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Mortgage Loans | 6 Months Ended
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Mar. 31, 2024
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 March 31, 2024, mortgage loans held for sale of $2.7 billion had an aggregate outstanding principal balance of $2.7 billion. At September 30, 2023, mortgage loans held for sale of $2.5 billion had an aggregate outstanding principal balance of $2.6 billion. Mortgage loans held for sale at both dates were primarily composed of mortgage loans measured at fair value on a recurring basis using Level 2 inputs. During the six months ended March 31, 2024 and 2023, mortgage loans originated totaled $11.3 billion and $9.6 billion, respectively, and mortgage loans sold totaled $11.1 billion and $9.9 billion, respectively. The Company had gains on sales of loans and servicing rights of $152.7 million and $281.5 million during the three and six months ended March 31, 2024, respectively, compared to $154.5 million and $233.8 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 six months ended March 31, 2024, approximately 71% of the Company’s mortgage loans were sold directly to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or into securities backed by the Government National Mortgage Association (Ginnie Mae), and 28% were sold to one other major financial entity. The Company also uses hedging instruments as part of a program to offer below market interest rate financing to its homebuyers. At March 31, 2024 and September 30, 2023, the Company had mortgage-backed securities (MBS) totaling $620.5 million and $1.1 billion, respectively, that did not yet have interest rate lock commitments (IRLCs) or closed loans created or assigned. The Company recorded a liability of $0.1 million at March 31, 2024 and an asset of $15.7 million at September 30, 2023 for the fair value of such MBS position, which is measured using Level 2 inputs. The Company is party to IRLCs, which are extended to borrowers who have applied for loan funding and meet defined credit and underwriting criteria. At March 31, 2024 and September 30, 2023, the notional amount of IRLCs, which are accounted for as derivative instruments recorded at fair value using Level 3 inputs, totaled $3.0 billion and $2.7 billion, respectively.

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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 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 + Details
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