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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 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 changes in value on the derivative instruments are recorded in earnings as a component of net gain on mortgage loans held for sale on the condensed consolidated statements of operations and condensed consolidated statement of cash flows, except for a portion of forward MBS trades to hedge MSR pipelines and related fair value changes, which is recorded in service related, net on the condensed consolidated statements of operations and in changes in other assets or other liabilities on the condensed consolidated statements of cash flows.

The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments:
June 30, 2021Six Months Ended June 30, 2021
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2021$1,514 $39 $(63)
Derivative financial instruments
IRLCs20216,730 204 (210)
LPCs20211,984 10 (28)
Forward MBS trades20219,749 27 (10)
Swap futures202160 — — 
Total derivative financial instruments - assets$18,523 $241 $(248)
Liabilities
Derivative financial instruments
IRLCs2021$9 $— $— 
LPCs2021708 1 — 
Forward MBS trades202111,747 25 (131)
Total derivative financial instruments - liabilities$12,464 $26 $(131)
June 30, 2020Six Months Ended June 30, 2020
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2020$1,673 $81 $48 
Derivative financial instruments
IRLCs20209,227 370 235 
LPCs20201,823 18 6 
Forward MBS trades20201,239 3 (3)
Eurodollar futures2020-20216 — — 
Total derivative financial instruments - assets$12,295 $391 $238 
Liabilities
Derivative financial instruments
LPCs2020$55 $— $(2)
Forward MBS trades202010,119 50 37 
Eurodollar futures2020-20215 — — 
Total derivative financial instruments - liabilities$10,179 $50 $35 
The Company held $2 and $61 in collateral deposits on derivative instruments as of June 30, 2021 and December 31, 2020, respectively, which are recorded in other assets 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.