v3.26.1
LOANS HELD FOR SALE, AT FAIR VALUE
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
LOANS HELD FOR SALE, AT FAIR VALUE LOANS HELD FOR SALE, AT FAIR VALUE
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 - ARM41,200 2 63,913 2 
Government - fixed 677,423 26 1,034,485 33 
Government - ARM124,080 5 113,934 4 
Other - residential mortgage loans460,547 17 563,398 18 
HELOC156,193 6 27,930 1 
Total2,618,798 100 %3,127,459 100 %
Fair value adjustment24,234 38,083 
Loans held for sale, at fair value$2,643,032 $3,165,542 

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,
2026202520262025
Balance at beginning of period$3,266,759 $2,765,417 $3,165,542 $2,603,735 
Origination and purchase of loans7,870,445 6,574,572 15,441,739 11,623,880 
Sales(8,702,599)(6,931,543)(16,367,218)(12,088,754)
Repurchases220,948 237,425 458,806 490,015 
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 

Gain on origination and sale of loans, net is comprised of the following components:

Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
(Discount) premium from loan sales
$(27,437)$9,991 $12,291 $18,198 
Servicing rights additions98,335 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 costs90,251 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 
The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale.
June 30, 2026December 31, 2025
Fair valueUPBDifferenceFair valueUPBDifference
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 
(1)     90+ days delinquent loans are on non-accrual status.