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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional AmountsMarch 31, 2023December 31, 2022
Forward sales commitments$416,648 $301,548 
IRLCs384,007 210,787 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows:
Three Months Ended March 31,
InstrumentClassification20232022
Forward sales commitmentsService revenue$(253)$1,503 
IRLCsService revenue7,874 (887)
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, 2023Quoted 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$123,762 $123,762 $— $— 
Total cash equivalents123,762 123,762 — — 
Short-term investments
U.S. treasury securities108,326 108,326 — — 
Agency bonds32,205 32,205 — — 
Total short-term investments140,531 140,531 — — 
Loans held for sale192,622 — 192,622 — 
Other current assets
Forward sales commitments1,840 — 1,840 — 
IRLCs9,213 — — 9,213 
Total other current assets11,053 — 1,840 9,213 
Mortgage servicing rights, at fair value35,061 — — 35,061 
Long-term investments
U.S. treasury securities4,939 4,939 — — 
Agency bonds4,633 4,633 — — 
Total long-term investments9,572 9,572 — — 
Total assets$512,601 $273,865 $194,462 $44,274 
Liabilities
Accrued liabilities
Forward sales commitments$2,297 $— $2,297 $— 
IRLCs43 — — 43 
Total liabilities$2,340 $— $2,297 $43 
Balance at December 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$186,410 $186,410 $— $— 
Total cash equivalents186,410 186,410 — — 
Short-term investments
   U.S. treasury securities96,925 96,925 — — 
Agency bonds25,334 25,334 — — 
Total short-term investments122,259 122,259 — — 
Loans held for sale199,604 — 199,604 — 
Other current assets
Forward sales commitments1,669 — 1,669 — 
IRLCs2,338 — — 2,338 
Total other current assets4,007 — 1,669 2,338 
Mortgage servicing rights, at fair value36,261 — — 36,261 
Long-term investments
U.S. treasury securities29,480 29,480 — — 
Total assets$578,021 $338,149 $201,273 $38,599 
Liabilities
Accrued liabilities
Forward sales commitments$1,873 $— $1,873 $— 
IRLCs1,041 — — 1,041 
Total liabilities$2,914 $— $1,873 $1,041 
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 and Mortgage Servicing Rights (“MSRs”):
March 31, 2023December 31, 2022
Key InputsValuation TechniqueRangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
58.6% - 100.0%
85.0%
62.0% - 100.0%
91.0%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 12.0%
6.6%
 6.0% - 14.4%
6.6%
Default ratesDiscounted cash flow
0.0% - 0.5%
0.1%
0.0% - 0.5%
0.1%
Discount rateDiscounted cash flow
9.5% - 11.5%
9.6%
9.5% - 12.4%
9.6%
Summary of Changes Fair Value Of Interest Rate Derivatives
The following is a summary of changes in the fair value of IRLCs:
Three Months Ended March 31,
20232022
Balance, net—beginning of period$1,297 $1,155 
Issuances of IRLCs15,963 2,289 
Settlements of IRLCs(10,238)(2,893)
Fair value changes recognized in earnings2,148 (308)
Balance, net—end of period$9,170 $243 

The following is a summary of changes in the fair value of MSRs:
Three Months Ended March 31,
20232022
Balance—beginning of period$36,261 $— 
MSRs originated347 — 
MSRs sales(339)— 
Fair value changes recognized in earnings(1,208)— 
Balance, net—end of period$35,061 $— 
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, 2023December 31, 2022
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,468 $22,718 $23,431 $22,147 
2025 notes362,617 263,998 512,683 309,292 
2027 notes566,034 354,723 565,474 267,398 
The following table summarizes borrowings under these facilities as of the periods presented:
March 31, 2023December 31, 2022
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $24,513 6.69 %$75,000 $27,288 5.89 %
Comerica Bank75,000 27,185 6.92 %75,000 26,526 6.36 %
Origin Bank75,000 23,997 6.54 %75,000 23,739 5.98 %
M&T Bank50,000 16,086 6.98 %50,000 19,126 6.45 %
Prosperity Bank100,000 36,043 6.67 %100,000 35,856 6.18 %
Republic Bank & Trust Company75,000 28,112 6.63 %75,000 26,636 5.81 %
Wells Fargo Bank, N.A.100,000 29,347 6.88 %100,000 31,338 6.41 %
Total$550,000 $185,283 $550,000 $190,509 
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:
March 31, 2023
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$26,178 $— $— $26,178 $26,178 $— $— 
Money markets fundsLevel 1123,762 — — 123,762 123,762 — — 
Restricted cashN/A2,416 — — 2,416 2,416 — — 
U.S. treasury securitiesLevel 1113,600 16 (351)113,265 — 108,326 4,939 
Agency bondsLevel 136,809 34 (5)36,838 — 32,205 4,633 
Total$302,765 $50 $(356)$302,459 $152,356 $140,531 $9,572 
December 31, 2022
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$53,430 $— $— $53,430 $53,430 $— $— 
Money markets fundsLevel 1186,410 — — 186,410 186,410 — — 
Restricted cashN/A2,406 — — 2,406 2,406 — — 
U.S. treasury securitiesLevel 1127,130 28 (753)126,405 — 96,925 29,480 
Agency bondsLevel 125,339 — (5)25,334 — 25,334 — 
Total$394,715 $28 $(758)$393,985 $242,246 $122,259 $29,480