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FAIR VALUE (Tables) | 3 Months Ended
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Mar. 31, 2025
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.
|  | March 31, 2025
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair value through net income: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 2,765,417 |  |  | $ | — |  |  | $ | 2,765,417 |
Loans held for investment |  | — |  |  | 114,447 |  |  | — |  |  | 114,447 |
Trading securities |  | — |  |  | 87,355 |  |  | — |  |  | 87,355 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | — |  |  | — |  |  | 47,268 |  |  | 47,268 |
Forward sale contracts |  | — |  |  | 908 |  |  | — |  |  | 908 |
Interest rate swap futures |  | 1,586 |  |  | — |  |  | — |  |  | 1,586 |
Servicing rights |  | — |  |  | — |  |  | 1,621,494 |  |  | 1,621,494 |
Total assets at fair value |  | $ | 1,586 |  |  | $ | 2,968,127 |  |  | $ | 1,668,762 |  |  | $ | 4,638,475 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 1,297 |  |  | $ | 1,297 |
Forward sale contracts |  | — |  |  | 10,313 |  |  | — |  |  | 10,313 |
Put options on treasuries |  | 1,843 |  |  | — |  |  | — |  |  | 1,843 |
Servicing rights |  | — |  |  | — |  |  | 18,463 |  |  | 18,463 |
Total liabilities at fair value |  | $ | 1,843 |  |  | $ | 10,313 |  |  | $ | 19,760 |  |  | $ | 31,916 |
|  | December 31, 2024
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Fair value through net income: |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |
Loans held for sale |  | $ | — |  |  | $ | 2,603,735 |  |  | $ | — |  |  | $ | 2,603,735 |
Loans held for investment |  | — |  |  | 116,627 |  |  | — |  |  | 116,627 |
Trading securities |  | — |  |  | 87,466 |  |  | — |  |  | 87,466 |
Derivative assets: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | — |  |  | — |  |  | 27,739 |  |  | 27,739 |
Forward sale contracts |  | — |  |  | 16,650 |  |  | — |  |  | 16,650 |
Servicing rights |  | — |  |  | — |  |  | 1,633,661 |  |  | 1,633,661 |
Total assets at fair value |  | $ | — |  |  | $ | 2,824,478 |  |  | $ | 1,661,400 |  |  | $ | 4,485,878 |
Liabilities: |  |  |  |  |  |  |  |
Derivative liabilities: |  |  |  |  |  |  |  |
Interest rate lock commitments |  | $ | — |  |  | $ | — |  |  | $ | 2,187 |  |  | $ | 2,187 |
Interest rate swap futures |  | 16,148 |  |  | — |  |  | — |  |  | 16,148 |
Forward sale contracts |  | — |  |  | 896 |  |  | — |  |  | 896 |
Put options on treasuries |  | 5,829 |  |  | — |  |  | — |  |  | 5,829 |
Servicing rights |  | — |  |  | — |  |  | 18,151 |  |  | 18,151 |
Total liabilities at fair value |  | $ | 21,977 |  |  | $ | 896 |  |  | $ | 20,338 |  |  | $ | 43,211 |
Schedule of 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):
|  | Three Months Ended March 31, 2025 |  |
|  | IRLCs, net |  | Servicing Rights, net |  |  |  |
Balance at beginning of period |  | $ | 25,552 |  |  | $ | 1,615,510 |  |  |  |  |
Total net gains (losses) included in: |  |  |  |  |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |  |  |  |  |
Issuances and additions |  | 121,183 |  |  | 52,686 |  |  |  |  |
Fallout |  | (19,844) |  |  | — |  |  |  |  |
Transfers of IRLC to LHFS |  | (80,920) |  |  | — |  |  |  |  |
Valuation changes in servicing rights, net(1) |  | — |  |  | (59,803) |  |  |  |  |
Sales |  | — |  |  | (5,362) |  |  |  |  |
Balance at end of period |  | $ | 45,971 |  |  | $ | 1,603,031 |  |  |  |  |
(1)The change in unrealized gains or losses relating to servicing rights still held at March 31, 2025 amounted to a net loss of $34.9 million for the three months ended March 31, 2025.
