DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Net Unrealized Hedging Gains |
Changes in the fair value of the Company's derivative financial instruments are as follows:
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Three Months Ended
September 30, |
Nine Months Ended
September 30, |
(in thousands) |
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2025 |
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2024 |
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2025 |
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2024 |
| Unrealized hedging gains (losses) |
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$ |
3,937 |
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$ |
(2,483) |
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$ |
(1,444) |
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$ |
15,023 |
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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 as of September 30, 2025 and December 31, 2024:
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Fair Value |
(in thousands) |
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Notional
Value |
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Derivative
Asset |
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Derivative
Liability |
| September 30, 2025 |
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| IRLCs |
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$ |
2,412,553 |
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$ |
22,837 |
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$ |
— |
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| Forward delivery commitments and best efforts sales commitments |
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$ |
3,105,313 |
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$ |
1,190 |
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$ |
6,090 |
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| December 31, 2024 |
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| IRLCs |
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$ |
1,072,217 |
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$ |
7,964 |
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$ |
— |
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| Forward delivery commitments and best efforts sales commitments |
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$ |
2,092,660 |
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$ |
9,074 |
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$ |
2,487 |
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| 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:
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September 30,
2025 |
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December 31,
2024 |
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| Unobservable Input |
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Range (Weighted Average) |
| Loan funding probability (“pull-through”) |
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0% - 100% (89.8%) |
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0% - 100% (88.7%) |
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| 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 September 30, 2025 and December 31, 2024:
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(in thousands) |
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Gross
Amounts of
Recognized
Assets (Liabilities) in
the Balance
Sheet
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Gross
Amounts
Offset in the
Balance
Sheet |
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Cash Collateral Paid and Offset in the Balance Sheet |
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Net
Amounts of
Recognized
Assets (Liabilities) in
the Balance
Sheet |
| September 30, 2025 |
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Forward delivery commitments |
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$ |
2,012 |
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$ |
(5,652) |
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$ |
4,830 |
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$ |
1,190 |
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| Total assets |
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$ |
2,012 |
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$ |
(5,652) |
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$ |
4,830 |
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$ |
1,190 |
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| Forward delivery commitments and best efforts sales commitments |
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$ |
(7,490) |
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$ |
1,400 |
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$ |
— |
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$ |
(6,090) |
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| Total liabilities |
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$ |
(7,490) |
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$ |
1,400 |
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$ |
— |
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$ |
(6,090) |
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| December 31, 2024 |
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| Forward delivery commitments |
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$ |
9,500 |
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$ |
(426) |
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$ |
— |
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$ |
9,074 |
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| Total assets |
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$ |
9,500 |
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$ |
(426) |
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$ |
— |
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$ |
9,074 |
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| Forward delivery commitments and best efforts sales commitments |
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$ |
(2,487) |
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$ |
— |
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$ |
— |
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$ |
(2,487) |
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| Total liabilities |
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$ |
(2,487) |
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$ |
— |
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$ |
— |
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$ |
(2,487) |
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| Schedule of Financial Assets 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 September 30, 2025 and December 31, 2024:
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(in thousands) |
|
Gross
Amounts of
Recognized
Assets (Liabilities) in
the Balance
Sheet
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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 |
| September 30, 2025 |
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Forward delivery commitments |
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$ |
2,012 |
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$ |
(5,652) |
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$ |
4,830 |
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$ |
1,190 |
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| Total assets |
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$ |
2,012 |
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$ |
(5,652) |
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$ |
4,830 |
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$ |
1,190 |
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| Forward delivery commitments and best efforts sales commitments |
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$ |
(7,490) |
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$ |
1,400 |
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$ |
— |
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$ |
(6,090) |
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| Total liabilities |
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$ |
(7,490) |
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$ |
1,400 |
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$ |
— |
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$ |
(6,090) |
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| December 31, 2024 |
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| Forward delivery commitments |
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$ |
9,500 |
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$ |
(426) |
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$ |
— |
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$ |
9,074 |
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| Total assets |
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$ |
9,500 |
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$ |
(426) |
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$ |
— |
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$ |
9,074 |
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| Forward delivery commitments and best efforts sales commitments |
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$ |
(2,487) |
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$ |
— |
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$ |
— |
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$ |
(2,487) |
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| Total liabilities |
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$ |
(2,487) |
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$ |
— |
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$ |
— |
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$ |
(2,487) |
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