FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2017

FAIR VALUE MEASUREMENTS

Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

	Quoted Prices in		Significant		Significant
	Active Markets		Other		Other
	For Identical		Observable		Unobservable
	Assets		Inputs		Inputs		Balance as of
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Period End
December 31, 2017
Assets
Loans held for sale	$	—	$	951,829	$	—	$	951,829
Pledged securities		97,859		—		—		97,859
Derivative assets		—		—		10,357		10,357
Total	$	97,859	$	951,829	$	10,357	$	1,060,045
Liabilities
Derivative liabilities	$	—	$	—	$	1,850	$	1,850
Total	$	—	$	—	$	1,850	$	1,850
December 31, 2016
Assets
Loans held for sale	$	—	$	1,858,358	$	—	$	1,858,358
Pledged securities		84,850		—		—		84,850
Derivative assets		—		—		61,824		61,824
Total	$	84,850	$	1,858,358	$	61,824	$	2,005,032
Liabilities
Derivative liabilities	$	—	$	—	$	4,396	$	4,396
Total	$	—	$	—	$	4,396	$	4,396

Schedule of Roll Forward of Derivative Instruments

	Fair Value Measurements
	Using Significant
	Unobservable Inputs:
	Derivative Instruments
(in thousands)	December 31, 2017
Derivative assets and liabilities, net
Beginning balance December 31, 2016	$	57,428
Settlements		(488,291)
Realized gains recorded in earnings (1)		430,863
Unrealized gains recorded in earnings (1)		8,507
Ending balance December 31, 2017	$	8,507

	Fair Value Measurements
	Using Significant
	Unobservable Inputs:
	Derivative Instruments
(in thousands)	December 31, 2016
Derivative assets and liabilities, net
Beginning balance December 31, 2015	$	10,345
Settlements		(320,102)
Realized gains (losses) recorded in earnings (1)		309,757
Unrealized gains (losses) recorded in earnings (1)		57,428
Ending balance December 31, 2016	$	57,428

(1) Realized and unrealized gains from derivatives are recognized in Gains from mortgage banking activities in the Consolidated Statements of Income.

Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities

	Quantitative Information about Level 3 Measurements
(in thousands)	Fair Value		Valuation Technique	Unobservable Input (1)	Input Value (1)
Derivative assets	$	10,357	Discounted cash flow	Counterparty credit risk	—
Derivative liabilities	$	1,850	Discounted cash flow	Counterparty credit risk	—

(1) Significant increases in this input may lead to significantly lower fair value measurements.

Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments

	December 31, 2017				December 31, 2016
	Carrying		Fair		Carrying		Fair
(in thousands)	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	191,218	$	191,218	$	118,756	$	118,756
Restricted cash		6,677		6,677		9,861		9,861
Pledged securities		97,859		97,859		84,850		84,850
Loans held for sale		951,829		951,829		1,858,358		1,858,358
Loans held for investment, net		66,510		66,963		220,377		222,313
Derivative assets		10,357		10,357		61,824		61,824
Total financial assets	$	1,324,450	$	1,324,903	$	2,354,026	$	2,355,962
Financial liabilities:
Derivative liabilities	$	1,850	$	1,850	$	4,396	$	4,396
Warehouse notes payable		937,769		939,500		1,990,183		1,992,111
Note payable		163,858		166,223		164,163		167,327
Total financial liabilities	$	1,103,477	$	1,107,573	$	2,158,742	$	2,163,834

Schedule of Fair Value of Derivative Instruments and Loans Held for Sale

			Fair Value Adjustment Components						Balance Sheet Location
													Fair Value
	Notional or		Estimated				Total						Adjustment
	Principal		Gain		Interest Rate		Fair Value		Derivative		Derivative		To Loans
(in thousands)	Amount		on Sale		Movement		Adjustment		Assets		Liabilities		Held for Sale
December 31, 2017
Rate lock commitments	$	241,760	$	7,587	$	(678)	$	6,909	$	6,909	$	—	$	—
Forward sale contracts		1,175,192		—		1,598		1,598		3,448		(1,850)		—
Loans held for sale		933,432		19,317		(920)		18,397		—		—		18,397
Total			$	26,904	$	—	$	26,904	$	10,357	$	(1,850)	$	18,397
December 31, 2016
Rate lock commitments	$	395,462	$	15,844	$	(2,275)	$	13,569	$	14,482	$	(913)	$	—
Forward sale contracts		2,248,385		—		43,859		43,859		47,342		(3,483)		—
Loans held for sale		1,852,923		47,019		(41,584)		5,435		—		—		5,435
Total			$	62,863	$	—	$	62,863	$	61,824	$	(4,396)	$	5,435