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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
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
December 31, 2023: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 2,007,175 |  |  | Derivative asset, at fair value |  | $ | 49,112 |  |  |
Interest rate lock commitments |  | 163,161 |  |  | Derivative liabilities, at fair value |  | — |  |  | 1,172 |
Forward sale contracts |  | 449,419 |  |  | Derivative asset, at fair value |  | 16,610 |  |  | — |
Forward sale contracts |  | 2,234,930 |  |  | Derivative liabilities, at fair value |  | — |  |  | 83,728 |
Put options on treasuries |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Put options on treasuries |  | 9,730 |  |  | Derivative liabilities, at fair value |  | — |  |  | 62 |
MBS put options |  | 200,000 |  |  | Derivative asset, at fair value |  | 1,376 |  |  | — |
MBS put options |  | — |  |  | Derivative liabilities, at fair value |  | — |  |  | — |
Interest rate swap futures |  | 3,240 |  |  | Derivative asset, at fair value |  | 26,476 |  |  | — |
Interest rate swap futures |  | — |  |  | Derivative liabilities, at fair value |  | — |  |  | — |
|  |  |  | Total derivative financial instruments |  | $ | 93,574 |  |  | $ | 84,962 |
|  |  |  |  |  | Fair Value
|  | Notional |  | Balance Sheet Location |  | Asset |  | Liability
December 31, 2022: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 1,591,807 |  |  | Derivative asset, at fair value |  | $ | 29,374 |  |  | $ | — |
Interest rate lock commitments |  | 622,706 |  |  | Derivative liabilities, at fair value |  | — |  |  | 5,784 |
Forward sale contracts |  | 309,809 |  |  | Derivative asset, at fair value |  | 6,676 |  |  | — |
Forward sale contracts |  | 2,963,685 |  |  | Derivative liabilities, at fair value |  | — |  |  | 43,482 |
Put options on treasuries |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Put options on treasuries |  | 8,050 |  |  | Derivative liabilities, at fair value |  | — |  |  | 10,831 |
MBS put options |  | 400,000 |  |  | Derivative asset, at fair value |  | 3,361 |  |  | — |
MBS put options |  | — |  |  | Derivative liabilities, at fair value |  | — |  |  | — |
Interest rate swap futures |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Interest rate swap futures |  | 211 |  |  | Derivative liabilities, at fair value |  | — |  |  | 7,395 |
|  |  |  | Total derivative financial instruments |  | $ | 39,411 |  |  | $ | 67,492 |
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:
|  |  |  | Year Ended December 31,
Derivative instrument |  | Statements of Operations Location |  | 2023 |  | 2022 |  | 2021
Interest rate lock commitments, net |  | Gain on origination and sale of loans, net |  | $ | 24,350 |  |  | $ | (157,030) |  |  | $ | (466,425) |
Forward sale contracts |  | Gain on origination and sale of loans, net |  | 6,958 |  |  | 1,195,708 |  |  | 540,811 |
Interest rate swap futures |  | Gain on origination and sale of loans, net |  | (31,328) |  |  | (81,259) |  |  | (111,300) |
Put options |  | Gain on origination and sale of loans, net |  | 20,221 |  |  | 123,075 |  |  | 75,728 |
Forward sale contracts |  | Change in fair value of servicing rights, net |  | (13,763) |  |  | (114,244) |  |  | (89,127) |
Interest rate swap futures |  | Change in fair value of servicing rights, net |  | (22,572) |  |  | (201,259) |  |  | 9,071 |
Put options |  | Change in fair value of servicing rights, net |  | (11,584) |  |  | (7,806) |  |  | (2,822) |
Total realized and unrealized losses on derivative financial instruments |  | $ | (27,718) |  |  | $ | 757,185 |  |  | $ | (44,064) |

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