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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2014
Carrying Values and Estimated Fair Values of Assets and Liabilities | The following table presents the carrying values and estimated fair values of assets and liabilities that are required to be recorded or disclosed at fair value at September 30, 2014 and December 31, 2013.
|  | September 30, 2014 |  |  | December 31, 2013 |
(In Thousands) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, held-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At fair value |  | $ | 1,501,252 |  |  | $ | 1,501,252 |  |  | $ | 402,602 |  |  | $ | 402,602 |
At lower of cost or fair value |  |  | 1,502 |  |  |  | 1,662 |  |  |  | 1,665 |  |  |  | 1,817 |
Residential loans, held-for-investment, at fair value |  |  | 238,326 |  |  |  | 238,326 |  |  |  | - |  |  |  | - |
Residential loans, held-for-investment |  |  | 1,546,507 |  |  |  | 1,447,463 |  |  |  | 1,762,167 |  |  |  | 1,610,024 |
Commercial loans, held-for-sale |  |  | 175,421 |  |  |  | 175,421 |  |  |  | 89,111 |  |  |  | 89,111 |
Commercial loans, held-for-investment |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
At fair value |  |  | 70,712 |  |  |  | 70,712 |  |  |  | - |  |  |  | - |
At amortized cost |  |  | 322,576 |  |  |  | 328,076 |  |  |  | 343,344 |  |  |  | 348,305 |
Trading securities |  |  | 108,750 |  |  |  | 108,750 |  |  |  | 124,555 |  |  |  | 124,555 |
Available-for-sale securities |  |  | 1,286,235 |  |  |  | 1,286,235 |  |  |  | 1,558,306 |  |  |  | 1,558,306 |
MSRs |  |  | 135,152 |  |  |  | 135,152 |  |  |  | 64,824 |  |  |  | 64,824 |
Cash and cash equivalents |  |  | 149,617 |  |  |  | 149,617 |  |  |  | 173,201 |  |  |  | 173,201 |
Restricted cash |  |  | 455 |  |  |  | 455 |  |  |  | 398 |  |  |  | 398 |
Accrued interest receivable |  |  | 15,261 |  |  |  | 15,261 |  |  |  | 13,475 |  |  |  | 13,475 |
Derivative assets |  |  | 7,756 |  |  |  | 7,756 |  |  |  | 7,787 |  |  |  | 7,787 |
REO (1) |  |  | 3,349 |  |  |  | 3,407 |  |  |  | 3,661 |  |  |  | 4,084 |
Margin receivable (1) |  |  | 56,217 |  |  |  | 56,217 |  |  |  | 31,149 |  |  |  | 31,149 |
Other collateral posted (1) |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |  |  |  | 5,000 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt |  | $ | 1,887,688 |  |  | $ | 1,887,688 |  |  | $ | 862,763 |  |  | $ | 862,763 |
Accrued interest payable |  |  | 10,480 |  |  |  | 10,480 |  |  |  | 6,366 |  |  |  | 6,366 |
Derivative liabilities |  |  | 38,263 |  |  |  | 38,263 |  |  |  | 18,167 |  |  |  | 18,167 |
ABS issued |  |  | 1,656,202 |  |  |  | 1,548,795 |  |  |  | 1,942,962 |  |  |  | 1,746,906 |
FHLBC Borrowings |  |  | 203,756 |  |  |  | 203,756 |  |  |  | - |  |  |  | - |
Commercial long-term debt |  |  | - |  |  |  | - |  |  |  | 49,467 |  |  |  | 49,467 |
Commercial secured borrowings |  |  | 66,146 |  |  |  | 66,146 |  |  |  | - |  |  |  | - |
Convertible notes |  |  | 287,500 |  |  |  | 285,344 |  |  |  | 287,500 |  |  |  | 299,719 |
Other long-term debt |  |  | 139,500 |  |  |  | 101,835 |  |  |  | 139,500 |  |  |  | 111,600 |
(1) | These assets are included in Other Assets on our consolidated balance sheets.
