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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2021
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:
| June 30, 2021 |  | December 31, 2020
Range | 47% - 100% |  | 47% - 100%
Weighted-average | 79% |  | 75%
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):
| June 30, 2021
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 3,494,642 |  |  | $ | 3,494,642 |  |  | $ | — |  |  | $ | — |
Short-term investments: |  |  |  |  |  |  |
U.S. government agency securities | 829,925 |  |  | — |  |  | 829,925 |  |  | — |
Treasury bills | 44,988 |  |  | — |  |  | 44,988 |  |  | — |
Municipal securities | 5,962 |  |  | — |  |  | 5,962 |  |  | — |
Mortgage origination-related: |  |  |  |  |  |  |
Mortgage loans held for sale | 171,450 |  |  | — |  |  | 171,450 |  |  | — |
IRLCs | 6,413 |  |  | — |  |  | — |  |  | 6,413 |
Forward contracts - other current assets | 69 |  |  | — |  |  | 69 |  |  | — |
Forward contracts - other current liabilities | (686) |  |  | — |  |  | (686) |  |  | — |
Total | $ | 4,552,763 |  |  | $ | 3,494,642 |  |  | $ | 1,051,708 |  |  | $ | 6,413 |
| December 31, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 1,486,384 |  |  | $ | 1,486,384 |  |  | $ | — |  |  | $ | — |
Municipal securities | 3,228 |  |  | — |  |  | 3,228 |  |  | — |
Short-term investments: |  |  |  |  |  |  |
Treasury bills | 1,163,813 |  |  | — |  |  | 1,163,813 |  |  | — |
U.S. government agency securities | 1,037,577 |  |  | — |  |  | 1,037,577 |  |  | — |
Municipal securities | 16,220 |  |  | — |  |  | 16,220 |  |  | — |
Certificates of deposit | 498 |  |  | — |  |  | 498 |  |  | — |
Mortgage origination-related: |  |  |  |  |  |  |
Mortgage loans held for sale | 330,758 |  |  | — |  |  | 330,758 |  |  | — |
IRLCs | 12,342 |  |  | — |  |  | — |  |  | 12,342 |
Forward contracts - other current liabilities | (2,608) |  |  | — |  |  | (2,608) |  |  | — |
Total | $ | 4,048,212 |  |  | $ | 1,486,384 |  |  | $ | 2,549,486 |  |  | $ | 12,342 |
Schedule of Changes in IRLCs | The following table presents the changes in our IRLCs for the periods presented (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020 (1)
Balance, beginning of the period | $ | 5,002 |  |  | $ | 2,225 |  |  | $ | 12,342 |  |  | $ | 937 |
Issuances | 16,120 |  |  | 10,142 |  |  | 34,421 |  |  | 15,507 |
Transfers | (16,041) |  |  | (8,586) |  |  | (40,439) |  |  | (13,142) |
Fair value changes recognized in earnings | 1,332 |  |  | 1,310 |  |  | 89 |  |  | 1,789 |
Balance, end of period | $ | 6,413 |  |  | $ | 5,091 |  |  | $ | 6,413 |  |  | $ | 5,091 |
(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 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=123874694&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=123874694&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=123874694&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=123874694&loc=d3e19207-110258 + Details
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