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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions We review our commitment-to-closing ratio ("pull-through rate") as part of an estimate of the number of mortgage loans that will fund according to the IRLCs.
Notional AmountsSeptember 30, 2022December 31, 2021
Forward sales commitments$476,903 $70,550 
IRLCs390,091 67,485 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows:

Three Months Ended September 30,Nine Months Ended September 30,
InstrumentClassification2022202120222021
Forward sales commitmentsService revenue$11,602 $859 $1,757 $938 
IRLCsService revenue(8,462)(888)(4,433)(687)
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:

Balance at September 30, 2022Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents
Money market funds$294,396 $294,396 $— $— 
Total cash equivalents294,396 294,396 — — 
Short-term investments
U.S. treasury securities87,313 87,313 — — 
Agency bonds23,003 23,003 — — 
Total short-term investments110,316 110,316 — — 
Loans held for sale256,339 — 256,339 — 
Other current assets
Forward sales commitments13,153 — 13,153 — 
IRLCs5,764 — — 5,764 
Total other current assets18,917 — 13,153 5,764 
Mortgage servicing rights, at fair value36,914 — — 36,914 
Long-term investments
U.S. treasury securities41,677 41,677 — — 
Total assets$758,559 $446,389 $269,492 $42,678 
Liabilities
Accrued and other liabilities
Forward sales commitments$263 $— $263 $— 
IRLCs4,716 — — 4,716 
Total liabilities$4,979 $— $263 $4,716 
Balance at December 31, 2021Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents
        Money market funds$509,971 $509,971 $— $— 
Total cash equivalents509,971 509,971 — — 
Short-term investments
   U.S. treasury securities16,718 16,718 — — 
Agency bonds11,906 11,906 — — 
Equity securities5,113 5,113 — — 
Loans held for sale35,759 — 35,759 — 
Other current assets
Forward sales commitments138 — 138 — 
IRLCs1,191 — — 1,191 
Total other current assets1,329 — 138 1,191 
Long-term investments
U.S. treasury securities54,828 54,828 — — 
Total assets$635,624 $598,536 $35,897 $1,191 
Liabilities
Accrued liabilities
Forward sales commitments$93 $— $93 $— 
IRLCs60 — — 60 
Total liabilities$153 $— $93 $60 
Summary of Fair Value Measurement Inputs and Valuation Techniques
The significant unobservable inputs used to determine the fair value of IRLCs and MSRs that could result in a significant change in fair value measurement were as follows:

September 30, 2022December 31, 2021
Key InputsValuation TechniqueRangeWeighted-AverageRangeWeighted-Average
IRLCs
Pull-through rate
Market pricing
58.0% - 100.0%
91.7%71.1%71.1%
MSRs
Prepayment speedDiscounted cash flow
6.0% - 14.2%
6.5%N/AN/A
Default ratesDiscounted cash flow
0.0% - 0.5%
0.1%N/AN/A
Discount rateDiscounted cash flow
9.5% - 12.4%
9.6%N/AN/A
Summary of Changes Fair Value Of Interest Rate Derivatives
The following is a summary of changes in the fair value of IRLCs for the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Balance, net—beginning of period$9,510 $1,972 $1,155 $1,771 
IRLCs acquired in business combination— — 4,326 — 
Issuances of IRLCs20,440 3,849 40,740 14,523 
Settlements of IRLCs(23,494)(4,248)(40,762)(14,956)
Fair value changes recognized in earnings(5,408)(489)(4,411)(254)
Balance, net—end of period$1,048 $1,084 $1,048 $1,084 
The following is a summary of changes in the fair value of MSRs for the three and nine months ended September 30, 2022 and 2021:

Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Balance—beginning of period$35,050 $— $— $— 
MSRs acquired in business combination— — 33,982 — 
MSRs originated1,811 — 2,774 — 
MSRs sales(541)— (1,314)— 
Fair value changes recognized in earnings594 — 1,472 — 
Balance, net—end of period$36,914 $— $36,914 $— 
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:

September 30, 2022December 31, 2021
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,393 $21,634 $23,280 $34,487 
2025 notes652,854 385,985 650,783 593,366 
2027 notes564,914 285,511 563,234 467,814 
The following table summarizes borrowings under these facilities as of the periods presented:
September 30, 2022
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsMaturity Date
City National Bank$100,000 $36,010 4.43 %11/24/2022
Comerica Bank75,000 29,599 5.14 Upon lender demand
Origin Bank75,000 33,572 4.82 9/29/2023
M&T Bank50,000 21,068 4.91 10/13/2023
Prosperity Bank150,000 59,578 4.93 10/30/2023
Republic Bank & Trust Company75,000 29,171 4.38 8/16/2023
Wells Fargo Bank, N.A.100,000 43,531 5.12 As determined by lender
Total$625,000 $252,529 

December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Western Alliance Bank$50,000 $17,089 3.00 %
Texas Capital Bank, N.A.40,000 11,852 3.01 
Flagstar Bank, FSB
25,000 4,102 3.00 
Total$115,000 $33,043 
The following table summarizes borrowings under this facility as of the periods presented:
September 30, 2022December 31, 2021
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA$400,000 $202,416 6.10 %$200,000 $199,781 3.30 %
Marketable Securities
The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, available-for-sale investments, and equity securities were as follows:

September 30, 2022
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
Cash$65,328 $— $— $65,328 $65,328 $— $— 
Money markets funds294,396 — — 294,396 294,396 — — 
Restricted cash43,992 — — 43,992 43,992 — — 
U.S. treasury securities130,002 26 (1,038)128,990 — 87,313 41,677 
Agency bonds23,000 3 — 23,003 — 23,003 — 
Total$556,718 $29 $(1,038)$555,709 $403,716 $110,316 $41,677 
December 31, 2021
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, and Restricted CashShort-term InvestmentsLong-term Investments
Cash$81,032 $— $— $81,032 $81,032 $— $— 
Money markets funds509,971 — — 509,971 509,971 — — 
Restricted cash127,278 — — 127,278 127,278 — — 
U.S. treasury securities71,749 1 (204)71,546 — 16,718 54,828 
Agency bonds11,900 6 — 11,906 — 11,906 — 
Equity securities500 4,613 — 5,113 — 5,113 — 
Total$802,430 $4,620 $(204)$806,846 $718,281 $33,737 $54,828