Guild (GHLD) 10-Q13 Aug 212021 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 06, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-39645
Entity Registrant Name	GUILD HOLDINGS COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-2453154
Entity Address, Address Line One	5887 Copley Drive
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92111
City Area Code	858
Local Phone Number	560-6330
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	GHLD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001821160
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		20,663,625
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		40,333,019

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 322,005	$ 334,623
Restricted cash	4,511	5,010
Mortgage loans held for sale	2,153,990	2,368,777
Ginnie Mae loans subject to repurchase right	1,037,266	1,275,842
Accounts and interest receivable	41,256	43,390
Derivative asset	47,893	130,338
Mortgage servicing rights, net	578,690	446,998
Goodwill	62,834	62,834
Other assets	144,931	150,275
Total assets	4,393,376	4,818,087
Liabilities and stockholders’ equity
Warehouse lines of credit	1,883,665	2,143,443
Notes payable	165,000	145,750
Ginnie Mae loans subject to repurchase right	1,037,640	1,277,026
Accounts payable and accrued expenses	45,329	41,074
Accrued compensation and benefits	68,691	106,313
Investor reserves	16,827	14,535
Income taxes payable	8,717	19,454
Contingent liabilities due to acquisitions	20,416	18,094
Derivative liability	4,430	38,270
Operating lease liabilities	88,816	94,891
Note due to related party	3,634	4,639
Deferred compensation plan	98,528	89,236
Deferred tax liability	103,060	89,370
Total liabilities	3,544,753	4,082,095
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $0.01 par value; 50,000,000 shares authorized; no shares issued and outstanding	0	0
Additional paid-in capital	22,571	18,035
Retained earnings	825,452	717,357
Total stockholders’ equity	848,623	735,992
Total liabilities and stockholders’ equity	4,393,376	4,818,087
Class A Common Stock
Stockholders’ equity
Common stock	197	197
Class B Common Stock
Stockholders’ equity
Common stock	$ 403	$ 403

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares, issued (in shares)	0	0
Preferred stock, shares, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares, issued (in shares)	19,666,981	19,666,981
Common stock, shares, outstanding (in shares)	19,666,981	19,666,981
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares, issued (in shares)	40,333,019	40,333,019
Common stock, shares, outstanding (in shares)	40,333,019	40,333,019

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Loan origination fees and gain on sale of loans, net	$ 330,759	$ 493,432	$ 777,347	$ 733,293
Loan servicing and other fees	47,652	37,778	92,851	76,310
Valuation adjustment of mortgage servicing rights	(84,789)	(96,161)	(49,046)	(204,810)
Interest income	14,635	13,948	29,734	26,949
Interest expense	(14,209)	(14,508)	(30,720)	(27,442)
Other income, net	61	608	130	997
Net revenue	294,109	435,097	820,296	605,297
Expenses
Salaries, incentive compensation and benefits	232,563	229,885	499,287	377,898
General and administrative	31,794	25,967	58,701	48,192
Occupancy, equipment and communication	14,662	13,882	29,494	27,200
Depreciation and amortization	1,608	1,806	3,262	3,693
Provision for foreclosure losses	(442)	(64)	2,019	1,860
Total expenses	280,185	271,476	592,763	458,843
Income before income tax expense	13,924	163,621	227,533	146,454
Income tax expense	4,986	40,646	57,991	36,465
Net income	$ 8,938	$ 122,975	$ 169,542	$ 109,989
Net income per share attributable to Class A and Class B Common Stock:
Basic (in dollars per share)	$ 0.15		$ 2.83
Diluted (in dollars per share)	$ 0.15		$ 2.81
Weighted average shares outstanding of Class A and Class B Common Stock:
Basic (in shares)	60,000		60,000
Diluted (in shares)	60,260		60,234

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-In Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2019				928
Beginning balance at Dec. 31, 2019	$ 406,031			$ 93			$ 21,992	$ 383,946
Common stock dividends	(10,000)							(10,000)
Net income (loss)	(12,986)							(12,986)
Ending balance (in shares) at Mar. 31, 2020				928
Ending balance at Mar. 31, 2020	383,045			$ 93			21,992	360,960
Beginning balance (in shares) at Dec. 31, 2019				928
Beginning balance at Dec. 31, 2019	406,031			$ 93			21,992	383,946
Net income (loss)	109,989
Ending balance (in shares) at Jun. 30, 2020				928
Ending balance at Jun. 30, 2020	506,020			$ 93			21,992	483,935
Beginning balance (in shares) at Mar. 31, 2020				928
Beginning balance at Mar. 31, 2020	383,045			$ 93			21,992	360,960
Net income (loss)	122,975							122,975
Ending balance (in shares) at Jun. 30, 2020				928
Ending balance at Jun. 30, 2020	506,020			$ 93			21,992	483,935
Beginning balance (in shares) at Dec. 31, 2020		19,666,981	40,333,019		19,666,981	40,333,019
Beginning balance at Dec. 31, 2020	735,992				$ 197	$ 403	18,035	717,357
Stock-based compensation	1,632						1,632
Net income (loss)	160,604							160,604
Ending balance (in shares) at Mar. 31, 2021					19,666,981	40,333,019
Ending balance at Mar. 31, 2021	898,228				$ 197	$ 403	19,667	877,961
Beginning balance (in shares) at Dec. 31, 2020		19,666,981	40,333,019		19,666,981	40,333,019
Beginning balance at Dec. 31, 2020	735,992				$ 197	$ 403	18,035	717,357
Net income (loss)	169,542
Ending balance (in shares) at Jun. 30, 2021		19,666,981	40,333,019		19,666,981	40,333,019
Ending balance at Jun. 30, 2021	848,623				$ 197	$ 403	22,571	825,452
Beginning balance (in shares) at Mar. 31, 2021					19,666,981	40,333,019
Beginning balance at Mar. 31, 2021	898,228				$ 197	$ 403	19,667	877,961
Common stock dividends	(60,000)							(60,000)
Dividend equivalents on unvested restricted stock units							1,447	(1,447)
Stock-based compensation	1,457						1,457
Net income (loss)	8,938							8,938
Ending balance (in shares) at Jun. 30, 2021		19,666,981	40,333,019		19,666,981	40,333,019
Ending balance at Jun. 30, 2021	$ 848,623				$ 197	$ 403	$ 22,571	$ 825,452

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Common stock dividends (in dollars per share)	$ 1	$ 10,772

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (unaudited) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
Cash flows from operating activities
Net income (loss)	$ 8,938	$ 169,542	$ 109,989
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of fixed assets	1,608	3,262	3,693
Valuation adjustment of mortgage servicing rights	84,789	49,046	204,810
Valuation adjustment of mortgage loans held for sale		36,059	(43,912)
Unrealized gain (loss) on derivatives		48,605	(98,198)
Amortization of right-of-use assets		7,512	10,355
Provision for investor reserves	3,256	5,604	11,053
Provision for foreclosure losses	(442)	2,019	1,860
Valuation adjustment of contingent liabilities due to acquisitions		13,114	20,025
Gain on sale of mortgage loans excluding fair value of other financial instruments, net		(671,268)	(480,701)
Deferred income taxes		13,690	(6,567)
Other		2,580	9,302
Benefit from investor reserves	(1,306)	(3,312)	(3,688)
Foreclosure loss reserve	(118)	(1,631)	(1,387)
Stock-based compensation		3,089	0
Changes in operating assets and liabilities:
Origination of mortgage loans held for sale		(18,077,556)	(14,615,843)
Proceeds on sale of and payments from mortgage loans held for sale		18,927,552	14,662,777
Accounts and interest receivable		1,746	9,134
Other assets		(4,244)	(6,713)
Mortgage servicing rights		(180,738)	(123,095)
Accounts payable and accrued expenses		4,255	876
Accrued compensation and benefits		(37,622)	20,050
Income taxes		(10,737)	42,398
Contingent liability payments		(10,792)	(788)
Operating lease liabilities		(4,324)	(10,320)
Deferred compensation plan liability		5,392	664
Real estate owned, net		39	298
Net cash provided by (used in) operating activities		290,882	(283,928)
Cash flows from investing activities
Proceeds from the sale of property and equipment		38	32
Purchase of property and equipment		(2,019)	(3,658)
Payment made on behalf of affiliate		0	(12,023)
Net cash used in investing activities		(1,981)	(15,649)
Cash flows from financing activities
Borrowings on warehouse lines of credit		17,569,580	14,261,034
Repayments on warehouse lines of credit		(17,829,843)	(13,874,930)
Borrowings on MSR notes payable		23,500	45,000
Repayments on MSR notes payable		(4,250)	(75,000)
Contingent liability payments		0	(4,358)
Net change in notes payable		(1,005)	(442)
Dividends paid	(60,000)	(60,000)	(10,000)
Net cash (used in) provided by financing activities		(302,018)	341,304
(Decrease) increase in cash, cash equivalents and restricted cash		(13,117)	41,727
Cash, cash equivalents and restricted cash, beginning of period		339,633	106,735
Cash, cash equivalents and restricted cash, end of period	326,516	326,516	148,462
Cash, cash equivalents and restricted cash at end of period are comprised of the following:
Cash and cash equivalents	322,005	322,005	144,936
Restricted cash	4,511	4,511	3,526
Total cash, cash equivalents and restricted cash	$ 326,516	326,516	148,462
Supplemental information
Cash paid for interest, net		22,819	20,218
Cash paid for taxes, net of refunds		$ 55,038	$ 842

