COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2022	Aug. 09, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-40003
Entity Registrant Name	loanDepot, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3948939
Entity Address, Address Line One	26642 Towne Centre Drive,
Entity Address, City or Town	Foothill Ranch,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92610
City Area Code	(888)
Local Phone Number	337-6888
Title of 12(b) Security	Class A Common Stock, $0.001 per value per share
Trading Symbol	LDI
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
Document Fiscal Period Focus	Q2
Amendment Flag	false
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001831631
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		64,282,684
Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class C
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		152,010,113
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		97,026,671

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 954,930	$ 419,571
Restricted cash	194,645	201,025
Accounts receivable, net	91,766	56,183
Loans held for sale, at fair value (includes $1,800,968 and $2,557,490 pledged to creditors in securitization trusts at June 30, 2022 and December 31, 2021, respectively)	4,656,338	8,136,817
Derivative assets, at fair value	153,607	194,665
Servicing rights, at fair value (includes $484,393 and $400,678 pledged to creditors in securitization trusts at June 30, 2022 and December 31, 2021, respectively)	2,213,700	2,006,712
Trading securities, at fair value	105,308	72,874
Property and equipment, net	111,443	104,262
Operating lease right-of-use assets	48,443	55,646
Prepaid expenses and other assets	140,145	140,315
Loans eligible for repurchase	506,454	363,373
Investments in joint ventures	18,408	18,553
Goodwill and intangible assets, net	0	42,317
Total assets	9,195,187	11,812,313
Liabilities:
Warehouse and other lines of credit	4,265,343	7,457,199
Accounts payable, accrued expenses and other liabilities	643,144	624,444
Derivative liabilities, at fair value	72,758	37,797
Liability for loans eligible for repurchase	506,454	363,373
Operating lease liability	66,485	71,932
Debt obligations, net	2,427,140	1,628,208
Total liabilities	7,981,324	10,182,953
Commitments and contingencies (Note 15)
Equity:
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at June 30, 2022 and December 31, 2021, respectively	0	0
Treasury stock at cost, 1,664,301 and 1,593,366 shares at June 30, 2022 and December 31, 2021, respectively	(13,087)	(12,852)
Additional paid-in capital	762,635	565,073
Retained deficit	(205,235)	(28,976)
Noncontrolling interest	669,236	1,105,803
Total equity	1,213,863	1,629,360
Total liabilities and equity	9,195,187	11,812,313
Class A
Equity:
Common stock, $0.001 par value	65	38
Class B
Equity:
Common stock, $0.001 par value	0	0
Class C
Equity:
Common stock, $0.001 par value	152	173
Class D
Equity:
Common stock, $0.001 par value	$ 97	$ 101

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Loans held for sale, at fair value	$ 4,656,338	$ 8,136,817
Servicing rights, at fair value	$ 2,213,700	$ 2,006,712
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Treasury stock (in shares)	1,664,301	1,593,366
Class A
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock issued (in shares)	65,257,349	38,060,302
Class B
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock issued (in shares)	0	0
Class C
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock issued (in shares)	152,191,394
Class D
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	2,500,000,000	2,500,000,000
Common stock issued (in shares)	97,026,671
Pledged as Collateral
Loans held for sale, at fair value	$ 1,800,968	$ 2,557,490
Servicing rights, at fair value	$ 484,393	$ 400,678

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES:
Interest income	$ 62,722	$ 61,874	$ 115,687	$ 116,605
Interest expense	(39,923)	(54,848)	(79,813)	(108,346)
Net interest income	22,799	7,026	35,874	8,259
Gain on origination and sale of loans, net	146,562	692,479	509,692	1,826,054
Origination income, net	39,108	92,624	98,181	194,223
Servicing fee income	117,326	94,742	228,385	177,309
Change in fair value of servicing rights, net	(33,507)	(145,098)	(101,890)	(188,733)
Other income	16,351	38,141	41,707	78,810
Total net revenues	308,639	779,914	811,949	2,095,922
EXPENSES:
Personnel expense	296,569	470,125	642,563	1,073,861
Marketing and advertising expense	60,837	114,133	162,350	223,759
Direct origination expense	33,996	50,017	87,153	96,993
General and administrative expense	63,927	48,654	113,675	99,972
Occupancy expense	9,388	9,283	18,784	19,270
Depreciation and amortization	11,323	8,686	21,867	17,139
Servicing expense	10,741	27,241	32,252	53,851
Other interest expense	33,140	21,266	47,533	34,438
Goodwill impairment	40,736	0	40,736	0
Total expenses	560,657	749,405	1,166,913	1,619,283
(Loss) income before income taxes	(252,018)	30,509	(354,964)	476,639
Income tax (benefit) expense	(28,196)	4,225	(39,823)	22,502
Net (loss) income	(223,822)	26,284	(315,141)	454,137
Net (loss) income attributable to noncontrolling interests	(122,894)	17,723	(179,472)	400,701
Net (loss) income attributable to loanDepot, Inc.	$ (100,928)	$ 8,561	$ (135,669)	$ 53,436
(Loss) earnings per share:
Basic (in usd per share)	$ (0.66)	$ 0.07	$ (0.93)	$ 0.42
Diluted (in usd per share)	$ (0.66)	$ 0.07	$ (0.93)	$ 0.42
Weighted average shares outstanding:
Basic (in shares)	153,822,380	126,726,876	146,415,135	126,392,949
Diluted (in shares)	153,822,380	126,726,876	146,415,135	126,392,949

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	IPO	Greenshoe	Class A	Class C	Class D	Class A and D	Class X Common Unit	Common stock Class A	Common stock Class A IPO	Common stock Class A Greenshoe	Common stock Class C	Common stock Class C IPO	Common stock Class C Greenshoe	Common stock Class D	Common stock Class D IPO	Common stock Class D Greenshoe	Treasury Stock	Additional paid-in capital	Retained Earnings (Deficit)	Retained Earnings (Deficit) Class C	Retained Earnings (Deficit) Class A and D	Non-controlling Interests	Non-controlling Interests Class C	Non-controlling Interests Class A and D	Non-controlling Interests Class X Common Unit
Balance at beginning of period (in shares) at Dec. 31, 2020									0			0			0
Balance at beginning of period at Dec. 31, 2020	$ 1,656,613								$ 0			$ 0			$ 0			$ 0	$ 0	$ 0			$ 1,656,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred taxes and other tax adjustments associated with the Reorganization and IPO	(203,370)																		(203,370)
Distributions for taxes on behalf of shareholders, net	(160,617)																						(160,617)
Net (loss) income	294,598							$ 338															294,598			$ 338
Balance at beginning of period (in shares) at Dec. 31, 2020									0			0			0
Balance at beginning of period at Dec. 31, 2020	1,656,613								$ 0			$ 0			$ 0			0	0	0			1,656,613
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	454,137
Balance at end of period (in shares) at Jun. 30, 2021									12,541,086			181,268,155			114,978,644
Balance at end of period at Jun. 30, 2021	1,568,834								$ 13			$ 181			$ 115			0	562,658	(44,821)			1,050,688
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Effect of the reorganization (in shares)									2,215,687			181,789,329			121,368,600
Effect of the Reorganization	0								$ 2			$ 182			$ 121				740,629				(740,934)
Net issuance of common stock under stock-based compensation plans (in shares)									5,897,899			2,231,926			(4,715,556)
Net issuance of common shares under stock based compensation plans	0								$ 6			$ 2			$ (4)				(4)
Stock-based compensation	61,414																		25,403				36,011
Distributions for taxes on behalf of shareholders, net	(13,816)																			(5,698)			(8,118)
Net (loss) income	159,539																			53,436			106,103
Effect of sale of stocks (in shares)										3,850,000	577,500		(2,394,000)	(359,100)		(1,456,000)	(218,400)
Effect of sale of stocks		$ 0	$ 0							$ 4	$ 1		$ (2)	$ (1)		$ (2)
Balance at end of period (in shares) at Jun. 30, 2021									12,541,086			181,268,155			114,978,644
Balance at end of period at Jun. 30, 2021	1,568,834								$ 13			$ 181			$ 115			0	562,658	(44,821)			1,050,688
Balance at beginning of period (in shares) at Mar. 31, 2021									6,643,187			179,746,190			119,694,200
Balance at beginning of period at Mar. 31, 2021	1,773,958								$ 7			$ 180			$ 119			0	561,494	42,412			1,169,746
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred taxes and other tax adjustments associated with the Reorganization and IPO	370																		370
Net issuance of common stock under stock-based compensation plans (in shares)									5,897,899			1,521,965			(4,715,556)
Net issuance of common shares under stock based compensation plans	0								$ 6			$ 1			$ (4)				(3)
Dividends					$ 137,865		$ 88,000														$ 56,497	$ 36,062
Dividends																								$ (81,368)	$ (51,938)
Stock-based compensation	1,935																		797				1,138
Distributions for taxes on behalf of shareholders, net	(7,848)																			(3,235)			(4,613)
Net (loss) income	26,284																			8,561			17,723
Balance at end of period (in shares) at Jun. 30, 2021									12,541,086			181,268,155			114,978,644
Balance at end of period at Jun. 30, 2021	1,568,834								$ 13			$ 181			$ 115			0	562,658	(44,821)			1,050,688
Balance at beginning of period (in shares) at Dec. 31, 2021				38,060,302					36,466,936			172,729,168			100,822,084
Balance at beginning of period at Dec. 31, 2021	1,629,360								$ 38			$ 173			$ 101			(12,852)	565,073	(28,976)			1,105,803
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred taxes and other tax adjustments associated with the Reorganization and IPO	(17,744)																		(17,744)
Net issuance of common stock under stock-based compensation plans (in shares)									27,126,112			(20,537,774)			(3,795,413)
Net issuance of common shares under stock based compensation plans	(235)								$ 27			$ (21)			$ (4)			(235)	211,930				(211,932)
Dividends					$ 14,003		11,670														$ 6,338	5,273
Dividends																								$ (7,665)	(6,397)
Stock-based compensation	7,021																		3,376				3,645
Distributions for taxes on behalf of shareholders, net	(63,725)																			(28,979)			(34,746)
Net (loss) income	(315,141)																			(135,669)			(179,472)
Balance at end of period (in shares) at Jun. 30, 2022				65,257,349	152,191,394	97,026,671			63,593,048			152,191,394			97,026,671
Balance at end of period at Jun. 30, 2022	1,213,863								$ 65			$ 152			$ 97			(13,087)	762,635	(205,235)			669,236
Balance at beginning of period (in shares) at Mar. 31, 2022									43,600,418			170,690,888			97,026,671
Balance at beginning of period at Mar. 31, 2022	1,511,169								$ 45			$ 171			$ 97			(13,015)	656,267	(77,151)			944,755
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Deferred taxes and other tax adjustments associated with the Reorganization and IPO	(18,426)																		(18,426)
Net issuance of common stock under stock-based compensation plans (in shares)									19,992,630			(18,499,494)			0
Net issuance of common shares under stock based compensation plans	(72)								$ 20			$ (19)			$ 0			(72)	122,452				(122,453)
Forfeiture of dividends on unvested Class A RSUs							$ 82															$ 37			$ 45
Stock-based compensation	4,711																		2,342				2,369
Distributions for taxes on behalf of shareholders, net	(59,779)																			(27,193)			(32,586)
Net (loss) income	(223,822)																			(100,928)			(122,894)
Balance at end of period (in shares) at Jun. 30, 2022				65,257,349	152,191,394	97,026,671			63,593,048			152,191,394			97,026,671
Balance at end of period at Jun. 30, 2022	$ 1,213,863								$ 65			$ 152			$ 97			$ (13,087)	$ 762,635	$ (205,235)			$ 669,236

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class A and D
Dividends declared (in usd per share)	$ 0.69	$ 0.08	$ 0.69

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (315,141)	$ 454,137
Adjustments to reconcile net (loss) income to net
Depreciation and amortization expense	21,867	17,139
Amortization of operating lease right-of-use asset	11,272	11,594
Amortization of debt issuance costs	8,067	6,744
Gain on origination and sale of loans	(809,990)	(2,041,979)
Gain on sale of servicing rights	(20,041)	(11,478)
Fair value change in trading securities	13,883	0
Provision for loss obligation on sold loans and servicing rights	108,120	5,752
(Decrease) increase in provision for deferred income taxes	(39,643)	202,871
Fair value change in derivative assets	191,682	303,639
Fair value change in derivative liabilities	34,961	(109,364)
Premium (paid) received on derivatives	(150,624)	5,061
Purchase of options contracts	0	(10,383)
Fair value change in loans held for sale	174,519	33,191
Fair value change in servicing rights	(154,290)	122,120
Stock-based compensation expense	7,021	61,752
Originations of loans	(37,142,855)	(75,814,894)
Proceeds from sales of loans	40,992,588	75,281,888
Proceeds from principal payments	100,885	66,506
Payments to investors for loan repurchases	(376,387)	(671,166)
Gain on extinguishment of debt	(10,528)	0
Goodwill impairment	40,736	0
Disbursements from joint ventures	4,565	5,790
Other changes in operating assets and liabilities	(19,739)	(189,193)
Net cash provided by (used in) operating activities	2,670,928	(2,270,273)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	(28,844)	(30,400)
Proceeds from sale of servicing rights	387,968	176,995
Cash flows received on trading securities	4,109	0
Investments in joint ventures	(350)	(1,115)
Return of capital from joint ventures	0	189
Net cash flows provided by investing activities	362,883	145,669
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings on warehouse and other lines of credit	42,522,401	85,132,551
Repayment of borrowings on warehouse and other lines of credit	(45,714,257)	(83,211,614)
Proceeds from debt obligations	2,099,247	1,044,221
Payments on debt obligations	(1,290,746)	(276,947)
Payments of debt issuance costs	(4,135)	(13,913)
Payments on financing lease obligation	0	(1,367)
Treasury stock purchased to net settle and withhold taxes on vested shares	(235)	0
Dividends and shareholder distributions	(117,107)	(400,298)
Net cash (used in) provided by financing activities	(2,504,832)	2,272,633
Net change in cash and cash equivalents and restricted cash	528,979	148,029
Cash and cash equivalents and restricted cash at beginning of the period	620,596	488,689
Cash and cash equivalents and restricted cash at end of the period	1,149,575	636,718
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid (received) during the period for interest	120,060	126,497
Cash paid (received) during the period for income taxes	24,223	7,628
Supplemental disclosure of noncash investing and financing activities
Operating leases right-of-use assets obtained in exchange for lease liabilities	8,656	5,285
Trading securities retained in securitizations	50,426	16,757
Purchase of equipment under financing leases	$ 0	$ 168

DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited consolidated financial statements were prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation were included. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Annual Report of loanDepot, Inc. on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”). Nature of Operations loanDepot, Inc. was incorporated in Delaware on November 6, 2020 to facilitate the initial public offering (“IPO”) of its Class A common stock and related transactions in order to carry on the business of LD Holdings Group, LLC (“LD Holdings”) and its consolidated subsidiaries. loanDepot, Inc.’s common stock began trading on the New York Stock Exchange on February 11, 2021 under the ticker symbol “LDI.” loanDepot, Inc. is a holding company and its sole material asset is its equity interest in LD Holdings. As of June 30, 2022 the consolidated subsidiaries of LD Holdings included loanDepot.com, LLC, (“LDLLC”), Artemis Management, LLC (“ART”), LD Settlement Services, LLC (“LDSS”), mello Holdings, LLC (“Mello”), and mello Credit Strategies LLC (“MCS”). Unless otherwise noted or indicated by the context, the term, the “Company,” refers (1) prior to the consummation of the IPO to LD Holdings and its consolidated subsidiaries, and (2) after the IPO to loanDepot, Inc. and its consolidated subsidiaries, including LD Holdings. The Company engages in the originating, financing, selling, and servicing of residential mortgage loans, and engages in title, escrow, and settlement services for mortgage loan transactions. The Company derives income primarily from gains on the origination and sale of loans to investors, income from loan servicing, and fees charged for settlement services related to the origination and sale of loans. Summary of Significant Accounting Policies Our accounting policies are described below and in Note 1- Description of Business, Presentation and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our 2021 Form 10-K. Consolidation and Basis of Presentation The Company's consolidated financial statements are prepared in accordance with U.S. GAAP as codified in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”). ASC 250 requires that a change in the reporting entity or the consummation of a transaction accounted for in a manner similar to a pooling of interests, i.e., a reorganization of entities under common control, be retrospectively applied to the financial statements of all prior periods when the financial statements are issued for a period that includes the date the change in reporting entity or the transaction occurred. Prior to the IPO, the Company completed a reorganization where LLC units in LD Holdings held by certain members (“Continuing LLC Members) were exchanged on a one-for-one basis for Class A holding units (“Holdco Units”) and Class C common stock. LD Holdings continues to be a holding company and has no material assets other than its equity interests in its direct subsidiaries consisting of a 99.99% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS. As a result of the IPO and reorganization, loanDepot, Inc. became a holding company, its sole material asset is its equity interest in LD Holdings and as the sole managing member of LD Holdings, loanDepot, Inc. indirectly operates and controls all of LD Holdings’ business and affairs. The IPO and reorganization were considered transactions between entities under common control. The financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc, and the consolidated net earnings or loss are allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members. The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. VIEs are entities that have a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or is structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company has not provided financial or other support during the periods presented to any VIE that it was not previously contractually required to provide. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Certain items in prior periods were reclassified to conform to the current presentation. To conform to the current period presentation, servicing expense on the consolidated statements of operations includes subservicing expense and in-house servicing expense. The Company has evaluated subsequent events for recognition or disclosure through the date of this report and has not identified any recordable or disclosable events that were not already reported in these consolidated financial statements or notes thereto. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management has made significant estimates in certain areas, including determining the fair value of loans held for sale, servicing rights, derivative assets and derivative liabilities, trading securities, awards granted under the incentive equity plan, determining the loan loss obligation on sold loans and MSRs, and goodwill impairment. Actual results could differ from those estimates. Concentration of Risk The Company has concentrated its credit risk for cash by maintaining deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to cash. Due to the nature of the mortgage lending industry, changes in interest rates may significantly impact revenue from originating mortgages and subsequent sales of loans to investors, which are the primary source of income for the Company. The Company originates mortgage loans on property located throughout the United States, with loans originated for property located in California totaling approximately 23% of total loan originations for the six months ended June 30, 2022. The Company sells mortgage loans to various third-party investors. Three investors accounted for 32%, 27%, and 19% of the Company’s loan sales for the six months ended June 30, 2022. No other investors accounted for more than 5% of the loan sales for the six months ended June 30, 2022. The Company funds loans through warehouse and other lines of credit. As of June 30, 2022, 14% and 15% of the Company's warehouse lines were payable to two separate lenders.

FAIR VALUE

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE

The Company's consolidated financial statements include assets and liabilities that are measured based on their estimated fair values. Refer to Note 1 - Description of Business, Presentation and Summary of Significant Accounting Policies in the 2021 Form 10-K for information on the fair value hierarchy, valuation methodologies, and key inputs used to measure financial assets and liabilities recorded at fair value, as well as methods and assumptions used to estimate fair value disclosures for financial instruments not recorded at fair value in their entirety on a recurring basis.

The following tables present the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements.


	June 30, 2022
	Carrying Amount		Estimated Fair Value
			Level 1		Level 2		Level 3

Assets
Cash and cash equivalents	$	954,930	$	954,930	$	—	$	—
Restricted cash	194,645		194,645		—		—
Loans held for sale, at fair value	4,656,338		—		4,656,338		—
Derivative assets, at fair value	153,607		—		61,721		91,886
Servicing rights, at fair value	2,213,700		—		—		2,213,700
Trading securities, at fair value	105,308		—		105,308		—
Loans eligible for repurchase	506,454		—		506,454		—

Liabilities
Warehouse and other lines of credit	$	4,265,343	$	—	$	4,265,343	$	—
Derivative liabilities, at fair value	72,758		14,859		23,618		34,281
Servicing rights, at fair value	9,107		—		—		9,107
Debt obligations:
Secured credit facilities	1,237,269		—		1,239,841		—

Term Notes	199,415		—		200,000		—


Senior Notes	990,456		—		657,453		—
Liability for loans eligible for repurchase	506,454		—		506,454		—


	December 31, 2021
	Carrying Amount		Estimated Fair Value
			Level 1		Level 2		Level 3

Assets
Cash and cash equivalents	$	419,571	$	419,571	$	—	$	—
Restricted cash	201,025		201,025		—		—
Loans held for sale, at fair value	8,136,817		—		8,136,817		—
Derivative assets, at fair value	194,665		4,924		5,358		184,383
Servicing rights, at fair value	2,006,712		—		—		2,006,712
Trading securities, at fair value	72,874		—		72,874		—
Loans eligible for repurchase	363,373		—		363,373		—

Liabilities
Warehouse and other lines of credit	$	7,457,199	$	—	$	7,457,199	$	—
Derivative liabilities, at fair value	37,797		31,070		2,964		3,763
Servicing rights, at fair value	7,310		—		—		7,310
Debt obligations:
Secured credit facilities	343,759		—		345,596		—
Term Notes	199,133		—		200,000		—


Senior Notes	1,085,316		—		1,057,977		—
Liability for loans eligible for repurchase	363,373		—		363,373		—

Financial Statement Items Measured at Fair Value on a Recurring Basis

The following tables presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy as of the dates indicated.


