Flagstar Bancorp (FBC) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-16577
Entity Registrant Name	Flagstar Bancorp, Inc.
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-3150651
Entity Address, Address Line One	5151 Corporate Drive,
Entity Address, City or Town	Troy,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48098-2639
City Area Code	248
Local Phone Number	312-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock
Trading Symbol	FBC
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		52,752,606
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001033012

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash	$ 106	$ 251
Interest-earning deposits	343	372
Total cash and cash equivalents	449	623
Investment securities available-for-sale	1,764	1,944
Investment securities held-to-maturity	319	377
Loans held-for-sale ($6,941 and $7,009 measured at fair value, respectively)	7,087	7,098
Loans held-for-investment ($14 and $13 measured at fair value, respectively)	14,887	16,227
Loans with government guarantees	2,457	2,516
Less: allowance for loan losses	(241)	(252)
Total loans held-for-investment and loans with government guarantees, net	17,103	18,491
Mortgage servicing rights	428	329
Federal Home Loan Bank stock	377	377
Premises and equipment, net	393	392
Goodwill and intangible assets	155	157
Other assets	1,374	1,250
Total assets	29,449	31,038
Liabilities and Stockholders’ Equity
Noninterest bearing deposits	10,798	9,458
Interest bearing deposits	8,622	10,515
Total deposits	19,420	19,973
Short-term Federal Home Loan Bank advances and other	2,745	3,900
Long-term Federal Home Loan Bank advances	1,200	1,200
Other long-term debt	396	641
Loans with government guarantees repurchase options	1,780	1,851
Other liabilities ($70 and $35 measured at fair value, respectively)	1,550	1,272
Total liabilities	27,091	28,837
Stockholders’ Equity
Common stock $0.01 par value, 80,000,000 and 80,000,000 shares authorized; 52,752,600 and 52,656,067 shares issued and outstanding, respectively	1	1
Additional paid in capital	1,350	1,346
Accumulated other comprehensive income	54	47
Retained earnings	953	807
Total stockholders’ equity	2,358	2,201
Total liabilities and stockholders’ equity	$ 29,449	$ 31,038

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Loans held-for-sale, fair value	$ 6,941,000	$ 7,009,000
Loans held-for-investment, fair value	14,000	13,000
Liabilities and Stockholders’ Equity
Other liabilities, fair value	$ 70,000	$ 35,000
Stockholders' Equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	80,000,000	80,000,000
Common stock, shares issued (in shares)	52,752,600	52,656,067
Common stock, shares outstanding (in shares)	52,752,600	52,656,067

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest Income
Loans	$ 196	$ 181
Investment securities	12	19
Interest-earning deposits and other	0	1
Total interest income	208	201
Interest Expense
Deposits	10	32
Short-term Federal Home Loan Bank advances and other	1	12
Long-term Federal Home Loan Bank advances	3	3
Other long-term debt	5	6
Total interest expense	19	53
Net interest income	189	148
(Benefit) provision for credit losses	(28)	14
Net interest income after provision for credit losses	217	134
Noninterest Income
Net gain on loan sales	227	90
Loan fees and charges	42	23
Net return on mortgage servicing rights	0	6
Loan administration income	27	12
Deposit fees and charges	8	9
Other noninterest income	20	14
Total noninterest income	324	154
Noninterest Expense
Compensation and benefits	144	102
Occupancy and equipment	46	41
Commissions	62	29
Loan processing expense	21	17
Legal and professional expense	8	6
Federal insurance premiums	6	6
Intangible asset amortization	3	3
Other noninterest expense	57	28
Total noninterest expense	347	232
Income before income taxes	194	56
Provision for income taxes	45	10
Net income	$ 149	$ 46
Net income per share
Basic (in dollars per share)	$ 2.83	$ 0.80
Diluted (in dollars per share)	$ 2.80	$ 0.80
Weighted average shares outstanding
Basic (in shares)	52,675,562	56,655,865
Diluted (in shares)	53,297,803	57,189,923

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 149	$ 46
Other comprehensive income, net of tax
Investment securities	(15)	34
Derivatives and hedging activities	22	(4)
Other comprehensive income, net of tax	7	30
Comprehensive income	$ 156	$ 76

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Dec. 31, 2019			56,631,236
Beginning balance at Dec. 31, 2019	$ 1,788	$ (23)	$ 1	$ 1,483	$ 1	$ 303	$ (23)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	46					46
Total other comprehensive income	30				30
Shares issued from Employee Stock Purchase Plan (in shares)			59,252
Stock-based compensation (in shares)			39,081
Stock-based compensation	4			4
Dividends declared and paid (in shares)			220
Dividends declared and paid	(3)					(3)
Ending balance (in shares) at Mar. 31, 2020			56,729,789
Ending balance at Mar. 31, 2020	1,842		$ 1	1,487	31	323
Beginning balance (in shares) at Dec. 31, 2020			52,656,067
Beginning balance at Dec. 31, 2020	2,201		$ 1	1,346	47	807
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	149					149
Total other comprehensive income	7				7
Shares issued from Employee Stock Purchase Plan (in shares)			62,462
Stock-based compensation (in shares)			33,957
Stock-based compensation	4			4
Dividends declared and paid (in shares)			114
Dividends declared and paid	(3)					(3)
Ending balance (in shares) at Mar. 31, 2021			52,752,600
Ending balance at Mar. 31, 2021	$ 2,358		$ 1	$ 1,350	$ 54	$ 953

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net cash used in operating activities		$ (320)	$ (1,515)
Investing Activities
Proceeds from sale of AFS securities including loans that have been securitized		417	104
Collection of principal on investment securities AFS		239	77
Purchase of investment securities AFS and other		(86)	(350)
Collection of principal on investment securities HTM		58	44
Proceeds received from the sale of LHFI		35	39
Net closings, purchases, and principal repayments of LHFI		1,337	(1,706)
Acquisition of premises and equipment, net of proceeds		0	(17)
Net purchase of FHLB stock		(11)	(3)
Net proceeds from the sale of MSRs		(2)
Net proceeds from the sale of MSRs			36
Other, net		(3)	0
Net cash provided by (used in) investing activities		1,984	(1,776)
Financing Activities
Net change in deposit accounts		(553)	906
Net change in short-term FHLB borrowings and other short-term debt		(1,155)	1,676
Proceeds from increases in FHLB long-term advances and other debt		0	350
Repayment of long-term debt		(246)	(3)
Net receipt of payments of loans serviced for others		113	298
Dividends declared and paid		(3)	(3)
Other		6	(3)
Net cash (used in) provided by financing activities		(1,838)	3,221
Net change in cash, cash equivalents and restricted cash	[1]	(174)	(70)
Beginning cash, cash equivalents and restricted cash	[1]	654	456
Ending cash, cash equivalents and restricted cash	[1]	480	386
Supplemental disclosure of cash flow information
Non-cash reclassification of LHFI to LHFS		14	39
Non-cash reclassification of LHFS to securitized HFS loans		417	2,170
MSRs resulting from sale or securitization of loans		65	40
Operating section supplemental disclosures
Proceeds from sales of LHFS		13,721	7,674
Closings, premium paid and purchase of LHFS, net of principal repayments		$ (14,109)	$ (8,786)
[1]	For further information on restricted cash, see Note 8 - Derivatives.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation     The accompanying financial statements of Flagstar Bancorp, Inc. ("Flagstar," or the "Company"), including its wholly owned principal subsidiary, Flagstar Bank, FSB (the "Bank"), have been prepared using GAAP for interim financial statements. Where we say "we," "us," "our," the "Company," "Bancorp" or "Flagstar," we usually mean Flagstar Bancorp, Inc. However, in some cases, a reference to "we," "us," "our," the "Company" or "Flagstar" will include the Bank.    These consolidated financial statements do not include all of the information and footnotes required by GAAP for a full year presentation and certain disclosures have been condensed or omitted in accordance with rules and regulations of the SEC. These interim financial statements are unaudited and include, in our opinion, all adjustments necessary for a fair statement of the results for the periods indicated, which are not necessarily indicative of results which may be expected for the full year. These consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, which is available on our website, flagstar.com, and on the SEC website at sec.gov.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Investment Securities	Investment Securities The following table presents our investment securities: Amortized Cost Gross Unrealized Gross Unrealized Fair Value (Dollars in millions) March 31, 2021 Available-for-sale securities Agency - Commercial $ 879 $ 26 $ — $ 905 Agency - Residential 699 20 (1) 718 Corporate debt obligations 75 3 — 78 Municipal obligations 26 — — 26 Other MBS 36 — — 36 Certificate of deposits 1 — — 1 Total available-for-sale securities (1) $ 1,716 $ 49 $ (1) $ 1,764 Held-to-maturity securities Agency - Commercial $ 160 $ 4 $ — $ 164 Agency - Residential 159 6 — 165 Total held-to-maturity securities (1) $ 319 $ 10 $ — $ 329 December 31, 2020 Available-for-sale securities Agency - Commercial $ 1,018 $ 43 $ — $ 1,061 Agency - Residential 707 28 — 735 Corporate debt obligations 75 2 — 77 Municipal obligations 27 1 — 28 Other MBS 42 — — 42 Certificate of deposits 1 — — 1 Total available-for-sale securities (1) $ 1,870 $ 74 $ — $ 1,944 Held-to-maturity securities Agency - Commercial $ 193 $ 7 $ — $ 200 Agency - Residential 184 9 — 193 Total held-to-maturity securities (1) $ 377 $ 16 $ — $ 393 (1) There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10 percent of stockholders’ equity at March 31, 2021 or December 31, 2020. We evaluate AFS debt securities where the value has declined below amortized cost for impairment. If we intend to sell or believe it is more likely than not that we will be required to sell the debt security, it is written down to fair value through earnings. For AFS debt securities we intend to hold, we evaluate the debt securities for expected credit losses, except for debt securities that are guaranteed by the U.S. Treasury, U.S. government agencies or sovereign entities of high credit quality for which we apply a zero loss assumption, comprised 93 percent of our AFS portfolio as of March 31, 2021. For the remaining AFS securities, credit losses are recognized as an increase to the ACL through the credit loss provision. If any of the decline in fair value is related to market factors, that amount is recognized in OCI. We had no unrealized credit losses for the three months ended March 31, 2021 and December 31, 2020. We separately evaluate our HTM debt securities for any credit losses. As of March 31, 2021 and December 31, 2020, our entire HTM portfolio qualified for the zero loss assumption as all securities are guaranteed by the U.S. Treasury, U.S. government agencies. Investment securities transactions are recorded on the trade date for purchases and sales. Interest earned on investment securities, including the amortization of premiums and the accretion of discounts, are determined using the effective interest method over the period of maturity and recorded in interest income in the Consolidated Statements of Operations. Accrued interest receivable on investment securities totaled $5 million at both March 31, 2021 and December 31, 2020, and was reported in other assets on the Consolidated Statements of Financial Condition. Available-for-sale securities Securities AFS are carried at fair value. Unrealized gains and losses on AFS securities are reported as a component of other comprehensive income. We purchased $86 million and $350 million of AFS securities, which were comprised of U.S. government sponsored agency MBS, certificates of deposit, and corporate debt obligations during the three months ended March 31, 2021, and March 31, 2020, respectively. In addition, we retained $18 million of passive interests in our own private MBS during the three months ended March 31, 2020. We did not retain any passive interests in our own private MBS during the three months ended March 31, 2021. There were no sales of AFS securities during both the three months ended March 31, 2021, and March 31, 2020 other than those related to mortgage loans that had been securitized for sale in the normal course of business. Held-to-maturity securities Investment securities HTM are carried at amortized cost and adjusted for amortization of premiums and accretion of discounts using the interest method. Unrealized losses are not recorded to the extent they are temporary in nature. There were no purchases or sales of HTM securities during both the three months ended March 31, 2021 and March 31, 2020. The following table summarizes the unrealized loss positions on AFS and held-to-maturity investment securities, by duration of the unrealized loss: Unrealized Loss Position with Unrealized Loss Position with Fair Value Number of Securities Unrealized Loss Fair Number of Unrealized (Dollars in millions) March 31, 2021 Available-for-sale securities Agency - Commercial $ 7 2 $ — $ — — $ — Agency - Residential — — — 84 3 (1) Municipal obligations — — — 3 1 — Other mortgage-backed securities — 1 — — — — Held-to-maturity securities Agency - Residential $ — — $ — $ — 1 $ — December 31, 2020 Available-for-sale securities Agency - Commercial $ 3 1 $ — $ 7 2 $ — Agency - Residential — — — — 1 — Corporate debt obligations — — — 10 3 — Other mortgage-backed securities — — — — 1 — Held-to-maturity securities Agency - Residential $ — — $ — $ 2 3 $ — Unrealized losses on AFS securities have not been recognized into income because almost all of the portfolio held by us are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. The remaining unrealized losses on AFS securities are municipal securities and corporate debt obligations, all of which are considered investment grade or are de minimis. The fair value is expected to recover as the bonds approach maturity. The following table shows the amortized cost and estimated fair value of securities by contractual maturity: Investment Securities Available-for-Sale Investment Securities Held-to-Maturity Amortized Fair Weighted Average Amortized Fair Weighted Average (Dollars in millions) March 31, 2021 Due in one year or less $ 5 $ 5 2.18 % $ — $ — — % Due after one year through five years 10 10 2.83 % 10 11 2.53 % Due after five years through 10 years 118 123 4.01 % 4 4 1.97 % Due after 10 years 1,583 1,626 2.28 % 305 314 2.46 % Total $ 1,716 $ 1,764 $ 319 $ 329 (1) Weighted-average yields are based on amortized cost weighted for the contractual maturity of each security. We pledge investment securities, primarily agency collateralized and municipal taxable mortgage obligations, to collateralize lines of credit and/or borrowings. At March 31, 2021 and December 31, 2020, we had pledged investment securities of $224 million and $202 million, respectively.

Loans Held-for-Sale

Loans Held-for-Sale	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Held-for-Sale	Loans Held-for-Sale The majority of our mortgage loans closed as LHFS are ultimately sold into the secondary market on a whole loan basis or by securitizing the loans into agency, government, or private label MBS. LHFS totaled $7.1 billion and $7.1 billion at March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 we had net gains on loan sales associated with LHFS of $227 million as compared to $89 million for the three months ended March 31, 2020. At March 31, 2021 and December 31, 2020, $111 million and $31 million, respectively, of LHFS were recorded at lower of cost or fair value. We elected the fair value option for the remainder of the loans in the portfolio.

Loans Held-for-Investment

Loans Held-for-Investment	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans Held-for-Investment	Loans Held-for-Investment We classify loans that we have the intent and ability to hold for the foreseeable future or until maturity as LHFI. We report LHFI at their amortized cost, which includes the outstanding principal balance adjusted for any unamortized premiums, discounts, deferred fees and costs. The accrued interest receivable on LHFI totaled $41 million at March 31, 2021 and $43 million at December 31, 2020 and was reported in other assets on the Consolidated Statements of Financial Condition. The following table presents our LHFI: March 31, 2021 December 31, 2020 (Dollars in millions) Consumer loans Residential first mortgage $ 1,998 $ 2,266 Home equity 781 856 Other 1,049 1,004 Total consumer loans 3,828 4,126 Commercial loans Commercial real estate 3,084 3,061 Commercial and industrial 1,424 1,382 Warehouse lending 6,551 7,658 Total commercial loans 11,059 12,101 Total loans held-for-investment $ 14,887 $ 16,227 The following table presents the UPB of our loan sales and purchases in the LHFI portfolio: Three Months Ended March 31, 2021 2020 (Dollars in millions) Loans Sold (1) Performing loans $ 36 $ 38 Total loans sold $ 36 $ 38 Net gain associated with loan sales (2) $ — $ — Loans Purchased Home equity $ — $ — Other consumer (3) — 63 Total loans purchased $ — $ 63 Premium associated with loans purchased $ — $ — (1) Upon a change in our intent, the loans were transferred to LHFS and subsequently sold. (2) Recorded in net gain on loan sales on Consolidated Statements of Operations. (3) Does not include point of sale flow consumer loans. We have pledged certain LHFI, LHFS, and LGG to collateralize lines of credit and/or borrowings with the FRB of Chicago and the FHLB of Indianapolis. At March 31, 2021 and December 31, 2020, we had pledged loans of $11.3 billion and $11.6 billion, respectively. Allowance for Credit Losses on Loans We determine the estimate of the ACL on at least a quarterly basis. The ACL represents Management's estimate of expected lifetime losses in our LHFI portfolio, excluding loans carried under the fair value option. In addition, we record a reserve for expected lifetime losses on our unfunded commitments - see Reserve for Unfunded Commitments section below. Therefore, we record ALLL on relevant financial assets and a reserve for unfunded commitments on our Consolidated Statements of Financial Condition, collectively referred to as the ACL. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual terms excludes expected extensions, renewals, and modifications unless the following applies: Management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by us. The ACL is impacted by changes in asset quality of the portfolio, including but not limited to increases in risk rating changes in our commercial portfolio, borrower delinquencies, changes in FICO scores or changes in LTVs in our consumer portfolio. In addition, while we have incorporated our forecasted impact of COVID-19 into our ACL, the ultimate impact of COVID-19 is still uncertain, including how long economic activity will be impacted by the pandemic and what effect the unprecedented levels of government fiscal and monetary actions will have on the economy and our credit losses. Specifically identified component . The specifically identified component of ACL related to performing TDR loans is generally measured as the difference between the recorded investment in the specific loan and the present value of the cash flows expected to be collected, discounted at the loan's original effective interest rate. Estimating the timing and amounts of future cash flow projections is highly judgmental and based upon assumptions including default rates, prepayment probability and loss severities. All of these estimates and assumptions require significant management judgment and certain assumptions are highly subjective. Specifically identified collateral dependent NPL loans are generally measured as the difference between the recorded investment in the impaired loan and the underlying collateral value less estimated costs to sell. These estimates are dependent on third-party property valuations which may be influenced by factors such as the current and future level of home prices, the duration of current overall economic conditions, and other macroeconomic and portfolio-specific factors. Model-based component . A general allowance is established for lifetime losses inherent on non-impaired loans by segmenting the portfolio based upon common risk characteristics. Our consumer loan portfolio is segmented into Residential First Mortgage, Home Equity and Other Consumer. Loan characteristics impacting these segments include lien position, credit quality, and loan structure. At a high-level our commercial loans are segmented into Commercial Real Estate, Commercial and Industrial, and Warehouse Lending. Loan characteristics impacting these segments include credit quality and loan structure. We measure the allowance using the applicable dual risk rating model which measures probability of default, loss given default and exposure at default. As of March 31, 2021, we utilized the Moody’s March scenarios in our forecast: a growth forecast, weighted at 30 percent; a baseline forecast, weighted at 40 percent; and an adverse forecast, weighted at 30 percent. The resulting composite forecast for the first quarter of 2021 was slightly better than the scenario used in the fourth quarter 2020. Unemployment ends 2021 at 6 percent and will continue to recover in 2022. GDP recovers throughout 2021 from current levels and does not return to pre-COVID level until 2025. HPI stays flat throughout 2021 Qualitative adjustments . The specifically identified component analysis and the output of the model provide a reasonable starting point for our analysis, but do not, by themselves, form a sufficient basis to determine the appropriate level for the ACL. We therefore consider the qualitative factors that are likely to cause the ACL associated with our existing portfolio to differ from the output of the model. The most significant qualitative factors considered include changes in economic and business conditions, changes in nature and volume of portfolio and changes in the volume and severity of past due loans. The application of different inputs into the model calculation and the assumptions used by Management to adjust the model calculation are subject to significant management judgment and may result in actual credit losses that differ from the originally estimated amounts. The following table presents changes in the ALLL, by class of loan: Residential Home Equity Other Commercial Commercial Warehouse Total (Dollars in millions) Three Months Ended March 31, 2021 Beginning balance $ 49 $ 25 $ 39 $ 84 $ 51 $ 4 $ 252 Benefit (2) (5) (6) — (11) — (24) Charge-offs (2) — (1) — (1) — (4) Recoveries — — 1 — 16 — 17 Ending allowance balance $ 45 $ 20 $ 33 $ 84 $ 55 $ 4 $ 241 Three Months Ended March 31, 2020 Beginning balance, prior to adoption of ASC 326 $ 22 $ 14 $ 6 $ 38 $ 22 $ 5 $ 107 Impact of adopting ASC 326 25 12 10 (14) (6) (4) 23 (Benefit) provision — (2) — 4 2 — 4 Charge-offs (1) (1) (1) — — — (3) Recoveries — — 1 — — — 1 Ending allowance balance $ 46 $ 23 $ 16 $ 28 $ 18 $ 1 $ 132 (1) Includes LGG. The ALLL was $241 million at March 31, 2021 and $132 million at March 31, 2020. The increase in the allowance is reflective of changes in the economic forecasts used in the ACL models as a result of the ongoing COVID-19 pandemic and credit downgrades largely attributed to challenging economic conditions being faced by certain of our borrowers due to the pandemic. Loans are considered to be past due when any payment of principal or interest is 30 days past the scheduled payment date. While it is the goal of Management to collect on loans, we attempt to work out a satisfactory repayment schedule or modification with past due borrowers and will undertake foreclosure proceedings if the delinquency is not satisfactorily resolved. Our practices regarding past due loans are designed to both assist borrowers in meeting their contractual obligations and minimize losses incurred by the Bank. Beginning in March 2020, as a response to COVID-19, customers facing COVID-19 related difficulties were offered forbearance in an effort to help our borrowers get to the other side of the health crisis when we believe they will be able to fulfill all of their contractual commitments. We cease the accrual of interest on all classes of consumer and commercial loans upon the earlier of, becoming 90 days past due, or when doubt exists as to the ultimate collection of principal or interest (classified as nonaccrual or NPLs). When a loan is placed on nonaccrual status, the accrued interest income is reversed and the loan may only return to accrual status when principal and interest become current and are anticipated to be fully collectible. We do not measure an ACL for accrued interest receivables as accrued interest is written off in a timely manner. We are not aging receivables for customers who have been granted a payment deferral in response to COVID-19 which remain in the aging category they were in at the time of payment deferral. We continue to accrue interest on these loans, consistent with our forbearance programs. The following table sets forth the LHFI aging analysis of past due and current loans: 30-59 Days 60-89 Days 90 Days or Total Current Total LHFI (3) (4) (5) (Dollars in millions) March 31, 2021 Consumer loans Residential first mortgage $ 5 $ 4 $ 33 $ 42 $ 1,956 $ 1,998 Home equity 1 — 7 8 773 781 Other 4 1 2 7 1,042 1,049 Total consumer loans 10 5 42 57 3,771 3,828 Commercial loans Commercial real estate — — 3 3 3,081 3,084 Commercial and industrial — — 15 15 1,409 1,424 Warehouse lending — — — — 6,551 6,551 Total commercial loans — — 18 18 11,041 11,059 Total loans (2) $ 10 $ 5 $ 60 $ 75 $ 14,812 $ 14,887 December 31, 2020 Consumer loans Residential first mortgage $ 4 $ 4 $ 31 $ 39 $ 2,227 $ 2,266 Home equity 1 1 5 7 849 856 Other 4 1 2 7 997 1,004 Total consumer loans 9 6 38 53 4,073 4,126 Commercial loans Commercial real estate 20 — 3 23 3,038 3,061 Commercial and industrial 1 — 15 16 1,366 1,382 Warehouse lending — — — — 7,658 7,658 Total commercial loans 21 — 18 39 12,062 12,101 Total loans (2) $ 30 $ 6 $ 56 $ 92 $ 16,135 $ 16,227 (1) Includes less than 90 day past due performing loans which are deemed nonaccrual. Interest is not being accrued on these loans. (2) Includes $8 million of past due loans accounted for under the fair value option as of March 31, 2021 and December 31, 2020. (3) Collateral dependent loans totaled $84 million and $80 million at March 31, 2021 and December 31, 2020, respectively. The majority of these loans are secured by real estate. (4) The interest income recognized on impaired loans was less than a million and $2 million for the three months ended March 31, 2021 and December 31, 2020, respectively. (5) The delinquency status for loans in forbearance is frozen for loans at inception of the forbearance period and will resume when the borrower's forbearance period ends. Interest income is recognized on nonaccrual loans using a cash basis method. Interest that would have been accrued for the three months ended March 31, 2021 was $1 million. At March 31, 2021 and December 31, 2020, we had no loans 90 days or greater past due and still accruing interest. Reserve for Unfunded Commitments We estimated expected credit losses over the contractual period in which we are exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by us. The reserve for unfunded commitments is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The reserve for unfunded commitments is reflected in other liabilities on the Consolidated Statements of Financial Condition and was $24 million as of March 31, 2021, compared to $20 million as of March 31, 2020. The increase in the reserve is due to changes in the economic forecasts used in the ACL models as a result of the ongoing COVID-19 pandemic. The following categories of off-balance sheet credit exposures have been identified: unfunded loans with available balances, new commitments to lend that are not yet funded, and standby and commercial letters of credit. For further information, see Note 15 - Legal Proceedings, Contingencies and Commitments. Troubled Debt Restructurings We may modify certain loans in both our consumer and commercial loan portfolios to retain customers or to maximize collection of the outstanding loan balance. TDRs are modified loans in which a borrower demonstrates financial difficulties and for which a concession has been granted as a result. Nonperforming TDRs are included in nonaccrual loans. TDRs remain in nonperforming status until a borrower has made payments and is current for at least six consecutive months. Performing TDRs are not considered to be nonaccrual so long as we believe that all contractual principal and interest due under the restructured terms will be collected. Performing and nonperforming TDRs remain impaired as interest and principal will not be received in accordance with the original contractual terms of the loan agreement. Refer to Note 1- Description of Business, Basis of Presentation, and Summary of Significant Accounting Standards to the consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2020 for a description of the methodology used to determine TDRs. Some loan modifications classified as TDRs may not ultimately result in the full collection of principal and interest, as modified, but may give rise to potential incremental losses. We measure impairments using a discounted cash flow method for performing TDRs and measure impairment based on collateral values for nonperforming TDRs. Beginning in March 2020, as a response to COVID-19, we offered our consumer and commercial customers principal and interest payment deferrals and extensions. We considered these programs in the context of whether or not the short-term modifications of these loans would constitute a TDR. We considered the CARES Act, interagency guidance and related guidance from the FASB, which provided that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief are not required to be accounted for as TDRs. As a result, we have determined that loan forbearance, modifications, deferrals and extensions made under these COVID-19 programs are not TDRs. The following table provides a summary of TDRs by type and performing status: TDRs Performing Nonperforming Total (Dollars in millions) March 31, 2021 Consumer loans Residential first mortgage $ 20 $ 8 $ 28 Home equity 11 3 14 Total consumer TDR loans 31 11 42 Commercial loans Commercial real estate 5 — 5 Total TDRs (1)(2) $ 36 $ 11 $ 47 December 31, 2020 Consumer loans Residential first mortgage $ 19 $ 8 $ 27 Home equity 12 2 14 Total consumer TDR loans 31 10 41 Commercial loans Commercial real estate 5 — 5 Total TDRs (1)(2) $ 36 $ 10 $ 46 (1) ALLL on TDR loans totaled $5 million at March 31, 2021 and December 31, 2020. (2) Includes $2 million and $3 million of TDR loans accounted for under the fair value option at March 31, 2021 and December 31, 2020. The following table provides a summary of newly modified TDRs: New TDRs Number of Accounts Pre-Modification Unpaid Principal Balance Post-Modification Unpaid Principal Balance (1) (Dollars in millions) Three Months Ended March 31, 2021 Residential first mortgages 6 $ 3 $ 3 Total TDR loans 6 $ 3 $ 3 Three Months Ended March 31, 2020 Residential first mortgages 5 $ 1 $ 1 Home equity(2)(3) 2 — — Consumer 1 Total TDR loans 8 $ 1 $ 1 (1) Post-modification balances include past due amounts that are capitalized at modification date. (2) Home equity post-modification UPB reflects write downs. (3) Includes loans carried at the fair value option. There were no loans modified in the previous 12 months that subsequently defaulted during the three months ended March 31, 2021. All TDR classes within the consumer and commercial loan portfolios are considered subsequently defaulted when they are greater than 90 days past due within 12 months of the restructuring date. Credit Quality We utilize a combination of internal and external risk rating systems which are applied to all consumer and commercial loans which are used as loan-level inputs to our ACL models. Descriptions of our risk ratings as they relate to credit quality follow the ratings used by the U.S. bank regulatory agencies as listed below. Pass. Pass assets are not impaired nor do they have any known deficiencies that could impact the quality of the asset. Watch. Watch assets are defined as pass-rated assets that exhibit elevated risk characteristics or other factors that deserve Management’s close attention and increased monitoring. However, the asset does not exhibit a potential or well-defined weakness that would warrant a downgrade to criticized or adverse classification. Special mention. Assets identified as special mention possess credit deficiencies or potential weaknesses deserving Management's close attention. Special mention assets have a potential weakness or pose an unwarranted financial risk that, if not corrected, could weaken the assets and increase risk in the future. Special mention assets are criticized, but do not expose an institution to sufficient risk to warrant adverse classification. Substandard . Assets identified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the full collection or liquidation of the debt. Substandard assets are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. For HELOANs and other consumer loans, we evaluate credit quality based on the aging and status of payment activity and any other known credit characteristics that call into question full repayment of the asset. Substandard loans may be placed on either accrual or nonaccrual status. Doubtful . An asset classified as doubtful has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. A doubtful asset has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral and refinancing. Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Due to the high probability of loss, doubtful assets are placed on nonaccrual. Loss. An asset classified as loss is considered uncollectible and of such little value that the continuance as a bankable asset is not warranted. This classification does not mean that an asset has absolutely no recovery or salvage value, rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be affected in the future. Consumer Loans Consumer loans consist of open and closed-end loans extended to individuals for household, family, and other personal expenditures. Consumer loans includes other consumer product loans and loans to individuals secured by their personal residence, including first mortgage, home equity, and home improvement loans. Because consumer loans are usually relatively small-balance, homogeneous exposures, consumer loans are rated based primarily on payment performance. Payment performance is a proxy for the strength of repayment capacity and loans are generally classified based on their payment status rather than by an individual review of each loan. In accordance with regulatory guidance, we assign risk ratings to consumer loans in the following manner: • Consumer loans are classified as Watch once the loan becomes 60 days past due. • Open and closed-end consumer loans 90 days or more past due are classified as Substandard. Payment activity, credit rating and loan-to-value ratios have the most significant impact on the ACL for consumer loans. The following table presents the amortized cost in residential and consumer loans based on payment activity: Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total December 31, 2020 Term Loans Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Consumer Loans (Dollars in millions) Residential First Mortgage Pass $ 108 $ 305 $ 438 $ 190 $ 223 $ 569 $ 93 $ 8 $ 1,934 $ 2,205 Watch — — 4 2 1 14 1 — 22 21 Substandard — — 3 5 2 16 — — 26 25 Home Equity Pass 1 6 26 11 5 10 674 30 763 838 Watch — — — — — 10 1 — 11 13 Substandard — — 1 — — 2 1 2 6 3 Other Consumer Pass 96 282 294 134 3 4 228 4 1,045 1,000 Watch — — — — — — — 1 1 1 Substandard — 1 1 1 — — — — 3 3 Total Consumer Loans (1)(2) $ 205 $ 594 $ 767 $ 343 $ 234 $ 625 $ 998 $ 45 $ 3,811 $ 4,109 (1) Excludes loans carried under the fair value option. (2) The delinquency status for loans in forbearance are frozen for loans at inception of the forbearance period and will resume when the borrower's forbearance period ends. The following table presents the amortized cost in residential and consumer loans based on credit scores: Revolving Loans Converted to Term Loans Amortized Cost Basis FICO Band Revolving Loans Amortized Cost Basis Total Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Consumer Loans (Dollars in millions) Residential First Mortgage >750 $ 29 $ 166 $ 216 $ 90 $ 147 $ 339 $ 54 $ 2 $ 1,043 700-750 65 87 138 78 67 170 27 5 637 <700 14 52 91 29 12 90 13 1 302 Home Equity >750 — 3 7 3 2 7 293 5 320 700-750 1 2 11 4 2 7 283 14 324 <700 — 1 9 4 1 8 100 13 136 Other Consumer >750 82 202 186 73 2 2 216 3 766 700-750 14 76 99 52 1 1 7 — 250 <700 — 5 10 10 — 1 5 2 33 Total Consumer Loans (1) $ 205 $ 594 $ 767 $ 343 $ 234 $ 625 $ 998 $ 45 $ 3,811 (1) Excludes loans carried under the fair value option. Loan-to-value ratios primarily impact the allowance on mortgages within the consumer loan portfolio. The following table presents the amortized cost in residential first mortgages and home equity based on loan-to-value ratios: Revolving Loans Converted to Term Loans Amortized Cost Basis LTV Band Revolving Loans Amortized Cost Basis Total Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Consumer Loans (Dollars in millions) Residential First Mortgage >90 $ 21 $ 86 $ 231 $ 102 $ 29 $ 21 $ — $ — $ 490 71-90 29 141 123 51 70 273 — — 687 55-70 51 55 51 21 69 183 1 — 431 <55 7 23 40 23 58 122 93 8 374 Home Equity >90 — — — — 1 11 — — 12 71-90 1 4 21 8 3 8 511 23 579 <=70 — 2 6 3 1 3 165 9 189 Total (1) $ 109 $ 311 $ 472 $ 208 $ 231 $ 621 $ 770 $ 40 $ 2,762 (1) Excludes loans carried under the fair value option. Commercial Loans Risk rating and the average loan duration have the most significant impact on the ACL for commercial loans. Additional factors which impact the ACL are debt-service-coverage ratio, loan-to-value ratio, interest-coverage ratio and leverage ratio. Internal audit conducts periodic examinations which serve as an independent verification of the accuracy of the ratings assigned. All loans are examined on at least an annual basis. Loan grades are based on different factors within the borrowing relationship: entity sales, debt service coverage, debt/total net worth, liquidity, balance sheet and income statement trends, Management experience, business stability, financing structure, and financial reporting requirements. The underlying collateral is also rated based on the specific type of collateral and corresponding LTV. The combination of the borrower and collateral risk ratings results in the final risk rating for the borrowing relationship. Based on the most recent credit analysis performed, the amortized cost basis, by risk category for each class of loans within the commercial portfolio, is as follows: Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Revolving Loans Amortized Cost Basis Total December 31, 2020 Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Commercial Loans (Dollars in million) Commercial real estate Pass $ 73 $ 274 $ 643 $ 374 $ 269 $ 468 $ 712 $ — $ 2,813 $ 2,805 Watch — 23 15 27 93 49 13 — 220 166 Special mention — — 1 11 — 22 — — 34 53 Substandard — — 3 1 — — 13 — 17 37 Commercial and industrial Pass 43 109 215 93 80 35 645 — 1,220 1,200 Watch — 1 10 24 25 — 44 — 104 106 Special mention — — 18 10 3 — 22 — 53 24 Substandard 1 — 8 10 2 — 26 — 47 52 Warehouse Pass 6,301 — — — — — — — 6,301 7,398 Watch 250 — — — — — — — 250 260 Special mention — — — — — — — — — — Substandard — — — — — — — — — Total commercial loans $ 6,668 $ 407 $ 913 $ 550 $ 472 $ 574 $ 1,475 $ — $ 11,059 $ 12,101

