| Net Gains on Loans Acquired for Sale |
Note 20— Net Gains on Loans Acquired for Sale Net gains on loans acquired for sale are summarized below:
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Quarter ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(in thousands) |
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From nonaffiliates: |
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Cash losses: |
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Sales of loans |
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$ |
(11,618 |
) |
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$ |
(40,228 |
) |
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$ |
(13,533 |
) |
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$ |
(71,405 |
) |
Hedging activities |
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(21,055 |
) |
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26,027 |
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(79,117 |
) |
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(43,929 |
) |
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(32,673 |
) |
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(14,201 |
) |
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(92,650 |
) |
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(115,334 |
) |
Non-cash gains: |
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Receipt of MSRs in mortgage loan sale
transactions |
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44,030 |
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40,619 |
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91,039 |
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71,868 |
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Provision for losses relating to representations
and warranties provided in loan sales: |
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Pursuant to loans sales |
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(227 |
) |
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(204 |
) |
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(531 |
) |
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(458 |
) |
Reduction of liability due to change in estimate |
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912 |
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6,540 |
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2,080 |
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13,418 |
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|
685 |
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6,336 |
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1,549 |
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12,960 |
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Changes in fair value of loans and derivatives |
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Interest rate lock commitments |
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2,904 |
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(3,292 |
) |
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7,078 |
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(5,980 |
) |
Loans |
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(8,515 |
) |
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(488 |
) |
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(21,959 |
) |
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5,807 |
|
Hedging derivatives |
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8,717 |
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(18,864 |
) |
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40,420 |
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53,702 |
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3,106 |
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(22,644 |
) |
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25,539 |
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53,529 |
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47,821 |
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24,311 |
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118,127 |
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138,357 |
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Total from nonaffiliates |
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15,148 |
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10,110 |
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25,477 |
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23,023 |
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From PFSI ‒ cash gains |
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2,658 |
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2,050 |
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4,673 |
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3,655 |
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$ |
17,806 |
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$ |
12,160 |
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$ |
30,150 |
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$ |
26,678 |
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