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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Financial Statement Items Measured at Estimated Fair Value on a Recurring Basis | The table below shows a summary of financial statement items that are measured at estimated fair value on a recurring basis, including assets measured under the fair value option. There were no material transfers of assets or liabilities recorded at fair value on a recurring basis between Levels 1, 2 or 3 during the six months ended June 30, 2024 or the year ended December 31, 2023.
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Balance at June 30, 2024 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Mortgage loans held for sale (1) | $ | — |  |  | $ | 9,135,069 |  |  | $ | 351,853 |  |  | $ | 9,486,922 |
IRLCs | — |  |  | — |  |  | 170,381 |  |  | 170,381 |
MSRs | — |  |  | — |  |  | 7,162,690 |  |  | 7,162,690 |
Forward commitments | — |  |  | 13,025 |  |  | — |  |  | 13,025 |
Investment securities (2) | — |  |  | 39,836 |  |  | — |  |  | 39,836 |
Non-mortgage loans held for sale (2) | — |  |  | — |  |  | 269,460 |  |  | 269,460 |
Total assets | $ | — |  |  | $ | 9,187,930 |  |  | $ | 7,954,384 |  |  | $ | 17,142,314 |
Liabilities: |  |  |  |  |  |  |
Forward commitments | $ | — |  |  | $ | 8,508 |  |  | $ | — |  |  | $ | 8,508 |
Total liabilities | $ | — |  |  | $ | 8,508 |  |  | $ | — |  |  | $ | 8,508 |
Balance at December 31, 2023 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Mortgage loans held for sale (1) | $ | — |  |  | $ | 6,103,714 |  |  | $ | 438,518 |  |  | $ | 6,542,232 |
IRLCs | — |  |  | — |  |  | 132,870 |  |  | 132,870 |
MSRs | — |  |  | — |  |  | 6,439,787 |  |  | 6,439,787 |
Forward commitments | — |  |  | 26,614 |  |  | — |  |  | 26,614 |
Investment securities (2) | — |  |  | 39,518 |  |  | — |  |  | 39,518 |
Non-mortgage loans held for sale (2) | — |  |  | — |  |  | 163,018 |  |  | 163,018 |
Total assets | $ | — |  |  | $ | 6,169,846 |  |  | $ | 7,174,193 |  |  | $ | 13,344,039 |
Liabilities: |  |  |  |  |  |  |
Forward commitments | $ | — |  |  | $ | 142,988 |  |  | $ | — |  |  | $ | 142,988 |
Total liabilities | $ | — |  |  | $ | 142,988 |  |  | $ | — |  |  | $ | 142,988 |
(1) As of June 30, 2024 and December 31, 2023, $157.8 million and $195.6 million of unpaid principal balance of the level 3 mortgage loans held for sale were 90 days or more delinquent and were considered in non-accrual status. (2) These are included in Other assets on the Condensed Consolidated Balance Sheets.
Schedule of Quantitative Information About Fair Value Measurements of Level 3 Financial Instruments | The following tables present the quantitative information about recurring Level 3 fair value financial instruments and the fair value measurements as of:
|  | June 30, 2024 |  | December 31, 2023
Unobservable Input |  | Range |  | Weighted Average |  | Range |  | Weighted Average
Mortgage loans held for sale |  |  |  |  |  |  |  |
Model pricing |  | 69% - 102% |  | 89 | % |  | 68% - 100% |  | 87 | %
IRLCs |  |  |  |  |  |  |  |
Pull-through probability |  | 0% - 100% |  | 75 | % |  | 0% - 100% |  | 72 | %
MSRs |  |  |  |  |  |  |  |
Discount rate |  | 9.5% - 12.5% |  | 9.9 | % |  | 9.5% - 12.5% |  | 9.9 | %
Conditional prepayment rate |  | 6.7% - 28.8% |  | 7.4 | % |  | 6.6% - 37.0% |  | 7.5 | %
Non-mortgage loans held for sale |  |  |  |  |  |  |  |
Discount rate |  | 8.5% - 9.3% |  | 8.6 | % |  | 8.5% - 9.3% |  | 8.6 | %
Schedule of Reconciliation of Level 3 Assets | The table below presents a reconciliation of Level 3 assets measured at fair value on a recurring basis for the three and six months ended June 30, 2024 and 2023. Mortgage servicing rights are also classified as a Level 3 asset measured at fair value on a recurring basis and its reconciliation is found in Note 3, Mortgage Servicing Rights.
