Annual report pursuant to Section 13 and 15(d)

MORTGAGE LOANS HELD FOR SALE

v3.22.4
MORTGAGE LOANS HELD FOR SALE
 12 Months Ended
Dec. 31, 2022
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 some of these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021 is set forth below:
2022 2021
Balance at the beginning of period $ 2,204,216  $ 2,368,777 
Origination of mortgage loans held for sale 19,220,547  37,178,171 
Proceeds on sale of and payments from mortgage loans held for sale (21,062,670) (39,029,444)
Mortgage loans acquired (see Note 3) —  465,020 
Gain on sale of mortgage loans excluding fair value of other financial instruments, net
 528,243  1,289,465 
Valuation adjustment of mortgage loans held for sale (44,561) (67,773)
Balance at the end of period $ 845,775  $ 2,204,216 
At December 31, 2022, mortgage loans held for sale included UPB of the underlying loans of $868.8 million and had a fair value of $845.8 million. At December 31, 2021, mortgage loans held for sale included UPB of the underlying loans of $2.2 billion and had a fair value of $2.2 billion.