Loans with Government Guarantee

Loans with Government Guarantees	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Loans with Government Guarantees	Loans with Government Guarantees Substantially all LGG are insured or guaranteed by the FHA or the U.S. Department of Veterans Affairs. FHA loans earn interest at a rate based upon the 10-year U.S. Treasury note rate at the time the underlying loan becomes delinquent, which is not paid by the FHA or the U.S. Department of Veterans Affairs until claimed. When a GNMA loan is due, but unpaid, for three consecutive months (typically referred to as 90 days past due) the loan is required to be re-recognized on the balance sheet by the MSR owner. These loans are recorded in LGG and the liability to repurchase the loans is recorded as loans with government guarantees repurchase options on the Consolidated Statements of Financial Condition. This resulted in $1.8 billion of repurchase options as of March 31, 2021, a $0.1 billion decrease from December 31, 2020. Certain loans within our portfolio may be subject to indemnifications and insurance limits which expose us to limited credit risk. We have reserved for these risks within other assets and as a component of our ACL on residential first mortgages. At March 31, 2021 and December 31, 2020, LGG totaled $2.5 billion. Repossessed assets and the associated claims related to government guaranteed loans are recorded in other assets and totaled $14 million and $17 million, at March 31, 2021 and December 31, 2020, respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
Disclosure of Transfer of Securitizations or Asset-backed Financing Financial Assets Accounted for as Sale [Abstract]
Variable Interest Entities	Variable Interest Entities    We have no consolidated VIEs as of March 31, 2021 and December 31, 2020.    In connection with our securitization activities, we have retained a five percent interest in the investment securities of certain trusts ("other MBS") and are contracted as the subservicer of the underlying loans, compensated based on market rates, which constitutes a continuing involvement in these trusts. Although we have a variable interest in these securitization trusts, we are not their primary beneficiary due to the relative size of our investment in comparison to the total amount of securities issued by the VIE and our inability to direct activities that most significantly impact the VIE’s economic performance. As a result, we have not consolidated the assets and liabilities of the VIE in our Consolidated Statements of Financial Condition. The Bank’s maximum exposure to loss is limited to our investment in the VIE, as well as the standard representations and warranties made in conjunction with the loan transfer. See Note 2 - Investment Securities and Note 16 - Fair Value Measurements, for additional information.

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	Mortgage Servicing Rights We have investments in MSRs that result from the sale of loans to the secondary market for which we retain the servicing. We account for MSRs at their fair value. A primary risk associated with MSRs is the potential reduction in fair value as a result of higher than anticipated prepayments due to loan refinancing prompted, in part, by declining interest rates or government intervention. Conversely, these assets generally increase in value in a rising interest rate environment to the extent that prepayments are slower than anticipated. We utilize derivatives as economic hedges to offset changes in the fair value of the MSRs resulting from the actual or anticipated changes in prepayments stemming from changing interest rate environments. There is also a risk of valuation decline due to higher than expected default rates, which we do not believe can be effectively managed using derivatives. For further information regarding the derivative instruments utilized to manage our MSR risks, see Note 8 - Derivative Financial Instruments. Changes in the fair value of residential first mortgage MSRs were as follows: Three Months Ended March 31, 2021 2020 (Dollars in millions) Balance at beginning of period $ 329 $ 291 Additions from loans sold with servicing retained 65 40 Reductions from sales — (36) Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other (1) (39) (22) Changes in estimates of fair value due to interest rate risk (1) (2) 73 (50) Fair value of MSRs at end of period $ 428 $ 223 (1) Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Operations. (2) Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives. The following table summarizes the hypothetical effect on the fair value of servicing rights using adverse changes of 10 percent and 20 percent to the weighted average of certain significant assumptions used in valuing these assets: March 31, 2021 December 31, 2020 Fair value Fair value Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change (Dollars in millions) Option adjusted spread 8.75 % $ 419 $ 410 7.98 % $ 321 $ 313 Constant prepayment rate 8.66 % 411 394 10.53 % 305 283 Weighted average cost to service per loan $ 80.65 424 420 $ 81.24 325 321 The sensitivity calculations above are hypothetical and should not be considered to be predictive of future performance. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. To isolate the effect of the specified change, the fair value shock analysis is consistent with the identified adverse change, while holding all other assumptions constant. In practice, a change in one assumption generally impacts other assumptions, which may either magnify or counteract the effect of the change. For further information on the fair value of MSRs, see Note 16 - Fair Value Measurements. Contractual servicing and subservicing fees . Contractual servicing and subservicing fees, including late fees and other ancillary income are presented below. Contractual servicing fees are included within net return on mortgage servicing rights on the Consolidated Statements of Operations. Contractual subservicing fees, including late fees and other ancillary income, are included within loan administration income on the Consolidated Statements of Operations. Subservicing fee income is recorded for fees earned on subserviced loans, net of third party subservicing costs. The following table summarizes income and fees associated with owned MSRs: Three Months Ended March 31, 2021 2020 (Dollars in millions) Net return on mortgage servicing rights Servicing fees, ancillary income and late fees (1) $ 31 $ 21 Decreases in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other (39) (22) Changes in fair value due to interest rate risk 73 (50) Gain (loss) on MSR derivatives (2) (65) 58 Net transaction costs — (1) Total return included in net return on mortgage servicing rights $ — $ 6 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2) Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. The following table summarizes income and fees associated with our mortgage loans subserviced for others: Three Months Ended March 31, 2021 2020 (Dollars in millions) Loan administration income on mortgage loans subserviced Servicing fees, ancillary income and late fees (1) $ 32 $ 31 Charges on subserviced custodial balances (2) (3) (16) Other servicing charges (3) (3) Total income on mortgage loans subserviced, included in loan administration $ 26 $ 12 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on cash basis. (2) Charges on subserviced custodial balances represent interest due to MSR owner.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Derivative financial instruments are recorded at fair value in other assets and other liabilities on the Consolidated Statements of Financial Condition. Our policy is to present our derivative assets and derivative liabilities on the Consolidated Statements of Financial Condition on a gross basis, even when provisions allowing for set-off are in place. However, for derivative contracts cleared through certain central clearing parties, variation margin payments are recognized as settlements. We are exposed to non-performance risk by the counterparties to our various derivative financial instruments. A majority of our derivatives are centrally cleared through a Central Counterparty Clearing House or consist of residential mortgage interest rate lock commitments further limiting our exposure to non-performance risk. We believe that the non-performance risk inherent in our remaining derivative contracts is minimal based on credit standards and the collateral provisions of the derivative agreements. Derivatives not designated as hedging instruments: We maintain a derivative portfolio of interest rate swaps, futures and forward commitments used to manage exposure to changes in interest rates, MSR asset values and to meet the needs of customers. We also enter into interest rate lock commitments, which are commitments to originate mortgage loans whereby the interest rate on the loan is determined prior to funding and the customers have locked into that interest rate. Market risk on interest rate lock commitments and mortgage LHFS is managed using corresponding forward sale commitments. Changes in the fair value of derivatives not designated as hedging instruments are recognized on the Consolidated Statements of Operations. Derivatives designated as hedging instruments: We have designated certain interest rate swaps as fair value hedges of investment securities AFS and residential first mortgage LHFI using the last-of-layer method. Cash flows and the profit impact associated with designated hedges are reported in the same category as the underlying hedged item. We have also designated certain interest rate swaps as cash flow hedges on LIBOR based variable interest payments on certain custodial deposits. Changes in the fair value of derivatives designated as cash flow hedges are recorded in other comprehensive income on the Consolidated Statements of Financial Condition and reclassified into interest expense in the same period in which the hedge transaction is recognized in earnings. We had $17 million (net-of-tax) of unrealized gains and $5 million (net-of-tax) of unrealized losses on derivatives classified as cash flow hedges recorded in AOCI as of March 31, 2021 and December 31, 2020, respectively. The estimated amount to be reclassified from other comprehensive income into earnings during the next 12 months represents $3 million of losses (net-of-tax). Derivatives that are designated in hedging relationships are assessed for effectiveness using regression analysis at inception and qualitatively thereafter, unless regression analysis is deemed necessary. All designated hedge relationships were and are expected to be highly effective as of March 31, 2021. The following tables present the notional amount, estimated fair value and maturity of our derivative financial instruments: March 31, 2021 (1) Notional Amount Fair Value (2) Expiration Dates (Dollars in millions) Derivatives in cash flow hedge relationships: Assets Interest rate swaps on custodial deposits $ 800 $ 1 2026-2027 Derivatives in fair value hedge relationships: Assets Interest rate swaps on AFS securities $ 450 $ — 2022-2025 Interest rate swaps on HFI residential first mortgages 100 — 2024 Total derivative assets $ 1,350 $ 1 Derivatives not designated as hedging instruments: Assets Futures $ 385 $ — 2021-2023 Mortgage-backed securities forwards 11,448 233 2021 Rate lock commitments 8,176 89 2021 Interest rate swaps and swaptions 2,772 69 2021-2030 Total derivative assets $ 22,781 $ 391 Liabilities Mortgage-backed securities forwards $ 1,089 $ 30 2021 Rate lock commitments 1,708 15 2021 Interest rate swaps 1,862 9 2021-2051 Total derivative liabilities $ 4,659 $ 54 (1) Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior day's fair value of open positions is considered settlement of the derivative position for accounting purposes. (2) Derivative assets and liabilities are included in other assets and other liabilities on the Consolidated Statements of Financial Condition, respectively. December 31, 2020 (1) Notional Amount Fair Value (2) Expiration Dates (Dollars in millions) Derivatives in cash flow hedge relationships: Liabilities Interest rate swaps on custodial deposits $ 800 1 2026-2027 Derivatives in fair value hedge relationships: Liabilities Interest rate swaps on HFI residential first mortgages 100 — 2024 Interest rate swaps on AFS securities 450 — 2022-2025 Total hedge accounting swaps $ 1,350 $ 1 Derivatives not designated as hedging instruments: Assets Futures $ 1,346 $ — 2021-2023 Mortgage-backed securities forwards 749 14 2021 Rate lock commitments 10,587 208 2021 Interest rate swaps and swaptions 1,481 59 2021-2051 Total derivative assets $ 14,163 $ 281 Liabilities Mortgage-backed securities forwards $ 11,194 $ 98 2021 Rate lock commitments 115 — 2021 Interest rate swaps and swaptions 1,305 4 2021-2030 Total derivative liabilities $ 12,614 $ 102 (1) Variation margin pledged to or received from a Central Counterparty Clearing House to cover the prior day's fair value of open positions, is considered settlement of the derivative position for accounting purposes. (2) Derivative assets and liabilities are included in other assets and other liabilities on the Consolidated Statements of Financial Condition, respectively. The following tables present the derivatives subject to a master netting arrangement, including the cash pledged as collateral: Gross Amounts Netted in the Statements of Financial Condition Net Amount Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Gross Amount Financial Instruments Cash Collateral (Dollars in millions) March 31, 2021 Derivatives designated as hedging instruments: Assets Interest rate swaps on AFS securities $ — $ — $ — $ — $ 4 Interest rate swaps on custodial deposits 1 — 1 — 7 Interest rate swaps on HFI residential first mortgages — — — — 1 Total derivative assets $ 1 $ — $ 1 $ — $ 12 Derivatives not designated as hedging instruments: Assets Mortgage-backed securities forwards $ 233 $ — $ 233 $ — $ 172 Interest rate swaps 69 — 69 — 4 Total derivative assets $ 302 $ — $ 302 $ — $ 176 Liabilities Mortgage-backed securities forwards $ 30 $ — $ 30 $ — $ 6 Interest rate swaps and swaptions (1) 9 — 9 — 31 Total derivative liabilities $ 39 $ — $ 39 $ — $ 37 December 31, 2020 Derivatives designated as hedging instruments: Liabilities Interest rate swaps on AFS securities $ — $ — $ — $ — $ 5 Interest rate swaps on HFI residential first mortgages — — — — 1 Interest rate swaps on custodial deposits 1 — 1 — 8 Total derivative liabilities $ 1 $ — $ 1 $ — $ 14 Derivatives not designated as hedging instruments: Assets Mortgage-backed securities forwards $ 14 $ — $ 14 $ — $ — Interest rate swaps 59 — 59 — 6 Total derivative assets $ 73 $ — $ 73 $ — $ 6 Liabilities Mortgage-backed securities forwards $ 98 $ — $ 98 $ — $ 68 Interest rate swaps and swaptions (1) 4 — 4 — 26 Total derivative liabilities $ 102 $ — $ 102 $ — $ 94 (1) Variation margin pledged to or received from a Central Counterparty Clearing House to cover the prior day's fair value of open positions, is considered settlement of the derivative position for accounting purposes. Losses of $1 million and $0 million on fair value hedging relationships of AFS securities were recorded in interest income for the three months ended March 31, 2021 and March 31, 2020, respectively. Losses of $1 million and $0 million on cash flow hedging relationships of custodial deposits were reclassified from AOCI into loan administration income during the three months ended March 31, 2021 and March 31, 2020, respectively. Gains and losses on fair value hedging relationships of HFI residential first mortgages for the three months ended March 31, 2021 and March 31, 2020 were de-minimis. The fair value basis adjustment on our hedged AFS securities is included in investment securities available-for-sale on our Consolidated Statements of Financial Condition. The carrying amount of our hedged securities was $1,440 million at March 31, 2021 and $1,680 million at December 31, 2020 of which $1 million and $6 million, respectively, were due to the fair value hedge relationship. The closed portfolio of AFS securities designated in this last layer method hedge was $1,399 million par (amortized cost of $1,397 million) at March 31, 2021 and $1,615 million par (amortized cost of $1,612 million) at December 31, 2020 of which we have designated $450 million and $450 million at March 31, 2021 and December 31, 2020, respectively. The fair value basis adjustment on our hedged fair HFI residential first mortgages is included in LHFI on our Consolidated Statements of Financial Condition. The carrying amount of our hedged loans was $221 million at March 31, 2021 of which a de-minimis amount is due to the fair value hedge relationship. We have designated $100 million of this closed portfolio of loans in a hedging relationship as of March 31, 2021. The carrying amount of our hedged loans was $240 million at December 31, 2020 of which $1 million was due to the fair value hedge relationship. We designated $100 million of this closed portfolio of loans in a hedging relationship at December 31, 2020. At March 31, 2021, we pledged a total of $53 million related to derivative financial instruments, consisting of $23 million of cash collateral on derivative liabilities and $30 million of maintenance margin on centrally cleared derivatives. We had an obligation to return a total of $172 million of cash collateral on derivative assets at March 31, 2021. We pledged a total of $114 million related to derivative financial instruments, consisting of $84 million of cash collateral on derivatives and $30 million of maintenance margin on centrally cleared derivatives and had a de-minimis obligation to return cash on derivative assets at December 31, 2020. Within the Consolidated Statements of Financial Condition, the collateral related to derivative activity is included in other assets and other liabilities and the cash pledged as maintenance margin is restricted and included in other assets. The following table presents net gain recognized in income on derivative instruments, net of the impact of offsetting positions: Three Months Ended March 31, 2021 2020 (Dollars in millions) Derivatives not designated as hedging instruments: Location of gain (loss) Futures Net return on mortgage servicing rights $ — $ 1 Interest rate swaps and swaptions Net return on mortgage servicing rights (47) 38 Mortgage-backed securities forwards Net return on mortgage servicing rights (18) 19 Rate lock commitments and MSR forwards Net gain on loan sales 162 (100) Interest rate swaps (1) Other noninterest income 1 — Total derivative gain (loss) $ 98 $ (42) (1) Includes customer-initiated commercial interest rate swaps.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Borrowings	Borrowings Federal Home Loan Bank Advances and Other Borrowings The following is a breakdown of our FHLB advances and other borrowings outstanding: March 31, 2021 December 31, 2020 Amount Rate Amount Rate (Dollars in millions) Short-term fixed rate term advances $ 2,415 0.17 % $ 3,415 0.20 % Other short-term borrowings (1) 330 0.05 % 485 0.08 % Total short-term Federal Home Loan Bank advances and other borrowings 2,745 3,900 Long-term fixed rate advances (2) 1,200 1.03 % 1,200 1.03 % Total long-term Federal Home Loan Bank advances 1,200 1,200 Total Federal Home Loan Bank advances and other borrowings $ 3,945 $ 5,100 (1) Includes borrowings under overnight federal funds purchased lines with other Federal Reserve member institutions. (2) There was no current portion of fixed rate advances at both March 31, 2021 and December 31, 2020. The following table contains detailed information on our FHLB advances and other borrowings: Three Months Ended March 31, 2021 2020 (Dollars in millions) Maximum outstanding at any month end $ 4,737 $ 6,841 Average outstanding balance $ 3,979 $ 4,359 Average remaining borrowing capacity $ 5,484 $ 4,977 Weighted average interest rate 0.43 % 1.32 % The following table outlines the maturity dates of our FHLB advances and other borrowings: March 31, 2021 (Dollars in millions) 2021 $ 2,745 2022 200 2023 500 2024 100 Thereafter 400 Total $ 3,945 Parent Company Senior Notes, Subordinated Notes and Trust Preferred Securities The following table presents long-term debt, net of debt issuance costs: March 31, 2021 December 31, 2020 Amount Interest Rate Amount Interest Rate (Dollars in millions) Senior Notes Senior notes, matures 2021 $ — — % $ 246 6.125 % Subordinated Notes Notes, matures 2030 149 4.125 % 148 4.125 % Trust Preferred Securities Floating Three Month LIBOR Plus: 3.25%, matures 2032 26 3.45 % 26 3.50 % 3.25%, matures 2033 26 3.49 % 26 3.49 % 3.25%, matures 2033 26 3.45 % 26 3.49 % 2.00%, matures 2035 26 2.24 % 26 2.24 % 2.00%, matures 2035 26 2.24 % 26 2.24 % 1.75%, matures 2035 51 1.93 % 51 1.97 % 1.50%, matures 2035 25 1.74 % 25 1.74 % 1.45%, matures 2037 25 1.63 % 25 1.67 % 2.50%, matures 2037 16 2.68 % 16 2.72 % Total Trust Preferred Securities 247 247 Total other long-term debt $ 396 $ 641 Senior Notes On July 11, 2016, we issued $250 million of senior notes (“Senior Notes”). These notes were scheduled to mature on July 15, 2021, but we provided notice that we would be redeeming these outstanding notes on December 23, 2020. We accrued for the liabilities associated with that redemption as of December 31, 2020, and settled the Senior Notes on January 22, 2021. As of March 31, 2021, we have no Senior Notes outstanding. Subordinated Notes On October 28, 2020, we issued $150 million of Subordinated Debt (the "Notes") with a maturity date of November 1, 2030. The Notes bear interest at a fixed rate of 4.125 percent through October 31, 2025, and a variable rate tied to SOFR thereafter until maturity. We have the option to redeem all or a part of the Notes beginning on November 1, 2025, and on any subsequent interest payment date. The Notes qualify as Tier 2 capital for regulatory purposes. Trust Preferred Securities We sponsor nine trust subsidiaries, which issued preferred stock to third party investors. We issued junior subordinated debt securities to those trusts, which we have included in long-term debt. The junior subordinated debt securities are the sole assets of those trusts. The trust preferred securities are callable by us at any time. Interest is payable quarterly; however, we may defer interest payments for up to 20 quarters without default or penalty. As of March 31, 2021, we had no deferred interest.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table sets forth the components in AOCI: Three Months Ended March 31, 2021 2020 (Dollars in millions) Investment Securities Beginning balance $ 52 $ 1 Unrealized gain (20) 45 Less: Tax provision (5) 11 Net unrealized gain (15) 34 Other comprehensive income, net of tax (15) 34 Ending balance $ 37 $ 35 Cash Flow Hedges Beginning balance $ (5) $ — Unrealized loss 26 (5) Less: Tax benefit 5 (1) Net unrealized loss 21 (4) Reclassifications out of AOCI (1) 1 — Other comprehensive loss, net of tax 22 (4) Ending balance $ 17 $ (4) (1) Reclassifications are reported in noninterest income on the Consolidated Statements of Operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share, excluding dilution, is computed by dividing earnings applicable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock or resulted in the issuance of common stock that could then share in our earnings. The following table sets forth the computation of basic and diluted earnings per share of common stock: Three Months Ended March 31, 2021 2020 (Dollars in millions, except share data) Net income applicable to common stockholders $ 149 $ 46 Weighted Average Shares Weighted average common shares outstanding 52,675,562 56,655,865 Effect of dilutive securities Stock-based awards 622,241 534,058 Weighted average diluted common shares $ 53,297,803 $ 57,189,923 Earnings per common share Basic earnings per common share $ 2.83 $ 0.80 Effect of dilutive securities Stock-based awards (0.03) — Diluted earnings per common share $ 2.80 $ 0.80

