Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the range and weighted average pull-through rates used in determining the fair value of IRLCs as of the dates presented:

	December 31, 2021	December 31, 2020
Range	42% - 100%	47% - 100%
Weighted average	85%	75%

Summary of Balances of Cash Equivalents and Investments

The following tables present the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):

	December 31, 2021
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	2,132,389	$	2,132,389	$	—	$	—
Short-term investments:
U.S. government agency securities	470,851		—		470,851		—
Corporate bonds	33,080		—		33,080		—
Commercial paper	9,991		—		9,991		—
Beneficial interests in securitizations	75,103		—		—		75,103
Mortgage origination-related:
Mortgage loans held for sale	106,753		—		106,753		—
IRLCs	4,626		—		—		4,626
Forward contracts - other current assets	212		—		212		—
Forward contracts - other current liabilities	(222)		—		(222)		—
Total	$	2,832,783	$	2,132,389	$	620,665	$	79,729

	December 31, 2020
	Total		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds	$	1,486,384	$	1,486,384	$	—	$	—
Municipal securities	3,228		—		3,228		—
Short-term investments:
Treasury bills	1,163,813		—		1,163,813		—
U.S. government agency securities	1,037,577		—		1,037,577		—
Municipal securities	16,220		—		16,220		—
Certificates of deposit	498		—		498		—
Mortgage origination-related:
Mortgage loans held for sale	330,758		—		330,758		—
IRLCs	12,342		—		—		12,342
Forward contracts - other current liabilities	(2,608)		—		(2,608)		—
Total	$	4,048,212	$	1,486,384	$	2,549,486	$	12,342

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in our IRLCs for the periods presented (in thousands):

	Year Ended December 31, 2021		Year Ended December 31, 2020 (1)
Balance, beginning of the period	$	12,342	$	937
Issuances	69,958		63,662
Transfers	(78,898)		(60,648)
Fair value changes recognized in earnings	1,224		8,391
Balance, end of period	$	4,626	$	12,342
(1) The beginning balance represents transfers of IRLCs from Level 2 to Level 3 within the fair value hierarchy as of January 1, 2020.