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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
12. Derivative Financial Instruments

Derivative instruments are used as part of the overall strategy to manage exposure to interest rate risks related to mortgage loans held for sale and IRLCs (“the pipeline”) and the MSR portfolio. The Company economically hedges the pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, forward MBS and Treasury futures. The changes in value on the derivative instruments associated with pipeline hedging are recorded in earnings as a component of “revenues - net gain on mortgage loans held for sale” on the consolidated statements of operations and consolidated statements of cash flows, while changes in the value of derivative instruments associated with the MSR portfolio fair value are recorded in “revenues - service related, net” on the consolidated statements of operations and in “loss (gain) on MSR hedging activities” on the consolidated statements of cash flows.
The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments. Gains/(losses) include both realized and unrealized gains/(losses) of each derivative financial instrument.
December 31, 2023Year Ended December 31, 2023
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2024$337 $11 $1 
Derivative financial instruments
Treasury futures20242,634 113 113 
Forward MBS trades20242,365 22 155 
IRLCs2024584 21 (1)
LPCs2024361 3 2 
Total derivative financial instruments - assets$5,944 $159 $269 
Liabilities
Derivative financial instruments
Forward MBS trades20241,049 9 (126)
Treasury futures202480 — (196)
LPCs202441 — 1 
IRLCs20241 — — 
Total derivative financial instruments - liabilities$1,171 $9 $(321)
December 31, 2022Year Ended December 31, 2022
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2023$354 $10 $(15)
Derivative financial instruments
Treasury futures2023— — 4 
Forward MBS trades20231,143 8 569 
IRLCs2023755 22 (112)
LPCs2023145 1 (2)
Total derivative financial instruments - assets$2,043 $31 $459 
Liabilities
Derivative financial instruments
Forward MBS trades2023681 9 (56)
Treasury futures2023892 14 (277)
LPCs2023209 1 1 
IRLCs202315 — — 
Total derivative financial instruments - liabilities$1,797 $24 $(332)
As of December 31, 2023 the Company held $8 and $56 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2022, the Company held $49 and $1 in collateral deposits and collateral obligations on derivative instruments, respectively. Collateral deposits and collateral obligations are recorded in “other assets” and “payables and other liabilities,” respectively, on the Company’s consolidated balance sheets, and are included in “net cash attributable to operating activities” within the consolidated statements of cash flows. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the consolidated balance sheets.