|  | Three Months Ended March 31, 2024 |  |
|  | IRLCs, net |  | Servicing Rights, net |  |  |  |
Balance at beginning of period |  | $ | 47,940 |  |  | $ | 1,985,718 |  |  |  |  |
Total net gains (losses) included in: |  |  |  |  |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |  |  |  |  |
Issuances and additions |  | 97,330 |  |  | 48,375 |  |  |  |  |
Fallout |  | (20,869) |  |  | — |  |  |  |  |
Transfers of IRLC to LHFS |  | (74,238) |  |  | — |  |  |  |  |
Valuation changes in servicing rights, net(1) |  | — |  |  | (7,816) |  |  |  |  |
Sales |  | — |  |  | (56,113) |  |  |  |  |
Balance at end of period |  | $ | 50,163 |  |  | $ | 1,970,164 |  |  |  |  |
(1)The change in unrealized gains or losses relating to servicing rights that were still held at March 31, 2024, amounted to a net gain of $12.5 million for the three months ended March 31, 2024.
Schedule of 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):
|  | Three Months Ended March 31, 2025 |  |
|  | IRLCs, net |  | Servicing Rights, net |  |  |  |
Balance at beginning of period |  | $ | 25,552 |  |  | $ | 1,615,510 |  |  |  |  |
Total net gains (losses) included in: |  |  |  |  |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |  |  |  |  |
Issuances and additions |  | 121,183 |  |  | 52,686 |  |  |  |  |
Fallout |  | (19,844) |  |  | — |  |  |  |  |
Transfers of IRLC to LHFS |  | (80,920) |  |  | — |  |  |  |  |
Valuation changes in servicing rights, net(1) |  | — |  |  | (59,803) |  |  |  |  |
Sales |  | — |  |  | (5,362) |  |  |  |  |
Balance at end of period |  | $ | 45,971 |  |  | $ | 1,603,031 |  |  |  |  |
(1)The change in unrealized gains or losses relating to servicing rights still held at March 31, 2025 amounted to a net loss of $34.9 million for the three months ended March 31, 2025.
|  | Three Months Ended March 31, 2024 |  |
|  | IRLCs, net |  | Servicing Rights, net |  |  |  |
Balance at beginning of period |  | $ | 47,940 |  |  | $ | 1,985,718 |  |  |  |  |
Total net gains (losses) included in: |  |  |  |  |  |  |  |
Gain on origination and sale of loans, net: |  |  |  |  |  |  |  |
Issuances and additions |  | 97,330 |  |  | 48,375 |  |  |  |  |
Fallout |  | (20,869) |  |  | — |  |  |  |  |
Transfers of IRLC to LHFS |  | (74,238) |  |  | — |  |  |  |  |
Valuation changes in servicing rights, net(1) |  | — |  |  | (7,816) |  |  |  |  |
Sales |  | — |  |  | (56,113) |  |  |  |  |
Balance at end of period |  | $ | 50,163 |  |  | $ | 1,970,164 |  |  |  |  |
(1)The change in unrealized gains or losses relating to servicing rights that were still held at March 31, 2024, amounted to a net gain of $12.5 million for the three months ended March 31, 2024.
Schedule of 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:
|  | March 31, 2025 |  | December 31, 2024
Unobservable Input |  | Range of inputs |  | Weighted Average(1) |  | Range of inputs |  | Weighted Average(1)
IRLCs |  |  |  |  |  |  |  |  |  |  |  |
Pull-through rate |  | 0.1% | - | 99.9% |  | 74.8% |  | 0.1% | - | 99.9% |  | 75.2%
Servicing rights |  |  |  |  |  |  |  |  |  |  |  |
Discount rate(2) |  | 4.1% | - | 17.9% |  | 6.5% |  | 4.1% | - | 17.5% |  | 6.5%
Prepayment rate |  | 5.6% | - | 14.5% |  | 8.8% |  | 5.4% | - | 16.7% |  | 8.1%
Cost to service (per loan) |  | $73 | - | $127 |  | $97 |  | $73 | - | $129 |  | $96
(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.
Schedule of 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, loans eligible for repurchase, 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:
|  | March 31, 2025 |  | December 31, 2024
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Senior Notes |  | $ | 815,626 |  |  | $ | 729,828 |  |  | $ | 812,122 |  |  | $ | 779,872 |
Other secured financings |  | $ | 95,046 |  |  | $ | 96,435 |  |  | $ | 97,767 |  |  | $ | 98,820 |

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- 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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- 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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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