Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Notional Amounts	June 30, 2020		December 31, 2019
Interest rate lock commitments	$	72,641	$	37,453
Forward sales commitments	113,573		39,447

Derivative Instruments, Gain (Loss)

The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows:

		Three Months Ended June 30,				Six Months Ended June 30,
Instrument	Classification	2020		2019		2020		2019
Interest rate lock commitments	Service revenue	$	(142)	$	(11)	$	1,053	$	435
Forward sales commitments	Service revenue	1,460		3		(110)		241

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 June 30, 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	$	310,115	$	310,115	$	—	$	—
U.S. treasury securities	4,300		4,300		—		—
Total cash equivalents	314,415		314,415		—		—
Short-term investments
U.S. treasury securities	128,056		128,056		—		—
Loans held for sale	42,439		—		42,439		—
Prepaid expenses and other current assets
Interest rate lock commitments	1,835		—		—		1,835
Forward sales commitments	45		—		45		—
Total prepaid expenses and other current assets	1,880		—		45		1,835
Long-term investments
U.S. treasury securities	13,783		13,783		—		—
Agency bonds	5,009		5,009		—		—
Total long-term investments	18,792		18,792		—		—
Total assets	$	505,582	$	461,263	$	42,484	$	1,835
Liabilities
Accrued liabilities
Interest rate lock commitments	$	42	$	—	$	—	$	42
Forward sales commitments	498		—		498		—
Total liabilities	$	540	$	—	$	498	$	42

	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

The following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs:

Key Inputs	Valuation Technique	June 30, 2020	December 31, 2019
Weighted-average pull-through rate	Market pricing	73.6%	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 June 30, 2020:

Balance, net—January 1, 2020	$	430
Issuances of interest rate lock commitments	7,527
Settlements of interest rate lock commitments	(6,629)
Net gain recognized in earnings	155
Balance, net—June 30, 2020	$	1,483
Changes in fair value recognized during the period relating to assets still held at June 30, 2020	$	1,053

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.

	June 30, 2020
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash, Cash Equivalents, Restricted Cash		Short-term Investments		Long-term Investments
Cash	$	10,937	$	—	$	—	$	10,937	$	10,937	$	—	$	—
Money markets funds	310,115		—		—		310,115		310,115		—		—
Restricted cash	35,102		—		—		35,102		35,102		—		—
U.S. treasury securities	145,718		421		—		146,139		4,300		128,056		13,783
Agency bonds	5,000		9		—		5,009		—		—		5,009
Total	$	506,872	$	430	$	—	$	507,302	$	360,454	$	128,056	$	18,792

	December 31, 2019
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value		Cash, Cash Equivalents, Restricted Cash		Short-term Investments		Long-term Investments
Cash	$	13,237	$	—	$	—	$	13,237	$	13,237	$	—	$	—
Money markets funds	221,442		—		—		221,442		221,442		—		—
Restricted cash	12,769		—		—		12,769		12,769		—		—
U.S. treasury securities	100,998		31		(22)		101,007		—		70,029		30,978
Total	$	348,446	$	31	$	(22)	$	348,455	$	247,448	$	70,029	$	30,978