v3.25.1
Loans Held for Sale - Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Loans Held for Sale Fair Value
The following table presents the estimated fair value of Loans held for sale:
 
March 31, 2025December 31, 2024
Unpaid principal balance$1,491.4 $1,401.2 
Premium (discount)(76.4)(91.6)
Unrealized gain (loss)(12.8)(19.4)
Total fair value$1,402.2 $1,290.2 
The following table presents the composition of Loans held for sale, at fair value by type:
 March 31, 2025December 31, 2024
GSE loans$722.6 $610.8 
Government- Forward loans191.9 215.5 
Forward loans repurchased from Ginnie Mae guaranteed securitization (1)38.6 26.1 
Reverse loans (2)
442.6 432.4 
Other residential mortgage loans6.4 5.3 
Total fair value
$1,402.2 $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 March 31, 2025 and December 31, 2024, the balance includes $348.6 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 13 – Borrowings.
The following table presents the activity of Loans held for sale, at fair value:

Three Months Ended March 31,
20252024
Beginning balance$1,290.2 $674.2 
Originations and purchases4,273.3 2,988.9 
Proceeds from sales(4,082.6)(2,581.0)
Principal collections(32.0)(23.1)
Transfers from (to):
Loans held for investment, at fair value 3.1 1.0 
Receivables
(20.5)(10.6)
REO (Other assets)(12.3)(3.0)
Advances (incl. capitalization upon Ginnie Mae modifications)
4.8 2.1 
Fair value gain (loss) on loans held for sale, at fair value (1)
(35.4)(27.5)
Other (2)
13.6 4.7 
Ending balance$1,402.2 $1,025.7 
(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.
Schedule of Gains on Loans Held for Sale, Net
The following table presents the components of Gain (loss) of loans held for sale at fair value, net:
Gain (Loss) on Loans Held for Sale, Net
Three Months Ended March 31,
20252024
MSRs retained on transfers of forward mortgage loans$60.5 $34.7 
Gain (loss) on sale of forward mortgage loans (1)
(39.9)(24.2)
Gain (loss) on sale of repurchased Ginnie Mae loans (1)
(0.4)(0.8)
Change in fair value of loans held for sale
4.9 (2.5)
Gain on loans held for sale, at fair value25.1 7.2 
Gain (loss) on economic hedge derivative instruments(21.5)4.6 
Change in fair value of IRLCs8.9 (0.6)
Provision for representation and warranty obligations(0.7)(0.3)
$11.8 $10.9 
(1)Realized gain (loss) on sale of loans, excluding retained MSRs.