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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 3 Months Ended
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Mar. 31, 2025
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
March 31, 2025: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 2,114,076 |  |  | Derivative asset, at fair value |  | $ | 47,268 |  |  | $ | — |
Interest rate lock commitments |  | 381,657 |  |  | Derivative liabilities, at fair value |  | — |  |  | 1,297 |
Forward sale contracts |  | 245,116 |  |  | Derivative asset, at fair value |  | 908 |  |  | — |
Forward sale contracts |  | 2,317,955 |  |  | Derivative liabilities, at fair value |  | — |  |  | 10,313 |
Put options on treasuries |  | 6,450 |  |  | Derivative asset, at fair value |  | — |  |  | — |
Put options on treasuries |  | — |  |  | Derivative liabilities, at fair value |  | — |  |  | 1,843 |
Interest rate swap futures |  | 3,183 |  |  | Derivative asset, at fair value |  | 1,586 |  |  | — |
Interest rate swap futures |  | — |  |  | Derivative liabilities, at fair value |  | — |  |  | — |
|  |  |  | Total derivative financial instruments |  | $ | 49,762 |  |  | $ | 13,453 |
|  |  |  |  |  | Fair Value
|  | Notional |  | Balance Sheet Location |  | Asset |  | Liability
December 31, 2024: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | 1,424,965 |  |  | Derivative asset, at fair value |  | $ | 27,739 |  |  | $ | — |
Interest rate lock commitments |  | 370,092 |  |  | Derivative liabilities, at fair value |  | — |  |  | 2,187 |
Forward sale contracts |  | 2,070,542 |  |  | Derivative asset, at fair value |  | 16,650 |  |  | — |
Forward sale contracts |  | 29,567 |  |  | Derivative liabilities, at fair value |  | — |  |  | 896 |
Put options on treasuries |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Put options on treasuries |  | 2,878 |  |  | Derivative liabilities, at fair value |  | — |  |  | 5,829 |
Interest rate swap futures |  | — |  |  | Derivative asset, at fair value |  | — |  |  | — |
Interest rate swap futures |  | 2,075 |  |  | Derivative liabilities, at fair value |  | — |  |  | 16,148 |
|  |  |  | Total derivative financial instruments |  | $ | 44,389 |  |  | $ | 25,060 |
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 March 31, |  |
Derivative instrument |  | Statements of Operations Location |  | 2025 |  | 2024 |  |  |  |
Interest rate lock commitments, net |  | Gain on origination and sale of loans, net |  | $ | 20,419 |  |  | $ | 2,223 |  |  |  |  |
Forward sale contracts |  | Gain on origination and sale of loans, net |  | (26,830) |  |  | 3,461 |  |  |  |  |
Interest rate swap futures |  | Gain on origination and sale of loans, net |  | (7,404) |  |  | (2,719) |  |  |  |  |
Put options |  | Gain on origination and sale of loans, net |  | 4,515 |  |  | 6 |  |  |  |  |
Forward sale contracts |  | Change in fair value of servicing rights, net |  | 4,704 |  |  | (6,555) |  |  |  |  |
Interest rate swap futures |  | Change in fair value of servicing rights, net |  | 12,635 |  |  | (22,616) |  |  |  |  |
Put options |  | Change in fair value of servicing rights, net |  | 1,465 |  |  | (7,148) |  |  |  |  |
Total realized and unrealized gains (losses) on derivative financial instruments |  | $ | 9,504 |  |  | $ | (33,348) |  |  |  |  |

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