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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis:
 September 30, 2024
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage servicing rights$10,035 $— $— $10,035 
Mortgage loans held for sale1,962 — 1,897 65 
Equity investments9 1 — 8 
Derivative financial instruments
IRLCs41 — — 41 
LPCs3 — — 3 
Forward MBS trades7 — 7 — 
Treasury Futures16 — 16 — 
Liabilities
Derivative financial instruments
LPCs3 — — 3 
Forward MBS trades44 — 44 — 
Excess spread financing403 — — 403 
Mortgage servicing rights financing40 — — 40 

 December 31, 2023
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage servicing rights$9,090 $— $— $9,090 
Mortgage loans held for sale927 — 846 81 
Equity investments9 1 — 8 
Derivative financial instruments
Treasury futures113 — 113 — 
IRLCs21 — — 21 
Forward MBS trades22 — 22 — 
LPCs3 — — 3 
Liabilities
Derivative financial instruments
Forward MBS trades9 — 9 — 
Excess spread financing437 — — 437 
Mortgage servicing rights financing29 — — 29 
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation
The tables below set forth the activities for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
Nine Months Ended September 30, 2024
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$9,090 $81 $8 $21 $437 $29 
Changes in fair value included in earnings(694)2 — 20 15 11 
Purchases/additions(1)
1,640 95 — — — — 
Issuances267 — — — — — 
Sales/dispositions(2)
(297)(110)— — — — 
Repayments— (3)— — — — 
Settlements— — — — (49)— 
Other changes29 — — — — — 
Balance - end of period$10,035 $65 $8 $41 $403 $40 

Nine Months Ended September 30, 2023
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$6,654 $74 $45 $22 $509 $19 
Changes in fair value included in earnings(140)3 (37)— (4)2 
Purchases/additions(1)
2,305 130 — — — — 
Issuances219 — — — — — 
Sales/dispositions(2)
(555)(105)— — — — 
Repayments— (3)— — (5)— 
Settlements— — — — (54)— 
Other changes21 2 — — — — 
Balance - end of period$8,504 $101 $8 $22 $446 $21 
Fair value measurement inputs and valuation techniques
The table below presents the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities.
September 30, 2024December 31, 2023
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSRs(1)
Option adjusted spread(2)
6.8 %12.3 %7.6 %6.9 %12.3 %8.0 %
Prepayment speed6.8 %10.2 %9.0 %6.8 %9.3 %7.5 %
Cost to service per loan(3)
$47 $119 $62 $56 $160 $80 
Average life(4)
7.3 years7.9 years
Mortgage loans held for sale
Market pricing45.0 %103.5 %79.1 %45.0 %103.4 %81.1 %
IRLCs
Value of servicing (reflected as a percentage of loan commitment)— %3.4 %1.6 %1.1 %3.5 %1.9 %
Excess spread financing(1)
Option adjusted spread(2)
6.9 %12.3 %8.7 %7.0 %12.3 %8.8 %
Prepayment speed7.3 %8.4 %8.0 %7.7 %9.1 %8.4 %
Average life(4)
6.7 years6.7 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates7.0 %9.0 %8.3 %6.6 %9.2 %7.6 %
Annual advance recovery rates15.4 %16.9 %16.4 %12.2 %14.8 %13.0 %

(1)The inputs are weighted by investor.
(2)OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input.
(3)Presented in whole dollar amounts.
(4)Average life is included for informational purposes.
Schedule of fair value, by balance sheet grouping
The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value:
 September 30, 2024
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$733 $733 $— $— 
Restricted cash186 186 — — 
Advances and other receivables, net940 — — 940 
Loans subject to repurchase from Ginnie Mae971 — 971 — 
Financial liabilities
Unsecured senior notes, net4,885 — 4,963 — 
Advance, warehouse and MSR facilities, net4,379 — 4,402 — 
Liability for loans subject to repurchase from Ginnie Mae971 — 971 — 
December 31, 2023
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$571 $571 $— $— 
Restricted cash169 169 — — 
Advances and other receivables, net996 — — 996 
Loans subject to repurchase from Ginnie Mae966 — 966 — 
Financial liabilities
Unsecured senior notes, net3,151 — 3,056 — 
Advance, warehouse and MSR facilities, net4,302 — 4,318 — 
Liability for loans subject to repurchase from Ginnie Mae966 — 966 —