XML 47 R34.htm IDEA: XBRL DOCUMENT
v3.24.0.1

FAIR VALUE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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.
|  | December 31, 2023
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair value through net income: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 2,132,880 |  |  | $ | — |  |  | $ | 2,132,880 |
Trading securities |  | — |  |  | 92,901 |  |  | — |  |  | 92,901 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | — |  |  | — |  |  | 49,112 |  |  | 49,112 |
Forward sale contracts |  | — |  |  | 16,610 |  |  | — |  |  | 16,610 |
Interest rate swap futures |  | 26,476 |  |  | — |  |  | — |  |  | 26,476 |
MBS put options |  | — |  |  | 1,376 |  |  | — |  |  | 1,376 |
Servicing rights |  | — |  |  | — |  |  | 1,999,763 |  |  | 1,999,763 |
Total assets at fair value |  | $ | 26,476 |  |  | $ | 2,243,767 |  |  | $ | 2,048,875 |  |  | $ | 4,319,118 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 1,172 |  |  | $ | 1,172 |
Forward sale contracts |  | — |  |  | 83,728 |  |  | — |  |  | 83,728 |
Put options on treasuries |  | 62 |  |  | — |  |  | — |  |  | 62 |
Servicing rights |  | — |  |  | — |  |  | 14,045 |  |  | 14,045 |
Total liabilities at fair value |  | $ | 62 |  |  | $ | 83,728 |  |  | $ | 15,217 |  |  | $ | 99,007 |
|  | December 31, 2022
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair value through net income: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 2,373,427 |  |  | $ | — |  |  | $ | 2,373,427 |
Trading securities |  | — |  |  | 94,243 |  |  | — |  |  | 94,243 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | — |  |  | — |  |  | 29,374 |  |  | 29,374 |
Forward sale contracts |  | — |  |  | 6,676 |  |  | — |  |  | 6,676 |
MBS put options |  | — |  |  | 3,361 |  |  | — |  |  | 3,361 |
Servicing rights |  | — |  |  | — |  |  | 2,037,447 |  |  | 2,037,447 |
Total assets at fair value |  | $ | — |  |  | $ | 2,477,707 |  |  | $ | 2,066,821 |  |  | $ | 4,544,528 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 5,784 |  |  | $ | 5,784 |
Interest rate swap futures |  | 7,395 |  |  | — |  |  | — |  |  | 7,395 |
Forward sale contracts |  | — |  |  | 43,482 |  |  | — |  |  | 43,482 |
Put options on treasuries |  | 10,831 |  |  | — |  |  | — |  |  | 10,831 |
Servicing rights |  | — |  |  | — |  |  | 12,311 |  |  | 12,311 |
Total liabilities at fair value |  | $ | 18,226 |  |  | $ | 43,482 |  |  | $ | 18,095 |  |  | $ | 79,803 |
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):
|  | Year Ended December 31, 2023
|  | IRLCs, net |  | Servicing Rights, net
Balance at beginning of period |  | $ | 23,590 |  |  | $ | 2,025,136 |
Total net gains (losses) included in: |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |
Issuances and additions |  | 387,498 |  |  | 277,387 |
Transfers of IRLC to LHFS |  | (275,451) |  |  | — |
Other factors |  | (87,697) |  |  | — |
Change in fair value of servicing rights, net(1) |  | — |  |  | (136,118) |
Sales |  | — |  |  | (180,687) |
Balance at end of period |  | $ | 47,940 |  |  | $ | 1,985,718 |
(1)The change in unrealized gains or losses relating to servicing rights still held at December 31, 2023 amounted to a net loss of $61.1 million for the year ended December 31, 2023.
|  | Year Ended December 31, 2022
|  | IRLCs, net |  | Servicing Rights, net
Balance at beginning of period |  | $ | 180,620 |  |  | $ | 1,999,402 |
Total net gains (losses) included in: |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |
Issuances and additions |  | 380,443 |  |  | 647,716 |
Transfers of IRLC to LHFS |  | (377,071) |  |  | — |
Other factors |  | (160,402) |  |  | — |
Change in fair value of servicing rights, net(1) |  | — |  |  | 143,169 |
Sales |  | — |  |  | (765,151) |
Balance at end of period |  | $ | 23,590 |  |  | $ | 2,025,136 |
(1)The change in unrealized gains or losses relating to servicing rights that were still held at December 31, 2022, amounted to a net gain of $710.3 million for the year ended December 31, 2022.
| Year Ended December 31, 2021
|  | IRLCs, net |  | Servicing Rights, net
Balance at beginning of period |  | $ | 647,045 |  |  | $ | 1,124,302 |
Total net gains (losses) included in: |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |
Issuances and additions |  | 2,169,847 |  |  | 1,610,596 |
Transfers of IRLC to LHFS |  | (1,969,541) |  |  | — |
Other factors |  | (666,731) |  |  | — |
Change in fair value of servicing rights, net(1) |  | — |  |  | (351,767) |
Sales |  | — |  |  | (383,729) |
Balance at end of period |  | $ | 180,620 |  |  | $ | 1,999,402 |
(1)The change in unrealized gains or losses relating to servicing rights that were still held at December 31, 2021, amounted to a net gain of $1.3 billion for the year ended December 31, 2021.
