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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage servicing rights$11,345 $— $— $11,345 
Mortgage loans held for sale2,603 — 2,523 80 
Equity investments5 — — 5 
Derivative financial instruments
Treasury futures54 — 54 — 
IRLCs38 — — 38 
Forward MBS trades15 — 15 — 
LPCs8 — — 8 
Liabilities
Derivative financial instruments
Forward MBS trades16 — 16 — 
LPCs2 — — 2 
Treasury futures1 — 1 — 
Excess spread financing366 — — 366 
Mortgage servicing rights financing32 — — 32 

 December 31, 2024
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage servicing rights$11,736 $— $— $11,736 
Mortgage loans held for sale2,211 — 2,151 60 
Equity investments9 1 — 8 
Derivative financial instruments
IRLCs22 — — 22 
Forward MBS trades18 — 18 — 
LPCs6 — — 6 
Liabilities
Derivative financial instruments
Forward MBS trades95 — 95 — 
Treasury futures59 — 59 — 
LPCs7 — — 7 
Excess spread financing386 — — 386 
Mortgage servicing rights financing32 — — 32 
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation
The tables below set forth the activities for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
Three Months Ended March 31, 2025
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleIRLCsLPCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$11,736 $60 $22 $6 $386 $32 
Changes in fair value included in earnings(505)(4)16 2 (5)— 
Purchases/additions(1)
106 52 — — — — 
Issuances164 — — — — — 
Sales/dispositions(2)
(164)(27)— — — — 
Repayments— (1)— — — — 
Settlements— — — — (15)— 
Other changes8 — — — — — 
Balance - end of period$11,345 $80 $38 $8 $366 $32 

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 
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, 2025December 31, 2024
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSRs(1)
Option adjusted spread(2)
7.1 %12.2 %7.9 %6.9 %12.2 %7.6 %
Prepayment speed7.5 %10.1 %8.4 %6.8 %9.3 %7.7 %
Cost to service per loan(3)
$45 $115 $59 $45 $114 $58 
Average life(4)
7.4 years7.8 years
Mortgage loans held for sale
Market pricing45.0 %97.9 %80.7 %45.0 %97.3 %80.1 %
IRLCs
Value of servicing (reflected as a percentage of loan commitment)— %3.4 %1.5 %— %3.6 %1.7 %
Excess spread financing(1)
Option adjusted spread(2)
7.1 %12.3 %8.9 %6.9 %12.3 %8.7 %
Prepayment speed7.8 %8.0 %7.9 %7.2 %7.6 %7.5 %
Average life(4)
6.5 years6.8 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates7.3 %8.6 %8.3 %7.2 %9.0 %8.5 %
Annual advance recovery rates16.0 %16.9 %16.7 %14.9 %16.8 %16.0 %

(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, 2025
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$784 $784 $— $— 
Restricted cash166 166 — — 
Advances and other receivables, net1,061 — — 1,061 
Loans subject to repurchase from Ginnie Mae1,115 — 1,115 — 
Financial liabilities
Unsecured senior notes, net4,896 — 4,980 — 
Advance, warehouse and MSR facilities, net6,313 — 6,329 — 
Liability for loans subject to repurchase from Ginnie Mae1,115 — 1,115 — 
December 31, 2024
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$753 $753 $— $— 
Restricted cash220 220 — — 
Advances and other receivables, net1,345 — — 1,345 
Loans subject to repurchase from Ginnie Mae1,176 — 1,176 — 
Financial liabilities
Unsecured senior notes, net4,891 — 4,862 — 
Advance, warehouse and MSR facilities, net6,495 — 6,515 — 
Liability for loans subject to repurchase from Ginnie Mae1,176 — 1,176 —