	June 30, 2022
	Recurring Fair Value Measurements of Assets and Liabilities Using:
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale	$	—	$	4,656,338	$	—	$	4,656,338
Trading securities	—		105,308		—		105,308
Derivative assets:
Interest rate lock commitments	—		—		91,886		91,886
Forward sale contracts	—		43,926		—		43,926

MBS put options	—		17,795		—		17,795
Servicing rights	—		—		2,213,700		2,213,700
Total assets at fair value	$	—	$	4,823,367	$	2,305,586	$	7,128,953
Liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	34,281	$	34,281
Interest rate swap futures	5,746		—		—		5,746
Forward sale contracts	—		10,694		—		10,694
Put options on treasuries	9,113		—		—		9,113
MBS put options	—		12,924		—		12,924
Servicing rights	—		—		9,107		9,107
Total liabilities at fair value	$	14,859	$	23,618	$	43,388	$	81,865


	December 31, 2021
	Recurring Fair Value Measurements of Assets and Liabilities Using:
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale	$	—	$	8,136,817	$	—	$	8,136,817
Trading securities	—		72,874		—		72,874
Derivative assets:
Interest rate lock commitments	—		—		184,383		184,383
Forward sale contracts	—		5,358		—		5,358
Interest rate swap futures	4,924		—		—		4,924

Servicing rights	—		—		2,006,712		2,006,712
Total assets at fair value	$	4,924	$	8,215,049	$	2,191,095	$	10,411,068
Liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	3,763	$	3,763
Forward sale contracts	—		2,964		—		2,964
Put options on treasuries	31,070		—		—		31,070


Servicing rights	—		—		7,310		7,310

Total liabilities at fair value	$	31,070	$	2,964	$	11,073	$	45,107

The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	IRLCs, net		Servicing Rights, net		IRLCs, net		Servicing Rights, net

Balance at beginning of period	$	12,000	$	2,078,187	$	180,620	$	1,999,402


Total net gains or losses included in earnings (realized and unrealized)	114,197		212,777		257,154		624,546
Sales and settlements

Sales	—		(86,371)		—		(419,355)
Settlements (1)	(38,536)		—		(271,458)		—
Transfers of IRLCs to closed loans	(30,056)		—		(108,711)		—
Balance at end of period	$	57,605	$	2,204,593	$	57,605	$	2,204,593

(1)Funded amount for IRLCs.


	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	IRLCs, net		Servicing Rights, net		IRLCs, net		Servicing Rights, net

Balance at beginning of period	$	246,778	$	1,766,088	$	647,045	$	1,124,302


Total net gains or losses included in earnings (realized and unrealized)	720,422		203,937		1,108,970		846,359
Sales and settlements

Sales	—		(193,630)		—		(194,266)
Settlements (1)	(432,748)		—		(1,026,450)		—
Transfers of IRLCs to closed loans	(201,371)		—		(396,484)		—
Balance at end of period	$	333,081	$	1,776,395	$	333,081	$	1,776,395

(1)Funded amount for IRLCs.

The following presents the gains and losses included in earnings relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	IRLCs, net (1)		Servicing Rights, net(2)		IRLCs, net (1)		Servicing Rights, net(3)


Total net gains (losses) included in earnings	$	45,605	$	212,777	$	(123,015)	$	624,546

Change in unrealized gains relating to assets and liabilities still held at period end	$	57,605	$	215,835	$	57,605	$	615,444

(1)Gains (losses) included in gain on origination and sale of loans, net.

(2)Includes $180.5 million in gains included in gain on origination and sale of loans, net and $32.3 million of gains included in change in fair value of servicing rights, net, for the three months ended June 30, 2022.

(3)Includes $450.2 million in gains included in gain on origination and sale of loans, net and $174.3 million of gains included in change in fair value of servicing rights, net, for the six months ended June 30, 2022.














	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	IRLCs, net (1)		Servicing Rights, net(2)		Interest Rate Lock Commitments(1)		Servicing Rights, net(3)


Total net gains (losses) included in earnings	$	86,303	$	203,937	$	(313,964)	$	846,359

Change in unrealized gains relating to assets and liabilities still held at period end	$	333,081	$	296,555	$	333,081	$	1,038,347

(1)Gains (losses) included in gain on origination and sale of loans, net.

(2)Includes $427.5 million in gains included in gain on origination and sale of loans, net and $223.5 million in losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2021.

(3)Includes $957.0 million in gains included in gain on origination and sale of loans, net and $110.6 million of losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2021.

The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:



	June 30, 2022				December 31, 2021
Unobservable Input	Range of inputs			Weighted Average (2)	Range of inputs			Weighted Average (2)
IRLCs:
Pull-through rate	1.0%	-	99.9%	80.2%	0.3%	-	99.3%	74.2%

Servicing rights
Discount rate(1)	4.6%	-	10.5%	6.2%	4.5%	-	9.0%	5.8%
Prepayment rate(1)	5.4%	-	14.9%	7.2%	8.4%	-	18.7%	10.2%
Cost to service (per loan)	$63	-	$136	$85	$70	-	$114	$82

(1)The Company estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Company’s prepayment model, and then discounts these cash flows at risk-adjusted rates.

(2)Weighted average inputs are based on the committed amounts for IRLCs and the UPB of the underlying loans for servicing rights.

Financial Statement Items Measured at Fair Value on a Nonrecurring Basis

The Company did not have any material assets or liabilities that were recorded at fair value on a non-recurring basis as of June 30, 2022 or December 31, 2021.

Financial Statement Items Measured at Amortized Cost

Warehouse and other lines of credit - The Company’s warehouse and other lines of credit bear interest at a rate that is periodically adjusted based on a market index. The carrying value of warehouse and other lines of credit approximates fair value.

Debt obligations, net - Debt consists of secured credit facilities, Term Notes, and Senior Notes. The Company’s secured credit facilities and Term Notes accrue interest at a stated rate of 30-day or 90-day LIBOR, or other alternative base rate such as SOFR, plus a margin, they are highly liquid and short-term in nature and as a result, their carrying value approximated fair value as of June 30, 2022 and December 31, 2021. Fair value of the Company’s Senior Notes issued in October 2020 and March 2021 were estimated using the quoted market prices at June 30, 2022. The debt obligations are classified as Level 2 in the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

BALANCE SHEET NETTING

6 Months Ended

Jun. 30, 2022

Offsetting [Abstract]

BALANCE SHEET NETTING

Certain derivatives, loan warehouse and repurchase agreements are subject to master netting arrangements or similar agreements. In certain circumstances the Company may elect to present certain financial assets, liabilities, and related collateral subject to master netting arrangements in a net position on the consolidated balance sheets.

The table below represents financial assets and 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. Warehouse and other lines of credit and secured debt obligations were secured by financial instruments with fair value that exceeded the liability amount recorded on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively.


	June 30, 2022
	Gross amounts recognized		Gross amounts offset in consolidated balance sheet		Net amounts presented in consolidated balance sheet		Gross amounts not offset in consolidated balance sheet				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	100,202	$	(56,276)	$	43,926	$	—	$	(40,606)	$	3,320

MBS put options	17,795		—		17,795		—		—		17,795

Total Assets	$	117,997	$	(56,276)	$	61,721	$	—	$	(40,606)	$	21,115

Liabilities:
Forward sale contracts	$	66,970	$	(56,276)	$	10,694	$	—	$	(1,947)	$	8,747
Put options on treasuries	9,113		—		9,113		—		—		9,113
MBS put options	12,924		—		12,924		—		—		12,924
Interest rate swap futures	5,746		—		5,746		—		—		5,746
Warehouse and other lines of credit	4,265,343		—		4,265,343		(4,265,343)		—		—
Secured debt obligations (1)	1,439,841		—		1,439,841		(1,439,841)		—		—
Total Liabilities	$	5,799,937	$	(56,276)	$	5,743,661	$	(5,705,184)	$	(1,947)	$	36,530

(1)Secured debt obligations as of June 30, 2022 included secured credit facilities and Term Notes.


	December 31, 2021
	Gross amounts recognized		Gross amounts offset in consolidated balance sheets		Net amounts presented in consolidated balance sheets		Gross amounts not offset in consolidated balance sheets				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	29,497	$	(24,139)	$	5,358	$	—	$	(1,447)	$	3,911

Interest rate swap futures	4,924		—		4,924		—		—		4,924
Total Assets	$	34,421	$	(24,139)	$	10,282	$	—	$	(1,447)	$	8,835

Liabilities:
Forward sale contracts	$	27,103	$	(24,139)	$	2,964	$	—	$	(1,736)	$	1,228
Put options on treasuries	31,070		—		31,070		—		—		31,070

Warehouse and other lines of credit	7,457,199		—		7,457,199		(7,457,199)		—		—
Secured debt obligations (1)	545,596		—		545,596		(545,596)		—		—
Total Liabilities	$	8,060,968	$	(24,139)	$	8,036,829	$	(8,002,795)	$	(1,736)	$	32,298

(1)Secured debt obligations as of December 31, 2021 included secured credit facilities and Term Notes.

The Company has entered into agreements with counterparties, which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. In certain circumstances, the Company is required to provide

certain counterparties financial instruments and cash collateral against derivative financial instruments, warehouse and other lines of credit, or debt obligations. Cash collateral is held in margin accounts and included in restricted cash on the Company's consolidated balance sheets.

LOANS HELD FOR SALE, AT FAIR VALUE

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

LOANS HELD FOR SALE, AT FAIR VALUE

The following table represents the unpaid principal balance of LHFS by product type of loan as of June 30, 2022 and December 31, 2021:



	June 30, 2022			December 31, 2021
	Amount		%	Amount		%
Conforming - fixed	$	3,018,321	64%	$	4,881,222	61%
Conforming - ARM	26,694		1	351,408		4
Government - fixed	1,003,598		21	1,156,890		15
Government - ARM	6,951		—	10,906		—
Other - residential mortgage loans	648,560		14	1,576,858		20
Consumer loans	1,819		—	1,942		—
	4,705,943		100%	7,979,226		100%
Fair value adjustment	(49,605)			157,591
Total	$	4,656,338		$	8,136,817

A summary of the changes in the balance of loans held for sale is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	6,558,668	$	8,787,756	$	8,136,817	$	6,955,424
Origination and purchase of loans	15,769,229		34,413,319		37,142,855		75,814,894
Sales	(17,876,229)		(34,294,254)		(40,681,596)		(74,213,668)
Repurchases	194,650		111,385		333,666		663,700
Principal payments	(40,598)		(43,206)		(100,885)		(66,506)
Fair value gain (loss)	50,618		145,653		(174,519)		(33,191)
Balance at end of period	$	4,656,338	$	9,120,653	$	4,656,338	$	9,120,653

Gain on origination and sale of loans, net is comprised of the following components:



	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(Discount) premium from loan sales	$	(437,194)	$	407,314	$	(673,291)	$	877,887
Servicing rights	180,455		427,458		450,215		957,002
Unrealized losses from derivative assets and liabilities	(190,545)		(510,788)		(31,803)		(182,467)
Realized gains from derivative assets and liabilities	553,834		250,912		902,875		350,548
Discount points, rebates and lender paid costs	71,767		(28,603)		131,834		(143,458)
Fair value gain (loss)	50,618		145,653		(174,519)		(33,191)
Provision for loan loss obligation for loans sold	(82,373)		533		(95,619)		(267)
Total gain on origination and sale of loans, net	$	146,562	$	692,479	$	509,692	$	1,826,054

The Company had $23.7 million and $28.8 million of loans held for sale on non-accrual status as of June 30, 2022 and December 31, 2021, respectively.

SERVICING RIGHTS, AT FAIR VALUE

6 Months Ended

Jun. 30, 2022

Transfers and Servicing [Abstract]

SERVICING RIGHTS, AT FAIR VALUE

The outstanding principal balance of the servicing portfolio was comprised of the following:


	June 30, 2022		December 31, 2021
Conventional	$	120,545,854	$	127,270,097
Government	34,671,158		34,842,868
Total servicing portfolio	$	155,217,012	$	162,112,965

A summary of the unpaid principal balance underlying servicing rights is as follows:


	June 30, 2022		December 31, 2021
Current loans	$	153,367,435	$	160,302,966
Loans 30 - 89 days delinquent	520,963		504,467
Loans 90 or more days delinquent or in foreclosure	1,328,614		1,305,532
Total servicing portfolio (1)	$	155,217,012	$	162,112,965

(1)At June 30, 2022 and December 31, 2021 0.4% and 0.6%, respectively, of the servicing portfolio was in forbearance as a result of payment relief efforts afforded to borrowers as a result of the Coronavirus Aid, Relief, and Economic Security Act and other regulatory guidance.

A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	2,078,187	$	1,766,088	$	1,999,402	$	1,124,302
Additions	180,455		427,458		450,215		957,001
Sales proceeds, net	(86,464)		(182,113)		(399,314)		(182,788)
Changes in fair value:
Due to changes in valuation inputs or assumptions	98,795		(129,267)		297,792		101,757
Due to collection/realization of cash flows	(66,380)		(105,771)		(143,502)		(223,877)
Balance at end of period	$	2,204,593	$	1,776,395	$	2,204,593	$	1,776,395

The following is a summary of the components of loan servicing fee income as reported in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Contractual servicing fees	$	113,824	$	92,164	$	222,650	$	171,734
Late, ancillary and other fees	3,502		2,578		5,735		5,575
Servicing fee income	$	117,326	$	94,742	$	228,385	$	177,309

The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Changes in fair value:
Due to changes in valuation inputs or assumptions	$	98,795	$	(129,267)	$	297,792	$	101,757
Due to collection/realization of cash flows	(66,380)		(105,771)		(143,502)		(223,877)
Realized (losses) gains on sales of servicing rights	(2,493)		6,089		7,540		5,992
Net (loss) gain from derivatives hedging servicing rights	(63,429)		83,851		(263,720)		(72,605)
Changes in fair value of servicing rights, net	$	(33,507)	$	(145,098)	$	(101,890)	$	(188,733)

The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.


	June 30, 2022		December 31, 2021
Fair Value of Servicing Rights, net	$	2,204,593	$	1,999,402
Change in Fair Value from adverse changes:
Discount Rate:
Increase 1%	(79,165)		(85,066)
Increase 2%	(152,847)		(163,255)
Cost of Servicing:
Increase 10%	(19,008)		(20,843)
Increase 20%	(38,045)		(41,727)
Prepayment Speed:
Increase 10%	(29,614)		(76,532)
Increase 20%	(58,466)		(148,556)

Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in servicing rights values may differ significantly from those displayed above.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI https://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (cc)
-URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=128311188&loc=d3e122596-111746

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-URI https://asc.fasb.org/extlink&oid=128311188&loc=d3e122625-111746

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIESDerivatives instruments utilized by the Company primarily include interest rate lock commitments, forward sale contracts, MBS put options, put options on treasuries, and interest rate swap futures. Derivative financial instruments are recognized as assets or liabilities and are measured at fair value. The Company accounts for derivatives as free-standing derivatives and does not designate any derivative financial instruments for hedge accounting. All derivative financial instruments are recognized on the consolidated balance sheets at fair value with changes in the fair values being reported in current period earnings. The Company does not use derivative financial instruments for purposes other than in support of its risk management activities. Refer to Note 1- Description of Business, Presentation and Summary of Significant Accounting Policies and Note 2- Fair Value for further details on derivatives in the 2021 Form 10-K.

The following summarizes the Company’s outstanding derivative instruments:


				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
June 30, 2022:
Interest rate lock commitments	$	5,120,259	Derivative asset, at fair value	$	91,886	$	—
Interest rate lock commitments	2,569,129		Derivative liabilities, at fair value	—		34,281

Forward sale contracts	17,168,753		Derivative asset, at fair value	43,926		—
Forward sale contracts	2,335,109		Derivative liabilities, at fair value	—		10,694

Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	3,500		Derivative liabilities, at fair value	—		9,113

MBS put options	2,150,000		Derivative asset, at fair value	17,795		—
MBS put options	1,300,000		Derivative liabilities, at fair value	—		12,924

Interest rate swap futures	—		Derivative asset, at fair value	—		—
Interest rate swap futures	3,339		Derivative liabilities, at fair value	—		5,746
			Total derivative financial instruments	$	153,607	$	72,758


				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
December 31, 2021:
Interest rate lock commitments	$	11,530,721	Derivative asset, at fair value	$	184,383	$	—
Interest rate lock commitments	1,125,911		Derivative liabilities, at fair value	—		3,763

Forward sale contracts	19,482,705		Derivative asset, at fair value	5,358		—
Forward sale contracts	13,171,462		Derivative liabilities, at fair value	—		2,964

Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	16,980		Derivative liabilities, at fair value	—		31,070

Interest rate swap futures	2,640		Derivative asset, at fair value	4,924		—
Interest rate swap futures	—		Derivative liabilities, at fair value	—		—
			Total derivative financial instruments	$	194,665	$	37,797

Because many of the Company’s current derivative agreements are not exchange-traded, the Company is exposed to credit loss in the event of nonperformance by the counterparty to the agreements. The Company controls this risk through credit monitoring procedures including financial analysis, dollar limits and other monitoring procedures. The notional amount of the contracts does not represent the Company’s exposure to credit loss.

The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative instrument	Statements of Operations Location	2022		2021		2022		2021
Interest rate lock commitments, net	Gain on origination and sale of loans, net	$	45,605	$	86,303	$	(123,015)	$	(313,964)
Forward sale contracts	Gain on origination and sale of loans, net	297,939		(317,263)		962,458		507,082
Interest rate swap futures	Gain on origination and sale of loans, net	(50,848)		(22,217)		(84,530)		(52,208)
Put options	Gain on origination and sale of loans, net	70,593		(6,699)		116,159		27,171
Forward sale contracts	Change in fair value of servicing rights, net	(23,399)		33,925		(97,627)		(79,004)
Interest rate swap futures	Change in fair value of servicing rights, net	(38,916)		48,194		(165,579)		7,178
Put options	Change in fair value of servicing rights, net	(1,114)		1,732		(514)		(779)
Total realized and unrealized gains (losses) on derivative financial instruments		$	299,860	$	(176,025)	$	607,352	$	95,476

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

A summary of the Company’s activity related to goodwill is as follows.


	Goodwill		Other intangible assets		Total
Balance, December 31, 2021	$	40,736	$	1,581	$	42,317
Amortization	—		(205)		(205)
Impairment loss	(40,736)		(1,376)		(42,112)
Balance, June 30, 2022	$	—	$	—	$	—


	Goodwill		Other intangible assets		Total
Balance, December 31, 2020	$	40,736	$	2,090	$	42,826
Amortization	—		(255)		(255)
Balance June 30, 2021	$	40,736	$	1,835	$	42,571

The Company performs its annual assessment of possible impairment of goodwill and intangible assets as of December 31, or more frequently if events and circumstances indicate that impairment may have occurred. The Company compares the fair value of each reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess.

During the three months ended June 30, 2022, the Company performed an interim impairment test due to the impact of rising interest rates on the mortgage industry and the Company’s recent stock performance. The evaluation of goodwill included a market based and income based approach. Based upon the results of this evaluation, an impairment charge of $40.7 million was recognized, driven predominantly by a significant decline in our market capitalization.

In addition to goodwill, the Company had other intangible assets related to trademarks associated with prior acquisitions. The Company reviews intangible assets for possible impairment whenever events or circumstances indicate that

carrying amounts may not be recoverable. The factors outlined in the goodwill impairment discussion above triggered an interim impairment evaluation of other intangible assets during the three months ended June 30, 2022. Based upon the results of this evaluation, an impairment charge of $1.4 million was recognized.

VARIABLE INTEREST ENTITIES

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

VARIABLE INTEREST ENTITIES

The determination of whether the assets and liabilities of the VIEs are consolidated or not consolidated in the consolidated balance sheets depends on the terms of the related transaction and the Company’s continuing involvement, if any, with the VIE. The Company is deemed the primary beneficiary and therefore consolidates VIEs for which it has both (a) the power, through voting rights or similar rights, to direct the activities that most significantly impact the VIE's economic performance, and (b) benefits, as defined, from the VIE. The Company determines whether it holds a significant variable interest in a VIE based on a consideration of both qualitative and quantitative factors regarding the nature, size, and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. The Company did not provide any non-contractual financial support to VIEs for the six months ended June 30, 2022 and year ended December 31, 2021.

Consolidated VIEs

The Company is a holding company, its sole material asset is its equity interest in LD Holdings and as the sole managing member of LD Holdings, the Company indirectly operates and controls all of LD Holdings’ business and affairs. LD Holdings is considered a VIE and the financial results of LD Holdings and its subsidiaries are consolidated. A portion of net earnings or loss is allocated to noncontrolling interest to reflect the entitlement of the Continuing LLC Members.

The Company is involved in several types of securitization and financing transactions that utilize special purpose entities (“SPEs”). The Company’s principal use of SPEs is to obtain liquidity by securitizing certain of its financial and non-financial assets. SPEs involved in the Company’s securitization and other financing transactions are often considered VIEs.

The Company consolidates securitization facilities that finance mortgage loans held for sale, and SPEs established as trusts to finance mortgage servicing rights and servicing advance receivables. The Company sells assets to a securitization or trust, which issues beneficial interests which are collateralized by the transferred assets and entitle the investors to specified cash flows generated therefrom. The Company may retain beneficial interests in the assets sold. The Company’s economic exposure to loss from outstanding third-party financing is generally limited to the carrying value of the assets financed. The Company has retained risks in the securitizations including customary representations and warranties. For securitization facilities, the Company, as seller, has an option to prepay and to redeem outstanding classes of issued notes at the Company’s discretion after a set time period has elapsed. The Company generally has discretion regarding when or if it will exercise these options, but would do so only when it was in the Company’s best interest. The Company’s exposure to these entities is primarily through its role as seller, servicer, and administrator. Servicing functions include, but are not limited to, general collection activity on current and noncurrent accounts, loss mitigation efforts including repossession and sale of collateral, as well as preparing and furnishing statements. The Company also holds certain conditional repurchase options specific to these securitizations that allow it to repurchase assets from the securitization entity.

The Company sells mortgage loans to investors through private label securitizations which are accounted for either as sales or secured borrowings. The Company may retain economic interests in the securitized and sold assets, which are generally retained in the form of senior or subordinated interests, residual interests, and/or servicing rights. The Company evaluates its interests in each private label securitization for classification as a VIE. The Company accounts for a securitization as a sale when it has relinquished control over the transferred financial assets and does not hold other interests in the VIE that individually, or in the aggregate, would absorb more than an insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns. The Company has an option to exercise a cleanup call to purchase the remaining mortgage loans and any trust property when the remaining aggregate principal balance is less than 10% of the initial aggregate principal balance.

The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in the Company’s securitization and SPE VIEs


	June 30, 2022		December 31, 2021

Assets
Loans held for sale, at fair value	$	1,800,968	$	2,557,490
Restricted cash	67,998		100,494
Servicing rights, at fair value	484,393		400,678
Prepaid expenses and other assets	37,349		17,756
	$	2,390,708	$	3,076,418

Liabilities
Warehouse and other lines of credit	$	1,800,000	$	2,600,000
Debt obligations, net:
MSR Facilities	114,711		15,000
Servicing advance facilities	32,739		15,070
Term notes	199,415		199,133

	$	2,146,865	$	2,829,203

Non-Consolidated VIEs

The nature, purpose, and activities of non-consolidated VIEs currently encompass the Company’s investments in retained interests from securitizations and joint ventures. The table below presents a summary of the nonconsolidated VIEs for which the Company holds variable interests.


	June 30, 2022
	Carrying value				Maximum exposure to loss		Total assets in VIEs
	Assets		Liabilities
Retained interests	$	105,308	$	—	$	105,308	$	2,376,297
Investments in joint ventures	18,408		—		18,408		15,061
	$	123,716	$	—	$	123,716

	December 31, 2021
	Carrying value				Maximum exposure to loss		Total assets in VIEs
	Assets		Liabilities
Retained interests	$	72,874	$	—	$	72,874	$	1,424,857
Investments in joint ventures	18,553		—		18,553		20,783
	$	91,427	$	—	$	91,427

Retained interests

In 2022 and 2021, the Company completed the sale and securitization of non-owner occupied residential mortgage loans. Pursuant to the credit risk retention requirements, the Company, as sponsor, is required to retain at least a 5% economic interest in the credit risk of the assets collateralizing the securitization transactions. The retained interests represent a variable interest in the securitizations. The Company determined it was not the primary beneficiary of the VIE. The Company’s continuing involvement is limited to customary servicing obligations as servicing administrator associated with retained servicing rights and the receipt of principal and interest associated with the retained interests. The investors and the securitization trusts have no recourse to the Company’s assets; holders of the securities issued by each trust can look only to the loans owned by the trust for payment. The retained interests held by the Company are subject principally to the credit risk stemming from the underlying transferred loans. The securitization trusts used to effect these transactions are variable interest entities that the Company does not consolidate. The Company remeasures the carrying value of its retained interests at each reporting date to reflect their current fair value which is included in trading securities, at fair value on the consolidated balance sheets, with corresponding gains or losses included in other income on the consolidated income statements. As of June 30, 2022, the remaining principal balance of loans transferred to these securitization trusts was $2.4 billion of which $0.5 million was 90 days or more past due.

Investments in joint ventures

The Company’s joint ventures include investments with home builder s, real estate brokers, and commercial real estate companies to provide loan origination services and real estate settlement services to customers referred by the Company’s joint venture partners. The Company is generally not determined to be the primary beneficiary in its joint venture VIEs because it does not have the power, through voting rights or similar rights, to direct the activities that most significantly impact the economic performance of the VIE. The Company’s pro rata share of net earnings of joint ventures was $4.2 million and $6.2 million for the three and six months ended June 30, 2022, respectively, and $2.9 million and $5.1 million for the three and six months ended June 30, 2021, respectively, and is included in other income in the consolidated statements of operations.

WAREHOUSE AND OTHER LINES OF CREDIT

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

WAREHOUSE AND OTHER LINES OF CREDIT

At June 30, 2022, the Company was a party to 14 revolving lines of credit with lenders providing $9.9 billion of warehouse and securitization facilities. The facilities are used to fund, and are secured by, residential mortgage loans held for sale. The facilities are repaid using proceeds from the sale of loans. Interest is generally payable monthly in arrears or on the repurchase date of a loan, and outstanding principal is payable upon receipt of loan sale proceeds or on the repurchase date of a loan. Outstanding principal related to a particular loan must also be repaid after the expiration of a contractual period of time or, if applicable, upon the occurrence of certain events of default with respect to the underlying loan. Interest expense is recorded to interest expense on the consolidated statements of operations. The base interest rates on the facilities bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. Some of the facilities carry additional fees charged on the total line amount, commitment fees charged on the committed portion of the line, and non-usage fees charged when monthly usage falls below a certain utilization percentage. As of June 30, 2022, the interest rate was comprised of the applicable base rate plus a spread ranging from 1.02% to 2.25%. The base interest rate for warehouse facilities is subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale. The warehouse lines are scheduled to expire through 2023 under one or two year terms. The securitization facilities are scheduled to expire through 2024 under two to three year terms. All warehouse lines and other lines of credit are subject to renewal based on an annual credit review conducted by the lender.

Certain warehouse line lenders require the Company to maintain cash accounts with minimum required balances at all times. As of June 30, 2022 and December 31, 2021, there was $7.0 million and $8.0 million, respectively, held in these accounts which are recorded as a component of restricted cash on the consolidated balance sheets.

Under the terms of these warehouse lines, the Company is required to maintain various financial and other covenants. As of June 30, 2022, the Company amended certain warehouse lines related to certain profitability covenants, following which the Company was in compliance with those financial covenants.

Securitization Facilities

In October 2020, the Company issued notes through a securitization facility (“2020-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-1 Securitization Facility is secured by newly originated, first-lien, residential mortgage loans eligible for purchase by Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-1 Securitization Facility issued $600.0 million in notes and certificates that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2020-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default. In March 2022, the Company exercised its right to optional prepayment in full and terminated the 2020-1 Securitization Facility.

In December 2020, the Company issued notes through an additional securitization facility (“2020-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-2 Securitization Facility is secured by newly originated, first-lien, fixed rate residential mortgage loans eligible for purchase by the GSEs or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-2 Securitization Facility issued $500.0 million in notes and certificates that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2020-2 Securitization Facility will terminate on the earlier of (i) the three year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default. In March 2022, the Company exercised its right to optional prepayment and paid-off $200.0 million in notes and certificates. At June 30, 2022, $300.0 million was outstanding in the 2020-2 Securitization Facility.

In February 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-1 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-1 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2021-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In April 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-2 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-2 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2021-2 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In October 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-3 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-3 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-3 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2021-3 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full, and (iii) the date of the occurrence and continuance of an event of default.

The following table presents information on warehouse borrowings and the outstanding balance as of June 30, 2022 and December 31, 2021:




								Outstanding Balance
	Committed Amount		Uncommitted Amount		Total Facility Amount		Expiration Date	June 30, 2022		December 31, 2021
Facility 1(1)	$	400,000	$	1,100,000	$	1,500,000	10/29/2022	$	643,618	$	851,088
Facility 2(2)	—		600,000		600,000		9/26/2022	160,471		295,743
Facility 3	—		500,000		500,000		4/18/2023	146,580		459,018
Facility 4	—		900,000		900,000		11/14/2022	325,842		266,230
Facility 5(2)	—		200,000		200,000		N/A	852		391
Facility 6(2)	100,000		1,000,000		1,100,000		10/10/2022	149,623		583,449
Facility 7(3)	750,000		750,000		1,500,000		5/5/2023	609,506		1,410,367


Facility 8	—		750,000		750,000		N/A	148,592		361,783
Facility 9(4)(5)	—		—		—		10/25/2022	—		600,000
Facility 10(4)	300,000		—		300,000		12/17/2023	300,000		500,000
Facility 11(2)(6)	—		500,000		500,000		9/23/2022	76,629		263,516

Facility 12(4)	500,000		—		500,000		2/2/2024	500,000		500,000
Facility 13(4)	500,000		—		500,000		4/23/2024	500,000		500,000
Facility 14	—		500,000		500,000		9/22/2022	203,630		365,614
Facility 15(4)	500,000		—		500,000		10/21/2024	500,000		500,000
Total	$	3,050,000	$	6,800,000	$	9,850,000		$	4,265,343	$	7,457,199

(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date.

(2)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.

(3)In addition to the outstanding balance secured by mortgage loans, the Company has $114.7 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets.

(4)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.

(5)This facility was prepaid and terminated in March 2022.

(6)This facility was prepaid and terminated in July 2022.

The following table presents certain information on warehouse borrowings:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Maximum outstanding balance during the period	$	6,407,547		$	9,180,276		$	7,672,559		$	9,180,276
Average balance outstanding during the period	4,928,772			8,164,737			5,605,996			7,838,140
Collateral pledged (loans held for sale)	4,408,362			8,919,427			4,408,362			8,919,427
Weighted average interest rate during the period	2.60		%	2.21		%	2.27		%	2.27		%

DEBT OBLIGATIONS

The following table presents the outstanding debt as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Secured debt obligations, net:
Secured credit facilities
MSR facilities	$	1,105,630	$	262,250
Securities financing facilities	98,900		66,439
Servicing advance facilities	32,739		15,070
Total secured credit facilities	1,237,269		343,759
Term Notes	199,415		199,133

Total secured debt obligations, net	1,436,684		542,892
Unsecured debt obligations, net:


Senior Notes	990,456		1,085,316

Total debt obligations, net	$	2,427,140	$	1,628,208

Certain of the Company’s secured debt obligations require us to satisfy financial covenants including minimum levels of profitability, tangible net worth, liquidity, and maximum levels of consolidated leverage. The Company obtained amendments or received waivers relating to certain profitability covenants. As a result, the Company was in compliance with all such financial covenants as of June 30, 2022.

Secured Credit Facilities

Secured credit facilities include revolving facilities collateralized by MSRs, trading securities, and servicing advances.

MSR Facilities

In October 2014, the Company entered into a $25.0 million credit facility to finance servicing rights and for other working capital needs and general corporate purposes. The Company has entered into subsequent amendments to increase and decrease the size of the facility and extend the maturity date. The facility is secured by Freddie Mac mortgage servicing rights with a fair value of $365.7 million as of June 30, 2022 and accrues interest at a base rate per annum of 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. As of June 30, 2022, there was $268.0 million outstanding on this facility with a maturity of June 2023. At June 30, 2022, capacity under the facility was $268.0 million. Advances for servicing rights are determined using a borrowing base formula calculated against the fair market value of the pledged servicing rights.

In December 2021, the Company entered into a credit facility agreement which provides $300.0 million in borrowing capacity, with an option to increase up to $500.0 million upon mutual consent, available to the Company. The facility is secured by Freddie Mac mortgage servicing rights with a fair value of $600.9 million as of June 30, 2022, and bears interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum. At June 30, 2022, there was $300.0 million outstanding on this facility and $0.4 million in unamortized deferred financing costs.

In January 2022, the Company entered into a credit facility agreement which provides $500.0 million in borrowing capacity. The facility is secured by Fannie Mae mortgage servicing rights with a fair value of $711.2 million as of June 30, 2022 and bears interest at SOFR, or other alternative base rate, plus a margin per annum. At June 30, 2022, there was $425.0 million outstanding on this facility and $1.7 million in unamortized deferred financing costs.

In August 2017, the Company entered into the GMSR Trust to finance Ginnie Mae mortgage servicing rights owned by the Company pursuant to the terms of a base indenture. The Company pledged participation certificates representing beneficial interests in Ginnie Mae mortgage servicing rights to the GMSR Trust. The Company is party to an acknowledgment agreement with Ginnie Mae whereby it may, from time to time pursuant to the terms of any supplemental indenture, issue to institutional investors variable funding notes or one or more series of term notes, in each case secured by the participation

certificates. In August 2017, the Company, issued a variable funding note in the initial amount of $65.0 million with a maximum amount of $150.0 million. The variable funding note bears interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum. The Company has entered into subsequent agreements to amend certain terms of the variable funding note and extend the maturity date. In October 2021, the maturity date was extended to November 2022. As of June 30, 2022, there was $114.7 million in variable funding notes outstanding.

Securities Financing Facilities

The Company has entered into master repurchase agreements to finance retained interest securities related to its securitizations. The securities financing facilities have an advance rate between 60% and 90% based on classes of the securities and accrue interest at a rate of 90-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The securities financing facilities are secured by the trading securities which represent our retained interests in the credit risk of the assets collateralizing certain securitization transactions. As of June 30, 2022, the trading securities had a fair value of $105.3 million on the consolidated balance sheets and there was $98.9 million in securities financing facilities outstanding.

Servicing Advance Facilities

In September 2020, the Company, through its indirect-wholly owned subsidiary loanDepot Agency Advance Receivables Trust (the “Advance Receivables Trust”), entered into a variable funding note facility for the financing of servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Fannie Mae and Freddie Mac. Pursuant to an indenture, the Advance Receivables Trust can issue up to $130.0 million in variable funding notes (the “2020-VF1 Notes”). The 2020-VF1 Notes accrue interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum and mature in September 2022 (unless earlier redeemed in accordance with their terms). The 2020-VF1 Notes are secured by servicing advance receivables made pursuant to Fannie Mae and Freddie Mac requirements and mature in September 2022 (unless earlier redeemed in accordance with their terms). At June 30, 2022, there was $18.9 million in 2020-VF1 Notes outstanding.

In November 2021, the Company, through the GMSR Trust issued two new series of variable funding notes for the financing of principal and interest advance receivables and servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Ginnie Mae. Pursuant to an indenture, the Company can issue up to $150.00 million in variable funding notes secured by principal and interest advance reimbursement or servicing advance reimbursement amounts. The variable funding notes bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum. As of June 30, 2022, there was $14.3 million outstanding balance on the variable funding notes and $0.5 million in unamortized deferred financing costs.

Term Notes

In October 2018, the Company issued the Series 2018-GT1 Term Notes (“Term Notes”) under the GMSR Trust. The Term Notes are secured by certain participation certificates relating to Ginnie Mae mortgage servicing rights that also secure the variable funding notes described above with a fair value of $484.4 million as of June 30, 2022. The Term Notes accrue interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum and mature in October 2023 or, if extended pursuant to the terms of the related indenture supplement, October 2025 (unless earlier redeemed in accordance with their terms). At June 30, 2022, there was $200.0 million in Term Notes outstanding and $0.6 million in unamortized deferred financing costs.

Senior Notes

In October 2020, the Company issued $500.0 million in aggregate principal amount of 6.50% senior unsecured notes due 2025, (the “2025 Senior Notes”). The 2025 Senior Notes will mature on November 1, 2025. Interest on the 2025 Senior

Notes accrues at a rate of 6.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. At any time prior to November 1, 2022, the Company may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a make-whole premium. The Company may also redeem the 2025 Senior Notes, in whole or in part, at any time on or after November 1, 2022 at various redemption prices. In addition, subject to certain conditions at any time prior to November 1, 2022, the Company may redeem up to 40% of the principal amount of the 2025 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.50% of the principal amount of the 2025 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. At June 30, 2022, there was $500.0 million in 2025 Senior Notes outstanding and $5.9 million in unamortized deferred financing costs.

In March 2021, the Company issued $600.0 million in aggregate principal amount of 6.125% senior unsecured notes due 2028 (the “2028 Senior Notes” and together with the 2025 Senior Notes, the "Senior Notes"). The 2028 Senior Notes will mature on April 1, 2028. Interest on the 2028 Senior Notes accrues at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time prior to April 1, 2024, the Company may redeem some or all of the 2028 Senior Notes at a price equal to 100% of the principal amount of the 2028 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a make-whole premium. The Company may also redeem the 2028 Senior Notes, in whole or in part, at any time on or after April 1, 2024 at various redemption prices. In addition, subject to certain conditions at any time prior to April 1, 2024, the Company may redeem up to 40% of the principal amount of the 2028 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.125% of the principal amount of the 2028 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. During the first quarter of 2022, the Company repurchased $97.5 million of 2028 Senior Notes at an average purchase price of 87.9% of par which resulted in a $10.5 million gain on extinguishment of debt recorded in other interest expense on the consolidated statement of operations. At June 30, 2022, there was $502.5 million in 2028 Senior Notes outstanding and $6.1 million in unamortized deferred financing costs.

Interest Expense

Interest expense on all outstanding debt obligations with variable rates is paid based on 30-day or 90-day LIBOR, or other alternative base rate such as SOFR, plus a margin ranging from 0.70% - 3.50%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

WAREHOUSE AND OTHER LINES OF CREDIT

At June 30, 2022, the Company was a party to 14 revolving lines of credit with lenders providing $9.9 billion of warehouse and securitization facilities. The facilities are used to fund, and are secured by, residential mortgage loans held for sale. The facilities are repaid using proceeds from the sale of loans. Interest is generally payable monthly in arrears or on the repurchase date of a loan, and outstanding principal is payable upon receipt of loan sale proceeds or on the repurchase date of a loan. Outstanding principal related to a particular loan must also be repaid after the expiration of a contractual period of time or, if applicable, upon the occurrence of certain events of default with respect to the underlying loan. Interest expense is recorded to interest expense on the consolidated statements of operations. The base interest rates on the facilities bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. Some of the facilities carry additional fees charged on the total line amount, commitment fees charged on the committed portion of the line, and non-usage fees charged when monthly usage falls below a certain utilization percentage. As of June 30, 2022, the interest rate was comprised of the applicable base rate plus a spread ranging from 1.02% to 2.25%. The base interest rate for warehouse facilities is subject to increase based upon the characteristics of the underlying loans collateralizing the lines of credit, including, but not limited to product type and number of days held for sale. The warehouse lines are scheduled to expire through 2023 under one or two year terms. The securitization facilities are scheduled to expire through 2024 under two to three year terms. All warehouse lines and other lines of credit are subject to renewal based on an annual credit review conducted by the lender.

Certain warehouse line lenders require the Company to maintain cash accounts with minimum required balances at all times. As of June 30, 2022 and December 31, 2021, there was $7.0 million and $8.0 million, respectively, held in these accounts which are recorded as a component of restricted cash on the consolidated balance sheets.

Under the terms of these warehouse lines, the Company is required to maintain various financial and other covenants. As of June 30, 2022, the Company amended certain warehouse lines related to certain profitability covenants, following which the Company was in compliance with those financial covenants.

Securitization Facilities

In October 2020, the Company issued notes through a securitization facility (“2020-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-1 Securitization Facility is secured by newly originated, first-lien, residential mortgage loans eligible for purchase by Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-1 Securitization Facility issued $600.0 million in notes and certificates that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2020-1 Securitization Facility will terminate on the earlier of (i) the two-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default. In March 2022, the Company exercised its right to optional prepayment in full and terminated the 2020-1 Securitization Facility.

In December 2020, the Company issued notes through an additional securitization facility (“2020-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2020-2 Securitization Facility is secured by newly originated, first-lien, fixed rate residential mortgage loans eligible for purchase by the GSEs or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2020-2 Securitization Facility issued $500.0 million in notes and certificates that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2020-2 Securitization Facility will terminate on the earlier of (i) the three year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default. In March 2022, the Company exercised its right to optional prepayment and paid-off $200.0 million in notes and certificates. At June 30, 2022, $300.0 million was outstanding in the 2020-2 Securitization Facility.

In February 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-1 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-1 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-1 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2021-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In April 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-2 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-2 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-2 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2021-2 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full and (iii) the date of the occurrence and continuance of an event of default.

In October 2021, the Company issued notes and a class of owner trust certificates through an additional securitization facility (“2021-3 Securitization Facility”) backed by a revolving warehouse line of credit. The 2021-3 Securitization Facility is secured by newly originated, first-lien, fixed-rate or adjustable-rate, residential mortgage loans which are originated in accordance with the criteria of Fannie Mae and Freddie Mac for the purchase of mortgage loans or in accordance with the criteria of Ginnie Mae for the guarantee of securities backed by mortgage loans. The 2021-3 Securitization Facility issued $500.0 million in notes that bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The 2021-3 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial purchase date, (ii) the Company exercising its right to optional prepayment in full, and (iii) the date of the occurrence and continuance of an event of default.

The following table presents information on warehouse borrowings and the outstanding balance as of June 30, 2022 and December 31, 2021:




								Outstanding Balance
	Committed Amount		Uncommitted Amount		Total Facility Amount		Expiration Date	June 30, 2022		December 31, 2021
Facility 1(1)	$	400,000	$	1,100,000	$	1,500,000	10/29/2022	$	643,618	$	851,088
Facility 2(2)	—		600,000		600,000		9/26/2022	160,471		295,743
Facility 3	—		500,000		500,000		4/18/2023	146,580		459,018
Facility 4	—		900,000		900,000		11/14/2022	325,842		266,230
Facility 5(2)	—		200,000		200,000		N/A	852		391
Facility 6(2)	100,000		1,000,000		1,100,000		10/10/2022	149,623		583,449
Facility 7(3)	750,000		750,000		1,500,000		5/5/2023	609,506		1,410,367


Facility 8	—		750,000		750,000		N/A	148,592		361,783
Facility 9(4)(5)	—		—		—		10/25/2022	—		600,000
Facility 10(4)	300,000		—		300,000		12/17/2023	300,000		500,000
Facility 11(2)(6)	—		500,000		500,000		9/23/2022	76,629		263,516

Facility 12(4)	500,000		—		500,000		2/2/2024	500,000		500,000
Facility 13(4)	500,000		—		500,000		4/23/2024	500,000		500,000
Facility 14	—		500,000		500,000		9/22/2022	203,630		365,614
Facility 15(4)	500,000		—		500,000		10/21/2024	500,000		500,000
Total	$	3,050,000	$	6,800,000	$	9,850,000		$	4,265,343	$	7,457,199

(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date.

(2)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.

(3)In addition to the outstanding balance secured by mortgage loans, the Company has $114.7 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets.

(4)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.

(5)This facility was prepaid and terminated in March 2022.

(6)This facility was prepaid and terminated in July 2022.

The following table presents certain information on warehouse borrowings:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Maximum outstanding balance during the period	$	6,407,547		$	9,180,276		$	7,672,559		$	9,180,276
Average balance outstanding during the period	4,928,772			8,164,737			5,605,996			7,838,140
Collateral pledged (loans held for sale)	4,408,362			8,919,427			4,408,362			8,919,427
Weighted average interest rate during the period	2.60		%	2.21		%	2.27		%	2.27		%

DEBT OBLIGATIONS

The following table presents the outstanding debt as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Secured debt obligations, net:
Secured credit facilities
MSR facilities	$	1,105,630	$	262,250
Securities financing facilities	98,900		66,439
Servicing advance facilities	32,739		15,070
Total secured credit facilities	1,237,269		343,759
Term Notes	199,415		199,133

Total secured debt obligations, net	1,436,684		542,892
Unsecured debt obligations, net:


Senior Notes	990,456		1,085,316

Total debt obligations, net	$	2,427,140	$	1,628,208

Certain of the Company’s secured debt obligations require us to satisfy financial covenants including minimum levels of profitability, tangible net worth, liquidity, and maximum levels of consolidated leverage. The Company obtained amendments or received waivers relating to certain profitability covenants. As a result, the Company was in compliance with all such financial covenants as of June 30, 2022.

