Derivative Financial Instruments (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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 March 31, |
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2022 |
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2021 |
| Unrealized gains |
$ |
40,033 |
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$ |
43,001 |
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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, 2022 and December 31, 2021:
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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, 2022 |
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| IRLCs |
$ |
2,826,402 |
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$ |
— |
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$ |
11,851 |
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| Forward commitments |
$ |
2,994,592 |
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$ |
78,002 |
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$ |
— |
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| Best efforts sales commitments |
$ |
258,669 |
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$ |
— |
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$ |
236 |
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| Balance at December 31, 2021 |
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| IRLCs |
$ |
2,388,097 |
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$ |
22,119 |
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$ |
— |
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| Forward commitments |
$ |
3,217,162 |
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$ |
5,842 |
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$ |
2,079 |
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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, 2022 |
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December 31, 2021 |
| Unobservable Input |
Range (Weighted Average) |
| Loan funding probability (“pull-through”) |
0% -100% (93.8%) |
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0% - 100% (91.5%) |
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| Schedule of Financial Liabilities that are Subject to Master Netting Arrangements |
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 |
| March 31, 2022 |
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| Forward delivery commitments |
$ |
79,212 |
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$ |
(1,210) |
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$ |
78,002 |
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| Total assets |
$ |
79,212 |
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$ |
(1,210) |
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$ |
78,002 |
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| Best efforts sales commitments |
$ |
(236) |
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$ |
— |
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$ |
(236) |
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| Total liabilities |
$ |
(236) |
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$ |
— |
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$ |
(236) |
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| December 31, 2021 |
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| Forward delivery commitments |
$ |
7,541 |
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$ |
(1,699) |
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$ |
5,842 |
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| Total assets |
$ |
7,541 |
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$ |
(1,699) |
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$ |
5,842 |
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| Forward delivery commitments |
$ |
1,575 |
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$ |
(2,710) |
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$ |
(1,135) |
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| Best efforts sales commitments |
(944) |
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— |
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(944) |
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| Total liabilities |
$ |
631 |
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$ |
(2,710) |
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$ |
(2,079) |
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| Schedule of Financial Assets that are Subject to Master Netting Arrangements |
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) |
|
Gross
Amounts
Offset in the
Balance
Sheet |
|
Net
Amounts of
Recognized Assets
(Liabilities) in
the Balance
Sheet |
| March 31, 2022 |
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| Forward delivery commitments |
$ |
79,212 |
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$ |
(1,210) |
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$ |
78,002 |
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| Total assets |
$ |
79,212 |
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$ |
(1,210) |
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$ |
78,002 |
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| Best efforts sales commitments |
$ |
(236) |
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|
$ |
— |
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$ |
(236) |
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| Total liabilities |
$ |
(236) |
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$ |
— |
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$ |
(236) |
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| December 31, 2021 |
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| Forward delivery commitments |
$ |
7,541 |
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$ |
(1,699) |
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$ |
5,842 |
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| Total assets |
$ |
7,541 |
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$ |
(1,699) |
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$ |
5,842 |
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| Forward delivery commitments |
$ |
1,575 |
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$ |
(2,710) |
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$ |
(1,135) |
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| Best efforts sales commitments |
(944) |
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— |
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(944) |
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| Total liabilities |
$ |
631 |
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$ |
(2,710) |
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$ |
(2,079) |
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