v3.25.1
MORTGAGE LOANS HELD FOR SALE
3 Months Ended
Mar. 31, 2025
Mortgage Loans Held For Sale [Abstract]  
MORTGAGE LOANS HELD FOR SALE
NOTE 6—MORTGAGE LOANS HELD FOR SALE
The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service these loans upon sale through ownership of servicing rights. A reconciliation of the changes in MLHS to the amounts presented in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 is set forth below:
Three Months Ended
March 31,
(in thousands)
20252024
Balance — beginning of period$1,523,447 $901,227 
Origination and purchase of mortgage loans held for sale
4,700,821 3,605,155 
Proceeds on sale of and payments from mortgage loans held for sale(5,017,499)(3,454,907)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net
143,204 81,092 
Valuation adjustment of mortgage loans held for sale8,947 (6,408)
Balance — end of period$1,358,920 $1,126,159