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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)

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Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

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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.

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