| Schedule of Net Gains on Investments and Financings |
Net gains on loans held 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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2026 |
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2025 |
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2026 |
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2025 |
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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 |
|
$ |
303 |
|
|
$ |
(11,618 |
) |
|
$ |
(39,954 |
) |
|
$ |
(13,533 |
) |
Hedging activities |
|
|
(36,715 |
) |
|
|
(21,055 |
) |
|
|
2,356 |
|
|
|
(79,117 |
) |
|
|
|
(36,412 |
) |
|
|
(32,673 |
) |
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|
(37,598 |
) |
|
|
(92,650 |
) |
Non-cash gains: |
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Receipt of MSRs in mortgage loan sale transactions |
|
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30,981 |
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|
|
44,030 |
|
|
|
71,262 |
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|
|
91,039 |
|
Provision for losses relating to representations and warranties
provided in loan sales: |
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Pursuant to loan sales |
|
|
(348 |
) |
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(227 |
) |
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(658 |
) |
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|
(531 |
) |
Reduction of liability due to change in estimate |
|
|
245 |
|
|
|
912 |
|
|
|
687 |
|
|
|
2,080 |
|
|
|
|
(103 |
) |
|
|
685 |
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|
|
29 |
|
|
|
1,549 |
|
Changes in fair value of loans and derivatives |
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Interest rate lock commitments |
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|
6,218 |
|
|
|
2,904 |
|
|
|
597 |
|
|
|
7,078 |
|
Loans |
|
|
(13,401 |
) |
|
|
(8,515 |
) |
|
|
(97 |
) |
|
|
(21,959 |
) |
Hedging derivatives |
|
|
28,009 |
|
|
|
8,717 |
|
|
|
4,009 |
|
|
|
40,420 |
|
Total changes in fair value of loans and derivatives |
|
|
20,826 |
|
|
|
3,106 |
|
|
|
4,509 |
|
|
|
25,539 |
|
Total non-cash gains |
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|
51,704 |
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|
|
47,821 |
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|
75,800 |
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|
118,127 |
|
Total from nonaffiliates |
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|
15,292 |
|
|
|
15,148 |
|
|
|
38,202 |
|
|
|
25,477 |
|
From PFSI ‒ cash gains |
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— |
|
|
|
2,658 |
|
|
|
— |
|
|
|
4,673 |
|
|
|
$ |
15,292 |
|
|
$ |
17,806 |
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|
$ |
38,202 |
|
|
$ |
30,150 |
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