Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

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, 2022
Description	Level 1		Level 2		Level 3		Total
Assets:
Mortgage loans at fair value	$	—	$	5,341,217	$	—	$	5,341,217
IRLCs	—		—		6,617		6,617
FLSCs	—		378,731		—		378,731
Investment securities at fair value, pledged	—		115,079		—		115,079
Mortgage servicing rights	—		—		4,305,686		4,305,686
Total assets	$	—	$	5,835,027	$	4,312,303	$	10,147,330
Liabilities:
IRLCs	$	—	$	—	$	208,145	$	208,145
FLSCs	—		7,185		—		7,185
Public and Private Warrants	1,442		277		—		1,719
Total liabilities	$	1,442	$	7,462	$	208,145	$	217,049
	December 31, 2021
Description	Level 1		Level 2		Level 3		Total
Assets:
Mortgage loans at fair value	$	—	$	17,473,324	$	—	$	17,473,324
IRLCs	—		—		24,899		24,899
FLSCs	—		42,457		—		42,457
Investment securities at fair value, pledged	—		152,263		—		152,263
Mortgage servicing rights	—		—		3,314,952		3,314,952
Total assets	$	—	$	17,668,044	$	3,339,851	$	21,007,895
Liabilities:
IRLCs	$	—	$	—	$	11,138	$	11,138
FLSCs	—		25,603		—		25,603
Public and Private warrants	6,286		3,170		—		9,456
Total liabilities	$	6,286	$	28,773	$	11,138	$	46,197

Quantitative Information on Recurring Level 3 Fair Value Financial Instruments

The following table presents 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, 2022		December 31, 2021
Pullthrough rate (weighted avg)	78	%	86	%

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, 2022				December 31, 2021
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
2025 Senior Notes, due 11/15/25	$	793,156	$	697,160	$	791,513	$	820,232
2029 Senior Notes, due 4/15/29	694,277		530,061		693,623		686,623
2027 Senior Notes, due 6/15/27	495,666		395,035		494,976		500,860
	$	1,983,099	$	1,622,256	$	1,980,112	$	2,007,715