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Fair Value Measurements Fair Value Measurements (Tables)
9 Months Ended
Sep. 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 September 30, 2021 and December 31, 2020:
Description of Financial Instrument (in thousands)September 30, 2021December 31, 2020
Whole loan contracts and related committed IRLCs$5,294 $2,354 
Uncommitted IRLCs273,470 208,500 
FMBSs related to uncommitted IRLCs258,000 183,000 
Whole loan contracts and related mortgage loans held for sale6,813 78,142 
FMBSs related to mortgage loans held for sale192,000 131,000 
Mortgage loans held for sale covered by FMBSs192,672 148,331 
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2021 and 2020:
Three Months Ended September 30,Nine Months Ended September 30,
Description (in thousands)2021202020212020
Mortgage loans held for sale$(1,704)$(1,338)$(1,962)$(911)
Forward sales of mortgage-backed securities3,877 1,670 4,893 507 
Interest rate lock commitments(1,440)(853)(940)704 
Whole loan contracts49 (20)413 (68)
Total gain (loss) recognized$782 $(541)$2,404 $232 
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
September 30, 2021September 30, 2021
Description of DerivativesBalance Sheet
Location
Fair Value
(in thousands)
Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$3,253 Other liabilities$ 
Interest rate lock commitmentsOther assets745 Other liabilities 
Whole loan contractsOther assets Other liabilities30 
Total fair value measurements$3,998 $30 

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 September 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.
September 30, 2021December 31, 2020
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash, cash equivalents and restricted cashLevel 1$221,157 $221,157 $260,810 $260,810 
Mortgage loans held for saleLevel 2215,857 215,857 234,293 234,293 
Interest rate lock commitmentsLevel 2745 745 1,664 1,664 
Forward sales of mortgage-backed securitiesLevel 23,253 3,253 — — 
Liabilities:
Notes payable - financial services operationsLevel 2211,281 211,281 225,634 225,634 
Notes payable - otherLevel 25,537 5,458 4,072 3,647 
Senior notes due 2025 (a)
Level 2  250,000 259,375 
Senior notes due 2028 (a)
Level 2400,000 417,500 400,000 421,000 
Senior notes due 2030 (a)
Level 2300,000 301,500 — — 
Whole loan contracts for committed IRLCs and mortgage loans held for saleLevel 230 30 422 422 
Forward sales of mortgage-backed securitiesLevel 2  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.