Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The table below shows the notional amounts of our financial instruments at September 30, 2018 and December 31, 2017:



Description of Financial Instrument (in thousands)	September 30, 2018		December 31, 2017
Whole loan contracts and related committed IRLCs	$	8,163	$	2,182
Uncommitted IRLCs	135,450		50,746
FMBSs related to uncommitted IRLCs	143,000		53,000
Whole loan contracts and related mortgage loans held for sale	11,015		80,956
FMBSs related to mortgage loans held for sale	103,000		91,000
Mortgage loans held for sale covered by FMBSs	103,258		90,781

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The table below shows the level and measurement of assets and liabilities measured on a recurring basis at September 30, 2018 and December 31, 2017:



Description of Financial Instrument (in thousands)	Fair Value Measurements September 30, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	115,189	$	—	$	115,189	$	—
Forward sales of mortgage-backed securities	1,624		—		1,624		—
Interest rate lock commitments	384		—		384		—
Whole loan contracts	87		—		87		—
Total	$	117,284	$	—	$	117,284	$	—



Description of Financial Instrument (in thousands)	Fair Value Measurements December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Mortgage loans held for sale	$	171,580	$	—	$	171,580	$	—
Forward sales of mortgage-backed securities	177		—		177		—
Interest rate lock commitments	271		—		271		—
Whole loan contracts	12		—		12		—
Total	$	172,040	$	—	$	172,040	$	—

Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]

The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2018 and 2017:



	Three Months Ended September 30,						Nine Months Ended September 30,
Description (in thousands)	2018			2017			2018			2017
Mortgage loans held for sale	$	(1,383	)	$	(64	)	$	(66	)	$	4,326
Forward sales of mortgage-backed securities	2,407			(128		)	1,447			241
Interest rate lock commitments	(763		)	22			80			116
Whole loan contracts	252			(41		)	108			30
Total gain (loss) recognized	$	513		$	(211	)	$	1,569		$	4,713

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):

Asset Derivatives

Liability Derivatives

September 30, 2018

Description of Derivatives

Balance Sheet

Location

Fair Value

(in thousands)

Balance Sheet Location

Fair Value

(in thousands)

Forward sales of mortgage-backed securities

Other assets

1,624

Other liabilities

—

Interest rate lock commitments

Other assets

384

Other liabilities

—

Whole loan contracts

Other assets

Other liabilities

—

Total fair value measurements

2,095

—

Asset Derivatives

Liability Derivatives

December 31, 2017

Description of Derivatives

Balance Sheet

Location

Fair Value

(in thousands)

Balance Sheet Location

Fair Value

(in thousands)

Forward sales of mortgage-backed securities

Other assets

177

Other liabilities

—

Interest rate lock commitments

Other assets

271

Other liabilities

—

Whole loan contracts

Other assets

Other liabilities

—

Total fair value measurements

460

—

Fair Value, by Balance Sheet Grouping [Table Text Block]

The following table presents the carrying amounts and fair values of the Company’s financial instruments at September 30, 2018 and December 31, 2017. The objective of the fair value measurement is to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions.



	September 30, 2018				December 31, 2017
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	36,360	$	36,360	$	151,703	$	151,703
Mortgage loans held for sale	115,189		115,189		171,580		171,580
Split dollar life insurance policies	209		209		209		209
Commitments to extend real estate loans	384		384		271		271
Whole loan contracts for committed IRLCs and mortgage loans held for sale	87		87		12		12
Forward sales of mortgage-backed securities	1,624		1,624		177		177
Liabilities:
Notes payable - homebuilding operations	222,700		222,700		—		—
Notes payable - financial services operations	104,026		104,026		168,195		168,195
Notes payable - other	8,838		8,109		10,576		9,437
Convertible senior subordinated notes due 2018 ^(a)	—		—		86,250		93,581
Senior notes due 2021 ^(a)	300,000		305,250		300,000		310,875
Senior notes due 2025 ^(a)	250,000		233,438		250,000		252,500
Off-Balance Sheet Financial Instruments:
Letters of credit	—		1,087		—		1,083


(a)	Our senior notes and convertible senior subordinated notes are stated at the principal amount outstanding which does not include the impact of premiums, discounts, and debt issuance costs that are amortized to interest cost over the respective terms of the notes.