Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2019 and December 31, 2018:

Description of Financial Instrument (in thousands)	September 30, 2019		December 31, 2018
Whole loan contracts and related committed IRLCs	$	1,813	$	5,823
Uncommitted IRLCs	134,484		76,117
FMBSs related to uncommitted IRLCs	133,000		83,000
Whole loan contracts and related mortgage loans held for sale	8,344		14,285
FMBSs related to mortgage loans held for sale	118,000		150,000
Mortgage loans held for sale covered by FMBSs	118,082		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 September 30, 2019 and December 31, 2018:

Description of Financial Instrument (in thousands)	Fair Value Measurements September 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	$	128,322		$	—	$	128,322		$	—
Forward sales of mortgage-backed securities	326			—		326			—
Interest rate lock commitments	763			—		763			—
Whole loan contracts	(12		)	—		(12		)	—
Total	$	129,399		$	—	$	129,399		$	—

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 (loss) gain 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, 2019 and 2018:

	Three Months Ended September 30,						Nine Months Ended September 30,
Description (in thousands)	2019			2018			2019			2018
Mortgage loans held for sale	$	(1,964	)	$	(1,383	)	$	(2,981	)	$	(66	)
Forward sales of mortgage-backed securities	2,299			2,407			3,631			1,447
Interest rate lock commitments	(686		)	(763		)	(258		)	80
Whole loan contracts	121			252			174			108
Total (loss) gain recognized	$	(230	)	$	513		$	566		$	1,569

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, 2019			September 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	$	326	Other liabilities	$	—
Interest rate lock commitments	Other assets	763		Other liabilities	—
Whole loan contracts	Other assets	—		Other liabilities	12
Total fair value measurements		$	1,089		$	12

	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 September 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.

	September 30, 2019				December 31, 2018
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	33,451	$	33,451	$	21,529	$	21,529
Mortgage loans held for sale	128,322		128,322		169,651		169,651
Split dollar life insurance policies	206		206		206		206
Commitments to extend real estate loans	763		763		989		989
Forward sales of mortgage-backed securities	326		326		—		—
Liabilities:
Notes payable - homebuilding operations	189,900		189,900		117,400		117,400
Notes payable - financial services operations	108,594		108,594		153,168		153,168
Notes payable - other	5,508		4,922		5,938		5,112
Senior notes due 2021 (a)	300,000		302,625		300,000		298,500
Senior notes due 2025 (a)	250,000		256,563		250,000		228,750
Whole loan contracts for committed IRLCs and mortgage loans held for sale	12		12		154		154
Forward sales of mortgage-backed securities	—		—		3,305		3,305
Off-Balance Sheet Financial Instruments:
Letters of credit	—		1,300		—		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.