Business, Basis of Presentation

Business, Basis of Presentation, and Accounting Policies	6 Months Ended
Business, Basis of Presentation, and Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Business, Basis of Presentation, and Accounting Policies	BUSINESS, BASIS OF PRESENTATION, AND ACCOUNTING POLICIES Guild Holdings Company, including our consolidated subsidiaries (collectively, “Guild”, the “Company”, “we”, “us” or “our”) originates, sells, and services residential mortgage loans within the United States. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”) applicable to interim financial statements. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the interim period. The condensed consolidated balance sheet data as of December 31, 2020 was derived from audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. The Company follows the same accounting policies for preparing quarterly and annual reports. Principles of Consolidation The Company has one wholly owned subsidiary, Guild Mortgage Company LLC ("GMC"), which through its direct subsidiaries, conducts the Company’s mortgage banking operations. GMC wholly owns Guild Administration Corp., Mission Village Insurance Agency, Guild Insurance, LLC and Guild Financial Express, Inc. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results could materially differ from those estimates. In March 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic, which continues to spread throughout the United States. The Company remains fully functional in both its origination and servicing operations. The Company continues to monitor guidance published by the WHO, Centers for Disease Control and Prevention, local and federal government agencies and the Mortgage Bankers Association and is in continual communication with its investors regarding the developments in the mortgage industry. Earnings Per Share The Company determines earnings per share in accordance with the authoritative guidance in Accounting Standards Codification ("ASC") 260, Earnings Per Share . Basic earnings per share is computed by dividing the net income available to common stockholders for the period by the weighted average number of common shares outstanding during the period using the two-class method. Diluted earnings per share is computed in the same manner as basic earnings per share, except that the number of shares is increased to assume the issuance of potentially dilutive shares using the treasury stock method, unless the effect of such increase would be anti-dilutive. Under the treasury stock method, the average amount of compensation cost for future service that the Company has not yet recognized is assumed to be used to repurchase shares. Stock-Based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The fair value of restricted stock units (“RSUs”) is based on the value of the Company’s common stock on the date of grant. Stock-based compensation is included in salaries, incentive compensation and benefits. See Note 12 for additional information regarding our stock-based compensation. Escrow and Fiduciary Funds As a loan servicer, the Company maintains segregated bank accounts in trust for investors and escrow balances for mortgagors, which are excluded from the Company’s Condensed Consolidated Balance Sheets. These accounts totaled $1.4 billion and $1.7 billion at June 30, 2021 and December 31, 2020, respectively. Common Stock Cash Dividend The Company declared and paid dividends of $1.00 per share on its Class A and Class B common stock during the second quarter of 2021 totaling $60.0 million. Non-vested RSUs under the 2020 Omnibus Incentive Plan have rights to dividends, which entitle holders to the same dividend value per share as holders of common shares in the form of dividend equivalent units ("DEUs"). DEUs will be credited as additional RSUs on the dividend payment date and will vest on the same date as the underlying RSUs and are forfeited if the underlying RSUs forfeit prior to vesting. The number of additional RSUs credited will equal (1) the per share cash dividend amount, multiplied by (2) the number of RSUs, divided by (3) the fair market value of a share of Class A common stock on the last trading day before the date of the dividend payment, rounded up to the nearest whole number of RSUs. In conjunction with the payment of Guild's dividend, Guild issued 92,467 DEUs to holders of RSUs. Since the DEUs are forfeitable, the value of the DEUs was recorded as a reduction to retained earnings and a credit to additional paid-in capital. Acquisition of Residential Mortgage Services Holdings, Inc. On May 10, 2021, the Company entered into a definitive agreement to acquire Residential Mortgage Services Holdings, Inc. ("RMS"). The acquisition was completed on July 1, 2021 for a purchase price of $204.9 million, subject to customary purchase price adjustments. The acquisition was financed with a combination of $189.6 million in cash and the issuance of 996,644 shares of the Company’s Class A common shares. Additionally, RMS shareholders are entitled to contingent earn-out payments based on net income from RMS branch locations. RMS will continue as a wholly-owned subsidiary of GMC. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740) . This update provides amendments to simplify and reduce complexity when accounting for income taxes as well as eliminating certain exceptions. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on its financial statements. Accounting Standards Issued but Not Yet Adopted In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848, for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2021-01 on its consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The categorization of assets and liabilities measured at fair value within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of inputs used to measure fair value are as follows: • Level One - Level One inputs are unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level Two - Level Two inputs are observable for that asset or liability, either directly or indirectly, and include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, observable inputs for the asset or liability other than quoted prices and inputs derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified contractual term, the inputs must be observable for substantially the full term of the asset or liability. • Level Three - Level Three inputs are unobservable inputs for the asset or liability that reflect the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and are developed based on the best information available. The Company updates the valuation of each instrument recorded at fair value on a monthly or quarterly basis, evaluating all available observable information which may include current market prices or bids, recent trade activity, changes in the levels of market activity and benchmarking of industry data. The assessment also includes consideration of identifying the valuation approach that would be used currently by market participants. If it is determined that a change in valuation technique or its application is appropriate, or if there are other changes in availability of observable data or market activity, the current methodology will be analyzed to determine if a transfer between levels of the valuation hierarchy is appropriate. Such reclassifications are reported as transfers into or out of a level as of the beginning of the quarter that the change occurs. Fair value is based on quoted market prices, when available. If quoted prices are not available, fair value is estimated based upon other observable inputs. Unobservable inputs are used when observable inputs are not available and are based upon judgments and assumptions, which are the Company’s assessment of the assumptions market participants would use in pricing the asset or liability. These inputs may include assumptions about risk, counterparty credit quality, the Company’s creditworthiness and liquidity and are developed based on the best information available. When a determination is made to classify an asset or liability within Level Three of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement of the asset or liability. The fair value of assets and liabilities classified within Level Three of the valuation hierarchy also typically includes observable factors and the realized or unrealized gain or loss recorded from the valuation of these instruments would also include amounts determined by observable factors. Recurring Fair Value Measurements The Company’s fair value measurements are evaluated within the fair value hierarchy, based on the nature of the inputs used to determine the fair value at the measurement date. At June 30, 2021 and December 31, 2020, the Company had the following assets and liabilities that are measured at fair value on a recurring basis: Trading Securities — Trading securities are classified within Level One of the valuation hierarchy. Valuation is based upon quoted prices for identical instruments traded in active markets. Level One trading securities include securities traded on active exchange markets, such as the New York Stock Exchange. Trading securities are included within prepaid expenses and other assets in the Condensed Consolidated Balance Sheets. Derivative Instruments — Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy, and include the following: Interest Rate Lock Commitments — IRLCs are classified within Level Three of the valuation hierarchy. IRLCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected net future cash flows related to servicing the mortgage loan, net of estimated incentive compensation expenses, and adjusted for: (i) estimated costs to complete and originate the loan and (ii) an adjustment to reflect the estimated percentage of IRLCs that will result in a closed mortgage loan under the original terms of the agreement (pull-through rate). The pull-through rate is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data. The average pull-through rate used to calculate the fair value of IRLCs as of June 30, 2021 and December 31, 2020, was 90.7% and 87.8%, respectively. On a quarterly basis, actual loan pull-through rates are compared to the modeled estimates to confirm the assumptions are reflective of current trends. Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pull-through percentage, and the impact to fair value of a change in pull-through would be partially offset by the related change in price. Forward Delivery Commitments — Forward delivery commitments are classified within Level Two of the valuation hierarchy. Forward delivery commitments fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. The fair value of forward delivery commitments is primarily based upon the current agency mortgage-backed security market to-be-announced pricing specific to the loan program, delivery coupon and delivery date of the trade. Best efforts sales commitments are also entered into for certain loans at the time the borrower commitment is made. These best-efforts sales commitments are valued using the committed price to the counterparty against the current market price of the IRLC or mortgage loan held for sale. Option contracts are a type of forward commitment that represents the rights to buy or sell mortgage-backed securities at specified prices in the future. Their value is based upon the underlying current to-be-announced pricing of the agency mortgage-backed security market, and market-based volatility. See Note 5 for additional information on the derivative instruments. Mortgage Loans Held for Sale — MLHS are carried at fair value. The fair value of MLHS is based on secondary market pricing for loans with similar characteristics, and as such, is classified as a Level Two measurement. For Level Two MLHS, fair value is estimated through a market approach by using either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to servicing rights and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. The agency mortgage-backed security market is a highly liquid and active secondary market for conforming conventional loans whereby quoted prices exist for securities at the pass-through level and are published on a regular basis. The Company has the ability to access this market and it is the market into which conforming mortgage loans are typically sold. Mortgage Servicing Rights — MSRs are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the lack of an active market for such assets. The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates, the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility, costs to service and other economic factors. The Company obtains valuations from an independent third party on a monthly basis, and records an adjustment based on this third-party valuation. See Note 6 for additional information on our MSRs. Contingent Liabilities due to acquisitions — Contingent liabilities represent future obligations of the Company to make payments to the former owners of its acquired companies. The Company determines the fair value of its contingent liabilities using a discounted cash flow approach whereby the Company forecasts the cash outflows related to the future payments, which are based on a percentage of net income specified in the purchase agreements. The Company then discounts these expected payment amounts to calculate the present value, or fair value, as of the valuation date. The Company’s management evaluates the underlying projections used in determining fair value each period and makes updates to these underlying projections. The Company uses a risk-adjusted discount rate to value the contingent liabilities which is considered a significant unobservable input, and as such, the liabilities are classified as a Level Three measurement. Management’s underlying projections adjust for market penetration and other economic expectations, and the discount rate is risk-adjusted for key factors such as uncertainty in the mortgage banking industry due to its reliance on external influences (interest rates, regulatory changes, etc.), upfront payments, and credit risk. An increase in the discount rate will result in a decrease in the fair value of the contingent liabilities. Conversely, a decrease in the discount rate will result in an increase in the fair value of the contingent liabilities. At June 30, 2021 and December 31, 2020, the range of the risk adjusted discount rate was 15.0% - 20.0%, with a median of 15.0%. Adjustments to the fair value of the contingent liabilities (other than payments) are recorded as a gain or loss and are included within general and administrative expenses in the Condensed Consolidated Statements of Income. The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2021: Description Level 1 Level 2 Level 3 Total Assets: Trading securities $ 102 $ — $ — $ 102 Derivative Forward delivery commitments — 3,407 — 3,407 Interest rate lock commitments — — 44,486 44,486 Mortgage loans held for sale — 2,153,990 — 2,153,990 Mortgage servicing rights — — 578,690 578,690 Total assets at fair value $ 102 $ 2,157,397 $ 623,176 $ 2,780,675 Liabilities: Derivative Forward delivery commitments $ — $ 4,430 $ — $ 4,430 Contingent liabilities due to acquisitions — — 20,416 20,416 Total liabilities at fair value $ — $ 4,430 $ 20,416 $ 24,846 The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020: Description Level 1 Level 2 Level 3 Total Assets: Trading securities $ 78 $ — $ — $ 78 Derivative Interest rate lock commitments — — 130,338 130,338 Mortgage loans held for sale — 2,368,777 — 2,368,777 Mortgage servicing rights — — 446,998 446,998 Total assets at fair value $ 78 $ 2,368,777 $ 577,336 $ 2,946,191 Liabilities: Derivative Forward delivery commitments $ — $ 38,270 $ — $ 38,270 Contingent liabilities due to acquisitions — — 18,094 18,094 Total liabilities at fair value $ — $ 38,270 $ 18,094 $ 56,364 The table below presents a reconciliation of Level Three assets and liabilities measured at fair value on a recurring basis for the periods ended: IRLCs Contingent Balance at March 31, 2021 $ 38,009 $ 16,568 Net transfers and revaluation gains 6,477 — Payments — (2,646) Valuation adjustments — 6,494 Balance at June 30, 2021 $ 44,486 $ 20,416 Balance at December 31, 2020 $ 130,338 $ 18,094 Net transfers and revaluation gains (85,852) — Payments — (10,792) Valuation adjustments — 13,114 Balance at June 30, 2021 $ 44,486 $ 20,416 Balance at March 31, 2020 $ 101,255 $ 14,675 Net transfers and revaluation gains 40,374 — Payments — (2,741) Valuation adjustments — 11,018 Balance at June 30, 2020 $ 141,629 $ 22,952 Balance at December 31, 2019 $ 19,922 $ 8,073 Net transfers and revaluation gains 121,707 — Payments — (5,146) Valuation adjustments — 20,025 Balance at June 30, 2020 $ 141,629 $ 22,952 Changes in the availability of observable inputs may result in reclassifications of certain assets or liabilities. Such reclassifications are reported as transfers in or out of Level Three as of the beginning of the period that the change occurs. There were no transfers between fair value levels during the three and six months ended June 30, 2021 and 2020. Non-Recurring Fair Value Measurements Certain assets and liabilities that are not typically measured at fair value on a recurring basis may be subject to fair value measurement requirements under certain circumstances. These adjustments to fair value usually result from write-downs of individual assets. At June 30, 2021 and December 31, 2020, the Company had the following financial asset measured at fair value on a non-recurring basis: Ginnie Mae Loans subject to Repurchase Right — Government National Mortgage Association ("GNMA" or "Ginnie Mae") securitization programs allow servicers to buy back individual delinquent mortgage loans from the securitized loan pool once certain conditions are met. If a borrower makes no payment for three consecutive months, the servicer has the option to repurchase the delinquent loan for an amount equal to 100% of the loan’s remaining principal balance. Under ASC 860, Transfers and Servicing , this buy-back option is considered a conditional option until the delinquency criteria are met, at which time the option becomes unconditional. The Company records these assets and liabilities at their fair value, which is determined to be the remaining unpaid principal balance. The Company’s future expected realizable cash flows are the cash payments of the remaining unpaid principal balance whether paid by the borrower or reimbursed through a claim filed with the United States Department of Housing and Urban Development ("HUD"). The Company considers the fair value of these assets and liabilities to fall into the Level Two bucket in the valuation hierarchy due to the assets and liabilities having specified contractual terms and the inputs are observable for substantially the full term of the assets and liabilities life. The following table summarizes the Company’s financial assets measured at fair value on a non-recurring basis at June 30, 2021: Description Level 1 Level 2 Level 3 Total Assets: Ginnie Mae loans subject to repurchase right $ — $ 1,037,266 $ — $ 1,037,266 Total assets at fair value $ — $ 1,037,266 $ — $ 1,037,266 Liabilities: Ginnie Mae loans subject to repurchase right $ — $ 1,037,640 $ — $ 1,037,640 Total liabilities at fair value $ — $ 1,037,640 $ — $ 1,037,640 The following table summarizes the Company’s financial assets measured at fair value on a non-recurring basis at December 31, 2020: Description Level 1 Level 2 Level 3 Total Assets: Ginnie Mae loans subject to repurchase right $ — $ 1,275,842 $ — $ 1,275,842 Total assets at fair value $ — $ 1,275,842 $ — $ 1,275,842 Liabilities: Ginnie Mae loans subject to repurchase right $ — $ 1,277,026 $ — $ 1,277,026 Total liabilities at fair value $ — $ 1,277,026 $ — $ 1,277,026 Fair Value Option The following is the estimated fair value and unpaid principal balance of MLHS that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for MLHS as the Company believes fair value best reflects their expected future economic performance: Fair Value Principal Difference (1) Balance at June 30, 2021 $ 2,153,990 $ 2,115,136 $ 38,854 Balance at December 31, 2020 $ 2,368,777 $ 2,293,895 $ 74,882 _______________________________ (1) Represents the amount of gains included in loan origination fees and gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option.

Accounts and Interest Receivabl

Accounts and Interest Receivable	6 Months Ended
Accounts and Interest Receivable	Jun. 30, 2021
Receivables [Abstract]
Accounts and Interest Receivable	ACCOUNTS AND INTEREST RECEIVABLE Accounts and interest receivable consisted of the following: June 30, 2021 December 31, 2020 Trust advances $ 30,608 $ 36,241 Foreclosure advances, net 8,291 2,894 Receivables related to loan sales 2,576 2,707 Other (219) 1,548 Total accounts and interest receivable $ 41,256 $ 43,390 Management has established a foreclosure reserve for estimated uncollectible balances of the foreclosure and trust advances. Management believes that substantially all other accounts and interest receivable amounts are collectible and, accordingly, no allowance for doubtful accounts is necessary. The activity of the foreclosure loss reserve was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance — beginning of period $ 13,350 $ 8,993 $ 12,402 $ 7,869 Utilization of foreclosure reserve (118) (587) (1,631) (1,387) Provision charged to operations (442) (64) 2,019 1,860 Balance — end of period $ 12,790 $ 8,342 $ 12,790 $ 8,342

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2021
Other Assets [Abstract]
Other Assets	OTHER ASSETS Other assets consisted of the following: June 30, 2021 December 31, 2020 Prepaid expenses $ 15,360 $ 16,652 Company owned life insurance 37,052 29,910 Property and equipment, net 13,523 14,773 Right-of-use assets 78,245 87,508 Real estate owned 507 1,354 Land 142 — Trading securities 102 78 Total other assets $ 144,931 $ 150,275 Property and equipment, net consisted of the following: June 30, 2021 December 31, 2020 Computer equipment $ 23,446 $ 22,946 Furniture and equipment 18,258 18,301 Leasehold improvements 12,232 12,307 Internal-use software in production 1,704 1,716 Internal-use software 6,994 5,639 Property and equipment, gross 62,634 60,909 Accumulated depreciation (49,111) (46,136) Property and equipment, net $ 13,523 $ 14,773 Depreciation and amortization expense for property and equipment was $1.6 million and $1.8 million for the three months ended June 30, 2021 and 2020, respectively and $3.3 million and $3.7 million for the six months ended June 30, 2021 and 2020, respectively.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
Derivative Financial Instruments	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The Company uses forward commitments in hedging the interest rate risk exposure on its fixed and adjustable rate commitments. The Company’s derivative instruments are not designated as hedging instruments; therefore, changes in fair value are recorded in current period earnings. Hedging gains and losses are included in loan origination fees and gain on sale of loans, net in the Condensed Consolidated Statements of Income. Net unrealized hedging gains were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized hedging gains (losses) $ (91,606) $ 67,908 $ (48,605) $ 98,198 Notional and Fair Value The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows at June 30, 2021 and December 31, 2020: Fair Value Notional Derivative Derivative Balance at June 30, 2021 IRLCs $ 3,230,774 $ 44,486 $ — Forward commitments $ 3,701,455 $ 3,407 $ 4,430 Balance at December 31, 2020 IRLCs $ 5,151,179 $ 130,338 $ — Forward commitments $ 5,480,491 $ — $ 38,270 The Company had an additional $770.7 million and $895.2 million of outstanding forward contracts and mandatory sell commitments, comprised of closed loans with equal and offsetting unpaid principal balance ("UPB") amounts allocated to them, at June 30, 2021 and December 31, 2020, respectively. The Company also had $658.0 million and $908.0 million in closed hedge instruments not yet settled at June 30, 2021 and December 31, 2020, respectively. See Note 2 for fair value disclosure of the derivative instruments. The following table presents the quantitative information about IRLCs and the fair value measurements: June 30, 2021 December 31, 2020 Unobservable Input Range (Weighted Average) Loan funding probability (“pull-through”) 0% -100% (90.7%) 0% - 100% (87.8%) Counterparty agreements for forward commitments contain master netting agreements. The master netting agreements contain a legal right to offset amounts due to and from the same counterparty. The Company incurred no credit losses due to nonperformance of any of its counterparties during the periods ended June 30, 2021 and 2020. The table below represents financial liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. Gross Gross Net June 30, 2021 Forward delivery commitments $ 5,909 $ (2,502) $ 3,407 Total assets $ 5,909 $ (2,502) $ 3,407 Forward delivery commitments $ (4,935) $ 1,620 $ (3,315) Best efforts sales commitments (1,115) — (1,115) Total liabilities $ (6,050) $ 1,620 $ (4,430) December 31, 2020 Forward delivery commitments $ (54,419) $ 4,825 $ (49,594) Best efforts sales commitments (3,656) — (3,656) Margin calls 14,980 — 14,980 Total liabilities $ (43,095) $ 4,825 $ (38,270)

