v3.25.2
Loans Held For Sale (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Summary of Loans HFS by Type
The following is a summary of loans HFS by type:
June 30, 2025December 31, 2024
(in millions)
Government-insured or guaranteed:
EBO (1)$74 $— 
Non-EBO1,296 764 
Total government-insured or guaranteed1,370 764 
Agency-conforming1,627 1,502 
Non-agency25 20 
Total loans HFS$3,022 $2,286 
(1)    EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification.
The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Mortgage servicing rights capitalized upon sale of loans$284.4 $214.7 $544.8 $403.4 
Net proceeds from sale of loans (1)(262.8)(190.6)(477.7)(351.3)
Provision for and change in estimate of liability for losses under representations and warranties, net0.6 1.0 1.1 4.2 
Change in fair value of loans HFS and trading securities5.9 1.4 33.1 (5.3)
Change in fair value of derivatives:
Unrealized (loss) gain on derivatives(13.2)1.8 (73.2)17.1 
Realized gain (loss) on derivatives8.7 4.7 31.7 (3.4)
Total change in fair value of derivatives(4.5)6.5 (41.5)13.7 
Net gain on residential mortgage loans HFS$23.6 $33.0 $59.8 $64.7 
Loan acquisition and origination fees15.8 13.8 29.1 27.4 
Net gain on loan origination and sale activities$39.4 $46.8 $88.9 $92.1 
(1)     Represents the difference between cash proceeds received upon settlement and loan basis
Summary of Net Gain on Loan Purchase, Origination and Sale Activities on Residential Mortgage Loans
The following is a summary of loans HFS by type:
June 30, 2025December 31, 2024
(in millions)
Government-insured or guaranteed:
EBO (1)$74 $— 
Non-EBO1,296 764 
Total government-insured or guaranteed1,370 764 
Agency-conforming1,627 1,502 
Non-agency25 20 
Total loans HFS$3,022 $2,286 
(1)    EBO loans are delinquent FHA, VA, or USDA loans purchased from GNMA pools under the terms of the GNMA MBS program that can be repooled when loans are brought current either through the borrower's reperformance or through completion of a loan modification.
The following is a summary of the net gain on loan purchase, origination, and sale activities on residential mortgage loans to be sold or securitized:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
(in millions)
Mortgage servicing rights capitalized upon sale of loans$284.4 $214.7 $544.8 $403.4 
Net proceeds from sale of loans (1)(262.8)(190.6)(477.7)(351.3)
Provision for and change in estimate of liability for losses under representations and warranties, net0.6 1.0 1.1 4.2 
Change in fair value of loans HFS and trading securities5.9 1.4 33.1 (5.3)
Change in fair value of derivatives:
Unrealized (loss) gain on derivatives(13.2)1.8 (73.2)17.1 
Realized gain (loss) on derivatives8.7 4.7 31.7 (3.4)
Total change in fair value of derivatives(4.5)6.5 (41.5)13.7 
Net gain on residential mortgage loans HFS$23.6 $33.0 $59.8 $64.7 
Loan acquisition and origination fees15.8 13.8 29.1 27.4 
Net gain on loan origination and sale activities$39.4 $46.8 $88.9 $92.1 
(1)     Represents the difference between cash proceeds received upon settlement and loan basis