XML 41 R31.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, | Six Months Ended June 30,
(in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Unrealized hedging (losses) gains |  | $ | (7,566) |  |  | $ | 9,703 |  |  | $ | 17,506 |  |  | $ | 15,755 |
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 June 30, 2024 and December 31, 2023:
|  |  |  | Fair Value
(in thousands) |  | Notional Value |  | Derivative Asset |  | Derivative Liability
June 30, 2024 |  |  |  |  |  |
IRLCs |  | $ | 1,821,836 |  |  | $ | 18,172 |  |  | $ | — |
Forward delivery commitments and best efforts sales commitments |  | $ | 1,923,277 |  |  | $ | 2,754 |  |  | $ | 4,666 |
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 June 30, 2024 and December 31, 2023:
|  | June 30, 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 June 30, 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
June 30, 2024 |  |  |  |  |  |  |  |
Forward delivery commitments |  | $ | 1,602 |  |  | $ | (3,436) |  |  | $ | 4,588 |  |  | $ | 2,754 |
Total assets |  | $ | 1,602 |  |  | $ | (3,436) |  |  | $ | 4,588 |  |  | $ | 2,754 |
Forward delivery commitments and best efforts sales commitments |  | $ | (6,733) |  |  | $ | 2,017 |  |  | $ | 50 |  |  | $ | (4,666) |
Total liabilities |  | $ | (6,733) |  |  | $ | 2,017 |  |  | $ | 50 |  |  | $ | (4,666) |
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) |

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

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-4 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483466/210-20-50-3 + Details
Name: | us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -SubTopic 10 -Topic 815 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration