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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
8. 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 interest rate lock commitments (“IRLCs”), loan purchase commitments (“LPCs”), forward Mortgage Backed Securities (“MBS”) purchase commitments, Eurodollar and Treasury futures and interest rate swap agreements.

The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:
March 31, 2021Three Months Ended March 31, 2021
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2021$2,341 $42 $(60)
Derivative financial instruments
IRLCs20218,950 232 (182)
LPCs20211,165 8 (30)
Forward MBS trades202122,566 286 249 
Total derivative financial instruments - assets$32,681 $526 $37 
Liabilities
Derivative financial instruments
IRLCs2021$240 $1 $1 
LPCs20213,974 38 37 
Forward MBS trades20216,341 76 (80)
Swap futures202160 1 1 
Total derivative financial instruments - liabilities$10,615 $116 $(41)
March 31, 2020Three Months Ended March 31, 2020
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2020$2,598 $111 $79 
Derivative financial instruments
IRLCs20206,923 263 128 
LPCs2020834 25 13 
Forward MBS trades2020886 6 — 
Eurodollar futures2020-20216 — — 
Total derivative financial instruments - assets$8,649 $294 $141 
Liabilities
Derivative financial instruments
IRLCs2020$22 $— $— 
LPCs202010 — (3)
Forward MBS trades202010,229 223 211 
Eurodollar futures2020-20216 — — 
Total derivative financial instruments - liabilities$10,267 $223 $208 
As of March 31, 2021, the Company held $2 and $113 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2020 the Company held $61 in collateral deposits on derivative instruments. Collateral deposits and collateral obligations are recorded in other assets and payable and other liabilities, respectively, in the Company’s condensed consolidated balance sheets. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the condensed consolidated balance sheets.