Loans Held for Sale (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Receivables [Abstract] |
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| Schedule of Accounts, Notes, Loans and Financing Receivable |
LHFS consisted of the following as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | June 30, 2026 | December 31, 2025 | | | (dollars in thousands) | | UPB | $ | 1,103,428 | | $ | 871,787 | | | | Net unrealized gains | 23,033 | | 24,330 | | | | Loans held for sale, at fair value | $ | 1,126,461 | | $ | 896,117 | | |
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| Schedule of Changes in Loans Held for Sale |
The following table provides a summary of the changes in the carrying value of LHFS at fair value at June 30, 2026, and December 31, 2025: | | | | | | | | | | | | | | For the Six Months Ended | For the Year Ended | | | | | | June 30, 2026 | December 31, 2025 | | | | | | (dollars in thousands) | | Balance, beginning of period | $ | 896,117 | | $ | — | | | | | | | Acquired | — | | 522,349 | | | | | | | Originations | 1,789,041 | | 990,335 | | | | | | | Purchases | 188,468 | | 46,713 | | | | | | | Repurchases | 8,555 | | 5,706 | | | | | | | Sales to investors and transfers to REO | (1,747,187) | | (672,580) | | | | | | | Principal paydowns | (7,235) | | (4,203) | | | | | | | Net change in fair value | (1,298) | | 7,798 | | | | | | | Balance, end of period | $ | 1,126,461 | | $ | 896,117 | | | | | |
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| Schedule Of Gain On Origination And Sale Of Loans |
The following table provides a summary of the composition of gain on origination and sale of loans, net, for the quarter and six months ended June 30, 2026: | | | | | | | | | | For the Quarter Ended | For the Six Months Ended | | June 30, 2026 | June 30, 2026 | | (dollars in thousands) | | Premium from loan sales | $ | 20,909 | | $ | 56,156 | | | Mark to market changes on LHFS | 6,987 | | (1,298) | | | Unrealized gains from hedging derivative instruments | 3,116 | | 4,269 | | | Unrealized gains from IRLC | (103) | | 200 | | | Periodic interest on derivatives, net | 97 | | 97 | | | Realized gains from hedging instruments, net | 2,364 | | 2,476 | | | Provision for loan repurchase reserves | (683) | | (756) | | | Loan origination income, net | (2,918) | | (4,125) | | | Direct loan origination costs, net | (7,559) | | (13,424) | | | Gain on origination and sale of loans, net | $ | 22,210 | | $ | 43,595 | |
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