XML 51 R29.htm IDEA: XBRL DOCUMENT
v3.22.2

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
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
June 30, 2022: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 5,120,259 |  |  | Derivative asset, at fair value |  | $ | 91,886 |  |  | $ | — |
Interest rate lock commitments |  | 2,569,129 |  |  | Derivative liabilities, at fair value |  | — |  |  | 34,281 |
Forward sale contracts |  | 17,168,753 |  |  | Derivative asset, at fair value |  | 43,926 |  |  | — |
Forward sale contracts |  | 2,335,109 |  |  | Derivative liabilities, at fair value |  | — |  |  | 10,694 |
Put options on treasuries |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Put options on treasuries |  | 3,500 |  |  | Derivative liabilities, at fair value |  | — |  |  | 9,113 |
MBS put options |  | 2,150,000 |  |  | Derivative asset, at fair value |  | 17,795 |  |  | — |
MBS put options |  | 1,300,000 |  |  | Derivative liabilities, at fair value |  | — |  |  | 12,924 |
Interest rate swap futures |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Interest rate swap futures |  | 3,339 |  |  | Derivative liabilities, at fair value |  | — |  |  | 5,746 |
|  |  |  | Total derivative financial instruments |  | $ | 153,607 |  |  | $ | 72,758 |
|  |  |  |  |  | Fair Value
|  | Notional |  | Balance Sheet Location |  | Asset |  | Liability
December 31, 2021: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 11,530,721 |  |  | Derivative asset, at fair value |  | $ | 184,383 |  |  | $ | — |
Interest rate lock commitments |  | 1,125,911 |  |  | Derivative liabilities, at fair value |  | — |  |  | 3,763 |
Forward sale contracts |  | 19,482,705 |  |  | Derivative asset, at fair value |  | 5,358 |  |  | — |
Forward sale contracts |  | 13,171,462 |  |  | Derivative liabilities, at fair value |  | — |  |  | 2,964 |
Put options on treasuries |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Put options on treasuries |  | 16,980 |  |  | Derivative liabilities, at fair value |  | — |  |  | 31,070 |
Interest rate swap futures |  | 2,640 |  |  | Derivative asset, at fair value |  | 4,924 |  |  | — |
Interest rate swap futures |  | — |  |  | Derivative liabilities, at fair value |  | — |  |  | — |
|  |  |  | Total derivative financial instruments |  | $ | 194,665 |  |  | $ | 37,797 |
Net Gains (Losses) on Derivative Financial Instruments | The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:
|  |  |  | Three Months Ended June 30, |  | Six Months Ended June 30,
Derivative instrument |  | Statements of Operations Location |  | 2022 |  | 2021 |  | 2022 |  | 2021
Interest rate lock commitments, net |  | Gain on origination and sale of loans, net |  | $ | 45,605 |  |  | $ | 86,303 |  |  | $ | (123,015) |  |  | $ | (313,964) |
Forward sale contracts |  | Gain on origination and sale of loans, net |  | 297,939 |  |  | (317,263) |  |  | 962,458 |  |  | 507,082 |
Interest rate swap futures |  | Gain on origination and sale of loans, net |  | (50,848) |  |  | (22,217) |  |  | (84,530) |  |  | (52,208) |
Put options |  | Gain on origination and sale of loans, net |  | 70,593 |  |  | (6,699) |  |  | 116,159 |  |  | 27,171 |
Forward sale contracts |  | Change in fair value of servicing rights, net |  | (23,399) |  |  | 33,925 |  |  | (97,627) |  |  | (79,004) |
Interest rate swap futures |  | Change in fair value of servicing rights, net |  | (38,916) |  |  | 48,194 |  |  | (165,579) |  |  | 7,178 |
Put options |  | Change in fair value of servicing rights, net |  | (1,114) |  |  | 1,732 |  |  | (514) |  |  | (779) |
Total realized and unrealized gains (losses) on derivative financial instruments |  | $ | 299,860 |  |  | $ | (176,025) |  |  | $ | 607,352 |  |  | $ | 95,476 |

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 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 -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + 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 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration