Mortgage Banking Activities, Net (Tables)

12 Months Ended

Dec. 31, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Mortgage Banking Activities, Net

The following table presents the components of Mortgage banking activities, net, recorded in our consolidated statements of income (loss) for the years ended December 31, 2024, 2023 and 2022.

Table 5.1 – Mortgage Banking Activities

	Years Ended December 31,
(In Thousands)	2024		2023		2022
Sequoia Mortgage Banking Activities, Net:
Changes in fair value of:
Residential consumer loans, at fair value (1)	$	39,019	$	42,976	$	(131,675)
Trading securities (2)	41,173		(159)		4,249
Risk management derivatives (3)	(24,623)		(17,908)		100,713
Other income, net (4)	2,010		2,873		5,431
Total Sequoia mortgage banking activities, net	57,579		27,782		(21,282)
CoreVest Mortgage Banking Activities, Net:
Changes in fair value of:
Residential investor term loans, at fair value	11,692		16,500		(91,690)
Residential investor bridge loans, at fair value	3,767		5,704		2,679
Risk management derivatives (3)	5,118		(914)		56,731
Other income, net (4) (5)	21,242		18,314		39,903
Total CoreVest mortgage banking activities, net	41,819		39,604		7,623
Mortgage Banking Activities, Net	$	99,398	$	67,386	$	(13,659)

(1)Includes changes in fair value for associated loan purchase commitments for residential consumer loans.

(2)Represents fair value changes on trading securities that are being used as hedges to manage the mark-to-market risks associated with our Sequoia mortgage banking operations.

(3)Represents market valuation changes of derivatives that were used to manage risks associated with our mortgage banking operations and other derivative financial instruments such as loan purchase commitments and interest rate locks.

(4)Amounts in this line item include other fee income from loan acquisitions, and provisions for repurchases, presented net.

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