Fair Value Measurements Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019:

Description of Financial Instrument (in thousands)	March 31, 2020		December 31, 2019
Whole loan contracts and related committed IRLCs	$	980	$	1,445
Uncommitted IRLCs	158,153		87,340
FMBSs related to uncommitted IRLCs	137,000		88,000
Whole loan contracts and related mortgage loans held for sale	4,085		6,125
FMBSs related to mortgage loans held for sale	145,000		144,000
Mortgage loans held for sale covered by FMBSs	145,338		144,411

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 months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
Description (in thousands)	2020			2019
Mortgage loans held for sale	$	3,739		$	(1,363	)
Forward sales of mortgage-backed securities	(6,580		)	1,934
Interest rate lock commitments	2,383			(42		)
Whole loan contracts	54			14
Total (loss) gain recognized	$	(404	)	$	543

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
	March 31, 2020			March 31, 2020
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	$	6,916
Interest rate lock commitments	Other assets	3,095		Other liabilities	—
Whole loan contracts	Other assets	—		Other liabilities	20
Total fair value measurements		$	3,095		$	6,936

	Asset Derivatives			Liability Derivatives
	December 31, 2019			December 31, 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	$	336
Interest rate lock commitments	Other assets	654		Other liabilities	—
Whole loan contracts	Other assets	—		Other liabilities	16
Total fair value measurements		$	654		$	352

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 March 31, 2020 and December 31, 2019. 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.

		March 31, 2020				December 31, 2019
(In thousands)	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	Level 1	$	21,184	$	21,184	$	6,083	$	6,083
Mortgage loans held for sale	Level 2	156,208		156,208		155,244		155,244
Interest rate lock commitments	Level 2	3,095		3,095		654		654
Liabilities:
Notes payable - homebuilding operations	Level 2	6,900		6,900		66,000		66,000
Notes payable - financial services operations	Level 2	145,055		145,055		136,904		136,904
Notes payable - other	Level 2	7,546		7,008		5,828		5,286
Senior notes due 2021 (a)	Level 2	—		—		300,000		299,250
Senior notes due 2025 (a)	Level 2	250,000		225,000		250,000		261,563
Senior notes due 2028 (a)	Level 2	400,000		336,000		—		—
Whole loan contracts for committed IRLCs and mortgage loans held for sale	Level 2	20		20		16		16
Forward sales of mortgage-backed securities	Level 2	6,916		6,916		336		336

(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.