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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements.
|  | September 30, 2021
|  | Carrying Amount |  | Estimated Fair Value
|  |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 506,608 |  |  | $ | 506,608 |  |  | $ | — |  |  | $ | — |
Restricted cash |  | 97,805 |  |  | 97,805 |  |  | — |  |  | — |
Loans held for sale, at fair value |  | 8,873,736 |  |  | — |  |  | 8,873,736 |  |  | — |
Derivative assets, at fair value |  | 341,359 |  |  | — |  |  | 75,241 |  |  | 266,118 |
Servicing rights, at fair value |  | 1,841,512 |  |  | — |  |  | — |  |  | 1,841,512 |
Trading securities |  | 56,412 |  |  | — |  |  | 56,412 |  |  | — |
Loans eligible for repurchase |  | 632,722 |  |  | — |  |  | 632,722 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Warehouse and other lines of credit |  | $ | 8,212,142 |  |  | $ | — |  |  | $ | 8,212,142 |  |  | $ | — |
Derivative liabilities, at fair value |  | 48,899 |  |  | 41,952 |  |  | 39 |  |  | 6,908 |
Servicing rights, at fair value(1) |  | 4,818 |  |  | — |  |  | — |  |  | 4,818 |
Debt obligations: |  |  |  |  |  |  |  |
Secured credit facilities |  | 99,707 |  |  | — |  |  | 99,707 |  |  | — |
2020-VF1 Notes |  | 10,382 |  |  | — |  |  | 10,382 |  |  | — |
GMSR VFN |  | 15,000 |  |  | — |  |  | 15,000 |  |  | — |
Term notes |  | 199,008 |  |  | — |  |  | 200,000 |  |  | — |
Senior notes |  | 1,084,654 |  |  | — |  |  | 1,066,278 |  |  | — |
Liability for loans eligible for repurchase |  | 632,722 |  |  | — |  |  | 632,722 |  |  | — |
(1)Included in accounts payable and accrued expenses on the consolidated balance sheets.
|  | December 31, 2020
|  | Carrying Amount |  | Estimated Fair Value
|  |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 284,224 |  |  | $ | 284,224 |  |  | $ | — |  |  | $ | — |
Restricted cash |  | 204,465 |  |  | 204,465 |  |  | — |  |  | — |
Loans held for sale, at fair value |  | 6,955,424 |  |  | — |  |  | 6,955,424 |  |  | — |
Derivative assets, at fair value |  | 647,939 |  |  | 483 |  |  | 107 |  |  | 647,349 |
Servicing rights, at fair value |  | 1,127,866 |  |  | — |  |  | — |  |  | 1,127,866 |
Loans eligible for repurchase |  | 1,246,158 |  |  | — |  |  | 1,246,158 |  |  | — |
Liabilities |  |  |  |  |  |  |  |
Warehouse and other lines of credit |  | $ | 6,577,429 |  |  | $ | — |  |  | $ | 6,577,429 |  |  | $ | — |
Derivative liabilities, at fair value |  | 168,169 |  |  | 4,299 |  |  | 163,566 |  |  | 304 |
Servicing rights, at fair value (1) |  | 3,564 |  |  | — |  |  | — |  |  | 3,564 |
Debt obligations: |  |  |  |  |  |  |  |
2020-VF1 Notes |  | 7,571 |  |  | — |  |  | 8,593 |  |  |
GMSR VFN |  | 15,000 |  |  | — |  |  | 15,000 |  |  | — |
Term notes |  | 198,640 |  |  | — |  |  | 200,000 |  |  | — |
Senior notes |  | 491,255 |  |  | — |  |  | 518,245 |  |  | — |
Liability for loans eligible for repurchase |  | 1,246,158 |  |  | — |  |  | 1,246,158 |  |  | — |
(1)Included in accounts payable and accrued expenses on the consolidated balance sheets. Financial Statement Items Measured at Fair Value on a Recurring Basis The following tables presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy as of the dates indicated.
|  | September 30, 2021
|  | Recurring Fair Value Measurements of Assets (Liabilities) Using:
|  | Quoted Market Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements
Fair value through net income: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 8,873,736 |  |  | $ | — |  |  | $ | 8,873,736 |
Trading securities |  | — |  |  | 56,412 |  |  | — |  |  | 56,412 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | — |  |  | — |  |  | 266,118 |  |  | 266,118 |
Forward sales contracts |  | — |  |  | 75,241 |  |  | — |  |  | 75,241 |
Servicing rights |  | — |  |  | — |  |  | 1,841,512 |  |  | 1,841,512 |
Total assets at fair value |  | $ | — |  |  | $ | 9,005,389 |  |  | $ | 2,107,630 |  |  | $ | 11,113,019 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 6,908 |  |  | $ | 6,908 |
Interest rate swap futures |  | 31,063 |  |  | — |  |  | — |  |  | 31,063 |
Forward sales contracts |  | — |  |  | 39 |  |  | — |  |  | 39 |
Put options on treasuries |  | 10,889 |  |  | — |  |  | — |  |  | 10,889 |
Servicing rights(1) |  | — |  |  | — |  |  | 4,818 |  |  | 4,818 |
Total liabilities at fair value |  | $ | 41,952 |  |  | $ | 39 |  |  | $ | 11,726 |  |  | $ | 53,717 |
(1)Included in accounts payable and accrued expenses on the consolidated balance sheets.
|  | December 31, 2020
|  | Recurring Fair Value Measurements of Assets (Liabilities) Using:
|  | Quoted Market Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total Fair Value Measurements
Fair value through net income: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 6,955,424 |  |  | $ | — |  |  | $ | 6,955,424 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | — |  |  | — |  |  | 647,349 |  |  | 647,349 |
Forward sales contracts |  | — |  |  | 107 |  |  | — |  |  | 107 |
Interest rate swap futures |  | 483 |  |  | — |  |  | — |  |  | 483 |
Servicing rights |  | — |  |  | — |  |  | 1,127,866 |  |  | 1,127,866 |
Total assets at fair value |  | $ | 483 |  |  | $ | 6,955,531 |  |  | $ | 1,775,215 |  |  | $ | 8,731,229 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 304 |  |  | $ | 304 |
Forward sales contracts |  | — |  |  | 163,566 |  |  | — |  |  | 163,566 |
Put options on treasuries |  | 4,299 |  |  | — |  |  | — |  |  | 4,299 |
Servicing rights (1) |  | — |  |  | — |  |  | 3,564 |  |  | 3,564 |
Total liabilities at fair value |  | $ | 4,299 |  |  | $ | 163,566 |  |  | $ | 3,868 |  |  | $ | 171,733 |
(1)Included in accounts payable and accrued expenses on the consolidated balance sheets.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  |
Balance at beginning of period |  | $ | 333,081 |  |  | $ | 1,776,395 |  |  |  | $ | 647,045 |  |  | $ | 1,124,302 |  |  |
Total net gains included in earnings (realized and unrealized) |  | 640,372 |  |  | 233,166 |  |  |  | 1,749,343 |  |  | 1,079,525 |  |  |
Sales and settlements |  |  |  |  |  |  |  |  |  |  |
Sales |  | — |  |  | (172,867) |  |  |  | — |  |  | (367,133) |  |  |
Settlements (3) |  | (558,918) |  |  | — |  |  |  | (1,585,368) |  |  | — |  |  |
Transfers of IRLCs to closed loans |  | (155,325) |  |  | — |  |  |  | (551,810) |  |  | — |  |  |
Balance at end of period |  | $ | 259,210 |  |  | $ | 1,836,694 |  |  |  | $ | 259,210 |  |  | $ | 1,836,694 |  |  |
(1)Interest rate lock commitments include both assets and liabilities and are shown net. (2)Balance is net of $4.8 million servicing liability at September 30, 2021. (3)Funded amount for interest rate lock commitments.
|  | Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  | Contingent Consideration |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net (2) |  | Contingent Consideration
Balance at beginning of period |  | $ | 519,514 |  |  | $ | 569,927 |  |  | $ | (13,169) |  |  | $ | 128,208 |  |  | $ | 444,443 |  |  | $ | (2,374) |
Total net gains (losses) included in earnings (realized and unrealized) |  | 1,180,734 |  |  | 206,407 |  |  | (19,670) |  |  | 2,635,861 |  |  | 339,096 |  |  | (32,650) |
Sales and settlements |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | — |  |  | 659 |  |  | — |  |  | — |  |  | (6,546) |  |  | — |
Settlements (3) |  | (767,645) |  |  | — |  |  | 11,083 |  |  | (1,580,842) |  |  | — |  |  | 13,268 |
Transfers of IRLCs to closed loans |  | (210,945) |  |  | — |  |  | — |  |  | (461,569) |  |  | — |  |  | — |
Balance at end of period |  | $ | 721,658 |  |  | $ | 776,993 |  |  | $ | (21,756) |  |  | $ | 721,658 |  |  | $ | 776,993 |  |  | $ | (21,756) |
(1)Interest rate lock commitments include both assets and liabilities and are shown net. (2)Balance is net of $3.5 million servicing rights liability at September 30, 2020. (3)Settlements refer to the funded amount for interest rate lock commitments, and the payment amount for contingent consideration. The following presents the gains and losses included in earnings for the three and nine months ended September 30, 2021 and 2020 relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|  | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(3) |
Total net (losses) gains included in earnings |  | $ | (73,871) |  |  | $ | 233,166 |  |  |  | $ | (387,835) |  |  | $ | 1,079,525 |  |
Change in unrealized gains relating to assets and liabilities still held at period end |  | $ | 259,210 |  |  | $ | 326,527 |  |  |  | $ | 259,210 |  |  | $ | 1,126,433 |  |
(1)(Losses) included in gain on origination and sale of loans, net. (2)Includes $345.9 million in gains included in gain on origination and sale of loans, net and $112.7 million of losses included in change in fair value of servicing rights, net, for the three months ended September 30, 2021. (3)Includes $1.3 billion in gains included in gain on origination and sale of loans, net and $223.4 million of losses included in change in fair value of servicing rights, net, for the nine months ended September 30, 2021
|  | Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  | Contingent Consideration(4) |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(3) |  | Contingent Consideration(4)
Total net gains (losses) included in earnings |  | $ | 202,144 |  |  | $ | 206,407 |  |  | $ | (19,670) |  |  | $ | 593,450 |  |  | $ | 339,096 |  |  | $ | (32,650) |
Change in unrealized gains (losses) relating to assets and liabilities still held at period end |  | $ | 721,658 |  |  | $ | 254,130 |  |  | $ | (19,670) |  |  | $ | 721,658 |  |  | $ | 457,478 |  |  | $ | (32,650) |
(1)Gains included in gain on origination and sale of loans, net. (2)Includes $262.4 million in gains included in gain on origination and sale of loans, net and $56.0 million in losses included in change in fair value of servicing rights, net, for the three months ended September 30, 2020. (3)Includes $574.8 million in gains included in gain on origination and sale of loans, net and $235.7 million in losses included in change in fair value of servicing rights, net, for the nine months ended September 30, 2020 (4)Losses included in general and administrative expense.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|  | Three Months Ended September 30, 2021 |  | Nine Months Ended September 30, 2021
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  |
Balance at beginning of period |  | $ | 333,081 |  |  | $ | 1,776,395 |  |  |  | $ | 647,045 |  |  | $ | 1,124,302 |  |  |
Total net gains included in earnings (realized and unrealized) |  | 640,372 |  |  | 233,166 |  |  |  | 1,749,343 |  |  | 1,079,525 |  |  |
Sales and settlements |  |  |  |  |  |  |  |  |  |  |
Sales |  | — |  |  | (172,867) |  |  |  | — |  |  | (367,133) |  |  |
Settlements (3) |  | (558,918) |  |  | — |  |  |  | (1,585,368) |  |  | — |  |  |
Transfers of IRLCs to closed loans |  | (155,325) |  |  | — |  |  |  | (551,810) |  |  | — |  |  |
Balance at end of period |  | $ | 259,210 |  |  | $ | 1,836,694 |  |  |  | $ | 259,210 |  |  | $ | 1,836,694 |  |  |
(1)Interest rate lock commitments include both assets and liabilities and are shown net. (2)Balance is net of $4.8 million servicing liability at September 30, 2021. (3)Funded amount for interest rate lock commitments.
