Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2021 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Net Unrealized Hedging Gains |
Net unrealized hedging gains were as follows:
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Three Months Ended March 31, |
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2021 |
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2020 |
| Unrealized hedging gains |
$ |
43,001 |
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$ |
30,290 |
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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 March 31, 2021 and December 31, 2020:
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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 March 31, 2021 |
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| IRLCs |
$ |
4,021,335 |
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$ |
38,009 |
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$ |
— |
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| Forward commitments |
$ |
4,396,480 |
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$ |
97,060 |
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$ |
— |
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| Balance at December 31, 2020 |
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| IRLCs |
$ |
5,151,179 |
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$ |
130,338 |
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$ |
— |
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| Forward commitments |
$ |
5,480,491 |
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$ |
— |
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$ |
38,270 |
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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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March 31, 2021 |
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December 31, 2020 |
| Unobservable Input |
Range (Weighted Average) |
| Loan funding probability (“pull-through”) |
0% -100% (92.2%) |
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0% - 100% (87.8%) |
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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 liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged.
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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 |
| March 31, 2021 |
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| Forward delivery commitments |
$ |
100,931 |
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$ |
(1,256) |
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$ |
99,675 |
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| Best efforts sales commitments |
(2,615) |
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— |
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(2,615) |
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| Total assets |
$ |
98,316 |
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$ |
(1,256) |
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$ |
97,060 |
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| December 31, 2020 |
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| Forward delivery commitments |
$ |
(54,419) |
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$ |
4,825 |
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$ |
(49,594) |
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| Best efforts sales commitments |
(3,656) |
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— |
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(3,656) |
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| Margin calls |
14,980 |
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— |
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14,980 |
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| Total liabilities |
$ |
(43,095) |
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$ |
4,825 |
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$ |
(38,270) |
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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 liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged.
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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 |
| March 31, 2021 |
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| Forward delivery commitments |
$ |
100,931 |
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$ |
(1,256) |
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$ |
99,675 |
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| Best efforts sales commitments |
(2,615) |
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— |
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(2,615) |
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| Total assets |
$ |
98,316 |
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$ |
(1,256) |
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$ |
97,060 |
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| December 31, 2020 |
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| Forward delivery commitments |
$ |
(54,419) |
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$ |
4,825 |
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$ |
(49,594) |
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| Best efforts sales commitments |
(3,656) |
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— |
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(3,656) |
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| Margin calls |
14,980 |
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— |
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14,980 |
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| Total liabilities |
$ |
(43,095) |
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$ |
4,825 |
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$ |
(38,270) |
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