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Loans Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2025
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:
December 31, 2025December 31, 2024
Unpaid principal balance$2,008.5 $1,401.2 
Premium (discount)(97.9)(91.6)
Unrealized gain (loss)(18.9)(19.4)
Total fair value$1,891.7 $1,290.2 

The following table presents the composition of Loans held for sale, at fair value by type:
 December 31, 2025December 31, 2024
GSE loans$482.8 $610.8 
Government- Forward loans550.0 215.5 
Forward loans repurchased from Ginnie Mae guaranteed securitization (1)
31.2 26.1 
Reverse loans (2)
722.2 432.4 
Other residential mortgage loans (3)
105.5 5.3 
Total fair value
$1,891.7 $1,290.2 
(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, 2025 and December 31, 2024, the balance includes $698.2 million and $375.4 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 14 — Borrowings.
(3)Includes second-lien loans and non-Qualified Mortgages.
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,
202520242023
Beginning balance$1,290.2 $674.2 $617.8 
Originations and purchases25,436.7 17,811.4 12,797.5 
Proceeds from sales(24,344.1)(16,857.8)(12,450.8)
Principal collections(188.6)(102.1)(87.5)
Transfers from (to):
Loans held for investment, at fair value (3)
13.1 4.8 6.1 
Receivables(70.5)(32.9)(33.2)
REO (Other assets)(61.9)(26.8)(19.4)
Advances (incl. capitalization upon Ginnie Mae modifications)
17.5 9.3 6.4 
Fair value gain (loss) on loans held for sale, at fair value (1)
(234.3)(216.2)(165.7)
Other (2)
33.6 26.1 2.8 
Ending balance
$1,891.7 $1,290.2 $674.2 
(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.
(3)Includes $0.5 million transfers from Reverse loans held for sale pooled into HMBS, at fair value for the month of December 2025.
Summary of Activity in Gain on Loans Held for Sale, Net
The following table presents the components of Gain (loss) on loans held for sale, net:
Years Ended December 31,
Gain (Loss) on Loans Held for Sale, Net
202520242023
MSRs retained on transfers of forward mortgage loans$385.7 $247.6 $183.0 
Loss on sale of forward mortgage loans (1)
(233.0)(200.0)(178.8)
Loss on sale of repurchased Ginnie Mae loans (1)
(1.1)(1.4)(2.7)
Change in fair value of loans held for sale (2)
(0.1)(14.7)15.9 
Gain (loss) on loans held for sale, at fair value
151.4 31.4 17.3 
Gain (loss) on economic hedge derivative instruments
(71.9)36.0 18.6 
Change in fair value of IRLCs17.2 (5.8)6.4 
Provision for representation and warranty obligations
(3.8)(2.6)(1.7)
$93.0 $59.0 $40.6 
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.
(2)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.