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation We had stock-based compensation expense of $4 million for the three months ended March 31, 2021, and $3 million for the three months ended March 31, 2020. Restricted Stock and Restricted Stock Units The following table summarizes restricted stock and restricted stock units activity: Three Months Ended March 31, 2021 Shares Weighted — Average Grant-Date Fair Value per Share Restricted Stock and Restricted Stock Units Non-vested balance at beginning of period 974,186 $ 30.88 Granted 144,068 40.20 Vested (42,449) 34.71 Canceled and forfeited (12,520) 30.59 Non-vested balance at end of period 1,063,285 $ 32.00 2017 Employee Stock Purchase Plan The Employee Stock Purchase Plan ("2017 ESPP") was approved on March 20, 2017, by our Board and on May 23, 2017, by our shareholders. The 2017 ESPP became effective July 1, 2017, and will remain effective until terminated by the Board. A total of 800,000 shares of the Company’s common stock were reserved and authorized for issuance for purchase under the Employee Stock Purchase Plan (ESPP) of which 287,592 remain as of March 31, 2021. There were 62,462 shares issued under the ESPP during the three months ended March 31, 2021 and the associated compensation expense was de minimis.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes in interim periods requires us to make a best estimate of the effective tax rate expected to be applicable for the full year, adjusted for any discrete items for the applicable period. This estimated effective tax rate is then applied to interim consolidated pre-tax operating income to determine the interim provision for income taxes. The following table presents our provision for income tax and effective tax provision rate: Three Months Ended March 31, 2021 2020 (Dollars in millions) Income before income taxes $ 194 $ 56 Provision for income taxes 45 10 Effective tax provision rate 23.0 % 18.5 % We believe that it is unlikely that our unrecognized tax benefits will change by a material amount during the next 12 months. We recognize interest and penalties related to unrecognized tax benefits in provision for income taxes.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Mar. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
Regulatory Matters	Regulatory Matters Regulatory Capital We, along with the Bank, are subject to the Basel III based U.S. capital rules, including capital simplification. Under these requirements, we must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary actions by regulators that could have a material effect on the Consolidated Financial Statements. To be categorized as "well-capitalized," the Company and the Bank must maintain minimum tangible capital, Tier 1 capital, common equity Tier 1, and total capital ratios as set forth in the table below. We, along with the Bank, are considered "well-capitalized" at both March 31, 2021 and December 31, 2020. The following tables present the regulatory capital requirements under the applicable Basel III based U.S. capital rules: Flagstar Bancorp Actual For Capital Adequacy Purposes Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in millions) March 31, 2021 Tier 1 capital (to adjusted avg. total assets) $ 2,423 8.11 % $ 1,195 4.0 % $ 1,494 5.0 % Common equity Tier 1 capital (to RWA) $ 2,183 10.31 % $ 952 4.5 % $ 1,376 6.5 % Tier 1 capital (to RWA) $ 2,423 11.45 % $ 1,270 6.0 % $ 1,693 8.0 % Total capital (to RWA) $ 2,790 13.18 % $ 1,693 8.0 % $ 2,116 10.0 % December 31, 2020 Tier 1 capital (to adjusted avg. total assets) $ 2,270 7.71 % $ 1,178 4.0 % $ 1,472 5.0 % Common equity Tier 1 capital (to RWA) $ 2,030 9.15 % $ 999 4.5 % $ 1,442 6.5 % Tier 1 capital (to RWA) $ 2,270 10.23 % $ 1,331 6.0 % $ 1,775 8.0 % Total capital (to RWA) $ 2,638 11.89 % $ 1,775 8.0 % $ 2,219 10.0 % Flagstar Bank Actual For Capital Adequacy Purposes Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in millions) March 31, 2021 Tier 1 capital (to adjusted avg. total assets) $ 2,523 8.45 % $ 1,195 4.0 % $ 1,493 5.0 % Common equity Tier 1 capital (to RWA) $ 2,523 11.93 % $ 951 4.5 % $ 1,374 6.5 % Tier 1 capital (to RWA) $ 2,523 11.93 % $ 1,268 6.0 % $ 1,691 8.0 % Total capital (to RWA) $ 2,740 12.96 % $ 1,691 8.0 % $ 2,114 10.0 % December 31, 2020 Tier 1 capital (to adjusted avg. total assets) $ 2,390 8.12 % $ 1,177 4.0 % $ 1,472 5.0 % Common equity Tier 1 capital (to RWA) $ 2,390 10.77 % $ 999 4.5 % $ 1,443 6.5 % Tier 1 capital (to RWA) $ 2,390 10.77 % $ 1,332 6.0 % $ 1,775 8.0 % Total capital (to RWA) $ 2,608 11.75 % $ 1,775 8.0 % $ 2,219 10.0 %

Legal Proceedings, Contingencie

Legal Proceedings, Contingencies and Commitments	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings, Contingencies and Commitments	Legal Proceedings, Contingencies and Commitments Legal Proceedings We and our subsidiaries are subject to various pending or threatened legal proceedings arising out of the normal course of business operations. In addition, the Bank is routinely named in civil actions throughout the country by borrowers and former borrowers relating to the closing, purchase, sale, and servicing of mortgage loans. From time to time, governmental agencies also conduct investigations or examinations of various practices of the Bank. In the course of such investigations or examinations, the Bank cooperates with such agencies and provides information as requested. We assess the liabilities and loss contingencies in connection with pending or threatened legal and regulatory proceedings on at least a quarterly basis and establish accruals when we believe it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, litigation accruals are adjusted, as appropriate, in light of additional information. Payments made to settle our liabilities may differ from the contingency or fair value recorded due to factors that differ from our assumptions. At March 31, 2021, we do not believe that the amount of any reasonably possible losses in excess of any amounts accrued with respect to ongoing proceedings or any other known claims will be material to our financial statements, or that the ultimate outcome of these actions will have a materially adverse effect on our financial condition, results of operations or cash flows. DOJ Liability On February 24, 2012, the Bank entered into a Settlement Agreement with the DOJ under which we agreed to make future payments totaling $118 million in annual increments of up to $25 million upon meeting certain conditions. On March 30, 2021, the Bank signed a $70 million final Settlement and Dismissal Amendment (the "Amendment") with the DOJ. The Amendment required us to make a $70 million one-time restitution cash payment and removed any further obligations related to the original Settlement Agreement. We recorded a $35 million expense to adjust the fair value of the DOJ Liability through other noninterest expense in the first quarter of 2021. The fair value of the DOJ Liability was $70 million as of March 31, 2021, consistent with the Amendment. The final payment was made on April 8, 2021. See Note 16 - Fair Value Measurements. Other litigation accruals At March 31, 2021 and December 31, 2020, excluding the fair value liability relating to the DOJ Liability, our total accrual for contingent liabilities and settled litigation was $8 million and $7 million, respectively. Commitments In the normal course of business, we have various commitments outstanding which are not included on our Consolidated Statements of Financial Condition. The following table is a summary of the contractual amount of significant commitments: March 31, 2021 December 31, 2020 (Dollars in millions) Commitments to extend credit Mortgage loan commitments including interest rate locks $ 9,884 $ 10,702 Warehouse loan commitments 4,173 2,849 Commercial and industrial commitments 1,274 1,271 Other construction commitments 1,866 1,934 HELOC commitments 568 544 Other consumer commitments 174 121 Standby and commercial letters of credit 109 95 Commitments to extend credit are agreements to lend to a customer as long as there is not a violation of any condition established in the contract. Because many of these commitments expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. Commitments generally have fixed expiration dates or other termination clauses. We evaluate each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by us, upon extension of credit is based on Management's credit evaluation of the counterparties. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized on the Consolidated Statements of Financial Condition. Our exposure to credit losses in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. We utilize the same credit policies in making commitments and conditional obligations as we do for balance sheet instruments. The types of credit we extend are as follows: Mortgage loan commitments including interest-rate locks. We enter into mortgage loan commitments, including interest-rate locks with our customers. These interest-rate lock commitments are considered to be derivative instruments and the fair value of these commitments is recorded in the Consolidated Statements of Financial Condition in other assets. For further information, see Note 8 - Derivative Financial Instruments. Warehouse loan commitments. Lines of credit provided to mortgage originators to fund loans they originate and then sell. The proceeds of the sale of the loans are used to repay the draw on the line used to fund the loans. Commercial and industrial and other construction commitments. Conditional commitments issued under various terms to lend funds to businesses and other entities. These commitments include revolving credit agreements, term loan commitments and short-term borrowing agreements. Many of these loan commitments have fixed expiration dates or other termination clauses and may require payment of a fee. Because many of these commitments are expected to expire without being funded, the total commitment amounts do not necessarily represent future liquidity requirements. HELOC commitments. Commitments to extend, originate or purchase credit are primarily lines of credit to consumers and have specified rates and maturity dates. Many of these commitments also have adverse change clauses, which allow us to cancel the commitment due to deterioration in the borrowers’ creditworthiness or a decline in the collateral value. Other consumer commitments. Conditional commitments issued to accommodate the financial needs of customers. The commitments are made under various terms to lend funds to consumers, which include revolving credit agreements, term loan commitments and short-term borrowing agreements. Standby and commercial letters of credit. Conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party. These financial standby letters of credit irrevocably obligate the bank to pay a third party beneficiary when a customer fails to repay an outstanding loan or debt instrument. We maintain a reserve for the estimated lifetime credit losses in unfunded commitments to extend credit. Unfunded commitments to extend credit include unfunded loans with available balances, new commitments to lend that are not yet funded, and standby and commercial letters of credit. A reserve balance of $24 million at March 31, 2021 and $28 million at December 31, 2020, respectively, is reflected in other liabilities on the Consolidated Statements of Financial Condition. See Note 4 - Loans Held-for-Investment for additional information. Supplemental executive retirement plan with former CEO.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements We utilize fair value measurements to record or disclose the fair value on certain assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability through an orderly transaction between market participants at the measurement date. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation models rely on market-based parameters when available, such as interest rate yield curves or credit spreads. Unobservable inputs may be based on Management's judgment, assumptions and estimates related to credit quality, our future earnings, interest rates and other relevant inputs. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used. Valuation Hierarchy U.S. GAAP establishes a three-level valuation hierarchy for disclosure of fair value measurements. The hierarchy is based on the transparency of the inputs used in the valuation process with the highest priority given to quoted prices available in active markets and the lowest priority given to unobservable inputs where no active market exists, as discussed below. Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets in which we can participate as of the measurement date; Level 2 - Quoted prices for similar instruments in active markets, and other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and Level 3 - Unobservable inputs that reflect our own assumptions about the assumptions that market participants would use in pricing an asset or liability. A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input within the valuation hierarchy that is significant to the overall fair value measurement. Transfers between levels of the fair value hierarchy are recognized at the end of the reporting period. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables present the financial instruments carried at fair value by caption on the Consolidated Statements of Financial Condition and by level in the valuation hierarchy. March 31, 2021 Level 1 Level 2 Level 3 Total Fair Value (Dollars in millions) Investment securities available-for-sale Agency - Commercial $ — $ 905 $ — $ 905 Agency - Residential — 718 — 718 Municipal obligations — 26 — 26 Corporate debt obligations — 78 — 78 Other MBS — 36 — 36 Certificate of deposit — 1 — 1 Loans held-for-sale Residential first mortgage loans — 6,941 — 6,941 Loans held-for-investment Residential first mortgage loans — 12 — 12 Home equity — — 2 2 Mortgage servicing rights — — 428 428 Derivative assets Rate lock commitments (fallout-adjusted) — — 89 89 Mortgage-backed securities forwards — 233 — 233 Interest rate swaps and swaptions — 69 — 69 Total assets at fair value $ — $ 9,019 $ 519 $ 9,538 Derivative liabilities Rate lock commitments (fallout-adjusted) $ — $ — $ (15) $ (15) Mortgage backed securities forwards — (30) — (30) Interest rate swaps — (9) — (9) DOJ Liability — — (70) (70) Total liabilities at fair value $ — $ (39) $ (85) $ (124) December 31, 2020 Level 1 Level 2 Level 3 Total Fair Value (Dollars in millions) Investment securities available-for-sale Agency - Commercial $ — $ 1,061 $ — $ 1,061 Agency - Residential — 735 — 735 Municipal obligations — 28 — 28 Corporate debt obligations — 77 — 77 Other MBS — 42 — 42 Certificate of deposit — 1 — 1 Loans held-for-sale Residential first mortgage loans — 7,009 — 7,009 Loans held-for-investment Residential first mortgage loans — 11 — 11 Home equity — — 2 2 Mortgage servicing rights — — 329 329 Derivative assets Rate lock commitments (fallout-adjusted) — — 208 208 Mortgage-backed securities forwards — 14 — 14 Interest rate swaps and swaptions — 59 — 59 Total assets at fair value $ — $ 9,037 $ 539 $ 9,576 Derivative liabilities Mortgage-backed securities forwards $ — $ (98) $ — $ (98) Interest rate swaps — (4) — (4) DOJ Liability — — (35) (35) Total liabilities at fair value $ — $ (102) $ (35) $ (137) Fair Value Measurements Using Significant Unobservable Inputs The following table includes a roll forward of the Consolidated Statements of Financial Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy: Balance at Total Gains (Losses) Recorded in Earnings (1) Purchases / Closings Sales Settlement Transfers Out Balance at (Dollars in millions) Three Months Ended March 31, 2021 Assets Loans held-for-investment Home equity $ 2 $ — $ — $ — $ — $ — $ 2 Mortgage servicing rights (2) 329 34 65 — — — 428 Rate lock commitments (net) (2)(3) 208 (169) 205 — — (170) 74 Totals $ 539 $ (135) $ 270 $ — $ — $ (170) $ 504 Liabilities DOJ Liability $ (35) $ (35) $ — $ — $ — $ — $ (70) Totals $ (35) $ (35) $ — $ — $ — $ — $ (70) Three Months Ended March 31, 2020 Assets Loans held-for-investment Home equity $ 2 $ — $ — $ — $ — $ — $ 2 Mortgage servicing rights (2) 291 (72) 40 (36) — — 223 Rate lock commitments (net) (2)(3) 34 105 164 — — (134) 169 Totals $ 327 $ 33 $ 204 $ (36) $ — $ (134) $ 394 Liabilities DOJ Liability $ (35) $ — $ — $ — $ — $ — $ (35) Contingent consideration (10) (6) — — — — (16) Totals $ (45) $ (6) $ — $ — $ — $ — $ (51) (1) There were no unrealized gains (losses) recorded in OCI during the three months ended March 31, 2021 and 2020. (2) We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with MSRs and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. (3) Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets. The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in millions) March 31, 2021 Assets Loans held-for-investment Home equity $ 2 Discounted cash flows Discount rate 7.2% -10.8% (9.0%) 12.6% - 18.9% (15.8%) 1.5%-2.3% (1.9%) (1) Mortgage servicing rights $ 428 Discounted cash flows Option adjusted spread 3.1% - 21.6% (8.7%) 0% - 10.5% (8.7%) $67 - $95 ($81) (1) Rate lock commitments (net) $ 74 Consensus pricing Origination pull-through rate 75.8% - 87.2% (78.7%) (1) Liabilities DOJ Liability $ (70) Discounted cash flows See description below See description below Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in millions) December 31, 2020 Assets Loans held-for-investment Home equity $ 2 Discounted cash flows Discount rate 7.2% -10.8% (9.0%) 12.6% - 18.9% (15.8%) 1.5%-2.3% (1.9%) (1) Mortgage servicing rights $ 329 Discounted cash flows Option adjusted spread 3.4% - 21.2% (8.0%) 0% - 13.3% (10.5%) $67 - $95 ($81) (1) Rate lock commitments (net) $ 208 Consensus pricing Closing pull-through rate 75.7% - 87.2% (77.5%) (1) Liabilities DOJ Liability $ (35) Discounted cash flows See description below See description below (1) Unobservable inputs were weighted by their relative fair value of the instruments. Recurring Significant Unobservable Inputs Home equity. The most significant unobservable inputs used in the fair value measurement of the HELOANs are discount rates, constant prepayment rates, and default rates. The constant prepayment and default rates are based on a 12 month historical average. Significant increases (decreases) in the discount rate in isolation result in a significantly lower (higher) fair value measurement. Increases (decreases) in prepay rates in isolation result in a higher (lower) fair value and increases (decreases) in default rates in isolation result in a lower (higher) fair value. MSRs. The significant unobservable inputs used in the fair value measurement of the MSRs are option adjusted spreads, prepayment rates, and cost to service. Significant increases (decreases) in all three assumptions in isolation result in a significantly lower (higher) fair value measurement. Weighted average life (in years) is used to determine the change in fair value of MSRs. For March 31, 2021 and December 31, 2020, the weighted average life (in years) for the entire MSR portfolio was 6.0 and 4.2, respectively. DOJ Liability. The significant unobservable inputs used in the fair value measurement of the DOJ Liability are the discount rate, asset growth rate, return on assets, dividend rate and potential ways we might be required to begin making DOJ Liability payments and our estimates of the likelihood of these outcomes, as further discussed in Note 15 - Legal Proceedings, Contingencies and Commitments. The DOJ Liability as of March 31, 2021 was $70 million as specified in the Amendment dated March 30, 2021. Rate lock commitments. The significant unobservable input used in the fair value measurement of the rate lock commitments is the pull through rate. The pull through rate is a statistical analysis of our actual rate lock fallout history to determine the sensitivity of the residential mortgage loan pipeline compared to interest rate changes and other deterministic values. New market prices are applied based on updated loan characteristics and new fallout ratios (i.e. the inverse of the pull through rate) are applied accordingly. Significant increases (decreases) in the pull through rate in isolation result in a significantly higher (lower) fair value measurement. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We also have assets that are subject to measurement at fair value on a nonrecurring basis under certain conditions. The following table presents assets measured at fair value on a nonrecurring basis: Total (1) Level 2 Level 3 Losses (Dollars in millions) March 31, 2021 Residential first mortgage loans $ 108 $ 108 $ — $ (1) Commercial loans 34 — 34 — Impaired loans held-for-investment (2) Residential first mortgage loans 24 — 24 (3) Repossessed assets (3) 8 — 8 (3) Totals $ 174 $ 108 $ 66 $ (7) December 31, 2020 Residential first mortgage loans $ 30 $ 30 $ — $ (1) Commercial loans 57 — 57 — Impaired loans held-for-investment (2) Residential first mortgage loans 24 — 24 (3) Repossessed assets (3) 8 — 8 (3) Totals $ 119 $ 30 $ 89 $ (7) (1) The fair values are determined at various dates dependent upon when certain conditions were met requiring fair value measurement. (2) Gains (losses) reflect fair value adjustments on assets for which we did not elect the fair value option. (3) Gains (losses) reflect write downs of repossessed assets based on the estimated fair value of the specific assets. The following table presents the quantitative information about nonrecurring Level 3 fair value financial instruments and the fair value measurements: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in millions) March 31, 2021 Commercial loans $ 34 Fair value of collateral Market price N/A (1) Impaired loans held-for-investment Residential first mortgage loans $ 24 Fair value of collateral Loss severity discount 0% - 100% (14.3%) (2) Repossessed assets $ 8 Fair value of collateral Loss severity discount 0% - 96.3% (24.2%) (2) December 31, 2020 Commercial loans 57 Fair value of collateral Market price N/A (1) Impaired loans held-for-investment Residential first mortgage loans $ 24 Fair value of collateral Loss severity discount 0% - 100% (12.8%) (2) Repossessed assets $ 8 Fair value of collateral Loss severity discount 0% - 96.3% (24.5%) (2) (1) Fair value has been determined based on an unobservable market price. (2) Unobservable inputs were weighted by their relative fair value of the instruments. Nonrecurring Significant Unobservable Inputs The significant unobservable inputs used in the fair value measurement of the impaired loans and repossessed assets are appraisals or other third-party price evaluations which incorporate measures such as recent sales prices for comparable properties. Fair Value of Financial Instruments The following table presents the carrying amount and estimated fair value of financial instruments that are carried either at fair value, cost, or amortized cost: March 31, 2021 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 (Dollars in millions) Assets Cash and cash equivalents $ 449 $ 449 $ 449 $ — $ — Investment securities available-for-sale 1,764 1,764 — 1,764 — Investment securities held-to-maturity 319 329 — 329 — Loans held-for-sale 7,087 7,087 — 7,087 — Loans held-for-investment 14,887 14,861 — 12 14,849 Loans with government guarantees 2,457 2,437 — 2,437 — Mortgage servicing rights 428 428 — — 428 Federal Home Loan Bank stock 377 377 — 377 — Bank owned life insurance 359 359 — 359 — Repossessed assets 8 8 — — 8 Other assets, foreclosure claims 14 14 — 14 — Derivative financial instruments, assets 391 391 — 302 89 Liabilities Retail deposits Demand deposits and savings accounts $ (8,800) $ (7,667) $ — $ (7,667) $ — Certificates of deposit (1,218) (1,225) — (1,225) — Wholesale deposits (1,190) (1,197) — (1,197) — Government deposits (1,911) (1,810) — (1,810) — Company controlled deposits (6,301) (6,280) — (6,280) — Federal Home Loan Bank advances and other (3,945) (3,963) — (3,963) — Long-term debt (396) (341) — (341) — DOJ Liability (70) (70) — — (70) Derivative financial instruments, liabilities (54) (54) — (39) (15) December 31, 2020 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 (Dollars in millions) Assets Cash and cash equivalents $ 623 $ 623 $ 623 $ — $ — Investment securities available-for-sale 1,944 1,944 — 1,944 — Investment securities held-to-maturity 377 393 — 393 — Loans held-for-sale 7,098 7,098 — 7,098 — Loans held-for-investment 16,227 16,188 — 11 16,177 Loans with government guarantees 2,516 2,498 — 2,498 — Mortgage servicing rights 329 329 — — 329 Federal Home Loan Bank stock 377 377 — 377 — Bank owned life insurance 356 358 — 358 — Repossessed assets 8 8 — — 8 Other assets, foreclosure claims 17 17 — 17 — Derivative financial instruments 281 281 — 73 208 Liabilities Retail deposits Demand deposits and savings accounts $ (8,616) $ (7,864) $ — $ (7,864) $ — Certificates of deposit (1,355) (1,365) — (1,365) — Wholesale deposits (1,031) (1,047) — (1,047) — Government deposits (1,765) (1,706) — (1,706) — Custodial deposits (7,206) (7,133) — (7,133) — Federal Home Loan Bank advances (5,100) (5,124) — (5,124) — Long-term debt (641) (596) — (596) — DOJ Liability (35) (35) — — (35) Derivative financial instruments (102) (102) — (102) — Fair Value Option We elected the fair value option for certain items as discussed throughout the Notes to the Consolidated Financial Statements to more closely align the accounting method with the underlying economic exposure. Interest income on LHFS is accrued on the principal outstanding primarily using the "simple-interest" method. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Three Months Ended March 31, 2021 2020 (Dollars in millions) Assets Loans held-for-sale Net gain on loan sales $ 87 $ 234 Liabilities DOJ Liability Other noninterest expense $ 35 $ — The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected: March 31, 2021 December 31, 2020 UPB Fair Value Fair Value Over / (Under) UPB UPB Fair Value Fair Value Over / (Under) UPB (Dollars in millions) Assets Nonaccrual loans Loans held-for-sale $ 9 $ 8 $ (1) $ 9 $ 7 $ (2) Loans held-for-investment 10 9 (1) 9 8 (1) Total nonaccrual loans $ 19 $ 17 $ (2) $ 18 $ 15 $ (3) Other performing loans Loans held-for-sale $ 6,838 $ 6,933 $ 95 $ 6,704 $ 7,002 $ 298 Loans held-for-investment 5 5 — 5 4 (1) Total other performing loans $ 6,843 $ 6,938 $ 95 $ 6,709 $ 7,006 $ 297 Total loans Loans held-for-sale $ 6,847 $ 6,941 $ 94 $ 6,713 $ 7,009 $ 296 Loans held-for-investment 15 14 (1) 14 12 (2) Total loans $ 6,862 $ 6,955 $ 93 $ 6,727 $ 7,021 $ 294 Liabilities DOJ Liability (1) $ (70) $ (70) $ — $ (118) $ (35) $ 83 (1) As of March 31, 2021, the UPB and fair value of this liability has been reported per the terms of the final Settlement and Dismissal Amendment signed on March 29, 2021. See Note 15 - Legal Proceedings, Contingencies and Commitments for further details.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Our operations are conducted through three operating segments: Community Banking, Mortgage Originations, and Mortgage Servicing. The Other segment includes the remaining reported activities. Operating segments are defined as components of an enterprise that engage in business activity from which revenues are earned and expenses are incurred for which discrete financial information is available that is evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The operating segments have been determined based on the products and services offered and reflect the manner in which financial information is currently evaluated by Management. Each segment operates under the same banking charter, but is reported on a segmented basis for this report. Each of the operating segments is complementary to each other and because of the interrelationships of the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The Community Banking segment originates loans, provides deposits and fee-based services to consumer, business, and mortgage lending customers through its Branch Banking, Business Banking and Commercial Banking, Government Banking and Warehouse Lending. Products offered through these groups include checking accounts, savings accounts, money market accounts, certificates of deposit, consumer loans, commercial loans, CRE loans, home builder finance loans and warehouse lines of credit. Other financial services available include consumer and corporate card services, customized treasury management solutions, merchant services and capital markets services such as loan syndications, and investment and insurance products and services. The interest income on LHFI is recognized in the Community Banking segment, excluding residential first mortgages and newly originated home equity products within the Mortgage Originations segment. The Mortgage Originations segment originates and acquires one-to-four family residential mortgage loans to sell or hold on our balance sheet. Loans originated-to-sell comprise the majority of the lending activity. These loans are originated through mortgage branches, call centers, the Internet and third-party counterparties. The Mortgage Originations segment recognizes interest income on loans that are held-for-sale and the gains from sales associated with these loans, along with the interest income on residential mortgages and newly originated home equity products within LHFI. The Mortgage Servicing segment services and subservices mortgage and other consumer loans for others on a fee for service basis and may also collect ancillary fees and earn income through the use of noninterest-bearing escrows. Revenue for those serviced and subserviced loans is earned on a contractual fee basis, with the fees varying based on our responsibilities and the status of the underlying loans. The Mortgage Servicing segment also services loans for our LHFI portfolio and our own LHFS portfolio in the Mortgage Originations segment, for which it earns revenue via an intercompany service fee allocation. The Other segment includes the treasury functions, which include the impact of interest rate risk management, balance sheet funding activities and the administration of the investment securities portfolios, as well as miscellaneous other expenses of a corporate nature. In addition, the Other segment includes revenue and expenses related to treasury and corporate assets and liabilities and equity not directly assigned or allocated to the Community Banking, Mortgage Originations or Mortgage Servicing operating segments. Revenues are comprised of net interest income (before the provision (benefit) for credit losses) and noninterest income. Noninterest expenses and a majority of provision (benefit) for income taxes, are allocated to each operating segment. Provision for credit losses is allocated to segments based on net charge-offs and changes in outstanding balances. In contrast, the level of the consolidated provision for credit losses is determined based on an allowance model using the methodologies described in Item 2 – MD&A. The net effect of the credit provision is recorded in the Other segment. Allocation methodologies may be subject to periodic adjustment as the internal management accounting system is revised and the business or product lines within the segments change. The following tables present financial information by business segment for the periods indicated: Three Months Ended March 31, 2021 Community Banking Mortgage Originations Mortgage Servicing Other (1) Total (Dollars in millions) Summary of Operations Net interest income $ 156 $ 56 $ 4 $ (27) $ 189 Benefit for credit losses (14) (2) — (12) (28) Net interest income after benefit for credit losses 170 58 4 (15) 217 Net gain on loan sales — 227 — — 227 Loan fees and charges — 24 18 — 42 Net return on mortgage servicing rights — — — — — Loan administrative (expense) income — (10) 40 (3) 27 Other noninterest income 18 3 — 7 28 Total noninterest income 18 244 58 4 324 Compensation and benefits 31 54 16 43 144 Commissions 1 61 — — 62 Loan processing expense 1 11 8 1 21 Other noninterest expense 25 22 22 51 120 Total noninterest expense 58 148 46 95 347 Income (loss) before indirect overhead allocations and income taxes 130 154 16 (106) 194 Indirect overhead allocation (expense) income (10) (19) (6) 35 — Provision (benefit) for income taxes 25 28 2 (10) 45 Net income (loss) $ 95 $ 107 $ 8 $ (61) $ 149 Intersegment revenue (expense) $ 14 $ (2) $ 12 $ (24) $ — Average balances Loans held-for-sale $ — $ 7,464 $ — $ — $ 7,464 Loans with government guarantees — 2,502 — — 2,502 Loans held-for-investment (2) 12,806 2,079 — 30 14,915 Total assets 13,168 13,015 390 3,492 30,065 Deposits 11,804 15 7,157 1,067 20,043 (1) Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients. (2) Includes adjustment made to reclassify operating lease assets to LHFI. Three Months Ended March 31, 2020 Community Banking Mortgage Originations Mortgage Servicing Other (1) Total (Dollars in millions) Summary of Operations Net interest income $ 104 $ 42 $ 4 $ (2) $ 148 Provision (benefit) for credit losses 8 (3) — 9 14 Net interest income after provision (benefit) for credit losses 96 45 4 (11) 134 Net gain on loan sales — 90 — — 90 Loan fees and charges — 14 9 — 23 Net return on mortgage servicing rights — 6 — — 6 Loan administrative (expense) income (1) (7) 36 (16) 12 Other noninterest income 16 1 — 6 23 Total noninterest income 15 104 45 (10) 154 Compensation and benefits 27 31 10 34 102 Commissions 1 28 — — 29 Loan processing expense 2 7 7 1 17 Other noninterest expense 44 26 19 (5) 84 Total noninterest expense 74 92 36 30 232 Income (loss) before indirect overhead allocations and income taxes 37 57 13 (51) 56 Indirect overhead allocation (expense) income (9) (12) (5) 26 — Provision (benefit) for income taxes 6 9 2 (7) 10 Net income (loss) $ 22 $ 36 $ 6 $ (18) $ 46 Intersegment (expense) revenue $ (6) $ 1 $ 8 $ (3) $ — Average balances Loans held-for-sale $ — $ 5,248 $ — $ — $ 5,248 Loans with government guarantees — 811 — — 811 Loans held-for-investment (2) 8,898 2,895 — 30 11,823 Total assets 9,387 9,817 48 4,161 23,413 Deposits 10,434 — 4,777 584 15,795 (1) Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients. (2) Includes adjustment made to reclassify operating lease assets to LHFI.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Adoption of New Accounting Standards We adopted the following ASU during the quarter ended March 31, 2021, none of which had a material impact to our financial statements: Standard Descriptions Effective Date ASU 2021-01 Reference Rate Reform (Topic 848): Scope January 1, 2021 ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes January 1, 2021