Secured Credit Facilities

Secured credit facilities include revolving facilities collateralized by MSRs, trading securities, and servicing advances.

MSR Facilities

In October 2014, the Company entered into a $25.0 million credit facility to finance servicing rights and for other working capital needs and general corporate purposes. The Company has entered into subsequent amendments to increase and decrease the size of the facility and extend the maturity date. The facility is secured by Freddie Mac mortgage servicing rights with a fair value of $365.7 million as of June 30, 2022 and accrues interest at a base rate per annum of 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin. As of June 30, 2022, there was $268.0 million outstanding on this facility with a maturity of June 2023. At June 30, 2022, capacity under the facility was $268.0 million. Advances for servicing rights are determined using a borrowing base formula calculated against the fair market value of the pledged servicing rights.

In December 2021, the Company entered into a credit facility agreement which provides $300.0 million in borrowing capacity, with an option to increase up to $500.0 million upon mutual consent, available to the Company. The facility is secured by Freddie Mac mortgage servicing rights with a fair value of $600.9 million as of June 30, 2022, and bears interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum. At June 30, 2022, there was $300.0 million outstanding on this facility and $0.4 million in unamortized deferred financing costs.

In January 2022, the Company entered into a credit facility agreement which provides $500.0 million in borrowing capacity. The facility is secured by Fannie Mae mortgage servicing rights with a fair value of $711.2 million as of June 30, 2022 and bears interest at SOFR, or other alternative base rate, plus a margin per annum. At June 30, 2022, there was $425.0 million outstanding on this facility and $1.7 million in unamortized deferred financing costs.

In August 2017, the Company entered into the GMSR Trust to finance Ginnie Mae mortgage servicing rights owned by the Company pursuant to the terms of a base indenture. The Company pledged participation certificates representing beneficial interests in Ginnie Mae mortgage servicing rights to the GMSR Trust. The Company is party to an acknowledgment agreement with Ginnie Mae whereby it may, from time to time pursuant to the terms of any supplemental indenture, issue to institutional investors variable funding notes or one or more series of term notes, in each case secured by the participation

certificates. In August 2017, the Company, issued a variable funding note in the initial amount of $65.0 million with a maximum amount of $150.0 million. The variable funding note bears interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum. The Company has entered into subsequent agreements to amend certain terms of the variable funding note and extend the maturity date. In October 2021, the maturity date was extended to November 2022. As of June 30, 2022, there was $114.7 million in variable funding notes outstanding.

Securities Financing Facilities

The Company has entered into master repurchase agreements to finance retained interest securities related to its securitizations. The securities financing facilities have an advance rate between 60% and 90% based on classes of the securities and accrue interest at a rate of 90-day LIBOR, or other alternative base rate such as SOFR, plus a margin. The securities financing facilities are secured by the trading securities which represent our retained interests in the credit risk of the assets collateralizing certain securitization transactions. As of June 30, 2022, the trading securities had a fair value of $105.3 million on the consolidated balance sheets and there was $98.9 million in securities financing facilities outstanding.

Servicing Advance Facilities

In September 2020, the Company, through its indirect-wholly owned subsidiary loanDepot Agency Advance Receivables Trust (the “Advance Receivables Trust”), entered into a variable funding note facility for the financing of servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Fannie Mae and Freddie Mac. Pursuant to an indenture, the Advance Receivables Trust can issue up to $130.0 million in variable funding notes (the “2020-VF1 Notes”). The 2020-VF1 Notes accrue interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum and mature in September 2022 (unless earlier redeemed in accordance with their terms). The 2020-VF1 Notes are secured by servicing advance receivables made pursuant to Fannie Mae and Freddie Mac requirements and mature in September 2022 (unless earlier redeemed in accordance with their terms). At June 30, 2022, there was $18.9 million in 2020-VF1 Notes outstanding.

In November 2021, the Company, through the GMSR Trust issued two new series of variable funding notes for the financing of principal and interest advance receivables and servicing advance receivables with respect to residential mortgage loans serviced by it on behalf of Ginnie Mae. Pursuant to an indenture, the Company can issue up to $150.00 million in variable funding notes secured by principal and interest advance reimbursement or servicing advance reimbursement amounts. The variable funding notes bear interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum. As of June 30, 2022, there was $14.3 million outstanding balance on the variable funding notes and $0.5 million in unamortized deferred financing costs.

Term Notes

In October 2018, the Company issued the Series 2018-GT1 Term Notes (“Term Notes”) under the GMSR Trust. The Term Notes are secured by certain participation certificates relating to Ginnie Mae mortgage servicing rights that also secure the variable funding notes described above with a fair value of $484.4 million as of June 30, 2022. The Term Notes accrue interest at 30-day LIBOR, or other alternative base rate such as SOFR, plus a margin per annum and mature in October 2023 or, if extended pursuant to the terms of the related indenture supplement, October 2025 (unless earlier redeemed in accordance with their terms). At June 30, 2022, there was $200.0 million in Term Notes outstanding and $0.6 million in unamortized deferred financing costs.

Senior Notes

In October 2020, the Company issued $500.0 million in aggregate principal amount of 6.50% senior unsecured notes due 2025, (the “2025 Senior Notes”). The 2025 Senior Notes will mature on November 1, 2025. Interest on the 2025 Senior

Notes accrues at a rate of 6.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year. At any time prior to November 1, 2022, the Company may redeem some or all of the 2025 Senior Notes at a price equal to 100% of the principal amount of the 2025 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a make-whole premium. The Company may also redeem the 2025 Senior Notes, in whole or in part, at any time on or after November 1, 2022 at various redemption prices. In addition, subject to certain conditions at any time prior to November 1, 2022, the Company may redeem up to 40% of the principal amount of the 2025 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.50% of the principal amount of the 2025 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. At June 30, 2022, there was $500.0 million in 2025 Senior Notes outstanding and $5.9 million in unamortized deferred financing costs.

In March 2021, the Company issued $600.0 million in aggregate principal amount of 6.125% senior unsecured notes due 2028 (the “2028 Senior Notes” and together with the 2025 Senior Notes, the "Senior Notes"). The 2028 Senior Notes will mature on April 1, 2028. Interest on the 2028 Senior Notes accrues at a rate of 6.125% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. At any time prior to April 1, 2024, the Company may redeem some or all of the 2028 Senior Notes at a price equal to 100% of the principal amount of the 2028 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of redemption plus a make-whole premium. The Company may also redeem the 2028 Senior Notes, in whole or in part, at any time on or after April 1, 2024 at various redemption prices. In addition, subject to certain conditions at any time prior to April 1, 2024, the Company may redeem up to 40% of the principal amount of the 2028 Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.125% of the principal amount of the 2028 Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption. During the first quarter of 2022, the Company repurchased $97.5 million of 2028 Senior Notes at an average purchase price of 87.9% of par which resulted in a $10.5 million gain on extinguishment of debt recorded in other interest expense on the consolidated statement of operations. At June 30, 2022, there was $502.5 million in 2028 Senior Notes outstanding and $6.1 million in unamortized deferred financing costs.

Interest Expense

Interest expense on all outstanding debt obligations with variable rates is paid based on 30-day or 90-day LIBOR, or other alternative base rate such as SOFR, plus a margin ranging from 0.70% - 3.50%.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax expense varies from the expense that would be expected based on statutory rates due principally to its organizational structure. As part of the completion of the IPO, the Company became a C Corporation subject to federal, state, and local income taxes with respect to its share of net taxable income of LD Holdings. As of June 30, 2022 and December 31, 2021, the Company had a deferred tax asset before any valuation allowance of $0.1 million and $0.4 million, respectively, and a deferred tax liability of $155.1 million and $193.4 million, respectively. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future. The deferred tax liability as of June 30, 2022 and December 31, 2021 relate to temporary differences in the book basis as compared to the tax basis of loanDepot, Inc.’s investment in LD Holdings, net of tax benefits from future deductions for payments made under a Tax Receivable Agreement (“TRA”) as a result of the IPO. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective tax rate in the future. Deferred income taxes are measured using the applicable tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on the tax rates that have been enacted at the reporting date. The Company measured its deferred tax assets and liabilities at June 30, 2022 and December 31, 2021 using the combined federal and state rate (less federal benefit) of 26%. The Company establishes a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. As of June 30, 2022, the Company did not have a valuation allowance on any deferred tax assets as the Company believes it is more-likely-than-not that the Company will realize the benefits of the deferred tax assets. The Company recognized a TRA liability of $48.8 million and $32.9 million as of June 30, 2022 and December 31, 2021, respectively, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA, refer to Note 15- Commitments and Contingencies, for further information on the TRA liability.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2022

RELATED PARTY TRANSACTIONS

In conjunction with its joint ventures, the Company entered into agreements to provide services to the joint ventures for which it receives and pays fees. Services for which the Company earns fees comprise loan processing and administrative services (legal, accounting, human resources, data processing and management information, assignment processing, post-closing, underwriting, facilities management, quality control, management consulting, risk management, promotions, public relations, advertising and compliance with credit agreements). The Company has entered into forward commitments with certain joint ventures to fund loans at specified interest rates for certain loan product types over a set period of time. The Company receives the commitment fee at the time of the commitment and earns the fee at the time of loan funding, The Company also originates eligible mortgage loans referred to it by the joint ventures for which the Company pays the joint ventures a broker fee.

Fees earned, costs incurred, and amounts payable to or receivable from joint ventures were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Loan processing and administrative services fee income	$	4,548	$	3,754	$	7,878	$	7,107
Commitment fee income	1,255		—		1,255		—
Fee income from joint ventures	$	5,803	$	3,754	$	9,133	$	7,107

Loan origination broker fees expense	$	29,797	$	22,258	$	49,926	$	40,708


	June 30, 2022		December 31, 2021
Amounts (payable) receivable from joint ventures	$	(7,922)	$	1,855

The Company paid management fees to a shareholder of the Company of $0.2 million during the six months ended June 30, 2021. The Company employed certain individuals who provided services to a shareholder whose salaries totaled $0.1 million during the three and six months ended June 30, 2022 and $0.1 million and $0.2 million during three and six months ended June 30, 2021, respectively. The Company paid consulting fees to a shareholder of the Company of $41,000 during the three months ended June 30, 2021.

EQUITY

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

EQUITY

As a result of the IPO and reorganization discussed in Note 1- Description of Business, Presentation and Summary of Significant Accounting Policies, the financial statements for the periods prior to the IPO were adjusted to combine the previously separate entities for presentation.

Prior to the IPO, the Company completed a reorganization by which it changed its equity structure to create a single class of LLC Units in LD Holdings. Prior to that transaction, the capital structure consisted of different classes of membership interests held by Continuing LLC Members. The LLC Units were then exchanged on a one-for-one basis for Holdco Units and Class C common stock. The Continuing LLC Members have the right to exchange one Holdco Unit and one share of Class B common stock or Class C common stock, as applicable, together for cash or one share of Class A common stock at the Company’s election, subject to customary conversion rate adjustments for stock splits, stock dividends, and reclassifications. The Company consolidates the financial results of LD Holdings and reports noncontrolling interest related to the interests held by the Continuing LLC Members.

The noncontrolling interest of $0.7 billion and $1.1 billion as of June 30, 2022 and December 31, 2021, respectively, represented the economic interest in LD Holdings held by the Continuing LLC Members. As Continuing LLC Members convert shares, noncontrolling interest is adjusted to proportionately reduce the economic interest in LD Holdings with an offset to

additional paid-in-capital on the consolidated statements of equity. The following table summarizes the ownership of LD Holdings as of June 30, 2022.


Holding Member Interests:	Holdco Units	Ownership Percentage
loanDepot, Inc.	160,619,719	51.35%
Continuing LLC Members	152,191,394	48.65%
Total	312,811,113	100.00%

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share of Class A common stock and Class D common stock is computed by dividing net income (loss) attributable to loanDepot, Inc. by the weighted-average number of shares of Class A common stock and Class D common stock, respectively, outstanding during the period. Diluted earnings (loss) per share of Class A common stock and Class D common stock is computed by dividing net income (loss) attributable to loanDepot, Inc. by the weighted-average number of shares of Class A common stock and Class D common stock respectively, outstanding adjusted to give effect to potentially dilutive securities.

The basic and diluted earnings per share period for the six months ended June 30, 2021 represents the period after February 11, 2021, wherein the Company had outstanding Class A common stock and Class D common stock. There was no Class B common stock outstanding as of June 30, 2022 and 2021. The following table sets forth the calculation of basic and diluted earnings (loss) per share for Class A common stock and Class D common stock:


	Three Months Ended						Six Months Ended
	June 30, 2022						June 30, 2022
	Class A		Class D		Total		Class A		Class D		Total


Net loss attributable to loanDepot, Inc.	$	(37,266)	$	(63,662)	$	(100,928)	$	(45,531)	$	(90,137)	$	(135,669)





Weighted average shares - basic	56,795,709		97,026,671		153,822,380		49,138,217		97,276,918		146,415,135

Loss per share - basic	$	(0.66)	$	(0.66)	$	(0.66)	$	(0.93)	$	(0.93)	$	(0.93)

Diluted loss per share:



Net loss allocated to common stockholders - diluted	$	(37,266)	$	(63,662)	$	(100,928)	$	(45,531)	$	(90,137)	$	(135,668)





Weighted average shares - diluted	56,795,709		97,026,671		153,822,380		49,138,217		97,276,918		146,415,135

Loss per share - diluted	$	(0.66)	$	(0.66)	$	(0.66)	$	(0.93)	$	(0.93)	$	(0.93)


	Three Months Ended						Six Months Ended
	June 30, 2021						June 30, 2021
	Class A		Class D		Total		Class A		Class D		Total


Net income attributable to loanDepot, Inc.	$	678	$	7,883	$	8,561	$	3,633	$	49,803	$	53,436





Weighted average shares - basic	10,038,195		116,688,681		126,726,876		8,592,536		117,800,413		126,392,949

Earnings per share - basic	$	0.07	$	0.07	$	0.07	$	0.42	$	0.42	$	0.42

Diluted income per share:



Net income allocated to common stockholders - diluted	$	678	$	7,883	$	8,561	$	3,633	$	49,803	$	53,436





Weighted average shares - diluted	10,038,195		116,688,681		126,726,876		8,592,536		117,800,413		126,392,949

Earnings per share - diluted	$	0.07	$	0.07	$	0.07	$	0.42	$	0.42	$	0.42

For the three and six months ended June 30, 2022, 165,281,304 and 173,245,208 shares of Class C common stock were evaluated for the assumed exchange of noncontrolling interests and determined to be anti-dilutive, and thus were excluded from the computation of diluted loss per share.

For the three and six months ended June 30, 2022, 14,221,221 and 11,914,870 of Class A RSUs and nonqualified stock options were determined to be anti-dilutive, and thus excluded from the computation of diluted loss per share.

For the three months ended June 30, 2021, 196,741,703 shares of Class C common stock were evaluated for the assumed exchange of noncontrolling interests and determined to be anti-dilutive, and thus were excluded from the computation of diluted earnings per share. For the period from February 11, 2021 to June 30, 2021, 197,366,213 shares of Class C common stock were evaluated for the assumed exchange of noncontrolling interests and determined to be anti-dilutive, and thus were excluded from the computation of diluted earnings per share.

For the three months ended June 30, 2021, 808,090 of RSUs were determined to be anti-dilutive, and thus excluded from the computation of diluted earnings per share. For the period from February 11, 2021 to June 30, 2021, 748,185 of RSUs were determined to be anti-dilutive, and thus excluded from the computation of diluted earnings per share.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Escrow Services

In conducting its operations, the Company, through its wholly-owned subsidiaries, LDSS and ACT, routinely hold customers' assets in escrow pending completion of real estate financing transactions. These amounts are maintained in segregated bank accounts and are offset with the related liabilities resulting in no amounts reported in the accompanying consolidated balance sheets. The balances held for the Company’s customers totaled $14.7 million and $21.1 million at June 30, 2022 and December 31, 2021, respectively.

Legal Proceedings

The Company is a defendant in, or a party to, legal actions and proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. These matters include actions alleging improper lending practices, improper servicing, quiet title actions, improper foreclosure practices, violations of consumer protection laws, etc. and on account of consumer bankruptcies. In many of these actions, the Company may not be the real party of interest (because the Company is not the servicer of the loan or the holder of the note) but it may appear in the pleadings because it is in the chain of title to property over which there may be a dispute. Such matters may be indemnified and managed by the appropriate party, which is generally the Company’s subservicer. In other cases, such

as lien avoidance cases brought in bankruptcy, the Company is insured by title insurance, and the case is turned over to the title insurer who tenders the Company’s defense. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any.

The Company seeks to resolve all litigation and regulatory matters in the manner management believes is in the best interest of the Company and contests liability, allegations of wrongdoing, and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal and regulatory proceedings utilizing the latest information available. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. Where available information indicates that it is probable a liability has been incurred and the Company can reasonably estimate the amount of the loss, an accrued liability is established. The actual costs of resolving these proceedings may be substantially higher or lower than the amounts accrued.

Employment Litigation

On December 24, 2020, the Company received a demand letter from one of the senior members of its operations team alleging, among other things, loan origination noncompliance and various employment related claims, including hostile work environment and gender discrimination, with unspecified damages. The executive has since resigned her position with the Company. The parties participated in pre-litigation mediation in May 2021. The parties did not resolve the matter at mediation and a complaint was filed with the Superior Court of the State of California, County of Orange on September 21, 2021 and an amended complaint was filed on December 21, 2021. In response, on February 2, 2022 the Company filed a demurrer to the complaint with the Superior Court of the State of California, County of Orange, for failing to state facts sufficient to constitute a cause of action while still vigorously denying the claims within the complaint. On March 24, 2022, the plaintiff filed her opposition to loanDepot’s demurrer. On March 29, 2022, the Company filed its reply to Plaintiff’s opposition. A hearing was held on the Company’s demurrer on May 12, 2022, at the Superior Court of the State of California, County of Orange. The court sustained the Company’s demurrer in full. On June 30, 2022, the Company filed its answer and affirmative defenses to the amended complaint. The plaintiff seeks damages in excess of $75 million. The Company believes this lawsuit is without merit and intends to vigorously defend against it.

While the Company’s management does not believe these allegations have merit, defending such allegations could result in substantial costs and a diversion of management’s attention and resources.

The ultimate outcome of the other legal proceedings is uncertain, and the amount of any future potential loss is not considered probable or estimable. The Company will incur defense costs and other expenses in connection with these legal proceedings. If the final resolution of any legal proceedings is unfavorable, it could have a material adverse effect on the Company’s business and financial condition.

Based on the Company’s current understanding of these pending legal actions and proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, unfavorable resolutions could affect the consolidated financial position, results of operations or cash flows for the years in which they are resolved.

Regulatory Requirements

The Company is subject to various capital requirements by the U.S. Department of Housing and Urban Development (“HUD”); lenders of the warehouse lines of credit; and secondary markets investors. Failure to maintain minimum capital requirements could result in the inability to participate in HUD-assisted mortgage insurance programs, to borrow funds from warehouse line lenders or to sell or service mortgage loans. As of June 30, 2022, the Company was in compliance with its selling and servicing capital requirements.

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 as of June 30, 2022 and December 31, 2021 approximated $7.7 billion and $12.7 billion, respectively. These loan commitments are treated as derivatives and are carried at fair value, refer to Note 6- Derivative Financial Instruments and Hedging Activities for further information on derivatives.

Loan Loss Obligation for Sold Loans

When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company establishes a loan repurchase reserve for losses associated with repurchase loan obligations if the Company breached a representation or warranty given to the loan purchaser. Additionally, the Company’s loan loss obligation for sold loans includes an estimate for losses associated with early payoffs and early payment defaults. There have been charge-offs associated with early payoffs, early payment defaults and losses related to representations, warranties, and other provisions for the three and six months ended June 30, 2022 and 2021.

The activity related to the loan loss obligation for sold loans is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	41,159	$	30,052	$	29,877	$	33,591
Provision for loan loss obligations	82,373		(533)		95,619		267
Charge-offs	(37,659)		(2,893)		(39,623)		(7,232)
Balance at end of period	$	85,873	$	26,626	$	85,873	$	26,626

Obligation for Sold MSRs

The Company recognizes sales of mortgage servicing rights as sales if title passes, if substantially all risks and rewards of ownership have irrevocably passed to the purchaser, and any protection provisions retained by the Company are minor and can be reasonably estimated. If a sale is recognized and only minor protection provisions exist, a liability for the estimated obligation associated with those provisions is recorded in accounts payable, accrued expenses and other liabilities on the consolidated balance sheet. The Company establishes a reserve related to the reimbursement of the purchase price for any loans that are prepaid in full within 90 days of the MSR sale transaction. The obligation for sold MSRs was $9.8 million and $0.4 million as of June 30, 2022 and December 31, 2021, respectively

TRA Liability

As part of the IPO and reorganization, the Company entered into a TRA with Parthenon Stockholders and certain Continuing LLC Members, whereby loanDepot, Inc. will be obligated to pay such parties or their permitted assignees, 85% of the amount of cash tax savings, if any, in U.S. federal, state, and local taxes that loanDepot, Inc. realizes, or is deemed to realize as a result of future tax benefits from increases in tax basis. The TRA liability is accounted for as a contingent liability with amounts accrued when deemed probable and estimable. The Company recognized a TRA liability of $48.8 million and $32.9 million as of June 30, 2022 and December 31, 2021, respectively, which represents the Company’s estimate of the aggregate amount that it will pay under the TRA as a result of the offering transaction. The amounts payable under the TRA will vary depending on a number of factors, such as the amount and timing of taxable income attributable to loanDepot, Inc.

REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS	6 Months Ended
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS	Jun. 30, 2022
Mortgage Banking [Abstract]
REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS	REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS The Company, through certain subsidiaries, is required to maintain minimum net worth, liquidity and other financial requirements specified in certain of its selling and servicing agreements, including: •Ginnie Mae single-family issuers. The eligibility requirements include net worth of $2.5 million plus 0.35% of outstanding Ginnie Mae single-family obligations and a liquidity requirement equal to the greater of $1.0 million or 0.10% of outstanding Ginnie Mae single-family securities. •Fannie Mae and Freddie Mac. The eligibility requirements for seller/servicers include tangible net worth of $2.5 million plus 0.25% of the Company’s total single-family servicing portfolio, excluding loans subserviced for others and a liquidity requirement equal to 0.35% of the aggregate UPB serviced for the agencies plus 2.0% of total nonperforming agency servicing UPB in excess of 6%. •HUD. The eligibility requirements include a minimum adjusted net worth of $1.0 million plus 1% of the total volume in excess of $25.0 million of FHA Single Family Mortgages originated, underwritten, serviced, and/or purchased during the prior fiscal year, up to a maximum required adjusted net worth of $2.5 million. •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%. To the extent that these requirements are not met, the Company may be subject to a variety of regulatory actions which could have a material adverse impact on our results of operations and financial condition. The most restrictive of the minimum net worth and capital requirements require the Company to maintain a minimum adjusted net worth balance of $120.4 million as of June 30, 2022. The Company was in compliance with the net worth, liquidity and other financial requirements of its selling and servicing requirements as of June 30, 2022.

- Definition

The entire disclosure for a mortgage banking entity related to capital requirements imposed by secondary market investors or state imposed regulatory mandates. The disclosure may include: (1) a description of the minimum net worth requirements related to (a) secondary market investors and (b) state-imposed regulatory mandates; (2) actual or possible material effects of noncompliance; (3) whether the entity is in compliance with the regulatory capital requirements, including (a) the entity's required and actual net worth amounts, (b) factors that may significantly affect adequacy of net worth such as potentially volatile components of capital, qualitative factors, or regulatory mandates; and (4) possible affects of noncompliance on amounts and disclosures in the notes to the financial statements. Servicers with net worth requirements from multiple sources may disclose (1) significant servicing covenants with secondary market investors with commonly defined servicing requirements (2) any other secondary market investor where violation of the requirement would have a significant adverse effect and (3) the most restrictive third party agreement, if not included above. The disclosure may also include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

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+ Details

DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation and Non-controlling interests	Consolidation and Basis of Presentation The Company's consolidated financial statements are prepared in accordance with U.S. GAAP as codified in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”). ASC 250 requires that a change in the reporting entity or the consummation of a transaction accounted for in a manner similar to a pooling of interests, i.e., a reorganization of entities under common control, be retrospectively applied to the financial statements of all prior periods when the financial statements are issued for a period that includes the date the change in reporting entity or the transaction occurred. Prior to the IPO, the Company completed a reorganization where LLC units in LD Holdings held by certain members (“Continuing LLC Members) were exchanged on a one-for-one basis for Class A holding units (“Holdco Units”) and Class C common stock. LD Holdings continues to be a holding company and has no material assets other than its equity interests in its direct subsidiaries consisting of a 99.99% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS. As a result of the IPO and reorganization, loanDepot, Inc. became a holding company, its sole material asset is its equity interest in LD Holdings and as the sole managing member of LD Holdings, loanDepot, Inc. indirectly operates and controls all of LD Holdings’ business and affairs. The IPO and reorganization were considered transactions between entities under common control. The financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc, and the consolidated net earnings or loss are allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members. The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. VIEs are entities that have a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or is structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company has not provided financial or other support during the periods presented to any VIE that it was not previously contractually required to provide. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Certain items in prior periods were reclassified to conform to the current presentation. To conform to the current period presentation, servicing expense on the consolidated statements of operations includes subservicing expense and in-house servicing expense. The Company has evaluated subsequent events for recognition or disclosure through the date of this report and has not identified any recordable or disclosable events that were not already reported in these consolidated financial statements or notes thereto.
Basis of Presentation	Consolidation and Basis of Presentation The Company's consolidated financial statements are prepared in accordance with U.S. GAAP as codified in the Financial Accounting Standards Board's (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”). ASC 250 requires that a change in the reporting entity or the consummation of a transaction accounted for in a manner similar to a pooling of interests, i.e., a reorganization of entities under common control, be retrospectively applied to the financial statements of all prior periods when the financial statements are issued for a period that includes the date the change in reporting entity or the transaction occurred. Prior to the IPO, the Company completed a reorganization where LLC units in LD Holdings held by certain members (“Continuing LLC Members) were exchanged on a one-for-one basis for Class A holding units (“Holdco Units”) and Class C common stock. LD Holdings continues to be a holding company and has no material assets other than its equity interests in its direct subsidiaries consisting of a 99.99% ownership in LDLLC (the majority asset of the group), and 100% equity ownership in ART, LDSS, Mello, and MCS. As a result of the IPO and reorganization, loanDepot, Inc. became a holding company, its sole material asset is its equity interest in LD Holdings and as the sole managing member of LD Holdings, loanDepot, Inc. indirectly operates and controls all of LD Holdings’ business and affairs. The IPO and reorganization were considered transactions between entities under common control. The financial results of LD Holdings and its subsidiaries are consolidated with loanDepot, Inc, and the consolidated net earnings or loss are allocated to the noncontrolling interest to reflect the entitlement of the Continuing LLC Members. The accompanying consolidated financial statements include all of the assets, liabilities, and results of operations of the Company and consolidated variable interest entities (“VIEs”) in which the Company is the primary beneficiary. VIEs are entities that have a total equity investment at risk that is insufficient to permit the entity to finance its activities without additional subordinated financial support, whose equity investors at risk lack the ability to control the entity's activities, or is structured with non-substantive voting rights. The Company evaluates its associations with VIEs, both at inception and when there is a change in circumstance that requires reconsideration, to determine if the Company is the primary beneficiary and consolidation is required. A primary beneficiary is defined as a variable interest holder that has a controlling financial interest. A controlling financial interest requires both: (a) the power to direct the activities that most significantly impact the VIEs’ economic performance, and (b) the obligation to absorb losses or receive benefits of a VIE that could potentially be significant to the VIE. The Company has not provided financial or other support during the periods presented to any VIE that it was not previously contractually required to provide. Other entities that the Company does not consolidate, but for which it has significant influence over operating and financial policies, are accounted for using the equity method. All intercompany accounts and transactions have been eliminated in consolidation. Certain items in prior periods were reclassified to conform to the current presentation. To conform to the current period presentation, servicing expense on the consolidated statements of operations includes subservicing expense and in-house servicing expense. The Company has evaluated subsequent events for recognition or disclosure through the date of this report and has not identified any recordable or disclosable events that were not already reported in these consolidated financial statements or notes thereto.
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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Management has made significant estimates in certain areas, including determining the fair value of loans held for sale, servicing rights, derivative assets and derivative liabilities, trading securities, awards granted under the incentive equity plan, determining the loan loss obligation on sold loans and MSRs, and goodwill impairment. Actual results could differ from those estimates.
Concentration of Risk	Concentration of Risk The Company has concentrated its credit risk for cash by maintaining deposits in several financial institutions, which may at times exceed amounts covered by insurance provided by the Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to cash. Due to the nature of the mortgage lending industry, changes in interest rates may significantly impact revenue from originating mortgages and subsequent sales of loans to investors, which are the primary source of income for the Company. The Company originates mortgage loans on property located throughout the United States, with loans originated for property located in California totaling approximately 23% of total loan originations for the six months ended June 30, 2022. The Company sells mortgage loans to various third-party investors. Three investors accounted for 32%, 27%, and 19% of the Company’s loan sales for the six months ended June 30, 2022. No other investors accounted for more than 5% of the loan sales for the six months ended June 30, 2022. The Company funds loans through warehouse and other lines of credit. As of June 30, 2022, 14% and 15% of the Company's warehouse lines were payable to two separate lenders.

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present the carrying amount and estimated fair value of financial instruments included in the consolidated financial statements.


	June 30, 2022
	Carrying Amount		Estimated Fair Value
			Level 1		Level 2		Level 3

Assets
Cash and cash equivalents	$	954,930	$	954,930	$	—	$	—
Restricted cash	194,645		194,645		—		—
Loans held for sale, at fair value	4,656,338		—		4,656,338		—
Derivative assets, at fair value	153,607		—		61,721		91,886
Servicing rights, at fair value	2,213,700		—		—		2,213,700
Trading securities, at fair value	105,308		—		105,308		—
Loans eligible for repurchase	506,454		—		506,454		—

Liabilities
Warehouse and other lines of credit	$	4,265,343	$	—	$	4,265,343	$	—
Derivative liabilities, at fair value	72,758		14,859		23,618		34,281
Servicing rights, at fair value	9,107		—		—		9,107
Debt obligations:
Secured credit facilities	1,237,269		—		1,239,841		—

Term Notes	199,415		—		200,000		—


Senior Notes	990,456		—		657,453		—
Liability for loans eligible for repurchase	506,454		—		506,454		—


	December 31, 2021
	Carrying Amount		Estimated Fair Value
			Level 1		Level 2		Level 3

Assets
Cash and cash equivalents	$	419,571	$	419,571	$	—	$	—
Restricted cash	201,025		201,025		—		—
Loans held for sale, at fair value	8,136,817		—		8,136,817		—
Derivative assets, at fair value	194,665		4,924		5,358		184,383
Servicing rights, at fair value	2,006,712		—		—		2,006,712
Trading securities, at fair value	72,874		—		72,874		—
Loans eligible for repurchase	363,373		—		363,373		—

Liabilities
Warehouse and other lines of credit	$	7,457,199	$	—	$	7,457,199	$	—
Derivative liabilities, at fair value	37,797		31,070		2,964		3,763
Servicing rights, at fair value	7,310		—		—		7,310
Debt obligations:
Secured credit facilities	343,759		—		345,596		—
Term Notes	199,133		—		200,000		—


Senior Notes	1,085,316		—		1,057,977		—
Liability for loans eligible for repurchase	363,373		—		363,373		—

Financial Statement Items Measured at Fair Value on a Recurring Basis

The following tables presents the Company’s assets and liabilities that are measured at fair value on a recurring basis by fair value hierarchy as of the dates indicated.


	June 30, 2022
	Recurring Fair Value Measurements of Assets and Liabilities Using:
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale	$	—	$	4,656,338	$	—	$	4,656,338
Trading securities	—		105,308		—		105,308
Derivative assets:
Interest rate lock commitments	—		—		91,886		91,886
Forward sale contracts	—		43,926		—		43,926

MBS put options	—		17,795		—		17,795
Servicing rights	—		—		2,213,700		2,213,700
Total assets at fair value	$	—	$	4,823,367	$	2,305,586	$	7,128,953
Liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	34,281	$	34,281
Interest rate swap futures	5,746		—		—		5,746
Forward sale contracts	—		10,694		—		10,694
Put options on treasuries	9,113		—		—		9,113
MBS put options	—		12,924		—		12,924
Servicing rights	—		—		9,107		9,107
Total liabilities at fair value	$	14,859	$	23,618	$	43,388	$	81,865


	December 31, 2021
	Recurring Fair Value Measurements of Assets and Liabilities Using:
	Quoted Market Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale	$	—	$	8,136,817	$	—	$	8,136,817
Trading securities	—		72,874		—		72,874
Derivative assets:
Interest rate lock commitments	—		—		184,383		184,383
Forward sale contracts	—		5,358		—		5,358
Interest rate swap futures	4,924		—		—		4,924

Servicing rights	—		—		2,006,712		2,006,712
Total assets at fair value	$	4,924	$	8,215,049	$	2,191,095	$	10,411,068
Liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	3,763	$	3,763
Forward sale contracts	—		2,964		—		2,964
Put options on treasuries	31,070		—		—		31,070


Servicing rights	—		—		7,310		7,310

Total liabilities at fair value	$	31,070	$	2,964	$	11,073	$	45,107

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	IRLCs, net		Servicing Rights, net		IRLCs, net		Servicing Rights, net

Balance at beginning of period	$	12,000	$	2,078,187	$	180,620	$	1,999,402


Total net gains or losses included in earnings (realized and unrealized)	114,197		212,777		257,154		624,546
Sales and settlements

Sales	—		(86,371)		—		(419,355)
Settlements (1)	(38,536)		—		(271,458)		—
Transfers of IRLCs to closed loans	(30,056)		—		(108,711)		—
Balance at end of period	$	57,605	$	2,204,593	$	57,605	$	2,204,593

(1)Funded amount for IRLCs.


	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	IRLCs, net		Servicing Rights, net		IRLCs, net		Servicing Rights, net

Balance at beginning of period	$	246,778	$	1,766,088	$	647,045	$	1,124,302


Total net gains or losses included in earnings (realized and unrealized)	720,422		203,937		1,108,970		846,359
Sales and settlements

Sales	—		(193,630)		—		(194,266)
Settlements (1)	(432,748)		—		(1,026,450)		—
Transfers of IRLCs to closed loans	(201,371)		—		(396,484)		—
Balance at end of period	$	333,081	$	1,776,395	$	333,081	$	1,776,395

(1)Funded amount for IRLCs.

The following presents the gains and losses included in earnings relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	IRLCs, net (1)		Servicing Rights, net(2)		IRLCs, net (1)		Servicing Rights, net(3)


Total net gains (losses) included in earnings	$	45,605	$	212,777	$	(123,015)	$	624,546

Change in unrealized gains relating to assets and liabilities still held at period end	$	57,605	$	215,835	$	57,605	$	615,444

(1)Gains (losses) included in gain on origination and sale of loans, net.

(2)Includes $180.5 million in gains included in gain on origination and sale of loans, net and $32.3 million of gains included in change in fair value of servicing rights, net, for the three months ended June 30, 2022.

(3)Includes $450.2 million in gains included in gain on origination and sale of loans, net and $174.3 million of gains included in change in fair value of servicing rights, net, for the six months ended June 30, 2022.














	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	IRLCs, net (1)		Servicing Rights, net(2)		Interest Rate Lock Commitments(1)		Servicing Rights, net(3)


Total net gains (losses) included in earnings	$	86,303	$	203,937	$	(313,964)	$	846,359

Change in unrealized gains relating to assets and liabilities still held at period end	$	333,081	$	296,555	$	333,081	$	1,038,347

(1)Gains (losses) included in gain on origination and sale of loans, net.

(2)Includes $427.5 million in gains included in gain on origination and sale of loans, net and $223.5 million in losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2021.

(3)Includes $957.0 million in gains included in gain on origination and sale of loans, net and $110.6 million of losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2021.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following presents the changes in the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	IRLCs, net		Servicing Rights, net		IRLCs, net		Servicing Rights, net

Balance at beginning of period	$	12,000	$	2,078,187	$	180,620	$	1,999,402


Total net gains or losses included in earnings (realized and unrealized)	114,197		212,777		257,154		624,546
Sales and settlements

Sales	—		(86,371)		—		(419,355)
Settlements (1)	(38,536)		—		(271,458)		—
Transfers of IRLCs to closed loans	(30,056)		—		(108,711)		—
Balance at end of period	$	57,605	$	2,204,593	$	57,605	$	2,204,593

(1)Funded amount for IRLCs.


	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	IRLCs, net		Servicing Rights, net		IRLCs, net		Servicing Rights, net

Balance at beginning of period	$	246,778	$	1,766,088	$	647,045	$	1,124,302


Total net gains or losses included in earnings (realized and unrealized)	720,422		203,937		1,108,970		846,359
Sales and settlements

Sales	—		(193,630)		—		(194,266)
Settlements (1)	(432,748)		—		(1,026,450)		—
Transfers of IRLCs to closed loans	(201,371)		—		(396,484)		—
Balance at end of period	$	333,081	$	1,776,395	$	333,081	$	1,776,395

(1)Funded amount for IRLCs.

The following presents the gains and losses included in earnings relating to the Company’s assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):


	Three Months Ended June 30, 2022				Six Months Ended June 30, 2022
	IRLCs, net (1)		Servicing Rights, net(2)		IRLCs, net (1)		Servicing Rights, net(3)


Total net gains (losses) included in earnings	$	45,605	$	212,777	$	(123,015)	$	624,546

Change in unrealized gains relating to assets and liabilities still held at period end	$	57,605	$	215,835	$	57,605	$	615,444

(1)Gains (losses) included in gain on origination and sale of loans, net.

(2)Includes $180.5 million in gains included in gain on origination and sale of loans, net and $32.3 million of gains included in change in fair value of servicing rights, net, for the three months ended June 30, 2022.

(3)Includes $450.2 million in gains included in gain on origination and sale of loans, net and $174.3 million of gains included in change in fair value of servicing rights, net, for the six months ended June 30, 2022.














	Three Months Ended June 30, 2021				Six Months Ended June 30, 2021
	IRLCs, net (1)		Servicing Rights, net(2)		Interest Rate Lock Commitments(1)		Servicing Rights, net(3)


Total net gains (losses) included in earnings	$	86,303	$	203,937	$	(313,964)	$	846,359

Change in unrealized gains relating to assets and liabilities still held at period end	$	333,081	$	296,555	$	333,081	$	1,038,347

(1)Gains (losses) included in gain on origination and sale of loans, net.

(2)Includes $427.5 million in gains included in gain on origination and sale of loans, net and $223.5 million in losses included in change in fair value of servicing rights, net, for the three months ended June 30, 2021.

(3)Includes $957.0 million in gains included in gain on origination and sale of loans, net and $110.6 million of losses included in change in fair value of servicing rights, net, for the six months ended June 30, 2021.

Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring basis:



	June 30, 2022				December 31, 2021
Unobservable Input	Range of inputs			Weighted Average (2)	Range of inputs			Weighted Average (2)
IRLCs:
Pull-through rate	1.0%	-	99.9%	80.2%	0.3%	-	99.3%	74.2%

Servicing rights
Discount rate(1)	4.6%	-	10.5%	6.2%	4.5%	-	9.0%	5.8%
Prepayment rate(1)	5.4%	-	14.9%	7.2%	8.4%	-	18.7%	10.2%
Cost to service (per loan)	$63	-	$136	$85	$70	-	$114	$82

(1)The Company estimates the fair value of MSRs using an option-adjusted spread (“OAS”) model, which projects MSR cash flows over multiple interest rate scenarios in conjunction with the Company’s prepayment model, and then discounts these cash flows at risk-adjusted rates.

(2)Weighted average inputs are based on the committed amounts for IRLCs and the UPB of the underlying loans for servicing rights.

BALANCE SHEET NETTING (Tables)

6 Months Ended

Jun. 30, 2022

Offsetting [Abstract]

Offsetting Assets

The table below represents financial assets and 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. Warehouse and other lines of credit and secured debt obligations were secured by financial instruments with fair value that exceeded the liability amount recorded on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively.


	June 30, 2022
	Gross amounts recognized		Gross amounts offset in consolidated balance sheet		Net amounts presented in consolidated balance sheet		Gross amounts not offset in consolidated balance sheet				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	100,202	$	(56,276)	$	43,926	$	—	$	(40,606)	$	3,320

MBS put options	17,795		—		17,795		—		—		17,795

Total Assets	$	117,997	$	(56,276)	$	61,721	$	—	$	(40,606)	$	21,115

Liabilities:
Forward sale contracts	$	66,970	$	(56,276)	$	10,694	$	—	$	(1,947)	$	8,747
Put options on treasuries	9,113		—		9,113		—		—		9,113
MBS put options	12,924		—		12,924		—		—		12,924
Interest rate swap futures	5,746		—		5,746		—		—		5,746
Warehouse and other lines of credit	4,265,343		—		4,265,343		(4,265,343)		—		—
Secured debt obligations (1)	1,439,841		—		1,439,841		(1,439,841)		—		—
Total Liabilities	$	5,799,937	$	(56,276)	$	5,743,661	$	(5,705,184)	$	(1,947)	$	36,530

(1)Secured debt obligations as of June 30, 2022 included secured credit facilities and Term Notes.


	December 31, 2021
	Gross amounts recognized		Gross amounts offset in consolidated balance sheets		Net amounts presented in consolidated balance sheets		Gross amounts not offset in consolidated balance sheets				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	29,497	$	(24,139)	$	5,358	$	—	$	(1,447)	$	3,911

Interest rate swap futures	4,924		—		4,924		—		—		4,924
Total Assets	$	34,421	$	(24,139)	$	10,282	$	—	$	(1,447)	$	8,835

Liabilities:
Forward sale contracts	$	27,103	$	(24,139)	$	2,964	$	—	$	(1,736)	$	1,228
Put options on treasuries	31,070		—		31,070		—		—		31,070

Warehouse and other lines of credit	7,457,199		—		7,457,199		(7,457,199)		—		—
Secured debt obligations (1)	545,596		—		545,596		(545,596)		—		—
Total Liabilities	$	8,060,968	$	(24,139)	$	8,036,829	$	(8,002,795)	$	(1,736)	$	32,298

(1)Secured debt obligations as of December 31, 2021 included secured credit facilities and Term Notes.

Offsetting Liabilities

The table below represents financial assets and 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. Warehouse and other lines of credit and secured debt obligations were secured by financial instruments with fair value that exceeded the liability amount recorded on the consolidated balance sheets as of June 30, 2022 and December 31, 2021, respectively.


	June 30, 2022
	Gross amounts recognized		Gross amounts offset in consolidated balance sheet		Net amounts presented in consolidated balance sheet		Gross amounts not offset in consolidated balance sheet				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	100,202	$	(56,276)	$	43,926	$	—	$	(40,606)	$	3,320

MBS put options	17,795		—		17,795		—		—		17,795

Total Assets	$	117,997	$	(56,276)	$	61,721	$	—	$	(40,606)	$	21,115

Liabilities:
Forward sale contracts	$	66,970	$	(56,276)	$	10,694	$	—	$	(1,947)	$	8,747
Put options on treasuries	9,113		—		9,113		—		—		9,113
MBS put options	12,924		—		12,924		—		—		12,924
Interest rate swap futures	5,746		—		5,746		—		—		5,746
Warehouse and other lines of credit	4,265,343		—		4,265,343		(4,265,343)		—		—
Secured debt obligations (1)	1,439,841		—		1,439,841		(1,439,841)		—		—
Total Liabilities	$	5,799,937	$	(56,276)	$	5,743,661	$	(5,705,184)	$	(1,947)	$	36,530

(1)Secured debt obligations as of June 30, 2022 included secured credit facilities and Term Notes.


