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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Hedging Gains and Losses | Net hedging gains and losses were as follows:
| Three Months Ended March 31,
| 2023 |  | 2022
Hedging (losses) gains (1) | $ | (79,133) |  |  | $ | 1,533,145 |
(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 Value |  | Derivative Asset |  | Derivative Liability
Balance at March 31, 2023: |  |  |  |  |
IRLCs, net of loan funding probability (1) | $ | 7,105,543 |  |  | $ | 182,112 |  |  | $ | — |
Forward commitments (2) | $ | 13,494,056 |  |  | $ | 5,101 |  |  | $ | 87,918 |
Balance at December 31, 2022: |  |  |  |  |
IRLCs, net of loan funding probability (1) | $ | 4,373,465 |  |  | $ | 90,635 |  |  | $ | — |
Forward commitments (2) | $ | 10,963,989 |  |  | $ | 22,444 |  |  | $ | 25,117 |
(1) IRLCs are also discussed in Note 9, 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. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Condensed Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Condensed Consolidated Balance Sheets. The Company had $41,178 and $24,102 of margin cash pledged to counterparties related to these forward commitments at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, there was zero and $959 of margin cash held on behalf of counterparties, respectively.
| 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, 2023: |  |  |  |  |
Forward commitments | $ | 9,978 |  |  | $ | (4,877) |  |  | $ | 5,101 |
Balance at December 31, 2022: |  |  |  |  |
Forward commitments | $ | 71,484 |  |  | $ | (49,040) |  |  | $ | 22,444 |
Offsetting of Derivative Liabilities |  |  |  |  |
Balance at March 31, 2023: |  |  |  |  |
Forward commitments | $ | (144,984) |  |  | $ | 57,066 |  |  | $ | (87,918) |
Balance at December 31, 2022: |  |  |  |  |
Forward commitments | $ | (69,007) |  |  | $ | 43,890 |  |  | $ | (25,117) |
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. Margin cash is cash that is exchanged by counterparties to be held as collateral related to these derivative financial instruments. Margin cash held on behalf of counterparties is recorded in Cash and cash equivalents, and the related liability is classified in Other liabilities in the Condensed Consolidated Balance Sheets. Margin cash pledged to counterparties is excluded from cash and cash equivalents and instead recorded in Other assets as a margin call receivables from counterparties in the Condensed Consolidated Balance Sheets. The Company had $41,178 and $24,102 of margin cash pledged to counterparties related to these forward commitments at March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, there was zero and $959 of margin cash held on behalf of counterparties, respectively.
| 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, 2023: |  |  |  |  |
Forward commitments | $ | 9,978 |  |  | $ | (4,877) |  |  | $ | 5,101 |
Balance at December 31, 2022: |  |  |  |  |
Forward commitments | $ | 71,484 |  |  | $ | (49,040) |  |  | $ | 22,444 |
Offsetting of Derivative Liabilities |  |  |  |  |
Balance at March 31, 2023: |  |  |  |  |
Forward commitments | $ | (144,984) |  |  | $ | 57,066 |  |  | $ | (87,918) |
Balance at December 31, 2022: |  |  |  |  |
Forward commitments | $ | (69,007) |  |  | $ | 43,890 |  |  | $ | (25,117) |

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