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Derivative Financial Instruments | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 8. Derivative Financial Instruments Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates related to originations. Derivative instruments utilized by the Company primarily include interest rate lock commitments (“IRLCs”), loan purchase commitments (“LPCs”), forward Mortgage Backed Securities (“MBS”) purchase commitments, Eurodollar and Treasury futures and interest rate swap agreements. The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:
|  |  | March 31, 2021 |  |  |  | Three Months Ended March 31, 2021
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  |  |  | Gains/(Losses)
Assets |  |  |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |  |  |
Loan sale commitments | 2021 |  | $ | 2,341 |  |  | $ | 42 |  |  |  |  | $ | (60) |
Derivative financial instruments |  |  |  |  |  |  |  |  |
IRLCs | 2021 |  | 8,950 |  |  | 232 |  |  |  |  | (182) |
LPCs | 2021 |  | 1,165 |  |  | 8 |  |  |  |  | (30) |
Forward MBS trades | 2021 |  | 22,566 |  |  | 286 |  |  |  |  | 249 |
Total derivative financial instruments - assets |  |  | $ | 32,681 |  |  | $ | 526 |  |  |  |  | $ | 37 |
Liabilities |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |  |  |
IRLCs | 2021 |  | $ | 240 |  |  | $ | 1 |  |  |  |  | $ | 1 |
LPCs | 2021 |  | 3,974 |  |  | 38 |  |  |  |  | 37 |
Forward MBS trades | 2021 |  | 6,341 |  |  | 76 |  |  |  |  | (80) |
Swap futures | 2021 |  | 60 |  |  | 1 |  |  |  |  | 1 |
Total derivative financial instruments - liabilities |  |  | $ | 10,615 |  |  | $ | 116 |  |  |  |  | $ | (41) |
|  |  | March 31, 2020 |  | Three Months Ended March 31, 2020
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2020 |  | $ | 2,598 |  |  | $ | 111 |  |  | $ | 79 |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2020 |  | 6,923 |  |  | 263 |  |  | 128 |
LPCs | 2020 |  | 834 |  |  | 25 |  |  | 13 |
Forward MBS trades | 2020 |  | 886 |  |  | 6 |  |  | — |
Eurodollar futures | 2020-2021 |  | 6 |  |  | — |  |  | — |
Total derivative financial instruments - assets |  |  | $ | 8,649 |  |  | $ | 294 |  |  | $ | 141 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2020 |  | $ | 22 |  |  | $ | — |  |  | $ | — |
LPCs | 2020 |  | 10 |  |  | — |  |  | (3) |
Forward MBS trades | 2020 |  | 10,229 |  |  | 223 |  |  | 211 |
Eurodollar futures | 2020-2021 |  | 6 |  |  | — |  |  | — |
Total derivative financial instruments - liabilities |  |  | $ | 10,267 |  |  | $ | 223 |  |  | $ | 208 |
As of March 31, 2021, the Company held $2 and $113 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2020 the Company held $61 in collateral deposits on derivative instruments. Collateral deposits and collateral obligations are recorded in other assets and payable and other liabilities, respectively, in the Company’s condensed consolidated balance sheets. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the condensed consolidated balance sheets.

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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