Fair Value Measurements Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Measurements [Abstract]

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

The table below shows the notional amounts of our financial instruments at June 30, 2019 and December 31, 2018:

Description of Financial Instrument (in thousands)	June 30, 2019		December 31, 2018
Whole loan contracts and related committed IRLCs	$	3,879	$	5,823
Uncommitted IRLCs	141,479		76,117
FMBSs related to uncommitted IRLCs	141,000		83,000
Whole loan contracts and related mortgage loans held for sale	4,331		14,285
FMBSs related to mortgage loans held for sale	117,000		150,000
Mortgage loans held for sale covered by FMBSs	117,030		149,980

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 June 30, 2019 and December 31, 2018:

Description of Financial Instrument (in thousands)	Fair Value Measurements June 30, 2019			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	$	123,909		$	—	$	123,909		$	—
Forward sales of mortgage-backed securities	(1,973		)	—		(1,973		)	—
Interest rate lock commitments	1,432			—		1,432			—
Whole loan contracts	(116		)	—		(116		)	—
Total	$	123,252		$	—	$	123,252		$	—

Description of Financial Instrument (in thousands)	Fair Value Measurements December 31, 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	$	169,651		$	—	$	169,651		$	—
Forward sales of mortgage-backed securities	(3,305		)	—		(3,305		)	—
Interest rate lock commitments	989			—		989			—
Whole loan contracts	(154		)	—		(154		)	—
Total	$	167,181		$	—	$	167,181		$	—

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 six months ended June 30, 2019 and 2018:

	Three Months Ended June 30,						Six Months Ended June 30,
Description (in thousands)	2019			2018			2019			2018
Mortgage loans held for sale	$	346		$	642		$	(1,017	)	$	1,317
Forward sales of mortgage-backed securities	(602		)	(658		)	1,332			(960		)
Interest rate lock commitments	470			138			428			843
Whole loan contracts	39			(61		)	53			(144		)
Total gain recognized	$	253		$	61		$	796		$	1,056

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
	June 30, 2019			June 30, 2019
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	$	—	Other liabilities	$	1,973
Interest rate lock commitments	Other assets	1,432		Other liabilities	—
Whole loan contracts	Other assets	50		Other liabilities	166
Total fair value measurements		$	1,482		$	2,139

	Asset Derivatives			Liability Derivatives
	December 31, 2018			December 31, 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	$	—	Other liabilities	$	3,305
Interest rate lock commitments	Other assets	989		Other liabilities	—
Whole loan contracts	Other assets	—		Other liabilities	154
Total fair value measurements		$	989		$	3,459

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 June 30, 2019 and December 31, 2018. 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.

	June 30, 2019				December 31, 2018
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	20,393	$	20,393	$	21,529	$	21,529
Mortgage loans held for sale	123,909		123,909		169,651		169,651
Split dollar life insurance policies	206		206		206		206
Commitments to extend real estate loans	1,432		1,432		989		989
Liabilities:
Notes payable - homebuilding operations	174,300		174,300		117,400		117,400
Notes payable - financial services operations	104,003		104,003		153,168		153,168
Notes payable - other	5,092		4,440		5,938		5,112
Senior notes due 2021 (a)	300,000		304,875		300,000		298,500
Senior notes due 2025 (a)	250,000		253,750		250,000		228,750
Whole loan contracts for committed IRLCs and mortgage loans held for sale	116		116		154		154
Forward sales of mortgage-backed securities	1,973		1,973		3,305		3,305
Off-Balance Sheet Financial Instruments:
Letters of credit	—		1,457		—		944

(a) Our senior 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.