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Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional AmountsJune 30, 2022December 31, 2021
Forward sales commitments$633,188 $70,550 
IRLCs594,111 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 June 30,Six Months Ended June 30,
InstrumentClassification2022202120222021
Forward sales commitmentsService revenue$(9,870)$(1,849)$(9,845)$79 
IRLCsService revenue4,054 35 4,029 201 
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, 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$302,480 $302,480 $— $— 
Agency bonds7,589 7,589 — — 
Total cash equivalents310,069 310,069 — — 
Short-term investments
U.S. treasury securities71,014 71,014 — — 
Agency bonds11,492 11,492 — — 
Total short-term investments82,506 82,506 — — 
Loans held for sale306,364 — 306,364 — 
Other current assets
Forward sales commitments3,462 — 3,462 — 
IRLCs10,821 — — 10,821 
Total other current assets14,283 — 3,462 10,821 
Mortgage servicing rights, at fair value35,050 — — 35,050 
Long-term investments
U.S. treasury securities52,989 52,989 — — 
Total assets$801,261 $445,564 $309,826 $45,871 
Liabilities
Accrued liabilities
Forward sales commitments$2,175 $— $2,175 $— 
IRLCs1,310 — — 1,310 
Total liabilities$3,485 $— $2,175 $1,310 
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 significant unobservable inputs used to determine the fair value of IRLCs and MSRs that could result in a significant change in fair value measurement were as follows:

Key InputsValuation TechniqueJune 30, 2022December 31, 2021
RangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
69.9% - 100.0%
89.4%71.1%71.1%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 15.4%
6.6%N/AN/A
Default ratesDiscounted cash flow
0.0% - 0.5%
0.1%N/AN/A
Discount rateDiscounted cash flow
9.0% - 11.8%
9.1%N/AN/A
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 and six months ended June 30, 2022:

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Balance, net—beginning of period$243 $1,771 $1,155 $1,771 
IRLCs acquired in business combination4,326 — 4,326 — 
Issuances of IRLCs18,017 5,170 20,300 10,674 
Settlements of IRLCs(14,099)(5,569)(17,268)(10,708)
Fair value changes recognized in earnings1,024 600 998 235 
Balance, net—end of period$9,511 $1,972 $9,511 $1,972 
The following is a summary of changes in the fair value of MSRs for the three and six months ended June 30, 2022 and 2021:

Three and Six Months Ended June 30,
20222021
Balance—beginning of period$— $— 
MSRs acquired in business combination33,982 — 
MSRs originated964 — 
MSRs sales(774)— 
Fair value changes recognized in earnings878 — 
Balance, net—end of period$35,050 $— 
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:

June 30, 2022December 31, 2021
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,355 $21,264 $23,280 $34,487 
2025 notes652,164 386,534 650,783 593,366 
2027 notes564,354 268,962 563,234 467,814 
The following table summarizes borrowings under these facilities as of the periods presented:
June 30, 2022
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsMaturity Date
City National Bank$100,000 $36,151 3.63 %10/11/2022
Comerica Bank75,000 33,448 3.80 Upon lender demand
Origin Bank75,000 35,000 4.31 9/30/2022
People's United Bank, National Association50,000 21,695 3.47 10/19/2022
Prosperity Bank150,000 81,268 3.71 9/30/2022
Republic Bank & Trust Company75,000 31,906 3.32 8/17/2022
Wells Fargo Bank, N.A.135,000 44,964 3.52 As determined by lender
Western Alliance Bank25,000 13,871 3.18 12/2/2022
Total$685,000 $298,303 — — 

December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Western Alliance Bank$50,000 $17,089 3.00 %
Texas Capital Bank, N.A.40,000 11,852 3.01 
Flagstar Bank, FSB
25,000 4,102 3.00 
Total$115,000 $33,043 — 
The following table summarizes borrowings under this facility as of the periods presented:
June 30, 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 $156,540 4.55 %$200,000 $199,781 3.30 %
Marketable Securities
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:

June 30, 2022
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
Cash$69,853 $— $— $69,853 $69,853 $— $— 
Money markets funds302,480 — — 302,480 302,480 — — 
Restricted cash28,279 — — 28,279 28,279 — — 
U.S. treasury securities124,973 30 (1,000)124,003 — 71,014 52,989 
Agency bonds19,087 1 (7)19,081 7,589 11,492 — 
Total$544,672 $31 $(1,007)$543,696 $408,201 $82,506 $52,989 
December 31, 2021
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and 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