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Financial Instruments (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional Amounts
 
March 31, 2020
 
December 31, 2019
Interest rate lock commitments
 
$
73,382

 
$
37,453

Forward sales commitments
 
66,448

 
39,447


Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows:
 
 
 
 
March 31,
Instrument
 
Classification
 
2020
 
2019
Interest rate lock commitments
 
Service revenue
 
$
1,195

 
$
446

Forward sales commitments
 
Service revenue
 
(1,571
)
 
(244
)

Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:
 
Balance at March 31, 2020
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
194,530

 
$
194,530

 
$

 
$

Short-term investments
 
 
 
 
 
 
 
U.S. treasury securities
75,049

 
75,049

 

 

Loans held for sale
44,321

 

 
44,321

 

Prepaid expenses and other current assets
 
 
 
 
 
 
 
Interest rate lock commitments
1,825

 

 

 
1,825

Forward sales commitments
200

 

 
200

 

Total prepaid expenses and other current assets
2,025

 

 
200

 
1,825

Long-term investments
 
 
 
 
 
 
 
U.S. treasury securities
24,717

 
24,717

 

 

Agency bonds
1,994

 
1,994

 

 

Total long-term investments
26,711

 
26,711

 

 

Total assets
$
342,636

 
$
296,290

 
$
44,521

 
$
1,825

Liabilities
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Interest rate lock commitments
$
200

 
$

 
$

 
$
200

Forward sales commitments
1,816

 

 
1,816

 

Total liabilities
$
2,016

 
$

 
$
1,816

 
$
200


 
Balance at December 31, 2019
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Assets
 
 
 
 
 
 
 
Cash equivalents
 
 
 
 
 
 
 
Money market funds
$
221,442

 
$
221,442

 
$

 
$

Short-term investments
 
 
 
 
 
 
 
U.S. treasury securities
70,029

 
70,029

 

 

Loans held for sale
21,985

 

 
21,985

 

Prepaid expenses and other current assets
 
 
 
 
 
 
 
Interest rate lock commitments
496

 

 

 
496

Forward sales commitments
4

 

 
4

 

Total prepaid expenses and other current assets
500

 

 
4

 
496

Long-term investments
 
 
 
 
 
 
 
U.S. treasury securities
30,978

 
30,978

 

 

Total assets
$
344,934

 
$
322,449

 
$
21,989

 
$
496

Liabilities
 
 
 
 
 
 
 
Accrued liabilities
 
 
 
 
 
 
 
Interest rate lock commitments
$
58

 
$

 
$

 
$
58

Forward sales commitments
57

 

 
57

 

Total liabilities
$
115

 
$

 
$
57

 
$
58


Summary of Fair Value Measurement Inputs and Valuation Techniques following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:
Key Inputs
 
Valuation Technique
 
March 31, 2020
 
December 31, 2019
Weighted-average pull-through rate
 
Market pricing
 
75.1%
 
78.2%

Summary of Changes Fair Value Of Interest Rate Derivatives
The following is a summary of changes in the fair value of IRLCs for the period ended March 31, 2020:
Balance, net—December 31, 2019
 
$
430

Issuances of interest rate lock commitments
 
3,318

Settlements of interest rate lock commitments
 
(2,494
)
Net gain recognized in earnings
 
371

Balance, net—March 31, 2020
 
$
1,625

 
 
 
Changes in fair value recognized during the period relating to assets still held at March 31, 2020
 
$
1,195


Investments in Debt and Marketable Equity Securities (and Certain Trading Assets)
The following table summarizes the cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments.
 
March 31, 2020
 
Fair Value Hierarchy
 
Cost or Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
 
Short-term Investments
 
Long-term Investments
Cash
N/A
 
$
18,831

 
$

 
$

 
$
18,831

 
$

 
$

Money markets funds
Level 1
 
194,530

 

 

 
194,530

 

 

Restricted cash
N/A
 
16,772

 

 

 
16,772

 

 

U.S. treasury securities
Level 1
 
99,192

 
574

 

 
99,766

 
75,049

 
24,717

Agency bonds
Level 1
 
2,000

 

 
(6
)
 
1,994

 

 
1,994

Total
 
 
$
331,325

 
$
574

 
$
(6
)
 
$
331,893

 
$
75,049

 
$
26,711


 
December 31, 2019
 
Fair Value Hierarchy
 
Cost or Amortized Cost
 
Unrealized Gains
 
Unrealized Losses
 
Estimated Fair Value
 
Short-term Investments
 
Long-term Investments
Cash
N/A
 
$
13,237

 
$

 
$

 
$
13,237

 
$

 
$

Money markets funds
Level 1
 
221,442

 

 

 
221,442

 

 

Restricted cash
N/A
 
12,769

 

 

 
12,769

 

 

U.S. treasury securities
Level 1
 
100,998

 
31

 
(22
)
 
101,007

 
70,029

 
30,978

Total
 
 
$
348,446

 
$
31

 
$
(22
)
 
$
348,455

 
$
70,029

 
$
30,978