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Derivative Financial Instruments | 12 Months Ended
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Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | 11. 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, loan purchase commitments, forward Mortgage Backed Securities purchase commitments, Eurodollar and Treasury futures and interest rate swap agreements. The changes in value on the derivative instruments are recorded in earnings as a component of net gain on mortgage loans held for sale on the consolidated statements of operations and consolidated statement of cash flows, except for a portion of forward MBS trades to hedge MSR pipelines and related fair value changes, which is recorded in service related, net on the consolidated statements of operations and in changes in other assets or other liabilities on the consolidated statements of cash flows. The following table provides the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:
|  |  | December 31, 2021 |  | Year Ended December 31, 2021
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2022 |  | $ | 1,051 |  |  | $ | 25 |  |  | $ | (77) |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2022 |  | 5,237 |  |  | 134 |  |  | (280) |
LPCs | 2022 |  | 487 |  |  | 3 |  |  | (35) |
Forward MBS trades | 2022 |  | 3,569 |  |  | 7 |  |  | (23) |
Total derivative financial instruments - assets |  |  | $ | 9,293 |  |  | $ | 144 |  |  | $ | (338) |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2022 |  | $ | 10 |  |  | $ | — |  |  | $ | — |
LPCs | 2022 |  | 646 |  |  | 2 |  |  | 1 |
Forward MBS trades | 2022 |  | 4,091 |  |  | 8 |  |  | (94) |
Swap futures | 2022 |  | 923 |  |  | 6 |  |  | 6 |
Total derivative financial instruments - liabilities |  |  | $ | 5,670 |  |  | $ | 16 |  |  | $ | (87) |
|  |  | December 31, 2020 |  | Year Ended December 31, 2020
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2021 |  | $ | 2,710 |  |  | $ | 102 |  |  | $ | 70 |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2021 |  | 10,179 |  |  | 414 |  |  | 279 |
LPCs | 2021 |  | 5,406 |  |  | 38 |  |  | 26 |
Forward MBS trades | 2021 |  | 5,853 |  |  | 37 |  |  | 31 |
Total derivative financial instruments - assets |  |  | $ | 21,438 |  |  | $ | 489 |  |  | $ | 336 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2021 |  | $ | 2 |  |  | $ | — |  |  | $ | — |
LPCs | 2021 |  | 280 |  |  | 1 |  |  | (2) |
Forward MBS trades | 2021 |  | 25,156 |  |  | 156 |  |  | 144 |
Swap futures | 2021 |  | 60 |  |  | — |  |  | — |
Total derivative financial instruments - liabilities |  |  | $ | 25,498 |  |  | $ | 157 |  |  | $ | 142 |
Associated with the Company’s derivatives are $27 and $61 in collateral deposits on derivative instruments recorded in other assets on the Company’s consolidated balance sheets as of December 31, 2021 and 2020, respectively. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the consolidated balance sheets.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008 + Details
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