XML 48 R32.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Fair Value Disclosures (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value |
|  |  |  |  |  | March 31, |  | December 31,
|  | Balance Sheet Classification |  | Hierarchy |  | 2024 |  | 2023
Mortgage loans held for sale |  | Mortgage loans held for sale |  | Level 2 |  | $ | 217,702 |  | $ | 251,852
Mortgage loans held for investment at fair value (1) |  | Prepaid expenses and other assets |  | Level 3 |  | $ | 21,620 |  | $ | 21,041
Derivative assets |  | Prepaid expenses and other assets |  | Level 2 |  | $ | 3,790 |  | $ | 1,618
Mortgage servicing rights (2) |  | Prepaid expenses and other assets |  | Level 3 |  | $ | 32,734 |  | $ | 30,932
Derivative liabilities |  | Accrued expenses and other liabilities |  | Level 2 |  | $ | 979 |  | $ | 5,291
(1)The unobservable inputs used in the valuation of the mortgage loans held for investment at fair value include, among other items, the value of underlying collateral, from markets where there is little observable trading activity. (2)The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were 8.7%, 10.3%, and $0.072 per year per loan, respectively, as of March 31, 2024, and 8.6%, 10.3%, and $0.072 per year per loan, respectively, as of December 31, 2023. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement.
Schedule of Reconciliation of Level 3 Recurring at Fair Value |
| Three Months Ended March 31,
Mortgage servicing rights |  | 2024 |  |  | 2023
Beginning of period | $ | 30,932 |  | $ | 24,164
Originations |  | 1,234 |  |  | 1,045
Settlements |  | (562) |  |  | (151)
Changes in fair value |  | 1,130 |  |  | (1,157)
End of period | $ | 32,734 |  | $ | 23,901
| Three Months Ended March 31,
Mortgage loans held-for-investment at fair value |  | 2024 |  |  | 2023
Beginning of period | $ | 21,041 |  | $ | 18,875
Transfers from loans held for sale |  | 1,149 |  |  | 1,434
Settlements |  | (314) |  |  | —
Reduction in unpaid principal balance |  | (117) |  |  | (104)
Changes in fair value |  | (139) |  |  | (127)
End of period | $ | 21,620 |  | $ | 20,078
Schedule of Carrying Values and Fair Values of Financial Instruments |
|  |  |  | March 31, 2024 |  | December 31, 2023
|  | Hierarchy |  | Carrying |  | Fair Value |  | Carrying |  | Fair Value
Cash and cash equivalents |  | Level 1 |  | $ | 122,840 |  | $ | 122,840 |  | $ | 226,150 |  | $ | 226,150
3.875% senior notes (1)(2) |  | Level 2 |  | $ | 495,849 |  | $ | 444,375 |  | $ | 495,656 |  | $ | 436,875
6.750% senior notes (1)(2) |  | Level 2 |  | $ | 497,414 |  | $ | 501,250 |  | $ | 497,210 |  | $ | 500,000
Revolving line of credit(3) |  | Level 2 |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Other financing obligations(3)(4) |  | Level 3 |  | $ | 76,499 |  | $ | 76,499 |  | $ | 69,605 |  | $ | 69,605
Mortgage repurchase facilities(3) |  | Level 2 |  | $ | 212,447 |  | $ | 212,447 |  | $ | 239,298 |  | $ | 239,298
(1)Estimated fair value of the senior notes is based on recent trading activity in inactive markets. (2)Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of March 31, 2024, these amounts totaled $4.2 million and $2.6 million for the 3.875% senior notes and 6.750% senior notes, respectively. As of December 31, 2023, these amounts totaled $4.3 million and $2.8 million for the 3.875% senior notes and 6.750% senior notes, respectively. (3)Carrying amount approximates fair value due to short-term nature and/or interest rate terms. (4)During the period ended March 31, 2024, other financing obligations included $15.6 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 5.0% to 7.7%, and $60.9 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 7.5%. During the period ended December 31, 2023, other financing obligations included $24.7 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 4.8% to 7.7%, and $44.9 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 7.4%.

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E + Details
Name: | us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration