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Derivative Financial Instruments
 6 Months Ended
Jun. 30, 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 the Originations and Servicing segments. 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 futures. The changes in value on the derivative instruments associated with hedging loans held for sale fair value 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, while changes in the value of derivative instruments associated with the MSR portfolio fair value are 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. Gains(losses) include both realized and unrealized gains (losses) of each derivative financial instrument.
June 30, 2022Six Months Ended June 30, 2022
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2022$246 $8 $(17)
Derivative financial instruments
IRLCs20222,103 62 (72)
LPCs2022325 3 — 
Treasury futures202230 — 3 
Forward MBS trades20221,798 12 429 
Total derivative financial instruments - assets$4,256 $77 $360 
Liabilities
Derivative financial instruments
IRLCs2022$56 $1 $(1)
LPCs2022186 1 1 
Treasury futures2022902 18 (185)
Forward MBS trades20221,716 13 (31)
Total derivative financial instruments - liabilities$2,860 $33 $(216)
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 (29)
Forward MBS trades20219,749 27 271 
Swap futures202160 — 1 
Total derivative financial instruments - assets$18,523 $241 $33 
Liabilities
Derivative financial instruments
IRLCs2021$9 $— $— 
LPCs2021708 1 (1)
Forward MBS trades202111,747 25 (126)
Swap futures2021— — (4)
Total derivative financial instruments - liabilities$12,464 $26 $(131)
The Company held $37 and $27 in collateral deposits as of June 30, 2022 and December 31, 2021, respectively. Collateral deposits 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.