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Fair Value Measurements (Tables)
 6 Months Ended
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 1Level 2Level 3Total
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, 2024December 31, 2023
Unobservable InputRangeWeighted AverageRangeWeighted 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 SaleIRLCsNon-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 date33,980 — (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 date104,406 — (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 ValuePrincipal Amount Due Upon MaturityDifference (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, 2024December 31, 2023
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Senior Notes, due 10/15/2026$1,144,858 $1,074,813 $1,143,716 $1,064,520 
Senior Notes, due 1/15/202861,530 60,403 61,463 60,469 
Senior Notes, due 3/1/2029745,321 680,362 744,819 679,455 
Senior Notes, due 3/1/20311,240,987 1,088,938 1,240,311 1,105,088 
Senior Notes, due 10/15/2033843,491 714,247 843,139 725,458 
Total Senior Notes, net$4,036,187 $3,618,763 $4,033,448 $3,634,990