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Fair Value Measurements Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2021
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, 2021 and December 31, 2020:
Description of Financial Instrument (in thousands)June 30, 2021December 31, 2020
Whole loan contracts and related committed IRLCs$2,418 $2,354 
Uncommitted IRLCs302,394 208,500 
FMBSs related to uncommitted IRLCs279,000 183,000 
Whole loan contracts and related mortgage loans held for sale4,689 78,142 
FMBSs related to mortgage loans held for sale164,000 131,000 
Mortgage loans held for sale covered by FMBSs160,826 148,331 
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, 2021 and 2020:
Three Months Ended June 30,Six Months Ended June 30,
Description (in thousands)2021202020212020
Mortgage loans held for sale$6,682 $(3,312)$(258)$427 
Forward sales of mortgage-backed securities(8,329)5,417 1,017 (1,163)
Interest rate lock commitments3,128 (826)510 1,557 
Whole loan contracts(60)(102)353 (48)
Total gain recognized$1,421 $1,177 $1,622 $773 
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The following tables set forth the fair value of the Company’s derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which are disclosed as a separate line item):
Asset DerivativesLiability Derivatives
June 30, 2021June 30, 2021
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$ Other liabilities$624 
Interest rate lock commitmentsOther assets2,153 Other liabilities 
Whole loan contractsOther assets Other liabilities47 
Total fair value measurements$2,153 $671 

Asset DerivativesLiability Derivatives
December 31, 2020December 31, 2020
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$— Other liabilities$1,640 
Interest rate lock commitmentsOther assets1,664 Other liabilities— 
Whole loan contractsOther assets— Other liabilities422 
Total fair value measurements$1,664 $2,062 
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, 2021 and December 31, 2020. 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, 2021December 31, 2020
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash, cash equivalents and restricted cashLevel 1$371,806 $371,806 $260,810 $260,810 
Mortgage loans held for saleLevel 2172,760 172,760 234,293 234,293 
Interest rate lock commitmentsLevel 22,153 2,153 1,664 1,664 
Liabilities:
Notes payable - financial services operationsLevel 2167,119 167,119 225,634 225,634 
Notes payable - otherLevel 24,126 5,021 4,072 3,647 
Senior notes due 2025 (a)
Level 2250,000 258,125 250,000 259,375 
Senior notes due 2028 (a)
Level 2400,000 419,000 400,000 421,000 
Whole loan contracts for committed IRLCs and mortgage loans held for saleLevel 247 47 422 422 
Forward sales of mortgage-backed securitiesLevel 2624 624 1,640 1,640 
(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.