DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following summarizes the Company’s outstanding derivative instruments:

				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
June 30, 2022:
Interest rate lock commitments	$	5,120,259	Derivative asset, at fair value	$	91,886	$	—
Interest rate lock commitments	2,569,129		Derivative liabilities, at fair value	—		34,281
Forward sale contracts	17,168,753		Derivative asset, at fair value	43,926		—
Forward sale contracts	2,335,109		Derivative liabilities, at fair value	—		10,694
Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	3,500		Derivative liabilities, at fair value	—		9,113
MBS put options	2,150,000		Derivative asset, at fair value	17,795		—
MBS put options	1,300,000		Derivative liabilities, at fair value	—		12,924
Interest rate swap futures	—		Derivative asset, at fair value	—		—
Interest rate swap futures	3,339		Derivative liabilities, at fair value	—		5,746
			Total derivative financial instruments	$	153,607	$	72,758

				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
December 31, 2021:
Interest rate lock commitments	$	11,530,721	Derivative asset, at fair value	$	184,383	$	—
Interest rate lock commitments	1,125,911		Derivative liabilities, at fair value	—		3,763
Forward sale contracts	19,482,705		Derivative asset, at fair value	5,358		—
Forward sale contracts	13,171,462		Derivative liabilities, at fair value	—		2,964
Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	16,980		Derivative liabilities, at fair value	—		31,070
Interest rate swap futures	2,640		Derivative asset, at fair value	4,924		—
Interest rate swap futures	—		Derivative liabilities, at fair value	—		—
			Total derivative financial instruments	$	194,665	$	37,797

Net Gains (Losses) on Derivative Financial Instruments

The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:

		Three Months Ended June 30,				Six Months Ended June 30,
Derivative instrument	Statements of Operations Location	2022		2021		2022		2021
Interest rate lock commitments, net	Gain on origination and sale of loans, net	$	45,605	$	86,303	$	(123,015)	$	(313,964)
Forward sale contracts	Gain on origination and sale of loans, net	297,939		(317,263)		962,458		507,082
Interest rate swap futures	Gain on origination and sale of loans, net	(50,848)		(22,217)		(84,530)		(52,208)
Put options	Gain on origination and sale of loans, net	70,593		(6,699)		116,159		27,171
Forward sale contracts	Change in fair value of servicing rights, net	(23,399)		33,925		(97,627)		(79,004)
Interest rate swap futures	Change in fair value of servicing rights, net	(38,916)		48,194		(165,579)		7,178
Put options	Change in fair value of servicing rights, net	(1,114)		1,732		(514)		(779)
Total realized and unrealized gains (losses) on derivative financial instruments		$	299,860	$	(176,025)	$	607,352	$	95,476