Annual report pursuant to Section 13 and 15(d)

Loans Held for Sale, at Fair Value

v3.22.4
Loans Held for Sale, at Fair Value
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Loans Held for Sale At Fair Value
10. Loans Held for Sale, at Fair Value
Loans held for sale, at fair value, consisted of the following for the dates indicated (in thousands):
December 31, 2022 December 31, 2021
Loans held for sale - UPB:
Residential mortgage and home improvement loans $ 167,407  $ 1,859,788 
Commercial mortgage loans 173,112  145,463 
Fair value adjustments (24,541) 47,127 
Total loans held for sale, at fair value $ 315,978  $ 2,052,378 

The table below shows the total amount of loans held for sale that were greater than 90 days past due and on non-accrual status (in thousands):
December 31, 2022 December 31, 2021
Loans 90 days or more past due and on non-accrual status
Fair value:
Residential mortgage and home improvement loans $ 5,049  $ 3,195 
Commercial mortgage loans 2,817  3,163 
Total fair value 7,866  6,358 
Aggregate UPB:
Residential mortgage loans 5,427  3,753 
Commercial mortgage loans 3,405  3,323 
Total aggregate UPB 8,832  7,076 
Difference $ (966) $ (718)

The Company originates or purchases and sells loans in the secondary mortgage market without recourse for credit losses. However, the Company at times maintains continuing involvement with the loans in the form of servicing arrangements and the liability under representations and warranties it makes to purchasers and insurers of the loans.
The table below shows a reconciliation of the changes in loans held for sale for the respective periods presented below (in thousands):
For the year ended December 31, 2022 For the nine months ended December 31, 2021 For the three months ended March 31, 2021 For the year ended December 31, 2020
Successor Predecessor
Beginning balance $ 2,052,378  $ 2,140,361  $ 2,222,811  $ 1,251,574 
Originations/purchases/repurchases 14,313,496  21,843,640  8,569,575  29,407,723 
Proceeds from sales (16,174,272) (22,438,540) (8,878,131) (29,628,177)
Loans acquired through business combinations —  —  35,226  — 
Net transfers from loans held for investment —  8,828  —  183,578 
Gain on loans held for sale, net 139,589  497,557  188,564  1,009,105 
Net fair value gain (loss) on loans held for sale (15,213) 532  2,316  (992)
Ending balance $ 315,978  $ 2,052,378  $ 2,140,361  $ 2,222,811 

As of December 31, 2022 and December 31, 2021, there were $0.3 billion and $2.0 billion, respectively, in loans held for sale, at fair value, pledged as collateral for financing lines of credit.