Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

Notional Amounts	September 30, 2020		December 31, 2019
Interest rate lock commitments	$	74,681	$	37,453
Forward sales commitments	116,091		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 September 30,				Nine Months Ended September 30,
Instrument	Classification	2020		2019		2020		2019
Interest rate lock commitments	Service revenue	$	(233)	$	(209)	$	1,131	$	225
Forward sales commitments	Service revenue	553		554		442		312

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 September 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	$	336,821	$	336,821	$	—	$	—
U.S. treasury securities	5,351		5,351		—		—
Total cash equivalents	342,172		342,172		—		—
Short-term investments
U.S. treasury securities	129,809		129,809		—		—
Loans held for sale	41,921		—		41,921		—
Prepaid expenses and other current assets
Interest rate lock commitments	1,965		—		—		1,965
Forward sales commitments	763		—		763		—
Total prepaid expenses and other current assets	2,728		—		763		1,965
Long-term investments
U.S. treasury securities	5,150		5,150		—		—
Agency bonds	11,922		11,922		—		—
Total long-term investments	17,072		17,072		—		—
Total assets	$	533,702	$	489,053	$	42,684	$	1,965
Liabilities
Accrued liabilities
Interest rate lock commitments	$	404	$	—	$	—	$	404
Forward sales commitments	23		—		23		—
Total liabilities	$	427	$	—	$	23	$	404

	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	September 30, 2020	December 31, 2019
Weighted-average pull-through rate	Market pricing	72.0%	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 September 30, 2020:

Balance, net—January 1, 2020	$	430
Issuances of interest rate lock commitments	12,827
Settlements of interest rate lock commitments	(11,299)
Net loss recognized in earnings	(397)
Balance, net—September 30, 2020	$	1,561
Changes in fair value recognized during the period relating to assets still held at September 30, 2020	$	1,131

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.

	September 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	$	29,401	$	—	$	—	$	29,401	$	29,401	$	—	$	—
Money markets funds	336,821		—		—		336,821		336,821		—		—
Restricted cash	16,393		—		—		16,393		16,393		—		—
U.S. treasury securities	140,040		270		—		140,310		5,351		129,809		5,150
Agency bonds	11,900		22		—		11,922		—		—		11,922
Total	$	534,555	$	292	$	—	$	534,847	$	387,966	$	129,809	$	17,072

	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