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v3.23.1

Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Funding Facilities |
Facility Type |  | Collateral |  | Maturity |  | Line Amount |  | Committed Line Amount |  | Outstanding Balance as of March 31, 2023 |  | Outstanding Balance as of December 31, 2022
Mortgage Loan funding: |  |  |  |  |  |  |  |  |  |
1) Master Repurchase Agreement (6) |  | Mortgage loans held for sale (5) |  | 10/20/2023 |  | $ | 250,000 |  |  | $ | 50,000 |  |  | $ | — |  |  | $ | 49,381 |
2) Master Repurchase Agreement (6) |  | Mortgage loans held for sale (5) |  | 11/30/2023 |  | 1,000,000 |  |  | 100,000 |  |  | 550,258 |  |  | 138,057 |
3) Master Repurchase Agreement (6) |  | Mortgage loans held for sale (5) |  | 8/9/2024 |  | 2,000,000 |  |  | 250,000 |  |  | 255,281 |  |  | 702,128 |
4) Master Repurchase Agreement (1)(6) |  | Mortgage loans held for sale (5) |  | 1/26/2024 |  | 1,500,000 |  |  | 550,000 |  |  | 754,210 |  |  | 917,621 |
5) Master Repurchase Agreement (6) |  | Mortgage loans held for sale (5) |  | 5/4/2024 |  | 1,000,000 |  |  | 250,000 |  |  | 649,929 |  |  | 493,029 |
6) Master Repurchase Agreement (2)(6) |  | Mortgage loans held for sale (5) |  | 9/9/2024 |  | 1,500,000 |  |  | 250,000 |  |  | 87,888 |  |  | 101,152 |
7) Master Repurchase Agreement (6) |  | Mortgage loans held for sale (5) |  | 9/22/2023 |  | 1,250,000 |  |  | 250,000 |  |  | 181,107 |  |  | 186,707 |
8) Master Repurchase Agreement (6) |  | Mortgage loans held for sale (5) |  | 9/27/2024 |  | 750,000 |  |  | 100,000 |  |  | 544,729 |  |  | 171,642 |
|  |  |  |  |  | $ | 9,250,000 |  |  | $ | 1,800,000 |  |  | $ | 3,023,402 |  |  | $ | 2,759,717 |
Mortgage Loan Early Funding: |  |  |  |  |  |  |  |  |  |  |  |
9) Early Funding Facility (3)(6) |  | Mortgage loans held for sale (5) |  | (3) |  | $ | 5,000,000 |  |  | $ | — |  |  | $ | 1,262,204 |  |  | $ | 561,874 |
10) Early Funding Facility (4)(6) |  | Mortgage loans held for sale (5) |  | (4) |  | 2,000,000 |  |  | — |  |  | 932,128 |  |  | 227,108 |
|  |  |  |  |  | 7,000,000 |  |  | — |  |  | 2,194,332 |  |  | 788,982 |
Total Mortgage Funding Facilities |  | $ | 16,250,000 |  |  | $ | 1,800,000 |  |  | $ | 5,217,734 |  |  | $ | 3,548,699 |
(1) This facility has a 12-month initial term, which can be extended for 3-months at each subsequent 3-month anniversary from the initial start date. Subsequent to March 31, 2023, this facility was extended to April 26, 2024. (2) This facility has an overall line size of $1,500,000. This facility also includes a $1,500,000 sublimit for MSR financing; Capacity is fully fungible and is not restricted by these allocations. (3) This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (4) This facility has an overall line size of $2,000,000, which is reviewed every 90 days. This facility is an evergreen agreement with no stated termination or expiration date. This agreement can be terminated by either party upon written notice. (5) The Company has multiple borrowing facilities in the form of asset sales under agreements to repurchase. These borrowing facilities are secured by mortgage loans held for sale at fair value as the first priority security interest. (6) The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the three months ended March 31, 2023, and the applicable base rate plus a spread ranging from 1.00% to 1.85% for the year ended December 31, 2022.
