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Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Assets and Liabilities Measured at Fair Value


			December 31,		December 31,
	Balance Sheet Classification	Hierarchy	2023		2022

Mortgage loans held for sale	Mortgage loans held for sale	Level 2	$	251,852	$	203,558
Mortgage loans held for investment at fair value⁽¹⁾	Prepaid expenses and other assets	Level 3	$	21,041	$	18,875
Derivative assets	Prepaid expenses and other assets	Level 2	$	1,618	$	1,958
Mortgage servicing rights⁽²⁾	Prepaid expenses and other assets	Level 3	$	30,932	$	24,164
Derivative liabilities	Accrued expenses and other liabilities	Level 2	$	5,291	$	1,526

(1)The unobservable inputs used in the valuation of the mortgage loans held for investment at fair value 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 8.6%, 10.3%, and $0.072 per year per loan, respectively as of December 31, 2023 and 7.6%, 9.0%, and $0.072 per year per loan, respectively, as of December 31, 2022. 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		2023		2022
Beginning of period	$	24,164	$	13,701
Originations		7,755		7,552
Settlements		(1,417)		(851)
Changes in fair value		430		3,762
End of period	$	30,932	$	24,164

	Year Ended December 31,
Mortgage loans held-for-investment at fair value		2023		2022
Beginning of period	$	18,875	$	10,631
Transfers from loans held for sale		4,666		9,757
Settlements		(1,368)		(1,121)
Reduction in unpaid principal balance		(881)		(295)
Changes in fair value		(251)		(97)
End of period	$	21,041	$	18,875

Schedule of Carrying Values and Fair Values of Financial Instruments



		December 31, 2023				December 31, 2022

	Hierarchy	Carrying		Fair Value		Carrying		Fair Value
Cash and cash equivalents	Level 1	$	226,150	$	226,150	$	296,724	$	296,724
3.875% senior notes⁽¹⁾⁽²⁾	Level 2	$	495,656	$	436,875	$	494,884	$	395,000
6.750% senior notes⁽¹⁾⁽²⁾	Level 2	$	497,210	$	500,000	$	496,394	$	477,500
Revolving line of credit⁽³⁾	Level 2	$	—	$	—	$	—	$	—
Other financing obligations⁽³⁾⁽⁴⁾	Level 3	$	69,605	$	69,605	$	28,134	$	28,134
Mortgage repurchase facilities⁽³⁾	Level 2	$	239,298	$	239,298	$	197,626	$	197,626


⁽¹⁾		Estimated fair value of the senior notes is based on recent trading activity in inactive markets.
⁽²⁾		Carrying amounts include any associated unamortized deferred financing costs, premiums and discounts. As of December 31, 2023, these amounts totaled $4.3 million and $2.8 million for the 3.875% senior notes and 6.750% senior notes, respectively. As of December 31, 2022, these amounts totaled $5.1 million and $3.6 million for the 3.875% senior notes and 6.750% senior notes, respectively.
⁽³⁾		Carrying amount approximates fair value due to short-term nature and interest rate terms.
⁽⁴⁾		Other financing obligations included $24.7 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 4.84% to 7.70%, and $44.9 million related to outstanding borrowings on construction loan agreements that bore a weighted average interest rate of 7.4% during the period ended December 31, 2023. Other financing obligations included $20.7 million related to insurance premium notes and certain secured borrowings that generally bore interest rates ranging from 2.40% to 5.84%, and $7.4 million related to outstanding borrowings on the construction loan agreements that bore a weighted average interest rate of 5.6% during the period ended December 31, 2022.