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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

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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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

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Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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