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventOn April 26, 2021, it was announced that New York Community Bancorp, Inc. ("NYCB") and Flagstar had entered into a definitive merger agreement (the "Merger Agreement") under which the two companies will combine in an all stock merger. Under the terms of the Merger Agreement, Flagstar shareholders will receive 4.0151 shares of NYCB common stock for each Flagstar share they own. The new company will have over $87 billion in assets and operate nearly 400 traditional branches in nine states and 87 loan production offices across a 28 state footprint. The transaction is expected to close by the end of 2021, subject to customary closing conditions, including regulatory approvals and approval by each company's shareholders.

Recently Issued Accounting Pr_2

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards We adopted the following ASU during the quarter ended March 31, 2021, none of which had a material impact to our financial statements: Standard Descriptions Effective Date ASU 2021-01 Reference Rate Reform (Topic 848): Scope January 1, 2021 ASU 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes January 1, 2021
Credit Quality	Credit Quality We utilize a combination of internal and external risk rating systems which are applied to all consumer and commercial loans which are used as loan-level inputs to our ACL models. Descriptions of our risk ratings as they relate to credit quality follow the ratings used by the U.S. bank regulatory agencies as listed below. Pass. Pass assets are not impaired nor do they have any known deficiencies that could impact the quality of the asset. Watch. Watch assets are defined as pass-rated assets that exhibit elevated risk characteristics or other factors that deserve Management’s close attention and increased monitoring. However, the asset does not exhibit a potential or well-defined weakness that would warrant a downgrade to criticized or adverse classification. Special mention. Assets identified as special mention possess credit deficiencies or potential weaknesses deserving Management's close attention. Special mention assets have a potential weakness or pose an unwarranted financial risk that, if not corrected, could weaken the assets and increase risk in the future. Special mention assets are criticized, but do not expose an institution to sufficient risk to warrant adverse classification. Substandard . Assets identified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the full collection or liquidation of the debt. Substandard assets are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. For HELOANs and other consumer loans, we evaluate credit quality based on the aging and status of payment activity and any other known credit characteristics that call into question full repayment of the asset. Substandard loans may be placed on either accrual or nonaccrual status. Doubtful . An asset classified as doubtful has all the weaknesses inherent in one classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. A doubtful asset has a high probability of total or substantial loss, but because of specific pending events that may strengthen the asset, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral and refinancing. Generally, pending events should be resolved within a relatively short period and the ratings will be adjusted based on the new information. Due to the high probability of loss, doubtful assets are placed on nonaccrual. Loss. An asset classified as loss is considered uncollectible and of such little value that the continuance as a bankable asset is not warranted. This classification does not mean that an asset has absolutely no recovery or salvage value, rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be affected in the future. Consumer Loans Consumer loans consist of open and closed-end loans extended to individuals for household, family, and other personal expenditures. Consumer loans includes other consumer product loans and loans to individuals secured by their personal residence, including first mortgage, home equity, and home improvement loans. Because consumer loans are usually relatively small-balance, homogeneous exposures, consumer loans are rated based primarily on payment performance. Payment performance is a proxy for the strength of repayment capacity and loans are generally classified based on their payment status rather than by an individual review of each loan. In accordance with regulatory guidance, we assign risk ratings to consumer loans in the following manner: • Consumer loans are classified as Watch once the loan becomes 60 days past due. • Open and closed-end consumer loans 90 days or more past due are classified as Substandard.
Fair Value Measurements	We utilize fair value measurements to record or disclose the fair value on certain assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability through an orderly transaction between market participants at the measurement date. The determination of fair values of financial instruments often requires the use of estimates. In cases where quoted market values in an active market are not available, we use present value techniques and other valuation methods to estimate the fair values of our financial instruments. These valuation models rely on market-based parameters when available, such as interest rate yield curves or credit spreads. Unobservable inputs may be based on Management's judgment, assumptions and estimates related to credit quality, our future earnings, interest rates and other relevant inputs. These valuation methods require considerable judgment and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Securities	The following table presents our investment securities: Amortized Cost Gross Unrealized Gross Unrealized Fair Value (Dollars in millions) March 31, 2021 Available-for-sale securities Agency - Commercial $ 879 $ 26 $ — $ 905 Agency - Residential 699 20 (1) 718 Corporate debt obligations 75 3 — 78 Municipal obligations 26 — — 26 Other MBS 36 — — 36 Certificate of deposits 1 — — 1 Total available-for-sale securities (1) $ 1,716 $ 49 $ (1) $ 1,764 Held-to-maturity securities Agency - Commercial $ 160 $ 4 $ — $ 164 Agency - Residential 159 6 — 165 Total held-to-maturity securities (1) $ 319 $ 10 $ — $ 329 December 31, 2020 Available-for-sale securities Agency - Commercial $ 1,018 $ 43 $ — $ 1,061 Agency - Residential 707 28 — 735 Corporate debt obligations 75 2 — 77 Municipal obligations 27 1 — 28 Other MBS 42 — — 42 Certificate of deposits 1 — — 1 Total available-for-sale securities (1) $ 1,870 $ 74 $ — $ 1,944 Held-to-maturity securities Agency - Commercial $ 193 $ 7 $ — $ 200 Agency - Residential 184 9 — 193 Total held-to-maturity securities (1) $ 377 $ 16 $ — $ 393 (1) There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10 percent of stockholders’ equity at March 31, 2021 or December 31, 2020.
Summary of Unrealized Loss Positions on Investment Securities - Held-to-Maturity	The following table summarizes the unrealized loss positions on AFS and held-to-maturity investment securities, by duration of the unrealized loss: Unrealized Loss Position with Unrealized Loss Position with Fair Value Number of Securities Unrealized Loss Fair Number of Unrealized (Dollars in millions) March 31, 2021 Available-for-sale securities Agency - Commercial $ 7 2 $ — $ — — $ — Agency - Residential — — — 84 3 (1) Municipal obligations — — — 3 1 — Other mortgage-backed securities — 1 — — — — Held-to-maturity securities Agency - Residential $ — — $ — $ — 1 $ — December 31, 2020 Available-for-sale securities Agency - Commercial $ 3 1 $ — $ 7 2 $ — Agency - Residential — — — — 1 — Corporate debt obligations — — — 10 3 — Other mortgage-backed securities — — — — 1 — Held-to-maturity securities Agency - Residential $ — — $ — $ 2 3 $ —
Summary of Unrealized Loss Positions on Investment Securities - Available-for-Sale	The following table summarizes the unrealized loss positions on AFS and held-to-maturity investment securities, by duration of the unrealized loss: Unrealized Loss Position with Unrealized Loss Position with Fair Value Number of Securities Unrealized Loss Fair Number of Unrealized (Dollars in millions) March 31, 2021 Available-for-sale securities Agency - Commercial $ 7 2 $ — $ — — $ — Agency - Residential — — — 84 3 (1) Municipal obligations — — — 3 1 — Other mortgage-backed securities — 1 — — — — Held-to-maturity securities Agency - Residential $ — — $ — $ — 1 $ — December 31, 2020 Available-for-sale securities Agency - Commercial $ 3 1 $ — $ 7 2 $ — Agency - Residential — — — — 1 — Corporate debt obligations — — — 10 3 — Other mortgage-backed securities — — — — 1 — Held-to-maturity securities Agency - Residential $ — — $ — $ 2 3 $ —
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity	The following table shows the amortized cost and estimated fair value of securities by contractual maturity: Investment Securities Available-for-Sale Investment Securities Held-to-Maturity Amortized Fair Weighted Average Amortized Fair Weighted Average (Dollars in millions) March 31, 2021 Due in one year or less $ 5 $ 5 2.18 % $ — $ — — % Due after one year through five years 10 10 2.83 % 10 11 2.53 % Due after five years through 10 years 118 123 4.01 % 4 4 1.97 % Due after 10 years 1,583 1,626 2.28 % 305 314 2.46 % Total $ 1,716 $ 1,764 $ 319 $ 329 (1) Weighted-average yields are based on amortized cost weighted for the contractual maturity of each security.

Loans Held-for-Investment (Tabl

Loans Held-for-Investment (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Summary of Loans Held-for-Investment and UPB of Loan Sales and Purchases in the Loans Held-for-Investment Portfolio	The following table presents our LHFI: March 31, 2021 December 31, 2020 (Dollars in millions) Consumer loans Residential first mortgage $ 1,998 $ 2,266 Home equity 781 856 Other 1,049 1,004 Total consumer loans 3,828 4,126 Commercial loans Commercial real estate 3,084 3,061 Commercial and industrial 1,424 1,382 Warehouse lending 6,551 7,658 Total commercial loans 11,059 12,101 Total loans held-for-investment $ 14,887 $ 16,227 The following table presents the UPB of our loan sales and purchases in the LHFI portfolio: Three Months Ended March 31, 2021 2020 (Dollars in millions) Loans Sold (1) Performing loans $ 36 $ 38 Total loans sold $ 36 $ 38 Net gain associated with loan sales (2) $ — $ — Loans Purchased Home equity $ — $ — Other consumer (3) — 63 Total loans purchased $ — $ 63 Premium associated with loans purchased $ — $ — (1) Upon a change in our intent, the loans were transferred to LHFS and subsequently sold. (2) Recorded in net gain on loan sales on Consolidated Statements of Operations.
Changes in ALLL and Method of Evaluation by Class of Loan	The following table presents changes in the ALLL, by class of loan: Residential Home Equity Other Commercial Commercial Warehouse Total (Dollars in millions) Three Months Ended March 31, 2021 Beginning balance $ 49 $ 25 $ 39 $ 84 $ 51 $ 4 $ 252 Benefit (2) (5) (6) — (11) — (24) Charge-offs (2) — (1) — (1) — (4) Recoveries — — 1 — 16 — 17 Ending allowance balance $ 45 $ 20 $ 33 $ 84 $ 55 $ 4 $ 241 Three Months Ended March 31, 2020 Beginning balance, prior to adoption of ASC 326 $ 22 $ 14 $ 6 $ 38 $ 22 $ 5 $ 107 Impact of adopting ASC 326 25 12 10 (14) (6) (4) 23 (Benefit) provision — (2) — 4 2 — 4 Charge-offs (1) (1) (1) — — — (3) Recoveries — — 1 — — — 1 Ending allowance balance $ 46 $ 23 $ 16 $ 28 $ 18 $ 1 $ 132 (1) Includes LGG.
Aging Analysis of Past Due and Current Loans	The following table sets forth the LHFI aging analysis of past due and current loans: 30-59 Days 60-89 Days 90 Days or Total Current Total LHFI (3) (4) (5) (Dollars in millions) March 31, 2021 Consumer loans Residential first mortgage $ 5 $ 4 $ 33 $ 42 $ 1,956 $ 1,998 Home equity 1 — 7 8 773 781 Other 4 1 2 7 1,042 1,049 Total consumer loans 10 5 42 57 3,771 3,828 Commercial loans Commercial real estate — — 3 3 3,081 3,084 Commercial and industrial — — 15 15 1,409 1,424 Warehouse lending — — — — 6,551 6,551 Total commercial loans — — 18 18 11,041 11,059 Total loans (2) $ 10 $ 5 $ 60 $ 75 $ 14,812 $ 14,887 December 31, 2020 Consumer loans Residential first mortgage $ 4 $ 4 $ 31 $ 39 $ 2,227 $ 2,266 Home equity 1 1 5 7 849 856 Other 4 1 2 7 997 1,004 Total consumer loans 9 6 38 53 4,073 4,126 Commercial loans Commercial real estate 20 — 3 23 3,038 3,061 Commercial and industrial 1 — 15 16 1,366 1,382 Warehouse lending — — — — 7,658 7,658 Total commercial loans 21 — 18 39 12,062 12,101 Total loans (2) $ 30 $ 6 $ 56 $ 92 $ 16,135 $ 16,227 (1) Includes less than 90 day past due performing loans which are deemed nonaccrual. Interest is not being accrued on these loans. (2) Includes $8 million of past due loans accounted for under the fair value option as of March 31, 2021 and December 31, 2020. (3) Collateral dependent loans totaled $84 million and $80 million at March 31, 2021 and December 31, 2020, respectively. The majority of these loans are secured by real estate. (4) The interest income recognized on impaired loans was less than a million and $2 million for the three months ended March 31, 2021 and December 31, 2020, respectively.
Summary of TDRs by Type and Performing Status and Newly Modified TDRs	The following table provides a summary of TDRs by type and performing status: TDRs Performing Nonperforming Total (Dollars in millions) March 31, 2021 Consumer loans Residential first mortgage $ 20 $ 8 $ 28 Home equity 11 3 14 Total consumer TDR loans 31 11 42 Commercial loans Commercial real estate 5 — 5 Total TDRs (1)(2) $ 36 $ 11 $ 47 December 31, 2020 Consumer loans Residential first mortgage $ 19 $ 8 $ 27 Home equity 12 2 14 Total consumer TDR loans 31 10 41 Commercial loans Commercial real estate 5 — 5 Total TDRs (1)(2) $ 36 $ 10 $ 46 (1) ALLL on TDR loans totaled $5 million at March 31, 2021 and December 31, 2020. (2) Includes $2 million and $3 million of TDR loans accounted for under the fair value option at March 31, 2021 and December 31, 2020. The following table provides a summary of newly modified TDRs: New TDRs Number of Accounts Pre-Modification Unpaid Principal Balance Post-Modification Unpaid Principal Balance (1) (Dollars in millions) Three Months Ended March 31, 2021 Residential first mortgages 6 $ 3 $ 3 Total TDR loans 6 $ 3 $ 3 Three Months Ended March 31, 2020 Residential first mortgages 5 $ 1 $ 1 Home equity(2)(3) 2 — — Consumer 1 Total TDR loans 8 $ 1 $ 1 (1) Post-modification balances include past due amounts that are capitalized at modification date. (2) Home equity post-modification UPB reflects write downs. (3) Includes loans carried at the fair value option.
Loan Credit Quality Indicators	The following table presents the amortized cost in residential and consumer loans based on payment activity: Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Amortized Cost Basis Total December 31, 2020 Term Loans Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Consumer Loans (Dollars in millions) Residential First Mortgage Pass $ 108 $ 305 $ 438 $ 190 $ 223 $ 569 $ 93 $ 8 $ 1,934 $ 2,205 Watch — — 4 2 1 14 1 — 22 21 Substandard — — 3 5 2 16 — — 26 25 Home Equity Pass 1 6 26 11 5 10 674 30 763 838 Watch — — — — — 10 1 — 11 13 Substandard — — 1 — — 2 1 2 6 3 Other Consumer Pass 96 282 294 134 3 4 228 4 1,045 1,000 Watch — — — — — — — 1 1 1 Substandard — 1 1 1 — — — — 3 3 Total Consumer Loans (1)(2) $ 205 $ 594 $ 767 $ 343 $ 234 $ 625 $ 998 $ 45 $ 3,811 $ 4,109 (1) Excludes loans carried under the fair value option. (2) The delinquency status for loans in forbearance are frozen for loans at inception of the forbearance period and will resume when the borrower's forbearance period ends. The following table presents the amortized cost in residential and consumer loans based on credit scores: Revolving Loans Converted to Term Loans Amortized Cost Basis FICO Band Revolving Loans Amortized Cost Basis Total Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Consumer Loans (Dollars in millions) Residential First Mortgage >750 $ 29 $ 166 $ 216 $ 90 $ 147 $ 339 $ 54 $ 2 $ 1,043 700-750 65 87 138 78 67 170 27 5 637 <700 14 52 91 29 12 90 13 1 302 Home Equity >750 — 3 7 3 2 7 293 5 320 700-750 1 2 11 4 2 7 283 14 324 <700 — 1 9 4 1 8 100 13 136 Other Consumer >750 82 202 186 73 2 2 216 3 766 700-750 14 76 99 52 1 1 7 — 250 <700 — 5 10 10 — 1 5 2 33 Total Consumer Loans (1) $ 205 $ 594 $ 767 $ 343 $ 234 $ 625 $ 998 $ 45 $ 3,811 (1) Excludes loans carried under the fair value option. Loan-to-value ratios primarily impact the allowance on mortgages within the consumer loan portfolio. The following table presents the amortized cost in residential first mortgages and home equity based on loan-to-value ratios: Revolving Loans Converted to Term Loans Amortized Cost Basis LTV Band Revolving Loans Amortized Cost Basis Total Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Consumer Loans (Dollars in millions) Residential First Mortgage >90 $ 21 $ 86 $ 231 $ 102 $ 29 $ 21 $ — $ — $ 490 71-90 29 141 123 51 70 273 — — 687 55-70 51 55 51 21 69 183 1 — 431 <55 7 23 40 23 58 122 93 8 374 Home Equity >90 — — — — 1 11 — — 12 71-90 1 4 21 8 3 8 511 23 579 <=70 — 2 6 3 1 3 165 9 189 Total (1) $ 109 $ 311 $ 472 $ 208 $ 231 $ 621 $ 770 $ 40 $ 2,762 (1) Excludes loans carried under the fair value option. Based on the most recent credit analysis performed, the amortized cost basis, by risk category for each class of loans within the commercial portfolio, is as follows: Revolving Loans Converted to Term Loans Amortized Cost Basis Term Loans Revolving Loans Amortized Cost Basis Total December 31, 2020 Amortized Cost Basis by Closing Year As of March 31, 2021 2021 2020 2019 2018 2017 Prior Commercial Loans (Dollars in million) Commercial real estate Pass $ 73 $ 274 $ 643 $ 374 $ 269 $ 468 $ 712 $ — $ 2,813 $ 2,805 Watch — 23 15 27 93 49 13 — 220 166 Special mention — — 1 11 — 22 — — 34 53 Substandard — — 3 1 — — 13 — 17 37 Commercial and industrial Pass 43 109 215 93 80 35 645 — 1,220 1,200 Watch — 1 10 24 25 — 44 — 104 106 Special mention — — 18 10 3 — 22 — 53 24 Substandard 1 — 8 10 2 — 26 — 47 52 Warehouse Pass 6,301 — — — — — — — 6,301 7,398 Watch 250 — — — — — — — 250 260 Special mention — — — — — — — — — — Substandard — — — — — — — — — Total commercial loans $ 6,668 $ 407 $ 913 $ 550 $ 472 $ 574 $ 1,475 $ — $ 11,059 $ 12,101

