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Derivative Financial Instruments | 3 Months Ended
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Mar. 31, 2022
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 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 condensed consolidated statements of operations and condensed 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 condensed consolidated statements of operations and in changes in other assets or other liabilities on the condensed consolidated statements of cash flows. The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:
|  |  | March 31, 2022 |  | Three Months Ended March 31, 2022
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2022 |  | $ | 543 |  |  | $ | 1 |  |  | $ | (24) |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2022 |  | 3,122 |  |  | 72 |  |  | (62) |
LPCs | 2022 |  | 203 |  |  | 2 |  |  | (1) |
Forward MBS trades | 2022 |  | 4,653 |  |  | 79 |  |  | 72 |
Total derivative financial instruments - assets |  |  | $ | 7,978 |  |  | $ | 153 |  |  | $ | 9 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2022 |  | $ | 551 |  |  | $ | 5 |  |  | $ | 5 |
LPCs | 2022 |  | 658 |  |  | 8 |  |  | 6 |
Forward MBS trades | 2022 |  | 695 |  |  | 6 |  |  | (2) |
Swap futures | 2022 |  | 1,097 |  |  | 49 |  |  | 43 |
Total derivative financial instruments - liabilities |  |  | $ | 3,001 |  |  | $ | 68 |  |  | $ | 52 |
|  |  | 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) |
As of March 31, 2022, the Company held $80 and $108 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2021, the Company held $27 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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- 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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