Mortgage Banking Activities, Net (Tables)

9 Months Ended

Sep. 30, 2020

Mortgage Banking [Abstract]

Mortgage Banking Activities

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income (loss) for the three and nine months ended September 30, 2020 and 2019.

Table 19.1 – Mortgage Banking Activities

	Three Months Ended September 30,				Nine Months Ended September 30,
(In Thousands)	2020		2019		2020		2019
Residential Mortgage Banking Activities, Net
Changes in fair value of:
Residential loans, at fair value (1)	$	12,589	$	6,320	$	19,151	$	41,431
Risk management derivatives (2)	(10)		(1,710)		(31,304)		(11,608)
Other income (expense), net (3)	(715)		407		(7,069)		1,380
Total residential mortgage banking activities, net	11,864		5,017		(19,222)		31,203
Business Purpose Mortgage Banking Activities, Net:
Changes in fair value of:
Single-family rental loans, at fair value (1)	43,191		1,847		56,209		5,473
Risk management derivatives (2)	(89)		(1,262)		(21,627)		(3,779)
Residential bridge loans, at fair value	938		1,010		(4,256)		2,108
Other income, net (4)	3,491		2,903		13,407		5,979
Total business purpose mortgage banking activities, net	47,531		4,498		43,733		9,781
Mortgage Banking Activities, Net	$	59,395	$	9,515	$	24,511	$	40,984

(1)For residential loans, includes changes in fair value for associated loan purchase and forward sale commitments. For single-family rental loans, includes changes in fair value for associated interest rate lock commitments.

(2)Represents market valuation changes of derivatives that were used to manage risks associated with our accumulation of loans.

(3)Amounts in this line item include other fee income from loan acquisitions, provisions for repurchases expense, and expense related to resolving residential loan seller demands, presented net.

(4)Amounts in this line item include other fee income from loan originations.