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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional AmountsMarch 31, 2021December 31, 2020
Forward sales commitments$105,107 $130,109 
IRLCs111,753 88,923 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows:

Three Months Ended March 31,
InstrumentClassification20212020
Forward sales commitmentsService revenue$1,928 $(1,571)
IRLCsService revenue166 1,195 
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, 2021Quoted 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$612,590 $612,590 $— $— 
U.S. treasury securities4,912 4,912 — — 
Total cash equivalents617,502 617,502 — — 
Short-term investments
U.S. treasury securities140,843 140,843 — — 
Loans held for sale43,447 — 43,447 — 
Other current assets
Forward sales commitments1,465 — 1,465 — 
IRLCs2,146 — — 2,146 
Total other current assets3,611 — 1,465 2,146 
Long-term investments
Agency bonds6,906 6,906 — — 
Total assets$812,309 $765,251 $44,912 $2,146 
Liabilities
Accrued liabilities
Forward sales commitments$10 $— $10 $— 
IRLCs209 — — 209 
Total liabilities$219 $— $10 $209 
Balance at December 31, 2020Quoted 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$886,261 $886,261 $— $— 
U.S. treasury securities6,100 6,100 — — 
Total cash equivalents892,361 892,361 — — 
Short-term investments
   U.S. treasury securities131,561 131,561 — — 
Loans held for sale42,539 — 42,539 — 
Other current assets
Forward sales commitments34 — 34 — 
IRLCs1,781 — — 1,781 
Total other current assets1,815 — 34 1,781 
Long-term investments
Agency bonds11,922 11,922 — — 
Total assets$1,080,198 $1,035,844 $42,573 $1,781 
Liabilities
Accrued liabilities
Forward sales commitments$507 $— $507 $— 
IRLCs10 — — 10 
Total liabilities$517 $— $507 $10 
Summary of Fair Value Measurement Inputs and Valuation Techniques The pull-through rate used to determine the fair value of IRLCs was as follows:
Key InputsValuation TechniqueMarch 31, 2021December 31, 2020
Weighted-average pull-through rate
Market pricing
72.8%72.3%
Summary of Changes Fair Value Of Interest Rate Derivatives
The following is a summary of changes in the fair value of IRLCs for the three months ended March 31, 2021:

Balance, net—January 1, 2021$1,771 
Issuances of IRLCs5,504 
Settlements of IRLCs(5,139)
Net loss recognized in earnings(199)
Balance, net—March 31, 2021$1,937 
Changes in fair value recognized during the period relating to assets still held at March 31, 2021$166 
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our 2023 notes, 2025 notes, and our 2027 notes that are not recorded at fair value on our consolidated balance sheets:

March 31, 2021December 31, 2020
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,428 $53,683 $22,482 $59,894 
2025 notes648,713 772,651 488,268 802,083 
2027 notes488,261 510,340 — — 
The following table summarizes borrowings under these facilities as of the periods presented:
March 31, 2021December 31, 2020
LenderBorrowing CapacityOutstanding BorrowingsWeighted Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted Average Interest Rate on Outstanding Borrowings
Western Alliance Bank$50,000 $15,853 3.25 %$50,000 $18,277 3.25 %
Texas Capital Bank, N.A.40,000 17,971 3.35 %40,000 12,903 3.35 %
Flagstar Bank, FSB
$15,000 $6,839 3.00 %15,000 7,849 3.00 %
Total$105,000 $40,663 — $105,000 $39,029 — 
The following table summarizes borrowings under this facility as of the periods presented:
March 31, 2021December 31, 2020
LenderBorrowing CapacityOutstanding BorrowingsWeighted Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA$125,000 $48,851 3.30 %$100,000 $23,949 4.40 %
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets)
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 were as follows:

March 31, 2021
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
Cash$623,753 $— $— $623,753 $623,753 $— $— 
Money markets funds612,590 — — 612,590 612,590 — — 
Restricted cash101,790 — — 101,790 101,790 — — 
U.S. treasury securities145,630 125 — 145,755 4,912 140,843 — 
Agency bonds6,900 7 (1)6,906 — — 6,906 
Total$1,490,663 $132 $(1)$1,490,794 $1,343,045 $140,843 $6,906 


December 31, 2020
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
Cash$32,915 $— $— $32,915 $32,915 $— $— 
Money markets funds886,261 — — 886,261 886,261 — — 
Restricted cash20,544 — — 20,544 20,544 — — 
U.S. treasury securities137,502 159 — 137,661 6,100 131,561 — 
Agency bonds11,900 22 — 11,922 — — 11,922 
Total$1,089,122 $181 $— $1,089,303 $945,820 $131,561 $11,922