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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____to _____
Commission File Number: 001-40003

loanDepot, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 85-3948939
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
     
26642 Towne Centre Drive,
Foothill Ranch,California 92610
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (888) 337-6888
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol
Name of each exchange
on which registered
Class A Common Stock, $0.001 per value per shareLDIThe New York Stock Exchange


Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
  Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No ☒
As of May 12, 2022, 62,612,079 shares of the registrant’s Class A common stock, par value $0.001 per share, were outstanding. No shares of registrant’s Class B common stock were outstanding, 152,073,819 shares of registrant’s Class C common stock were outstanding and 97,026,671 shares of registrant’s Class D common stock were outstanding.
 




SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements that are based on our management’s beliefs and assumptions and on information currently available to our management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, technology developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities and the effects of competition. Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” "seek," “should,” “will,” “would” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our management’s beliefs and assumptions only as of the date of this report. You should read this report with the understanding that our actual future results may be materially different from what we expect.

Important factors that could cause actual results to differ materially from our expectations are included in Part I, Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A "Risk Factors" in this report as well as Part I, Item 1A “Risk Factors” and Part II, Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 18, 2022.

Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.



loanDepot, Inc.

Table of Contents

PART 1. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021
Consolidated Statements of Operations for the three months March 31, 2022 and 2021
Consolidated Statements of Equity for the three months ended March 31, 2022 and 2021
Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021
Notes to Consolidated Financial Statements
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Signatures





PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
loanDepot, Inc.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
March 31,
2022
December 31,
2021
ASSETS(Unaudited)
Cash and cash equivalents$554,135 $419,571 
Restricted cash153,700 201,025 
Accounts receivable, net115,976 56,183 
Loans held for sale, at fair value (includes $2,210,984 and $2,557,490 pledged to creditors in securitization trusts at March 31, 2022 and December 31, 2021, respectively)
6,558,668 8,136,817 
Derivative assets, at fair value351,097 194,665 
Servicing rights, at fair value (includes $433,148 and $400,678 pledged to creditors in securitization trusts at March 31, 2022 and December 31, 2021, respectively)
2,086,022 2,006,712 
Trading securities, at fair value93,466 72,874 
Property and equipment, net108,135 104,262 
Operating lease right-of-use assets52,818 55,646 
Prepaid expenses and other assets116,338 140,315 
Loans eligible for repurchase389,140 363,373 
Investments in joint ventures18,559 18,553 
Goodwill and intangible assets, net42,194 42,317 
        Total assets$10,640,248 $11,812,313 
LIABILITIES AND EQUITY
Warehouse and other lines of credit$5,806,907 $7,457,199 
Accounts payable, accrued expenses and other liabilities804,405 624,444 
Derivative liabilities, at fair value113,366 37,797 
Liability for loans eligible for repurchase389,140 363,373 
Operating lease liability67,681 71,932 
Debt obligations, net1,947,580 1,628,208 
        Total liabilities9,129,079 10,182,953 
Commitments and contingencies (Note 15)
Class A common stock, $0.001 par value, 2,500,000,000 authorized, 45,232,624 and 38,060,302 issued at March 31, 2022 and December 31, 2021, respectively
$45 $38 
Class B common stock, $0.001 par value, 2,500,000,000 authorized, none issued at March 31, 2022 and December 31, 2021, respectively
  
Class C common stock, $0.001 par value, 2,500,000,000 authorized, 170,690,888 and 172,729,168 issued at March 31, 2022 and December 31, 2021, respectively
171 173 
Class D common stock, $0.001 par value, 2,500,000,000 authorized, 97,026,671 and 100,822,084 issued at March 31, 2022 and December 31, 2021, respectively
97 101 
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued at March 31, 2022 and December 31, 2021, respectively
  
Treasury stock at cost, 1,632,206 and 1,593,366 shares at March 31, 2022 and December 31, 2021, respectively
(13,015)(12,852)
Additional paid-in capital656,267 565,073 
Retained deficit(77,151)(28,976)
Noncontrolling interest944,755 1,105,803 
Total equity1,511,169 1,629,360 
Total liabilities and equity$10,640,248 $11,812,313 
See accompanying notes to the unaudited consolidated financial statements.

1


loanDepot, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands except per share amounts)
(Unaudited)


Three Months Ended
March 31,
20222021
REVENUES:
Interest income$52,965 $54,730 
Interest expense(39,889)(53,497)
Net interest income13,076 1,233 
Gain on origination and sale of loans, net363,131 1,133,575 
Origination income, net59,073 101,599 
Servicing fee income111,059 82,568 
Change in fair value of servicing rights, net(68,383)(43,635)
Other income25,355 40,668 
Total net revenues503,311 1,316,008 
EXPENSES:
Personnel expense345,993 603,735 
Marketing and advertising expense101,513 109,626 
Direct origination expense53,157 46,976 
General and administrative expense49,748 51,317 
Occupancy expense9,396 9,988 
Depreciation and amortization10,545 8,454 
Servicing expense21,511 26,611 
Other interest expense14,393 13,171 
Total expenses606,256 869,878 
(Loss) income before income taxes
(102,945)446,130 
Income tax (benefit) expense
(11,627)18,277 
Net (loss) income
(91,318)427,853 
Net (loss) income attributable to noncontrolling interests
(56,577)382,978 
Net (loss) income attributable to loanDepot, Inc.
$(34,741)$44,875 
(Loss) earnings per share:
Basic$(0.25)$0.36 
Diluted$(0.25)$0.36 
Weighted average shares outstanding:
Basic139,007,890 125,772,797 
Diluted139,007,890 125,772,797 

See accompanying notes to the unaudited consolidated financial statements.

2


loanDepot, Inc.
CONSOLIDATED STATEMENTS OF EQUITY
(Dollars in thousands)


Common stock issuedCommon stock $Treasury SharesAdditional paid-in capitalRetained Earnings (Deficit)Non-controlling InterestsTotal Equity
Class AClass CClass DClass AClass CClass D
Balance at December 31, 2020   $ $ $ $— $ $ $1,656,613 $1,656,613 
Distributions prior to the Reorganization— — — — — — — — — (160,617)(160,617)
Equity compensation prior to the Reorganization— — — — — — — — — 338 338 
Net income prior to the Reorganization— — — — — — — — — 294,598 294,598 
Deferred taxes and other tax adjustments associated with the Reorganization and IPO— — — — — — — (203,741)— — (203,741)
Effect of the Reorganization2,215,687 181,789,329 121,368,600 2 182 121 — 740,629 — (740,934) 
Effect of the IPO3,850,000 (2,394,000)(1,456,000)4 (2)(2)— — —  
Effect of the Greenshoe577,500 (359,100)(218,400)1 (1)— — — — —  
Vested Class C shares— 709,961 — — 1 — — (1) 
Stock-based compensation— — — — — — — 24,607 — 34,872 59,479 
Distributions for state taxes on behalf of shareholders, net— — — — — — — — (2,463)(3,504)(5,967)
Net income subsequent to the Reorganization and IPO— — — — — — — — 44,875 88,380 133,255 
Balance at March 31, 20216,643,187 179,746,190 119,694,200 $7 $180 $119 $— $561,494 $42,412 $1,169,746 $1,773,958 
Balance at December 31, 202136,466,936 172,729,168 100,822,084 $38 $173 $101 $(12,852)$565,073 $(28,976)$1,105,803 $1,629,360 
Deferred taxes and other tax adjustments associated with the Reorganization and IPO— — — — — — — 681 — — 681 
Net issuance of common stock under stock-based compensation plans7,133,482 (2,038,280)(3,795,413)7 (2)(4)(163)89,479 — (89,479)(162)
Dividends to Class A and Class D shareholders ($0.08 per share)
— — — — — — — — (5,310)(6,442)(11,752)
Distributions to Class C shareholders— — — — — — — — (6,338)(7,665)(14,003)
Stock-based compensation— — — — — — — 1,034 — 1,275 2,309 
Distributions for taxes on behalf of shareholders, net— — — — — — — — (1,786)(2,160)(3,946)
Net income — — — — — — — — (34,741)(56,577)(91,318)
Balance at March 31, 202243,600,418 170,690,888 97,026,671 $45 $171 $97 $(13,015)$656,267 $(77,151)$944,755 $1,511,169 
See accompanying notes to the unaudited consolidated financial statements.