| Mortgage Loans Held for Sale |  | IRLCs |  | Non-Mortgage Loans Held for Sale
Balance at March 31, 2024 | $ | 385,786 |  |  | $ | 202,873 |  |  | $ | 197,661 |
Transfers in (1) | 108,566 |  |  | — |  |  | 104,143 |
Transfers out/principal reductions (1) | (139,822) |  |  | — |  |  | (32,711) |
Net transfers and revaluation losses | — |  |  | (32,492) |  |  | — |
Total (losses) gains included in Net income (loss) for assets held at the end of the reporting date | (2,677) |  |  | — |  |  | 367 |
Balance at June 30, 2024 | $ | 351,853 |  |  | $ | 170,381 |  |  | $ | 269,460 |
Balance at March 31, 2023 | $ | 763,761 |  |  | $ | 182,112 |  |  | $ | 32,490 |
Transfers in (1) | 197,709 |  |  | — |  |  | 46,405 |
Transfers out/principal reductions (1) | (363,072) |  |  | — |  |  | — |
Net transfers and revaluation losses | — |  |  | (54,422) |  |  | — |
Total gains (losses) included in Net income (loss) for assets held at the end of the reporting date | 33,980 |  |  | — |  |  | (405) |
Balance at June 30, 2023 | $ | 632,378 |  |  | $ | 127,690 |  |  | $ | 78,490 |
Balance at December 31, 2023 | $ | 438,518 |  |  | $ | 132,870 |  |  | $ | 163,018 |
Transfers in (1) | 217,736 |  |  | — |  |  | 164,439 |
Transfers out/principal reductions (1) | (295,537) |  |  | — |  |  | (56,408) |
Net transfers and revaluation gains | — |  |  | 37,511 |  |  | — |
Total losses included in Net income (loss) for assets held at the end of the reporting date | (8,864) |  |  | — |  |  | (1,589) |
Balance at June 30, 2024 | $ | 351,853 |  |  | $ | 170,381 |  |  | $ | 269,460 |
Balance at December 31, 2022 | $ | 1,082,730 |  |  | $ | 90,635 |  |  | $ | — |
Transfers in (1) | 408,767 |  |  | — |  |  | 79,243 |
Transfers out/principal reductions (1) | (963,525) |  |  | — |  |  | — |
Net transfers and revaluation gains | — |  |  | 37,055 |  |  | — |
Total gains (losses) included in Net income (loss) for assets held at the end of the reporting date | 104,406 |  |  | — |  |  | (753) |
Balance at June 30, 2023 | $ | 632,378 |  |  | $ | 127,690 |  |  | $ | 78,490 |
(1) Transfers in represent loans repurchased from investors or loans originated for which an active market currently does not exist. Transfers out primarily represent loans sold to third parties and loans paid in full.
Schedule of Fair Value Option for Mortgage Loans Held For Sale | The following is the estimated fair value and UPB of mortgage and non-mortgage loans held for sale that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for mortgage and non-mortgage loans held for sale as the Company believes fair value best reflects their expected future economic performance:
| Fair Value |  | Principal Amount Due Upon Maturity |  | Difference (1)
Balance at June 30, 2024 |  |  |  |  |
Mortgage loans held for sale | $ | 9,486,923 |  |  | $ | 9,319,342 |  |  | $ | 167,581 |
Non-mortgage loans held for sale | $ | 269,460 |  |  | $ | 276,604 |  |  | $ | (7,144) |
Balance at December 31, 2023 |  |  |  |  |
Mortgage loans held for sale | $ | 6,542,232 |  |  | $ | 6,418,082 |  |  | $ | 124,150 |
Non-mortgage loans held for sale | $ | 163,018 |  |  | $ | 168,573 |  |  | $ | (5,555) |
(1) Represents the amount of gains (losses) included in Gain on sale of loans, net for Mortgage loans held for sale and Other income for Non-mortgage loans held for sale on the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss), due to changes in fair value of items accounted for using the fair value option.
Schedule of Liabilities not Recorded at Fair Value on a Recurring or Nonrecurring Basis | The following table presents the carrying amounts and estimated fair value of financial liabilities that are not recorded at fair value on a recurring or nonrecurring basis. This table excludes cash and cash equivalents, restricted cash, warehouse borrowings, and line of credit borrowing facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:
| June 30, 2024 |  | December 31, 2023
| Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Senior Notes, due 10/15/2026 | $ | 1,144,858 |  |  | $ | 1,074,813 |  |  | $ | 1,143,716 |  |  | $ | 1,064,520 |
Senior Notes, due 1/15/2028 | 61,530 |  |  | 60,403 |  |  | 61,463 |  |  | 60,469 |
Senior Notes, due 3/1/2029 | 745,321 |  |  | 680,362 |  |  | 744,819 |  |  | 679,455 |
Senior Notes, due 3/1/2031 | 1,240,987 |  |  | 1,088,938 |  |  | 1,240,311 |  |  | 1,105,088 |
Senior Notes, due 10/15/2033 | 843,491 |  |  | 714,247 |  |  | 843,139 |  |  | 725,458 |
Total Senior Notes, net | $ | 4,036,187 |  |  | $ | 3,618,763 |  |  | $ | 4,033,448 |  |  | $ | 3,634,990 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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