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
Mortgage Servicing Rights	Jun. 30, 2021
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	MORTGAGE SERVICING RIGHTS The activity of mortgage servicing rights was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance — beginning of period $ 586,717 $ 352,214 $ 446,998 $ 418,402 MSRs originated 76,762 80,634 180,738 123,095 Changes in fair value: Due to collection/realization of cash flows (34,944) (31,220) (79,806) (53,730) Due to changes in valuation model inputs or assumptions (49,845) (64,941) 30,760 (151,080) Balance — end of period $ 578,690 $ 336,687 $ 578,690 $ 336,687 The following table presents the weighted average discount rate, prepayment speed and cost to service assumptions used to determine the fair value of MSRs: June 30, 2021 December 31, 2020 Unobservable Input Range (Weighted Average) Discount rate 9.2% - 15.5% (10.0%) 9.2% - 15.5% (10.0%) Prepayment rate 9.1% - 30.3% (14.9%) 10.0% - 38.8% (18.2%) Cost to service (per loan) $71.8 - $454.7 ($91.0) $71.0 - $409.4 ($92.5) At June 30, 2021 and December 31, 2020, the MSRs had a weighted average life of approximately 5.5 years and 5.1 years, respectively. See Note 2 for additional information regarding the valuation of MSRs. Actual revenue generated from servicing activities included contractually specified servicing fees, as well as late fees and other ancillary servicing revenue, which were recorded within loan servicing and other fees as follows for the periods ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Servicing fees from servicing portfolio $ 46,035 $ 37,102 $ 89,891 $ 74,178 Late fees 1,451 934 2,520 2,635 Other ancillary servicing revenue (expense) 166 (258) 440 (503) Total loan servicing and other fees $ 47,652 $ 37,778 $ 92,851 $ 76,310 At June 30, 2021 and December 31, 2020, the unpaid principal balance of mortgage loans serviced totaled $66.3 billion and $60.8 billion, respectively. Conforming conventional loans serviced by the Company are sold to the Federal National Mortgage Association ("FNMA" or "Fannie Mae") or the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac") programs on a nonrecourse basis, whereby foreclosure losses are generally the responsibility of FNMA and FHLMC and not the Company. Similarly, certain loans serviced by the Company are secured through GNMA programs, whereby the Company is insured against loss by the Federal Housing Association ("FHA") or partially guaranteed against loss by the Department of Veterans Affairs ("VA"). The key assumptions used to estimate the fair value of MSRs are prepayment speeds, the discount rate and costs to service. Increases in prepayment speeds generally have an adverse effect on the value of MSRs as the underlying loans prepay faster. In a declining interest rate environment, the fair value of MSRs generally decreases as prepayments increase and therefore, the estimated life of the MSRs and related cash flows decrease. Decreases in prepayment speeds generally have a positive effect on the value of MSRs as the underlying loans prepay less frequently. In a rising interest rate environment, the fair value of MSRs generally increases as prepayments decrease and therefore, the estimated life of the MSRs and related cash flows increase. Increases in the discount rate generally have an adverse effect on the value of the MSRs. The discount rate is risk adjusted for key factors such as uncertainty in the mortgage banking industry due to its reliance on external influences (interest rates, regulatory changes, etc.), premium for market liquidity, and credit risk. A higher discount rate would indicate higher uncertainty of the future cash flows. Conversely decreases in the discount rate generally have a positive effect on the value of the MSRs. Increases in the costs to service generally have an adverse effect on the value of the MSRs as an increase in costs to service would reduce the Company’s future net cash inflows from servicing a loan. Conversely decreases in the costs to service generally have a positive effect on the value of the MSRs. MSR uncertainties are hypothetical and do not always have a direct correlation with each assumption. Changes in one assumption may result in changes to another assumption, which might magnify or counteract the uncertainties. The following table illustrates the impact of adverse changes on the prepayment speeds, discount rate and cost to service at two different data points at June 30, 2021 and December 31, 2020, respectively: Prepayment Speeds Discount Rate Cost to Service (per loan) 10% Adverse 20% Adverse 10% Adverse 20% Adverse 10% Adverse 20% Adverse June 30, 2021 Mortgage servicing rights $ (37,460) $ (68,497) $ (23,232) $ (41,266) $ (11,455) $ (19,032) December 31, 2020 Mortgage servicing rights $ (36,117) $ (66,419) $ (18,638) $ (32,312) $ (10,334) $ (16,700)

Mortgage Loans Held for Sale

Mortgage Loans Held for Sale	6 Months Ended
Mortgage Loans Held for Sale	Jun. 30, 2021
Mortgage Loans Held For Sale [Abstract]
Mortgage Loans Held for Sale	MORTGAGE LOANS HELD FOR SALE The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service some of these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the Condensed Consolidated Statements of Cash Flows is set forth below: Six Months Ended June 30, 2021 2020 Balance at the beginning of period $ 2,368,777 $ 1,504,842 Origination of mortgage loans held for sale 18,077,556 14,615,843 Proceeds on sale of payments from mortgage loans held for sale (18,927,552) (14,662,777) Gain on sale of mortgage loans excluding fair value of other financial instruments, net 671,268 480,701 Valuation adjustment of mortgage loans held for sale (36,059) 43,912 Balance at the end of period $ 2,153,990 $ 1,982,521 At June 30, 2021, mortgage loans held for sale included unpaid principal balances of the underlying loans of $2.1 billion and had a fair value of $2.2 billion. At December 31, 2020, mortgage loans held for sale included unpaid principal balances of the underlying loans of $2.3 billion and had a fair value of $2.4 billion.

Investor Reserves

Investor Reserves	6 Months Ended
Investor Reserves	Jun. 30, 2021
Investor Reserves [Abstract]
Investor Reserves	INVESTOR RESERVESThe Company’s estimate of the investor reserves consider the current macro-economic environment and recent repurchase trends; however, if the Company experiences a prolonged period of higher repurchase and indemnification activity, then the realized losses from loan repurchases and indemnifications may ultimately be in excess of the liability. The maximum exposure under the Company’s representations and warranties would be the outstanding principal balance and any premium received on all loans ever sold by the Company, less any loans that have already been paid in full by the mortgagee, that have defaulted without a breach of representations and warranties, that have been indemnified via settlement or make-whole, or that have been repurchased. Additionally, the Company may receive relief of certain representations and warranty obligations on loans sold to FNMA or FHLMC on or after January 1, 2013 if FNMA or FHLMC satisfactorily concludes a quality control loan file review or if the borrower meets certain acceptable payment history requirements within 12 or 36 months after the loan is sold to FNMA or FHLMC. The activity of the investor reserves was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance — beginning of period $ 14,877 $ 17,904 $ 14,535 $ 16,521 Benefit from investor reserves (1,306) (2,920) (3,312) (3,688) Provision for investor reserves charged to operations 3,256 8,902 5,604 11,053 Balance — end of period $ 16,827 $ 23,886 $ 16,827 $ 23,886

Warehouse Lines of Credit

Warehouse Lines of Credit	6 Months Ended
Warehouse Lines of Credit	Jun. 30, 2021
Line of Credit Facility [Abstract]
Warehouse Lines of Credit	WAREHOUSE LINES OF CREDIT Warehouse lines of credit consisted of the following at June 30, 2021 and December 31, 2020. Changes subsequent to June 30, 2021 have been described in the notes referenced with the below table. Maturity as of June 30, June 30, 2021 December 31, 2020 $800 million master repurchase facility agreement (1) January 2022 $ 246,639 $ 442,593 $250 million master repurchase facility agreement (2) September 2021 152,254 148,011 $500 million master repurchase facility agreement (3) February 2022 445,947 541,074 $200 million master repurchase facility agreement (4) June 2022 118,922 187,214 $300 million master repurchase facility agreement (5) September 2021 278,544 232,272 $500 million master repurchase facility agreement (6) July 2021 413,790 464,355 $200 million master repurchase facility agreement (7) April 2022 89,340 104,880 $250 million master repurchase facility agreement (8) N/A 96,805 — $75 million master repurchase facility agreement (9) March 2025 43,081 25,185 1,885,322 2,145,584 Prepaid commitment fees (1,657) (2,141) Net warehouse lines of credit $ 1,883,665 $ 2,143,443 ______________________________ (1) The variable interest rate is calculated using a base rate tied to LIBOR, the Eurodollar, or an alternative base rate with a floor of 0.75%, plus the applicable interest rate margin. (2) The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $1.25 million. (3) The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility requires a minimum deposit of $2.5 million. (4) The variable interest rate is calculated using a base rate plus LIBOR, with a floor of 1.525% plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000. This facility matured in June 2021 and was amended with a maturity date of June 2022. (5) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.40%, plus the applicable interest rate margin. (6) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.75%, plus the applicable interest rate margin. Subsequent to June 30, 2021, this facility was amended with a maturity date of July 2022. As part of the amendment, the LIBOR floor was revised to 0.50%. (7) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 1.25%, plus the applicable interest rate margin. This facility matured in June 2021 and was amended with a maturity date of April 2022. (8) This facility agreement was effective January 2021. The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility’s maturity date is 30 days from written notice by either the financial institution or the Company. (9) The interest rate on this facility is 3.375%. This facility was opened in 2019 and is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to 4 years. The weighted average interest rate for warehouse lines of credit was 2.46% and 2.52% at June 30, 2021 and December 31, 2020, respectively. All warehouse lines of credit are collateralized by underlying mortgages and related documents. Existing balances on warehouse lines are repaid through the sale proceeds from the collateralized loans held for sale. The Company intends to renew existing warehouse lines prior to expiration. If those lines are not renewed or replaced, that could have a negative impact on the Company’s ability to continue funding new loans. The Company had cash balances of $58.4 million and $15.6 million in its warehouse buy down accounts as offsets to certain lines of credit at June 30, 2021 and December 31, 2020, respectively. The agreements governing the Company’s warehouse lines of credit contain covenants that include certain financial requirements, including maintenance of maximum adjusted leverage ratio, minimum net worth, minimum tangible net worth, minimum current ratio, minimum liquidity, positive quarterly income and limitations on additional indebtedness, dividends, sale of assets, and decline in the mortgage loan servicing portfolio’s fair value. At June 30, 2021 and December 31, 2020, management believes the Company was in compliance with all debt covenants. The Company has an optional short-term financing agreement between FNMA and the lender described as “As Soon As Pooled”. The Company can elect to assign FNMA MBS trades to FNMA in advance of settlement and enter into a financing transaction and revenue related to the assignment is deferred until the final pool settlement date. The Company determines utilization based on warehouse availability and cash needs. There was no outstanding balance as of June 30, 2021 and December 31, 2020. Revolving Notes: In January 2014, the Company entered into an agreement for a revolving note from one of its warehouse banks, which it can draw upon as needed and has renewed on an annual basis. Borrowings on the revolving note are collateralized by the Company’s GNMA MSRs. Monthly interest on the outstanding balance is calculated using a base rate tied to the LIBOR rate plus the applicable margin, with a floor of 4.50%. The revolving note also has an unused facility fee on the average unused balance, which is also paid quarterly. The unused facility fee is waived if the average outstanding balance exceeds 70% of the available facility. In June 2020, the Company amended and restated the agreement and the revolving note was increased to a maximum committed amount of $135.0 million. The agreement also allows for the Company to increase the committed amount up to $200.0 million. The revolving note is currently scheduled to expire in June 2022. The Company has the option to convert the outstanding balance of the revolving note into a term note at its discretion. At June 30, 2021 and December 31, 2020, the Company had $45.0 million in outstanding borrowings on this credit facility. In July 2017, the Company entered into an agreement for a revolving note of up to $25.0 million from one of its warehouse banks, which it can draw upon as needed and has renewed on an annual basis. In July 2020, the Company amended the agreement to increase the revolving note up to $65.0 million. In July 2021, the Company amended the agreement by extending the expiration date to July 2022. Borrowings on the revolving note are collateralized by the Company’s FHLMC MSRs. Monthly interest on the outstanding balance is calculated using a base rate tied to the LIBOR rate with a floor of 0.50% plus the applicable margin. The revolving note also has an unused facility fee on the average unused balance, which is also paid quarterly. The unused facility fee is waived if the average outstanding balance exceeds 50% of the available combined warehouse and MSR facility. The lender has the option to convert the outstanding balance of the revolving note into a term note at its discretion. At June 30, 2021 and December 31, 2020, the Company had $20.0 million in outstanding borrowings on this credit facility. Term Note: In January 2014, the Company entered into a term note agreement with one of its warehouse banks collateralized by the Company’s FNMA MSRs. In March 2021, the term note was amended and restated, at which time there was an outstanding amount of $76.5 million. The outstanding amount of $76.5 million was rolled into a new term note with a commitment of $125.0 million. The note allows for the committed amount to be increased to a maximum of $175.0 million. The Company could draw on the committed amount through March 2022 and the note matures on March 25, 2024. Interest on the principal is paid monthly and is based upon a margin plus the highest of the (i) Prime Rate, (ii) Federal Funds Rate plus 0.5%, or (iii) the Eurodollar Base Rate plus 1.0%. Principal payments of 5% of the outstanding balance as of March 31, 2022 are due quarterly beginning April 15, 2022, with the remaining principal balance due upon maturity. The term note also has an unused facility fee equal to 0.375% of the average daily unadvanced amount, which is the difference between the committed amount and the amount outstanding. This fee is paid quarterly. At June 30, 2021 and December 31, 2020, the Company had an outstanding balance of $100.0 million and $80.8 million, respectively, on this facility. The minimum calendar year payments of the Company’s term note as of June 30, 2021 are as follows: 2022 $ 15,000 2023 20,000 2024 65,000 Total $ 100,000