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):
|  | Year Ended December 31, 2023
|  | IRLCs, net |  | Servicing Rights, net
Balance at beginning of period |  | $ | 23,590 |  |  | $ | 2,025,136 |
Total net gains (losses) included in: |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |
Issuances and additions |  | 387,498 |  |  | 277,387 |
Transfers of IRLC to LHFS |  | (275,451) |  |  | — |
Other factors |  | (87,697) |  |  | — |
Change in fair value of servicing rights, net(1) |  | — |  |  | (136,118) |
Sales |  | — |  |  | (180,687) |
Balance at end of period |  | $ | 47,940 |  |  | $ | 1,985,718 |
(1)The change in unrealized gains or losses relating to servicing rights still held at December 31, 2023 amounted to a net loss of $61.1 million for the year ended December 31, 2023.
|  | Year Ended December 31, 2022
|  | IRLCs, net |  | Servicing Rights, net
Balance at beginning of period |  | $ | 180,620 |  |  | $ | 1,999,402 |
Total net gains (losses) included in: |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |
Issuances and additions |  | 380,443 |  |  | 647,716 |
Transfers of IRLC to LHFS |  | (377,071) |  |  | — |
Other factors |  | (160,402) |  |  | — |
Change in fair value of servicing rights, net(1) |  | — |  |  | 143,169 |
Sales |  | — |  |  | (765,151) |
Balance at end of period |  | $ | 23,590 |  |  | $ | 2,025,136 |
(1)The change in unrealized gains or losses relating to servicing rights that were still held at December 31, 2022, amounted to a net gain of $710.3 million for the year ended December 31, 2022.
| Year Ended December 31, 2021
|  | IRLCs, net |  | Servicing Rights, net
Balance at beginning of period |  | $ | 647,045 |  |  | $ | 1,124,302 |
Total net gains (losses) included in: |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |
Issuances and additions |  | 2,169,847 |  |  | 1,610,596 |
Transfers of IRLC to LHFS |  | (1,969,541) |  |  | — |
Other factors |  | (666,731) |  |  | — |
Change in fair value of servicing rights, net(1) |  | — |  |  | (351,767) |
Sales |  | — |  |  | (383,729) |
Balance at end of period |  | $ | 180,620 |  |  | $ | 1,999,402 |
(1)The change in unrealized gains or losses relating to servicing rights that were still held at December 31, 2021, amounted to a net gain of $1.3 billion for the year ended December 31, 2021.
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:
|  | December 31, 2023 |  | December 31, 2022
Unobservable Input |  | Range of inputs |  | Weighted Average(1) |  | Range of inputs |  | Weighted Average(1)
IRLCs |  |  |  |  |  |  |  |  |  |  |  |
Pull-through rate |  | 2.7% | - | 99.9% |  | 76.7% |  | 8.4% | - | 99.9% |  | 75.3%
Servicing rights |  |  |  |  |  |  |  |  |  |  |  |
Discount rate(2) |  | 4.6% | - | 16.8% |  | 6.4% |  | 5.0% | - | 16.1% |  | 6.5%
Prepayment rate(2) |  | 5.6% | - | 22.4% |  | 8.1% |  | 5.8% | - | 17.6% |  | 7.2%
Cost to service (per loan) |  | $72 | - | $126 |  | $90 |  | $63 | - | $138 |  | $87
(1)Weighted average inputs are based on the committed amounts for IRLCs and the UPB of the underlying loans for servicing rights. (2)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.
Fair Value, Assets Not Measured on Recurring and Nonrecurring Basis | The following table presents the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements that are not recorded at fair value on a recurring or nonrecurring basis. The table excludes cash and cash equivalents, restricted cash, warehouse and other lines of credit, and secured debt facilities as these financial instruments are highly liquid or short-term in nature and as a result, their carrying amounts approximate fair value:
|  | December 31, 2023 |  | December 31, 2022
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Senior Notes |  | $ | 989,318 |  |  | $ | 886,492 |  |  | $ | 991,822 |  |  | $ | 645,495 |

X
- Definition Fair Value, Assets Not Measured on Recurring and Nonrecurring Basis + References No definition available. + Details
Name: | ldi_FairValueAssetsNotMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | ldi_
Data Type: | dtr-types:textBlockItemType
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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration