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Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis:
| December 31, 2023
| Total Fair Value |  | Recurring Fair Value Measurements
Fair Value - Recurring Basis |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Mortgage loans held for sale | $ | 927 |  |  | $ | — |  |  | $ | 846 |  |  | $ | 81 |
Mortgage servicing rights | 9,090 |  |  | — |  |  | — |  |  | 9,090 |
Equity investments | 9 |  |  | 1 |  |  | — |  |  | 8 |
Derivative financial instruments: |  |  |  |  |  |  |
Treasury futures | 113 |  |  | — |  |  | 113 |  |  | — |
Forward MBS trades | 22 |  |  | — |  |  | 22 |  |  | — |
IRLCs | 21 |  |  | — |  |  | — |  |  | 21 |
LPCs | 3 |  |  | — |  |  | — |  |  | 3 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |
Forward MBS trades | 9 |  |  | — |  |  | 9 |  |  | — |
Mortgage servicing rights financing | 29 |  |  | — |  |  | — |  |  | 29 |
Excess spread financing | 437 |  |  | — |  |  | — |  |  | 437 |
| December 31, 2022
| Total Fair Value |  | Recurring Fair Value Measurements
Fair Value - Recurring Basis |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Mortgage loans held for sale | $ | 893 |  |  | $ | — |  |  | $ | 819 |  |  | $ | 74 |
Mortgage servicing rights | 6,654 |  |  | — |  |  | — |  |  | 6,654 |
Equity investments | 47 |  |  | 2 |  |  | — |  |  | 45 |
Derivative financial instruments: |  |  |  |  |  |  |
Forward MBS trades | 8 |  |  | — |  |  | 8 |  |  | — |
IRLCs | 22 |  |  | — |  |  | — |  |  | 22 |
LPCs | 1 |  |  | — |  |  | — |  |  | 1 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments: |  |  |  |  |  |  |
Forward MBS trades | 9 |  |  | — |  |  | 9 |  |  | — |
LPCs | 1 |  |  | — |  |  | — |  |  | 1 |
Treasury futures | 14 |  |  | — |  |  | 14 |  |  | — |
Mortgage servicing rights financing | 19 |  |  | — |  |  | — |  |  | 19 |
Excess spread financing | 509 |  |  | — |  |  | — |  |  | 509 |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
| Year Ended December 31, 2023
| Assets | Liabilities
Fair Value - Level 3 Assets and Liabilities | Mortgage servicing rights |  | Mortgage loans held for sale |  | Equity investments |  | IRLCs |  | Excess spread financing |  | Mortgage servicing rights financing
Balance - beginning of year | $ | 6,654 |  |  | $ | 74 |  |  | $ | 45 |  |  | $ | 22 |  |  | $ | 509 |  |  | $ | 19 |
Changes in fair value included in earnings | (483) |  |  | 18 |  |  | (37) |  |  | (1) |  |  | 8 |  |  | 10 |
Purchases/additions(1) | 3,189 |  |  | 180 |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 273 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales/dispositions(1) | (573) |  |  | (189) |  |  | — |  |  | — |  |  | — |  |  | — |
Repayments | — |  |  | (6) |  |  | — |  |  | — |  |  | (9) |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | (71) |  |  | — |
Other changes | 30 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |
Balance - end of year | $ | 9,090 |  |  | $ | 81 |  |  | $ | 8 |  |  | $ | 21 |  |  | $ | 437 |  |  | $ | 29 |
| Year Ended December 31, 2022
| Assets |  | Liabilities
Fair Value - Level 3 Assets and Liabilities | Mortgage servicing rights |  | Mortgage loans held for sale |  | Equity investments |  | IRLCs |  | Excess spread financing |  | Mortgage servicing rights financing
Balance - beginning of year | $ | 4,223 |  |  | $ | 76 |  |  | $ | 54 |  |  | $ | 134 |  |  | $ | 768 |  |  | $ | 10 |
Changes in fair value included in earnings | 549 |  |  | (3) |  |  | (9) |  |  | (112) |  |  | 133 |  |  | 9 |
Purchases/additions(1) | 1,595 |  |  | 130 |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 554 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales/dispositions(1) | (294) |  |  | (124) |  |  | — |  |  | — |  |  | — |  |  | — |
Repayments | — |  |  | (2) |  |  | — |  |  | — |  |  | (293) |  |  | — |
Settlements | — |  |  | — |  |  | — |  |  | — |  |  | (99) |  |  | — |
Other changes | 27 |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |
Balance - end of year | $ | 6,654 |  |  | $ | 74 |  |  | $ | 45 |  |  | $ | 22 |  |  | $ | 509 |  |  | $ | 19 |
(1)Additions for mortgages loans held for sale include loans that are purchased or transferred in. Dispositions for mortgage loans held for sales include loans that are sold or transferred out.
Fair Value Measurement Inputs and Valuation Techniques | The tables below present the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities:
| December 31, 2023 |  | December 31, 2022
| Range |  | Weighted Average |  | Range |  | Weighted Average
Level 3 Inputs | Min |  | Max |  |  | Min |  | Max |
MSR(1) |  |  |  |  |  |  |  |  |  |  |
Option adjusted spread(2) | 6.9 | % |  | 12.3 | % |  | 8.0 | % |  | N/A |  | N/A |  | N/A
Discount rate | N/A |  | N/A |  | N/A |  | 10.4 | % |  | 13.7 | % |  | 11.4 | %
Prepayment speed | 6.8 | % |  | 9.3 | % |  | 7.5 | % |  | 6.3 | % |  | 12.2 | % |  | 7.2 | %
Cost to service per loan(3) | $ | 56 |  |  | $ | 160 |  |  | $ | 80 |  |  | $ | 54 |  |  | $ | 155 |  |  | $ | 80 |
Average life(4) |  |  |  |  | 7.9 years |  |  |  |  |  | 8.1 years
Mortgage loans held for sale |  |  |  |  |  |  |  |  |  |  |
Market pricing | 45.0 | % |  | 103.4 | % |  | 81.1 | % |  | 37.3 | % |  | 114.7 | % |  | 77.4 | %
IRLCs |  |  |  |  |  |  |  |  |  |  |
Value of servicing (reflected as a percentage of loan commitment) | 1.1 | % |  | 3.5 | % |  | 1.9 | % |  | (0.6) | % |  | 3.9 | % |  | 2.3 | %
Excess spread financing |  |  |  |  |  |  |  |  |  |  |
Option adjusted spread(2) | 7.0 | % |  | 12.3 | % |  | 8.8 | % |  | N/A |  | N/A |  | N/A
Discount rate | N/A |  | N/A |  | N/A |  | 10.0 | % |  | 13.8 | % |  | 11.3 | %
Prepayment speed | 7.7 | % |  | 9.1 | % |  | 8.4 | % |  | 6.9 | % |  | 13.3 | % |  | 9.2 | %
Average life(4) |  |  |  |  | 6.7 years |  |  |  |  |  | 6.6 years
Mortgage servicing rights financing |  |  |  |  |  |  |  |  |  |  |
Advance financing and counterparty fee rates | 6.6 | % |  | 9.2 | % |  | 7.6 | % |  | 5.2 | % |  | 8.6 | % |  | 7.1 | %
Annual advance recovery rates | 12.2 | % |  | 14.8 | % |  | 13.0 | % |  | 15.9 | % |  | 20.6 | % |  | 17.3 | %
(1)The inputs are weighted by investor. (2)OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. See discussion on methodology above. (3)Presented in whole dollar amounts. (4)Average life is included for informational purposes.
Fair Value, by Balance Sheet Grouping | The tables below present a summary of the carrying amount and estimated fair value of the Company’s financial instruments not carried at fair value:
| December 31, 2023
| Carrying Amount |  | Fair Value
Financial Instruments | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 571 |  |  | $ | 571 |  |  | $ | — |  |  | $ | — |
Restricted cash | 169 |  |  | 169 |  |  | — |  |  | — |
Advances and other receivables, net | 996 |  |  | — |  |  |  |  | 996 |
Loans subject to repurchase from Ginnie Mae | 966 |  |  | — |  |  | 966 |  |  | — |
Financial liabilities |  |  |  |  |  |  |
Unsecured senior notes, net | 3,151 |  |  | — |  |  | 3,056 |  |  | — |
Advance, warehouse and MSR facilities, net | 4,302 |  |  | — |  |  | 4,318 |  |  | — |
Liability for loans subject to repurchase from Ginnie Mae | 966 |  |  | — |  |  | 966 |  |  | — |
| December 31, 2022
| Carrying Amount |  | Fair Value
Financial Instruments | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 527 |  |  | $ | 527 |  |  | $ | — |  |  | $ | — |
Restricted cash | 175 |  |  | 175 |  |  | — |  |  | — |
Advances and other receivables, net | 1,019 |  |  | — |  |  | — |  |  | 1,019 |
Loans subject to repurchase from Ginnie Mae | 1,865 |  |  | — |  |  | 1,865 |  |  | — |
Financial liabilities |  |  |  |  |  |  |
Unsecured senior notes, net | 2,673 |  |  | — |  |  | 2,209 |  |  | — |
Advance, warehouse and MSR facilities, net | 2,885 |  |  | — |  |  | 2,896 |  |  | — |
Liability for loans subject to repurchase from Ginnie Mae | 1,865 |  |  | — |  |  | 1,865 |  |  | — |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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