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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs.
December 31,
Notional Amounts20242023
Forward sales commitments$270,050 $274,400 
IRLCs197,336 188,554 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in revenue related to our derivatives are as follows:
Year Ended December 31,
InstrumentClassification202420232022
Forward sales commitmentsRevenue$3,116 $(2,226)$(11,336)
IRLCsRevenue(1,589)3,156 (4,184)
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 on our consolidated balance sheets, is set forth below:
Balance at December 31, 2024
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$65,599 $65,599 $— $— 
Total cash equivalents65,599 65,599 — — 
Loans held for sale152,426 — 152,426 — 
Other current assets
Forward sales commitments1,063 — 1,063 — 
IRLCs3,359 — — 3,359 
Total other current assets4,422 — 1,063 3,359 
Mortgage servicing rights, at fair value2,736 — — 2,736 
Total assets$225,183 $65,599 $153,489 $6,095 
Liabilities
Accrued liabilities
Forward sales commitments$377 $— $377 $— 
IRLCs496 — — 496 
Total liabilities$873 $— $377 $496 
Balance at December 31, 2023
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$115,276 $115,276 $— $— 
Total cash equivalents115,276 115,276 — — 
Short-term investments
   U.S. treasury securities10,720 10,720 — — 
Agency bonds31,232 31,232 — — 
Total short-term investments41,952 41,952 — — 
Loans held for sale159,587 — 159,587 — 
Other current assets
IRLCs4,600 — — 4,600 
Total other current assets4,600 — — 4,600 
Mortgage servicing rights, at fair value32,171 — — 32,171 
Long-term investments
   U.S. treasury securities3,149 3,149 — — 
Total assets$356,735 $160,377 $159,587 $36,771 
Liabilities
Accrued liabilities
Forward sales commitments$2,429 $— $2,429 $— 
IRLCs147 — — 147 
Total liabilities$2,576 $— $2,429 $147 
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”):
December 31, 2024December 31, 2023
Key InputsValuation TechniqueRangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
74.2% - 100.0%
92.4%
67.2% - 100.0%
87.7%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 23.0%
8.0%
6.0% - 19.0%
6.8%
Default ratesDiscounted cash flow
0.1% - 1.2%
0.2%
0.1% - 1.2%
0.2%
Discount rateDiscounted cash flow
10.0% - 18.0%
10.3%
10.0% - 17.0%
10.2%
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following is a summary of changes in the fair value of IRLCs:
Year Ended December 31,
202420232022
Balance, net—beginning of period$4,453 $1,297 $1,131 
IRLCs acquired in business combination— — 4,326 
Issuances of IRLCs53,579 51,089 51,453 
Settlements of IRLCs(55,205)(48,902)(54,784)
Fair value changes recognized in earnings36 969 (829)
Balance, net—end of period$2,863 $4,453 $1,297 
The following is a summary of changes in the fair value of MSRs:
Year Ended December 31,
202420232022
Balance—beginning of period$32,171 $36,261 $— 
MSRs acquired in business combination— — 33,982 
MSRs originated255 565 3,140 
MSRs sales(1)
(30,582)(1,457)(1,662)
Fair value changes recognized in earnings892 (3,198)801 
Balance, net—end of period$2,736 $32,171 $36,261 
Schedule of Long-term Debt Instruments
The following table presents the estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:
December 31, 2024December 31, 2023
2025 notes69,933 164,113 
2027 notes388,594 325,927 
As of December 31, 2024, outstanding borrowings of our debt are as follows:
Maturity of Debt
Lender
20252026202720282029
Thereafter
Warehouse Credit Facilities
City National Bank$36,734 $— $— $— $— $— 
Origin Bank28,920 — — — — — 
M&T Bank21,969 — — — — — 
Prosperity Bank59,006 — — — — — 
Term Loan
— — — 243,344 — — 
Convertible Senior Notes
2025 notes73,516 — — — — — 
2027 notes— — 498,691 — — — 
Total borrowings
$220,145 $— $498,691 $243,344 $— $— 
The following table summarizes borrowings under these facilities as of the periods presented:
December 31, 2024December 31, 2023
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
City National Bank$75,000 $36,734 6.26 %$50,000 $20,046 7.24 %
Origin Bank100,000 28,920 6.45 %75,000 30,110 7.25 %
M&T Bank75,000 21,969 6.46 %50,000 18,870 7.39 %
Prosperity Bank100,000 59,006 5.98 %75,000 29,358 7.23 %
Republic Bank & Trust CompanyN/AN/AN/A45,000 23,415 7.28 %
Wells Fargo Bank, N.A.N/AN/AN/A100,000 30,165 7.36 %
Total$350,000 $146,629 $395,000 $151,964 
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, and available-for-sale investments were as follows:
December 31, 2024
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$59,144 $— $— $59,144 $59,144 $— $— 
Money markets fundsLevel 165,599 — — 65,599 65,599 — — 
Restricted cashN/A229 — — 229 229 — — 
Total$124,972 $— $— $124,972 $124,972 $— $— 
December 31, 2023
Fair Value HierarchyCost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
CashN/A$34,483 $— $— $34,483 $34,483 $— $— 
Money markets fundsLevel 1115,276 — — 115,276 115,276 — — 
Restricted cashN/A1,241 — — 1,241 1,241 — — 
U.S. treasury securitiesLevel 113,895 1 (27)13,869 — 10,720 3,149 
Agency bondsLevel 131,246 — (14)31,232 — 31,232 — 
Total$196,141 $1 $(41)$196,101 $151,000 $41,952 $3,149