	December 31, 2021
	Gross amounts recognized		Gross amounts offset in consolidated balance sheets		Net amounts presented in consolidated balance sheets		Gross amounts not offset in consolidated balance sheets				Net amount

							Financial instruments		Cash collateral


Assets:
Forward sale contracts	$	29,497	$	(24,139)	$	5,358	$	—	$	(1,447)	$	3,911

Interest rate swap futures	4,924		—		4,924		—		—		4,924
Total Assets	$	34,421	$	(24,139)	$	10,282	$	—	$	(1,447)	$	8,835

Liabilities:
Forward sale contracts	$	27,103	$	(24,139)	$	2,964	$	—	$	(1,736)	$	1,228
Put options on treasuries	31,070		—		31,070		—		—		31,070

Warehouse and other lines of credit	7,457,199		—		7,457,199		(7,457,199)		—		—
Secured debt obligations (1)	545,596		—		545,596		(545,596)		—		—
Total Liabilities	$	8,060,968	$	(24,139)	$	8,036,829	$	(8,002,795)	$	(1,736)	$	32,298

(1)Secured debt obligations as of December 31, 2021 included secured credit facilities and Term Notes.

LOANS HELD FOR SALE, AT FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Unpaid Principal Balance of LHFS by Type of Loan

The following table represents the unpaid principal balance of LHFS by product type of loan as of June 30, 2022 and December 31, 2021:



	June 30, 2022			December 31, 2021
	Amount		%	Amount		%
Conforming - fixed	$	3,018,321	64%	$	4,881,222	61%
Conforming - ARM	26,694		1	351,408		4
Government - fixed	1,003,598		21	1,156,890		15
Government - ARM	6,951		—	10,906		—
Other - residential mortgage loans	648,560		14	1,576,858		20
Consumer loans	1,819		—	1,942		—
	4,705,943		100%	7,979,226		100%
Fair value adjustment	(49,605)			157,591
Total	$	4,656,338		$	8,136,817

Summary of Changes in Balance of Loans Held For Sale

A summary of the changes in the balance of loans held for sale is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	6,558,668	$	8,787,756	$	8,136,817	$	6,955,424
Origination and purchase of loans	15,769,229		34,413,319		37,142,855		75,814,894
Sales	(17,876,229)		(34,294,254)		(40,681,596)		(74,213,668)
Repurchases	194,650		111,385		333,666		663,700
Principal payments	(40,598)		(43,206)		(100,885)		(66,506)
Fair value gain (loss)	50,618		145,653		(174,519)		(33,191)
Balance at end of period	$	4,656,338	$	9,120,653	$	4,656,338	$	9,120,653

Components of Gain on Origination and Sale of Loans, Net

Gain on origination and sale of loans, net is comprised of the following components:



	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
(Discount) premium from loan sales	$	(437,194)	$	407,314	$	(673,291)	$	877,887
Servicing rights	180,455		427,458		450,215		957,002
Unrealized losses from derivative assets and liabilities	(190,545)		(510,788)		(31,803)		(182,467)
Realized gains from derivative assets and liabilities	553,834		250,912		902,875		350,548
Discount points, rebates and lender paid costs	71,767		(28,603)		131,834		(143,458)
Fair value gain (loss)	50,618		145,653		(174,519)		(33,191)
Provision for loan loss obligation for loans sold	(82,373)		533		(95,619)		(267)
Total gain on origination and sale of loans, net	$	146,562	$	692,479	$	509,692	$	1,826,054

SERVICING RIGHTS, AT FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2022

Transfers and Servicing [Abstract]

Summary of Outstanding Principal Balance of Servicing Rights

The outstanding principal balance of the servicing portfolio was comprised of the following:


	June 30, 2022		December 31, 2021
Conventional	$	120,545,854	$	127,270,097
Government	34,671,158		34,842,868
Total servicing portfolio	$	155,217,012	$	162,112,965

Summary of Unpaid Principal Balance Underlying Servicing Rights

A summary of the unpaid principal balance underlying servicing rights is as follows:


	June 30, 2022		December 31, 2021
Current loans	$	153,367,435	$	160,302,966
Loans 30 - 89 days delinquent	520,963		504,467
Loans 90 or more days delinquent or in foreclosure	1,328,614		1,305,532
Total servicing portfolio (1)	$	155,217,012	$	162,112,965

(1)At June 30, 2022 and December 31, 2021 0.4% and 0.6%, respectively, of the servicing portfolio was in forbearance as a result of payment relief efforts afforded to borrowers as a result of the Coronavirus Aid, Relief, and Economic Security Act and other regulatory guidance.

Summary of Changes in Servicing Rights

A summary of the changes in the balance of servicing rights, net of servicing rights liability is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	2,078,187	$	1,766,088	$	1,999,402	$	1,124,302
Additions	180,455		427,458		450,215		957,001
Sales proceeds, net	(86,464)		(182,113)		(399,314)		(182,788)
Changes in fair value:
Due to changes in valuation inputs or assumptions	98,795		(129,267)		297,792		101,757
Due to collection/realization of cash flows	(66,380)		(105,771)		(143,502)		(223,877)
Balance at end of period	$	2,204,593	$	1,776,395	$	2,204,593	$	1,776,395

Summary of Components of Loan Servicing Fee Income

The following is a summary of the components of loan servicing fee income as reported in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Contractual servicing fees	$	113,824	$	92,164	$	222,650	$	171,734
Late, ancillary and other fees	3,502		2,578		5,735		5,575
Servicing fee income	$	117,326	$	94,742	$	228,385	$	177,309

Summary of Components of Changes in Fair Value of Servicing Rights

The following is a summary of the components of changes in fair value of servicing rights, net as reported in the Company’s consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Changes in fair value:
Due to changes in valuation inputs or assumptions	$	98,795	$	(129,267)	$	297,792	$	101,757
Due to collection/realization of cash flows	(66,380)		(105,771)		(143,502)		(223,877)
Realized (losses) gains on sales of servicing rights	(2,493)		6,089		7,540		5,992
Net (loss) gain from derivatives hedging servicing rights	(63,429)		83,851		(263,720)		(72,605)
Changes in fair value of servicing rights, net	$	(33,507)	$	(145,098)	$	(101,890)	$	(188,733)

Servicing Rights Sensitivity Analysis

The table below illustrates hypothetical changes in fair values of servicing rights, caused by assumed immediate changes to key assumptions that are used to determine fair value.


	June 30, 2022		December 31, 2021
Fair Value of Servicing Rights, net	$	2,204,593	$	1,999,402
Change in Fair Value from adverse changes:
Discount Rate:
Increase 1%	(79,165)		(85,066)
Increase 2%	(152,847)		(163,255)
Cost of Servicing:
Increase 10%	(19,008)		(20,843)
Increase 20%	(38,045)		(41,727)
Prepayment Speed:
Increase 10%	(29,614)		(76,532)
Increase 20%	(58,466)		(148,556)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following summarizes the Company’s outstanding derivative instruments:


				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
June 30, 2022:
Interest rate lock commitments	$	5,120,259	Derivative asset, at fair value	$	91,886	$	—
Interest rate lock commitments	2,569,129		Derivative liabilities, at fair value	—		34,281

Forward sale contracts	17,168,753		Derivative asset, at fair value	43,926		—
Forward sale contracts	2,335,109		Derivative liabilities, at fair value	—		10,694

Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	3,500		Derivative liabilities, at fair value	—		9,113

MBS put options	2,150,000		Derivative asset, at fair value	17,795		—
MBS put options	1,300,000		Derivative liabilities, at fair value	—		12,924

Interest rate swap futures	—		Derivative asset, at fair value	—		—
Interest rate swap futures	3,339		Derivative liabilities, at fair value	—		5,746
			Total derivative financial instruments	$	153,607	$	72,758


				Fair Value
	Notional		Balance Sheet Location	Asset		Liability
December 31, 2021:
Interest rate lock commitments	$	11,530,721	Derivative asset, at fair value	$	184,383	$	—
Interest rate lock commitments	1,125,911		Derivative liabilities, at fair value	—		3,763

Forward sale contracts	19,482,705		Derivative asset, at fair value	5,358		—
Forward sale contracts	13,171,462		Derivative liabilities, at fair value	—		2,964

Put options on treasuries	—		Derivative asset, at fair value	—		—
Put options on treasuries	16,980		Derivative liabilities, at fair value	—		31,070

Interest rate swap futures	2,640		Derivative asset, at fair value	4,924		—
Interest rate swap futures	—		Derivative liabilities, at fair value	—		—
			Total derivative financial instruments	$	194,665	$	37,797

Net Gains (Losses) on Derivative Financial Instruments

The following summarizes the realized and unrealized net gains or losses on derivative financial instruments and the consolidated statements of operations line items where such gains and losses are included:


		Three Months Ended June 30,				Six Months Ended June 30,
Derivative instrument	Statements of Operations Location	2022		2021		2022		2021
Interest rate lock commitments, net	Gain on origination and sale of loans, net	$	45,605	$	86,303	$	(123,015)	$	(313,964)
Forward sale contracts	Gain on origination and sale of loans, net	297,939		(317,263)		962,458		507,082
Interest rate swap futures	Gain on origination and sale of loans, net	(50,848)		(22,217)		(84,530)		(52,208)
Put options	Gain on origination and sale of loans, net	70,593		(6,699)		116,159		27,171
Forward sale contracts	Change in fair value of servicing rights, net	(23,399)		33,925		(97,627)		(79,004)
Interest rate swap futures	Change in fair value of servicing rights, net	(38,916)		48,194		(165,579)		7,178
Put options	Change in fair value of servicing rights, net	(1,114)		1,732		(514)		(779)
Total realized and unrealized gains (losses) on derivative financial instruments		$	299,860	$	(176,025)	$	607,352	$	95,476

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A summary of the Company’s activity related to goodwill is as follows.


	Goodwill		Other intangible assets		Total
Balance, December 31, 2021	$	40,736	$	1,581	$	42,317
Amortization	—		(205)		(205)
Impairment loss	(40,736)		(1,376)		(42,112)
Balance, June 30, 2022	$	—	$	—	$	—


	Goodwill		Other intangible assets		Total
Balance, December 31, 2020	$	40,736	$	2,090	$	42,826
Amortization	—		(255)		(255)
Balance June 30, 2021	$	40,736	$	1,835	$	42,571

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-Name Accounting Standards Codification
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+ Details

VARIABLE INTEREST ENTITIES (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Investment in VIEs

The table below presents a summary of the carrying value and balance sheet classification of assets and liabilities in the Company’s securitization and SPE VIEs


	June 30, 2022		December 31, 2021

Assets
Loans held for sale, at fair value	$	1,800,968	$	2,557,490
Restricted cash	67,998		100,494
Servicing rights, at fair value	484,393		400,678
Prepaid expenses and other assets	37,349		17,756
	$	2,390,708	$	3,076,418

Liabilities
Warehouse and other lines of credit	$	1,800,000	$	2,600,000
Debt obligations, net:
MSR Facilities	114,711		15,000
Servicing advance facilities	32,739		15,070
Term notes	199,415		199,133

	$	2,146,865	$	2,829,203

The table below presents a summary of the nonconsolidated VIEs for which the Company holds variable interests.


	June 30, 2022
	Carrying value				Maximum exposure to loss		Total assets in VIEs
	Assets		Liabilities
Retained interests	$	105,308	$	—	$	105,308	$	2,376,297
Investments in joint ventures	18,408		—		18,408		15,061
	$	123,716	$	—	$	123,716

	December 31, 2021
	Carrying value				Maximum exposure to loss		Total assets in VIEs
	Assets		Liabilities
Retained interests	$	72,874	$	—	$	72,874	$	1,424,857
Investments in joint ventures	18,553		—		18,553		20,783
	$	91,427	$	—	$	91,427

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

WAREHOUSE AND OTHER LINES OF CREDIT (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following table presents information on warehouse borrowings and the outstanding balance as of June 30, 2022 and December 31, 2021:




								Outstanding Balance
	Committed Amount		Uncommitted Amount		Total Facility Amount		Expiration Date	June 30, 2022		December 31, 2021
Facility 1(1)	$	400,000	$	1,100,000	$	1,500,000	10/29/2022	$	643,618	$	851,088
Facility 2(2)	—		600,000		600,000		9/26/2022	160,471		295,743
Facility 3	—		500,000		500,000		4/18/2023	146,580		459,018
Facility 4	—		900,000		900,000		11/14/2022	325,842		266,230
Facility 5(2)	—		200,000		200,000		N/A	852		391
Facility 6(2)	100,000		1,000,000		1,100,000		10/10/2022	149,623		583,449
Facility 7(3)	750,000		750,000		1,500,000		5/5/2023	609,506		1,410,367


Facility 8	—		750,000		750,000		N/A	148,592		361,783
Facility 9(4)(5)	—		—		—		10/25/2022	—		600,000
Facility 10(4)	300,000		—		300,000		12/17/2023	300,000		500,000
Facility 11(2)(6)	—		500,000		500,000		9/23/2022	76,629		263,516

Facility 12(4)	500,000		—		500,000		2/2/2024	500,000		500,000
Facility 13(4)	500,000		—		500,000		4/23/2024	500,000		500,000
Facility 14	—		500,000		500,000		9/22/2022	203,630		365,614
Facility 15(4)	500,000		—		500,000		10/21/2024	500,000		500,000
Total	$	3,050,000	$	6,800,000	$	9,850,000		$	4,265,343	$	7,457,199

(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date.

(2)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date.

(3)In addition to the outstanding balance secured by mortgage loans, the Company has $114.7 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets.

(4)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans.

(5)This facility was prepaid and terminated in March 2022.

(6)This facility was prepaid and terminated in July 2022.

The following table presents certain information on warehouse borrowings:


	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Maximum outstanding balance during the period	$	6,407,547		$	9,180,276		$	7,672,559		$	9,180,276
Average balance outstanding during the period	4,928,772			8,164,737			5,605,996			7,838,140
Collateral pledged (loans held for sale)	4,408,362			8,919,427			4,408,362			8,919,427
Weighted average interest rate during the period	2.60		%	2.21		%	2.27		%	2.27		%

DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Information on Outstanding Debt

The following table presents the outstanding debt as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Secured debt obligations, net:
Secured credit facilities
MSR facilities	$	1,105,630	$	262,250
Securities financing facilities	98,900		66,439
Servicing advance facilities	32,739		15,070
Total secured credit facilities	1,237,269		343,759
Term Notes	199,415		199,133

Total secured debt obligations, net	1,436,684		542,892
Unsecured debt obligations, net:


Senior Notes	990,456		1,085,316

Total debt obligations, net	$	2,427,140	$	1,628,208

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Related Party Transactions

Fees earned, costs incurred, and amounts payable to or receivable from joint ventures were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Loan processing and administrative services fee income	$	4,548	$	3,754	$	7,878	$	7,107
Commitment fee income	1,255		—		1,255		—
Fee income from joint ventures	$	5,803	$	3,754	$	9,133	$	7,107

Loan origination broker fees expense	$	29,797	$	22,258	$	49,926	$	40,708


	June 30, 2022		December 31, 2021
Amounts (payable) receivable from joint ventures	$	(7,922)	$	1,855

EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Summary of Ownership of LD Holdings

The following table summarizes the ownership of LD Holdings as of June 30, 2022.


Holding Member Interests:	Holdco Units	Ownership Percentage
loanDepot, Inc.	160,619,719	51.35%
Continuing LLC Members	152,191,394	48.65%
Total	312,811,113	100.00%

EARNINGS (LOSS) PER SHARE (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the calculation of basic and diluted earnings (loss) per share for Class A common stock and Class D common stock:


	Three Months Ended						Six Months Ended
	June 30, 2022						June 30, 2022
	Class A		Class D		Total		Class A		Class D		Total


Net loss attributable to loanDepot, Inc.	$	(37,266)	$	(63,662)	$	(100,928)	$	(45,531)	$	(90,137)	$	(135,669)





Weighted average shares - basic	56,795,709		97,026,671		153,822,380		49,138,217		97,276,918		146,415,135

Loss per share - basic	$	(0.66)	$	(0.66)	$	(0.66)	$	(0.93)	$	(0.93)	$	(0.93)

Diluted loss per share:



Net loss allocated to common stockholders - diluted	$	(37,266)	$	(63,662)	$	(100,928)	$	(45,531)	$	(90,137)	$	(135,668)





Weighted average shares - diluted	56,795,709		97,026,671		153,822,380		49,138,217		97,276,918		146,415,135

Loss per share - diluted	$	(0.66)	$	(0.66)	$	(0.66)	$	(0.93)	$	(0.93)	$	(0.93)


	Three Months Ended						Six Months Ended
	June 30, 2021						June 30, 2021
	Class A		Class D		Total		Class A		Class D		Total


Net income attributable to loanDepot, Inc.	$	678	$	7,883	$	8,561	$	3,633	$	49,803	$	53,436





Weighted average shares - basic	10,038,195		116,688,681		126,726,876		8,592,536		117,800,413		126,392,949

Earnings per share - basic	$	0.07	$	0.07	$	0.07	$	0.42	$	0.42	$	0.42

Diluted income per share:



Net income allocated to common stockholders - diluted	$	678	$	7,883	$	8,561	$	3,633	$	49,803	$	53,436





Weighted average shares - diluted	10,038,195		116,688,681		126,726,876		8,592,536		117,800,413		126,392,949

Earnings per share - diluted	$	0.07	$	0.07	$	0.07	$	0.42	$	0.42	$	0.42

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loan Loss Obligation

The activity related to the loan loss obligation for sold loans is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Balance at beginning of period	$	41,159	$	30,052	$	29,877	$	33,591
Provision for loan loss obligations	82,373		(533)		95,619		267
Charge-offs	(37,659)		(2,893)		(39,623)		(7,232)
Balance at end of period	$	85,873	$	26,626	$	85,873	$	26,626

DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-controlling Interests (Details)		6 Months Ended
	Feb. 12, 2021	Jun. 30, 2022
Noncontrolling Interest [Line Items]
Stock, exchange ratio	1	1
LD Holdings \| LDLLC
Noncontrolling Interest [Line Items]
Ownership percentage		99.99%
LD Holdings \| ART
Noncontrolling Interest [Line Items]
Ownership percentage		100.00%
LD Holdings \| LDSS
Noncontrolling Interest [Line Items]
Ownership percentage		100.00%
LD Holdings \| Mello
Noncontrolling Interest [Line Items]
Ownership percentage		100.00%
LD Holdings \| MCS
Noncontrolling Interest [Line Items]
Ownership percentage		100.00%

DESCRIPTION OF BUSINESS, PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details)	6 Months Ended
	Jun. 30, 2022
Loan Originations Benchmark \| Geographic Concentration Risk \| California
Concentration of Risk [Line Items]
Concentration risk, percentage	23.00%
Mortgage Loans Benchmark \| Investor Concentration Risk \| Investor 1
Concentration of Risk [Line Items]
Concentration risk, percentage	32.00%
Mortgage Loans Benchmark \| Investor Concentration Risk \| Investor 2
Concentration of Risk [Line Items]
Concentration risk, percentage	27.00%
Mortgage Loans Benchmark \| Investor Concentration Risk \| Investor 3
Concentration of Risk [Line Items]
Concentration risk, percentage	19.00%
Warehouse Lines of Credit Benchmark \| Lender Concentration Risk \| Lender 1
Concentration of Risk [Line Items]
Concentration risk, percentage	14.00%
Warehouse Lines of Credit Benchmark \| Lender Concentration Risk \| Lender 2
Concentration of Risk [Line Items]
Concentration risk, percentage	15.00%

