Quarterly report pursuant to Section 13 or 15(d)

MORTGAGE LOANS HELD FOR SALE

v3.24.1.u1
MORTGAGE LOANS HELD FOR SALE
3 Months Ended
Mar. 31, 2024
Mortgage Loans Held For Sale [Abstract]  
MORTGAGE LOANS HELD FOR SALE MORTGAGE LOANS HELD FOR SALE
The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service these loans upon sale through ownership of servicing rights. A reconciliation of the changes in MLHS to the amounts presented in the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 is set forth below:
Three Months Ended
March 31,
(in thousands)
2024 2023
Balance — beginning of period $ 901,227  $ 845,775 
Origination of mortgage loans held for sale 3,605,155  2,700,053 
Proceeds on sale of and payments from mortgage loans held for sale (3,454,907) (2,745,778)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net
81,092  50,882 
Valuation adjustment of mortgage loans held for sale (6,408) 7,382 
Balance — end of period $ 1,126,159  $ 858,314