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Fair Value Disclosures (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value

March 31,

December 31,

Balance Sheet Classification

Hierarchy

2022

2021

Mortgage loans held for sale

Mortgage loans held for sale

Level 2

$

198,985

$

353,063

Mortgage loans held for investment (1)

Prepaid expenses and other assets

Level 3

$

16,509

$

13,456

Derivative assets

Prepaid expenses and other assets

Level 2

$

9,583

$

5,944

Mortgage servicing rights (2)

Prepaid expenses and other assets

Level 3

$

18,050

$

13,701

Derivative liabilities

Accrued expenses and other liabilities

Level 2

$

—

$

359

(1)The unobservable inputs used in the valuation of the mortgage loans held for investment include, among other items, the value of underlying collateral, from markets where there is little observable trading activity.

(2)The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were 7.1%, 9.9%, and $0.090 per year per loan, respectively as of March 31, 2022, and 8.5%, 9.9%, and $0.085 per year per loan, respectively, as of December 31, 2021. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement.

Schedule of Reconciliation of Level 3 Recurring at Fair Value

Three Months Ended March 31,

Mortgage servicing rights

2022

2021

Beginning of period

$

13,701

$

4,115

Originations

3,406

3,882

Settlements

(305)

(126)

Changes in fair value

1,248

378

End of period

$

18,050

$

8,249

Three Months Ended March 31,

Mortgage loans held-for-investment

2022

2021

Beginning of period

$

13,456

$

8,727

Transfers from loans held for sale

4,166

1,400

Settlements

(975)

—

Reduction in unpaid principal balance

(64)

(49)

Changes in fair value

(74)

—

End of period

$

16,509

$

10,078
Schedule of Carrying Values and Fair Values of Financial Instruments

March 31, 2022

December 31, 2021

Hierarchy

Carrying

Fair Value

Carrying

Fair Value

Cash and cash equivalents

Level 1

$

209,046

$

209,046

$

316,310

$

316,310

3.875% senior notes (1)(2)

Level 2

$

494,310

$

446,250

$

494,117

$

504,375

6.750% senior notes (1)(2)

Level 2

$

495,785

$

515,000

$

495,581

$

526,875

Revolving line of credit(3)

Level 2

$

—

$

—

$

—

$

—

Other financing obligations(3)(4)

Level 3

$

20,866

$

20,866

$

9,238

$

9,238

Mortgage repurchase facilities(3)

Level 2

$

193,028

$

193,028

$

331,876

$

331,876

(1)Estimated fair value of the senior notes is based on recent trading activity in inactive markets.

(2)Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of March 31, 2022, these amounts totaled $5.7 million and $4.2 million for the 3.875% senior notes and 6.750% senior notes, respectively. As of December 31, 2021, these amounts totaled $5.9 million and $4.4 million for the 6.750% senior notes and 5.875% senior notes, respectively.

(3)Carrying amount approximates fair value due to short-term nature and interest rate terms.

(4)Other financing obligations included insurance premium notes and certain secured borrowings and generally bore interest rates ranging from 2.40% to 3.24% during the period ended March 31, 2022 and from 2.99% to 3.24% during the period ended December 31, 2021.