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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 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
September 30, 2025:
Interest rate lock commitments						$	2,496,680					Derivative asset, at fair value						$	50,725					$	—
Interest rate lock commitments						690,374						Derivative liabilities, at fair value						—						2,772
Forward sale contracts						426,731						Derivative asset, at fair value						666						—
Forward sale contracts						1,426,848						Derivative liabilities, at fair value						—						7,147
Put options on treasuries						—						Derivative asset, at fair value						—						—
Put options on treasuries						7,250						Derivative liabilities, at fair value						—						2,166
Interest rate swap futures						335						Derivative asset, at fair value						3,191						—
Interest rate swap futures						—						Derivative liabilities, at fair value						—						—
												Total derivative financial instruments						$	54,582					$	12,085

																		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 September 30,												Nine Months Ended September 30,
Derivative instrument						Statements of Operations Location						2025						2024						2025						2024
Interest rate lock commitments, net						Gain on origination and sale of loans, net						$	(6,411)					$	15,874					$	22,401					$	17,681
Forward sale contracts						Gain on origination and sale of loans, net						(22,323)						(66,230)						(50,398)						(56,487)
Interest rate swap futures						Gain on origination and sale of loans, net						399						(1,621)						(17,760)						(9,096)
Put options						Gain on origination and sale of loans, net						(2,621)						(5,848)						12,802						364
Forward sale contracts						Change in fair value of servicing rights, net						7,088						12,240						11,396						(2,805)
Interest rate swap futures						Change in fair value of servicing rights, net						2,852						20,526						9,836						(16,348)
Put options						Change in fair value of servicing rights, net						189						4,858						(1,863)						(4,723)
Total realized and unrealized losses on derivative financial instruments												$	(20,827)					$	(20,201)					$	(13,586)					$	(71,414)

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- References

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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- Definition

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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