XML 24 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Mortgage Loans
9 Months Ended
Jun. 30, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
MORTGAGE LOANS MORTGAGE LOANS

Mortgage loans held for sale consist primarily of single-family residential loans collateralized by the underlying property. At June 30, 2019, mortgage loans held for sale had an aggregate carrying value of $954.9 million and an aggregate outstanding principal balance of $924.8 million. At September 30, 2018, mortgage loans held for sale had an aggregate carrying value of $796.4 million and an aggregate outstanding principal balance of $776.1 million. During the nine months ended June 30, 2019 and 2018, mortgage loans originated totaled $6.0 billion and $5.5 billion, respectively, and mortgage loans sold totaled $5.8 billion and $5.4 billion, respectively. The Company had gains on sales of loans and servicing rights of $85.4 million and $218.3 million during the three and nine months ended June 30, 2019, respectively, compared to $68.0 million and $193.7 million in the prior year periods. Net gains on sales of loans and servicing rights are included in revenues in the consolidated statements of operations. Approximately 93% of the mortgage loans sold by DHI Mortgage during the nine months ended June 30, 2019 were sold to four major financial entities, the largest of which purchased 32% of the total loans sold.

From time to time, the Company enters into forward sales of mortgage-backed securities (MBS) as part of a program to offer below market interest rate financing to its homebuyers in certain markets. At June 30, 2019, the Company had MBS totaling $227.1 million that did not yet have interest rate lock commitments or closed loans created or assigned and recorded a liability of $1.9 million for the fair value of such MBS position.