FAIR VALUE - Financial Statement Items on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Loans held for sale, at fair value	$ 4,656,338	$ 8,136,817
Derivative assets, at fair value	153,607	194,665
Servicing rights, at fair value	2,213,700	2,006,712
Trading securities, at fair value	105,308	72,874
Liabilities
Derivative liabilities, at fair value	72,758	37,797
Fair Value, Recurring
Assets
Loans held for sale, at fair value	4,656,338	8,136,817
Servicing rights, at fair value	2,213,700	2,006,712
Trading securities, at fair value	105,308	72,874
Liabilities
Servicing rights, at fair value	9,107	7,310
Fair Value, Recurring \| Level 1
Assets
Loans held for sale, at fair value	0	0
Servicing rights, at fair value	0	0
Trading securities, at fair value	0	0
Liabilities
Servicing rights, at fair value	0	0
Fair Value, Recurring \| Level 2
Assets
Loans held for sale, at fair value	4,656,338	8,136,817
Servicing rights, at fair value	0	0
Trading securities, at fair value	105,308	72,874
Liabilities
Servicing rights, at fair value	0	0
Fair Value, Recurring \| Level 3
Assets
Loans held for sale, at fair value	0	0
Servicing rights, at fair value	2,213,700	2,006,712
Trading securities, at fair value	0	0
Liabilities
Servicing rights, at fair value	9,107	7,310
Fair Value, Recurring \| Carrying Amount
Assets
Cash and cash equivalents	954,930	419,571
Restricted cash	194,645	201,025
Loans held for sale, at fair value	4,656,338	8,136,817
Derivative assets, at fair value	153,607	194,665
Servicing rights, at fair value	2,213,700	2,006,712
Trading securities, at fair value	105,308	72,874
Loans eligible for repurchase	506,454	363,373
Liabilities
Warehouse and other lines of credit	4,265,343	7,457,199
Derivative liabilities, at fair value	72,758	37,797
Servicing rights, at fair value	9,107	7,310
Liability for loans eligible for repurchase	506,454	363,373
Fair Value, Recurring \| Carrying Amount \| Secured credit facilities
Liabilities
Debt obligations:	1,237,269	343,759
Fair Value, Recurring \| Carrying Amount \| Term Notes
Liabilities
Debt obligations:	199,415	199,133
Fair Value, Recurring \| Carrying Amount \| Senior Notes
Liabilities
Debt obligations:	990,456	1,085,316
Fair Value, Recurring \| Estimated Fair Value \| Level 1
Assets
Cash and cash equivalents	954,930	419,571
Restricted cash	194,645	201,025
Loans held for sale, at fair value	0	0
Derivative assets, at fair value	0	4,924
Servicing rights, at fair value	0	0
Trading securities, at fair value	0	0
Loans eligible for repurchase	0	0
Liabilities
Warehouse and other lines of credit	0	0
Derivative liabilities, at fair value	14,859	31,070
Servicing rights, at fair value	0	0
Liability for loans eligible for repurchase	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 1 \| Secured credit facilities
Liabilities
Debt obligations:	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 1 \| Term Notes
Liabilities
Debt obligations:	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 1 \| Senior Notes
Liabilities
Debt obligations:	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans held for sale, at fair value	4,656,338	8,136,817
Derivative assets, at fair value	61,721	5,358
Servicing rights, at fair value	0	0
Trading securities, at fair value	105,308	72,874
Loans eligible for repurchase	506,454	363,373
Liabilities
Warehouse and other lines of credit	4,265,343	7,457,199
Derivative liabilities, at fair value	23,618	2,964
Servicing rights, at fair value	0	0
Liability for loans eligible for repurchase	506,454	363,373
Fair Value, Recurring \| Estimated Fair Value \| Level 2 \| Secured credit facilities
Liabilities
Debt obligations:	1,239,841	345,596
Fair Value, Recurring \| Estimated Fair Value \| Level 2 \| Term Notes
Liabilities
Debt obligations:	200,000	200,000
Fair Value, Recurring \| Estimated Fair Value \| Level 2 \| Senior Notes
Liabilities
Debt obligations:	657,453	1,057,977
Fair Value, Recurring \| Estimated Fair Value \| Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Loans held for sale, at fair value	0	0
Derivative assets, at fair value	91,886	184,383
Servicing rights, at fair value	2,213,700	2,006,712
Trading securities, at fair value	0	0
Loans eligible for repurchase	0	0
Liabilities
Warehouse and other lines of credit	0	0
Derivative liabilities, at fair value	34,281	3,763
Servicing rights, at fair value	9,107	7,310
Liability for loans eligible for repurchase	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 3 \| Secured credit facilities
Liabilities
Debt obligations:	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 3 \| Term Notes
Liabilities
Debt obligations:	0	0
Fair Value, Recurring \| Estimated Fair Value \| Level 3 \| Senior Notes
Liabilities
Debt obligations:	$ 0	$ 0

FAIR VALUE - Financial Statement Items on Recurring Basis by Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Loans held for sale	$ 4,656,338	$ 8,136,817
Trading securities, at fair value	105,308	72,874
Derivative assets	153,607	194,665
Servicing rights	2,213,700	2,006,712
Liabilities
Derivative liabilities	72,758	37,797
Interest rate lock commitments
Assets
Derivative assets	91,886	184,383
Liabilities
Derivative liabilities	34,281	3,763
Interest rate swap futures
Assets
Derivative assets	0	4,924
Liabilities
Derivative liabilities	5,746	0
Forward sale contracts
Assets
Derivative assets	43,926	5,358
Liabilities
Derivative liabilities	10,694	2,964
MBS put options
Assets
Derivative assets	17,795
Liabilities
Derivative liabilities	12,924
Put options on treasuries
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	9,113	31,070
Fair Value, Recurring
Assets
Loans held for sale	4,656,338	8,136,817
Trading securities, at fair value	105,308	72,874
Servicing rights	2,213,700	2,006,712
Total assets at fair value	7,128,953	10,411,068
Liabilities
Servicing rights	9,107	7,310
Total liabilities at fair value	81,865	45,107
Fair Value, Recurring \| Interest rate lock commitments
Assets
Derivative assets	91,886	184,383
Liabilities
Derivative liabilities	34,281	3,763
Fair Value, Recurring \| Interest rate swap futures
Assets
Derivative assets		4,924
Liabilities
Derivative liabilities	5,746
Fair Value, Recurring \| Forward sale contracts
Assets
Derivative assets	43,926	5,358
Liabilities
Derivative liabilities	10,694	2,964
Fair Value, Recurring \| MBS put options
Assets
Derivative assets	17,795
Liabilities
Derivative liabilities	12,924
Fair Value, Recurring \| Put options on treasuries
Liabilities
Derivative liabilities	9,113	31,070
Fair Value, Recurring \| Level 1
Assets
Loans held for sale	0	0
Trading securities, at fair value	0	0
Servicing rights	0	0
Total assets at fair value	0	4,924
Liabilities
Servicing rights	0	0
Total liabilities at fair value	14,859	31,070
Fair Value, Recurring \| Level 1 \| Interest rate lock commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Fair Value, Recurring \| Level 1 \| Interest rate swap futures
Assets
Derivative assets		4,924
Liabilities
Derivative liabilities	5,746
Fair Value, Recurring \| Level 1 \| Forward sale contracts
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Fair Value, Recurring \| Level 1 \| MBS put options
Assets
Derivative assets	0
Liabilities
Derivative liabilities	0
Fair Value, Recurring \| Level 1 \| Put options on treasuries
Liabilities
Derivative liabilities	9,113	31,070
Fair Value, Recurring \| Level 2
Assets
Loans held for sale	4,656,338	8,136,817
Trading securities, at fair value	105,308	72,874
Servicing rights	0	0
Total assets at fair value	4,823,367	8,215,049
Liabilities
Servicing rights	0	0
Total liabilities at fair value	23,618	2,964
Fair Value, Recurring \| Level 2 \| Interest rate lock commitments
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Fair Value, Recurring \| Level 2 \| Interest rate swap futures
Assets
Derivative assets		0
Liabilities
Derivative liabilities	0
Fair Value, Recurring \| Level 2 \| Forward sale contracts
Assets
Derivative assets	43,926	5,358
Liabilities
Derivative liabilities	10,694	2,964
Fair Value, Recurring \| Level 2 \| MBS put options
Assets
Derivative assets	17,795
Liabilities
Derivative liabilities	12,924
Fair Value, Recurring \| Level 2 \| Put options on treasuries
Liabilities
Derivative liabilities	0	0
Fair Value, Recurring \| Level 3
Assets
Loans held for sale	0	0
Trading securities, at fair value	0	0
Servicing rights	2,213,700	2,006,712
Total assets at fair value	2,305,586	2,191,095
Liabilities
Servicing rights	9,107	7,310
Total liabilities at fair value	43,388	11,073
Fair Value, Recurring \| Level 3 \| Interest rate lock commitments
Assets
Derivative assets	91,886	184,383
Liabilities
Derivative liabilities	34,281	3,763
Fair Value, Recurring \| Level 3 \| Interest rate swap futures
Assets
Derivative assets		0
Liabilities
Derivative liabilities	0
Fair Value, Recurring \| Level 3 \| Forward sale contracts
Assets
Derivative assets	0	0
Liabilities
Derivative liabilities	0	0
Fair Value, Recurring \| Level 3 \| MBS put options
Assets
Derivative assets	0
Liabilities
Derivative liabilities	0
Fair Value, Recurring \| Level 3 \| Put options on treasuries
Liabilities
Derivative liabilities	$ 0	$ 0

FAIR VALUE - Assets and Liabilities on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Servicing Rights, net
Servicing Rights:
Balance at beginning of period	$ 2,078,187	$ 1,766,088	$ 1,999,402	$ 1,124,302
Total net gains (losses) included in earnings (realized and unrealized)	212,777	203,937	624,546	846,359
Sales	(86,371)	(193,630)	(419,355)	(194,266)
Settlements	0	0	0	0
Transfers of IRLCs to closed loans	0	0	0	0
Balance at end of period	2,204,593	1,776,395	2,204,593	1,776,395
Interest Rate Lock Commitments
Derivatives:
Balance at beginning of period	12,000	246,778	180,620	647,045
Total net gains or losses included in earnings (realized and unrealized)	114,197	720,422	257,154	1,108,970
Sales	0	0	0	0
Settlements	(38,536)	(432,748)	(271,458)	(1,026,450)
Transfers of IRLCs to closed loans	(30,056)	(201,371)	(108,711)	(396,484)
Balance at end of period	$ 57,605	$ 333,081	$ 57,605	$ 333,081

FAIR VALUE - Gains and Losses in Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Assets:
Gain on origination and sale of loans, net	$ 180,455	$ 427,458	$ 450,215	$ 957,001
Gains included in change in fair value of servicing rights	32,300	(223,500)	174,300	(110,600)
Level 3 \| Servicing Rights, net
Assets:
Total net gains (losses) included in earnings	212,777	203,937	624,546	846,359
Change in unrealized gains relating to assets and liabilities still held at period end	215,835	296,555	615,444	1,038,347
Level 3 \| Interest Rate Lock Commitments
Derivatives:
Total net gains (losses) included in earnings	45,605	86,303	(123,015)	(313,964)
Change in unrealized gains relating to assets and liabilities still held at period end	$ 57,605	$ 333,081	$ 57,605	$ 333,081

FAIR VALUE - Fair Value Inputs and Valuation Techniques (Details)	Jun. 30, 2022 $ / loan	Dec. 31, 2021 $ / loan
IRLCs \| Minimum \| Pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.010	0.003
IRLCs \| Maximum \| Pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.999	0.993
IRLCs \| Weighted Average \| Pull-through rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.802	0.742
Servicing rights \| Minimum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	0.046	0.045
Servicing rights \| Minimum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	0.054	0.084
Servicing rights \| Minimum \| Cost to service (per loan)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	63	70
Servicing rights \| Maximum \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	0.105	0.090
Servicing rights \| Maximum \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	0.149	0.187
Servicing rights \| Maximum \| Cost to service (per loan)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	136	114
Servicing rights \| Weighted Average \| Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	0.062	0.058
Servicing rights \| Weighted Average \| Prepayment rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	0.072	0.102
Servicing rights \| Weighted Average \| Cost to service (per loan)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing right, measurement input	85	82

BALANCE SHEET NETTING (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets:
Net amounts presented in consolidated balance sheet	$ 153,607	$ 194,665
Liabilities:
Net amounts presented in consolidated balance sheet	72,758	37,797
Total liabilities, gross amounts recognized	5,799,937	8,060,968
Total liabilities, gross amounts offset in consolidated balance sheet	(56,276)	(24,139)
Total liabilities, net amounts presented in consolidated balance sheet	5,743,661	8,036,829
Total liabilities, gross amounts not offset in consolidated balance sheet, financial instruments	(5,705,184)	(8,002,795)
Total liabilities, gross amounts not offset in consolidated balance sheet, cash collateral	(1,947)	(1,736)
Total liabilities, net amount	36,530	32,298
Warehouse and other lines of credit
Liabilities:
Gross amounts offset in consolidated balance sheet	0	0
Securities loaned, gross/net amounts recognized	4,265,343	7,457,199
Securities loaned, gross amounts not offset in consolidated balance sheet, financial instruments	(4,265,343)	(7,457,199)
Securities loaned, gross amounts not offset in consolidated balance sheet, cash collateral	0	0
Securities loaned, net amount	0	0
Secured debt obligations
Liabilities:
Gross amounts offset in consolidated balance sheet	0	0
Securities loaned, gross/net amounts recognized	1,439,841	545,596
Securities loaned, gross amounts not offset in consolidated balance sheet, financial instruments	(1,439,841)	(545,596)
Securities loaned, gross amounts not offset in consolidated balance sheet, cash collateral	0	0
Securities loaned, net amount	0	0
Forward sale contracts
Assets:
Gross amounts recognized	100,202	29,497
Gross amounts offset in consolidated balance sheet	(56,276)	(24,139)
Net amounts presented in consolidated balance sheet	43,926	5,358
Gross amounts not offset in consolidated balance sheet, financial instruments	0	0
Gross amounts not offset in consolidated balance sheet, cash collateral	(40,606)	(1,447)
Net amount	3,320	3,911
Liabilities:
Gross amounts recognized	66,970	27,103
Gross amounts offset in consolidated balance sheet	(56,276)	(24,139)
Net amounts presented in consolidated balance sheet	10,694	2,964
Gross amounts not offset in consolidated balance sheet, financial instruments	0	0
Gross amounts not offset in consolidated balance sheet, cash collateral	(1,947)	(1,736)
Net amount	8,747	1,228
Put options on treasuries
Assets:
Net amounts presented in consolidated balance sheet	0	0
Liabilities:
Gross amounts recognized	9,113	31,070
Gross amounts offset in consolidated balance sheet	0	0
Net amounts presented in consolidated balance sheet	9,113	31,070
Gross amounts not offset in consolidated balance sheet, financial instruments	0	0
Gross amounts not offset in consolidated balance sheet, cash collateral	0	0
Net amount	9,113	31,070
MBS put options
Assets:
Gross amounts recognized	17,795
Gross amounts offset in consolidated balance sheet	0
Net amounts presented in consolidated balance sheet	17,795
Gross amounts not offset in consolidated balance sheet, financial instruments	0
Gross amounts not offset in consolidated balance sheet, cash collateral	0
Net amount	17,795
Liabilities:
Gross amounts recognized	12,924
Gross amounts offset in consolidated balance sheet	0
Net amounts presented in consolidated balance sheet	12,924
Gross amounts not offset in consolidated balance sheet, financial instruments	0
Gross amounts not offset in consolidated balance sheet, cash collateral	0
Net amount	12,924
Interest rate swap futures
Assets:
Gross amounts recognized		4,924
Gross amounts offset in consolidated balance sheet		0
Net amounts presented in consolidated balance sheet	0	4,924
Gross amounts not offset in consolidated balance sheet, financial instruments		0
Gross amounts not offset in consolidated balance sheet, cash collateral		0
Net amount		4,924
Liabilities:
Gross amounts recognized	5,746
Gross amounts offset in consolidated balance sheet	0
Net amounts presented in consolidated balance sheet	5,746	0
Gross amounts not offset in consolidated balance sheet, financial instruments	0
Gross amounts not offset in consolidated balance sheet, cash collateral	0
Net amount	5,746
All except interest rate lock commitments
Assets:
Gross amounts recognized	117,997	34,421
Gross amounts offset in consolidated balance sheet	(56,276)	(24,139)
Net amounts presented in consolidated balance sheet	61,721	10,282
Gross amounts not offset in consolidated balance sheet, financial instruments	0	0
Gross amounts not offset in consolidated balance sheet, cash collateral	(40,606)	(1,447)
Net amount	$ 21,115	$ 8,835

LOANS HELD FOR SALE, AT FAIR VALUE - Unpaid Principal Balance of LHFS by Loan Type (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 4,705,943	$ 7,979,226
Fair value adjustment	(49,605)	157,591
Total	$ 4,656,338	$ 8,136,817
Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	100.00%	100.00%
Fixed \| Confirming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 3,018,321	$ 4,881,222
Fixed \| Confirming \| Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	64.00%	61.00%
Fixed \| Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 1,003,598	$ 1,156,890
Fixed \| Government \| Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	21.00%	15.00%
ARM \| Confirming
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 26,694	$ 351,408
ARM \| Confirming \| Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	1.00%	4.00%
ARM \| Government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 6,951	$ 10,906
ARM \| Government \| Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	0.00%	0.00%
Other - residential mortgage loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 648,560	$ 1,576,858
Other - residential mortgage loans \| Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	14.00%	20.00%
Consumer loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 1,819	$ 1,942
Consumer loans \| Product Concentration Risk \| Receivables Benchmark
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	0.00%	0.00%

LOANS HELD FOR SALE, AT FAIR VALUE - Summary of Changes in Balances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward]
Balance at beginning of period	$ 6,558,668	$ 8,787,756	$ 8,136,817	$ 6,955,424
Origination and purchase of loans	15,769,229	34,413,319	37,142,855	75,814,894
Sales	(17,876,229)	(34,294,254)	(40,681,596)	(74,213,668)
Repurchases	194,650	111,385	333,666	663,700
Principal payments	(40,598)	(43,206)	(100,885)	(66,506)
Fair value gain (loss)	50,618	145,653	(174,519)	(33,191)
Balance at end of period	$ 4,656,338	$ 9,120,653	$ 4,656,338	$ 9,120,653

LOANS HELD FOR SALE, AT FAIR VALUE - Components of Gain on Origination and Sale of Loans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Receivables [Abstract]
(Discount) premium from loan sales	$ (437,194)	$ 407,314	$ (673,291)	$ 877,887
Servicing rights	180,455	427,458	450,215	957,002
Unrealized losses from derivative assets and liabilities	(190,545)	(510,788)	(31,803)	(182,467)
Realized gains from derivative assets and liabilities	553,834	250,912	902,875	350,548
Discount points, rebates and lender paid costs	71,767	(28,603)	131,834	(143,458)
Fair value gain (loss)	50,618	145,653	(174,519)	(33,191)
Provision for loan loss obligation for loans sold	(82,373)	533	(95,619)	(267)
Total gain on origination and sale of loans, net	146,562	$ 692,479	509,692	$ 1,826,054
Loans held for sale on non-accrual status	$ 23,700		$ 23,700		$ 28,800

SERVICING RIGHTS, AT FAIR VALUE - Components of Service Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Servicing Assets at Fair Value [Line Items]
Total portfolio	$ 155,217,012	$ 162,112,965
Conventional
Servicing Assets at Fair Value [Line Items]
Total portfolio	120,545,854	127,270,097
Government
Servicing Assets at Fair Value [Line Items]
Total portfolio	$ 34,671,158	$ 34,842,868

SERVICING RIGHTS, AT FAIR VALUE - Unpaid Principal of Servicing Portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Servicing Assets at Fair Value [Line Items]
Total portfolio	$ 155,217,012	$ 162,112,965
Percentage of servicing portfolio in forbearance resulting from COVID-19	0.40%	0.60%
Current loans
Servicing Assets at Fair Value [Line Items]
Total portfolio	$ 153,367,435	$ 160,302,966
Loans 30 - 89 days delinquent
Servicing Assets at Fair Value [Line Items]
Total portfolio	520,963	504,467
Loans 90 or more days delinquent or in foreclosure
Servicing Assets at Fair Value [Line Items]
Total portfolio	$ 1,328,614	$ 1,305,532

SERVICING RIGHTS, AT FAIR VALUE - Change in Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	$ 2,078,187	$ 1,766,088	$ 1,999,402	$ 1,124,302
Additions	180,455	427,458	450,215	957,001
Sales proceeds, net	(86,464)	(182,113)	(399,314)	(182,788)
Due to changes in valuation inputs or assumptions	98,795	(129,267)	297,792	101,757
Due to collection/realization of cash flows	(66,380)	(105,771)	(143,502)	(223,877)
Balance at end of period	$ 2,204,593	$ 1,776,395	$ 2,204,593	$ 1,776,395

SERVICING RIGHTS, AT FAIR VALUE - Component of Loan Servicing Fee Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 113,824	$ 92,164	$ 222,650	$ 171,734
Late, ancillary and other fees	3,502	2,578	5,735	5,575
Total	$ 117,326	$ 94,742	$ 228,385	$ 177,309

SERVICING RIGHTS, AT FAIR VALUE - Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Transfers and Servicing [Abstract]
Due to changes in valuation inputs or assumptions	$ 98,795	$ (129,267)	$ 297,792	$ 101,757
Due to collection/realization of cash flows	(66,380)	(105,771)	(143,502)	(223,877)
Realized (losses) gains on sales of servicing rights	(2,493)	6,089	7,540	5,992
Net (loss) gain from derivatives hedging servicing rights	(63,429)	83,851	(263,720)	(72,605)
Changes in fair value of servicing rights, net	$ (33,507)	$ (145,098)	$ (101,890)	$ (188,733)

SERVICING RIGHTS, AT FAIR VALUE - Servicing Rights Sensitivity Analysis (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Transfers and Servicing [Abstract]
Fair Value of Servicing Rights, net	$ 2,204,593	$ 1,999,402
Discount rate, increase 1%	(79,165)	(85,066)
Discount rate, increase 2%	(152,847)	(163,255)
Cost of servicing. increase 10%	(19,008)	(20,843)
Cost of servicing. increase 20%	(38,045)	(41,727)
Prepayment speed, increase 10%	(29,614)	(76,532)
Prepayment speed, increase 20%	$ (58,466)	$ (148,556)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Outstanding Derivative Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Fair Value, Asset	$ 153,607	$ 194,665
Fair Value, Liability	72,758	37,797
Interest rate lock commitments
Derivative [Line Items]
Notional, Assets	5,120,259	11,530,721
Notional, Liabilities	2,569,129	1,125,911
Fair Value, Asset	91,886	184,383
Fair Value, Liability	34,281	3,763
Forward sale contracts
Derivative [Line Items]
Notional, Assets	17,168,753	19,482,705
Notional, Liabilities	2,335,109	13,171,462
Fair Value, Asset	43,926	5,358
Fair Value, Liability	10,694	2,964
Put options on treasuries
Derivative [Line Items]
Notional, Assets	0	0
Notional, Liabilities	3,500	16,980
Fair Value, Asset	0	0
Fair Value, Liability	9,113	31,070
MBS put options
Derivative [Line Items]
Notional, Assets	2,150,000
Notional, Liabilities	1,300,000
Fair Value, Asset	17,795
Fair Value, Liability	12,924
Interest rate swap futures
Derivative [Line Items]
Notional, Assets	0	2,640
Notional, Liabilities	3,339	0
Fair Value, Asset	0	4,924
Fair Value, Liability	$ 5,746	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES - Realized and Unrealized Gains on Derivatives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	$ 299,860	$ (176,025)	$ 607,352	$ 95,476
Gain on origination and sale of loans, net \| Interest rate lock commitments
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	45,605	86,303	(123,015)	(313,964)
Gain on origination and sale of loans, net \| Forward sale contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	297,939	(317,263)	962,458	507,082
Gain on origination and sale of loans, net \| Interest rate swap futures
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	(50,848)	(22,217)	(84,530)	(52,208)
Gain on origination and sale of loans, net \| Put options
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	70,593	(6,699)	116,159	27,171
Change in fair value of servicing rights, net \| Forward sale contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	(23,399)	33,925	(97,627)	(79,004)
Change in fair value of servicing rights, net \| Interest rate swap futures
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	(38,916)	48,194	(165,579)	7,178
Change in fair value of servicing rights, net \| Put options
Derivative Instruments, Gain (Loss) [Line Items]
Total realized and unrealized gains (losses) on derivative financial instruments	$ (1,114)	$ 1,732	$ (514)	$ (779)

GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets [Roll Forward]
Goodwill			$ 40,736	$ 40,736
Other intangible assets			1,581	2,090
Goodwill and intangible assets			42,317	42,826
Amortization			(205)	(255)
Impairment loss	$ (1,400)		(1,376)
Impairment loss	(40,736)	$ 0	(40,736)	0
Goodwill and intangible asset impairment			(42,112)
Goodwill	0	40,736	0	40,736
Other intangible assets	0	1,835	0	1,835
Goodwill and intangible assets	$ 0	$ 42,571	$ 0	$ 42,571

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment loss	$ 40,736	$ 0	$ 40,736	$ 0
Amortization			205	$ 255
Impairment of intangible assets	$ 1,400		$ 1,376

VARIABLE INTEREST ENTITIES - Consolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Loans held for sale, at fair value	$ 4,656,338	$ 6,558,668	$ 8,136,817	$ 9,120,653	$ 8,787,756	$ 6,955,424
Restricted cash	194,645		201,025
Servicing rights, at fair value	2,213,700		2,006,712
Prepaid expenses and other assets	140,145		140,315
Total assets	9,195,187		11,812,313
Warehouse and other lines of credit	4,265,343		7,457,199
Debt obligations, net	2,427,140		1,628,208
Total liabilities	7,981,324		10,182,953
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Loans held for sale, at fair value	1,800,968		2,557,490
Restricted cash	67,998		100,494
Servicing rights, at fair value	484,393		400,678
Prepaid expenses and other assets	37,349		17,756
Total assets	2,390,708		3,076,418
Warehouse and other lines of credit	1,800,000		2,600,000
Total liabilities	2,146,865		2,829,203
Variable Interest Entity, Primary Beneficiary \| MSR Facilities
Variable Interest Entity [Line Items]
Debt obligations, net	114,711		15,000
Variable Interest Entity, Primary Beneficiary \| Servicing advance facilities
Variable Interest Entity [Line Items]
Debt obligations, net	32,739		15,070
Variable Interest Entity, Primary Beneficiary \| Term Notes
Variable Interest Entity [Line Items]
Debt obligations, net	$ 199,415		$ 199,133

VARIABLE INTEREST ENTITIES - Nonconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Retained interests at carrying value	$ 105,308	$ 72,874
Investments in joint ventures	18,408	18,553
Total assets	9,195,187	11,812,313
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Total assets	123,716	91,427
Maximum exposure to loss	123,716	91,427
Variable Interest Entity, Not Primary Beneficiary \| Joint Venture
Variable Interest Entity [Line Items]
Investments in joint ventures	18,408	18,553
Maximum exposure to loss	18,408	18,553
Total assets in VIEs	15,061	20,783
Variable Interest Entity, Not Primary Beneficiary \| Retained Interests
Variable Interest Entity [Line Items]
Retained interests at carrying value	105,308	72,874
Maximum exposure to loss	105,308	72,874
Total assets in VIEs	$ 2,376,297	$ 1,424,857

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Variable Interest Entity [Line Items]
Total portfolio	$ 155,217,012		$ 155,217,012		$ 162,112,965
Loans 90 or more days delinquent or in foreclosure
Variable Interest Entity [Line Items]
Total portfolio	1,328,614		1,328,614		1,305,532
Variable Interest Entity, Not Primary Beneficiary \| Pledged as Collateral
Variable Interest Entity [Line Items]
Total assets in VIEs	2,376,297		2,376,297		1,424,857
Variable Interest Entity, Not Primary Beneficiary \| Joint Venture
Variable Interest Entity [Line Items]
Total assets in VIEs	15,061		15,061		$ 20,783
Share in net earnings of joint ventures	4,200	$ 2,900	6,200	$ 5,100
Variable Interest Entity, Not Primary Beneficiary \| Loans 90 or more days delinquent or in foreclosure
Variable Interest Entity [Line Items]
Total portfolio	$ 500		$ 500

WAREHOUSE AND OTHER LINES OF CREDIT - Additional Information (Details)		1 Months Ended					6 Months Ended
	Oct. 30, 2021	Mar. 31, 2022 USD ($)	Apr. 30, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 31, 2020 USD ($)	Jun. 30, 2022 USD ($) lineOfCredit	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Number of lines of credit held \| lineOfCredit							14
Restricted cash							$ 194,645,000		$ 201,025,000
Repayments of lines of credit							45,714,257,000	$ 83,211,614,000
Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Restricted cash							$ 7,000,000		$ 8,000,000
Warehouse Agreement Borrowings \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, term							1 year
Warehouse Agreement Borrowings \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)							2.25%
Debt instrument, term							2 years
Warehouse Agreement Borrowings \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)							1.02%
Warehouse and Revolving Credit Facilities
Line of Credit Facility [Line Items]
Maximum borrowing capacity							$ 9,850,000,000
Securitization Facilities \| 2020-1 Securitization Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 600,000,000
Debt instrument, term						2 years
Securitization Facilities \| 2020-2 Securitization Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 500,000,000
Debt instrument, term					3 years
Repayments of lines of credit		$ 200,000,000
Outstanding balance							$ 300,000,000
Securitization Facilities \| 2021-1 Securitization Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 500,000,000
Debt instrument, term				3 years
Securitization Facilities \| 2021-2 Securitization Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 500,000,000
Debt instrument, term			3 years
Securitization Facilities \| 2021-3 Securitization Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity										$ 500,000,000
Debt instrument, term	3 years
Securitization Facilities \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, term							2 years
Securitization Facilities \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, term							3 years

WAREHOUSE AND OTHER LINES OF CREDIT - Warehouse Borrowings (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Outstanding Balance	$ 4,265,343,000	$ 7,457,199,000
Debt obligations, net	2,427,140,000	1,628,208,000
Finance Servicing Rights
Line of Credit Facility [Line Items]
Debt obligations, net	114,700,000
Warehouse and Revolving Credit Facilities
Line of Credit Facility [Line Items]
Committed Amount	3,050,000,000
Uncommitted Amount	6,800,000,000
Total Facility Amount	9,850,000,000
Outstanding Balance	4,265,343,000	7,457,199,000
Warehouse and Revolving Credit Facilities \| Facility 1
Line of Credit Facility [Line Items]
Committed Amount	400,000,000
Uncommitted Amount	1,100,000,000
Total Facility Amount	1,500,000,000
Outstanding Balance	643,618,000	851,088,000
Warehouse and Revolving Credit Facilities \| Facility 2
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	600,000,000
Total Facility Amount	600,000,000
Outstanding Balance	160,471,000	295,743,000
Warehouse and Revolving Credit Facilities \| Facility 3
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	500,000,000
Total Facility Amount	500,000,000
Outstanding Balance	146,580,000	459,018,000
Warehouse and Revolving Credit Facilities \| Facility 4
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	900,000,000
Total Facility Amount	900,000,000
Outstanding Balance	325,842,000	266,230,000
Warehouse and Revolving Credit Facilities \| Facility 5
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	200,000,000
Total Facility Amount	200,000,000
Outstanding Balance	852,000	391,000
Warehouse and Revolving Credit Facilities \| Facility 6
Line of Credit Facility [Line Items]
Committed Amount	100,000,000
Uncommitted Amount	1,000,000,000
Total Facility Amount	1,100,000,000
Outstanding Balance	149,623,000	583,449,000
Warehouse and Revolving Credit Facilities \| Facility 7
Line of Credit Facility [Line Items]
Committed Amount	750,000,000
Uncommitted Amount	750,000,000
Total Facility Amount	1,500,000,000
Outstanding Balance	609,506,000	1,410,367,000
Warehouse and Revolving Credit Facilities \| Facility 8
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	750,000,000
Total Facility Amount	750,000,000
Outstanding Balance	148,592,000	361,783,000
Warehouse and Revolving Credit Facilities \| Facility 9
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	0
Total Facility Amount	0
Outstanding Balance	0	600,000,000
Warehouse and Revolving Credit Facilities \| Facility 10
Line of Credit Facility [Line Items]
Committed Amount	300,000,000
Uncommitted Amount	0
Total Facility Amount	300,000,000
Outstanding Balance	300,000,000	500,000,000
Warehouse and Revolving Credit Facilities \| Facility 11
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	500,000,000
Total Facility Amount	500,000,000
Outstanding Balance	76,629,000	263,516,000
Warehouse and Revolving Credit Facilities \| Facility 12
Line of Credit Facility [Line Items]
Committed Amount	500,000,000
Uncommitted Amount	0
Total Facility Amount	500,000,000
Outstanding Balance	500,000,000	500,000,000
Warehouse and Revolving Credit Facilities \| Facility 13
Line of Credit Facility [Line Items]
Committed Amount	500,000,000
Uncommitted Amount	0
Total Facility Amount	500,000,000
Outstanding Balance	500,000,000	500,000,000
Warehouse and Revolving Credit Facilities \| Facility 14
Line of Credit Facility [Line Items]
Committed Amount	0
Uncommitted Amount	500,000,000
Total Facility Amount	500,000,000
Outstanding Balance	203,630,000	365,614,000
Warehouse and Revolving Credit Facilities \| Facility 15
Line of Credit Facility [Line Items]
Committed Amount	500,000,000
Uncommitted Amount	0
Outstanding Balance	500,000,000	$ 500,000,000
Securitization Facilities \| Facility 15
Line of Credit Facility [Line Items]
Total Facility Amount	$ 500,000,000

WAREHOUSE AND OTHER LINES OF CREDIT - Information on Warehouse Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Line of Credit Facility [Line Items]
Loans held for sale, at fair value	$ 4,656,338		$ 4,656,338		$ 8,136,817
Warehouse Agreement Borrowings
Line of Credit Facility [Line Items]
Maximum outstanding balance during the period	6,407,547	$ 9,180,276	7,672,559	$ 9,180,276
Average balance outstanding during the period	$ 4,928,772	$ 8,164,737	$ 5,605,996	$ 7,838,140
Weighted average interest rate during the period	2.60%	2.21%	2.27%	2.27%
Warehouse Agreement Borrowings \| Pledged as Collateral
Line of Credit Facility [Line Items]
Loans held for sale, at fair value	$ 4,408,362	$ 8,919,427	$ 4,408,362	$ 8,919,427

DEBT OBLIGATIONS - Information on Outstanding Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt obligations, net	$ 2,427,140	$ 1,628,208
Secured debt obligations
Debt Instrument [Line Items]
Debt obligations, net	1,436,684	542,892
Secured debt obligations \| Term Notes
Debt Instrument [Line Items]
Debt obligations, net	199,415	199,133
Secured debt obligations \| MSR Facilities
Debt Instrument [Line Items]
Debt obligations, net	1,105,630	262,250
Secured debt obligations \| Securities financing facilities
Debt Instrument [Line Items]
Debt obligations, net	98,900	66,439
Secured debt obligations \| Servicing advance facilities
Debt Instrument [Line Items]
Debt obligations, net	32,739	15,070
Secured debt obligations \| Revolving credit facility
Debt Instrument [Line Items]
Debt obligations, net	1,237,269	343,759
Unsecured debt obligations \| Senior Notes
Debt Instrument [Line Items]
Debt obligations, net	$ 990,456	$ 1,085,316

DEBT OBLIGATIONS - Secured Credit Facilities (Details)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($) debt_instrument	Sep. 30, 2020 USD ($)	Aug. 31, 2017 USD ($)	Oct. 31, 2014 USD ($)
Debt Instrument [Line Items]
Servicing rights, at fair value	$ 2,213,700,000	$ 2,006,712,000
Debt obligations, net	2,427,140,000	1,628,208,000
Trading securities, at fair value	$ 105,308,000	72,874,000
Minimum
Debt Instrument [Line Items]
Advance rate	60.00%
Maximum
Debt Instrument [Line Items]
Advance rate	90.00%
Finance Servicing Rights
Debt Instrument [Line Items]
Debt obligations, net	$ 114,700,000
Pledged as Collateral
Debt Instrument [Line Items]
Servicing rights, at fair value	484,393,000	400,678,000
Pledged as Collateral \| Variable Interest Entity, Not Primary Beneficiary
Debt Instrument [Line Items]
Trading securities, at fair value	105,308,000	72,874,000
Secured credit facilities
Debt Instrument [Line Items]
Debt obligations, net	1,436,684,000	542,892,000
Secured credit facilities \| 2020-VF1 Notes \| Advance Receivables Trust
Debt Instrument [Line Items]
Face amount				$ 130,000,000
Secured credit facilities \| 2020-VF1 Notes \| Reimbursement For Advances Made
Debt Instrument [Line Items]
Outstanding balance	18,900,000
Secured credit facilities \| GMSR VFN \| GNMA Mortgage Servicing Rights
Debt Instrument [Line Items]
Face amount	65,000,000
Secured credit facilities \| GMSR VFN \| Servicing Advance Reimbursement Amounts
Debt Instrument [Line Items]
Outstanding balance	14,300,000
Deferred financing costs	500,000
Number of debt instruments \| debt_instrument			2
Secured credit facilities \| GMSR VFN \| Maximum
Debt Instrument [Line Items]
Face amount					$ 150,000,000
Secured credit facilities \| GMSR VFN \| Maximum \| Servicing Advance Reimbursement Amounts
Debt Instrument [Line Items]
Face amount			$ 150,000,000
Secured credit facilities \| Revolving credit facility
Debt Instrument [Line Items]
Borrowing capacity						$ 25,000,000
Outstanding balance	268,000,000
Available borrowing capacity	268,000,000
Debt obligations, net	1,237,269,000	343,759,000
Secured credit facilities \| Revolving credit facility \| Pledged as Collateral
Debt Instrument [Line Items]
Servicing rights, at fair value	365,700,000
Secured credit facilities \| Third Secured Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	300,000,000
Servicing rights, at fair value	600,900,000
Outstanding balance	300,000,000
Line of credit facility, option to increase In borrowing capacity	500,000,000
Deferred financing costs	400,000
Secured credit facilities \| Fourth Secured Credit Facility
Debt Instrument [Line Items]
Borrowing capacity	500,000,000
Servicing rights, at fair value	711,200,000
Outstanding balance	425,000,000
Deferred financing costs	1,700,000
Secured credit facilities \| Securities financing facilities
Debt Instrument [Line Items]
Debt obligations, net	$ 98,900,000	$ 66,439,000

DEBT OBLIGATIONS - Term Notes (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding balance	$ 2,427,140	$ 1,628,208
Secured credit facilities
Debt Instrument [Line Items]
Outstanding balance	1,436,684	542,892
Secured credit facilities \| Term Notes
Debt Instrument [Line Items]
Outstanding balance	199,415	$ 199,133
Deferred financing costs	600
Long-term Debt, Gross	$ 200,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

DEBT OBLIGATIONS - Senior Notes (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
DEBT OBLIGATIONS - Senior Notes (Details) - USD ($)	Mar. 31, 2021	Oct. 31, 2020	Mar. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt				$ 10,528,000	$ 0
Outstanding balance				2,427,140,000		$ 1,628,208,000
Unsecured term loan \| 6.50% Senior Unsecured Notes Due 2025
Debt Instrument [Line Items]
Face amount		$ 500,000,000
Stated interest rate		6.50%
Redemption price, percentage		100.00%
Outstanding balance				500,000,000
Deferred financing costs				5,900,000
Unsecured term loan \| 6.50% Senior Unsecured Notes Due 2025 \| Any time prior to November 1, 2022
Debt Instrument [Line Items]
Redemption price, percentage		106.50%
Percentage of principal amount to be redeemed		40.00%
Unsecured term loan \| 6.125% Senior Unsecured Notes Due 2028
Debt Instrument [Line Items]
Face amount	$ 600,000,000
Stated interest rate	6.125%
Redemption price, percentage	100.00%
Extinguishment of debt, amount			$ 97,500,000
Extinguishment of debt, purchase price, percentage of par			87.90%
Gain (loss) on extinguishment of debt			$ 10,500,000
Outstanding balance				502,500,000
Deferred financing costs				$ 6,100,000
Unsecured term loan \| 6.125% Senior Unsecured Notes Due 2028 \| Any time prior to April 1, 2024
Debt Instrument [Line Items]
Redemption price, percentage	106.125%
Percentage of principal amount to be redeemed	40.00%

DEBT OBLIGATIONS - Interest Expense (Details) - 30-Day or 90-Day LIBOR	6 Months Ended
	Jun. 30, 2022
Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.70%
Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.50%

INCOME TAXES (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax asset before valuation allowance	$ 100,000	$ 400,000
Deferred tax liability	$ 155,100,000	$ 193,400,000
Combined federal and state rate, percent	26.00%	26.00%
Deferred tax asset, valuation allowance	$ 0
TRA liability	$ 48,800,000	$ 32,900,000

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - Joint Venture - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Loan processing and administrative services fee income	$ 4,548	$ 3,754	$ 7,878	$ 7,107
Commitment fee income	1,255	0	1,255	0
Fee income from joint ventures	5,803	3,754	9,133	7,107
Loan origination broker fees expense	29,797	$ 22,258	49,926	$ 40,708
Amounts (payable) receivable from joint ventures	$ (7,922)		$ (7,922)		$ 1,855

- Definition

Receivables to be collected from (obligations owed to) related parties, net as of the balance sheet date where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iv))
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

+ Details

RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction [Line Items]
Personnel expense	$ 296,569	$ 470,125	$ 642,563	$ 1,073,861
Shareholder
Related Party Transaction [Line Items]
Personnel expense	$ 100	100		200
Management fees		$ 41		$ 200

EQUITY - Additional Information (Details) $ in Thousands		6 Months Ended
EQUITY - Additional Information (Details) $ in Thousands	Feb. 12, 2021	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Equity [Abstract]
Stock, exchange ratio	1	1
Noncontrolling interest		$ 669,236	$ 1,105,803

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

+ Details

EQUITY - Summary of Ownership (Details) - LD Holdings	Jun. 30, 2022 shares
Noncontrolling Interest [Line Items]
Holdco Units (in shares)	312,811,113
Ownership Percentage	100.00%
loanDepot, Inc.
Noncontrolling Interest [Line Items]
Holdco Units (in shares)	160,619,719
Ownership Percentage	51.35%
Continuing LLC Members
Noncontrolling Interest [Line Items]
Holdco Units (in shares)	152,191,394
Ownership Percentage	48.65%

EARNINGS (LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		5 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic earnings per share:
Net loss attributable to loanDepot, Inc.	$ (100,928)	$ 8,561		$ (135,669)	$ 53,436
Weighted average shares - basic (in shares)	153,822,380	126,726,876		146,415,135	126,392,949
Earnings per share - Basic (in usd per share)	$ (0.66)	$ 0.07		$ (0.93)	$ 0.42
Diluted income per share:
Net loss allocated to common stockholders - diluted	$ (100,928)	$ 8,561		$ (135,668)	$ 53,436
Weighted average shares - diluted (in shares)	153,822,380	126,726,876		146,415,135	126,392,949
Earnings per share - Diluted (in usd per share)	$ (0.66)	$ 0.07		$ (0.93)	$ 0.42
Class B
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common stock, shares, outstanding	0	0	0	0	0
Class A
Basic earnings per share:
Net loss attributable to loanDepot, Inc.	$ (37,266)	$ 678		$ (45,531)	$ 3,633
Weighted average shares - basic (in shares)	56,795,709	10,038,195		49,138,217	8,592,536
Earnings per share - Basic (in usd per share)	$ (0.66)	$ 0.07		$ (0.93)	$ 0.42
Diluted income per share:
Net loss allocated to common stockholders - diluted	$ (37,266)	$ 678		$ (45,531)	$ 3,633
Weighted average shares - diluted (in shares)	56,795,709	10,038,195		49,138,217	8,592,536
Earnings per share - Diluted (in usd per share)	$ (0.66)	$ 0.07		$ (0.93)	$ 0.42
Class A \| RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities (in shares)	14,221,221	808,090	748,185	11,914,870
Class D
Basic earnings per share:
Net loss attributable to loanDepot, Inc.	$ (63,662)	$ 7,883		$ (90,137)	$ 49,803
Weighted average shares - basic (in shares)	97,026,671	116,688,681		97,276,918	117,800,413
Earnings per share - Basic (in usd per share)	$ (0.66)	$ 0.07		$ (0.93)	$ 0.42
Diluted income per share:
Net loss allocated to common stockholders - diluted	$ (63,662)	$ 7,883		$ (90,137)	$ 49,803
Weighted average shares - diluted (in shares)	97,026,671	116,688,681		97,276,918	117,800,413
Earnings per share - Diluted (in usd per share)	$ (0.66)	$ 0.07		$ (0.93)	$ 0.42
Class C \| Common shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities (in shares)	165,281,304	196,741,703	197,366,213	173,245,208

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Other Commitments [Line Items]
Customer escrow balance	$ 14,700		$ 21,100
Financing receivable, allowance for credit loss	$ 85,873	$ 41,159	29,877	$ 26,626	$ 30,052	$ 33,591
Percent of cash tax savings paid	85.00%
TRA liability	$ 48,800		32,900
Employment Litigation
Other Commitments [Line Items]
Loss contingency, damages sought	75,000
MSR Facilities
Other Commitments [Line Items]
Financing receivable, allowance for credit loss	9,800		400
Commitments to Extend Credit
Other Commitments [Line Items]
Commitments to originate loans	$ 7,700,000		$ 12,700,000

COMMITMENTS AND CONTINGENCIES - Loan Loss Obligation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 41,159	$ 30,052	$ 29,877	$ 33,591
Provision for loan loss obligations	82,373	(533)	95,619	267
Charge-offs	(37,659)	(2,893)	(39,623)	(7,232)
Balance at end of period	$ 85,873	$ 26,626	$ 85,873	$ 26,626

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

REGULATORY CAPITAL AND LIQUIDITY REQUIREMENTS (Details) $ in Millions	Jun. 30, 2022 USD ($)
Mortgage Banking [Abstract]
Minimum adjusted net worth balance requirement	$ 120.4