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DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Net Unrealized Hedging Gains | Changes in the fair value of the Company's derivative financial instruments are as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023
Unrealized hedging gains |  |  |  |  |  | $ | 25,072 |  |  | $ | 6,052 |
Schedule of Notional and Fair Value of Derivative Financial Instruments Not Designated as Hedging Instruments | The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows as of March 31, 2024 and December 31, 2023:
|  |  |  | Fair Value
(in thousands) |  | Notional Value |  | Derivative Asset |  | Derivative Liability
Balance at March 31, 2024 |  |  |  |  |  |
IRLCs |  | $ | 1,703,364 |  |  | $ | 23,588 |  |  | $ | — |
Forward delivery commitments and best efforts sales commitments |  | $ | 1,780,686 |  |  | $ | 142 |  |  | $ | 3,918 |
Balance at December 31, 2023 |  |  |  |  |  |
IRLCs |  | $ | 821,865 |  |  | $ | 14,902 |  |  | $ | — |
Forward delivery commitments and best efforts sales commitments |  | $ | 933,850 |  |  | $ | 693 |  |  | $ | 16,245 |
Schedule of Quantitative Information About IRLCs and Fair Value Measurements | The following table presents the unobservable input assumption used to determine the fair value of IRLCs as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |  | December 31, 2023
Unobservable Input |  | Range (Weighted Average)
Loan funding probability (“pull-through”) |  | 0% - 100% (88.0%) |  | 0% - 100% (86.5%)
Schedule of Financial Liabilities are Subject to Master Netting Arrangements or Similar Agreements Categorized by Financial Instrument | The table below represents financial assets and liabilities that are subject to master netting arrangements categorized by financial instrument as of March 31, 2024 and December 31, 2023:
(in thousands) |  | Gross Amounts of Recognized Assets (Liabilities) in the Balance Sheet |  | Gross Amounts Offset in the Balance Sheet |  | Cash Collateral Paid and Offset in the Balance Sheet |  | Net Amounts of Recognized Assets (Liabilities) in the Balance Sheet
March 31, 2024 |  |  |  |  |  |  |  |
Forward delivery commitments |  | $ | 540 |  |  | $ | (398) |  |  | $ | — |  |  | $ | 142 |
Total assets |  | $ | 540 |  |  | $ | (398) |  |  | $ | — |  |  | $ | 142 |
Forward delivery commitments and best efforts sales commitments |  | $ | (5,822) |  |  | $ | 1,282 |  |  | $ | 622 |  |  | $ | (3,918) |
Total liabilities |  | $ | (5,822) |  |  | $ | 1,282 |  |  | $ | 622 |  |  | $ | (3,918) |
December 31, 2023 |  |  |  |  |  |  |  |
Forward delivery commitments |  | $ | 8 |  |  | $ | (2,837) |  |  | $ | 3,522 |  |  | $ | 693 |
Total assets |  | $ | 8 |  |  | $ | (2,837) |  |  | $ | 3,522 |  |  | $ | 693 |
Forward delivery commitments and best efforts sales commitments |  | $ | (18,105) |  |  | $ | 148 |  |  | $ | 1,712 |  |  | $ | (16,245) |
Total liabilities |  | $ | (18,105) |  |  | $ | 148 |  |  | $ | 1,712 |  |  | $ | (16,245) |

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