XML 59 R29.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Derivative Financial Instruments (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Hedging Gains | Net hedging gains were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Hedging gains (1) | $ | 80,314 |  |  | $ | 180,909 |  |  | $ | 144,084 |  |  | $ | 101,776 |
(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 June 30, 2024: |  |  |  |  |
IRLCs, net of loan funding probability (1) | $ | 7,955,784 |  |  | $ | 170,381 |  |  | $ | — |
Forward commitments (2) | $ | 15,103,998 |  |  | $ | 13,025 |  |  | $ | 8,508 |
Balance at December 31, 2023: |  |  |  |  |
IRLCs, net of loan funding probability (1) | $ | 4,728,040 |  |  | $ | 132,870 |  |  | $ | — |
Forward commitments (2) | $ | 9,650,041 |  |  | $ | 26,614 |  |  | $ | 142,988 |
(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 receivable from counterparties in the Condensed Consolidated Balance Sheets. The Company had $26,329 and $66,598 of margin cash pledged to counterparties related to these forward commitments at June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, there was $40 and $250 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 June 30, 2024: |  |  |  |  |
Forward commitments | $ | 33,214 |  |  | $ | (20,189) |  |  | $ | 13,025 |
Balance at December 31, 2023: |  |  |  |  |
Forward commitments | $ | 37,647 |  |  | $ | (11,033) |  |  | $ | 26,614 |
Offsetting of Derivative Liabilities |  |  |  |  |
Balance at June 30, 2024: |  |  |  |  |
Forward commitments | $ | (47,916) |  |  | $ | 39,408 |  |  | $ | (8,508) |
Balance at December 31, 2023: |  |  |  |  |
Forward commitments | $ | (174,545) |  |  | $ | 31,557 |  |  | $ | (142,988) |
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 receivable from counterparties in the Condensed Consolidated Balance Sheets. The Company had $26,329 and $66,598 of margin cash pledged to counterparties related to these forward commitments at June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, there was $40 and $250 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 June 30, 2024: |  |  |  |  |
Forward commitments | $ | 33,214 |  |  | $ | (20,189) |  |  | $ | 13,025 |
Balance at December 31, 2023: |  |  |  |  |
Forward commitments | $ | 37,647 |  |  | $ | (11,033) |  |  | $ | 26,614 |
Offsetting of Derivative Liabilities |  |  |  |  |
Balance at June 30, 2024: |  |  |  |  |
Forward commitments | $ | (47,916) |  |  | $ | 39,408 |  |  | $ | (8,508) |
Balance at December 31, 2023: |  |  |  |  |
Forward commitments | $ | (174,545) |  |  | $ | 31,557 |  |  | $ | (142,988) |

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration