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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following summarizes the Company’s outstanding derivative instruments:

																		Fair Value
						Notional						Balance Sheet Location						Asset						Liability
September 30, 2021:
Interest rate lock commitments						$	16,362,632					Derivative asset, at fair value						$	266,118					$	—
Interest rate lock commitments						2,020,206						Derivative liabilities, at fair value						—						6,908
Forward sales contracts						38,373,245						Derivative asset, at fair value						75,241						—
Forward sales contracts						203,024						Derivative liabilities, at fair value						—						39
Put options on treasuries												Derivative asset, at fair value						—						—
Put options on treasuries						36,950						Derivative liabilities, at fair value						—						10,889
Interest rate swap futures												Derivative asset, at fair value						—						—
Interest rate swap futures						12,235						Derivative liabilities, at fair value						—						31,063
Total derivative financial instruments																		$	341,359					$	48,899

																		Fair Value
						Notional						Balance Sheet Location						Asset						Liability
December 31, 2020:
Interest rate lock commitments						$	31,365,494					Derivative asset, at fair value						$	647,349					$	—
Interest rate lock commitments						99,635						Derivative liabilities, at fair value						—						304
Forward sales contracts						44,694						Derivative asset, at fair value						107						—
Forward sales contracts						54,397,834						Derivative liabilities, at fair value						—						163,566
Put options on treasuries						—						Derivative asset, at fair value						—						—
Put options on treasuries						27,803						Derivative liabilities, at fair value						—						4,299
Interest rate swap futures						2,350						Derivative asset, at fair value						483						—
Interest rate swap futures						—						Derivative liabilities, at fair value						—						—
Total derivative financial instruments																		$	647,939					$	168,169

Net Gains (Losses) on Derivative Financial Instruments

The following summarizes the realized and unrealized net gains and (losses) on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:

												Three Months Ended September 30,												Nine Months Ended September 30,
Derivative instrument						Statements of Operations Location						2021						2020						2021						2020
Interest rate lock commitments, net						Gain on origination and sale of loans, net						$	(73,871)					$	202,144					$	(387,835)					$	593,450
Forward sales contracts (1)						Gain on origination and sale of loans, net						(29,867)						(181,681)						477,215						(530,186)
Interest rate swap futures						Gain on origination and sale of loans, net						(29,683)						534						(81,891)						(5,739)
Put options						Gain on origination and sale of loans, net						19,891						(10,475)						47,063						(16,404)
Forward sales contracts (1)						Change in fair value of servicing rights, net						(5,838)						28,290						(84,842)						106,315
Interest rate swap futures						Change in fair value of servicing rights, net						(14,033)						(1,350)						(6,855)						20,274
Put options						Change in fair value of servicing rights, net						(1,682)						(631)						(2,461)						(1,259)
Total realized and unrealized (losses) gains on derivative financial instruments												$	(135,083)					$	36,831					$	(39,606)					$	166,451

(1)Amounts include pair-off settlements.

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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.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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