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the assets and liabilities that are reported at fair value on our consolidated balance sheets on a recurring basis at September 30, 2014, as well as the fair value hierarchy of the valuation inputs used to measure fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis at September 30, 2014
September 30, 2014 |  | Carrying |  |  | Fair Value Measurements Using |
(In Thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, at fair value |  | $ | 1,739,578 |  |  | $ | - |  |  | $ | 399,145 |  |  | $ | 1,340,433 |
Commercial loans, at fair value |  |  | 175,421 |  |  |  | - |  |  |  | - |  |  |  | 175,421 |
Trading securities |  |  | 108,750 |  |  |  | - |  |  |  | - |  |  |  | 108,750 |
Available-for-sale securities |  |  | 1,286,235 |  |  |  | - |  |  |  | - |  |  |  | 1,286,235 |
MSRs |  |  | 135,152 |  |  |  | - |  |  |  | - |  |  |  | 135,152 |
Derivative assets |  |  | 7,756 |  |  |  | 1,496 |  |  |  | 5,327 |  |  |  | 933 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities |  |  | 38,263 |  |  |  | 3,709 |  |  |  | 34,472 |  |  |  | 82 |
Commercial secured borrowings |  |  | 66,146 |  |  |  | - |  |  |  | - |  |  |  | 66,146 |
Changes in Level 3 Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents additional information about Level 3 assets and liabilities measured at fair value on a recurring basis for the nine months ended September 30, 2014. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
|  | Assets |  |  |  |  |  | Liabilities |
(In Thousands) |  | Residential Loans |  |  | Commercial Loans |  |  | Trading Securities |  |  | AFS Securities |  |  | MSRs |  |  | Derivatives (1) |  |  | Commercial Secured Borrowings |
Beginning balance - December 31, 2013 |  | $ | 391,100 |  |  | $ | 89,111 |  |  | $ | 124,555 |  |  | $ | 1,558,306 |  |  | $ | 64,824 |  |  | $ | (379) |  |  | $ | - |
Principal paydowns |  |  | (20,728) |  |  |  | (3,684) |  |  |  | (5,848) |  |  |  | (138,751) |  |  |  | - |  |  |  | - |  |  |  | (1,081) |
Discount accretion |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 32,774 |  |  |  | - |  |  |  | - |  |  |  | - |
Gains (losses) in net income, net |  |  | 35,971 |  |  |  | 14,986 |  |  |  | (15,041) |  |  |  | 9,389 |  |  |  | (5,944) |  |  |  | 6,434 |  |  |  | 2,179 |
Unrealized gains in OCI, net |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 28,328 |  |  |  | - |  |  |  | - |  |  |  | - |
Acquisitions |  |  | 3,557,753 |  |  |  | 611,624 |  |  |  | 66,253 |  |  |  | 192,151 |  |  |  | 76,272 |  |  |  | - |  |  |  | 65,048 |
Sales |  |  | (2,621,349) |  |  |  | (536,671) |  |  |  | (61,169) |  |  |  | (395,962) |  |  |  | - |  |  |  | - |  |  |  | - |
Other settlements, net |  |  | (2,314) |  |  |  | 55 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,204) |  |  |  | - |
Ending balance - September 30, 2014 |  | $ | 1,340,433 |  |  | $ | 175,421 |  |  | $ | 108,750 |  |  | $ | 1,286,235 |  |  | $ | 135,152 |  |  | $ | 851 |  |  | $ | 66,146 |
(1) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented net.
Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held and Included in Net Income | The following table presents the portion of gains or losses included in our consolidated statements of income that were attributable to Level 3 assets and liabilities recorded at fair value on a recurring basis and held at September 30, 2014 and 2013. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three and nine months ended September 30, 2014 and 2013 are not included in this presentation. Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at September 30, 2014 and 2013 Included in Net Income
|  | Included in Net Income |
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, at fair value |  | $ | 7,280 |  |  | $ | (1,864) |  |  | $ | 8,524 |  |  | $ | (3,088) |
Commercial loans, at fair value |  |  | 2,009 |  |  |  | 831 |  |  |  | 2,009 |  |  |  | 831 |
Trading securities |  |  | (1,882) |  |  |  | (1,525) |  |  |  | (16,033) |  |  |  | 28,491 |
Available-for-sale securities |  |  | (188) |  |  |  | - |  |  |  | (434) |  |  |  | 940 |
MSRs |  |  | 3,509 |  |  |  | 1,344 |  |  |  | (3,184) |  |  |  | 12,561 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan purchase commitments |  |  | 932 |  |  |  | - |  |  |  | 932 |  |  |  | - |
Commercial secured borrowing |  |  | (420) |  |  |  | - |  |  |  | 1,339 |  |  |  | - |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | The following table presents information on assets recorded at fair value on a non-recurring basis at September 30, 2014. This table does not include the carrying value and gains or losses associated with the asset types below that were not recorded at fair value on our balance sheet at September 30, 2014. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at September 30, 2014
|  |  |  |  |  |  |  | Gain (Loss) for |
September 30, 2014 |  | Carrying |  |  | Fair Value Measurements Using |  |  | Three Months Ended |  |  | Nine Months Ended |
