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Mortgage Loans | 9 Months Ended
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Jun. 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
MORTGAGE LOANS | MORTGAGE LOANS Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. The Company typically sells the servicing rights for the majority of loans when the loans are sold. Servicing rights retained are typically sold within six months of loan origination. At June 30, 2021, mortgage loans held for sale had an aggregate carrying value of $1.64 billion and an aggregate outstanding principal balance of $1.60 billion. At September 30, 2020, mortgage loans held for sale had an aggregate carrying value of $1.53 billion and an aggregate outstanding principal balance of $1.46 billion. During the nine months ended June 30, 2021 and 2020, mortgage loans originated totaled $11.5 billion and $8.4 billion, respectively, and mortgage loans sold totaled $11.4 billion and $8.0 billion, respectively. The Company had gains on sales of loans and servicing rights of $135.4 million and $453.0 million during the three and nine months ended June 30, 2021, respectively, compared to $116.7 million and $263.7 million in the prior year periods. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. During the nine months ended June 30, 2021, approximately 55% of the Company’s mortgage loans were sold directly to the Federal National Mortgage Association (Fannie Mae) or into securities backed by the Government National Mortgage Association (Ginnie Mae), and 37% were sold to two other major financial entities. The Company also uses hedging instruments as part of a program to offer below market interest rate financing to its homebuyers. At June 30, 2021 and September 30, 2020, the Company had mortgage-backed securities (MBS) totaling $862.4 million and $1.1 billion, respectively, that did not yet have interest rate lock commitments or closed loans created or assigned and recorded a liability of $1.9 million and $5.3 million, respectively, for the fair value of such MBS position.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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