Notes Payable

Notes Payable	6 Months Ended
Notes Payable	Jun. 30, 2021
Debt Disclosure [Abstract]
Notes Payable	WAREHOUSE LINES OF CREDIT Warehouse lines of credit consisted of the following at June 30, 2021 and December 31, 2020. Changes subsequent to June 30, 2021 have been described in the notes referenced with the below table. Maturity as of June 30, June 30, 2021 December 31, 2020 $800 million master repurchase facility agreement (1) January 2022 $ 246,639 $ 442,593 $250 million master repurchase facility agreement (2) September 2021 152,254 148,011 $500 million master repurchase facility agreement (3) February 2022 445,947 541,074 $200 million master repurchase facility agreement (4) June 2022 118,922 187,214 $300 million master repurchase facility agreement (5) September 2021 278,544 232,272 $500 million master repurchase facility agreement (6) July 2021 413,790 464,355 $200 million master repurchase facility agreement (7) April 2022 89,340 104,880 $250 million master repurchase facility agreement (8) N/A 96,805 — $75 million master repurchase facility agreement (9) March 2025 43,081 25,185 1,885,322 2,145,584 Prepaid commitment fees (1,657) (2,141) Net warehouse lines of credit $ 1,883,665 $ 2,143,443 ______________________________ (1) The variable interest rate is calculated using a base rate tied to LIBOR, the Eurodollar, or an alternative base rate with a floor of 0.75%, plus the applicable interest rate margin. (2) The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $1.25 million. (3) The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility requires a minimum deposit of $2.5 million. (4) The variable interest rate is calculated using a base rate plus LIBOR, with a floor of 1.525% plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000. This facility matured in June 2021 and was amended with a maturity date of June 2022. (5) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.40%, plus the applicable interest rate margin. (6) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.75%, plus the applicable interest rate margin. Subsequent to June 30, 2021, this facility was amended with a maturity date of July 2022. As part of the amendment, the LIBOR floor was revised to 0.50%. (7) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 1.25%, plus the applicable interest rate margin. This facility matured in June 2021 and was amended with a maturity date of April 2022. (8) This facility agreement was effective January 2021. The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility’s maturity date is 30 days from written notice by either the financial institution or the Company. (9) The interest rate on this facility is 3.375%. This facility was opened in 2019 and is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to 4 years. The weighted average interest rate for warehouse lines of credit was 2.46% and 2.52% at June 30, 2021 and December 31, 2020, respectively. All warehouse lines of credit are collateralized by underlying mortgages and related documents. Existing balances on warehouse lines are repaid through the sale proceeds from the collateralized loans held for sale. The Company intends to renew existing warehouse lines prior to expiration. If those lines are not renewed or replaced, that could have a negative impact on the Company’s ability to continue funding new loans. The Company had cash balances of $58.4 million and $15.6 million in its warehouse buy down accounts as offsets to certain lines of credit at June 30, 2021 and December 31, 2020, respectively. The agreements governing the Company’s warehouse lines of credit contain covenants that include certain financial requirements, including maintenance of maximum adjusted leverage ratio, minimum net worth, minimum tangible net worth, minimum current ratio, minimum liquidity, positive quarterly income and limitations on additional indebtedness, dividends, sale of assets, and decline in the mortgage loan servicing portfolio’s fair value. At June 30, 2021 and December 31, 2020, management believes the Company was in compliance with all debt covenants. The Company has an optional short-term financing agreement between FNMA and the lender described as “As Soon As Pooled”. The Company can elect to assign FNMA MBS trades to FNMA in advance of settlement and enter into a financing transaction and revenue related to the assignment is deferred until the final pool settlement date. The Company determines utilization based on warehouse availability and cash needs. There was no outstanding balance as of June 30, 2021 and December 31, 2020. Revolving Notes: In January 2014, the Company entered into an agreement for a revolving note from one of its warehouse banks, which it can draw upon as needed and has renewed on an annual basis. Borrowings on the revolving note are collateralized by the Company’s GNMA MSRs. Monthly interest on the outstanding balance is calculated using a base rate tied to the LIBOR rate plus the applicable margin, with a floor of 4.50%. The revolving note also has an unused facility fee on the average unused balance, which is also paid quarterly. The unused facility fee is waived if the average outstanding balance exceeds 70% of the available facility. In June 2020, the Company amended and restated the agreement and the revolving note was increased to a maximum committed amount of $135.0 million. The agreement also allows for the Company to increase the committed amount up to $200.0 million. The revolving note is currently scheduled to expire in June 2022. The Company has the option to convert the outstanding balance of the revolving note into a term note at its discretion. At June 30, 2021 and December 31, 2020, the Company had $45.0 million in outstanding borrowings on this credit facility. In July 2017, the Company entered into an agreement for a revolving note of up to $25.0 million from one of its warehouse banks, which it can draw upon as needed and has renewed on an annual basis. In July 2020, the Company amended the agreement to increase the revolving note up to $65.0 million. In July 2021, the Company amended the agreement by extending the expiration date to July 2022. Borrowings on the revolving note are collateralized by the Company’s FHLMC MSRs. Monthly interest on the outstanding balance is calculated using a base rate tied to the LIBOR rate with a floor of 0.50% plus the applicable margin. The revolving note also has an unused facility fee on the average unused balance, which is also paid quarterly. The unused facility fee is waived if the average outstanding balance exceeds 50% of the available combined warehouse and MSR facility. The lender has the option to convert the outstanding balance of the revolving note into a term note at its discretion. At June 30, 2021 and December 31, 2020, the Company had $20.0 million in outstanding borrowings on this credit facility. Term Note: In January 2014, the Company entered into a term note agreement with one of its warehouse banks collateralized by the Company’s FNMA MSRs. In March 2021, the term note was amended and restated, at which time there was an outstanding amount of $76.5 million. The outstanding amount of $76.5 million was rolled into a new term note with a commitment of $125.0 million. The note allows for the committed amount to be increased to a maximum of $175.0 million. The Company could draw on the committed amount through March 2022 and the note matures on March 25, 2024. Interest on the principal is paid monthly and is based upon a margin plus the highest of the (i) Prime Rate, (ii) Federal Funds Rate plus 0.5%, or (iii) the Eurodollar Base Rate plus 1.0%. Principal payments of 5% of the outstanding balance as of March 31, 2022 are due quarterly beginning April 15, 2022, with the remaining principal balance due upon maturity. The term note also has an unused facility fee equal to 0.375% of the average daily unadvanced amount, which is the difference between the committed amount and the amount outstanding. This fee is paid quarterly. At June 30, 2021 and December 31, 2020, the Company had an outstanding balance of $100.0 million and $80.8 million, respectively, on this facility. The minimum calendar year payments of the Company’s term note as of June 30, 2021 are as follows: 2022 $ 15,000 2023 20,000 2024 65,000 Total $ 100,000

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE Prior to our initial public offering ("IPO") in October 2020, the Guild Mortgage Company LLC membership structure included several different types of LLC interests including ownership interests and profits interests. The Company analyzed the calculation of earnings per unit for periods prior to the IPO using the two-class method and determined that it resulted in values that would not be meaningful to the user of these condensed consolidated financial statements. Therefore, earnings per share information has not been presented for periods prior to October 22, 2020. Basic earnings per share is computed based on the weighted average number of shares of Class A and Class B shares outstanding during the period using the two-class method. Diluted earnings per share is computed based on the weighted average number of shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include RSUs for Class A common stock. The following table sets forth the components of basic and diluted earnings per share: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net income available for Class A and Class B Common Stock $ 8,938 $ 169,542 Weighted-average shares outstanding, Class A Common Stock 19,667 19,667 Weighted-average shares outstanding, Class B Common Stock 40,333 40,333 Weighted-average shares outstanding - basic 60,000 60,000 Add dilutive effects of non-vested shares of restricted stock - Class A 260 234 Weighted-average shares outstanding - diluted 60,260 60,234 Basic earnings per share: Class A and Class B Common Stock $ 0.15 $ 2.83 Diluted earnings per share: Class A and Class B Common Stock $ 0.15 $ 2.81 No shares were excluded from the calculation of earnings per share as a result of being anti-dilutive. Capital Stock The Company has two classes of common stock: Class A and Class B. Class A common stock is traded on the New York Stock Exchange under the symbol “GHLD.” There is no public market for the Company’s Class B common stock. However, under the terms of the Company’s Certificate of Incorporation, the holder of Class B common stock may convert any portion or all of the holder’s shares of Class B common stock into an equal number of shares of Class A common stock at any time. The holders of the Class A common stock and Class B common stock are entitled to dividends when and if declared by the Company’s Board of Directors out of legally available funds. Any stock dividend must be paid in shares of Class A common stock with respect to Class A common stock and in shares of Class B common stock with respect to Class B common stock. The voting powers, preferences and relative rights of Class A common stock and Class B common stock are identical in all respects, except that the holders of Class A common stock have one vote per share and the holders of Class B common stock have ten votes per share. Restricted Stock Units The Company issues RSUs, which represent the right to receive, upon vesting, one share of the Company’s common stock. The number of potentially dilutive shares related to RSUs is based on the number of shares, if any, that would be issuable at the end of the respective reporting period, assuming that date was the end of the vesting period.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
Stock-Based Compensation	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION Stock-Based Compensation The Company’s stock-based compensation arrangements include grants of RSUs under the 2020 Omnibus Incentive Plan. The stock-based compensation costs recognized during the three and six months ended June 30, 2021 was $1.5 million and $3.1 million, respectively, and is included in salaries, incentive compensation and benefits. As of June 30, 2021, there was approximately $17.2

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments to Extend Credit The Company enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose the Company to market risk if interest rates change and the loan is not economically hedged or committed to an investor. The Company is also exposed to credit loss if the loan is originated and not sold to an investor and the customer does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor’s residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans at June 30, 2021 and December 31, 2020 were approximately $3.2 billion and $5.2 billion, respectively. The Company manages the interest rate price risk associated with its outstanding IRLCs and loans held for sale by entering into derivative loan instruments such as forward loan sales commitments, mandatory delivery commitments, options and futures contracts. Total commitments related to these derivatives at June 30, 2021 and December 31, 2020 were approximately $3.7 billion and $5.5 billion, respectively. Legal The Company is involved in various lawsuits arising in the ordinary course of business. While the ultimate results of these lawsuits cannot be predicted with certainty, management does not expect that these matters will have a material adverse effect on the consolidated financial position or results of operations of the Company.

Minimum Net Worth Requirements

Minimum Net Worth Requirements	6 Months Ended
Minimum Net Worth Requirements	Jun. 30, 2021
Mortgage Banking [Abstract]
Minimum Net Worth Requirements	MINIMUM NET WORTH REQUIREMENTS Certain secondary market investors and state regulators require the Company to maintain minimum net worth and capital requirements. To the extent that these requirements are not met, secondary market investors and/or the state regulators may utilize a range of remedies including sanctions, and/or suspension or termination of selling and servicing agreements, which may prohibit the Company from originating, securitizing or servicing these specific types of mortgage loans. The Company is subject to the following minimum net worth, minimum capital ratio and minimum liquidity requirements established by the Federal Housing Finance Agency for Fannie Mae and Freddie Mac Seller/Servicers, and Ginnie Mae for single family issuers. Minimum Net Worth The minimum net worth requirement for Fannie Mae and Freddie Mac is defined as follows: • Base of $2,500 plus 25 basis points of outstanding UPB for total loans serviced. • Adjusted/Tangible Net Worth comprises of total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets. The minimum net worth requirement for Ginnie Mae is defined as follows: • Base of $2,500 plus 35 basis points of the issuer’s total single-family effective outstanding obligations. • Adjusted/Tangible Net Worth comprises of total equity less goodwill, intangible assets, affiliate receivables and certain pledged assets. Minimum Capital Ratio • For Fannie Mae, Freddie Mac and Ginnie Mae the Company is also required to hold a ratio of Adjusted/Tangible Net Worth to Total Assets greater than 6%. Minimum Liquidity The minimum liquidity requirement for Fannie Mae and Freddie Mac is defined as follows: • 3.5 basis points of total Agency servicing. • Incremental 200 basis points of total nonperforming Agency, measured as 90 plus day delinquencies, servicing in excess of 6% of the total Agency servicing UPB. • Allowable assets for liquidity may include: cash and cash equivalents (unrestricted); available for sale or held for trading investment grade securities (e.g., Agency MBS, Obligations of Government Sponsored Enterprises, US Treasury Obligations); and unused/available portion of committed servicing advance lines. The minimum liquidity requirement for Ginnie Mae is defined as follows: • Maintain liquid assets equal to the greater of $1,000 or 10 basis points of our outstanding single-family MBS. The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $78,064 as of December 31, 2020. As of December 31, 2020, the Company was in compliance with this requirement.

Segments

Segments	6 Months Ended
Segments	Jun. 30, 2021
Segment Reporting [Abstract]
Segments	SEGMENTS ASC 280, Segment Reporting , establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in that guidance, the Company has determined that it has two reportable segments — Origination and Servicing. Origination — The Company operates its loan origination business throughout the United States. Its licensed sales professionals and support staff cultivate deep relationships with referral partners and clients and provide a customized approach to the loan transaction whether it is a purchase or refinance. The origination segment is primarily responsible for loan origination, acquisition and sale activities. Servicing — The Company services loans out of its corporate office in San Diego, California. Properties of the loans serviced by the Company are disbursed throughout the United States and as of June 30, 2021 the Company serviced at least one loan in forty-eight different states. The servicing segment provides a steady stream of cash flow to support the origination segment and more importantly it allows for the Company to build longstanding client relationships that drive repeat and referral business back to the origination segment to recapture the client’s next mortgage transaction. The servicing segment is primarily responsible for the servicing activities of all loans in the Company’s servicing portfolio which includes, but is not limited to, collection and remittance of loan payments, managing borrower’s impound accounts for taxes and insurance, loan payoffs, loss mitigation and foreclosure activities. The Company does not allocate assets to its reportable segments as they are not included in the review performed by the Chief Operating Decision Maker for purposes of assessing segment performance and allocating resources. The balance sheet is managed on a consolidated basis and is not used in the context of segment reporting. The Company also does not allocate certain corporate expenses, which are represented by All Other in the tables below. The following table presents the financial performance and results by segment for the three months ended June 30, 2021: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 329,157 $ 1,602 $ 330,759 $ — $ 330,759 Loan servicing and other fees — 47,652 47,652 — 47,652 Valuation adjustment of mortgage servicing rights — (84,789) (84,789) — (84,789) Interest income (expense) 3,655 (1,637) 2,018 (1,592) 426 Other income, net 32 18 50 11 61 Net revenue 332,844 (37,154) 295,690 (1,581) 294,109 Expenses Salaries, incentive compensation and benefits 215,061 7,075 222,136 10,427 232,563 General and administrative 25,156 3,815 28,971 2,823 31,794 Occupancy, equipment and communication 12,758 1,026 13,784 878 14,662 Depreciation and amortization 1,096 222 1,318 290 1,608 Provision for foreclosure losses — (442) (442) — (442) Income tax expense — — — 4,986 4,986 Net income $ 78,773 $ (48,850) $ 29,923 $ (20,985) $ 8,938 The following table presents the financial performance and results by segment for the six months ended June 30, 2021: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 773,954 $ 3,393 $ 777,347 $ — $ 777,347 Loan servicing and other fees — 92,851 92,851 — 92,851 Valuation adjustment of mortgage servicing rights — (49,046) (49,046) — (49,046) Interest income (expense) 6,501 (4,498) 2,003 (2,989) (986) Other income, net 32 40 72 58 130 Net revenue 780,487 42,740 823,227 (2,931) 820,296 Expenses Salaries, incentive compensation and benefits 465,876 14,288 480,164 19,123 499,287 General and administrative 47,794 5,671 53,465 5,236 58,701 Occupancy, equipment and communication 25,931 2,134 28,065 1,429 29,494 Depreciation and amortization 1,989 412 2,401 861 3,262 Provision for foreclosure losses — 2,019 2,019 — 2,019 Income tax expense — — — 57,991 57,991 Net income $ 238,897 $ 18,216 $ 257,113 $ (87,571) $ 169,542 The following table presents the financial performance and results by segment for the three months ended June 30, 2020: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 491,657 $ 1,775 $ 493,432 $ — $ 493,432 Loan servicing and other fees — 37,778 37,778 — 37,778 Valuation adjustment of mortgage servicing rights — (96,161) (96,161) — (96,161) Interest income (expense) 4,214 (2,645) 1,569 (2,129) (560) Other income, net 12 2 14 594 608 Net revenue 495,883 (59,251) 436,632 (1,535) 435,097 Expenses Salaries, incentive compensation and benefits 205,427 6,390 211,817 18,068 229,885 General and administrative 22,493 1,985 24,478 1,489 25,967 Occupancy, equipment and communication 12,184 848 13,032 850 13,882 Depreciation and amortization 1,153 155 1,308 498 1,806 Provision for foreclosure losses — (64) (64) — (64) Income tax benefit — — — 40,646 40,646 Net income $ 254,626 $ (68,565) $ 186,061 $ (63,086) $ 122,975 The following table presents the financial performance and results by segment for the six months ended June 30, 2020: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 730,459 $ 2,834 $ 733,293 $ — $ 733,293 Loan servicing and other fees — 76,310 76,310 — 76,310 Valuation adjustment of mortgage servicing rights — (204,810) (204,810) — (204,810) Interest income (expense) 6,434 (2,608) 3,826 (4,319) (493) Other income, net 17 3 20 977 997 Net revenue 736,910 (128,271) 608,639 (3,342) 605,297 Expenses Salaries, incentive compensation and benefits 345,433 12,076 357,509 20,389 377,898 General and administrative 42,017 3,741 45,758 2,434 48,192 Occupancy, equipment and communication 23,563 1,651 25,214 1,986 27,200 Depreciation and amortization 2,438 311 2,749 944 3,693 Provision for foreclosure losses — 1,860 1,860 — 1,860 Income tax benefit — — — 36,465 36,465 Net income $ 323,459 $ (147,910) $ 175,549 $ (65,560) $ 109,989

Business, Basis of Presentati_2

Business, Basis of Presentation, and Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with U.S. generally accepted accounting principles (“GAAP”) applicable to interim financial statements. These unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results of the interim period. The condensed consolidated balance sheet data as of December 31, 2020 was derived from audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2020. The Company follows the same accounting policies for preparing quarterly and annual reports.
Principles of Consolidation	Principles of Consolidation The Company has one wholly owned subsidiary, Guild Mortgage Company LLC ("GMC"), which through its direct subsidiaries, conducts the Company’s mortgage banking operations. GMC wholly owns Guild Administration Corp., Mission Village Insurance Agency, Guild Insurance, LLC and Guild Financial Express, Inc. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although management is not currently aware of any factors that would significantly change its estimates and assumptions, actual results could materially differ from those estimates. In March 2020, the World Health Organization (“WHO”) declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic, which continues to spread throughout the United States. The Company remains fully functional in both its origination and servicing operations. The Company continues to monitor guidance published by the WHO, Centers for Disease Control and Prevention, local and federal government agencies and the Mortgage Bankers Association and is in continual communication with its investors regarding the developments in the mortgage industry.
Earnings Per Share	Earnings Per Share The Company determines earnings per share in accordance with the authoritative guidance in Accounting Standards Codification ("ASC") 260, Earnings Per Share
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. The fair value of restricted stock units (“RSUs”) is based on the value of the Company’s common stock on the date of grant. Stock-based compensation is included in salaries, incentive compensation and benefits. See Note 12 for additional information regarding our stock-based compensation.
Escrow and Fiduciary Funds	Escrow and Fiduciary FundsAs a loan servicer, the Company maintains segregated bank accounts in trust for investors and escrow balances for mortgagors, which are excluded from the Company’s Condensed Consolidated Balance Sheets.
Common Stock Cash Dividend	Common Stock Cash Dividend The Company declared and paid dividends of $1.00 per share on its Class A and Class B common stock during the second quarter of 2021 totaling $60.0 million. Non-vested RSUs under the 2020 Omnibus Incentive Plan have rights to dividends, which entitle holders to the same dividend value per share as holders of common shares in the form of dividend equivalent units ("DEUs"). DEUs will be credited as additional RSUs on the dividend payment date and will vest on the same date as the underlying RSUs and are forfeited if the underlying RSUs forfeit prior to vesting. The number of additional RSUs credited will equal (1) the per share cash dividend amount, multiplied by (2) the number of RSUs, divided by (3) the fair market value of a share of Class A common stock on the last trading day before the date of the dividend payment, rounded up to the nearest whole number of RSUs. In conjunction with the payment of Guild's dividend, Guild issued 92,467 DEUs to holders of RSUs. Since the DEUs are forfeitable, the value of the DEUs was recorded as a reduction to retained earnings and a credit to additional paid-in capital.
Fair Value Measurements	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Inputs used to measure fair value are prioritized within a three-level fair value hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The categorization of assets and liabilities measured at fair value within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three levels of inputs used to measure fair value are as follows: • Level One - Level One inputs are unadjusted, quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level Two - Level Two inputs are observable for that asset or liability, either directly or indirectly, and include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, observable inputs for the asset or liability other than quoted prices and inputs derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified contractual term, the inputs must be observable for substantially the full term of the asset or liability. • Level Three - Level Three inputs are unobservable inputs for the asset or liability that reflect the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and are developed based on the best information available.
Recently Adopted Accounting Pronouncements and Accounting Standards Issued but Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU 2019-12, Income Taxes (Topic 740) . This update provides amendments to simplify and reduce complexity when accounting for income taxes as well as eliminating certain exceptions. The Company adopted ASU 2019-12 on January 1, 2021 and the adoption did not have a material impact on its financial statements. Accounting Standards Issued but Not Yet Adopted In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848, for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. Because the guidance is intended to assist stakeholders during the global market-wide reference rate transition period, it is in effect for a limited time, from March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting ASU 2021-01 on its consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2021: Description Level 1 Level 2 Level 3 Total Assets: Trading securities $ 102 $ — $ — $ 102 Derivative Forward delivery commitments — 3,407 — 3,407 Interest rate lock commitments — — 44,486 44,486 Mortgage loans held for sale — 2,153,990 — 2,153,990 Mortgage servicing rights — — 578,690 578,690 Total assets at fair value $ 102 $ 2,157,397 $ 623,176 $ 2,780,675 Liabilities: Derivative Forward delivery commitments $ — $ 4,430 $ — $ 4,430 Contingent liabilities due to acquisitions — — 20,416 20,416 Total liabilities at fair value $ — $ 4,430 $ 20,416 $ 24,846 The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020: Description Level 1 Level 2 Level 3 Total Assets: Trading securities $ 78 $ — $ — $ 78 Derivative Interest rate lock commitments — — 130,338 130,338 Mortgage loans held for sale — 2,368,777 — 2,368,777 Mortgage servicing rights — — 446,998 446,998 Total assets at fair value $ 78 $ 2,368,777 $ 577,336 $ 2,946,191 Liabilities: Derivative Forward delivery commitments $ — $ 38,270 $ — $ 38,270 Contingent liabilities due to acquisitions — — 18,094 18,094 Total liabilities at fair value $ — $ 38,270 $ 18,094 $ 56,364
Summary of Reconciliation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis	The table below presents a reconciliation of Level Three assets and liabilities measured at fair value on a recurring basis for the periods ended: IRLCs Contingent Balance at March 31, 2021 $ 38,009 $ 16,568 Net transfers and revaluation gains 6,477 — Payments — (2,646) Valuation adjustments — 6,494 Balance at June 30, 2021 $ 44,486 $ 20,416 Balance at December 31, 2020 $ 130,338 $ 18,094 Net transfers and revaluation gains (85,852) — Payments — (10,792) Valuation adjustments — 13,114 Balance at June 30, 2021 $ 44,486 $ 20,416 Balance at March 31, 2020 $ 101,255 $ 14,675 Net transfers and revaluation gains 40,374 — Payments — (2,741) Valuation adjustments — 11,018 Balance at June 30, 2020 $ 141,629 $ 22,952 Balance at December 31, 2019 $ 19,922 $ 8,073 Net transfers and revaluation gains 121,707 — Payments — (5,146) Valuation adjustments — 20,025 Balance at June 30, 2020 $ 141,629 $ 22,952
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis	The following table summarizes the Company’s financial assets measured at fair value on a non-recurring basis at June 30, 2021: Description Level 1 Level 2 Level 3 Total Assets: Ginnie Mae loans subject to repurchase right $ — $ 1,037,266 $ — $ 1,037,266 Total assets at fair value $ — $ 1,037,266 $ — $ 1,037,266 Liabilities: Ginnie Mae loans subject to repurchase right $ — $ 1,037,640 $ — $ 1,037,640 Total liabilities at fair value $ — $ 1,037,640 $ — $ 1,037,640 The following table summarizes the Company’s financial assets measured at fair value on a non-recurring basis at December 31, 2020: Description Level 1 Level 2 Level 3 Total Assets: Ginnie Mae loans subject to repurchase right $ — $ 1,275,842 $ — $ 1,275,842 Total assets at fair value $ — $ 1,275,842 $ — $ 1,275,842 Liabilities: Ginnie Mae loans subject to repurchase right $ — $ 1,277,026 $ — $ 1,277,026 Total liabilities at fair value $ — $ 1,277,026 $ — $ 1,277,026
Summary of Fair Value Option for Mortgage Loans Held For Sale	The following is the estimated fair value and unpaid principal balance of MLHS that have contractual principal amounts and for which the Company has elected the fair value option. The fair value option was elected for MLHS as the Company believes fair value best reflects their expected future economic performance: Fair Value Principal Difference (1) Balance at June 30, 2021 $ 2,153,990 $ 2,115,136 $ 38,854 Balance at December 31, 2020 $ 2,368,777 $ 2,293,895 $ 74,882 _______________________________ (1) Represents the amount of gains included in loan origination fees and gain on sale of loans, net due to changes in fair value of items accounted for using the fair value option.