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2021
Transfers and Servicing [Abstract]
Changes in the Fair Value of Residential First Mortgage MSRs	Changes in the fair value of residential first mortgage MSRs were as follows: Three Months Ended March 31, 2021 2020 (Dollars in millions) Balance at beginning of period $ 329 $ 291 Additions from loans sold with servicing retained 65 40 Reductions from sales — (36) Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other (1) (39) (22) Changes in estimates of fair value due to interest rate risk (1) (2) 73 (50) Fair value of MSRs at end of period $ 428 $ 223 (1) Changes in fair value are included within net return on mortgage servicing rights on the Consolidated Statements of Operations. (2) Represents estimated MSR value change resulting primarily from market-driven changes which we manage through the use of derivatives.
Summary of Adverse Changes to Weighted-Average Assumptions on the Fair Value of Servicing Rights	The following table summarizes the hypothetical effect on the fair value of servicing rights using adverse changes of 10 percent and 20 percent to the weighted average of certain significant assumptions used in valuing these assets: March 31, 2021 December 31, 2020 Fair value Fair value Actual 10% adverse change 20% adverse change Actual 10% adverse change 20% adverse change (Dollars in millions) Option adjusted spread 8.75 % $ 419 $ 410 7.98 % $ 321 $ 313 Constant prepayment rate 8.66 % 411 394 10.53 % 305 283 Weighted average cost to service per loan $ 80.65 424 420 $ 81.24 325 321
Summary of Income and Fees	The following table summarizes income and fees associated with owned MSRs: Three Months Ended March 31, 2021 2020 (Dollars in millions) Net return on mortgage servicing rights Servicing fees, ancillary income and late fees (1) $ 31 $ 21 Decreases in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other (39) (22) Changes in fair value due to interest rate risk 73 (50) Gain (loss) on MSR derivatives (2) (65) 58 Net transaction costs — (1) Total return included in net return on mortgage servicing rights $ — $ 6 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on a cash basis. (2) Changes in the derivatives utilized as economic hedges to offset changes in fair value of the MSRs. The following table summarizes income and fees associated with our mortgage loans subserviced for others: Three Months Ended March 31, 2021 2020 (Dollars in millions) Loan administration income on mortgage loans subserviced Servicing fees, ancillary income and late fees (1) $ 32 $ 31 Charges on subserviced custodial balances (2) (3) (16) Other servicing charges (3) (3) Total income on mortgage loans subserviced, included in loan administration $ 26 $ 12 (1) Servicing fees are recorded on an accrual basis. Ancillary income and late fees are recorded on cash basis. (2) Charges on subserviced custodial balances represent interest due to MSR owner.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount, Estimated Fair Value and Maturity and Net Gain (Loss) Recognized on Designated Instruments	The following tables present the notional amount, estimated fair value and maturity of our derivative financial instruments: March 31, 2021 (1) Notional Amount Fair Value (2) Expiration Dates (Dollars in millions) Derivatives in cash flow hedge relationships: Assets Interest rate swaps on custodial deposits $ 800 $ 1 2026-2027 Derivatives in fair value hedge relationships: Assets Interest rate swaps on AFS securities $ 450 $ — 2022-2025 Interest rate swaps on HFI residential first mortgages 100 — 2024 Total derivative assets $ 1,350 $ 1 Derivatives not designated as hedging instruments: Assets Futures $ 385 $ — 2021-2023 Mortgage-backed securities forwards 11,448 233 2021 Rate lock commitments 8,176 89 2021 Interest rate swaps and swaptions 2,772 69 2021-2030 Total derivative assets $ 22,781 $ 391 Liabilities Mortgage-backed securities forwards $ 1,089 $ 30 2021 Rate lock commitments 1,708 15 2021 Interest rate swaps 1,862 9 2021-2051 Total derivative liabilities $ 4,659 $ 54 (1) Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior day's fair value of open positions is considered settlement of the derivative position for accounting purposes. (2) Derivative assets and liabilities are included in other assets and other liabilities on the Consolidated Statements of Financial Condition, respectively. December 31, 2020 (1) Notional Amount Fair Value (2) Expiration Dates (Dollars in millions) Derivatives in cash flow hedge relationships: Liabilities Interest rate swaps on custodial deposits $ 800 1 2026-2027 Derivatives in fair value hedge relationships: Liabilities Interest rate swaps on HFI residential first mortgages 100 — 2024 Interest rate swaps on AFS securities 450 — 2022-2025 Total hedge accounting swaps $ 1,350 $ 1 Derivatives not designated as hedging instruments: Assets Futures $ 1,346 $ — 2021-2023 Mortgage-backed securities forwards 749 14 2021 Rate lock commitments 10,587 208 2021 Interest rate swaps and swaptions 1,481 59 2021-2051 Total derivative assets $ 14,163 $ 281 Liabilities Mortgage-backed securities forwards $ 11,194 $ 98 2021 Rate lock commitments 115 — 2021 Interest rate swaps and swaptions 1,305 4 2021-2030 Total derivative liabilities $ 12,614 $ 102 (1) Variation margin pledged to or received from a Central Counterparty Clearing House to cover the prior day's fair value of open positions, is considered settlement of the derivative position for accounting purposes.
Derivatives Subject to a Master Netting Arrangement	The following tables present the derivatives subject to a master netting arrangement, including the cash pledged as collateral: Gross Amounts Netted in the Statements of Financial Condition Net Amount Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Gross Amount Financial Instruments Cash Collateral (Dollars in millions) March 31, 2021 Derivatives designated as hedging instruments: Assets Interest rate swaps on AFS securities $ — $ — $ — $ — $ 4 Interest rate swaps on custodial deposits 1 — 1 — 7 Interest rate swaps on HFI residential first mortgages — — — — 1 Total derivative assets $ 1 $ — $ 1 $ — $ 12 Derivatives not designated as hedging instruments: Assets Mortgage-backed securities forwards $ 233 $ — $ 233 $ — $ 172 Interest rate swaps 69 — 69 — 4 Total derivative assets $ 302 $ — $ 302 $ — $ 176 Liabilities Mortgage-backed securities forwards $ 30 $ — $ 30 $ — $ 6 Interest rate swaps and swaptions (1) 9 — 9 — 31 Total derivative liabilities $ 39 $ — $ 39 $ — $ 37 December 31, 2020 Derivatives designated as hedging instruments: Liabilities Interest rate swaps on AFS securities $ — $ — $ — $ — $ 5 Interest rate swaps on HFI residential first mortgages — — — — 1 Interest rate swaps on custodial deposits 1 — 1 — 8 Total derivative liabilities $ 1 $ — $ 1 $ — $ 14 Derivatives not designated as hedging instruments: Assets Mortgage-backed securities forwards $ 14 $ — $ 14 $ — $ — Interest rate swaps 59 — 59 — 6 Total derivative assets $ 73 $ — $ 73 $ — $ 6 Liabilities Mortgage-backed securities forwards $ 98 $ — $ 98 $ — $ 68 Interest rate swaps and swaptions (1) 4 — 4 — 26 Total derivative liabilities $ 102 $ — $ 102 $ — $ 94 (1) Variation margin pledged to or received from a Central Counterparty Clearing House to cover the prior day's fair value of open positions, is considered settlement of the derivative position for accounting purposes.
Net Gain (Loss) Recognized in Income on Derivative Instruments	The following table presents net gain recognized in income on derivative instruments, net of the impact of offsetting positions: Three Months Ended March 31, 2021 2020 (Dollars in millions) Derivatives not designated as hedging instruments: Location of gain (loss) Futures Net return on mortgage servicing rights $ — $ 1 Interest rate swaps and swaptions Net return on mortgage servicing rights (47) 38 Mortgage-backed securities forwards Net return on mortgage servicing rights (18) 19 Rate lock commitments and MSR forwards Net gain on loan sales 162 (100) Interest rate swaps (1) Other noninterest income 1 — Total derivative gain (loss) $ 98 $ (42) (1) Includes customer-initiated commercial interest rate swaps.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Breakdown of FHLB Advances Outstanding	The following is a breakdown of our FHLB advances and other borrowings outstanding: March 31, 2021 December 31, 2020 Amount Rate Amount Rate (Dollars in millions) Short-term fixed rate term advances $ 2,415 0.17 % $ 3,415 0.20 % Other short-term borrowings (1) 330 0.05 % 485 0.08 % Total short-term Federal Home Loan Bank advances and other borrowings 2,745 3,900 Long-term fixed rate advances (2) 1,200 1.03 % 1,200 1.03 % Total long-term Federal Home Loan Bank advances 1,200 1,200 Total Federal Home Loan Bank advances and other borrowings $ 3,945 $ 5,100 (1) Includes borrowings under overnight federal funds purchased lines with other Federal Reserve member institutions. (2) There was no current portion of fixed rate advances at both March 31, 2021 and December 31, 2020.
Detailed Information on FHLB Advances and Other Borrowings	The following table contains detailed information on our FHLB advances and other borrowings: Three Months Ended March 31, 2021 2020 (Dollars in millions) Maximum outstanding at any month end $ 4,737 $ 6,841 Average outstanding balance $ 3,979 $ 4,359 Average remaining borrowing capacity $ 5,484 $ 4,977 Weighted average interest rate 0.43 % 1.32 %
Maturity Dates of FHLB Advances and Other Borrowings	The following table outlines the maturity dates of our FHLB advances and other borrowings: March 31, 2021 (Dollars in millions) 2021 $ 2,745 2022 200 2023 500 2024 100 Thereafter 400 Total $ 3,945
Long-Term Debt, Net of Debt Issuance Costs	The following table presents long-term debt, net of debt issuance costs: March 31, 2021 December 31, 2020 Amount Interest Rate Amount Interest Rate (Dollars in millions) Senior Notes Senior notes, matures 2021 $ — — % $ 246 6.125 % Subordinated Notes Notes, matures 2030 149 4.125 % 148 4.125 % Trust Preferred Securities Floating Three Month LIBOR Plus: 3.25%, matures 2032 26 3.45 % 26 3.50 % 3.25%, matures 2033 26 3.49 % 26 3.49 % 3.25%, matures 2033 26 3.45 % 26 3.49 % 2.00%, matures 2035 26 2.24 % 26 2.24 % 2.00%, matures 2035 26 2.24 % 26 2.24 % 1.75%, matures 2035 51 1.93 % 51 1.97 % 1.50%, matures 2035 25 1.74 % 25 1.74 % 1.45%, matures 2037 25 1.63 % 25 1.67 % 2.50%, matures 2037 16 2.68 % 16 2.72 % Total Trust Preferred Securities 247 247 Total other long-term debt $ 396 $ 641

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The following table sets forth the components in AOCI: Three Months Ended March 31, 2021 2020 (Dollars in millions) Investment Securities Beginning balance $ 52 $ 1 Unrealized gain (20) 45 Less: Tax provision (5) 11 Net unrealized gain (15) 34 Other comprehensive income, net of tax (15) 34 Ending balance $ 37 $ 35 Cash Flow Hedges Beginning balance $ (5) $ — Unrealized loss 26 (5) Less: Tax benefit 5 (1) Net unrealized loss 21 (4) Reclassifications out of AOCI (1) 1 — Other comprehensive loss, net of tax 22 (4) Ending balance $ 17 $ (4) (1) Reclassifications are reported in noninterest income on the Consolidated Statements of Operations.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share of Common Stock	The following table sets forth the computation of basic and diluted earnings per share of common stock: Three Months Ended March 31, 2021 2020 (Dollars in millions, except share data) Net income applicable to common stockholders $ 149 $ 46 Weighted Average Shares Weighted average common shares outstanding 52,675,562 56,655,865 Effect of dilutive securities Stock-based awards 622,241 534,058 Weighted average diluted common shares $ 53,297,803 $ 57,189,923 Earnings per common share Basic earnings per common share $ 2.83 $ 0.80 Effect of dilutive securities Stock-based awards (0.03) — Diluted earnings per common share $ 2.80 $ 0.80

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Stock Activity	The following table summarizes restricted stock and restricted stock units activity: Three Months Ended March 31, 2021 Shares Weighted — Average Grant-Date Fair Value per Share Restricted Stock and Restricted Stock Units Non-vested balance at beginning of period 974,186 $ 30.88 Granted 144,068 40.20 Vested (42,449) 34.71 Canceled and forfeited (12,520) 30.59 Non-vested balance at end of period 1,063,285 $ 32.00

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Provision for Income Tax and Effective Tax Provision Rate	The following table presents our provision for income tax and effective tax provision rate: Three Months Ended March 31, 2021 2020 (Dollars in millions) Income before income taxes $ 194 $ 56 Provision for income taxes 45 10 Effective tax provision rate 23.0 % 18.5 %

Regulatory Matters (Tables)

Regulatory Matters (Tables)	3 Months Ended
	Mar. 31, 2021
Banking and Thrift, Other Disclosures [Abstract]
Regulatory Capital Ratios	The following tables present the regulatory capital requirements under the applicable Basel III based U.S. capital rules: Flagstar Bancorp Actual For Capital Adequacy Purposes Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in millions) March 31, 2021 Tier 1 capital (to adjusted avg. total assets) $ 2,423 8.11 % $ 1,195 4.0 % $ 1,494 5.0 % Common equity Tier 1 capital (to RWA) $ 2,183 10.31 % $ 952 4.5 % $ 1,376 6.5 % Tier 1 capital (to RWA) $ 2,423 11.45 % $ 1,270 6.0 % $ 1,693 8.0 % Total capital (to RWA) $ 2,790 13.18 % $ 1,693 8.0 % $ 2,116 10.0 % December 31, 2020 Tier 1 capital (to adjusted avg. total assets) $ 2,270 7.71 % $ 1,178 4.0 % $ 1,472 5.0 % Common equity Tier 1 capital (to RWA) $ 2,030 9.15 % $ 999 4.5 % $ 1,442 6.5 % Tier 1 capital (to RWA) $ 2,270 10.23 % $ 1,331 6.0 % $ 1,775 8.0 % Total capital (to RWA) $ 2,638 11.89 % $ 1,775 8.0 % $ 2,219 10.0 % Flagstar Bank Actual For Capital Adequacy Purposes Well-Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in millions) March 31, 2021 Tier 1 capital (to adjusted avg. total assets) $ 2,523 8.45 % $ 1,195 4.0 % $ 1,493 5.0 % Common equity Tier 1 capital (to RWA) $ 2,523 11.93 % $ 951 4.5 % $ 1,374 6.5 % Tier 1 capital (to RWA) $ 2,523 11.93 % $ 1,268 6.0 % $ 1,691 8.0 % Total capital (to RWA) $ 2,740 12.96 % $ 1,691 8.0 % $ 2,114 10.0 % December 31, 2020 Tier 1 capital (to adjusted avg. total assets) $ 2,390 8.12 % $ 1,177 4.0 % $ 1,472 5.0 % Common equity Tier 1 capital (to RWA) $ 2,390 10.77 % $ 999 4.5 % $ 1,443 6.5 % Tier 1 capital (to RWA) $ 2,390 10.77 % $ 1,332 6.0 % $ 1,775 8.0 % Total capital (to RWA) $ 2,608 11.75 % $ 1,775 8.0 % $ 2,219 10.0 %

Legal Proceedings, Contingenc_2

Legal Proceedings, Contingencies and Commitments (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of Contractual Amount of Significant Commitments	The following table is a summary of the contractual amount of significant commitments: March 31, 2021 December 31, 2020 (Dollars in millions) Commitments to extend credit Mortgage loan commitments including interest rate locks $ 9,884 $ 10,702 Warehouse loan commitments 4,173 2,849 Commercial and industrial commitments 1,274 1,271 Other construction commitments 1,866 1,934 HELOC commitments 568 544 Other consumer commitments 174 121 Standby and commercial letters of credit 109 95

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Instruments Carried at Fair Value	The following tables present the financial instruments carried at fair value by caption on the Consolidated Statements of Financial Condition and by level in the valuation hierarchy. March 31, 2021 Level 1 Level 2 Level 3 Total Fair Value (Dollars in millions) Investment securities available-for-sale Agency - Commercial $ — $ 905 $ — $ 905 Agency - Residential — 718 — 718 Municipal obligations — 26 — 26 Corporate debt obligations — 78 — 78 Other MBS — 36 — 36 Certificate of deposit — 1 — 1 Loans held-for-sale Residential first mortgage loans — 6,941 — 6,941 Loans held-for-investment Residential first mortgage loans — 12 — 12 Home equity — — 2 2 Mortgage servicing rights — — 428 428 Derivative assets Rate lock commitments (fallout-adjusted) — — 89 89 Mortgage-backed securities forwards — 233 — 233 Interest rate swaps and swaptions — 69 — 69 Total assets at fair value $ — $ 9,019 $ 519 $ 9,538 Derivative liabilities Rate lock commitments (fallout-adjusted) $ — $ — $ (15) $ (15) Mortgage backed securities forwards — (30) — (30) Interest rate swaps — (9) — (9) DOJ Liability — — (70) (70) Total liabilities at fair value $ — $ (39) $ (85) $ (124) December 31, 2020 Level 1 Level 2 Level 3 Total Fair Value (Dollars in millions) Investment securities available-for-sale Agency - Commercial $ — $ 1,061 $ — $ 1,061 Agency - Residential — 735 — 735 Municipal obligations — 28 — 28 Corporate debt obligations — 77 — 77 Other MBS — 42 — 42 Certificate of deposit — 1 — 1 Loans held-for-sale Residential first mortgage loans — 7,009 — 7,009 Loans held-for-investment Residential first mortgage loans — 11 — 11 Home equity — — 2 2 Mortgage servicing rights — — 329 329 Derivative assets Rate lock commitments (fallout-adjusted) — — 208 208 Mortgage-backed securities forwards — 14 — 14 Interest rate swaps and swaptions — 59 — 59 Total assets at fair value $ — $ 9,037 $ 539 $ 9,576 Derivative liabilities Mortgage-backed securities forwards $ — $ (98) $ — $ (98) Interest rate swaps — (4) — (4) DOJ Liability — — (35) (35) Total liabilities at fair value $ — $ (102) $ (35) $ (137)
Roll Forward of Financial Instruments Classified as Level 3	The following table includes a roll forward of the Consolidated Statements of Financial Condition amounts (including the change in fair value) for financial instruments classified by us within Level 3 of the valuation hierarchy: Balance at Total Gains (Losses) Recorded in Earnings (1) Purchases / Closings Sales Settlement Transfers Out Balance at (Dollars in millions) Three Months Ended March 31, 2021 Assets Loans held-for-investment Home equity $ 2 $ — $ — $ — $ — $ — $ 2 Mortgage servicing rights (2) 329 34 65 — — — 428 Rate lock commitments (net) (2)(3) 208 (169) 205 — — (170) 74 Totals $ 539 $ (135) $ 270 $ — $ — $ (170) $ 504 Liabilities DOJ Liability $ (35) $ (35) $ — $ — $ — $ — $ (70) Totals $ (35) $ (35) $ — $ — $ — $ — $ (70) Three Months Ended March 31, 2020 Assets Loans held-for-investment Home equity $ 2 $ — $ — $ — $ — $ — $ 2 Mortgage servicing rights (2) 291 (72) 40 (36) — — 223 Rate lock commitments (net) (2)(3) 34 105 164 — — (134) 169 Totals $ 327 $ 33 $ 204 $ (36) $ — $ (134) $ 394 Liabilities DOJ Liability $ (35) $ — $ — $ — $ — $ — $ (35) Contingent consideration (10) (6) — — — — (16) Totals $ (45) $ (6) $ — $ — $ — $ — $ (51) (1) There were no unrealized gains (losses) recorded in OCI during the three months ended March 31, 2021 and 2020. (2) We utilized swaptions, futures, forward agency and loan sales and interest rate swaps to manage the risk associated with MSRs and rate lock commitments. Gains and losses for individual lines do not reflect the effect of our risk management activities related to such Level 3 instruments. (3) Rate lock commitments are reported on a fallout-adjusted basis. Transfers out of Level 3 represent the settlement value of the commitments that are transferred to LHFS, which are classified as Level 2 assets.
Quantitative Information about Recurring Level 3 Fair Value Instruments	The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in millions) March 31, 2021 Assets Loans held-for-investment Home equity $ 2 Discounted cash flows Discount rate 7.2% -10.8% (9.0%) 12.6% - 18.9% (15.8%) 1.5%-2.3% (1.9%) (1) Mortgage servicing rights $ 428 Discounted cash flows Option adjusted spread 3.1% - 21.6% (8.7%) 0% - 10.5% (8.7%) $67 - $95 ($81) (1) Rate lock commitments (net) $ 74 Consensus pricing Origination pull-through rate 75.8% - 87.2% (78.7%) (1) Liabilities DOJ Liability $ (70) Discounted cash flows See description below See description below Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in millions) December 31, 2020 Assets Loans held-for-investment Home equity $ 2 Discounted cash flows Discount rate 7.2% -10.8% (9.0%) 12.6% - 18.9% (15.8%) 1.5%-2.3% (1.9%) (1) Mortgage servicing rights $ 329 Discounted cash flows Option adjusted spread 3.4% - 21.2% (8.0%) 0% - 13.3% (10.5%) $67 - $95 ($81) (1) Rate lock commitments (net) $ 208 Consensus pricing Closing pull-through rate 75.7% - 87.2% (77.5%) (1) Liabilities DOJ Liability $ (35) Discounted cash flows See description below See description below (1) Unobservable inputs were weighted by their relative fair value of the instruments.
Assets Measured at Fair Value on a Nonrecurring Basis	The following table presents assets measured at fair value on a nonrecurring basis: Total (1) Level 2 Level 3 Losses (Dollars in millions) March 31, 2021 Residential first mortgage loans $ 108 $ 108 $ — $ (1) Commercial loans 34 — 34 — Impaired loans held-for-investment (2) Residential first mortgage loans 24 — 24 (3) Repossessed assets (3) 8 — 8 (3) Totals $ 174 $ 108 $ 66 $ (7) December 31, 2020 Residential first mortgage loans $ 30 $ 30 $ — $ (1) Commercial loans 57 — 57 — Impaired loans held-for-investment (2) Residential first mortgage loans 24 — 24 (3) Repossessed assets (3) 8 — 8 (3) Totals $ 119 $ 30 $ 89 $ (7) (1) The fair values are determined at various dates dependent upon when certain conditions were met requiring fair value measurement. (2) Gains (losses) reflect fair value adjustments on assets for which we did not elect the fair value option. (3) Gains (losses) reflect write downs of repossessed assets based on the estimated fair value of the specific assets.
Quantitative Information about Nonrecurring Level 3 Fair Value Financial Instruments	The following table presents the quantitative information about nonrecurring Level 3 fair value financial instruments and the fair value measurements: Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (Dollars in millions) March 31, 2021 Commercial loans $ 34 Fair value of collateral Market price N/A (1) Impaired loans held-for-investment Residential first mortgage loans $ 24 Fair value of collateral Loss severity discount 0% - 100% (14.3%) (2) Repossessed assets $ 8 Fair value of collateral Loss severity discount 0% - 96.3% (24.2%) (2) December 31, 2020 Commercial loans 57 Fair value of collateral Market price N/A (1) Impaired loans held-for-investment Residential first mortgage loans $ 24 Fair value of collateral Loss severity discount 0% - 100% (12.8%) (2) Repossessed assets $ 8 Fair value of collateral Loss severity discount 0% - 96.3% (24.5%) (2) (1) Fair value has been determined based on an unobservable market price. (2) Unobservable inputs were weighted by their relative fair value of the instruments.
Carrying Amount and Estimated Fair Value of Financial Instruments	The following table presents the carrying amount and estimated fair value of financial instruments that are carried either at fair value, cost, or amortized cost: March 31, 2021 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 (Dollars in millions) Assets Cash and cash equivalents $ 449 $ 449 $ 449 $ — $ — Investment securities available-for-sale 1,764 1,764 — 1,764 — Investment securities held-to-maturity 319 329 — 329 — Loans held-for-sale 7,087 7,087 — 7,087 — Loans held-for-investment 14,887 14,861 — 12 14,849 Loans with government guarantees 2,457 2,437 — 2,437 — Mortgage servicing rights 428 428 — — 428 Federal Home Loan Bank stock 377 377 — 377 — Bank owned life insurance 359 359 — 359 — Repossessed assets 8 8 — — 8 Other assets, foreclosure claims 14 14 — 14 — Derivative financial instruments, assets 391 391 — 302 89 Liabilities Retail deposits Demand deposits and savings accounts $ (8,800) $ (7,667) $ — $ (7,667) $ — Certificates of deposit (1,218) (1,225) — (1,225) — Wholesale deposits (1,190) (1,197) — (1,197) — Government deposits (1,911) (1,810) — (1,810) — Company controlled deposits (6,301) (6,280) — (6,280) — Federal Home Loan Bank advances and other (3,945) (3,963) — (3,963) — Long-term debt (396) (341) — (341) — DOJ Liability (70) (70) — — (70) Derivative financial instruments, liabilities (54) (54) — (39) (15) December 31, 2020 Estimated Fair Value Carrying Value Total Level 1 Level 2 Level 3 (Dollars in millions) Assets Cash and cash equivalents $ 623 $ 623 $ 623 $ — $ — Investment securities available-for-sale 1,944 1,944 — 1,944 — Investment securities held-to-maturity 377 393 — 393 — Loans held-for-sale 7,098 7,098 — 7,098 — Loans held-for-investment 16,227 16,188 — 11 16,177 Loans with government guarantees 2,516 2,498 — 2,498 — Mortgage servicing rights 329 329 — — 329 Federal Home Loan Bank stock 377 377 — 377 — Bank owned life insurance 356 358 — 358 — Repossessed assets 8 8 — — 8 Other assets, foreclosure claims 17 17 — 17 — Derivative financial instruments 281 281 — 73 208 Liabilities Retail deposits Demand deposits and savings accounts $ (8,616) $ (7,864) $ — $ (7,864) $ — Certificates of deposit (1,355) (1,365) — (1,365) — Wholesale deposits (1,031) (1,047) — (1,047) — Government deposits (1,765) (1,706) — (1,706) — Custodial deposits (7,206) (7,133) — (7,133) — Federal Home Loan Bank advances (5,100) (5,124) — (5,124) — Long-term debt (641) (596) — (596) — DOJ Liability (35) (35) — — (35) Derivative financial instruments (102) (102) — (102) —
Changes in Fair Value Included in Earnings	The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Three Months Ended March 31, 2021 2020 (Dollars in millions) Assets Loans held-for-sale Net gain on loan sales $ 87 $ 234 Liabilities DOJ Liability Other noninterest expense $ 35 $ —
Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding	The following table reflects the difference between the aggregate fair value and aggregate remaining contractual principal balance outstanding for assets and liabilities for which the fair value option has been elected: March 31, 2021 December 31, 2020 UPB Fair Value Fair Value Over / (Under) UPB UPB Fair Value Fair Value Over / (Under) UPB (Dollars in millions) Assets Nonaccrual loans Loans held-for-sale $ 9 $ 8 $ (1) $ 9 $ 7 $ (2) Loans held-for-investment 10 9 (1) 9 8 (1) Total nonaccrual loans $ 19 $ 17 $ (2) $ 18 $ 15 $ (3) Other performing loans Loans held-for-sale $ 6,838 $ 6,933 $ 95 $ 6,704 $ 7,002 $ 298 Loans held-for-investment 5 5 — 5 4 (1) Total other performing loans $ 6,843 $ 6,938 $ 95 $ 6,709 $ 7,006 $ 297 Total loans Loans held-for-sale $ 6,847 $ 6,941 $ 94 $ 6,713 $ 7,009 $ 296 Loans held-for-investment 15 14 (1) 14 12 (2) Total loans $ 6,862 $ 6,955 $ 93 $ 6,727 $ 7,021 $ 294 Liabilities DOJ Liability (1) $ (70) $ (70) $ — $ (118) $ (35) $ 83 (1) As of March 31, 2021, the UPB and fair value of this liability has been reported per the terms of the final Settlement and Dismissal Amendment signed on March 29, 2021. See Note 15 - Legal Proceedings, Contingencies and Commitments for further details.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Financial Information by Business Segment	The following tables present financial information by business segment for the periods indicated: Three Months Ended March 31, 2021 Community Banking Mortgage Originations Mortgage Servicing Other (1) Total (Dollars in millions) Summary of Operations Net interest income $ 156 $ 56 $ 4 $ (27) $ 189 Benefit for credit losses (14) (2) — (12) (28) Net interest income after benefit for credit losses 170 58 4 (15) 217 Net gain on loan sales — 227 — — 227 Loan fees and charges — 24 18 — 42 Net return on mortgage servicing rights — — — — — Loan administrative (expense) income — (10) 40 (3) 27 Other noninterest income 18 3 — 7 28 Total noninterest income 18 244 58 4 324 Compensation and benefits 31 54 16 43 144 Commissions 1 61 — — 62 Loan processing expense 1 11 8 1 21 Other noninterest expense 25 22 22 51 120 Total noninterest expense 58 148 46 95 347 Income (loss) before indirect overhead allocations and income taxes 130 154 16 (106) 194 Indirect overhead allocation (expense) income (10) (19) (6) 35 — Provision (benefit) for income taxes 25 28 2 (10) 45 Net income (loss) $ 95 $ 107 $ 8 $ (61) $ 149 Intersegment revenue (expense) $ 14 $ (2) $ 12 $ (24) $ — Average balances Loans held-for-sale $ — $ 7,464 $ — $ — $ 7,464 Loans with government guarantees — 2,502 — — 2,502 Loans held-for-investment (2) 12,806 2,079 — 30 14,915 Total assets 13,168 13,015 390 3,492 30,065 Deposits 11,804 15 7,157 1,067 20,043 (1) Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients. (2) Includes adjustment made to reclassify operating lease assets to LHFI. Three Months Ended March 31, 2020 Community Banking Mortgage Originations Mortgage Servicing Other (1) Total (Dollars in millions) Summary of Operations Net interest income $ 104 $ 42 $ 4 $ (2) $ 148 Provision (benefit) for credit losses 8 (3) — 9 14 Net interest income after provision (benefit) for credit losses 96 45 4 (11) 134 Net gain on loan sales — 90 — — 90 Loan fees and charges — 14 9 — 23 Net return on mortgage servicing rights — 6 — — 6 Loan administrative (expense) income (1) (7) 36 (16) 12 Other noninterest income 16 1 — 6 23 Total noninterest income 15 104 45 (10) 154 Compensation and benefits 27 31 10 34 102 Commissions 1 28 — — 29 Loan processing expense 2 7 7 1 17 Other noninterest expense 44 26 19 (5) 84 Total noninterest expense 74 92 36 30 232 Income (loss) before indirect overhead allocations and income taxes 37 57 13 (51) 56 Indirect overhead allocation (expense) income (9) (12) (5) 26 — Provision (benefit) for income taxes 6 9 2 (7) 10 Net income (loss) $ 22 $ 36 $ 6 $ (18) $ 46 Intersegment (expense) revenue $ (6) $ 1 $ 8 $ (3) $ — Average balances Loans held-for-sale $ — $ 5,248 $ — $ — $ 5,248 Loans with government guarantees — 811 — — 811 Loans held-for-investment (2) 8,898 2,895 — 30 11,823 Total assets 9,387 9,817 48 4,161 23,413 Deposits 10,434 — 4,777 584 15,795 (1) Includes offsetting adjustments made to reclassify income and expenses relating to operating leases and custodial deposits for subservicing clients. (2) Includes adjustment made to reclassify operating lease assets to LHFI.

