DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following summarizes the Company’s outstanding derivative instruments:

				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
September 30, 2024:
Interest rate lock commitments	$	3,195,384	Derivative asset, at fair value	$	67,371	$	—
Interest rate lock commitments	456,514		Derivative liabilities, at fair value	—		1,750
Forward sale contracts	65,976		Derivative asset, at fair value	1,066		—
Forward sale contracts	2,909,773		Derivative liabilities, at fair value	—		12,232
Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	8,700		Derivative liabilities, at fair value	—		2,693
MBS put options	300,000		Derivative asset, at fair value	210		—
MBS put options	—		Derivative liabilities, at fair value	—		—
Interest rate swap futures	3,060		Derivative asset, at fair value	—		—
Interest rate swap futures	—		Derivative liabilities, at fair value	—		5,468
			Total derivative financial instruments	$	68,647	$	22,143

				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
December 31, 2023:
Interest rate lock commitments	$	2,007,175	Derivative asset, at fair value	$	49,112	$	—
Interest rate lock commitments	163,161		Derivative liabilities, at fair value	—		1,172
Forward sale contracts	449,419		Derivative asset, at fair value	16,610		—
Forward sale contracts	2,234,930		Derivative liabilities, at fair value	—		83,728
Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	9,730		Derivative liabilities, at fair value	—		62
MBS put options	200,000		Derivative asset, at fair value	1,376		—
MBS put options	—		Derivative liabilities, at fair value	—		—
Interest rate swap futures	3,240		Derivative asset, at fair value	26,476		—
Interest rate swap futures	—		Derivative liabilities, at fair value	—		—
			Total derivative financial instruments	$	93,574	$	84,962

Net Gains (Losses) on Derivative Financial Instruments

The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:

		Three Months Ended September 30,				Nine Months Ended September 30,
Derivative instrument	Statements of Operations Location	2024		2023		2024		2023
Interest rate lock commitments, net	Gain on origination and sale of loans, net	$	15,874	$	(25,021)	$	17,681	$	437
Forward sale contracts	Gain on origination and sale of loans, net	(66,230)		89,539		(56,487)		90,585
Interest rate swap futures	Gain on origination and sale of loans, net	(1,621)		(4,689)		(9,096)		(11,748)
Put options	Gain on origination and sale of loans, net	(5,848)		2,097		364		2,454
Forward sale contracts	Change in fair value of servicing rights, net	12,240		(9,044)		(2,805)		(17,471)
Interest rate swap futures	Change in fair value of servicing rights, net	20,526		(49,808)		(16,348)		(58,581)
Put options	Change in fair value of servicing rights, net	4,858		(10,501)		(4,723)		(20,238)
Total realized and unrealized losses on derivative financial instruments		$	(20,201)	$	(7,427)	$	(71,414)	$	(14,562)