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Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Hedging Losses and Gains
Net hedging gains and losses were as follows:
Three Months Ended March 31,
20222021
Hedging gains (1)$1,533,145 $1,642,280 

(1)    Includes the change in fair value related to derivatives economically hedging MSRs identified for sale.
Schedule of Notional and Fair Values of Derivative Financial Instruments
The notional and fair values of derivative financial instruments not designated as hedging instruments were as follows:
Notional ValueDerivative AssetDerivative Liability
Balance at March 31, 2022:
IRLCs, net of loan funding probability (1)$16,445,558 $213,210 $— 
Forward commitments (2)$22,671,123 $667,908 $34,126 
Balance at December 31, 2021:
IRLCs, net of loan funding probability (1)$21,194,326 $538,861 $— 
Forward commitments (2)$36,476,871 $17,337 $19,911 

(1)    IRLCs are also discussed in Note 10, Commitments, Contingencies, and Guarantees.

(2)    Includes the fair value and net notional value related to derivatives economically hedging MSRs identified for sale.
Schedule of Gross Amounts of Recognized Assets Subject to Master Netting Agreements The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. The Company had zero and $137 of cash pledged to counterparties related to these forward commitments at March 31, 2022 and December 31, 2021, respectively, classified in Other assets in the Condensed Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, there was $487,448 and $22,826, respectively, cash on our Condensed Consolidated Balance Sheets from the respective counterparties. Margins received by the Company are classified in Other liabilities in the Condensed Consolidated Balance Sheets.
Gross Amount of Recognized Assets or Liabilities
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
Net Amounts Presented in the Condensed Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at March 31, 2022:
Forward commitments$1,012,358 $(344,450)$667,908 
Balance at December 31, 2021:
Forward commitments$50,225 $(32,888)$17,337 
Offsetting of Derivative Liabilities
Balance at March 31, 2022:
Forward commitments$(51,074)$16,948 $(34,126)
Balance at December 31, 2021:
Forward commitments$(54,922)$35,011 $(19,911)
Schedule of Gross Amounts of Recognized Liabilities Subject to Master Netting Agreements The table below presents the gross amounts of recognized assets and liabilities subject to master netting agreements. The Company had zero and $137 of cash pledged to counterparties related to these forward commitments at March 31, 2022 and December 31, 2021, respectively, classified in Other assets in the Condensed Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, there was $487,448 and $22,826, respectively, cash on our Condensed Consolidated Balance Sheets from the respective counterparties. Margins received by the Company are classified in Other liabilities in the Condensed Consolidated Balance Sheets.
Gross Amount of Recognized Assets or Liabilities
Gross Amounts Offset in the Condensed Consolidated Balance Sheets
Net Amounts Presented in the Condensed Consolidated Balance Sheets
Offsetting of Derivative Assets
Balance at March 31, 2022:
Forward commitments$1,012,358 $(344,450)$667,908 
Balance at December 31, 2021:
Forward commitments$50,225 $(32,888)$17,337 
Offsetting of Derivative Liabilities
Balance at March 31, 2022:
Forward commitments$(51,074)$16,948 $(34,126)
Balance at December 31, 2021:
Forward commitments$(54,922)$35,011 $(19,911)