(In Thousands) |  | Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | September 30, 2014 |  |  | September 30, 2014 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, at lower of cost or fair value |  | $ | 1,106 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,106 |  |  | $ | 1 |  |  | $ | (1) |
REO |  |  | 1,944 |  |  |  | - |  |  |  | - |  |  |  | 1,994 |  |  |  | 0 |  |  |  | (133) |
Market Valuation Adjustments, Net | The following table presents the components of market valuation adjustments, net, recorded in our consolidated statements of income for the three and nine months ended September 30, 2014 and 2013. Market Valuation Adjustments, Net
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Mortgage banking activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, at fair value |  | $ | 13,446 |  |  | $ | (10,804) |  |  | $ | 34,554 |  |  | $ | (17,339) |
Commercial loans, at fair value |  |  | 4,305 |  |  |  | 3,171 |  |  |  | 13,644 |  |  |  | 2,826 |
Trading securities |  |  | (1,332) |  |  |  | (1,866) |  |  |  | (14,419) |  |  |  | 36,399 |
Derivative instruments, net |  |  | (2,404) |  |  |  | 442 |  |  |  | (18,159) |  |  |  | 51,009 |
Loan purchase and forward sale commitments |  |  | 2,487 |  |  |  | - |  |  |  | 6,077 |  |  |  | - |
Total mortgage banking activites (1) |  |  | 16,502 |  |  |  | (9,057) |  |  |  | 21,697 |  |  |  | 72,895 |
MSRs |  |  | 2,321 |  |  |  | 460 |  |  |  | (5,944) |  |  |  | 9,628 |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, at lower of cost or fair value |  |  | 43 |  |  |  | (11) |  |  |  | 54 |  |  |  | 68 |
Held-for-investment loans at fair value |  |  | (991) |  |  |  | - |  |  |  | (991) |  |  |  | - |
Trading securities |  |  | (577) |  |  |  | 540 |  |  |  | (653) |  |  |  | (4,168) |
Impairments on AFS securities |  |  | (188) |  |  |  | - |  |  |  | (565) |  |  |  | (1,666) |
REO |  |  | (361) |  |  |  | (76) |  |  |  | (825) |  |  |  | (407) |
Other derivative instruments, net |  |  | (1,632) |  |  |  | 9 |  |  |  | (10,986) |  |  |  | 74 |
Total other |  |  | (3,706) |  |  |  | 462 |  |  |  | (13,966) |  |  |  | (6,099) |
Total Market Valuation Adjustments, Net |  | $ | 15,117 |  |  | $ | (8,135) |  |  | $ | 1,787 |  |  | $ | 76,425 |
(1) | Income from mortgage banking activities presented above does not include fee income or provisions for repurchases that is a component of mortgage banking income presented on our consolidated statements of income as these amounts do not represent a market valuation adjustment.
Quantitative Information about Significant Unobservable Inputs Used in Valuation of Level 3 Assets and Liabilities Measured at Fair Value | The following table provides quantitative information about the significant unobservable inputs used in the valuation of our Level 3 assets and liabilities measured at fair value. Fair Value Methodology for Level 3 Financial Instruments
September 30, 2014 (Dollars in Thousands) |  | Fair Value |  |  | Unobservable Input |  | Range |  |  | Weighted Average |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans priced to securitization or priced to whole loan market and uncommitted to sell |  | $ | 758,501 |  |  | Discount rate |  |  | 4 - 5 % |  |  |  | 4 % |
|  |  |  |  |  | Prepayment rate |  |  | 8 - 8 % |  |  |  | 8 % |
|  |  |  |  |  | Default rate |  |  | 1 - 1 % |  |  |  | 1 % |
|  |  |  |  |  | Loss severity |  |  | 20 - 20 % |  |  |  | 20 % |
|  |  |  |  |  | Credit support |  |  | 8 - 8 % |  |  |  | 8 % |
|  |  |  |  |  | Spread to securitization |  |  | 38 - 38 bps |  |  |  | 38 bps |
|  |  |  |  |  | Credit spread |  |  | 118 - 173 bps |  |  |  | 129 bps |
Loans priced to whole loan market, committed to sell |  |  | 581,932 |  |  | Pool fallout assumption |  |  | 10 bps - 10 bps |  |  |  | 10 bps |
Residential loans, at lower of cost or fair value |  |  | 1,106 |  |  | Loss severity |  |  | 15-28 % |  |  |  | 21 % |
Commercial loans, at fair value |  |  | 175,421 |  |  | Credit spread |  |  | 152 bps - 152 bps |  |  |  | 152 bps |
|  |  |  |  |  | Credit support |  |  | 24 - 24 % |  |  |  | 24 % |
Trading and AFS securities |  |  | 1,394,985 |  |  | Discount rate |  |  | 4 - 12 % |  |  |  | 6 % |
|  |  |  |  |  | Prepayment speed |  |  | 1 - 35 % |  |  |  | 12 % |
|  |  |  |  |  | Default rate |  |  | 0 - 35 % |  |  |  | 8 % |
|  |  |  |  |  | Loss severity |  |  | 20 - 64 % |  |  |  | 35 % |
|  |  |  |  |  | Credit support |  |  | 0 - 88 % |  |  |  | 6 % |
MSRs |  |  | 135,152 |  |  | Discount rate |  |  | 8 - 11 % |  |  |  | 10 % |
|  |  |  |  |  | Prepayment rate |  |  | 4 - 60 % |  |  |  | 10 % |
REO |  |  | 1,994 |  |  | Loss severity |  |  | 13 - 96 % |  |  |  | 34 % |
Loan purchase commitments, net (1) |  |  | 851 |  |  | MSR Multiple |  |  | 1 - 5x |  |  |  | 4x |
|  |  |  |  |  | Pullthrough rate |  |  | 58 - 99 % |  |  |  | 82 % |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial secured financing |  |  | 66,146 |  |  | Credit spread |  |  | 152 bps - 152 bps |  |  |  | 152 bps |
|  |  |  |  |  | Credit support |  |  | 24 - 24 % |  |  |  | 24 % |
(1) For the purpose of this presentation loan purchase commitment assets and liabilities are presented net.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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