XML 247 R21.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value Measurements Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
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, 2023 and December 31, 2022:
Description of Financial Instrument (in thousands)September 30, 2023December 31, 2022
Uncommitted IRLCs$247,239 $262,529 
FMBSs related to uncommitted IRLCs259,000 341,088 
Whole loan contracts and related mortgage loans held for sale6,669 16,507 
FMBSs related to mortgage loans held for sale174,000 232,518 
Mortgage loans held for sale covered by FMBSs190,116 233,378 
Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block]
The following table sets forth the amount of (loss) gain recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Income, on assets and liabilities measured on a recurring basis for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended September 30,Nine Months Ended September 30,
Description (in thousands)2023202220232022
Mortgage loans held for sale$(1,710)$(4,396)$(873)$(7,271)
Forward sales of mortgage-backed securities4,655 24,952 10,522 22,199 
Interest rate lock commitments(1,701)(13,015)(740)(15,708)
Whole loan contracts(397)(209)(303)(97)
Total gain (loss) recognized
$847 $7,332 $8,606 $(877)
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, 2023September 30, 2023
Description of DerivativesBalance Sheet
Location		Fair Value
(in thousands)		Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$7,517 Other liabilities$— 
Interest rate lock commitmentsOther assets47 Other liabilities— 
Whole loan contractsOther assets— Other liabilities681 
Total fair value measurements$7,564 $681 

Asset DerivativesLiability Derivatives
December 31, 2022December 31, 2022
Description of DerivativesBalance Sheet
Location		Fair Value
(in thousands)		Balance Sheet LocationFair Value
(in thousands)
Forward sales of mortgage-backed securitiesOther assets$— Other liabilities$3,005 
Interest rate lock commitmentsOther assets787 Other liabilities— 
Whole loan contractsOther assets— Other liabilities377 
Total fair value measurements$787 $3,382 
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, 2023 and December 31, 2022. 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, 2023December 31, 2022
(In thousands)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Assets:
Cash, cash equivalents and restricted cashLevel 1$736,252 $736,252 $311,542 $311,542 
Mortgage loans held for saleLevel 2207,181 207,181 242,539 242,539 
Interest rate lock commitmentsLevel 247 47 787 787 
Forward sales of mortgage-backed securitiesLevel 27,517 7,517 — — 
Liabilities:
Notes payable - homebuilding operationsLevel 2— — — — 
Notes payable - financial services operationsLevel 2200,619 200,619 245,741 245,741 
Senior notes due 2028 (a)
Level 2400,000 358,000 400,000 353,500 
Senior notes due 2030 (a)
Level 2300,000 244,875 300,000 240,750 
Whole loan contracts for committed IRLCs and mortgage loans held for saleLevel 2681 681 377 377 
Forward sales of mortgage-backed securitiesLevel 2— — 3,005 3,005 
(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.