Investment Securities - Summary

Investment Securities - Summary of Investment Securities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Schedule of Trading and Available-for-sale Securities [Line Items]
Securities of a single issuer that exceeded 10% of stockholders' equity	$ 0	$ 0
Available-for-sale securities
Amortized Cost	1,716,000,000	1,870,000,000
Gross Unrealized Gains	49,000,000	74,000,000
Gross Unrealized Losses	(1,000,000)	0
Fair Value	1,764,000,000	1,944,000,000
Held-to-maturity securities
Amortized Cost	319,000,000	377,000,000
Gross Unrealized Gains	10,000,000	16,000,000
Gross Unrealized Losses	0	0
Fair Value	329,000,000	393,000,000
Agency - Commercial
Available-for-sale securities
Amortized Cost	879,000,000	1,018,000,000
Gross Unrealized Gains	26,000,000	43,000,000
Gross Unrealized Losses	0	0
Fair Value	905,000,000	1,061,000,000
Held-to-maturity securities
Amortized Cost	160,000,000	193,000,000
Gross Unrealized Gains	4,000,000	7,000,000
Gross Unrealized Losses	0	0
Fair Value	164,000,000	200,000,000
Agency - Residential
Available-for-sale securities
Amortized Cost	699,000,000	707,000,000
Gross Unrealized Gains	20,000,000	28,000,000
Gross Unrealized Losses	(1,000,000)	0
Fair Value	718,000,000	735,000,000
Held-to-maturity securities
Amortized Cost	159,000,000	184,000,000
Gross Unrealized Gains	6,000,000	9,000,000
Gross Unrealized Losses	0	0
Fair Value	165,000,000	193,000,000
Corporate debt obligations
Available-for-sale securities
Amortized Cost	26,000,000	75,000,000
Gross Unrealized Gains	0	2,000,000
Gross Unrealized Losses	0	0
Fair Value	78,000,000	77,000,000
Municipal obligations
Available-for-sale securities
Amortized Cost	75,000,000	27,000,000
Gross Unrealized Gains	3,000,000	1,000,000
Gross Unrealized Losses	0	0
Fair Value	26,000,000	28,000,000
Other MBS
Available-for-sale securities
Amortized Cost	36,000,000	42,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	36,000,000	42,000,000
Certificate of deposits
Available-for-sale securities
Amortized Cost	1,000,000	1,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 1,000,000	$ 1,000,000

Investment Securities - Narrati

Investment Securities - Narrative (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Percentage of total securities	93.00%
Unrealized credit losses	$ 0	$ 0
Other assets	1,374,000,000	1,250,000,000
Accrued interest receivable on investment securities
Schedule of Held-to-maturity Securities [Line Items]
Other assets	$ 5,000,000	$ 5,000,000

Investment Securities - Availab

Investment Securities - Available-for-Sale Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Purchase of AFS securities	$ 86,000,000	$ 350,000,000
Passive interest in private MBS		18,000,000
AFS securities sold	$ 0	$ 0

Investment Securities - Held-to

Investment Securities - Held-to-Maturity Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Purchase of HTM securities	$ 0	$ 0
Sale of HTM securities	0	$ 0
Collateral pledged
Schedule of Held-to-maturity Securities [Line Items]
Investment securities pledged	$ 224,000,000		$ 202,000,000

Investment Securities - Summa_2

Investment Securities - Summary of Unrealized Loss Positions on Investment Securities (Details) $ in Millions	Mar. 31, 2021USD ($)securities	Dec. 31, 2020USD ($)securities
Agency - Commercial
Fair Value
Unrealized Loss Position with Duration 12 Months and Over	$ 7	$ 3
Unrealized Loss Position with Duration Under 12 Months	$ 0	$ 7
Number of Securities
Unrealized Loss Position with Duration 12 Months and Over | securities	2	1
Unrealized Loss Position with Duration Under 12 Months | securities	0	2
Unrealized Loss
Unrealized Loss Position with Duration 12 Months and Over	$ 0	$ 0
Unrealized Loss Position with Duration Under 12 Months	0	0
Agency - Residential
Fair Value
Unrealized Loss Position with Duration 12 Months and Over	0	0
Unrealized Loss Position with Duration Under 12 Months	$ 84	$ 0
Number of Securities
Unrealized Loss Position with Duration 12 Months and Over | securities	0	0
Unrealized Loss Position with Duration Under 12 Months | securities	3	1
Unrealized Loss
Unrealized Loss Position with Duration 12 Months and Over	$ 0	$ 0
Unrealized Loss Position with Duration Under 12 Months	(1)	0
Fair Value
Unrealized Loss Position with Duration 12 Months and Over	0	0
Unrealized Loss Position with Duration Under 12 Months	$ 0	$ 2
Number of Securities
Unrealized Loss Position with Duration 12 Months and Over | securities	0	0
Unrealized Loss Position with Duration Under 12 Months | securities	1	3
Unrealized Loss
Unrealized Loss Position with Duration 12 Months and Over	$ 0	$ 0
Unrealized Loss Position with Duration Under 12 Months	0	0
Municipal obligations
Fair Value
Unrealized Loss Position with Duration 12 Months and Over	0
Unrealized Loss Position with Duration Under 12 Months	$ 3
Number of Securities
Unrealized Loss Position with Duration 12 Months and Over | securities	0
Unrealized Loss Position with Duration Under 12 Months | securities	1
Unrealized Loss
Unrealized Loss Position with Duration 12 Months and Over	$ 0
Unrealized Loss Position with Duration Under 12 Months	0
Corporate debt obligations
Fair Value
Unrealized Loss Position with Duration 12 Months and Over		0
Unrealized Loss Position with Duration Under 12 Months		$ 10
Number of Securities
Unrealized Loss Position with Duration 12 Months and Over | securities		0
Unrealized Loss Position with Duration Under 12 Months | securities		3
Unrealized Loss
Unrealized Loss Position with Duration 12 Months and Over		$ 0
Unrealized Loss Position with Duration Under 12 Months		0
Other mortgage-backed securities
Fair Value
Unrealized Loss Position with Duration 12 Months and Over	0	0
Unrealized Loss Position with Duration Under 12 Months	$ 0	$ 0
Number of Securities
Unrealized Loss Position with Duration 12 Months and Over | securities	1	0
Unrealized Loss Position with Duration Under 12 Months | securities	0	1
Unrealized Loss
Unrealized Loss Position with Duration 12 Months and Over	$ 0	$ 0
Unrealized Loss Position with Duration Under 12 Months	$ 0	$ 0

Investment Securities - Amortiz

Investment Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Investment Securities Available-for-Sale, Amortized Cost
Due in one year or less	$ 5
Due after one year through five years	10
Due after five years through 10 years	118
Due after 10 years	1,583
Amortized Cost	1,716	$ 1,870
Investment Securities Available-for-Sale, Estimated Fair Value
Due in one year or less	5
Due after one year through five years	10
Due after five years through 10 years	123
Due after 10 years	1,626
Fair Value	$ 1,764	1,944
Investment Securities Available-for-Sale, Weighted Average Yield
Due in one year or less (as a percent)	2.18%
Due after one year through five years (as a percent)	2.83%
Due after five years through 10 years (as a percent)	4.01%
Due after 10 years (as a percent)	2.28%
Investment Securities Held-to-maturity, Amortized cost
Due in one year or less	$ 0
Due after one year through five years	10
Due after five years through 10 years	4
Due after 10 years	305
Amortized Cost	319	377
Investment Securities Held-to-maturity, Estimated Fair Value
Due in one year or less	0
Due after one year through five years	11
Due after five years through 10 years	4
Due after 10 years	314
Fair Value	$ 329	$ 393
Investment Securities Held-to-maturity, Weighted Average Yield
Due in one year or less (as a percent)	0.00%
Due after one year through five years (as a percent)	2.53%
Due after five years through 10 years (as a percent)	1.97%
Due after 10 years (as a percent)	2.46%

Loans Held-for-Sale (Details)

Loans Held-for-Sale (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net gain on loan sales	$ 227	$ 90
Loans Held-for-Sale
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale	7,100		$ 7,100
Net gain on loan sales	227	$ 89
LHFS Recorded at Lower of Cost or Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale	$ 111		$ 31

Loans Held-for-Investment - Nar

Loans Held-for-Investment - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)loans	Dec. 31, 2020USD ($)	Dec. 31, 2021	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets	$ 1,374,000,000	$ 1,250,000,000
Loans pledged as collateral	11,300,000,000	11,600,000,000
Allowance for loan loss	241,000,000	252,000,000		$ 132,000,000	$ 107,000,000
Interest income on nonaccrual loans using cash basis method	1,000,000	2,000,000
Loans 90 days past due and still accruing interest	0	0
Other liabilities	$ 1,550,000,000	1,272,000,000
Number of loans modified in previous 12 months that have defaulted | loans	0
Unfunded Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other liabilities	$ 24,000,000			$ 20,000,000
Forecast | COVID-19 Pandemic
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unemployment rate (in percentage)			6.00%
Accrued interest receivable on loans held-for-investment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other assets	$ 41,000,000	$ 43,000,000

Loans Held-for-Investment - Sum

Loans Held-for-Investment - Summary of Loans Held-for-Investment and UPB of Loan Sales and Purchases in the Loans Held-for-Investment Portfolio (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 14,887		$ 16,227
Total loans sold	36	$ 38
Net gain associated with loan sales	0	0
Total loans purchased	0	63
Premium associated with loans purchased	0	0
Performing loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans sold	36	38
Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans purchased	0	0
Other consumer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans purchased	0	$ 63
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	3,828		4,126
Consumer loans | Residential first mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	1,998		2,266
Consumer loans | Home equity
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	781		856
Consumer loans | Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	1,049		1,004
Commercial loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	11,059		12,101
Commercial loans | Commercial real estate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	3,084		3,061
Commercial loans | Commercial and industrial
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	1,424		1,382
Commercial loans | Warehouse lending
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-investment	$ 6,551		$ 7,658

Loans Held-for-Investment - Cha

Loans Held-for-Investment - Changes in ALLL by Class of Loan (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2019
Allowance for Loan Losses [Roll Forward]
Beginning balance	$ 252	$ 107
Accounting Standards Update [Extensible List]			us-gaap:AccountingStandardsUpdate201613Member
(Benefit) provision	(24)	4
Charge-offs	(4)	(3)
Recoveries	17	1
Ending allowance balance	241	132	$ 107
Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		23
Ending allowance balance			23
Consumer loans | Residential first mortgage loans
Allowance for Loan Losses [Roll Forward]
Beginning balance	49	22
(Benefit) provision	(2)	0
Charge-offs	(2)	(1)
Recoveries	0	0
Ending allowance balance	45	46	22
Consumer loans | Residential first mortgage loans | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		25
Ending allowance balance			25
Consumer loans | Home equity
Allowance for Loan Losses [Roll Forward]
Beginning balance	25	14
(Benefit) provision	(5)	(2)
Charge-offs	0	(1)
Recoveries	0	0
Ending allowance balance	20	23	14
Consumer loans | Home equity | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		12
Ending allowance balance			12
Consumer loans | Other consumer
Allowance for Loan Losses [Roll Forward]
Beginning balance	39	6
(Benefit) provision	(6)	0
Charge-offs	(1)	(1)
Recoveries	1	1
Ending allowance balance	33	16	6
Consumer loans | Other consumer | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		10
Ending allowance balance			10
Commercial loans | Commercial real estate
Allowance for Loan Losses [Roll Forward]
Beginning balance	84	38
(Benefit) provision	0	4
Charge-offs	0	0
Recoveries	0	0
Ending allowance balance	84	28	38
Commercial loans | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		(14)
Ending allowance balance			(14)
Commercial loans | Commercial and industrial
Allowance for Loan Losses [Roll Forward]
Beginning balance	51	22
(Benefit) provision	(11)	2
Charge-offs	(1)	0
Recoveries	16	0
Ending allowance balance	55	18	22
Commercial loans | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		(6)
Ending allowance balance			(6)
Commercial loans | Warehouse lending
Allowance for Loan Losses [Roll Forward]
Beginning balance	4	5
(Benefit) provision	0	0
Charge-offs	0	0
Recoveries	0	0
Ending allowance balance	$ 4	1	5
Commercial loans | Warehouse lending | Cumulative Effect, Period of Adoption, Adjustment
Allowance for Loan Losses [Roll Forward]
Beginning balance		$ (4)
Ending allowance balance			$ (4)

Loans Held-for-Investment - Agi

Loans Held-for-Investment - Aging Analysis of Past Due and Current Loans (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loans, Aging [Abstract]
Total past due	$ 75	$ 92
Current	14,812	16,135
Total loans	14,887	16,227
Loans greater than 90 days past due accounted for under the fair value option	8	8
Loans pledged as collateral	11,300	11,600
Interest income recognized (less than)	1	2
Collateral pledged
Loans, Aging [Abstract]
Loans pledged as collateral	84	80
30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	10	30
60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	5	6
90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	60	56
Consumer loans
Loans, Aging [Abstract]
Total past due	57	53
Current	3,771	4,073
Total loans	3,828	4,126
Consumer loans | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	10	9
Consumer loans | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	5	6
Consumer loans | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	42	38
Consumer loans | Residential first mortgage loans
Loans, Aging [Abstract]
Total past due	42	39
Current	1,956	2,227
Total loans	1,998	2,266
Consumer loans | Residential first mortgage loans | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	5	4
Consumer loans | Residential first mortgage loans | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	4	4
Consumer loans | Residential first mortgage loans | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	33	31
Consumer loans | Home equity
Loans, Aging [Abstract]
Total past due	8	7
Current	773	849
Total loans	781	856
Consumer loans | Home equity | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	1	1
Consumer loans | Home equity | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	0	1
Consumer loans | Home equity | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	7	5
Consumer loans | Other
Loans, Aging [Abstract]
Total past due	7	7
Current	1,042	997
Total loans	1,049	1,004
Consumer loans | Other | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	4	4
Consumer loans | Other | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	1	1
Consumer loans | Other | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	2	2
Commercial loans
Loans, Aging [Abstract]
Total past due	18	39
Current	11,041	12,062
Total loans	11,059	12,101
Commercial loans | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	0	21
Commercial loans | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	0	0
Commercial loans | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	18	18
Commercial loans | Commercial real estate
Loans, Aging [Abstract]
Total past due	3	23
Current	3,081	3,038
Total loans	3,084	3,061
Commercial loans | Commercial real estate | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	0	20
Commercial loans | Commercial real estate | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	0	0
Commercial loans | Commercial real estate | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	3	3
Commercial loans | Commercial and industrial
Loans, Aging [Abstract]
Total past due	15	16
Current	1,409	1,366
Total loans	1,424	1,382
Commercial loans | Commercial and industrial | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	0	1
Commercial loans | Commercial and industrial | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	0	0
Commercial loans | Commercial and industrial | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	15	15
Commercial loans | Warehouse lending
Loans, Aging [Abstract]
Total past due	0	0
Current	6,551	7,658
Total loans	6,551	7,658
Commercial loans | Warehouse lending | 30-59 Days Past Due
Loans, Aging [Abstract]
Total past due	0	0
Commercial loans | Warehouse lending | 60-89 Days Past Due
Loans, Aging [Abstract]
Total past due	0	0
Commercial loans | Warehouse lending | 90 Days or Greater Past Due
Loans, Aging [Abstract]
Total past due	$ 0	$ 0

Loans Held-for-Investment - S_2

Loans Held-for-Investment - Summary of TDRs by Type and Performing Status and Newly Modified TDRs (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)loan	Mar. 31, 2020USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Troubled Debt Restructurings
TDRs	$ 47		$ 46
Allowance for loan loss	241	$ 132	252	$ 107
TDR loans under fair value option	$ 2		3
Number of Accounts | loan	6	8
Pre-Modification Unpaid Principal Balance	$ 3	$ 1
Post-Modification Unpaid Principal Balance	3	$ 1
Troubled debt restructurings
Troubled Debt Restructurings
Allowance for loan loss	5		5
Performing
Troubled Debt Restructurings
TDRs	36		36
Nonperforming
Troubled Debt Restructurings
TDRs	$ 11		10
Residential first mortgage loans
Troubled Debt Restructurings
Number of Accounts | loan	6	5
Pre-Modification Unpaid Principal Balance	$ 3	$ 1
Post-Modification Unpaid Principal Balance	3	$ 1
Home equity
Troubled Debt Restructurings
Number of Accounts | loan		2
Pre-Modification Unpaid Principal Balance		$ 0
Post-Modification Unpaid Principal Balance		$ 0
Consumer
Troubled Debt Restructurings
Number of Accounts | loan		1
Pre-Modification Unpaid Principal Balance
Post-Modification Unpaid Principal Balance
Consumer loans
Troubled Debt Restructurings
TDRs	42		41
Consumer loans | Performing
Troubled Debt Restructurings
TDRs	31		31
Consumer loans | Nonperforming
Troubled Debt Restructurings
TDRs	11		10
Consumer loans | Residential first mortgage loans
Troubled Debt Restructurings
TDRs	28		27
Allowance for loan loss	45	46	49	22
Consumer loans | Residential first mortgage loans | Performing
Troubled Debt Restructurings
TDRs	20		19
Consumer loans | Residential first mortgage loans | Nonperforming
Troubled Debt Restructurings
TDRs	8		8
Consumer loans | Home equity
Troubled Debt Restructurings
TDRs	14		14
Allowance for loan loss	20	$ 23	25	$ 14
Consumer loans | Home equity | Performing
Troubled Debt Restructurings
TDRs	11		12
Consumer loans | Home equity | Nonperforming
Troubled Debt Restructurings
TDRs	3		2
Commercial loans
Troubled Debt Restructurings
TDRs			5
Commercial loans | Performing
Troubled Debt Restructurings
TDRs			5
Commercial loans | Nonperforming
Troubled Debt Restructurings
TDRs			$ 0
Commercial loans | Commercial real estate
Troubled Debt Restructurings
TDRs	5
Commercial loans | Commercial real estate | Performing
Troubled Debt Restructurings
TDRs	5
Commercial loans | Commercial real estate | Nonperforming
Troubled Debt Restructurings
TDRs	$ 0

Loans Held-for-Investment - Loa

Loans Held-for-Investment - Loan Quality Indicators (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	$ 14,887	$ 16,227
Consumer loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	205
2020	594
2019	767
2018	343
2017	234
Prior	625
Revolving Loans Amortized Cost Basis	998
Revolving Loans Converted to Term Loans Amortized Cost Basis	45
Total	3,811	4,109
Total loans	3,828	4,126
Consumer loans | Residential first mortgage loans
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,998	2,266
Consumer loans | Residential first mortgage loans | Debt-to-Value Ratio, Greater than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2021	21
2020	86
2019	231
2018	102
2017	29
Prior	21
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	490
Consumer loans | Residential first mortgage loans | Debt-to-Value Ratio, 71-90
Financing Receivable, Credit Quality Indicator [Line Items]
2021	29
2020	141
2019	123
2018	51
2017	70
Prior	273
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	687
Consumer loans | Residential first mortgage loans | Debt-to-Vale Ratio, 55-70
Financing Receivable, Credit Quality Indicator [Line Items]
2021	51
2020	55
2019	51
2018	21
2017	69
Prior	183
Revolving Loans Amortized Cost Basis	1
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	431
Consumer loans | Residential first mortgage loans | Debt-to-Value Ratio, Less than 55
Financing Receivable, Credit Quality Indicator [Line Items]
2021	7
2020	23
2019	40
2018	23
2017	58
Prior	122
Revolving Loans Amortized Cost Basis	93
Revolving Loans Converted to Term Loans Amortized Cost Basis	8
Total	374
Consumer loans | Residential first mortgage loans | FICO Score, Greater than 750
Financing Receivable, Credit Quality Indicator [Line Items]
2021	29
2020	166
2019	216
2018	90
2017	147
Prior	339
Revolving Loans Amortized Cost Basis	54
Revolving Loans Converted to Term Loans Amortized Cost Basis	2
Total	1,043
Consumer loans | Residential first mortgage loans | FICO Score, 700 to 750
Financing Receivable, Credit Quality Indicator [Line Items]
2021	65
2020	87
2019	138
2018	78
2017	67
Prior	170
Revolving Loans Amortized Cost Basis	27
Revolving Loans Converted to Term Loans Amortized Cost Basis	5
Total	637
Consumer loans | Residential first mortgage loans | FICO Score, Less than 700
Financing Receivable, Credit Quality Indicator [Line Items]
2021	14
2020	52
2019	91
2018	29
2017	12
Prior	90
Revolving Loans Amortized Cost Basis	13
Revolving Loans Converted to Term Loans Amortized Cost Basis	1
Total	302
Consumer loans | Residential first mortgage loans | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2021	108
2020	305
2019	438
2018	190
2017	223
Prior	569
Revolving Loans Amortized Cost Basis	93
Revolving Loans Converted to Term Loans Amortized Cost Basis	8
Total	1,934	2,205
Consumer loans | Residential first mortgage loans | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	4
2018	2
2017	1
Prior	14
Revolving Loans Amortized Cost Basis	1
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	22	21
Consumer loans | Residential first mortgage loans | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	3
2018	5
2017	2
Prior	16
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	26	25
Consumer loans | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	781	856
Consumer loans | Home equity | Debt-to-Value Ratio, Greater than 90
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	1
Prior	11
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	12
Consumer loans | Home equity | Debt-to-Value Ratio, 71-90
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1
2020	4
2019	21
2018	8
2017	3
Prior	8
Revolving Loans Amortized Cost Basis	511
Revolving Loans Converted to Term Loans Amortized Cost Basis	23
Total	579
Consumer loans | Home equity | Debt-to-Value Ratio, Less than or Equal to 70
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	2
2019	6
2018	3
2017	1
Prior	3
Revolving Loans Amortized Cost Basis	165
Revolving Loans Converted to Term Loans Amortized Cost Basis	9
Total	189
Consumer loans | Home equity | FICO Score, Greater than 750
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	3
2019	7
2018	3
2017	2
Prior	7
Revolving Loans Amortized Cost Basis	293
Revolving Loans Converted to Term Loans Amortized Cost Basis	5
Total	320
Consumer loans | Home equity | FICO Score, 700 to 750
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1
2020	2
2019	11
2018	4
2017	2
Prior	7
Revolving Loans Amortized Cost Basis	283
Revolving Loans Converted to Term Loans Amortized Cost Basis	14
Total	324
Consumer loans | Home equity | FICO Score, Less than 700
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	1
2019	9
2018	4
2017	1
Prior	8
Revolving Loans Amortized Cost Basis	100
Revolving Loans Converted to Term Loans Amortized Cost Basis	13
Total	136
Consumer loans | Home equity | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1
2020	6
2019	26
2018	11
2017	5
Prior	10
Revolving Loans Amortized Cost Basis	674
Revolving Loans Converted to Term Loans Amortized Cost Basis	30
Total	763	838
Consumer loans | Home equity | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	10
Revolving Loans Amortized Cost Basis	1
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	11	13
Consumer loans | Home equity | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	1
2018	0
2017	0
Prior	2
Revolving Loans Amortized Cost Basis	1
Revolving Loans Converted to Term Loans Amortized Cost Basis	2
Total	6	3
Consumer loans | Other consumer | FICO Score, Greater than 750
Financing Receivable, Credit Quality Indicator [Line Items]
2021	82
2020	202
2019	186
2018	73
2017	2
Prior	2
Revolving Loans Amortized Cost Basis	216
Revolving Loans Converted to Term Loans Amortized Cost Basis	3
Total	766
Consumer loans | Other consumer | FICO Score, 700 to 750
Financing Receivable, Credit Quality Indicator [Line Items]
2021	14
2020	76
2019	99
2018	52
2017	1
Prior	1
Revolving Loans Amortized Cost Basis	7
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	250
Consumer loans | Other consumer | FICO Score, Less than 700
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	5
2019	10
2018	10
2017	0
Prior	1
Revolving Loans Amortized Cost Basis	5
Revolving Loans Converted to Term Loans Amortized Cost Basis	2
Total	33
Consumer loans | Other consumer | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2021	96
2020	282
2019	294
2018	134
2017	3
Prior	4
Revolving Loans Amortized Cost Basis	228
Revolving Loans Converted to Term Loans Amortized Cost Basis	4
Total	1,045	1,000
Consumer loans | Other consumer | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	1
Total	1	1
Consumer loans | Other consumer | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	1
2019	1
2018	1
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total	3	3
Consumer loans | Residential first mortgage and home equity
Financing Receivable, Credit Quality Indicator [Line Items]
2021	109
2020	311
2019	472
2018	208
2017	231
Prior	621
Revolving Loans Amortized Cost Basis	770
Revolving Loans Converted to Term Loans Amortized Cost Basis	40
Total	2,762
Commercial loans
Financing Receivable, Credit Quality Indicator [Line Items]
2021	6,668
2020	407
2019	913
2018	550
2017	472
Prior	574
Revolving Loans Amortized Cost Basis	1,475
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	11,059	12,101
Commercial loans | Commercial real estate
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	3,084	3,061
Commercial loans | Commercial real estate | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2021	73
2020	274
2019	643
2018	374
2017	269
Prior	468
Revolving Loans Amortized Cost Basis	712
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	2,813	2,805
Commercial loans | Commercial real estate | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	23
2019	15
2018	27
2017	93
Prior	49
Revolving Loans Amortized Cost Basis	13
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	220	166
Commercial loans | Commercial real estate | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	1
2018	11
2017	0
Prior	22
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	34	53
Commercial loans | Commercial real estate | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	3
2018	1
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	13
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	17	37
Commercial loans | Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Total loans	1,424	1,382
Commercial loans | Commercial and industrial | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2021	43
2020	109
2019	215
2018	93
2017	80
Prior	35
Revolving Loans Amortized Cost Basis	645
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	1,220	1,200
Commercial loans | Commercial and industrial | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	1
2019	10
2018	24
2017	25
Prior	0
Revolving Loans Amortized Cost Basis	44
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	104	106
Commercial loans | Commercial and industrial | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	18
2018	10
2017	3
Prior	0
Revolving Loans Amortized Cost Basis	22
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	53	24
Commercial loans | Commercial and industrial | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021	1
2020	0
2019	8
2018	10
2017	2
Prior	0
Revolving Loans Amortized Cost Basis	26
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	47	52
Commercial loans | Warehouse loan commitments | Pass
Financing Receivable, Credit Quality Indicator [Line Items]
2021	6,301
2020	0
2019	0
2018	0
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	6,301	7,398
Commercial loans | Warehouse loan commitments | Watch
Financing Receivable, Credit Quality Indicator [Line Items]
2021	250
2020	0
2019	0
2018	0
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	250	260
Commercial loans | Warehouse loan commitments | Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	0	0
Commercial loans | Warehouse loan commitments | Substandard
Financing Receivable, Credit Quality Indicator [Line Items]
2021
2020	0
2019	0
2018	0
2017	0
Prior	0
Revolving Loans Amortized Cost Basis	0
Revolving Loans Converted to Term Loans Amortized Cost Basis	0
Total loans	$ 0	$ 0

Loans with Government Guarant_2

Loans with Government Guarantees (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Debt instrument, term	10 years
Repurchase option	$ 1,800
Decrease in repurchase option	100
Loans with government guarantees	2,457	$ 2,516
Repossessed assets and associated claims	$ 14	$ 17

Variable Interest Entities (Det

Variable Interest Entities (Details) - entity	Mar. 31, 2021	Dec. 31, 2020
Disclosure of Transfer of Securitizations or Asset-backed Financing Financial Assets Accounted for as Sale [Abstract]
Number of VIEs	0	0
Agency - Commercial
Private-label Securitizations
Ownership interest investment	5.00%

Mortgage Servicing Rights - Cha

Mortgage Servicing Rights - Changes in the Fair Value of Residential First Mortgage MSRs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Servicing Asset at Fair Value [Roll Forward]
Balance at beginning of period	$ 329
Fair value of MSRs at end of period	428
Residential First Mortgage
Servicing Asset at Fair Value [Roll Forward]
Balance at beginning of period	329	$ 291
Additions from loans sold with servicing retained	65	40
Reductions from sales	0	(36)
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other	(39)	(22)
Changes in estimates of fair value due to interest rate risk	73	(50)
Fair value of MSRs at end of period	$ 428	$ 223