Schedule of Other Financing Facilities | Other Funding Facilities
Facility Type |  | Collateral |  | Maturity |  | Line Amount |  | Committed Line Amount |  | Outstanding Balance Outstanding Balance as of March 31, 2023 |  | Outstanding Balance Outstanding Balance as of December 31, 2022
Personal Loan funding: |  |  |  |  |  |  |  |  |  |  |  |
1) Revolving Credit and Security Agreement (1) |  | Personal loans held for sale |  | 1/30/2025 |  | $ | 75,000 |  |  | $ | 75,000 |  |  | $ | 18,300 |  |  | $ | — |
Total Other Funding Facilities |  | 75,000 |  |  | 75,000 |  |  | 18,300 |  |  | — |
Total Funding Facilities |  | $ | 16,325,000 |  |  | $ | 1,875,000 |  |  | $ | 5,236,034 |  |  | $ | 3,548,699 |
(1) The interest rates charged by lenders on funding facilities included the applicable base rate plus a spread ranging from 1.00% to 1.80% for the three months ended March 31, 2023, and the applicable base rate plus a spread ranging from 1.00% to 1.85% for the year ended December 31, 2022. Financing Facilities
Facility Type |  | Collateral |  | Maturity |  | Line Amount |  | Committed Line Amount |  | Outstanding Balance Outstanding Balance as of March 31, 2023 |  | Outstanding Balance Outstanding Balance as of December 31, 2022
Line of Credit Financing Facilities |  |  |  |  |  |  |  |  |  |  |  |
1) Unsecured line of credit (1) |  | — |  | 7/27/2025 |  | $ | 2,000,000 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
2) Unsecured line of credit (1) |  | — |  | 7/31/2025 |  | 100,000 |  |  | — |  |  | — |  |  | — |
3) Revolving credit facility (3) |  | — |  | 8/10/2025 |  | 1,000,000 |  |  | 1,000,000 |  |  | — |  |  | — |
4) MSR line of credit (3) |  | MSRs |  | 10/20/2023 |  | 200,000 |  |  | — |  |  | — |  |  | — |
5) MSR line of credit (2)(3) |  | MSRs |  | 9/9/2024 |  | 1,500,000 |  |  | 250,000 |  |  | — |  |  | — |
|  |  |  |  |  | $ | 4,800,000 |  |  | $ | 1,250,000 |  |  | $ | — |  |  | $ | — |
Early Buyout Financing Facility |  |  |  |  |  |  |  |  |  |  |  |
6) Early buy out facility (3) |  | Loans/ Advances |  | 3/13/2024 |  | $ | 1,500,000 |  |  | $ | — |  |  | $ | 423,831 |  |  | $ | 672,882 |
(1) Refer to Note 6, Transactions with Related Parties for additional details regarding this unsecured line of credit. (2) This facility is a sublimit of Master Repurchase Agreement 6, found above in Mortgage Funding Facilities. Refer to Subfootnote 2, Mortgage Funding Facilities for additional details regarding this financing facility. (3) The interest rates charged by lenders on the financing facilities included the applicable base rate, plus a spread ranging from 1.45% to 4.00% for the three months ended March 31, 2023 and the year ended December 31, 2022.
Schedule of Unsecured Senior Notes | Unsecured Senior Notes
Facility Type |  | Maturity |  | Interest Rate |  | Outstanding Principal March 31, 2023 |  | Outstanding Principal December 31, 2022
Unsecured Senior Notes (1) |  | 10/15/2026 |  | 2.875 | % |  | $ | 1,150,000 |  |  | $ | 1,150,000 |
Unsecured Senior Notes (2) |  | 1/15/2028 |  | 5.250 | % |  | 61,985 |  |  | 61,985 |
Unsecured Senior Notes (3) |  | 3/1/2029 |  | 3.625 | % |  | 750,000 |  |  | 750,000 |
Unsecured Senior Notes (4) |  | 3/1/2031 |  | 3.875 | % |  | 1,250,000 |  |  | 1,250,000 |
Unsecured Senior Notes (5) |  | 10/15/2033 |  | 4.000 | % |  | 850,000 |  |  | 850,000 |
Total Senior Notes |  |  |  |  |  | $ | 4,061,985 |  |  | $ | 4,061,985 |
Weighted Average Interest Rate |  |  |  |  |  | 3.59 | % |  | 3.59 | %
(1) The 2026 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,150,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,997 and $8,569 as of March 31, 2023 and December 31, 2022, respectively. (2) The 2028 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs and discounts are presented net against the Senior Notes reducing the $61,985 carrying amount on the Condensed Consolidated Balance Sheets by $339 and $282 as of March 31, 2023, respectively, and $358 and $298, as of December 31, 2022, respectively. (3) The 2029 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $750,000 carrying amount on the Condensed Consolidated Balance Sheets by $5,934 and $6,185 as of March 31, 2023 and December 31, 2022, respectively. (4) The 2031 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $1,250,000 carrying amount on the Condensed Consolidated Balance Sheets by $10,705 and $11,040 as of March 31, 2023 and December 31, 2022, respectively. (5) The 2033 Senior Notes are unsecured obligation notes with no asset required to pledge for this borrowing. Unamortized debt issuance costs are presented net against the Senior Notes reducing the $850,000 carrying amount on the Condensed Consolidated Balance Sheets by $7,389 and $7,565 as of March 31, 2023 and December 31, 2022, respectively.

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