hedge derivative instruments (4)
36.0 18.6 101.7 
Change in fair value of IRLCs(5.8)6.4 (17.4)
Provision for representation and warranty obligations
(2.6)(1.7)(3.0)
$59.0 $40.6 $22.0 
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.
(2)Includes an $8.8 million loss in 2022 on certain delinquent and aged loans repurchased (net of the associated Ginnie Mae MSR fair value adjustment) in connection with the Ginnie Mae EBO program with an aggregated UPB of $299.7 million, net of the associated MSR fair value adjustment.
(3)Includes a $10.9 million unrealized gain in 2023 related to the revaluation of inactive HECM loan buyouts opportunistically acquired at a discount and securitized in a private placement transaction completed in June 2023.
(4)Excludes gains of $15.7 million on inter-segment economic hedge derivatives presented within MSR valuation adjustments, net for 2022. No such gains or losses were recognized during 2024 and 2023. See Note 24 — Business Segment Reporting.