|  | Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  | Contingent Consideration |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net (2) |  | Contingent Consideration
Balance at beginning of period |  | $ | 519,514 |  |  | $ | 569,927 |  |  | $ | (13,169) |  |  | $ | 128,208 |  |  | $ | 444,443 |  |  | $ | (2,374) |
Total net gains (losses) included in earnings (realized and unrealized) |  | 1,180,734 |  |  | 206,407 |  |  | (19,670) |  |  | 2,635,861 |  |  | 339,096 |  |  | (32,650) |
Sales and settlements |  |  |  |  |  |  |  |  |  |  |  |
Sales |  | — |  |  | 659 |  |  | — |  |  | — |  |  | (6,546) |  |  | — |
Settlements (3) |  | (767,645) |  |  | — |  |  | 11,083 |  |  | (1,580,842) |  |  | — |  |  | 13,268 |
Transfers of IRLCs to closed loans |  | (210,945) |  |  | — |  |  | — |  |  | (461,569) |  |  | — |  |  | — |
Balance at end of period |  | $ | 721,658 |  |  | $ | 776,993 |  |  | $ | (21,756) |  |  | $ | 721,658 |  |  | $ | 776,993 |  |  | $ | (21,756) |
(1)Interest rate lock commitments include both assets and liabilities and are shown net. (2)Balance is net of $3.5 million servicing rights liability at September 30, 2020. (3)Settlements refer to the funded amount for interest rate lock commitments, and the payment amount for contingent consideration. The following presents the gains and losses included in earnings for the three and nine months ended September 30, 2021 and 2020 relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
|  | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(3) |
Total net (losses) gains included in earnings |  | $ | (73,871) |  |  | $ | 233,166 |  |  |  | $ | (387,835) |  |  | $ | 1,079,525 |  |
Change in unrealized gains relating to assets and liabilities still held at period end |  | $ | 259,210 |  |  | $ | 326,527 |  |  |  | $ | 259,210 |  |  | $ | 1,126,433 |  |
(1)(Losses) included in gain on origination and sale of loans, net. (2)Includes $345.9 million in gains included in gain on origination and sale of loans, net and $112.7 million of losses included in change in fair value of servicing rights, net, for the three months ended September 30, 2021. (3)Includes $1.3 billion in gains included in gain on origination and sale of loans, net and $223.4 million of losses included in change in fair value of servicing rights, net, for the nine months ended September 30, 2021
|  | Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
|  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(2) |  | Contingent Consideration(4) |  | Interest Rate Lock Commitments(1) |  | Servicing Rights, net(3) |  | Contingent Consideration(4)
Total net gains (losses) included in earnings |  | $ | 202,144 |  |  | $ | 206,407 |  |  | $ | (19,670) |  |  | $ | 593,450 |  |  | $ | 339,096 |  |  | $ | (32,650) |
Change in unrealized gains (losses) relating to assets and liabilities still held at period end |  | $ | 721,658 |  |  | $ | 254,130 |  |  | $ | (19,670) |  |  | $ | 721,658 |  |  | $ | 457,478 |  |  | $ | (32,650) |
(1)Gains included in gain on origination and sale of loans, net. (2)Includes $262.4 million in gains included in gain on origination and sale of loans, net and $56.0 million in losses included in change in fair value of servicing rights, net, for the three months ended September 30, 2020. (3)Includes $574.8 million in gains included in gain on origination and sale of loans, net and $235.7 million in losses included in change in fair value of servicing rights, net, for the nine months ended September 30, 2020 (4)Losses included in general and administrative expense.
Fair Value Measurement Inputs and Valuation Techniques | The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:
|  | September 30, 2021 |  | December 31, 2020
Unobservable Input |  | Range of inputs |  | Weighted Average |  | Range of inputs |  | Weighted Average
IRLCs: |  |  |  |  |  |  |  |  |  |  |  |
Pull-through rate |  | 3.0% | - | 99.9% |  | 76.1% |  | 2.8% | - | 99.9% |  | 70.5%
Servicing rights |  |  |  |  |  |  |  |  |  |  |  |
Discount rate(1) |  | 4.7% | - | 9.1% |  | 6.0% |  | 5.0% | - | 10.0% |  | 6.2%
Prepayment rate(1) |  | 8.6% | - | 19.0% |  | 10.1% |  | 13.4% | - | 34.8% |  | 14.0%
Cost to service (per loan) |  | $70 | - | $126 |  | $84 |  | $71 | - | $139 |  | $89
(1)The Company estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Company’s prepayment model, and then discounts these cash flows at risk-adjusted rates.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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