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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 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.

						September 30, 2025
						Level 1						Level 2						Level 3						Total
Fair value through net income:
Assets:
Loans held for sale						$	—					$	2,606,361					$	—					$	2,606,361
Loans held for investment						—						111,341						—						111,341
Trading securities						—						85,980						—						85,980
Derivative assets:
Interest rate lock commitments						—						—						50,725						50,725
Forward sale contracts						—						666						—						666
Interest rate swap futures						3,191						—						—						3,191
Servicing rights						—						—						1,637,930						1,637,930
Total assets at fair value						$	3,191					$	2,804,348					$	1,688,655					$	4,496,194
Liabilities:
Derivative liabilities:
Interest rate lock commitments						$	—					$	—					$	2,772					$	2,772
Forward sale contracts						—						7,147						—						7,147
Put options on treasuries						2,166						—						—						2,166
Servicing rights						—						—						19,671						19,671
Total liabilities at fair value						$	2,166					$	7,147					$	22,443					$	31,756

						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 September 30, 2025												Nine Months Ended September 30, 2025
						IRLCs, net						Servicing Rights, net						IRLCs, net						Servicing Rights, net
Balance at beginning of period						$	54,364					$	1,616,854					$	25,552					$	1,615,510
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions						127,272						69,163						374,608						188,789
Fallout						(25,267)						—						(68,337)						—
Transfers of IRLC to LHFS						(108,416)						—						(283,870)						—
Valuation changes in servicing rights, net(1)						—						(56,116)						—						(158,562)
Sales						—						(11,642)						—						(27,478)
Balance at end of period						$	47,953					$	1,618,259					$	47,953					$	1,618,259

(1)The change in unrealized gains or losses relating to servicing rights still held at September 30, 2025 amounted to a net loss of $23.5 million and a net gain of $31.9 million for the three and nine months ended September 30, 2025, respectively.

						Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
						IRLCs, net						Servicing Rights, net						IRLCs, net						Servicing Rights, net
Balance at beginning of period						$	49,747					$	1,566,463					$	47,940					$	1,985,718
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions						149,859						62,039						340,279						176,529
Fallout						(29,560)						—						(70,218)						—
Transfers of IRLC to LHFS						(104,425)						—						(252,380)						—
Valuation changes in servicing rights, net(1)						—						(94,023)						—						(132,457)
Sales						—						(8,466)						—						(503,777)
Balance at end of period						$	65,621					$	1,526,013					$	65,621					$	1,526,013

(1)The change in unrealized gains or losses relating to servicing rights that were still held at September 30, 2024, amounted to a net loss of $62.8 million and a net gain of $33.6 million for the three and nine months ended September 30, 2024, respectively.

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 September 30, 2025												Nine Months Ended September 30, 2025
						IRLCs, net						Servicing Rights, net						IRLCs, net						Servicing Rights, net
Balance at beginning of period						$	54,364					$	1,616,854					$	25,552					$	1,615,510
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions						127,272						69,163						374,608						188,789
Fallout						(25,267)						—						(68,337)						—
Transfers of IRLC to LHFS						(108,416)						—						(283,870)						—
Valuation changes in servicing rights, net(1)						—						(56,116)						—						(158,562)
Sales						—						(11,642)						—						(27,478)
Balance at end of period						$	47,953					$	1,618,259					$	47,953					$	1,618,259

(1)The change in unrealized gains or losses relating to servicing rights still held at September 30, 2025 amounted to a net loss of $23.5 million and a net gain of $31.9 million for the three and nine months ended September 30, 2025, respectively.

						Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
						IRLCs, net						Servicing Rights, net						IRLCs, net						Servicing Rights, net
Balance at beginning of period						$	49,747					$	1,566,463					$	47,940					$	1,985,718
Total net gains (losses) included in:
Gain on origination and sale of loans, net:
Issuances and additions						149,859						62,039						340,279						176,529
Fallout						(29,560)						—						(70,218)						—
Transfers of IRLC to LHFS						(104,425)						—						(252,380)						—
Valuation changes in servicing rights, net(1)						—						(94,023)						—						(132,457)
Sales						—						(8,466)						—						(503,777)
Balance at end of period						$	65,621					$	1,526,013					$	65,621					$	1,526,013

(1)The change in unrealized gains or losses relating to servicing rights that were still held at September 30, 2024, amounted to a net loss of $62.8 million and a net gain of $33.6 million for the three and nine months ended September 30, 2024, respectively.

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:

						September 30, 2025																		December 31, 2024
Unobservable Input						Range of inputs												Weighted Average(1)						Range of inputs												Weighted Average(1)
IRLCs
Pull-through rate						6.9%			-			99.9%						78.9%						0.1%			-			99.9%						75.2%
Servicing rights
Discount rate(2)						3.7%			-			18.1%						6.8%						4.1%			-			17.5%						6.5%
Prepayment rate						5.8%			-			14.0%						9.0%						5.4%			-			16.7%						8.1%
Cost to service (per loan)						$73			-			$132						$99						$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:

						September 30, 2025												December 31, 2024
						Carrying Amount						Estimated Fair Value						Carrying Amount						Estimated Fair Value
Senior Notes						$	822,991					$	819,289					$	812,122					$	779,872
Other secured financings						$	89,825					$	91,097					$	97,767					$	98,820

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