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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional AmountsMarch 31, 2022December 31, 2021
Forward sales commitments$43,260 $70,550 
IRLCs43,283 67,485 
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,
InstrumentClassification20222021
Forward sales commitmentsService revenue$1,503 $1,928 
IRLCsService revenue(887)166 
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, 2022Quoted 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$398,651 $398,651 $— $— 
Total cash equivalents398,651 398,651 — — 
Short-term investments
U.S. treasury securities88,555 88,555 — — 
Agency bonds6,903 6,903 — — 
Loans held for sale23,693 — 23,693 — 
Other current assets
Forward sales commitments1,547 — 1,547 — 
IRLCs550 — — 550 
Total other current assets2,097 — 1,547 550 
Long-term investments
U.S. treasury securities56,194 56,194 — — 
Total assets$576,093 $550,303 $25,240 $550 
Liabilities
Accrued liabilities
Forward sales commitments$— $— $— $— 
IRLCs307 — — 307 
Total liabilities$307 $— $— $307 

Balance at December 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$509,971 $509,971 $— $— 
Total cash equivalents509,971 509,971 — — 
Short-term investments
   U.S. treasury securities16,718 16,718 — — 
Agency bonds11,906 11,906 — — 
Equity securities5,113 5,113 — — 
Loans held for sale35,759 — 35,759 — 
Other current assets
Forward sales commitments138 — 138 — 
IRLCs1,191 — — 1,191 
Total other current assets1,329 — 138 1,191 
Long-term investments
U.S. treasury securities54,828 54,828 — — 
Total assets$635,624 $598,536 $35,897 $1,191 
Liabilities
Accrued liabilities
Forward sales commitments$93 $— $93 $— 
IRLCs60 — — 60 
Total liabilities$153 $— $93 $60 
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, 2022December 31, 2021
Weighted-average pull-through rate
Market pricing
68.1%71.1%
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, 2022:

Three Months Ended March 31,
20222021
Balance, net—beginning of period$1,155 $1,771 
Issuances of IRLCs2,289 5,504 
Settlements of IRLCs(2,893)(5,139)
Net loss recognized in earnings(308)(199)
Balance, net—end of period$243 $1,937 
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:

March 31, 2022December 31, 2021
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,318 $27,559 $23,280 $34,487 
2025 notes651,474 493,907 650,783 593,366 
2027 notes563,793 389,304 563,234 467,814 
The following table summarizes borrowings under these facilities as of the periods presented:
March 31, 2022December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Western Alliance Bank$50,000 $11,284 3.02 %$50,000 $17,089 3.00 %
Texas Capital Bank, N.A.40,000 8,604 3.79 %40,000 11,852 3.01 %
Flagstar Bank, FSB
25,000 2,397 3.15 %25,000 4,102 3.00 %
Total$115,000 $22,285 — $115,000 $33,043 — 
The following table summarizes borrowings under this facility as of the periods presented:
March 31, 2022December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA$400,000 $136,869 3.38 %$200,000 $199,781 3.30 %
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, available-for-sale investments, and equity securities were as follows:

March 31, 2022
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
Cash$214,029 $— $— $214,029 $214,029 $— $— 
Money markets funds398,651 — — 398,651 398,651 — — 
Restricted cash36,047 — — 36,047 36,047 — — 
U.S. treasury securities145,510 40 (801)144,749 — 88,555 56,194 
Agency bonds6,900 3 — 6,903 — 6,903 — 
Total$801,137 $43 $(801)$800,379 $648,727 $95,458 $56,194 

December 31, 2021
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
Cash$81,032 $— $— $81,032 $81,032 $— $— 
Money markets funds509,971 — — 509,971 509,971 — — 
Restricted cash127,278 — — 127,278 127,278 — — 
U.S. treasury securities71,749 1 (204)71,546 — 16,718 54,828 
Agency bonds11,900 6 — 11,906 — 11,906 — 
Equity securities500 4,613 — 5,113 — 5,113 — 
Total$802,430 $4,620 $(204)$806,846 $718,281 $33,737 $54,828