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Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value

June 30,

December 31,

Balance Sheet Classification

Hierarchy

2021

2020

Mortgage loans held for sale

Mortgage loans held for sale

Level 2

$

235,712

$

282,639

Mortgage loans held for investment

Prepaid expenses and other assets

Level 3

$

10,823

$

8,727

Derivative assets

Prepaid expenses and other assets

Level 2

$

5,545

$

7,755

Mortgage servicing rights (1)

Prepaid expenses and other assets

Level 3

$

10,298

$

4,115

Derivative liabilities

Accrued expenses and other liabilities

Level 2

$

758

$

3,807

(1)The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and delinquency rates, which were 9.0%, 9.8%, and 0.3%, respectively as of June 30, 2021, and 10.4%, 9.8%, and 0.6%, respectively, as of December 31, 2020. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement.

Schedule of Reconciliation of Level 3 Recurring at Fair Value

Three Months Ended June 30,

Six Months Ended June 30,

Mortgage servicing rights:

2021

2020

2021

2020

Beginning of period

$

8,249

$

—

$

4,115

$

—

Originations

2,500

—

6,382

—

Disposals/settlements

(143)

—

(270)

—

Changes in fair value

(308)

—

71

—

End of period

$

10,298

$

—

$

10,298

$

—

Three Months Ended June 30,

Six Months Ended June 30,

Mortgage loans held-for-investment

2021

2020

2021

2020

Beginning of period

$

10,078

$

6,387

$

8,727

$

3,385

Originations

1,981

1,209

3,381

4,646

Disposals/settlements

(1,180)

(754)

(1,180)

(1,173)

Reduction in unpaid principal balance

(56)

(29)

(105)

(45)

Changes in fair value

—

—

—

—

End of period

$

10,823

$

6,813

$

10,823

$

6,813
Schedule of Carrying Values and Fair Values of Financial Instruments

June 30, 2021

December 31, 2020

Hierarchy

Carrying

Fair Value

Carrying

Fair Value

Cash and cash equivalents

Level 1

$

419,416

$

419,416

$

394,001

$

394,001

Secured notes receivable (1)

Level 2

$

2,380

$

2,380

$

2,434

$

2,448

5.875% senior notes (2)(3)

Level 2

$

397,170

$

412,500

$

396,821

$

417,500

6.750% senior notes (2)(3)

Level 2

$

495,176

$

530,000

$

494,768

$

533,750

Revolving line of credit(4)

Level 2

$

—

$

—

$

—

$

—

Other financing obligations(4)(5)

Level 3

$

8,908

$

8,908

$

3,286

$

3,286

Mortgage repurchase facilities(4)

Level 2

$

159,776

$

159,776

$

259,050

$

259,050

(1)During the second quarter of 2021, the maturity of the secured note receivable was extended by two months to July of 2021, and the secured note receivable was paid in full in July 2021. Carrying amount approximates fair value due to short-term nature.

(2)Estimated fair value of the senior notes is based on recent trading activity in inactive markets.

(3)Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of June 30, 2021, these amounts totaled $4.8 million and $2.8 million for the 6.750% senior notes and 5.875% senior notes, respectively. As of December 31, 2020, these amounts totaled $5.2 million and $3.2 million for the 6.750% senior notes and 5.875% senior notes, respectively.

(4)Carrying amount approximates fair value due to short-term nature and interest rate terms.

(5)Insurance premium notes included in other financing obligations bore interest rates ranging from 3.200% 3.240% during the periods ended June 30, 2021 and December 31, 2020.