v3.26.1
Derivatives
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DERIVATIVES
The Company enters into interest rate lock commitments (“IRLCs”) to originate residential mortgage loans at specified interest rates and terms within a specified period of time with customers who have applied for a loan and may meet certain credit and underwriting criteria. To determine the fair value of the IRLCs, each contract is evaluated based upon its stage in the application, approval and origination process for its likelihood of consummating the transaction (or “pullthrough”). Pullthrough is estimated based on changes in market conditions, loan stage, and actual borrower behavior using a historical analysis of IRLC closing rates. Generally, the further into the process the more likely that the IRLC will convert to a loan. The blended average pullthrough rate was 81% and 78% as of March 31, 2026 and December 31, 2025, respectively. The Company primarily uses forward loan sale commitments (“FLSCs”) to economically hedge its pipeline of IRLCs and mortgage loans at fair value. From time to time, the Company enters into other interest rate derivatives as part of its overall interest rate risk mitigation strategy. These other derivative financial instruments are measured at estimated fair value with changes in fair value recorded in the condensed consolidated statements of operations within the "Gain (loss) on other interest rate derivatives" line item in the "Other gains (losses), net" section.
The notional amounts and fair values of derivative financial instruments not designated as hedging instruments were as follows (in thousands):
 March 31, 2026December 31, 2025 
Fair valueFair value
 Derivative
assets		Derivative
liabilities		Notional
Amount		Derivative
assets		Derivative
liabilities		Notional
Amount		 
IRLCs$16,456 $35,280 $11,530,889 (a) $27,780 $6,475 $12,221,203 (a) 
FLSCs108,034 14,442 19,680,278 9,787 20,099 16,964,025  
Other interest rate derivatives
— 288,095 27,500,000 — — — 
Total$124,490 $337,817 $37,567 $26,574 
(a)Notional amounts have been adjusted for pullthrough rates of 81% and 78% as of March 31, 2026 and December 31, 2025, respectively.