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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the range and weighted average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
| September 30, 2020 |  | December 31, 2019
Range | 41% - 100% |  | 56% - 100%
Weighted average | 67% |  | 78%
Summary of Balances of Cash Equivalents and Investments | The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):
| September 30, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 1,747,818 |  |  | $ | 1,747,818 |  |  | $ | — |  |  | $ | — |
Treasury bills | 5,000 |  |  | — |  |  | 5,000 |  |  | — |
U.S. government agency securities | 1,162 |  |  |  |  | 1,162 |  |  | — |
Certificates of deposit | 249 |  |  | — |  |  | 249 |  |  | — |
Short-term investments: |  |  |  |  |  |  |
Treasury bills | 1,360,084 |  |  | — |  |  | 1,360,084 |  |  | — |
U.S. government agency securities | 499,991 |  |  | — |  |  | 499,991 |  |  | — |
Corporate notes and bonds | 15,635 |  |  | — |  |  | 15,635 |  |  | — |
Municipal securities | 8,679 |  |  | — |  |  | 8,679 |  |  | — |
Certificates of deposit | 996 |  |  | — |  |  | 996 |  |  | — |
Mortgage origination-related: |  |  |  |  |  |  |
Mortgage loans held for sale | 125,324 |  |  | — |  |  | 125,324 |  |  | — |
IRLCs | 9,420 |  |  | — |  |  | — |  |  | 9,420 |
Forward contracts - other current assets | 110 |  |  | — |  |  | 110 |  |  | — |
Forward contracts - other current liabilities | (671) |  |  | — |  |  | (671) |  |  | — |
Total | $ | 3,773,797 |  |  | $ | 1,747,818 |  |  | $ | 2,016,559 |  |  | $ | 9,420 |
| December 31, 2019
| Total |  | Level 1 |  | Level 2
Cash equivalents: |  |  |  |  |
Money market funds | $ | 872,431 |  |  | $ | 872,431 |  |  | $ | — |
U.S. government agency securities | 35,009 |  |  | — |  |  | 35,009 |
Commercial paper | 31,113 |  |  | — |  |  | 31,113 |
Treasury bills | 6,441 |  |  | — |  |  | 6,441 |
Corporate notes and bonds | 1,065 |  |  | — |  |  | 1,065 |
Certificates of deposit | 249 |  |  | — |  |  | 249 |
Short-term investments: |  |  |  |  |
U.S. government agency securities | 862,154 |  |  | — |  |  | 862,154 |
Corporate notes and bonds | 159,431 |  |  | — |  |  | 159,431 |
Commercial paper | 150,267 |  |  | — |  |  | 150,267 |
Treasury bills | 80,003 |  |  | — |  |  | 80,003 |
Municipal securities | 27,889 |  |  | — |  |  | 27,889 |
Certificates of deposit | 1,245 |  |  | — |  |  | 1,245 |
Mortgage origination-related: |  |  |  |  |
Mortgage loans held for sale | 36,507 |  |  | — |  |  | 36,507 |
IRLCs | 937 |  |  | — |  |  | 937 |
Forward contracts - other current assets | 7 |  |  | — |  |  | 7 |
Forward contracts - other current liabilities | (60) |  |  | — |  |  | (60) |
Total | $ | 2,264,688 |  |  | $ | 872,431 |  |  | $ | 1,392,257 |
Schedule of Changes in IRLCs | The following table presents the changes in our IRLCs during the three and nine month periods ended September 30, 2020 (in thousands, unaudited):
| Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
Balance, beginning of the period | $ | 5,091 |  |  | $ | 937 |
Issuances | 19,232 |  |  | 34,739 |
Transfers | (18,725) |  |  | (31,867) |
Fair value changes recognized in earnings | 3,822 |  |  | 5,611 |
Balance, end of period | $ | 9,420 |  |  | $ | 9,420 |
(1) Beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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