Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Net Unrealized Hedging Gains
Changes in the fair value of the Company's derivative financial instruments are as follows:
Three Months Ended
March 31,
(in thousands)
 2024 2023
Unrealized hedging gains
 $ 25,072  $ 6,052 
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 as of March 31, 2024 and December 31, 2023:
Fair Value
(in thousands)
 Notional
Value		 Derivative
Asset		 Derivative
Liability
Balance at March 31, 2024
IRLCs $ 1,703,364  $ 23,588  $ — 
Forward delivery commitments and best efforts sales commitments $ 1,780,686  $ 142  $ 3,918 
Balance at December 31, 2023
IRLCs $ 821,865  $ 14,902  $ — 
Forward delivery commitments and best efforts sales commitments $ 933,850  $ 693  $ 16,245 
Schedule of Quantitative Information About IRLCs and Fair Value Measurements
The following table presents the unobservable input assumption used to determine the fair value of IRLCs as of March 31, 2024 and December 31, 2023:
March 31,
2024		 December 31,
2023
Unobservable Input Range (Weighted Average)
Loan funding probability (“pull-through”)
0% - 100% (88.0%)
0% - 100% (86.5%)
Schedule of Financial Liabilities 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 as of March 31, 2024 and December 31, 2023:
(in thousands)
Gross
Amounts of
Recognized
Assets (Liabilities) in
the Balance
Sheet
 Gross
Amounts
Offset in the
Balance
Sheet
Cash Collateral Paid and Offset in the Balance Sheet
 Net
Amounts of
Recognized
Assets (Liabilities) in
the Balance
Sheet
March 31, 2024
Forward delivery commitments
$ 540  $ (398) $ —  $ 142 
Total assets $ 540  $ (398) $ —  $ 142 
Forward delivery commitments and best efforts sales commitments $ (5,822) $ 1,282  $ 622  $ (3,918)
Total liabilities $ (5,822) $ 1,282  $ 622  $ (3,918)
December 31, 2023
Forward delivery commitments $ 8  $ (2,837) $ 3,522  $ 693 
Total assets $ 8  $ (2,837) $ 3,522  $ 693 
Forward delivery commitments and best efforts sales commitments $ (18,105) $ 148  $ 1,712  $ (16,245)
Total liabilities $ (18,105) $ 148  $ 1,712  $ (16,245)