3


loanDepot, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)



Three Months Ended
March 31,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income
$(91,318)$427,853 
Adjustments to reconcile net (loss) income to net
cash provided by (used in) operating activities:
Depreciation and amortization expense10,545 8,454 
Amortization of operating lease right-of-use asset5,597 5,895 
Amortization of debt issuance costs4,195 2,685 
Gain on origination and sale of loans(442,771)(990,904)
(Gain) loss on sale of servicing rights(20,134)39 
Fair value change in trading securities7,592  
Provision for loss obligation on sold loans and servicing rights23,347 857 
Increase in provision for deferred income taxes(14,269)203,892 
Fair value change in derivative assets(63,176)(92,879)
Fair value change in derivative liabilities75,569 (72,980)
Premium paid on derivatives(93,256)(19,700)
Fair value change in loans held for sale225,137 178,844 
Fair value change in servicing rights(121,874)(112,917)
Stock-based compensation expense2,309 59,817 
Originations of loans(21,373,625)(41,401,575)
Proceeds from sales of loans22,948,300 40,380,774 
Proceeds from principal payments60,287 23,300 
Payments to investors for loan repurchases(141,146)(556,870)
Gain on extinguishment of debt(10,528) 
Disbursements from joint ventures922 819 
Changes in operating assets and liabilities:
Other changes in operating assets and liabilities156,736 76,795 
Net cash provided by (used in) operating activities1,148,439 (1,877,801)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment(14,295)(14,163)
Proceeds from sale of servicing rights303,777 635 
Cash flows received on trading securities1,894  
Investments in joint ventures(350) 
Return of capital from joint ventures 189 
Net cash flows provided by (used in) investing activities291,026 (13,339)

See accompanying notes to the unaudited consolidated financial statements.

4


loanDepot, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED
(Dollars in thousands)
(Unaudited)

Three Months Ended
March 31,
20222021
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings on warehouse lines of credit$24,542,427 $45,606,028 
Repayment of borrowings on warehouse lines of credit(26,192,719)(43,874,006)
Proceeds from debt obligations1,131,952 776,743 
Payments on debt obligations(800,092)(175,935)
Payments of debt issuance costs(3,402)(11,260)
Payments on financing lease obligation (689)
Treasury stock purchased to net settle and withhold taxes on vested shares(162) 
Dividends and shareholder distributions(30,230)(166,584)
Net cash (used in) provided by financing activities(1,352,226)2,154,297 
Net change in cash and cash equivalents and restricted cash87,239 263,157 
Cash and cash equivalents and restricted cash at beginning of the period620,596 488,689 
Cash and cash equivalents and restricted cash at end of the period$707,835 $751,846 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest$51,080 $49,901 
Income taxes5,858 3 
Supplemental disclosure of noncash investing and financing activities
Operating leases right-of-use assets obtained in exchange for lease liabilities$2,768 $2,669 
Trading securities retained in securitizations30,076  
Purchase of equipment under financing leases 168 


See accompanying notes to the unaudited consolidated financial statements.