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Adverse Changes to Weighted-Average Assumptions on the Fair Value of Servicing Rights (Details) - Mortgage Servicing Rights - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Actual
Option adjusted spread (as a percent)	8.75%	7.98%
Constant prepayment rate (as a percent)	8.66%	10.53%
Weighted average cost to service per loan (in dollars per share)	$ 80.65	$ 81.24
Fair value impact due to 10% adverse change
Option adjusted spread	$ 419	$ 321
Constant prepayment rate	411	305
Weighted average cost to service per loan	424	325
Fair value impact due to 20% adverse change
Option adjusted spread	410	313
Constant prepayment rate	394	283
Weighted average cost to service per loan	$ 420	$ 321

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of Income and Fees (Details) - Residential first mortgage loans - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Servicing Assets at Fair Value [Line Items]
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other	$ (39)	$ (22)
Changes in fair value due to interest rate risk	73	(50)
Net return on mortgage servicing rights
Servicing Assets at Fair Value [Line Items]
Servicing fees, ancillary income and late fees	31	21
Decrease in MSR fair value due to pay-offs, pay-downs, run-off, model changes, and other	(39)	(22)
Changes in fair value due to interest rate risk	73	(50)
Gain (loss) on MSR derivatives	(65)	58
Net transaction costs	0	(1)
Total return included in net return on mortgage servicing rights	0	6
Loan administration income on mortgage loans subserviced
Servicing Assets at Fair Value [Line Items]
Servicing fees, ancillary income and late fees	32	31
Charges on subserviced custodial balances	(3)	(16)
Other servicing charges	(3)	(3)
Total income on mortgage loans subserviced, included in loan administration	$ 26	$ 12

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Derivative [Line Items]
Unrealized gains (losses) on derivatives, net of tax	$ 17		$ (5)
Amount of losses, net of tax, to be reclassified	3
Right to reclaim cash	53		114
Right to reclaim cash, cash collateral	23		84
Right to reclaim cash, maintenance margin	30		30
Derivative asset, collateral, obligation to return cash	172
Derivatives in fair value hedge relationships
Derivative [Line Items]
Right to reclaim cash			14
Derivatives in fair value hedge relationships | Assets
Derivative [Line Items]
Notional amount	1,350		1,350
Custodial deposits
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into income	(1)	$ 0
AFS securities
Derivative [Line Items]
Loss on fair value hedge	1	$ 0
Interest rate swaps on AFS securities
Derivative [Line Items]
Amount representing designated last of layer	1,399		1,615
Amortized cost basis of hedge designated last of layer	1,397		1,612
Interest rate swaps on AFS securities | Derivatives in fair value hedge relationships
Derivative [Line Items]
Cumulative amount of fair value hedging adjustment included in the carrying amount	1		6
Amount representing designated last of layer	450		450
Right to reclaim cash			5
Interest rate swaps on AFS securities | Derivatives in fair value hedge relationships | Assets
Derivative [Line Items]
Notional amount	450		450
Interest rate swaps on AFS securities | Carrying Value | Derivatives in fair value hedge relationships
Derivative [Line Items]
Carrying amount of hedged securities	1,440
FLHB Advances | Carrying Value | Derivatives in fair value hedge relationships
Derivative [Line Items]
Carrying amount of hedged securities			1,680
Interest rate swaps on HFI residential first mortgages | Derivatives in fair value hedge relationships
Derivative [Line Items]
Carrying amount of hedged securities	221		240
Cumulative amount of fair value hedging adjustment included in the carrying amount			1
Right to reclaim cash			1
Interest rate swaps on HFI residential first mortgages | Derivatives in fair value hedge relationships | Assets
Derivative [Line Items]
Notional amount	$ 100		$ 100

Derivative Financial Instrume_4

Derivative Financial Instruments - Notional Amount, Estimated Fair Value and Maturity of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives in fair value hedge relationships
Assets
Fair value	$ 1
Liabilities
Fair value		$ 1
Derivatives in fair value hedge relationships | Assets
Assets
Notional amount	1,350	1,350
Fair value	1	1
Derivatives in fair value hedge relationships | Interest rate swaps on custodial deposits
Assets
Fair value	1
Liabilities
Fair value		1
Derivatives in fair value hedge relationships | Interest rate swaps on custodial deposits | Assets
Assets
Notional amount	800
Fair value	1
Derivatives in fair value hedge relationships | Interest rate swaps on custodial deposits | Liabilities
Liabilities
Notional amount		800
Fair value		1
Derivatives in fair value hedge relationships | Interest rate swaps on AFS securities
Assets
Fair value	0
Liabilities
Fair value		0
Derivatives in fair value hedge relationships | Interest rate swaps on AFS securities | Assets
Assets
Notional amount	450	450
Fair value	0	0
Derivatives in fair value hedge relationships | Interest rate swaps on HFI residential first mortgages
Assets
Fair value	0
Liabilities
Fair value		0
Derivatives in fair value hedge relationships | Interest rate swaps on HFI residential first mortgages | Assets
Assets
Notional amount	100	100
Fair value	0	0
Derivatives not designated as hedging instruments
Assets
Fair value	302	73
Liabilities
Fair value	39	102
Derivatives not designated as hedging instruments | Assets
Assets
Notional amount	22,781	14,163
Fair value	391	281
Derivatives not designated as hedging instruments | Liabilities
Liabilities
Notional amount	4,659	12,614
Fair value	54	102
Derivatives not designated as hedging instruments | Futures | Assets
Assets
Notional amount	385	1,346
Fair value	0	0
Derivatives not designated as hedging instruments | Mortgage-backed securities forwards
Assets
Fair value	233	14
Liabilities
Fair value	30	98
Derivatives not designated as hedging instruments | Mortgage-backed securities forwards | Assets
Assets
Notional amount	11,448	749
Fair value	233	14
Derivatives not designated as hedging instruments | Mortgage-backed securities forwards | Liabilities
Liabilities
Notional amount	1,089	11,194
Fair value	30	98
Derivatives not designated as hedging instruments | Rate lock commitments | Assets
Assets
Notional amount	8,176	10,587
Fair value	89	208
Derivatives not designated as hedging instruments | Rate lock commitments | Liabilities
Liabilities
Notional amount	1,708	115
Fair value	15	0
Derivatives not designated as hedging instruments | Interest rate swaps and swaptions
Liabilities
Fair value	9	4
Derivatives not designated as hedging instruments | Interest rate swaps and swaptions | Assets
Assets
Notional amount	2,772	1,481
Fair value	69	59
Derivatives not designated as hedging instruments | Interest rate swaps and swaptions | Liabilities
Liabilities
Notional amount		1,305
Fair value		4
Derivatives not designated as hedging instruments | Interest rate swaps
Assets
Fair value	69	$ 59
Derivatives not designated as hedging instruments | Interest rate swaps | Liabilities
Liabilities
Notional amount	1,862
Fair value	$ 9

Derivative Financial Instrume_5

Derivative Financial Instruments - Derivatives Subject to a Master Netting Arrangement (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Liabilities
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	$ 53	$ 114
Derivatives designated as hedging instruments
Assets
Gross Amount	1
Gross Amounts Netted in the Statements of Financial Condition	0
Net Amount Presented in the Statements of Financial Condition	1
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	12
Liabilities
Gross Amount		1
Gross Amounts Netted in the Statements of Financial Condition		0
Net Amount Presented in the Statements of Financial Condition		1
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral		14
Derivatives designated as hedging instruments | Interest rate swaps on AFS securities
Assets
Gross Amount	0
Gross Amounts Netted in the Statements of Financial Condition	0
Net Amount Presented in the Statements of Financial Condition	0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	4
Liabilities
Gross Amount		0
Gross Amounts Netted in the Statements of Financial Condition		0
Net Amount Presented in the Statements of Financial Condition		0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral		5
Derivatives designated as hedging instruments | Interest rate swaps on custodial deposits
Assets
Gross Amount	1
Gross Amounts Netted in the Statements of Financial Condition	0
Net Amount Presented in the Statements of Financial Condition	1
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	7
Liabilities
Gross Amount		1
Gross Amounts Netted in the Statements of Financial Condition		0
Net Amount Presented in the Statements of Financial Condition		1
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral		8
Derivatives designated as hedging instruments | Interest rate swaps on HFI residential first mortgages
Assets
Gross Amount	0
Gross Amounts Netted in the Statements of Financial Condition	0
Net Amount Presented in the Statements of Financial Condition	0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	1
Liabilities
Gross Amount		0
Gross Amounts Netted in the Statements of Financial Condition		0
Net Amount Presented in the Statements of Financial Condition		0
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments		0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral		1
Derivatives not designated as hedging instruments
Assets
Gross Amount	302	73
Gross Amounts Netted in the Statements of Financial Condition	0	0
Net Amount Presented in the Statements of Financial Condition	302	73
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	176	6
Liabilities
Gross Amount	39	102
Gross Amounts Netted in the Statements of Financial Condition	0	0
Net Amount Presented in the Statements of Financial Condition	39	102
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	37	94
Derivatives not designated as hedging instruments | Mortgage-backed securities forwards
Assets
Gross Amount	233	14
Gross Amounts Netted in the Statements of Financial Condition	0	0
Net Amount Presented in the Statements of Financial Condition	233	14
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	172	0
Liabilities
Gross Amount	30	98
Gross Amounts Netted in the Statements of Financial Condition	0	0
Net Amount Presented in the Statements of Financial Condition	30	98
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	6	68
Derivatives not designated as hedging instruments | Interest rate swaps
Assets
Gross Amount	69	59
Gross Amounts Netted in the Statements of Financial Condition	0	0
Net Amount Presented in the Statements of Financial Condition	69	59
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	4	6
Derivatives not designated as hedging instruments | Interest rate swaps and swaptions
Liabilities
Gross Amount	9	4
Gross Amounts Netted in the Statements of Financial Condition	0	0
Net Amount Presented in the Statements of Financial Condition	9	4
Gross Amounts Not Offset in the Statement of Financial Condition, Financial Instruments	0	0
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral	$ 31	$ 26

Derivative Financial Instrume_6

Derivative Financial Instruments - Net Gain (Loss) Recognized in Income on Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Derivative gain (loss)	$ 98	$ (42)
Futures | Net return on mortgage servicing rights
Derivative [Line Items]
Derivative gain (loss)	0	1
Interest rate swaps and swaptions | Net return on mortgage servicing rights
Derivative [Line Items]
Derivative gain (loss)	(47)	38
Mortgage-backed securities forwards | Net return on mortgage servicing rights
Derivative [Line Items]
Derivative gain (loss)	(18)	19
Rate lock commitments and MSR forwards | Net gain on loan sales
Derivative [Line Items]
Derivative gain (loss)	162	(100)
Interest rate swaps | Other noninterest income
Derivative [Line Items]
Derivative gain (loss)	$ 1	$ 0

Borrowings - Breakdown of FHLB

Borrowings - Breakdown of FHLB Advances Outstanding (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Total short-term Federal Home Loan Bank advances and other borrowings	$ 2,745,000,000	$ 3,900,000,000
Rate	1.03%	1.03%
Long-term Federal Home Loan Bank fixed rate advances	$ 1,200,000,000	$ 1,200,000,000
Total	3,945,000,000	5,100,000,000
Current portion of fixed rate advances	0	0
Short-term fixed rate term advances
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Total short-term Federal Home Loan Bank advances and other borrowings	$ 2,415,000,000	$ 3,415,000,000
Rate	0.17%	0.20%
Other short-term borrowings
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items]
Total short-term Federal Home Loan Bank advances and other borrowings	$ 330,000,000	$ 485,000,000
Rate	0.05%	0.08%

Borrowings - Detailed Informati

Borrowings - Detailed Information on FHLB Advances and Other Borrowings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Maximum outstanding at any month end	$ 4,737	$ 6,841
Average outstanding balance	3,979	4,359
Average remaining borrowing capacity	$ 5,484	$ 4,977
Weighted average interest rate	0.43%	1.32%

Borrowings - Maturity Dates of

Borrowings - Maturity Dates of FHLB Advances and Other Borrowings (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 2,745
2022	200
2023	500
2024	100
Thereafter	400
Total	$ 3,945	$ 5,100

Borrowings - Summary of Long-Te

Borrowings - Summary of Long-Term Debt, Net of Debt Issuance Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Senior notes	$ 0	$ 246,000,000
Interest rate	0.00%	6.125%
Trust preferred securities	$ 247,000,000	$ 247,000,000
Other tong-term debt	396,000,000	641,000,000
Subordinated notes maturing in 2030
Debt Instrument [Line Items]
Subordinated notes	$ 149,000,000	$ 148,000,000
Interest rate	4.125%	4.125%
3.25%, matures 2032
Debt Instrument [Line Items]
Trust preferred securities	$ 26,000,000	$ 26,000,000
Interest rate	3.45%	3.50%
3.25%, matures 2032 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	3.25%
3.25%, matures 2033
Debt Instrument [Line Items]
Trust preferred securities	$ 26,000,000	$ 26,000,000
Interest rate	3.49%	3.49%
3.25%, matures 2033 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	3.25%
3.25%, matures 2033
Debt Instrument [Line Items]
Trust preferred securities	$ 26,000,000	$ 26,000,000
Interest rate	3.45%	3.49%
3.25%, matures 2033 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	3.25%
2.00%, matures 2035
Debt Instrument [Line Items]
Trust preferred securities	$ 26,000,000	$ 26,000,000
Interest rate	2.24%	2.24%
2.00%, matures 2035 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	2.00%
2.00%, matures 2035
Debt Instrument [Line Items]
Trust preferred securities	$ 26,000,000	$ 26,000,000
Interest rate	2.24%	2.24%
2.00%, matures 2035 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	2.00%
1.75%, matures 2035
Debt Instrument [Line Items]
Trust preferred securities	$ 51,000,000	$ 51,000,000
Interest rate	1.93%	1.97%
1.75%, matures 2035 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	1.75%
1.50%, matures 2035
Debt Instrument [Line Items]
Trust preferred securities	$ 25,000,000	$ 25,000,000
Interest rate	1.74%	1.74%
1.50%, matures 2035 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	1.50%
1.45%, matures 2037
Debt Instrument [Line Items]
Trust preferred securities	$ 25,000,000	$ 25,000,000
Interest rate	1.63%	1.67%
1.45%, matures 2037 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	1.45%
2.50%, matures 2037
Debt Instrument [Line Items]
Trust preferred securities	$ 16,000,000	$ 16,000,000
Interest rate	2.68%	2.72%
2.50%, matures 2037 | Floating Three Month LIBOR
Debt Instrument [Line Items]
Variable rate on interest rate	2.50%

Borrowings - Narrative (Details

Borrowings - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)trustSubsidiary	Dec. 31, 2020USD ($)	Oct. 28, 2020USD ($)	Jul. 11, 2016USD ($)
Debt Instrument [Line Items]
Outstanding senior notes	$ 0	$ 246,000,000
Interest rate	0.00%	6.125%
Number of trust subsidiaries | trustSubsidiary	9
Payment of interest on trust preferred securities	$ 0
Subordinated notes maturing in 2030
Debt Instrument [Line Items]
Interest rate	4.125%	4.125%
Senior Notes | Senior Notes Maturing July 2021
Debt Instrument [Line Items]
Debt instrument, face amount				$ 250,000,000
Subordinated Debt | Subordinated notes maturing in 2030
Debt Instrument [Line Items]
Debt instrument, face amount			$ 150,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated other comprehensive income (loss)
Beginning balance	$ 2,201	$ 1,788
Other comprehensive income, net of tax	7	30
Ending balance	2,358	1,842
Investment Securities
Accumulated other comprehensive income (loss)
Beginning balance	52	1
Unrealized gain (loss)	(20)	45
Less: Tax provision (benefit)	(5)	11
Net unrealized gain (loss)	(15)	34
Other comprehensive income, net of tax	(15)	34
Ending balance	37	35
Cash Flow Hedges
Accumulated other comprehensive income (loss)
Beginning balance	(5)	0
Unrealized gain (loss)	26	(5)
Less: Tax provision (benefit)	5	(1)
Net unrealized gain (loss)	21	(4)
Reclassifications out of AOCI	1	0
Other comprehensive income, net of tax	22	(4)
Ending balance	$ 17	$ (4)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income applicable to common stockholders	$ 149
Weighted Average Shares
Weighted average common shares outstanding (in shares)	52,675,562	56,655,865
Effect of dilutive securities
Stock-based awards (in shares)	622,241	534,058
Weighted average diluted common shares (in shares)	53,297,803	57,189,923
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 2.83	$ 0.80
Effect of dilutive securities
Stock-based awards (in dollars per share)	(0.03)	0
Diluted earnings per common share (in dollars per share)	$ 2.80	$ 0.80

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 4	$ 3
2017 ESPP | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation shares authorized (in shares)	800,000
Shares available for issuance (in shares)	287,592
Shares issued during period (in shares)	62,462

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Shares
Non-vested balance at beginning of period (in shares) | shares	974,186
Granted (in shares) | shares	144,068
Vested (in shares) | shares	(42,449)
Canceled and forfeited (in shares) | shares	(12,520)
Non-vested balance at end of period (in shares) | shares	1,063,285
Weighted — Average Grant-Date Fair Value per Share
Non-vested balance at beginning of period (in dollars per share) | $ / shares	$ 30.88
Granted (in dollars per share) | $ / shares	40.20
Vested (in dollars per share) | $ / shares	34.71
Canceled and forfeited (in dollars per share) | $ / shares	30.59
Non-vested balance at end of period (in dollars per share) | $ / shares	$ 32

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income before income taxes	$ 194	$ 56
Provision for income taxes	$ 45	$ 10
Effective tax provision rate	23.00%	18.50%
Unrecognized tax benefits, recognition period	12 months

Regulatory Matters (Details)

Regulatory Matters (Details) $ in Millions	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Tier One Leverage Capital
Tier 1 capital actual amount	$ 2,423	$ 2,270
Tier 1 capital (to adjusted tangible assets), actual ratio	0.0811	0.0771
Tier 1 capital, for capital adequacy purposes amount	$ 1,195	$ 1,178
Tier 1 capital (to adjusted tangible assets), for capital adequacy purposes ratio	0.040	0.040
Tier 1 capital capitalized under prompt corrective action provision amount	$ 1,494	$ 1,472
Tier 1 capital (to adjusted tangible assets), capitalized under prompt corrective action provision ratio	0.050	0.050
Common Equity Tier 1 Capital
Common equity Tier 1 capital (to RWA), actual amount	$ 2,183	$ 2,030
Common equity Tier 1 capital (to RWA), actual ratio	10.31%	9.15%
Common equity Tier 1 capital (to RWA), for capital adequacy purposes, amount	$ 952	$ 999
Common equity Tier 1 capital (to RWA), for capital adequacy purposes, ratio	4.50%	4.50%
Common equity Tier 1 capital (to RWA), well capitalized under prompt corrective action provisions, amount	$ 1,376	$ 1,442
Common equity Tier 1 capital (to RWA), well capitalized under prompt corrective action provisions, ratio	6.50%	6.50%
Tier One Risk Based Capital [Abstract]
Tier 1 capital, actual amount	$ 2,423	$ 2,270
Tier 1 capital (to risk-weighted assets), actual ratio	0.1145	0.1023
Tier 1 capital, for capital adequacy purposes amount	$ 1,270	$ 1,331
Tier 1 capital (to risk-weighted assets), for capital adequacy purposes ratio	0.060	0.060
Tier 1 capital, capitalized under prompt corrective action provision amount	$ 1,693	$ 1,775
Tier 1 capital (to risk-weighted assets), capitalized under prompt corrective action provision ratio	0.080	0.080
Capital [Abstract]
Total capital, actual amount	$ 2,790	$ 2,638
Total capital (to risk-weighted assets), actual ratio	0.1318	0.1189
Total capital, for capital adequacy purposes amount	$ 1,693	$ 1,775
Total capital (to risk-weighted assets), for capital adequacy purposes ratio	0.080	0.080
Total capital, capitalized under prompt corrective action provisions amount	$ 2,116	$ 2,219
Total capital (to risk-weighted assets), capitalized under prompt corrective action provisions ratio	0.100	0.100
Bank
Tier One Leverage Capital
Tier 1 capital actual amount	$ 2,523	$ 2,390
Tier 1 capital (to adjusted tangible assets), actual ratio	0.0845	0.0812
Tier 1 capital, for capital adequacy purposes amount	$ 1,195	$ 1,177
Tier 1 capital (to adjusted tangible assets), for capital adequacy purposes ratio	0.040	0.040
Tier 1 capital capitalized under prompt corrective action provision amount	$ 1,493	$ 1,472
Tier 1 capital (to adjusted tangible assets), capitalized under prompt corrective action provision ratio	0.050	0.050
Common Equity Tier 1 Capital
Common equity Tier 1 capital (to RWA), actual amount	$ 2,523	$ 2,390
Common equity Tier 1 capital (to RWA), actual ratio	11.93%	10.77%
Common equity Tier 1 capital (to RWA), for capital adequacy purposes, amount	$ 951	$ 999
Common equity Tier 1 capital (to RWA), for capital adequacy purposes, ratio	4.50%	4.50%
Common equity Tier 1 capital (to RWA), well capitalized under prompt corrective action provisions, amount	$ 1,374	$ 1,443
Common equity Tier 1 capital (to RWA), well capitalized under prompt corrective action provisions, ratio	6.50%	6.50%
Tier One Risk Based Capital [Abstract]
Tier 1 capital, actual amount	$ 2,523	$ 2,390
Tier 1 capital (to risk-weighted assets), actual ratio	0.1193	0.1077
Tier 1 capital, for capital adequacy purposes amount	$ 1,268	$ 1,332
Tier 1 capital (to risk-weighted assets), for capital adequacy purposes ratio	0.060	0.060
Tier 1 capital, capitalized under prompt corrective action provision amount	$ 1,691	$ 1,775
Tier 1 capital (to risk-weighted assets), capitalized under prompt corrective action provision ratio	0.080	0.080
Capital [Abstract]
Total capital, actual amount	$ 2,740	$ 2,608
Total capital (to risk-weighted assets), actual ratio	0.1296	0.1175
Total capital, for capital adequacy purposes amount	$ 1,691	$ 1,775
Total capital (to risk-weighted assets), for capital adequacy purposes ratio	0.080	0.080
Total capital, capitalized under prompt corrective action provisions amount	$ 2,114	$ 2,219
Total capital (to risk-weighted assets), capitalized under prompt corrective action provisions ratio	0.100	0.100

Legal Proceedings, Contingenc_3

Legal Proceedings, Contingencies and Commitments - Narrative (Details) - USD ($) $ in Millions	Mar. 30, 2021	Feb. 24, 2012	Mar. 31, 2021	Dec. 31, 2020	Aug. 31, 2018
Loss Contingencies
Accrued reserve for contingent liabilities			$ 8	$ 7
Letter of credit reserve			24	$ 28
SERP | CEO
Loss Contingencies
SERP Liability			16		$ 16
DOJ Agreement
Loss Contingencies
Litigation settlement payment amount	$ 70	$ 118
Fair value adjustment on settlement liability			35
Accrued reserve for contingent liabilities			$ 70
DOJ Agreement | Subsequent Payments
Loss Contingencies
Litigation expense (up to)		$ 25

Legal Proceedings, Contingenc_4

Legal Proceedings, Contingencies and Commitments - Summary of the Contractual Amount of Significant Commitments (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Mortgage loan commitments including interest rate locks
Loss Contingencies
Commitments to extend credit	$ 9,884	$ 10,702
Warehouse loan commitments
Loss Contingencies
Commitments to extend credit	4,173	2,849
Commercial and industrial commitments
Loss Contingencies
Commitments to extend credit	1,274	1,271
Other construction commitments
Loss Contingencies
Commitments to extend credit	1,866	1,934
HELOC commitments
Loss Contingencies
Commitments to extend credit	568	544
Other consumer commitments
Loss Contingencies
Commitments to extend credit	174	121
Standby and commercial letters of credit
Loss Contingencies
Commitments to extend credit	$ 109	$ 95

