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MORTGAGE LOANS HELD FOR SALE

9 Months Ended

Sep. 30, 2023

Mortgage Loans Held For Sale [Abstract]

The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the Condensed Consolidated Statements of Cash Flows is set forth below:


	Nine Months Ended September 30,
	2023		2022
Balance — beginning of period	$	845,775	$	2,204,216
Origination of mortgage loans held for sale	10,910,122		16,265,741
Proceeds on sale of and payments from mortgage loans held for sale	(11,067,062)		(17,916,073)

Gain on sale of mortgage loans excluding fair value of other financial instruments, net	247,547		440,974
Valuation adjustment of mortgage loans held for sale	(3,611)		(65,297)
Balance — end of period	$	932,771	$	929,561

At September 30, 2023, mortgage loans held for sale included UPB of the underlying loans of $959.5 million and had a fair value of $932.8 million. At December 31, 2022, mortgage loans held for sale included UPB of the underlying loans of $868.8 million and had a fair value of $845.8 million.