5


loanDepot, Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
($ are in thousands, unless otherwise indicated)
(Unaudited)


NOTE 1 – 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 months ended March 31, 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 March 31, 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. Generally Accepted Accounting Principles (“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


6



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. Gain on the origination and sale of loans, net for the three months ended March 31, 2021, was adjusted to exclude the change in fair value of forward sale contracts, including pair offs hedging MSRs, which are now included in the change in fair value of servicing rights, net on the consolidated statements of operations. During the second quarter of 2021, the Company determined that this change would more appropriately reflect the hedged item and better align with industry practice. Gain on origination and sale of loans, net and change in fair value of servicing rights, net, in the current and prior periods along with the related financial statement disclosures were adjusted to reflect this reclassification in all reports that were issued after the first quarter of 2021.

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, and determining the loan loss obligation on sold loans. 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 25% of total loan originations for the three months ended March 31, 2022.



7



The Company sells mortgage loans to various third-party investors. Three investors accounted for 36%, 29%, and 16% of the Company’s loan sales for the three months ended March 31, 2022. No other investors accounted for more than 5% of the loan sales for the three months ended March 31, 2022.

The Company funds loans through warehouse lines of credit. As of March 31, 2022, 18% and 13% of the Company's warehouse lines were payable to two separate lenders.



8




NOTE 2 – 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.

March 31, 2022
Carrying AmountEstimated Fair Value
Level 1Level 2Level 3
Assets
Cash and cash equivalents$554,135 $554,135 $ $ 
Restricted cash153,700 153,700   
Loans held for sale, at fair value6,558,668  6,558,668  
Derivative assets, at fair value351,097  272,802 78,295 
Servicing rights, at fair value2,086,022   2,086,022 
Trading securities, at fair value93,466  93,466  
Loans eligible for repurchase389,140  389,140  
Liabilities
Warehouse and other lines of credit$5,806,907 $ $5,806,907 $ 
Derivative liabilities, at fair value113,366 47,071  66,295 
Servicing rights, at fair value7,835   7,835 
Debt obligations:
Secured credit facilities337,260  340,269  
Other secured financings421,303  422,930  
Term Notes199,290  200,000  
Senior Notes989,727  919,780  
Liability for loans eligible for repurchase389,140  389,140  



9



December 31, 2021
Carrying AmountEstimated Fair Value
Level 1Level 2Level 3
Assets
Cash and cash equivalents$419,571 $419,571 $ $ 
Restricted cash201,025 201,025   
Loans held for sale, at fair value8,136,817  8,136,817  
Derivative assets, at fair value194,665 4,924 5,358 184,383 
Servicing rights, at fair value2,006,712   2,006,712 
Trading securities, at fair value72,874  72,874  
Loans eligible for repurchase363,373  363,373  
Liabilities
Warehouse and other lines of credit$7,457,199 $ $7,457,199 $ 
Derivative liabilities, at fair value37,797 31,070 2,964 3,763 
Servicing rights, at fair value7,310   7,310 
Debt obligations:
Secured credit facilities343,759  345,596  
Term Notes199,133  200,000  
Senior Notes1,085,316  1,057,977  
Liability for loans eligible for repurchase363,373  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.


10



March 31, 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$ $6,558,668 $ $6,558,668 
Trading securities 93,466  93,466 
Derivative assets:
Interest rate lock commitments  78,295 78,295 
Forward sale contracts 272,802  272,802 
Servicing rights  2,086,022 2,086,022 
Total assets at fair value$ $6,924,936 $2,164,317 $9,089,253 
Liabilities:
Derivative liabilities:
Interest rate lock commitments$ $ $66,295 $66,295 
Interest rate swap futures1,528   1,528 
Put options on treasuries45,543   45,543 
Servicing rights  7,835 7,835 
Total liabilities at fair value$47,071 $ $74,130 $121,201 
December 31, 2021
Recurring Fair Value Measurements of Assets and Liabilities Using:
Quoted Market Prices in Active Markets for Identical Assets
 (Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Total Fair Value Measurements
Fair value through net income:
Assets:
Loans held for sale$ $8,136,817 $ $8,136,817 
Trading securities 72,874  72,874 
Derivative assets:
Interest rate lock commitments