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Carried at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Investment securities available-for-sale	$ 1,764	$ 1,944
Loans held-for-sale, fair value	6,941	7,009
Loans held-for-investment	14	13
Mortgage servicing rights	428	329
Total assets at fair value	6,955	7,021
Agency - Commercial
Assets
Investment securities available-for-sale	905	1,061
Agency - Residential
Assets
Investment securities available-for-sale	718	735
Municipal obligations
Assets
Investment securities available-for-sale	26	28
Corporate debt obligations
Assets
Investment securities available-for-sale	78	77
Certificate of deposit
Assets
Investment securities available-for-sale	1	1
Estimate of Fair Value Measurement
Assets
Investment securities available-for-sale	1,764	1,944
Loans held-for-sale, fair value	7,087	7,098
Loans held-for-investment	14,861	16,188
Mortgage servicing rights	428	329
Level 1 | Estimate of Fair Value Measurement
Assets
Investment securities available-for-sale	0	0
Loans held-for-sale, fair value	0	0
Loans held-for-investment	0	0
Mortgage servicing rights	0	0
Level 2 | Estimate of Fair Value Measurement
Assets
Investment securities available-for-sale	1,764	1,944
Loans held-for-sale, fair value	7,087	7,098
Loans held-for-investment	12	11
Mortgage servicing rights	0	0
Level 3 | Estimate of Fair Value Measurement
Assets
Investment securities available-for-sale	0	0
Loans held-for-sale, fair value	0	0
Loans held-for-investment	14,849	16,177
Mortgage servicing rights	428	329
Recurring | Estimate of Fair Value Measurement
Assets
Mortgage servicing rights	428	329
Total assets at fair value	9,538	9,576
Liabilities
DOJ Liability	(70)	(35)
Total liabilities at fair value	(124)	(137)
Recurring | Estimate of Fair Value Measurement | Rate lock commitments
Assets
Derivative assets	89	208
Liabilities
Derivative liabilities	(15)
Recurring | Estimate of Fair Value Measurement | Mortgage-backed securities forwards
Assets
Derivative assets	233	14
Liabilities
Derivative liabilities	(30)	(98)
Recurring | Estimate of Fair Value Measurement | Interest rate swaps and swaptions
Assets
Derivative assets	69	59
Recurring | Estimate of Fair Value Measurement | Interest rate swaps
Liabilities
Derivative liabilities	(9)	(4)
Recurring | Estimate of Fair Value Measurement | Residential first mortgage loans
Assets
Loans held-for-sale, fair value	6,941	7,009
Loans held-for-investment	12	11
Recurring | Estimate of Fair Value Measurement | Home equity
Assets
Loans held-for-investment	2	2
Recurring | Estimate of Fair Value Measurement | Agency - Commercial
Assets
Investment securities available-for-sale	905	1,061
Recurring | Estimate of Fair Value Measurement | Agency - Residential
Assets
Investment securities available-for-sale	718	735
Recurring | Estimate of Fair Value Measurement | Municipal obligations
Assets
Investment securities available-for-sale	26	28
Recurring | Estimate of Fair Value Measurement | Corporate debt obligations
Assets
Investment securities available-for-sale	78	77
Recurring | Estimate of Fair Value Measurement | Other MBS
Assets
Investment securities available-for-sale	36	42
Recurring | Estimate of Fair Value Measurement | Certificate of deposit
Assets
Investment securities available-for-sale	1	1
Recurring | Level 1
Assets
Mortgage servicing rights	0	0
Total assets at fair value	0	0
Liabilities
DOJ Liability	0	0
Total liabilities at fair value	0	0
Recurring | Level 1 | Rate lock commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0
Recurring | Level 1 | Mortgage-backed securities forwards
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Interest rate swaps and swaptions
Assets
Derivative assets	0	0
Recurring | Level 1 | Interest rate swaps
Liabilities
Derivative liabilities	0	0
Recurring | Level 1 | Residential first mortgage loans
Assets
Loans held-for-sale, fair value	0	0
Loans held-for-investment	0	0
Recurring | Level 1 | Home equity
Assets
Loans held-for-investment	0	0
Recurring | Level 1 | Agency - Commercial
Assets
Investment securities available-for-sale	0	0
Recurring | Level 1 | Agency - Residential
Assets
Investment securities available-for-sale	0	0
Recurring | Level 1 | Municipal obligations
Assets
Investment securities available-for-sale	0	0
Recurring | Level 1 | Corporate debt obligations
Assets
Investment securities available-for-sale	0	0
Recurring | Level 1 | Other MBS
Assets
Investment securities available-for-sale	0	0
Recurring | Level 1 | Certificate of deposit
Assets
Investment securities available-for-sale	0	0
Recurring | Level 2
Assets
Mortgage servicing rights	0	0
Total assets at fair value	9,019	9,037
Liabilities
DOJ Liability	0	0
Total liabilities at fair value	(39)	(102)
Recurring | Level 2 | Rate lock commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0
Recurring | Level 2 | Mortgage-backed securities forwards
Assets
Derivative assets	233	14
Liabilities
Derivative liabilities	(30)	(98)
Recurring | Level 2 | Interest rate swaps and swaptions
Assets
Derivative assets	69	59
Recurring | Level 2 | Interest rate swaps
Liabilities
Derivative liabilities	(9)	(4)
Recurring | Level 2 | Residential first mortgage loans
Assets
Loans held-for-sale, fair value	6,941	7,009
Loans held-for-investment	12	11
Recurring | Level 2 | Home equity
Assets
Loans held-for-investment	0	0
Recurring | Level 2 | Agency - Commercial
Assets
Investment securities available-for-sale	905	1,061
Recurring | Level 2 | Agency - Residential
Assets
Investment securities available-for-sale	718	735
Recurring | Level 2 | Municipal obligations
Assets
Investment securities available-for-sale	26	28
Recurring | Level 2 | Corporate debt obligations
Assets
Investment securities available-for-sale	78	77
Recurring | Level 2 | Other MBS
Assets
Investment securities available-for-sale	36	42
Recurring | Level 2 | Certificate of deposit
Assets
Investment securities available-for-sale	1	1
Recurring | Level 3
Assets
Mortgage servicing rights	428	329
Total assets at fair value	519	539
Liabilities
DOJ Liability	(70)	(35)
Total liabilities at fair value	(85)	(35)
Recurring | Level 3 | Rate lock commitments
Assets
Derivative assets	89	208
Liabilities
Derivative liabilities	(15)
Recurring | Level 3 | Mortgage-backed securities forwards
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Interest rate swaps and swaptions
Assets
Derivative assets	0	0
Recurring | Level 3 | Interest rate swaps
Liabilities
Derivative liabilities	0	0
Recurring | Level 3 | Residential first mortgage loans
Assets
Loans held-for-sale, fair value	0	0
Loans held-for-investment	0	0
Recurring | Level 3 | Home equity
Assets
Loans held-for-investment	2	2
Recurring | Level 3 | Agency - Commercial
Assets
Investment securities available-for-sale	0	0
Recurring | Level 3 | Agency - Residential
Assets
Investment securities available-for-sale	0	0
Recurring | Level 3 | Municipal obligations
Assets
Investment securities available-for-sale	0	0
Recurring | Level 3 | Corporate debt obligations
Assets
Investment securities available-for-sale	0	0
Recurring | Level 3 | Other MBS
Assets
Investment securities available-for-sale	0	0
Recurring | Level 3 | Certificate of deposit
Assets
Investment securities available-for-sale	$ 0	$ 0

Fair Value Measurements - Roll

Fair Value Measurements - Roll Forward of Financial Instruments Classified as Level 3 (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Liabilities
Unrealized gains (losses) recorded in OCI	$ 0	$ 0
Recurring | Level 3
Assets
Balance at Beginning of Period	539,000,000	327,000,000
Total Gains (Losses) Recorded in Earnings	(135,000,000)	33,000,000
Purchases / Closings	270,000,000	204,000,000
Sales	0	(36,000,000)
Settlement	0	0
Transfers Out	(170,000,000)	(134,000,000)
Balance at End of Period	504,000,000	394,000,000
Liabilities
Balance at Beginning of Period	(35,000,000)	(45,000,000)
Total Gains (Losses) Recorded in Earnings	(35,000,000)	(6,000,000)
Purchases / Closings	0	0
Sales	0	0
Settlement	0	0
Transfers Out	0	0
Balance at End of Period	(70,000,000)	(51,000,000)
Recurring | Level 3 | Home equity
Assets
Balance at Beginning of Period	2,000,000	2,000,000
Total Gains (Losses) Recorded in Earnings	0	0
Purchases / Closings	0	0
Sales	0	0
Settlement	0	0
Transfers Out	0	0
Balance at End of Period	2,000,000	2,000,000
Recurring | Level 3 | Mortgage servicing rights
Assets
Balance at Beginning of Period	329,000,000	291,000,000
Total Gains (Losses) Recorded in Earnings	34,000,000	(72,000,000)
Purchases / Closings	65,000,000	40,000,000
Sales	0	(36,000,000)
Settlement	0	0
Transfers Out	0	0
Balance at End of Period	428,000,000	223,000,000
Recurring | Level 3 | Rate lock commitments
Assets
Balance at Beginning of Period	208,000,000	34,000,000
Total Gains (Losses) Recorded in Earnings	(169,000,000)	105,000,000
Purchases / Closings	205,000,000	164,000,000
Sales	0	0
Settlement	0	0
Transfers Out	(170,000,000)	(134,000,000)
Balance at End of Period	74,000,000	169,000,000
Recurring | Level 3 | DOJ Liability
Liabilities
Balance at Beginning of Period	(35,000,000)	(35,000,000)
Total Gains (Losses) Recorded in Earnings	(35,000,000)	0
Purchases / Closings	0	0
Sales	0	0
Settlement	0	0
Transfers Out	0	0
Balance at End of Period	$ (70,000,000)	(35,000,000)
Recurring | Level 3 | Contingent consideration
Liabilities
Balance at Beginning of Period		(10,000,000)
Total Gains (Losses) Recorded in Earnings		(6,000,000)
Purchases / Closings		0
Sales		0
Settlement		0
Transfers Out		0
Balance at End of Period		$ (16,000,000)

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Recurring Level 3 Fair Value Instruments (Details) - Level 3 - Fair Value $ in Millions	Mar. 31, 2021USD ($)optionAdjustedSpreadPerLoanconstantPrepaymentRatePerLoanconstant_default_rate_per_loan$ / loandiscountRatePerLoanorginationPull-throughRatePerLoan	Dec. 31, 2020USD ($)$ / loanorginationPull-throughRatePerLoanoptionAdjustedSpreadPerLoandiscountRatePerLoanconstant_default_rate_per_loanconstantPrepaymentRatePerLoan
Home equity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-investment | $	$ 2	$ 2
Home equity | Discount rate | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage) | discountRatePerLoan	0.072	0.072
Home equity | Discount rate | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage) | discountRatePerLoan	0.108	0.108
Home equity | Discount rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage) | discountRatePerLoan	0.090	0.090
Home equity | Constant prepayment rate | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage)	0.126	0.126
Home equity | Constant prepayment rate | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage)	0.189	0.189
Home equity | Constant prepayment rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage)	0.158	0.158
Home equity | Constant default rate | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage) | constant_default_rate_per_loan	0.015	0.015
Home equity | Constant default rate | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage) | constant_default_rate_per_loan	0.023	0.023
Home equity | Constant default rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held for investment, fair value input (in percentage) | constant_default_rate_per_loan	0.019	0.019
Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset | $	$ 428	$ 329
Mortgage servicing rights | Constant prepayment rate | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input	0	0
Mortgage servicing rights | Constant prepayment rate | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input	0.105	0.133
Mortgage servicing rights | Constant prepayment rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input	0.087	0.105
Mortgage servicing rights | Option adjusted spread | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input | optionAdjustedSpreadPerLoan	0.031	0.034
Mortgage servicing rights | Option adjusted spread | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input | optionAdjustedSpreadPerLoan	0.216	0.212
Mortgage servicing rights | Option adjusted spread | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input | optionAdjustedSpreadPerLoan	0.087	0.080
Mortgage servicing rights | Weighted average cost to service per loan | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input | $ / loan	67	67
Mortgage servicing rights | Weighted average cost to service per loan | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input | $ / loan	95	95
Mortgage servicing rights | Weighted average cost to service per loan | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Servicing asset, measurement input | $ / loan	81	81
Rate lock commitments (net)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset | $	$ 74	$ 208
Rate lock commitments (net) | Closing pull-through rate | Lower range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, measurement input (in percentage) | orginationPull-throughRatePerLoan	0.758	0.757
Rate lock commitments (net) | Closing pull-through rate | Upper range
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, measurement input (in percentage) | orginationPull-throughRatePerLoan	0.872	0.872
Rate lock commitments (net) | Closing pull-through rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, measurement input (in percentage) | orginationPull-throughRatePerLoan	0.787	0.775
DOJ Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Litigation settlement at fair value | $	$ (70)	$ (35)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlement liability	$ 8	$ 7
DOJ Agreement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Settlement liability	$ 70
Residential mortgage servicing rights capitalized | Measurement input, expected term | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average life	6 years	4 years 2 months 12 days

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans held-for-sale	$ 6,941		$ 7,009
Total assets at fair value	6,955		7,021
Net gains (losses) on loan sales	227	$ 90
Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	174		119
Net gains (losses) on loan sales	(7)		(7)
Nonrecurring | Residential first mortgage loans | Residential first mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential first mortgage loans	108		30
Fair value gains (losses) on loans	(1)		(1)
Nonrecurring | Commercial loans | Commercial loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial loans	34		57
Fair value gains (losses) on loans	0		0
Nonrecurring | Impaired first mortgage | Residential first mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans held-for-investment	24		24
Fair value gains (losses) on loans	(3)		(3)
Nonrecurring | Repossessed assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repossessed assets	8		8
Fair value gains (losses) on repossessed assets	(3)		(3)
Nonrecurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	108		30
Nonrecurring | Level 2 | Residential first mortgage loans | Residential first mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential first mortgage loans	108		30
Nonrecurring | Level 2 | Commercial loans | Commercial loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial loans	0		0
Nonrecurring | Level 2 | Impaired first mortgage | Residential first mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans held-for-investment	0		0
Nonrecurring | Level 2 | Repossessed assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repossessed assets	0		0
Nonrecurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	66		89
Nonrecurring | Level 3 | Residential first mortgage loans | Residential first mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Residential first mortgage loans	0		0
Nonrecurring | Level 3 | Commercial loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial loans	34		57
Nonrecurring | Level 3 | Commercial loans | Commercial loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commercial loans	34		57
Nonrecurring | Level 3 | Impaired first mortgage | Residential first mortgage loans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired loans held-for-investment	24		24
Nonrecurring | Level 3 | Repossessed assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Repossessed assets	$ 8		$ 8

Fair Value Measurements - Qua_2

Fair Value Measurements - Quantitative Information about Nonrecurring Level 3 Fair Value Financial Instruments and the Fair Value Measurements (Details) - Nonrecurring - Level 3 $ in Millions	Mar. 31, 2021USD ($)loss_severity_discount_per_loan	Dec. 31, 2020USD ($)loss_severity_discount_per_loan
Residential first mortgage loans
Fair Value Inputs, Assets, Quantitative Information
Loans held-for-investment | $	$ 24	$ 24
Residential first mortgage loans | Lower range | Loss severity discount
Fair Value Inputs, Assets, Quantitative Information
Loans held for investment, fair value input (in percentage)	0	0
Residential first mortgage loans | Upper range | Loss severity discount
Fair Value Inputs, Assets, Quantitative Information
Loans held for investment, fair value input (in percentage)	1	1
Residential first mortgage loans | Weighted average | Loss severity discount
Fair Value Inputs, Assets, Quantitative Information
Loans held for investment, fair value input (in percentage)	0.143	0.128
Repossessed assets
Fair Value Inputs, Assets, Quantitative Information
Loans held-for-investment | $	$ 8	$ 8
Repossessed assets | Lower range | Loss severity discount
Fair Value Inputs, Assets, Quantitative Information
Other real estate owned, fair value input (in percentage)	0	0
Repossessed assets | Upper range | Loss severity discount
Fair Value Inputs, Assets, Quantitative Information
Other real estate owned, fair value input (in percentage)	0.963	0.963
Repossessed assets | Weighted average | Loss severity discount
Fair Value Inputs, Assets, Quantitative Information
Other real estate owned, fair value input (in percentage)	0.242	0.245
Commercial loans
Fair Value Inputs, Assets, Quantitative Information
Commercial loans | $	$ 34	$ 57

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amount and Estimated Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Investment securities available-for-sale	$ 1,764	$ 1,944
Investment securities held-to-maturity	329	393
Loans held-for-sale	6,941	7,009
Loans held-for-investment	14	13
Mortgage servicing rights	428	329
Carrying Value
Assets
Cash and cash equivalents	449	623
Investment securities available-for-sale	1,764	1,944
Investment securities held-to-maturity	319	377
Loans held-for-sale	7,087	7,098
Loans held-for-investment	14,887	16,227
Loans with government guarantees	2,457	2,516
Mortgage servicing rights	428	329
Federal Home Loan Bank stock	377	377
Bank owned life insurance	359	356
Repossessed assets	8	8
Other assets, foreclosure claims	14	17
Derivative financial instruments, assets	391	281
Liabilities
Federal Home Loan Bank advances and other	(3,945)	(5,100)
Long-term debt	(396)	(641)
DOJ Liability	(70)	(35)
Derivative financial instruments, liabilities	(54)	(102)
Carrying Value | Demand deposits and savings accounts
Liabilities
Deposits	(8,800)	(8,616)
Carrying Value | Certificates of deposit
Liabilities
Deposits	(1,218)	(1,355)
Carrying Value | Wholesale deposits
Liabilities
Deposits	(1,190)	(1,031)
Carrying Value | Government deposits
Liabilities
Deposits	(1,911)	(1,765)
Carrying Value | Company controlled deposits
Liabilities
Deposits	(6,301)
Carrying Value | Custodial deposits
Liabilities
Deposits		(7,206)
Estimated Fair Value
Assets
Cash and cash equivalents	449	623
Investment securities available-for-sale	1,764	1,944
Investment securities held-to-maturity	329	393
Loans held-for-sale	7,087	7,098
Loans held-for-investment	14,861	16,188
Loans with government guarantees	2,437	2,498
Mortgage servicing rights	428	329
Federal Home Loan Bank stock	377	377
Bank owned life insurance	359	358
Repossessed assets	8	8
Other assets, foreclosure claims	14	17
Derivative financial instruments, assets	391	281
Liabilities
Federal Home Loan Bank advances and other	(3,963)	(5,124)
Long-term debt	(341)	(596)
DOJ Liability	(70)	(35)
Derivative financial instruments, liabilities	(54)	(102)
Estimated Fair Value | Demand deposits and savings accounts
Liabilities
Deposits	(7,667)	(7,864)
Estimated Fair Value | Certificates of deposit
Liabilities
Deposits	(1,225)	(1,365)
Estimated Fair Value | Wholesale deposits
Liabilities
Deposits	(1,197)	(1,047)
Estimated Fair Value | Government deposits
Liabilities
Deposits	(1,810)	(1,706)
Estimated Fair Value | Company controlled deposits
Liabilities
Deposits	(6,280)
Estimated Fair Value | Custodial deposits
Liabilities
Deposits		(7,133)
Estimated Fair Value | Level 1
Assets
Cash and cash equivalents	449	623
Investment securities available-for-sale	0	0
Investment securities held-to-maturity	0	0
Loans held-for-sale	0	0
Loans held-for-investment	0	0
Loans with government guarantees	0	0
Mortgage servicing rights	0	0
Federal Home Loan Bank stock	0	0
Bank owned life insurance	0	0
Repossessed assets	0	0
Other assets, foreclosure claims	0	0
Derivative financial instruments, assets	0	0
Liabilities
Federal Home Loan Bank advances and other	0	0
Long-term debt	0	0
DOJ Liability	0	0
Derivative financial instruments, liabilities	0	0
Estimated Fair Value | Level 1 | Demand deposits and savings accounts
Liabilities
Deposits	0	0
Estimated Fair Value | Level 1 | Certificates of deposit
Liabilities
Deposits	0	0
Estimated Fair Value | Level 1 | Wholesale deposits
Liabilities
Deposits	0	0
Estimated Fair Value | Level 1 | Government deposits
Liabilities
Deposits	0	0
Estimated Fair Value | Level 1 | Company controlled deposits
Liabilities
Deposits	0
Estimated Fair Value | Level 1 | Custodial deposits
Liabilities
Deposits		0
Estimated Fair Value | Level 2
Assets
Cash and cash equivalents	0	0
Investment securities available-for-sale	1,764	1,944
Investment securities held-to-maturity	329	393
Loans held-for-sale	7,087	7,098
Loans held-for-investment	12	11
Loans with government guarantees	2,437	2,498
Mortgage servicing rights	0	0
Federal Home Loan Bank stock	377	377
Bank owned life insurance	359	358
Repossessed assets	0	0
Other assets, foreclosure claims	14	17
Derivative financial instruments, assets	302	73
Liabilities
Federal Home Loan Bank advances and other	(3,963)	(5,124)
Long-term debt	(341)	(596)
DOJ Liability	0	0
Derivative financial instruments, liabilities	(39)	(102)
Estimated Fair Value | Level 2 | Demand deposits and savings accounts
Liabilities
Deposits	(7,667)	(7,864)
Estimated Fair Value | Level 2 | Certificates of deposit
Liabilities
Deposits	(1,225)	(1,365)
Estimated Fair Value | Level 2 | Wholesale deposits
Liabilities
Deposits	(1,197)	(1,047)
Estimated Fair Value | Level 2 | Government deposits
Liabilities
Deposits	(1,810)	(1,706)
Estimated Fair Value | Level 2 | Company controlled deposits
Liabilities
Deposits	(6,280)
Estimated Fair Value | Level 2 | Custodial deposits
Liabilities
Deposits		(7,133)
Estimated Fair Value | Level 3
Assets
Cash and cash equivalents	0	0
Investment securities available-for-sale	0	0
Investment securities held-to-maturity	0	0
Loans held-for-sale	0	0
Loans held-for-investment	14,849	16,177
Loans with government guarantees	0	0
Mortgage servicing rights	428	329
Federal Home Loan Bank stock	0	0
Bank owned life insurance	0	0
Repossessed assets	8	8
Other assets, foreclosure claims	0	0
Derivative financial instruments, assets	89	208
Liabilities
Federal Home Loan Bank advances and other	0	0
Long-term debt	0	0
DOJ Liability	(70)	(35)
Derivative financial instruments, liabilities	(15)	0
Estimated Fair Value | Level 3 | Demand deposits and savings accounts
Liabilities
Deposits	0	0
Estimated Fair Value | Level 3 | Certificates of deposit
Liabilities
Deposits	0	0
Estimated Fair Value | Level 3 | Wholesale deposits
Liabilities
Deposits	0	0
Estimated Fair Value | Level 3 | Government deposits
Liabilities
Deposits	0	0
Estimated Fair Value | Level 3 | Company controlled deposits
Liabilities
Deposits	$ 0
Estimated Fair Value | Level 3 | Custodial deposits
Liabilities
Deposits		$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Option (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loans held-for-sale | Net gain on loan sales
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value included in earnings	$ 87	$ 234
DOJ Liability | Other noninterest income
Fair Value, Option, Quantitative Disclosures [Line Items]
Change in fair value included in earnings	$ 35	$ 0

Fair Value Measurements - Diffe

Fair Value Measurements - Differences Between Aggregate Fair Value and Aggregate Remaining Contractual Principal Balance Outstanding (Details) - USD ($) $ in Millions	Mar. 30, 2021	Feb. 24, 2012	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			$ 6,862	$ 6,727
Total assets at fair value			6,955	7,021
Assets, fair value over/(under) UPB			93	294
Litigation settlement
Fair Value, Option, Quantitative Disclosures [Line Items]
Litigation settlement payment amount	$ 70	$ 118
Nonaccrual loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			19	18
Total assets at fair value			17	15
Assets, fair value over/(under) UPB			(2)	(3)
Other performing loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			6,843	6,709
Total assets at fair value			6,938	7,006
Assets, fair value over/(under) UPB			95	297
Loans held-for-sale
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			6,847	6,713
Total assets at fair value			6,941	7,009
Assets, fair value over/(under) UPB			94	296
Loans held-for-sale | Nonaccrual loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			9	9
Total assets at fair value			8	7
Assets, fair value over/(under) UPB			(1)	(2)
Loans held-for-sale | Other performing loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			6,838	6,704
Total assets at fair value			6,933	7,002
Assets, fair value over/(under) UPB			95	298
Loans held-for-investment
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			15	14
Total assets at fair value			14	12
Assets, fair value over/(under) UPB			(1)	(2)
Loans held-for-investment | Nonaccrual loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			10	9
Total assets at fair value			9	8
Assets, fair value over/(under) UPB			(1)	(1)
Loans held-for-investment | Other performing loans
Fair Value, Option, Quantitative Disclosures [Line Items]
Assets, unpaid principal balance (UPB)			5	5
Total assets at fair value			5	4
Assets, fair value over/(under) UPB			0	(1)
DOJ Liability
Fair Value, Option, Quantitative Disclosures [Line Items]
Liabilities, unpaid principal balance (UPB)			(70)	(118)
Long-term debt, fair value			(70)	(35)
Liabilities, fair value over/(under) UPB			$ 0	$ 83

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)segments	Mar. 31, 2020USD ($)
Segment Reporting [Abstract]
Number of operating segments | segments	3
Summary of Operations
Net interest income	$ 189	$ 148
Benefit for credit losses	(28)	14
Net interest income after provision for credit losses	217	134
Net gain on loan sales	227	90
Loan fees and charges	42	23
Net return on mortgage servicing rights	0	6
Loan administrative (expense) income	27	12
Other noninterest income	28	23
Total noninterest income	324	154
Compensation and benefits	144	102
Commissions	62	29
Loan processing expense	21	17
Other noninterest expense	120	84
Total noninterest expense	347	232
Income (loss) before indirect overhead allocations and income taxes	194	56
Indirect overhead allocation (expense) income	0	0
Provision (benefit) for income taxes	45	10
Net income	149	46
Average balances
Loans held-for-sale	7,464	5,248
Loans with government guarantees	2,502	811
Loans held-for-investment	14,915	11,823
Total assets	30,065	23,413
Deposits	20,043	15,795
Other
Summary of Operations
Net interest income	(27)	(2)
Benefit for credit losses	(12)	9
Net interest income after provision for credit losses	(15)	(11)
Net gain on loan sales	0	0
Loan fees and charges	0	0
Net return on mortgage servicing rights	0	0
Loan administrative (expense) income	(3)	(16)
Other noninterest income	7	6
Total noninterest income	4	(10)
Compensation and benefits	43	34
Commissions	0	0
Loan processing expense	1	1
Other noninterest expense	51	(5)
Total noninterest expense	95	30
Income (loss) before indirect overhead allocations and income taxes	(106)	(51)
Indirect overhead allocation (expense) income	35	26
Provision (benefit) for income taxes	(10)	(7)
Net income	(61)	(18)
Average balances
Loans held-for-sale	0	0
Loans with government guarantees	0	0
Loans held-for-investment	30	30
Total assets	3,492	4,161
Deposits	1,067	584
Intersegment Eliminations
Summary of Operations
Intersegment revenue (expense)	(24)	(3)
Community Banking | Operating Segments
Summary of Operations
Net interest income	156	104
Benefit for credit losses	(14)	8
Net interest income after provision for credit losses	170	96
Net gain on loan sales	0	0
Loan fees and charges	0	0
Net return on mortgage servicing rights	0	0
Loan administrative (expense) income	0	(1)
Other noninterest income	18	16
Total noninterest income	18	15
Compensation and benefits	31	27
Commissions	1	1
Loan processing expense	1	2
Other noninterest expense	25	44
Total noninterest expense	58	74
Income (loss) before indirect overhead allocations and income taxes	130	37
Indirect overhead allocation (expense) income	(10)	(9)
Provision (benefit) for income taxes	25	6
Net income	95	22
Average balances
Loans held-for-sale	0	0
Loans with government guarantees	0	0
Loans held-for-investment	12,806	8,898
Total assets	13,168	9,387
Deposits	11,804	10,434
Community Banking | Intersegment Eliminations
Summary of Operations
Intersegment revenue (expense)	14	(6)
Mortgage Originations | Operating Segments
Summary of Operations
Net interest income	56	42
Benefit for credit losses	(2)	(3)
Net interest income after provision for credit losses	58	45
Net gain on loan sales	227	90
Loan fees and charges	24	14
Net return on mortgage servicing rights	0	6
Loan administrative (expense) income	(10)	(7)
Other noninterest income	3	1
Total noninterest income	244	104
Compensation and benefits	54	31
Commissions	61	28
Loan processing expense	11	7
Other noninterest expense	22	26
Total noninterest expense	148	92
Income (loss) before indirect overhead allocations and income taxes	154	57
Indirect overhead allocation (expense) income	(19)	(12)
Provision (benefit) for income taxes	28	9
Net income	107	36
Average balances
Loans held-for-sale	7,464	5,248
Loans with government guarantees	2,502	811
Loans held-for-investment	2,079	2,895
Total assets	13,015	9,817
Deposits	15	0
Mortgage Originations | Intersegment Eliminations
Summary of Operations
Intersegment revenue (expense)	(2)	1
Mortgage Servicing | Operating Segments
Summary of Operations
Net interest income	4	4
Benefit for credit losses	0	0
Net interest income after provision for credit losses	4	4
Net gain on loan sales	0	0
Loan fees and charges	18	9
Net return on mortgage servicing rights	0	0
Loan administrative (expense) income	40	36
Other noninterest income	0	0
Total noninterest income	58	45
Compensation and benefits	16	10
Commissions	0	0
Loan processing expense	8	7
Other noninterest expense	22	19
Total noninterest expense	46	36
Income (loss) before indirect overhead allocations and income taxes	16	13
Indirect overhead allocation (expense) income	(6)	(5)
Provision (benefit) for income taxes	2	2
Net income	8	6
Average balances
Loans held-for-sale	0	0
Loans with government guarantees	0	0
Loans held-for-investment	0	0
Total assets	390	48
Deposits	7,157	4,777
Mortgage Servicing | Intersegment Eliminations
Summary of Operations
Intersegment revenue (expense)	$ 12	$ 8

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 26, 2021USD ($)statebranchproductionOfficeshares	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Assets | $		$ 29,449	$ 31,038
Subsequent event
Subsequent Event [Line Items]
Assets | $	$ 87,000
Number of traditional branches | branch	400
Number of states in which branches are located | state	9
Number of loan production offices | productionOffice	87
Number of states in which offices are located | state	28
Subsequent event | NYCB
Subsequent Event [Line Items]
Common Stock Portion, number of Flagstar stock for each share of NYCB common stock | shares	4.0151