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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
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
NotionalBalance Sheet LocationAssetLiability
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 value16,610 — 
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 value1,376 — 
MBS put options — Derivative liabilities, at fair value— — 
Interest rate swap futures 3,240 Derivative asset, at fair value26,476 — 
Interest rate swap futures — Derivative liabilities, at fair value— — 
Total derivative financial instruments$93,574 $84,962 

Fair Value
NotionalBalance Sheet LocationAssetLiability
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 contracts309,809 Derivative asset, at fair value6,676 — 
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 options400,000 Derivative asset, at fair value3,361 — 
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 instrumentStatements of Operations Location202320222021
Interest rate lock commitments, netGain on origination and sale of loans, net$24,350 $(157,030)$(466,425)
Forward sale contractsGain on origination and sale of loans, net6,958 1,195,708 540,811 
Interest rate swap futuresGain on origination and sale of loans, net(31,328)(81,259)(111,300)
Put optionsGain on origination and sale of loans, net20,221 123,075 75,728 
Forward sale contractsChange in fair value of servicing rights, net(13,763)(114,244)(89,127)
Interest rate swap futuresChange in fair value of servicing rights, net(22,572)(201,259)9,071 
Put optionsChange 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)