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Derivative Financial Instruments | 6 Months Ended
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Jun. 30, 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 the Originations and Servicing segments. 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 futures. The changes in value on the derivative instruments associated with hedging loans held for sale fair value 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, while changes in the value of derivative instruments associated with the MSR portfolio fair value are 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. Gains(losses) include both realized and unrealized gains (losses) of each derivative financial instrument.
|  |  | June 30, 2022 |  | Six Months Ended June 30, 2022
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2022 |  | $ | 246 |  |  | $ | 8 |  |  | $ | (17) |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2022 |  | 2,103 |  |  | 62 |  |  | (72) |
LPCs | 2022 |  | 325 |  |  | 3 |  |  | — |
Treasury futures | 2022 |  | 30 |  |  | — |  |  | 3 |
Forward MBS trades | 2022 |  | 1,798 |  |  | 12 |  |  | 429 |
Total derivative financial instruments - assets |  |  | $ | 4,256 |  |  | $ | 77 |  |  | $ | 360 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2022 |  | $ | 56 |  |  | $ | 1 |  |  | $ | (1) |
LPCs | 2022 |  | 186 |  |  | 1 |  |  | 1 |
Treasury futures | 2022 |  | 902 |  |  | 18 |  |  | (185) |
Forward MBS trades | 2022 |  | 1,716 |  |  | 13 |  |  | (31) |
Total derivative financial instruments - liabilities |  |  | $ | 2,860 |  |  | $ | 33 |  |  | $ | (216) |
|  |  | June 30, 2021 |  | Six Months Ended June 30, 2021
Derivative Financial Instruments | Expiration Dates |  | Outstanding Notional |  | Fair Value |  | Gains/(Losses)
Assets |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |
Loan sale commitments | 2021 |  | $ | 1,514 |  |  | $ | 39 |  |  | $ | (63) |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2021 |  | 6,730 |  |  | 204 |  |  | (210) |
LPCs | 2021 |  | 1,984 |  |  | 10 |  |  | (29) |
Forward MBS trades | 2021 |  | 9,749 |  |  | 27 |  |  | 271 |
Swap futures | 2021 |  | 60 |  |  | — |  |  | 1 |
Total derivative financial instruments - assets |  |  | $ | 18,523 |  |  | $ | 241 |  |  | $ | 33 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 2021 |  | $ | 9 |  |  | $ | — |  |  | $ | — |
LPCs | 2021 |  | 708 |  |  | 1 |  |  | (1) |
Forward MBS trades | 2021 |  | 11,747 |  |  | 25 |  |  | (126) |
Swap futures | 2021 |  | — |  |  | — |  |  | (4) |
Total derivative financial instruments - liabilities |  |  | $ | 12,464 |  |  | $ | 26 |  |  | $ | (131) |
The Company held $37 and $27 in collateral deposits as of June 30, 2022 and December 31, 2021, respectively. Collateral deposits are recorded in other assets 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 https://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 https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
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