Fair Value Disclosures (Tables) |
12 Months Ended |
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Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | December 31, December 31, Balance Sheet Classification Hierarchy 2021 2020 Mortgage loans held for sale Mortgage loans held for sale Level 2 $ 353,063 $ 282,639Mortgage loans held for investment (1) Prepaid expenses and other assets Level 3 $ 13,456 $ 8,727Derivative assets Prepaid expenses and other assets Level 2 $ 5,944 $ 7,755Mortgage servicing rights (2) Prepaid expenses and other assets Level 3 $ 13,701 $ 4,115Derivative liabilities Accrued expenses and other liabilities Level 2 $ 359 $ 3,807 (1)The unobservable inputs used in the valuation of the mortgage loans held for investment include the value of underlying collateral, from markets where there is little observable trading activity.(2)The unobservable inputs used in the valuation of the mortgage servicing rights include mortgage prepayment rates, discount rates and cost to service, which were 8.5%, 9.9%, and $0.085 per year per loan, respectively as of December 31, 2021 and 10.4%, 9.8%, and $0.084 per year per loan, respectively, as of December 31, 2020. The high and low end of the range of unobservable inputs used in the valuation did not result in a significant change to the fair value measurement. |
Schedule of Reconciliation of Level 3 Recurring at Fair Value | Year Ended December 31, Mortgage servicing rights 2021 2020Beginning of period$ 4,115 $ —Originations 10,295 4,115Settlements (920) —Changes in fair value 211 —End of period$ 13,701 $ 4,115 Year Ended December 31,Mortgage loans held for investment 2021 2020Beginning of period$ 8,727 $ 3,385Transfers from loans held for sale 7,075 7,050Settlements (2,235) (1,525)Reduction in unpaid principal balance (213) (111)Changes in fair value 102 (72)End of period$ 13,456 $ 8,727 |
Schedule of Carrying Values and Fair Values of Financial Instruments | December 31, 2021 December 31, 2020 Hierarchy Carrying Fair Value Carrying Fair ValueCash and cash equivalents Level 1 $ 316,310 $ 316,310 $ 394,001 $ 394,001Secured notes receivable (1) Level 2 $ — $ — $ 2,434 $ 2,4483.875% senior notes (2)(3) Level 2 $ 494,117 $ 504,375 $ — $ —5.875% senior notes (2)(3) Level 2 $ — $ — $ 396,821 $ 417,5006.750% senior notes (2)(3) Level 2 $ 495,581 $ 526,875 $ 494,768 $ 533,750Revolving line of credit(4) Level 2 $ — $ — $ — $ —Other financing obligations(4)(5) Level 3 $ 9,238 $ 9,238 $ 3,286 $ 3,286Mortgage repurchase facilities(4) Level 2 $ 331,876 $ 331,876 $ 259,050 $ 259,050 (1) During the year ended December 31, 2021, the secured note receivable was paid in full at $2.4 million. Prior year estimated fair value of the secured note receivable was based on cash flow models discounted at market interest rates which considered the underlying risks of the note.(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 December 31, 2021, these amounts totaled $5.9 million and $4.4 million for the 3.875% senior notes and 6.750% 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 2.99% to 3.24% during the year ended December 31, 2021 from 3.20% to 3.24% during the year ended December 31, 2020. |