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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis:
 March 31, 2022
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$3,593 $— $3,593 $— 
Mortgage servicing rights6,006 — — 6,006 
Equity securities62 8 — 54 
Derivative financial instruments
IRLCs72 — — 72 
LPCs2 — — 2 
Forward MBS trades79 — 79 — 
Liabilities
Derivative financial instruments
IRLCs5 — — 5 
LPCs8 — — 8 
Forward MBS trades6 — 6 — 
Swap futures49 — 49 — 
Mortgage servicing rights financing30 — — 30 
Excess spread financing815 — — 815 
 December 31, 2021
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$4,381 $— $4,381 $— 
Mortgage servicing rights4,223 — — 4,223 
Equity securities63 9 — 54 
Derivative financial instruments
IRLCs134 — — 134 
Forward MBS trades7 — 7 — 
LPCs3 — — 3 
Liabilities
Derivative financial instruments
Forward MBS trades8 — 8 — 
LPCs2 — — 2 
Swap futures6 — 6 — 
Mortgage servicing rights financing10 — — 10 
Excess spread financing768 — — 768 
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation
The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
Three Months Ended March 31, 2022
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsEquity securitiesIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$4,223 $54 $134 $768 $10 
Changes in fair value included in earnings563 — (62)79 20 
Purchases1,015 — — — — 
Issuances200 — — — — 
Sales(4)— — — — 
Settlements and repayments— — — (32)— 
Other changes9 — — — — 
Balance - end of period$6,006 $54 $72 $815 $30 

Three Months Ended March 31, 2021
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$2,703 $414 $934 $33 
Changes in fair value included in earnings278 (182)41 (10)
Purchases67 — — — 
Issuances288 — — — 
Sales(2)— — — 
Settlements and repayments— — (41)— 
Other changes20 — — — 
Balance - end of period$3,354 $232 $934 $23 
Fair value measurement inputs and valuation techniques
The tables below present the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities:
March 31, 2022December 31, 2021
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSR
Discount rate9.5 %13.7 %10.7 %9.5 %13.7 %10.9 %
Prepayment speed7.2 %14.8 %8.9 %11.7 %16.4 %13.0 %
Cost to service per loan(1)
$57 $128 $74 $59 $168 $77 
Average life(2)
7.4 years5.8 years
IRLCs
Value of servicing (basis points per loan)(0.4)2.6 1.9 (0.7)2.4 1.4 
Excess spread financing
Discount rate9.5 %13.8 %11.2 %9.5 %13.8 %11.2 %
Prepayment speed9.1 %15.1 %10.4 %12.8 %15.2 %13.4 %
Average life(2)
6.4 years5.4 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates4.6 %8.6 %6.9 %4.5 %7.9 %6.5 %
Annual advance recovery rates18.9 %26.4 %20.7 %19.2 %23.0 %21.3 %

(1)Presented in whole dollar amounts.
(2)Average life is included for informational purposes.
Schedule of fair value, by balance sheet grouping
The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value:
 March 31, 2022
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$579 $579 $— $— 
Restricted cash130 130 — — 
Advances and other receivables, net1,044 — — 1,044 
Loans subject to repurchase from Ginnie Mae1,175 — 1,175 — 
Financial liabilities
Unsecured senior notes, net2,670 2,605 — — 
Advance and warehouse facilities, net4,795 — 4,805 — 
Liability for loans subject to repurchase from Ginnie Mae1,175 — 1,175 — 
December 31, 2021
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$895 $895 $— $— 
Restricted cash146 146 — — 
Advances and other receivables, net1,228 — — 1,228 
Loans subject to repurchase from Ginnie Mae1,496 — 1,496 — 
Financial liabilities
Unsecured senior notes, net2,670 2,737 — — 
Advance and warehouse facilities, net4,997 — 5,009 — 
Liability for loans subject to repurchase from Ginnie Mae1,496 — 1,496 —