FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2021

FAIR VALUE MEASUREMENTS

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

							Balance as of
(in thousands)	Level 1		Level 2		Level 3		Period End
December 31, 2021
Assets
Loans held for sale	$	—	$	1,811,586	$	—	$	1,811,586
Pledged securities		44,733		104,263		—		148,996
Derivative assets		—		—		37,364		37,364
Total	$	44,733	$	1,915,849	$	37,364	$	1,997,946
Liabilities
Derivative liabilities	$	—	$	—	$	6,403	$	6,403
Contingent consideration liabilities						125,808		125,808
Total	$	—	$	—	$	132,211	$	132,211
December 31, 2020
Assets
Loans held for sale	$	—	$	2,449,198	$	—	$	2,449,198
Pledged securities		17,473		119,763		—		137,236
Derivative assets		—		—		49,786		49,786
Total	$	17,473	$	2,568,961	$	49,786	$	2,636,220
Liabilities
Derivative liabilities	$	—	$	—	$	5,066	$	5,066
Contingent consideration liabilities						28,829		28,829
Total	$	—	$	—	$	33,895	$	33,895

Schedule of Roll Forward of Derivative Instruments

	For the year ended December 31,
Derivative Assets and Liabilities, net (in thousands)	2021		2020
Beginning balance	$	44,720	$	15,532
Settlements		(746,918)		(687,874)
Realized gains recorded in earnings(1)		702,198		672,342
Unrealized gains (losses) recorded in earnings(1)		30,961		44,720
Ending balance	$	30,961	$	44,720

(1) Realized and unrealized gains from derivatives are recognized in Loan origination and debt brokerage fees, net and Fair value of expected net cash flows from servicing, net 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 Fair Value Measurements
(in thousands)	Fair Value		Valuation Technique	Unobservable Input (1)	Input Range (1)	Weighted Average (3)
Derivative assets	$	37,364	Discounted cash flow	Counterparty credit risk	—	—
Derivative liabilities	$	6,403	Discounted cash flow	Counterparty credit risk	—	—
Contingent consideration liabilities	$	125,808	Various(2)	Probability of earn-out achievement	88% - 100%	92%

(1) Significant changes in this input may lead to significant changes in the fair value measurements.

(2) Valuation techniques used include probability-weighted achievement analysis and Monte Carlo simulation analysis.

(3) Contingent consideration weighted based on maximum gross earn-out amount.

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

	December 31, 2021				December 31, 2020
	Carrying		Fair		Carrying		Fair
(in thousands)	Amount		Value		Amount		Value
Financial Assets:
Cash and cash equivalents	$	305,635	$	305,635	$	321,097	$	321,097
Restricted cash		42,812		42,812		19,432		19,432
Pledged securities		148,996		148,996		137,236		137,236
Loans held for sale		1,811,586		1,811,586		2,449,198		2,449,198
Loans held for investment, net		269,125		270,826		360,402		362,586
Derivative assets		37,364		37,364		49,786		49,786
Total financial assets	$	2,615,518	$	2,617,219	$	3,337,151	$	3,339,335
Financial Liabilities:
Derivative liabilities	$	6,403	$	6,403	$	5,066	$	5,066
Contingent consideration liabilities		125,808		125,808		28,829		28,829
Secured borrowings		—		—		73,314		73,314
Warehouse notes payable		1,941,572		1,942,448		2,517,156		2,518,101
Notes payable		740,174		745,175		291,593		294,773
Total financial liabilities	$	2,813,957	$	2,819,834	$	2,915,958	$	2,920,083

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, 2021
Rate lock commitments	$	1,115,829	$	29,837	$	(4,604)	$	25,233	$	26,526	$	(1,293)	$	—
Forward sale contracts		2,881,224		—		5,728		5,728		10,838		(5,110)		—
Loans held for sale		1,765,395		47,315		(1,124)		46,191		—		—		46,191
Total			$	77,152	$	—	$	77,152	$	37,364	$	(6,403)	$	46,191
December 31, 2020
Rate lock commitments	$	1,374,784	$	45,581	$	(1,697)	$	43,884	$	43,895	$	(11)	$	—
Forward sale contracts		3,760,953		—		836		836		5,891		(5,055)		—
Loans held for sale		2,386,169		62,167		861		63,028		—		—		63,028
Total			$	107,748	$	—	$	107,748	$	49,786	$	(5,066)	$	63,028