LOANS HELD FOR SALE, AT FAIR VALUE (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Receivables [Abstract] |
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| Schedule of Unpaid Principal Balance of LHFS by Type of Loan |
The following table represents the unpaid principal balance of loans held for sale by product type of loan as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | | Amount | | % | | Amount | | % | | Conforming - fixed | | $ | 1,159,355 | | | 44 | % | | $ | 1,323,799 | | | 42 | % | | Conforming - ARM | | 41,200 | | | 2 | | | 63,913 | | | 2 | | | Government - fixed | | 677,423 | | | 26 | | | 1,034,485 | | | 33 | | | Government - ARM | | 124,080 | | | 5 | | | 113,934 | | | 4 | | | Other - residential mortgage loans | | 460,547 | | | 17 | | | 563,398 | | | 18 | | | HELOC | | 156,193 | | | 6 | | | 27,930 | | | 1 | | | Total | | 2,618,798 | | | 100 | % | | 3,127,459 | | | 100 | % | | Fair value adjustment | | 24,234 | | | | | 38,083 | | | | | Loans held for sale, at fair value | | $ | 2,643,032 | | | | | $ | 3,165,542 | | | |
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| Summary of Changes in Balance of Loans Held For Sale |
A summary of the changes in the balance of loans held for sale is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Balance at beginning of period | | $ | 3,266,759 | | | $ | 2,765,417 | | | $ | 3,165,542 | | | $ | 2,603,735 | | | Origination and purchase of loans | | 7,870,445 | | | 6,574,572 | | | 15,441,739 | | | 11,623,880 | | | Sales | | (8,702,599) | | | (6,931,543) | | | (16,367,218) | | | (12,088,754) | | | | | | | | | | | | Repurchases | | 220,948 | | | 237,425 | | | 458,806 | | | 490,015 | | | Principal payments | | (27,868) | | | (18,003) | | | (42,412) | | | (35,355) | | Fair value gain (loss) | | 15,347 | | | (4,909) | | | (13,425) | | | 29,438 | | | Balance at end of period | | $ | 2,643,032 | | | $ | 2,622,959 | | | $ | 2,643,032 | | | $ | 2,622,959 | |
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| Components of Gain on Origination and Sale of Loans, Net |
Gain on origination and sale of loans, net is comprised of the following components:
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June 30, | | Six Months Ended
June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | (Discount) premium from loan sales | | $ | (27,437) | | | $ | 9,991 | | | $ | 12,291 | | | $ | 18,198 | | | Servicing rights additions | | 98,335 | | | 66,940 | | | 185,485 | | | 119,626 | | Unrealized (losses) gains from derivative assets and liabilities | | (32,297) | | | 231 | | | 12,153 | | | (18,243) | | Realized gains from derivative assets and liabilities | | 36,260 | | | 7,069 | | | 20,093 | | | 16,243 | | | Discount points, rebates and lender paid costs | | 90,251 | | | 99,118 | | | 159,533 | | | 179,799 | | Fair value gain (loss) | | 15,347 | | | (4,909) | | | (13,425) | | | 29,438 | | Provision for loan loss obligation for loans sold | | (3,719) | | | (3,630) | | | (7,384) | | | (3,875) | | | Total gain on origination and sale of loans, net | | $ | 176,740 | | | $ | 174,810 | | | $ | 368,746 | | | $ | 341,186 | |
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| Schedule of Debt Securities, Held-For-Sale, Past Due |
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | Fair value | | UPB | | Difference | | Fair value | | UPB | | Difference | | Current through 89 days delinquent | | $ | 2,631,072 | | | $ | 2,604,448 | | | $ | 26,624 | | | $ | 3,149,883 | | | $ | 3,109,965 | | | $ | 39,918 | | 90+ days delinquent(1) | | 11,960 | | | 14,350 | | | (2,390) | | | 15,659 | | | 17,494 | | | (1,835) | | | Total | | $ | 2,643,032 | | | $ | 2,618,798 | | | $ | 24,234 | | | $ | 3,165,542 | | | $ | 3,127,459 | | | $ | 38,083 | |
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