Derivative Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

11. Derivative Financial Instruments

Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates related to originations. Derivative instruments utilized by the Company primarily include IRLCs, LPCs, forward MBS purchase commitments, Eurodollar and Treasury futures and interest rate swap agreements.

The following table provides the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:

		Successor
		December 31, 2020				Year Ended December 31, 2020
Derivative Financial Instruments	Expiration Dates	Outstanding Notional		Fair Value		Recorded Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments	2021	$	2,710	$	102	$	70
Derivative financial instruments
IRLCs	2021	10,179		414		279
LPCs	2021	5,406		38		26
Forward sales of MBS	2021	5,853		37		31
Total derivative financial instruments - assets		$	21,438	$	489	$	336
Liabilities
Derivative financial instruments
IRLCs	2021	$	2	$	—	$	—
LPCs	2021	280		1		(2)
Forward sales of MBS	2021	25,156		156		144
Swap futures	2021	60		—		—
Total derivative financial instruments - liabilities		$	25,498	$	157	$	142

		Successor
		December 31, 2019				Year Ended December 31, 2019
Derivative Financial Instruments	Expiration Dates	Outstanding Notional		Fair Value		Recorded Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments	2020	$	1,202	$	32	$	7
Derivative financial instruments
IRLCs	2020	4,838		135		75
LPCs	2020	1,094		12		10
Forward sales of MBS	2020	3,120		7		5
Eurodollar futures	2020-2021	6		—		—
Total derivative financial instruments - assets		$	9,058	$	154	$	90
Liabilities
Derivative financial instruments
IRLCs	2020	$	12	$	—	$	—
LPCs	2020	540		3		2
Forward sales of MBS	2020	6,036		12		(12)
Eurodollar futures	2020-2021	7		—		—
Total derivative financial instruments - liabilities		$	6,595	$	15	$	(10)

Associated with the Company’s derivatives are $61 and $6 in collateral deposits on derivative instruments recorded in other assets on the Company’s consolidated balance sheets as of December 31, 2020 and 2019, respectively. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the consolidated balance sheets.