Financial Services |
12 Months Ended |
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Dec. 31, 2021 | |
Financial Services [Abstract] | |
Financial Services | 4. Financial ServicesOur Financial Services are principally comprised of our mortgage lending operations, Inspire. Inspire is a full-service mortgage lender and primarily originates mortgage loans for our homebuyers. Inspire sells substantially all of the loans it originates either as loans with servicing rights released, or with servicing rights retained, in the secondary mortgage market within a short period of time after origination, generally within 30 days. Inspire primarily finances these loans using its mortgage repurchase facilities. Mortgage loans in process for which interest rates were locked by borrowers, or interest rate lock commitments, totaled approximately $164.3 million and $172.3 million at December 31, 2021 and 2020, respectively, and carried a weighted average interest rate of approximately 3.3% and 2.8%, respectively. As of December 31, 2021 and 2020, Inspire had mortgage loans held for sale with an aggregate fair value of $353.1 million and $282.6 million, respectively, and an aggregate outstanding principal balance of $342.0 million and $269.6 million, respectively. Our net gains on the sale of mortgage loans were $85.3 million, $87.6 million and $32.2 million for the years ended December 31, 2021, 2020, and 2019, respectively, and are included in financial services revenue on the consolidated statements of operations. Interest rate risks related to mortgage loans held for sale and interest rate lock commitments are typically mitigated by utilizing forward commitments on mortgage-backed securities, forward commitments, and investor commitments to protect the value from fluctuations in mortgage-related interest rates. |