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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$937 $— $866 $71 
Mortgage servicing rights6,566 — — 6,566 
Equity investments44 2 — 42 
Derivative financial instruments
IRLCs33 — — 33 
LPCs3 — — 3 
Forward MBS trades18 — 18 — 
Treasury futures71 — 71 — 
Liabilities
Derivative financial instruments
Forward MBS trades10 — 10 — 
Treasury futures1 — 1 — 
Mortgage servicing rights financing21 — — 21 
Excess spread financing491 — — 491 

 December 31, 2022
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$893 $— $819 $74 
Mortgage servicing rights6,654 — — 6,654 
Equity investments47 2 — 45 
Derivative financial instruments
IRLCs22 — — 22 
Forward MBS trades8 — 8 — 
LPCs1 — — 1 
Liabilities
Derivative financial instruments
Forward MBS trades9 — 9 — 
LPCs1 — — 1 
Treasury futures14 — 14 — 
Mortgage servicing rights financing19 — — 19 
Excess spread financing509 — — 509 
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, 2023
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$6,654 $74 $45 $22 $509 $19 
Changes in fair value included in earnings(230)1 (3)11 4 2 
Purchases/additions (1)
102 28 — — — — 
Issuances54 — — — — — 
Sales/dispositions (2)
(15)(31)— — — — 
Repayments— (1)— — (4)— 
Settlements— — — — (18)— 
Other changes1 — — — — — 
Balance - end of period$6,566 $71 $42 $33 $491 $21 

Three Months Ended March 31, 2022
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsEquity investmentsIRLCsExcess 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— — — (32)— 
Other changes9 — — — — 
Balance - end of period$6,006 $54 $72 $815 $30 
Fair value measurement inputs and valuation techniques
The table below presents the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities.
March 31, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSR(1)
Discount rate10.3 %13.6 %11.4 %10.4 %13.7 %11.4 %
Prepayment speed6.3 %13.2 %7.5 %6.3 %12.2 %7.2 %
Cost to service per loan(2)
$56 $161 $85 $54 $155 $80 
Average life(3)
8.1 years8.1 years
Mortgage loans held for sale
Market pricing45.0 %103.6 %77.7 %37.3 %114.7 %77.4 %
IRLCs
Value of servicing (reflected as a percentage of loan commitment)— %3.8 %2.1 %(0.6)%3.9 %2.3 %
Excess spread financing(1)
Discount rate9.9 %13.7 %11.2 %10.0 %13.8 %11.3 %
Prepayment speed7.4 %14.1 %9.6 %6.9 %13.3 %9.2 %
Average life(3)
6.5 years6.6 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates5.2 %8.5 %6.8 %5.2 %8.6 %7.1 %
Annual advance recovery rates15.9 %20.7 %17.5 %15.9 %20.6 %17.3 %

(1)The inputs are weighted by investor.
(2)Presented in whole dollar amounts.
(3)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, 2023
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$534 $534 $— $— 
Restricted cash133 133 — — 
Advances and other receivables, net933 — — 933 
Loans subject to repurchase from Ginnie Mae1,889 — 1,889 — 
Financial liabilities
Unsecured senior notes, net2,675 — 2,243 — 
Advance and warehouse facilities, net2,934 — 2,947 — 
Liability for loans subject to repurchase from Ginnie Mae1,889 — 1,889 — 
December 31, 2022
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$527 $527 $— $— 
Restricted cash175 175 — — 
Advances and other receivables, net1,019 — — 1,019 
Loans subject to repurchase from Ginnie Mae1,865 — 1,865 — 
Financial liabilities
Unsecured senior notes, net2,673 — 2,209 — 
Advance and warehouse facilities, net2,885 — 2,896 — 
Liability for loans subject to repurchase from Ginnie Mae1,865 — 1,865 —