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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2023:
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Trading securities |  | $ | 89 |  |  | $ | — |  |  | $ | — |  |  | $ | 89 |
Notes receivable |  | — |  |  | — |  |  | 14,809 |  |  | 14,809 |
Derivative |  |  |  |  |  |  |  |
Forward delivery commitments and best efforts sales commitments |  | — |  |  | 12,182 |  |  | — |  |  | 12,182 |
Interest rate lock commitments |  | — |  |  | — |  |  | 12,219 |  |  | 12,219 |
Mortgage loans held for sale |  | — |  |  | 932,771 |  |  | — |  |  | 932,771 |
Reverse mortgage loans held for investment |  | — |  |  | — |  |  | 81,457 |  |  | 81,457 |
Mortgage servicing rights |  | — |  |  | — |  |  | 1,258,313 |  |  | 1,258,313 |
Investment in warrants |  | — |  |  | — |  |  | 961 |  |  | 961 |
Total assets at fair value |  | $ | 89 |  |  | $ | 944,953 |  |  | $ | 1,367,759 |  |  | $ | 2,312,801 |
Liabilities: |  |  |  |  |  |  |  |
HMBS-related borrowings |  | $ | — |  |  | $ | — |  |  | $ | 71,278 |  |  | $ | 71,278 |
Contingent liabilities due to acquisitions |  | — |  |  | — |  |  | 7,239 |  |  | 7,239 |
Total liabilities at fair value |  | $ | — |  |  | $ | — |  |  | $ | 78,517 |  |  | $ | 78,517 |
The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2022:
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Trading securities |  | $ | 96 |  |  | $ | — |  |  | $ | — |  |  | $ | 96 |
Derivative |  |  |  |  |  |  |  |
Forward delivery commitments |  | — |  |  | 1,602 |  |  | — |  |  | 1,602 |
Interest rate lock commitments |  | — |  |  | — |  |  | 1,518 |  |  | 1,518 |
Mortgage loans held for sale |  | — |  |  | 845,775 |  |  | — |  |  | 845,775 |
Mortgage servicing rights |  | — |  |  | — |  |  | 1,139,539 |  |  | 1,139,539 |
Investment in warrants |  | — |  |  | — |  |  | 961 |  |  | 961 |
Total assets at fair value |  | $ | 96 |  |  | $ | 847,377 |  |  | $ | 1,142,018 |  |  | $ | 1,989,491 |
Liabilities: |  |  |  |  |  |  |  |
Derivative |  |  |  |  |  |  |  |
Forward delivery commitments and best efforts sales commitments |  | $ | — |  |  | $ | 5,173 |  |  | $ | — |  |  | $ | 5,173 |
Contingent liabilities due to acquisitions |  | — |  |  | — |  |  | 526 |  |  | 526 |
Total liabilities at fair value |  | $ | — |  |  | $ | 5,173 |  |  | $ | 526 |  |  | $ | 5,699 |
Schedule of Reconciliation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis | The table below presents a reconciliation of certain Level Three assets and liabilities measured at fair value on a recurring basis for the three and nine months ended September 30, 2023 and 2022:
|  | IRLCs |  | Contingent Liabilities |  | Notes Receivable
Balance at June 30, 2023 |  | $ | 5,613 |  |  | $ | 7,793 |  |  | $ | 9,824 |
Net transfers and revaluation gains |  | 6,606 |  |  | — |  |  | — |
Additions |  | — |  |  | — |  |  | 5,156 |
Valuation adjustments |  | — |  |  | (554) |  |  | (171) |
Balance at September 30, 2023 |  | $ | 12,219 |  |  | $ | 7,239 |  |  | $ | 14,809 |
Balance at December 31, 2022 |  | $ | 1,518 |  |  | $ | 526 |  |  | $ | — |
Net transfers and revaluation gains |  | 10,701 |  |  | — |  |  | — |
Additions |  | — |  |  | 6,103 |  |  | 16,406 |
Valuation adjustments |  | — |  |  | 610 |  |  | (1,597) |
Balance at September 30, 2023 |  | $ | 12,219 |  |  | $ | 7,239 |  |  | $ | 14,809 |
Balance at June 30, 2022 |  | $ | 14,600 |  |  | $ | 1,557 |  |  | $ | — |
Net transfers and revaluation losses |  | (38,177) |  |  | — |  |  | — |
Payments |  | — |  |  | (1,884) |  |  | — |
Valuation adjustments |  | — |  |  | 327 |  |  |
Balance at September 30, 2022 |  | $ | (23,577) |  |  | $ | — |  |  | $ | — |
Balance at December 31, 2021 |  | $ | 22,119 |  |  | $ | 59,500 |  |  | $ | — |
Net transfers and revaluation losses |  | (45,696) |  |  | — |  |  | — |
Payments |  | — |  |  | (14,425) |  |  | — |
Valuation adjustments |  | — |  |  | (45,075) |  |  |
Balance at September 30, 2022 |  | $ | (23,577) |  |  | $ | — |  |  | $ | — |
Schedule of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes the Company’s financial assets and liabilities measured at fair value on a non-recurring basis at September 30, 2023:
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Ginnie Mae loans subject to repurchase right |  | $ | — |  |  | $ | 639,023 |  |  | $ | — |  |  | $ | 639,023 |
Total assets at fair value |  | $ | — |  |  | $ | 639,023 |  |  | $ | — |  |  | $ | 639,023 |
Liabilities: |  |  |  |  |  |  |  |
Ginnie Mae loans subject to repurchase right |  | $ | — |  |  | $ | 639,370 |  |  | $ | — |  |  | $ | 639,370 |
Total liabilities at fair value |  | $ | — |  |  | $ | 639,370 |  |  | $ | — |  |  | $ | 639,370 |
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a non-recurring basis at December 31, 2022:
Description |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Ginnie Mae loans subject to repurchase right |  | $ | — |  |  | $ | 650,179 |  |  | $ | — |  |  | $ | 650,179 |
Total assets at fair value |  | $ | — |  |  | $ | 650,179 |  |  | $ | — |  |  | $ | 650,179 |
Liabilities: |  |  |  |  |  |  |  |
Ginnie Mae loans subject to repurchase right |  | $ | — |  |  | $ | 650,179 |  |  | $ | — |  |  | $ | 650,179 |
Total liabilities at fair value |  | $ | — |  |  | $ | 650,179 |  |  | $ | — |  |  | $ | 650,179 |
Schedule of Fair Value Option | The following is the estimated fair value and UPB of MLHS that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for MLHS as the Company believes fair value best reflects their expected future economic performance:
|  | Fair Value |  | Principal Amount Due Upon Maturity |  | Difference (1)
Balance at September 30, 2023 |  | $ | 932,771 |  |  | $ | 959,523 |  |  | $ | (26,752) |
Balance at December 31, 2022 |  | $ | 845,775 |  |  | $ | 868,833 |  |  | $ | (23,058) |
_______________________________ (1)Represents the amount of losses included in loan origination fees and gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: 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 3: 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 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -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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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -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 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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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- 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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