DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 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
September 30, 2022:
Interest rate lock commitments	$	1,645,122	Derivative asset, at fair value	$	20,910
Interest rate lock commitments	3,171,270		Derivative liabilities, at fair value	—		85,628
Forward sale contracts	20,523,121		Derivative asset, at fair value	295,737		—
Forward sale contracts	896,425		Derivative liabilities, at fair value	—		38,086
Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	1,725		Derivative liabilities, at fair value	—		6,643
Interest rate swap futures	—		Derivative asset, at fair value	—		—
Interest rate swap futures	650		Derivative liabilities, at fair value	—		19,480
			Total derivative financial instruments	$	316,647	$	149,837

				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 September 30,				Nine Months Ended September 30,
Derivative instrument	Statements of Operations Location	2022		2021		2022		2021
Interest rate lock commitments, net	Gain on origination and sale of loans, net	$	(122,323)	$	(73,871)	$	(245,338)	$	(387,835)
Forward sale contracts	Gain on origination and sale of loans, net	259,360		(29,867)		1,221,817		477,215
Interest rate swap futures	Gain on origination and sale of loans, net	2,279		(29,683)		(82,251)		(81,891)
Put options	Gain on origination and sale of loans, net	12,547		19,891		128,706		47,063
Forward sale contracts	Change in fair value of servicing rights, net	(16,293)		(5,838)		(113,920)		(84,842)
Interest rate swap futures	Change in fair value of servicing rights, net	(31,598)		(14,033)		(197,177)		(6,855)
Put options	Change in fair value of servicing rights, net	(2,946)		(1,682)		(3,460)		(2,461)
Total realized and unrealized gains (losses) on derivative financial instruments		$	101,026	$	(135,083)	$	708,377	$	(39,606)