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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$1,070 $— $988 $82 
Mortgage servicing rights9,796 — — 9,796 
Equity investments9 1 — 8 
Derivative financial instruments
IRLCs27 — — 27 
LPCs1 — — 1 
Forward MBS trades9 — 9 — 
Treasury Futures18 — 18 — 
Liabilities
Derivative financial instruments
Forward MBS trades10 — 10 — 
Treasury futures1 — 1 — 
Mortgage servicing rights financing35 — — 35 
Excess spread financing420 — — 420 

 December 31, 2023
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$927 $— $846 $81 
Mortgage servicing rights9,090 — — 9,090 
Equity investments9 1 — 8 
Derivative financial instruments
Treasury futures113 — 113 — 
IRLCs21 — — 21 
Forward MBS trades22 — 22 — 
LPCs3 — — 3 
Liabilities
Derivative financial instruments
Forward MBS trades9 — 9 — 
Mortgage servicing rights financing29 — — 29 
Excess spread financing437 — — 437 
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, 2024
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$9,090 $81 $8 $21 $437 $29 
Changes in fair value included in earnings10 (2)— 6 — 6 
Purchases/additions(1)
663 28 — — — — 
Issuances64 — — — — — 
Sales/dispositions(2)
(42)(22)— — — — 
Repayments— (2)— — — — 
Settlements— — — — (17)— 
Other changes11 (1)— — — — 
Balance - end of period$9,796 $82 $8 $27 $420 $35 

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 
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, 2024December 31, 2023
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSRs(1)
Option adjusted spread(2)
6.9 %12.3 %7.9 %6.9 %12.3 %8.0 %
Prepayment speed7.0 %9.0 %7.5 %6.8 %9.3 %7.5 %
Cost to service per loan(3)
$54 $141 $73 $56 $160 $80 
Average life(4)
7.9 years7.9 years
Mortgage loans held for sale
Market pricing45.0 %102.8 %79.0 %45.0 %103.4 %81.1 %
IRLCs
Value of servicing (reflected as a percentage of loan commitment)1.0 %3.4 %1.8 %1.1 %3.5 %1.9 %
Excess spread financing(1)
Option adjusted spread(2)
7.0 %12.3 %8.8 %7.0 %12.3 %8.8 %
Prepayment speed7.3 %9.5 %8.5 %7.7 %9.1 %8.4 %
Average life(4)
6.7 years6.7 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates6.9 %9.3 %8.2 %6.6 %9.2 %7.6 %
Annual advance recovery rates15.3 %16.7 %16.3 %12.2 %14.8 %13.0 %

(1)The inputs are weighted by investor.
(2)OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input.
(3)Presented in whole dollar amounts.
(4)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, 2024
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$578 $578 $— $— 
Restricted cash157 157 — — 
Advances and other receivables, net914 — — 914 
Loans subject to repurchase from Ginnie Mae856 — 856 — 
Financial liabilities
Unsecured senior notes, net4,137 — 4,033 — 
Advance, warehouse and MSR facilities, net4,087 — 4,103 — 
Liability for loans subject to repurchase from Ginnie Mae856 — 856 — 
December 31, 2023
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$571 $571 $— $— 
Restricted cash169 169 — — 
Advances and other receivables, net996 — — 996 
Loans subject to repurchase from Ginnie Mae966 — 966 — 
Financial liabilities
Unsecured senior notes, net3,151 — 3,056 — 
Advance, warehouse and MSR facilities, net4,302 — 4,318 — 
Liability for loans subject to repurchase from Ginnie Mae966 — 966 —