Fair Value Measurements (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

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

The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands):

	September 30, 2021
Description	Level 1		Level 2		Level 3		Total
Assets:
Mortgage loans at fair value	$	—	$	11,736,642	$	—	$	11,736,642
IRLCs		—		—		14,476		14,476
FLSCs		—		129,331		—		129,331
Investment securities at fair value, pledged		—		41,809		—		41,809
Mortgage servicing rights		—		—		2,900,310		2,900,310
Total assets	$	—	$	11,907,782	$	2,914,786	$	14,822,568
Liabilities:
IRLCs	$	—	$	—	$	50,510	$	50,510
FLSCs		—		10,924		—		10,924
Public and Private Warrants		10,307		4,310		—		14,617
Total liabilities	$	10,307	$	15,234	$	50,510	$	76,051
	December 31, 2020
Description	Level 1		Level 2		Level 3		Total
Assets:
Mortgage loans at fair value	$	—	$	7,916,515	$	—	$	7,916,515
IRLCs		—		—		60,248		60,248
FLSCs		—		824		—		824
Total assets	$	—	$	7,917,339	$	60,248	$	7,977,587
Liabilities:
IRLCs	$	—	$	—	$	670	$	670
FLSCs		—		65,567		—		65,567
Total liabilities	$	—	$	65,567	$	670	$	66,237

Quantitative Information on Recurring Level 3 Fair Value Financial Instruments

The following table present quantitative information about the inputs used in recurring Level 3 fair value financial instruments and the fair value measurements for IRLCs:

Unobservable Input - IRLCs	September 30, 2021			December 31, 2020
Pullthrough rate (weighted avg)		88	%		92	%

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis

The following table presents the carrying amounts and estimated fair value of the Company’s financial liabilities that are not measured at fair value on a recurring or nonrecurring basis (in thousands).

	September 30, 2021				December 31, 2020
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2020 Senior Notes, due 11/15/25	$	790,966	$	810,200	$	789,323	$	841,300
2021 Senior Notes, due 4/15/29		693,404		682,668		—		—

UNITED WHOLESALE MORTGAGE, LLC

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

The following are the major categories of financial assets and liabilities measured at fair value on a recurring basis (in thousands):

	December 31, 2020
Description	Level 1		Level 2			Level 3		Total
Mortgage loans at fair value	$	—	$	7,916,515		$	—	$	7,916,515
IRLCs		—		—			59,579		59,579
FLSCs		—		(64,743	)		—		(64,743	)
Total	$	—	$	7,851,772		$	59,579	$	7,911,351
	December 31, 2019
Description	Level 1		Level 2			Level 3		Total
Mortgage loans at fair value	$	—	$	5,446,310		$	—	$	5,446,310
IRLCs		—		—			16,786		16,786
FLSCs		—		(14,506	)		—		(14,506	)
Total	$	—	$	5,431,804		$	16,786	$	5,448,590