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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2022
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:
March 31, 2022Three Months Ended March 31, 2022
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2022$543 $1 $(24)
Derivative financial instruments
IRLCs20223,122 72 (62)
LPCs2022203 2 (1)
Forward MBS trades20224,653 79 72 
Total derivative financial instruments - assets$7,978 $153 $9 
Liabilities
Derivative financial instruments
IRLCs2022$551 $5 $5 
LPCs2022658 8 6 
Forward MBS trades2022695 6 (2)
Swap futures20221,097 49 43 
Total derivative financial instruments - liabilities$3,001 $68 $52 

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)
As of March 31, 2022, the Company held $80 and $108 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2021, the Company held $27 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.