Accounts and Interest Receiva_2

Accounts and Interest Receivable (Tables)	6 Months Ended
Accounts and Interest Receivable (Tables)	Jun. 30, 2021
Receivables [Abstract]
Schedule of Accounts and Interest Receivable	Accounts and interest receivable consisted of the following: June 30, 2021 December 31, 2020 Trust advances $ 30,608 $ 36,241 Foreclosure advances, net 8,291 2,894 Receivables related to loan sales 2,576 2,707 Other (219) 1,548 Total accounts and interest receivable $ 41,256 $ 43,390
Schedule of Activity of the Foreclosure Loss Reserve	The activity of the foreclosure loss reserve was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance — beginning of period $ 13,350 $ 8,993 $ 12,402 $ 7,869 Utilization of foreclosure reserve (118) (587) (1,631) (1,387) Provision charged to operations (442) (64) 2,019 1,860 Balance — end of period $ 12,790 $ 8,342 $ 12,790 $ 8,342

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2021
Other Assets [Abstract]
Summary of Other Assets	Other assets consisted of the following: June 30, 2021 December 31, 2020 Prepaid expenses $ 15,360 $ 16,652 Company owned life insurance 37,052 29,910 Property and equipment, net 13,523 14,773 Right-of-use assets 78,245 87,508 Real estate owned 507 1,354 Land 142 — Trading securities 102 78 Total other assets $ 144,931 $ 150,275
Summary of Property and Equipment	Property and equipment, net consisted of the following: June 30, 2021 December 31, 2020 Computer equipment $ 23,446 $ 22,946 Furniture and equipment 18,258 18,301 Leasehold improvements 12,232 12,307 Internal-use software in production 1,704 1,716 Internal-use software 6,994 5,639 Property and equipment, gross 62,634 60,909 Accumulated depreciation (49,111) (46,136) Property and equipment, net $ 13,523 $ 14,773

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Unrealized Hedging Gains	Net unrealized hedging gains were as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Unrealized hedging gains (losses) $ (91,606) $ 67,908 $ (48,605) $ 98,198
Schedule of Notional and Fair Value of Derivative Financial Instruments Not Designated as Hedging Instruments	The notional and fair value of derivative financial instruments not designated as hedging instruments were as follows at June 30, 2021 and December 31, 2020: Fair Value Notional Derivative Derivative Balance at June 30, 2021 IRLCs $ 3,230,774 $ 44,486 $ — Forward commitments $ 3,701,455 $ 3,407 $ 4,430 Balance at December 31, 2020 IRLCs $ 5,151,179 $ 130,338 $ — Forward commitments $ 5,480,491 $ — $ 38,270
Schedule of Quantitative Information About IRLCs and Fair Value Measurements	The following table presents the quantitative information about IRLCs and the fair value measurements: June 30, 2021 December 31, 2020 Unobservable Input Range (Weighted Average) Loan funding probability (“pull-through”) 0% -100% (90.7%) 0% - 100% (87.8%)
Schedule of Financial Liabilities that are Subject to Master Netting Arrangements or Similar Agreements Categorized by Financial Instrument	The table below represents financial liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. Gross Gross Net June 30, 2021 Forward delivery commitments $ 5,909 $ (2,502) $ 3,407 Total assets $ 5,909 $ (2,502) $ 3,407 Forward delivery commitments $ (4,935) $ 1,620 $ (3,315) Best efforts sales commitments (1,115) — (1,115) Total liabilities $ (6,050) $ 1,620 $ (4,430) December 31, 2020 Forward delivery commitments $ (54,419) $ 4,825 $ (49,594) Best efforts sales commitments (3,656) — (3,656) Margin calls 14,980 — 14,980 Total liabilities $ (43,095) $ 4,825 $ (38,270)
Schedule of Financial Assets that are Subject to Master Netting Arrangements or Similar Agreements Categorized by Financial Instrument	The table below represents financial liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged. Gross Gross Net June 30, 2021 Forward delivery commitments $ 5,909 $ (2,502) $ 3,407 Total assets $ 5,909 $ (2,502) $ 3,407 Forward delivery commitments $ (4,935) $ 1,620 $ (3,315) Best efforts sales commitments (1,115) — (1,115) Total liabilities $ (6,050) $ 1,620 $ (4,430) December 31, 2020 Forward delivery commitments $ (54,419) $ 4,825 $ (49,594) Best efforts sales commitments (3,656) — (3,656) Margin calls 14,980 — 14,980 Total liabilities $ (43,095) $ 4,825 $ (38,270)

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
Mortgage Servicing Rights (Tables)	Jun. 30, 2021
Transfers and Servicing [Abstract]
Summary of Activity of Mortgage Servicing Rights	The activity of mortgage servicing rights was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance — beginning of period $ 586,717 $ 352,214 $ 446,998 $ 418,402 MSRs originated 76,762 80,634 180,738 123,095 Changes in fair value: Due to collection/realization of cash flows (34,944) (31,220) (79,806) (53,730) Due to changes in valuation model inputs or assumptions (49,845) (64,941) 30,760 (151,080) Balance — end of period $ 578,690 $ 336,687 $ 578,690 $ 336,687
Summary of Weighted Average Discount Rate, Prepayment Speed and Cost to Service Assumptions Used to Determine Fair Value of MSRs	The following table presents the weighted average discount rate, prepayment speed and cost to service assumptions used to determine the fair value of MSRs: June 30, 2021 December 31, 2020 Unobservable Input Range (Weighted Average) Discount rate 9.2% - 15.5% (10.0%) 9.2% - 15.5% (10.0%) Prepayment rate 9.1% - 30.3% (14.9%) 10.0% - 38.8% (18.2%) Cost to service (per loan) $71.8 - $454.7 ($91.0) $71.0 - $409.4 ($92.5)
Summary of Actual Revenue Generated from Servicing Activities	Actual revenue generated from servicing activities included contractually specified servicing fees, as well as late fees and other ancillary servicing revenue, which were recorded within loan servicing and other fees as follows for the periods ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Servicing fees from servicing portfolio $ 46,035 $ 37,102 $ 89,891 $ 74,178 Late fees 1,451 934 2,520 2,635 Other ancillary servicing revenue (expense) 166 (258) 440 (503) Total loan servicing and other fees $ 47,652 $ 37,778 $ 92,851 $ 76,310
Summary of Impact of Adverse Changes on Prepayment Speeds, Discount Rate and Cost to Service at Two Different Data Points	The following table illustrates the impact of adverse changes on the prepayment speeds, discount rate and cost to service at two different data points at June 30, 2021 and December 31, 2020, respectively: Prepayment Speeds Discount Rate Cost to Service (per loan) 10% Adverse 20% Adverse 10% Adverse 20% Adverse 10% Adverse 20% Adverse June 30, 2021 Mortgage servicing rights $ (37,460) $ (68,497) $ (23,232) $ (41,266) $ (11,455) $ (19,032) December 31, 2020 Mortgage servicing rights $ (36,117) $ (66,419) $ (18,638) $ (32,312) $ (10,334) $ (16,700)

Mortgage Loans Held for Sale (T

Mortgage Loans Held for Sale (Tables)	6 Months Ended
Mortgage Loans Held for Sale (Tables)	Jun. 30, 2021
Mortgage Loans Held For Sale [Abstract]
Summary of Reconciliation of Changes in Mortgage Loans Held for Sale to Amounts Presented in Condensed Consolidated Statements of Cash Flows	A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the Condensed Consolidated Statements of Cash Flows is set forth below: Six Months Ended June 30, 2021 2020 Balance at the beginning of period $ 2,368,777 $ 1,504,842 Origination of mortgage loans held for sale 18,077,556 14,615,843 Proceeds on sale of payments from mortgage loans held for sale (18,927,552) (14,662,777) Gain on sale of mortgage loans excluding fair value of other financial instruments, net 671,268 480,701 Valuation adjustment of mortgage loans held for sale (36,059) 43,912 Balance at the end of period $ 2,153,990 $ 1,982,521

Investor Reserves (Tables)

Investor Reserves (Tables)	6 Months Ended
Investor Reserves (Tables)	Jun. 30, 2021
Investor Reserves [Abstract]
Schedule of Activity of Investor Reserves	The activity of the investor reserves was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Balance — beginning of period $ 14,877 $ 17,904 $ 14,535 $ 16,521 Benefit from investor reserves (1,306) (2,920) (3,312) (3,688) Provision for investor reserves charged to operations 3,256 8,902 5,604 11,053 Balance — end of period $ 16,827 $ 23,886 $ 16,827 $ 23,886

Warehouse Lines of Credit (Tabl

Warehouse Lines of Credit (Tables)	6 Months Ended
Warehouse Lines of Credit (Tables)	Jun. 30, 2021
Line of Credit Facility [Abstract]
Summary of Warehouse Lines of Credit	Warehouse lines of credit consisted of the following at June 30, 2021 and December 31, 2020. Changes subsequent to June 30, 2021 have been described in the notes referenced with the below table. Maturity as of June 30, June 30, 2021 December 31, 2020 $800 million master repurchase facility agreement (1) January 2022 $ 246,639 $ 442,593 $250 million master repurchase facility agreement (2) September 2021 152,254 148,011 $500 million master repurchase facility agreement (3) February 2022 445,947 541,074 $200 million master repurchase facility agreement (4) June 2022 118,922 187,214 $300 million master repurchase facility agreement (5) September 2021 278,544 232,272 $500 million master repurchase facility agreement (6) July 2021 413,790 464,355 $200 million master repurchase facility agreement (7) April 2022 89,340 104,880 $250 million master repurchase facility agreement (8) N/A 96,805 — $75 million master repurchase facility agreement (9) March 2025 43,081 25,185 1,885,322 2,145,584 Prepaid commitment fees (1,657) (2,141) Net warehouse lines of credit $ 1,883,665 $ 2,143,443 ______________________________ (1) The variable interest rate is calculated using a base rate tied to LIBOR, the Eurodollar, or an alternative base rate with a floor of 0.75%, plus the applicable interest rate margin. (2) The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $1.25 million. (3) The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility requires a minimum deposit of $2.5 million. (4) The variable interest rate is calculated using a base rate plus LIBOR, with a floor of 1.525% plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000. This facility matured in June 2021 and was amended with a maturity date of June 2022. (5) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.40%, plus the applicable interest rate margin. (6) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.75%, plus the applicable interest rate margin. Subsequent to June 30, 2021, this facility was amended with a maturity date of July 2022. As part of the amendment, the LIBOR floor was revised to 0.50%. (7) The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 1.25%, plus the applicable interest rate margin. This facility matured in June 2021 and was amended with a maturity date of April 2022. (8) This facility agreement was effective January 2021. The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility’s maturity date is 30 days from written notice by either the financial institution or the Company. (9) The interest rate on this facility is 3.375%. This facility was opened in 2019 and is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to 4 years.

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
Notes Payable (Tables)	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Minimum Calendar Year Payments of Term Note	The minimum calendar year payments of the Company’s term note as of June 30, 2021 are as follows: 2022 $ 15,000 2023 20,000 2024 65,000 Total $ 100,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2021
Earnings Per Share [Abstract]
Components of Basic and Diluted Earnings Per Share	The following table sets forth the components of basic and diluted earnings per share: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Net income available for Class A and Class B Common Stock $ 8,938 $ 169,542 Weighted-average shares outstanding, Class A Common Stock 19,667 19,667 Weighted-average shares outstanding, Class B Common Stock 40,333 40,333 Weighted-average shares outstanding - basic 60,000 60,000 Add dilutive effects of non-vested shares of restricted stock - Class A 260 234 Weighted-average shares outstanding - diluted 60,260 60,234 Basic earnings per share: Class A and Class B Common Stock $ 0.15 $ 2.83 Diluted earnings per share: Class A and Class B Common Stock $ 0.15 $ 2.81

Segments (Tables)

Segments (Tables)	6 Months Ended
Segments (Tables)	Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Financial Performance and Results by Segment	The following table presents the financial performance and results by segment for the three months ended June 30, 2021: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 329,157 $ 1,602 $ 330,759 $ — $ 330,759 Loan servicing and other fees — 47,652 47,652 — 47,652 Valuation adjustment of mortgage servicing rights — (84,789) (84,789) — (84,789) Interest income (expense) 3,655 (1,637) 2,018 (1,592) 426 Other income, net 32 18 50 11 61 Net revenue 332,844 (37,154) 295,690 (1,581) 294,109 Expenses Salaries, incentive compensation and benefits 215,061 7,075 222,136 10,427 232,563 General and administrative 25,156 3,815 28,971 2,823 31,794 Occupancy, equipment and communication 12,758 1,026 13,784 878 14,662 Depreciation and amortization 1,096 222 1,318 290 1,608 Provision for foreclosure losses — (442) (442) — (442) Income tax expense — — — 4,986 4,986 Net income $ 78,773 $ (48,850) $ 29,923 $ (20,985) $ 8,938 The following table presents the financial performance and results by segment for the six months ended June 30, 2021: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 773,954 $ 3,393 $ 777,347 $ — $ 777,347 Loan servicing and other fees — 92,851 92,851 — 92,851 Valuation adjustment of mortgage servicing rights — (49,046) (49,046) — (49,046) Interest income (expense) 6,501 (4,498) 2,003 (2,989) (986) Other income, net 32 40 72 58 130 Net revenue 780,487 42,740 823,227 (2,931) 820,296 Expenses Salaries, incentive compensation and benefits 465,876 14,288 480,164 19,123 499,287 General and administrative 47,794 5,671 53,465 5,236 58,701 Occupancy, equipment and communication 25,931 2,134 28,065 1,429 29,494 Depreciation and amortization 1,989 412 2,401 861 3,262 Provision for foreclosure losses — 2,019 2,019 — 2,019 Income tax expense — — — 57,991 57,991 Net income $ 238,897 $ 18,216 $ 257,113 $ (87,571) $ 169,542 The following table presents the financial performance and results by segment for the three months ended June 30, 2020: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 491,657 $ 1,775 $ 493,432 $ — $ 493,432 Loan servicing and other fees — 37,778 37,778 — 37,778 Valuation adjustment of mortgage servicing rights — (96,161) (96,161) — (96,161) Interest income (expense) 4,214 (2,645) 1,569 (2,129) (560) Other income, net 12 2 14 594 608 Net revenue 495,883 (59,251) 436,632 (1,535) 435,097 Expenses Salaries, incentive compensation and benefits 205,427 6,390 211,817 18,068 229,885 General and administrative 22,493 1,985 24,478 1,489 25,967 Occupancy, equipment and communication 12,184 848 13,032 850 13,882 Depreciation and amortization 1,153 155 1,308 498 1,806 Provision for foreclosure losses — (64) (64) — (64) Income tax benefit — — — 40,646 40,646 Net income $ 254,626 $ (68,565) $ 186,061 $ (63,086) $ 122,975 The following table presents the financial performance and results by segment for the six months ended June 30, 2020: Origination Servicing Total All Other Total Revenue Loan origination fees and gain on sale of loans, net $ 730,459 $ 2,834 $ 733,293 $ — $ 733,293 Loan servicing and other fees — 76,310 76,310 — 76,310 Valuation adjustment of mortgage servicing rights — (204,810) (204,810) — (204,810) Interest income (expense) 6,434 (2,608) 3,826 (4,319) (493) Other income, net 17 3 20 977 997 Net revenue 736,910 (128,271) 608,639 (3,342) 605,297 Expenses Salaries, incentive compensation and benefits 345,433 12,076 357,509 20,389 377,898 General and administrative 42,017 3,741 45,758 2,434 48,192 Occupancy, equipment and communication 23,563 1,651 25,214 1,986 27,200 Depreciation and amortization 2,438 311 2,749 944 3,693 Provision for foreclosure losses — 1,860 1,860 — 1,860 Income tax benefit — — — 36,465 36,465 Net income $ 323,459 $ (147,910) $ 175,549 $ (65,560) $ 109,989

