Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Undesignated Derivative Instruments

The fair value measurement of NVRM's undesignated derivative instruments was as follows:

	March 31, 2021		December 31, 2020
Rate lock commitments:
Gross assets	$	15,877	$	10,844
Gross liabilities	7,983		87
Net rate lock commitments	$	7,894	$	10,757
Forward sales contracts:
Gross assets	$	10,749	$	1
Gross liabilities	286		5,217
Net forward sales contracts	$	10,463	$	(5,216)

Fair Value Measurement

The fair value measurement adjustment as of March 31, 2021 was as follows:

	Notional or Principal Amount		Assumed Gain/(Loss) From Loan Sale		Interest Rate Movement Effect		Servicing Rights Value		Security Price Change		Total Fair Value Measurement Gain/(Loss)
Rate lock commitments	$	1,239,365	$	6,787	$	(7,645)	$	8,752	$	—	$	7,894
Forward sales contracts	$	1,392,437	—		—		—		10,463		10,463
Mortgages held for sale	$	337,008	1,925		(7,262)		3,111		—		(2,226)
Total fair value measurement			$	8,712	$	(14,907)	$	11,863	$	10,463	$	16,131

Fair Value Measurements, Recurring and Nonrecurring

The following table presents the estimated fair values and carrying values of our Senior Notes as of March 31, 2021 and December 31, 2020. The estimated fair value is based on recent market prices of similar transactions, which is classified as Level 2 within the fair value hierarchy. 

	March 31, 2021		December 31, 2020
Estimated Fair Values:
3.95% Senior Notes due 2022	$	620,400	$	630,000
3.00% Senior Notes due 2030	922,500		982,620
Total	$	1,542,900	$	1,612,620
Carrying Values:
3.95% Senior Notes due 2022	$	599,082	$	598,925
3.00% Senior Notes due 2030	918,032		918,470
Total	$	1,517,114	$	1,517,395