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Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Changes in Notional Balances of Holdings of Derivatives
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 years ended December 31, 2024 and 2023:
December 31, 2024December 31, 2023
MaturitiesNotionalFair ValueMaturitiesNotionalFair Value
Derivative Assets (Other assets)
Forward sales of Reverse loans
January 2025
$60.0 $0.4 NA$— $— 
Forward loans IRLCsN/A— — January - May 2024592.5 5.1 
Reverse loans IRLCsFebruary 202525.6 0.2 February 202422.1 0.6 
TBA forward MBS tradesJanuary - March 20251,391.1 10.0 January - March 20241,818.6 10.1 
Forward sales of Forward loansJanuary 2025215.0 1.5 January 20245.5 — 
Interest rate swap futuresMarch 2025225.0 3.2 March 2024790.0 3.9 
Interest rate option contractsN/A— — January 2024750.0 1.9 
Total$1,916.6 $15.4 $3,978.7 $21.6 
Derivative Liabilities (Other liabilities)
Forward loans IRLCsJanuary - May 2025$1,311.6 $(0.7)NA$— $— 
Forward sales of Reverse loansNA— — January 202450.0 (0.1)
TBA forward MBS tradesJanuary - February 2025789.0 (5.0)January - March 2024854.9 (6.8)
Interest rate swap futuresMarch 2025875.0 (21.9)NA— — 
OtherN/A— — N/A15.3 (0.1)
Total$2,975.6 $(27.6)$920.2 $(7.0)
The table below summarizes the net gains and losses of our derivative instruments recognized in our consolidated statements of operations.
Years Ended December 31,
Gain (Loss)202420232022Financial Statement Line
Derivative Instruments
Forward loans IRLCs$(5.8)$6.4 $(17.4)Gain on loans held for sale, net
Reverse loans IRLCs(0.3)(0.1)(1.4)Gain on reverse loans held for investment and HMBS-related borrowings, net
TBA trades (economically hedging forward pipeline trades and EBO pipeline)34.5 19.1 101.3 Gain on loans held for sale, net (Economic hedge)
Forward trades (economically hedging forward pipeline trades and EBO pipeline)1.5 (0.4)0.4 Gain on loans held for sale, net (Economic hedge)
TBA trades (economically hedging reverse pipeline trades)— — (0.3)Gain on reverse loans held for investment and HMBS-related borrowings, net
Interest rate swap futures, TBA trades and interest rate option contracts(112.9)(33.1)(106.9)MSR valuation adjustments, net
Forward sales of Reverse loans0.5 (0.2)(0.3)Gain on reverse loans held for investment and HMBS-related borrowings, net
Other— 0.2 1.0 Other, net
Total$(82.5)$(8.2)$(23.5)