Business, Basis of Presentati_3

Business, Basis of Presentation, and Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands	May 10, 2021USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Mar. 31, 2020$ / shares	Jun. 30, 2021USD ($)subsidiary	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of wholly owned subsidiaries \| subsidiary				1
Account balance in trust for investors and escrow balances for mortgagors		$ 1,400,000		$ 1,400,000		$ 1,700,000
Common stock dividends (in dollars per share) \| $ / shares		$ 1	$ 10,772
Dividends paid		$ 60,000		$ 60,000	$ 10,000
RMS
Business Acquisition [Line Items]
Business acquisition, consideration transferred	$ 204,900
Cash payments	$ 189,600
Shares issued for acquisition (in shares) \| shares	996,644
Dividend Equivalent Units (DEUs)
Business Acquisition [Line Items]
Awards issued (in shares) \| shares		92,467

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Level 3	Jun. 30, 2021	Dec. 31, 2020
Recurring Fair Value Measurements
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loan funding probability (“pull-through”)	90.70%	87.80%
Minimum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of risk adjusted discount rate	0.150	0.150
Maximum \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of risk adjusted discount rate	0.200	0.200
Median \| Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Range of risk adjusted discount rate	0.150	0.150

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets:
Trading securities	$ 102	$ 78
Derivative
Derivative asset	47,893	130,338
Mortgage loans held for sale	2,153,990	2,368,777	$ 1,982,521	$ 1,504,842
Mortgage servicing rights	578,690	446,998
Derivative
Derivative liability	4,430	38,270
Contingent liabilities due to acquisitions	20,416	18,094
Forward delivery commitments
Derivative
Derivative asset	3,407
Derivative
Derivative liability	3,315	49,594
Recurring Fair Value Measurements
Assets:
Trading securities	102	78
Derivative
Mortgage loans held for sale	2,153,990	2,368,777
Mortgage servicing rights	578,690	446,998
Total assets at fair value	2,780,675	2,946,191
Derivative
Contingent liabilities due to acquisitions	20,416	18,094
Total liabilities at fair value	24,846	56,364
Recurring Fair Value Measurements \| Forward delivery commitments
Derivative
Derivative asset	3,407
Derivative
Derivative liability	4,430	38,270
Recurring Fair Value Measurements \| Interest rate lock commitments
Derivative
Derivative asset	44,486	130,338
Recurring Fair Value Measurements \| Level 1
Assets:
Trading securities	102	78
Derivative
Mortgage loans held for sale	0	0
Mortgage servicing rights	0	0
Total assets at fair value	102	78
Derivative
Contingent liabilities due to acquisitions	0	0
Total liabilities at fair value	0	0
Recurring Fair Value Measurements \| Level 1 \| Forward delivery commitments
Derivative
Derivative asset	0
Derivative
Derivative liability	0	0
Recurring Fair Value Measurements \| Level 1 \| Interest rate lock commitments
Derivative
Derivative asset	0	0
Recurring Fair Value Measurements \| Level 2
Assets:
Trading securities	0	0
Derivative
Mortgage loans held for sale	2,153,990	2,368,777
Mortgage servicing rights	0	0
Total assets at fair value	2,157,397	2,368,777
Derivative
Contingent liabilities due to acquisitions	0	0
Total liabilities at fair value	4,430	38,270
Recurring Fair Value Measurements \| Level 2 \| Forward delivery commitments
Derivative
Derivative asset	3,407
Derivative
Derivative liability	4,430	38,270
Recurring Fair Value Measurements \| Level 2 \| Interest rate lock commitments
Derivative
Derivative asset	0	0
Recurring Fair Value Measurements \| Level 3
Assets:
Trading securities	0	0
Derivative
Mortgage loans held for sale	0	0
Mortgage servicing rights	578,690	446,998
Total assets at fair value	623,176	577,336
Derivative
Contingent liabilities due to acquisitions	20,416	18,094
Total liabilities at fair value	20,416	18,094
Recurring Fair Value Measurements \| Level 3 \| Forward delivery commitments
Derivative
Derivative asset	0
Derivative
Derivative liability	0	0
Recurring Fair Value Measurements \| Level 3 \| Interest rate lock commitments
Derivative
Derivative asset	$ 44,486	$ 130,338

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Reconciliation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
IRLCs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 38,009	$ 101,255	$ 130,338	$ 19,922
Net transfers and revaluation gains	6,477	40,374	(85,852)	121,707
Ending balance	44,486	141,629	44,486	141,629
Contingent Liabilities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	16,568	14,675	18,094	8,073
Payments	(2,646)	(2,741)	(10,792)	(5,146)
Valuation adjustments	6,494	11,018	13,114	20,025
Ending balance	$ 20,416	$ 22,952	$ 20,416	$ 22,952

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - Non-Recurring Fair Value Measurements - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Ginnie Mae loans subject to repurchase right	$ 1,037,266	$ 1,275,842
Liabilities:
Ginnie Mae loans subject to repurchase right	1,037,640	1,277,026
Ginnie Mae
Assets:
Ginnie Mae loans subject to repurchase right	1,037,266	1,275,842
Liabilities:
Ginnie Mae loans subject to repurchase right	1,037,640	1,277,026
Level 1
Assets:
Ginnie Mae loans subject to repurchase right	0	0
Liabilities:
Ginnie Mae loans subject to repurchase right	0	0
Level 1 \| Ginnie Mae
Assets:
Ginnie Mae loans subject to repurchase right	0	0
Liabilities:
Ginnie Mae loans subject to repurchase right	0	0
Level 2
Assets:
Ginnie Mae loans subject to repurchase right	1,037,266	1,275,842
Liabilities:
Ginnie Mae loans subject to repurchase right	1,037,640	1,277,026
Level 2 \| Ginnie Mae
Assets:
Ginnie Mae loans subject to repurchase right	1,037,266	1,275,842
Liabilities:
Ginnie Mae loans subject to repurchase right	1,037,640	1,277,026
Level 3
Assets:
Ginnie Mae loans subject to repurchase right	0	0
Liabilities:
Ginnie Mae loans subject to repurchase right	0	0
Level 3 \| Ginnie Mae
Assets:
Ginnie Mae loans subject to repurchase right	0	0
Liabilities:
Ginnie Mae loans subject to repurchase right	$ 0	$ 0

Fair Value Measurements - Sum_4

Fair Value Measurements - Summary of Fair Value Option for Mortgage Loans Held for Sale (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value	$ 2,153,990	$ 2,368,777	$ 1,982,521	$ 1,504,842
Principal Amount Due Upon Maturity	2,115,136	2,293,895
Difference	$ 38,854	$ 74,882

Accounts and Interest Receiva_3

Accounts and Interest Receivable - Schedule of Accounts and Interest Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Trust advances	$ 30,608	$ 36,241
Foreclosure advances, net	8,291	2,894
Receivables related to loan sales	2,576	2,707
Other	(219)	1,548
Total accounts and interest receivable	$ 41,256	$ 43,390

Accounts and Interest Receiva_4

Accounts and Interest Receivable - Schedule of Activity of the Foreclosure Loss Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Foreclosure Loss Reserve [Abstract]
Balance — beginning of period	$ 13,350	$ 8,993	$ 12,402	$ 7,869
Foreclosure loss reserve	(118)	(587)	(1,631)	(1,387)
Provision charged to operations	(442)	(64)	2,019	1,860
Balance — end of period	$ 12,790	$ 8,342	$ 12,790	$ 8,342

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Assets [Abstract]
Prepaid expenses	$ 15,360	$ 16,652
Company owned life insurance	37,052	29,910
Property and equipment, net	13,523	14,773
Right-of-use assets	78,245	87,508
Real estate owned	507	1,354
Land	142	0
Trading securities	102	78
Total other assets	$ 144,931	$ 150,275

Other Assets - Summary of Prope

Other Assets - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property Plant and Equipment [Line Items]
Property and equipment, gross	$ 62,634	$ 60,909
Accumulated depreciation	(49,111)	(46,136)
Property and equipment, net	13,523	14,773
Computer equipment
Property Plant and Equipment [Line Items]
Property and equipment, gross	23,446	22,946
Furniture and equipment
Property Plant and Equipment [Line Items]
Property and equipment, gross	18,258	18,301
Leasehold improvements
Property Plant and Equipment [Line Items]
Property and equipment, gross	12,232	12,307
Internal-use software in production
Property Plant and Equipment [Line Items]
Property and equipment, gross	1,704	1,716
Internal-use software
Property Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,994	$ 5,639

Other Assets - Additional Infor

Other Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 1,608	$ 1,806	$ 3,262	$ 3,693

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Net Unrealized Hedging Gains (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized hedging gains (losses)			$ (48,605)	$ 98,198
Not Designated as Hedging Instruments \| Loan Origination Fees and Gain on Sale of Loans, Net
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized hedging gains (losses)	$ (91,606)	$ 67,908	$ (48,605)	$ 98,198

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Notional and Fair Value of Derivative Financial Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative Liability	$ 6,050
IRLCs \| Not Designated as Hedging Instruments
Derivative [Line Items]
Notional Value	3,230,774	$ 5,151,179
Derivative Asset	44,486	130,338
Derivative Liability	0	0
Forward commitments \| Not Designated as Hedging Instruments
Derivative [Line Items]
Notional Value	3,701,455	5,480,491
Derivative Asset	3,407	0
Derivative Liability	$ 4,430	$ 38,270

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Outstanding forward contracts and mandatory sell commitments	$ 770,700,000		$ 770,700,000		$ 895,200,000
Closed hedge instruments not yet settled	658,000,000		658,000,000		$ 908,000,000
Credit losses due to nonperformance of counterparties	$ 0	$ 0	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Quantitative Information About IRLCs and Fair Value Measurements (Details) - IRLCs	Jun. 30, 2021	Dec. 31, 2020
Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan funding probability (“pull-through”)	0.00%	0.00%
Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan funding probability (“pull-through”)	100.00%	100.00%
Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loan funding probability (“pull-through”)	90.70%	87.80%

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Financial Liabilities are Subject to Master Netting Arrangements or Similar Agreements Categorized by Financial Instrument (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Gross Amounts of Recognized Assets (Liabilities)
Derivative liability	$ (6,050)
Total assets (liabilities)		$ (43,095)
Gross Amounts Offset in the Balance Sheet
Derivative liability	1,620
Total assets (liabilities)		4,825
Net Amounts of Recognized Assets (Liabilities) in the Balance Sheet
Derivative asset	47,893	130,338
Derivative liability	(4,430)	(38,270)
Total assets (liabilities)		(38,270)
Forward delivery commitments
Gross Amounts of Recognized Assets (Liabilities)
Derivative asset	5,909
Derivative liability	(4,935)	(54,419)
Gross Amounts Offset in the Balance Sheet
Derivative asset	(2,502)
Derivative liability	1,620	4,825
Net Amounts of Recognized Assets (Liabilities) in the Balance Sheet
Derivative asset	3,407
Derivative liability	(3,315)	(49,594)
Best efforts sales commitments
Gross Amounts of Recognized Assets (Liabilities)
Derivative liability	(1,115)	(3,656)
Gross Amounts Offset in the Balance Sheet
Derivative liability	0	0
Net Amounts of Recognized Assets (Liabilities) in the Balance Sheet
Derivative liability	$ (1,115)	(3,656)
Margin calls
Gross Amounts of Recognized Assets (Liabilities)
Derivative asset		14,980
Gross Amounts Offset in the Balance Sheet
Derivative asset		0
Net Amounts of Recognized Assets (Liabilities) in the Balance Sheet
Derivative asset		$ 14,980

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Activity of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Balance — beginning of period	$ 586,717	$ 352,214	$ 446,998	$ 418,402
MSRs originated	76,762	80,634	180,738	123,095
Changes in fair value:
Due to collection/realization of cash flows	(34,944)	(31,220)	(79,806)	(53,730)
Due to changes in valuation model inputs or assumptions	(49,845)	(64,941)	30,760	(151,080)
Balance — end of period	$ 578,690	$ 336,687	$ 578,690	$ 336,687

Mortgage Servicing Rights - S_2

Mortgage Servicing Rights - Summary of the Weighted Average Discount Rate, Prepayment Speed and Cost to Service Assumptions Used to Determine the Fair Value of MSRs (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rate	9.20%	9.20%
Prepayment rate	9.10%	10.00%
Cost to service (per loan)	$ 71.8	$ 71
Maximum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rate	15.50%	15.50%
Prepayment rate	30.30%	38.80%
Cost to service (per loan)	$ 454.7	$ 409.4
Weighted Average
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rate	10.00%	10.00%
Prepayment rate	14.90%	18.20%
Cost to service (per loan)	$ 91	$ 92.5

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Billions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Transfers and Servicing [Abstract]
Mortgage servicing right weighted average life	5 years 6 months	5 years 1 month 6 days
Unpaid principal balance of mortgage loans serviced	$ 66.3	$ 60.8

Mortgage Servicing Rights - S_3

Mortgage Servicing Rights - Summary of Actual Revenue Generated from Servicing Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Transfers and Servicing [Abstract]
Loan servicing and other fees	$ 46,035	$ 37,102	$ 89,891	$ 74,178
Late fees	1,451	934	2,520	2,635
Other ancillary servicing revenue (expense)	166		440
Other ancillary servicing revenue (expense)		(258)		(503)
Total loan servicing and other fees	$ 47,652	$ 37,778	$ 92,851	$ 76,310

Mortgage Servicing Rights - S_4

Mortgage Servicing Rights - Summary of Impact of Adverse Changes on Prepayment Speeds, Discount Rate and Cost to Service at Two Different Data Points (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Transfers and Servicing [Abstract]
Mortgage servicing rights, Prepayment Speeds, 10% Adverse Change	$ (37,460)	$ (36,117)
Mortgage servicing rights, Prepayment Speeds, 20% Adverse Change	(68,497)	(66,419)
Mortgage servicing rights, Discount Rates 10%, Adverse Change	(23,232)	(18,638)
Mortgage servicing rights, Discount Rates 20%, Adverse Change	(41,266)	(32,312)
Mortgage servicing rights, Cost to Service (per loan) 10%, Adverse Change	(11,455)	(10,334)
Mortgage servicing rights, Cost to Service (per loan) 20%, Adverse Change	$ (19,032)	$ (16,700)

