DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended |
Sep. 30, 2023 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Changes in Fair Value of Derivative Instruments |
Changes in the fair value of the Company's derivative financial instruments are as follows:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
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2022 |
| Unrealized hedging gains |
$ |
10,699 |
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$ |
29,290 |
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$ |
26,454 |
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$ |
22,366 |
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| Schedule of Notional and Fair Value of Derivative Financial Instruments Not Designated as Hedging Instruments |
The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows at September 30, 2023 and December 31, 2022:
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Fair Value |
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Notional
Value |
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Derivative
Asset |
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Derivative
Liability |
| Balance at September 30, 2023 |
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| IRLCs |
$ |
1,212,847 |
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$ |
12,219 |
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$ |
— |
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| Forward delivery commitments and best efforts sales commitments |
$ |
1,387,849 |
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$ |
12,182 |
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$ |
— |
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| Balance at December 31, 2022 |
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| IRLCs |
$ |
810,514 |
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$ |
1,518 |
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$ |
— |
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| Forward delivery commitments and best efforts sales commitments |
$ |
1,127,154 |
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$ |
1,602 |
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$ |
5,173 |
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| Schedule of Quantitative Information About IRLCs and Fair Value Measurements |
The following table presents the quantitative information about IRLCs and the fair value measurements:
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September 30, 2023 |
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December 31, 2022 |
| Unobservable Input |
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Range (Weighted Average) |
| Loan funding probability (“pull-through”) |
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0% -100% (84.3%) |
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0% - 100% (93.4%) |
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| Schedule of Financial Liabilities that are Subject to Master Netting Arrangements or Similar Agreements Categorized by Financial Instrument |
The table below represents financial assets and liabilities that are subject to master netting arrangements categorized by financial instrument:
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Gross
Amounts of
Recognized Assets
(Liabilities) |
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Gross
Amounts
Offset in the
Balance
Sheet |
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Net
Amounts of
Recognized Assets
(Liabilities) in
the Balance
Sheet |
| September 30, 2023 |
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| Forward delivery commitments and best efforts sales commitments |
$ |
12,609 |
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$ |
(427) |
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$ |
12,182 |
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| Total assets |
$ |
12,609 |
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$ |
(427) |
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$ |
12,182 |
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| December 31, 2022 |
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| Forward delivery commitments |
$ |
1,887 |
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$ |
(285) |
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$ |
1,602 |
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| Total assets |
$ |
1,887 |
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$ |
(285) |
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$ |
1,602 |
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| Forward delivery commitments and best efforts sales commitments |
$ |
(11,399) |
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$ |
4,959 |
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$ |
(6,440) |
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| Margin calls |
1,267 |
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— |
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1,267 |
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| Total liabilities |
$ |
(10,132) |
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$ |
4,959 |
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$ |
(5,173) |
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| Schedule of Financial Assets that are Subject to Master Netting Arrangements or Similar Agreements Categorized by Financial Instrument |
The table below represents financial assets and liabilities that are subject to master netting arrangements categorized by financial instrument:
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Gross
Amounts of
Recognized Assets
(Liabilities) |
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Gross
Amounts
Offset in the
Balance
Sheet |
|
Net
Amounts of
Recognized Assets
(Liabilities) in
the Balance
Sheet |
| September 30, 2023 |
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| Forward delivery commitments and best efforts sales commitments |
$ |
12,609 |
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$ |
(427) |
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$ |
12,182 |
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| Total assets |
$ |
12,609 |
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$ |
(427) |
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$ |
12,182 |
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| December 31, 2022 |
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| Forward delivery commitments |
$ |
1,887 |
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$ |
(285) |
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$ |
1,602 |
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| Total assets |
$ |
1,887 |
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$ |
(285) |
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$ |
1,602 |
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| Forward delivery commitments and best efforts sales commitments |
$ |
(11,399) |
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$ |
4,959 |
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$ |
(6,440) |
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| Margin calls |
1,267 |
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— |
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1,267 |
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| Total liabilities |
$ |
(10,132) |
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$ |
4,959 |
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$ |
(5,173) |
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