Quarterly report [Sections 13 or 15(d)]

MORTGAGE LOANS HELD FOR SALE

v3.25.3
MORTGAGE LOANS HELD FOR SALE
9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025 and 2024 is set forth below:
Nine Months Ended
September 30,
(in thousands)
2025 2024
Balance — beginning of period $ 1,523,447  $ 901,227 
Origination and purchase of mortgage loans held for sale
18,303,339  15,977,511 
Proceeds on sale of and payments from mortgage loans held for sale (18,611,748) (15,524,488)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net
518,609  407,452 
Valuation adjustment of mortgage loans held for sale 16,582  1,419 
Balance — end of period $ 1,750,229  $ 1,763,121