Mortgage Loans Held for Sale -

Mortgage Loans Held for Sale - Summary of Reconciliation of Changes in Mortgage Loans Held for Sale to Amounts Presented in Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Mortgages Held For Sale [Roll Forward]
Balance at the beginning of period	$ 2,368,777	$ 1,504,842
Origination of mortgage loans held for sale	18,077,556	14,615,843
Proceeds on sale of payments from mortgage loans held for sale	(18,927,552)	(14,662,777)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net	671,268	480,701
Valuation adjustment of mortgage loans held for sale	(36,059)	43,912
Balance at the end of period	$ 2,153,990	$ 1,982,521

Mortgage Loans Held for Sale _2

Mortgage Loans Held for Sale - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Mortgage Loans Held For Sale [Abstract]
Mortgage loans held for sale including unpaid principal balances of underlying loans	$ 2,115,136	$ 2,293,895
Mortgage loans held for sale	$ 2,153,990	$ 2,368,777	$ 1,982,521	$ 1,504,842

Investor Reserves (Details)

Investor Reserves (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Investor Reserves (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investor Reserves [Roll Forward]
Balance — beginning of year	$ 14,877	$ 17,904	$ 14,535	$ 16,521
Benefit from investor reserves	(1,306)	(2,920)	(3,312)	(3,688)
Provision for investor reserves charged to operations	3,256	8,902	5,604	11,053
Balance — end of year	$ 16,827	$ 23,886	$ 16,827	$ 23,886

Warehouse Lines of Credit - Sum

Warehouse Lines of Credit - Summary of Warehouse Lines of Credit (Details) - Warehouse Agreement Borrowings - Line of Credit - USD ($)	1 Months Ended	6 Months Ended
	Feb. 28, 2021	Jun. 30, 2021	Aug. 13, 2021	Dec. 31, 2020
Warehouse Lines of Credit [Line Items]
Warehouse lines of credit		$ 1,885,322,000		$ 2,145,584,000
Prepaid commitment fees		(1,657,000)		(2,141,000)
Total		1,883,665,000		2,143,443,000
$800 Million Master Repurchase Facility Agreement Due January 2022
Warehouse Lines of Credit [Line Items]
Borrowing capacity		800,000,000
Warehouse lines of credit		$ 246,639,000		442,593,000
Line of credit, floor interest rate		0.75%
$250 Million Master Repurchase Facility Agreement Due September 2021
Warehouse Lines of Credit [Line Items]
Borrowing capacity		$ 250,000,000
Warehouse lines of credit		152,254,000		148,011,000
Minimum deposit required for line of credit		1,250,000
$500 Million Master Repurchase Facility Agreement Due February 2022
Warehouse Lines of Credit [Line Items]
Borrowing capacity		500,000,000
Warehouse lines of credit		445,947,000		541,074,000
Minimum deposit required for line of credit	$ 2,500,000
$200 Million Master Repurchase Facility Agreement Due June 2021
Warehouse Lines of Credit [Line Items]
Borrowing capacity		200,000,000
Warehouse lines of credit		118,922,000		187,214,000
Minimum deposit required for line of credit		$ 750,000
$200 Million Master Repurchase Facility Agreement Due June 2021 \| LIBOR
Warehouse Lines of Credit [Line Items]
Line of credit, floor interest rate		1.525%
$300 Million Master Repurchase Facility Agreement Due September 2021
Warehouse Lines of Credit [Line Items]
Borrowing capacity		$ 300,000,000
Warehouse lines of credit		$ 278,544,000		232,272,000
$300 Million Master Repurchase Facility Agreement Due September 2021 \| LIBOR
Warehouse Lines of Credit [Line Items]
Line of credit, floor interest rate		0.40%
$500 Million Master Repurchase Facility Agreement Due July 2022
Warehouse Lines of Credit [Line Items]
Borrowing capacity		$ 500,000,000
Warehouse lines of credit		$ 413,790,000		464,355,000
$500 Million Master Repurchase Facility Agreement Due July 2022 \| LIBOR
Warehouse Lines of Credit [Line Items]
Line of credit, floor interest rate		0.75%
$500 Million Master Repurchase Facility Agreement Due July 2022 \| LIBOR \| Subsequent Event
Warehouse Lines of Credit [Line Items]
Line of credit, floor interest rate			0.50%
$200 Million Master Repurchase Facility Agreement Due April 2022
Warehouse Lines of Credit [Line Items]
Borrowing capacity		$ 200,000,000
Warehouse lines of credit		$ 89,340,000		104,880,000
Line of credit, floor interest rate		1.25%
$250 Million Master Repurchase Facility Agreement Due 30 Days From Written Notice
Warehouse Lines of Credit [Line Items]
Borrowing capacity		$ 250,000,000
Warehouse lines of credit		$ 96,805,000		0
Maturity, period from written notice		30 days
$75 Million Master Repurchase Facility Agreement Due March 2024
Warehouse Lines of Credit [Line Items]
Borrowing capacity		$ 75,000,000
Warehouse lines of credit		$ 43,081,000		$ 25,185,000
Stated interest rate		3.375%
Maximum term of buyout transactions on facility		4 years

Warehouse Lines of Credit - Add

Warehouse Lines of Credit - Additional Information (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Warehouse Lines of Credit [Line Items]
Warehouse lines of credit	$ 1,883,665,000	$ 2,143,443,000
Line of Credit
Warehouse Lines of Credit [Line Items]
Warehouse lines of credit	$ 0	$ 0
Warehouse Agreement Borrowings \| Line of Credit
Warehouse Lines of Credit [Line Items]
Weighted average interest rate	2.46%	2.52%
Cash balances	$ 58,400,000	$ 15,600,000

Notes Payable - Additional Info

Notes Payable - Additional Information (Details) - USD ($)	1 Months Ended
Notes Payable - Additional Information (Details) - USD ($)	Jul. 31, 2021	Mar. 31, 2021	Jan. 31, 2014	Jun. 30, 2021	Mar. 01, 2021	Feb. 28, 2021	Dec. 31, 2020	Jul. 31, 2020	Jun. 30, 2020	Jul. 31, 2017
Term Note
Debt Instrument [Line Items]
Unused facility fee percentage		0.375%
Line of credit facility, maximum borrowing capacity				$ 175,000,000
Maximum amount of committed to increase						$ 76,500,000
Outstanding borrowings				$ 100,000,000	$ 76,500,000		$ 80,800,000
Periodic payment, principal, percentage of outstanding balance				5.00%
New Term Note
Debt Instrument [Line Items]
Maximum amount of committed to increase				$ 125,000,000
Federal Funds Rate \| Term Note
Debt Instrument [Line Items]
Debt instrument variable rate		0.50%
Eurodollar Base Rate \| Term Note
Debt Instrument [Line Items]
Debt instrument variable rate		1.00%
Government National Mortgage Association \| Revolving Credit Facility
Debt Instrument [Line Items]
Unused facility fee percentage			70.00%
Line of credit facility, maximum borrowing capacity									$ 135,000,000
Maximum amount of committed to increase									$ 200,000,000
Outstanding borrowings				45,000,000			45,000,000
Government National Mortgage Association \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, floor interest rate			4.50%
Federal Home Loan Mortgage Corporation \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity								$ 65,000,000		$ 25,000,000
Outstanding borrowings				$ 20,000,000			$ 20,000,000
Federal Home Loan Mortgage Corporation \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Unused facility fee percentage	50.00%
Federal Home Loan Mortgage Corporation \| LIBOR \| Revolving Credit Facility \| Subsequent Event
Debt Instrument [Line Items]
Line of credit, floor interest rate	0.50%

Notes Payable - Summary of Mini

Notes Payable - Summary of Minimum Calendar Year Payments of Term Note (Details) - Term Note $ in Thousands	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 15,000
2023	20,000
2024	65,000
Total	$ 100,000

Earnings Per Share - Components

Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income available for Class A and Class B Common Stock	$ 8,938	$ 160,604	$ 122,975	$ (12,986)	$ 169,542	$ 109,989
Weighted-average shares outstanding - basic (in shares)	60,000				60,000
Weighted-average shares outstanding - diluted (in shares)	60,260				60,234
Basic earnings per share:
Class A and Class B Common Stock (in dollars per share)	$ 0.15				$ 2.83
Diluted earnings per share:
Class A and Class B Common Stock (in dollars per share)	$ 0.15				$ 2.81
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares outstanding - basic (in shares)	19,667				19,667
Add dilutive effects of non-vested shares of restricted stock - Class A (in shares)	260				234
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted-average shares outstanding - basic (in shares)	40,333				40,333

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	6 Months Ended
Earnings Per Share - Additional Information (Details)	Jun. 30, 2021voteclassshares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of shares excluded from calculation of earnings per share \| shares	0
Number of classes of stock \| class	2
Restricted Stock Units
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Right to receive common stock, upon vesting	1
Class A Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, voting rights, votes per share	1
Class B Common Stock
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, voting rights, votes per share	10

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - Restricted Stock Units $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Stock Based Compensation And Employee Benefit Plans [Line Items]
Compensation costs recognized	$ 1.5	$ 3.1
Unrecognized compensation costs	$ 17.2	$ 17.2
Restricted stock grants expected to recognition period		3 years 1 month 6 days

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Billions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Total commitments to originate loans	$ 3.2	$ 5.2
Total commitments related to derivatives	$ 3.7	$ 5.5

Minimum Net Worth Requirements

Minimum Net Worth Requirements - Additional Information (Details) $ in Thousands	Dec. 31, 2020USD ($)
Mortgage Banking [Abstract]
Minimum adjusted net worth balance required	$ 78,064

Segments - Additional Informati

Segments - Additional Information (Details)	6 Months Ended
Segments - Additional Information (Details)	Jun. 30, 2021segmentstateloan
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	2
Servicing
Segment Reporting Information [Line Items]
Number of states in which entity operates \| state	48
Minimum \| Servicing
Segment Reporting Information [Line Items]
Number of loans serviced \| loan	1

Segments - Summary of Financial

Segments - Summary of Financial Performance and Results by Segment (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue
Loan origination fees and gain on sale of loans, net	$ 330,759		$ 493,432		$ 777,347	$ 733,293
Loan servicing and other fees	47,652		37,778		92,851	76,310
Valuation adjustment of mortgage servicing rights	(84,789)		(96,161)		(49,046)	(204,810)
Interest income (expense)	426		(560)		(986)	(493)
Other income, net	61		608		130	997
Net revenue	294,109		435,097		820,296	605,297
Expenses
Salaries, incentive compensation and benefits	232,563		229,885		499,287	377,898
General and administrative	31,794		25,967		58,701	48,192
Occupancy, equipment and communication	14,662		13,882		29,494	27,200
Depreciation and amortization	1,608		1,806		3,262	3,693
Provision for foreclosure losses	(442)		(64)		2,019	1,860
Income tax expense	4,986		40,646		57,991	36,465
Net income (loss)	8,938	$ 160,604	122,975	$ (12,986)	169,542	109,989
Operating Segments
Revenue
Loan origination fees and gain on sale of loans, net	330,759		493,432		777,347	733,293
Loan servicing and other fees	47,652		37,778		92,851	76,310
Valuation adjustment of mortgage servicing rights	(84,789)		(96,161)		(49,046)	(204,810)
Interest income (expense)	2,018		1,569		2,003	3,826
Other income, net	50		14		72	20
Net revenue	295,690		436,632		823,227	608,639
Expenses
Salaries, incentive compensation and benefits	222,136		211,817		480,164	357,509
General and administrative	28,971		24,478		53,465	45,758
Occupancy, equipment and communication	13,784		13,032		28,065	25,214
Depreciation and amortization	1,318		1,308		2,401	2,749
Provision for foreclosure losses	(442)		(64)		2,019	1,860
Income tax expense	0		0		0	0
Net income (loss)	29,923		186,061		257,113	175,549
Corporate, Non-Segment
Revenue
Loan origination fees and gain on sale of loans, net	0		0		0	0
Loan servicing and other fees	0		0		0	0
Valuation adjustment of mortgage servicing rights	0		0		0	0
Interest income (expense)	(1,592)		(2,129)		(2,989)	(4,319)
Other income, net	11		594		58	977
Net revenue	(1,581)		(1,535)		(2,931)	(3,342)
Expenses
Salaries, incentive compensation and benefits	10,427		18,068		19,123	20,389
General and administrative	2,823		1,489		5,236	2,434
Occupancy, equipment and communication	878		850		1,429	1,986
Depreciation and amortization	290		498		861	944
Provision for foreclosure losses	0		0		0	0
Income tax expense	4,986		40,646		57,991	36,465
Net income (loss)	(20,985)		(63,086)		(87,571)	(65,560)
Origination \| Operating Segments
Revenue
Loan origination fees and gain on sale of loans, net	329,157		491,657		773,954	730,459
Loan servicing and other fees	0		0		0	0
Valuation adjustment of mortgage servicing rights	0		0		0	0
Interest income (expense)	3,655		4,214		6,501	6,434
Other income, net	32		12		32	17
Net revenue	332,844		495,883		780,487	736,910
Expenses
Salaries, incentive compensation and benefits	215,061		205,427		465,876	345,433
General and administrative	25,156		22,493		47,794	42,017
Occupancy, equipment and communication	12,758		12,184		25,931	23,563
Depreciation and amortization	1,096		1,153		1,989	2,438
Provision for foreclosure losses	0		0		0	0
Income tax expense	0		0		0	0
Net income (loss)	78,773		254,626		238,897	323,459
Servicing \| Operating Segments
Revenue
Loan origination fees and gain on sale of loans, net	1,602		1,775		3,393	2,834
Loan servicing and other fees	47,652		37,778		92,851	76,310
Valuation adjustment of mortgage servicing rights	(84,789)		(96,161)		(49,046)	(204,810)
Interest income (expense)	(1,637)		(2,645)		(4,498)	(2,608)
Other income, net	18		2		40	3
Net revenue	(37,154)		(59,251)		42,740	(128,271)
Expenses
Salaries, incentive compensation and benefits	7,075		6,390		14,288	12,076
General and administrative	3,815		1,985		5,671	3,741
Occupancy, equipment and communication	1,026		848		2,134	1,651
Depreciation and amortization	222		155		412	311
Provision for foreclosure losses	(442)		(64)		2,019	1,860
Income tax expense	0		0		0	0
Net income (loss)	$ (48,850)		$ (68,565)		$ 18,216	$ (147,910)