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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2015
Segment Reporting [Abstract] |
Financial Information by Segment | The following tables present financial information by segment for the three months ended March 31, 2015 and 2014. Business Segment Financial Information
|  | Three Months Ended March 31, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 15,795 |  |  | $ | 30,012 |  |  | $ | 10,914 |  |  | $ | 7,025 |  |  | $ | 63,746 |
Interest expense |  | (3,778 | ) |  | (2,810 | ) |  | (3,489 | ) |  | (13,884 | ) |  | (23,961 | )
Net interest income (loss) |  | 12,017 |  |  | 27,202 |  |  | 7,425 |  |  | (6,859 | ) |  | 39,785 |
Provision for loan losses |  | — |  |  | — |  |  | (206 | ) |  | — |  |  | (206 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking activities |  | 2,215 |  |  | — |  |  | (292 | ) |  | — |  |  | 1,923 |
MSR income (loss) |  | — |  |  | (10,924 | ) |  | — |  |  | — |  |  | (10,924 | )
Other market valuation adjustments |  | 2 |  |  | (19 | ) |  | — |  |  | (1,128 | ) |  | (1,145 | )
Realized gains, net |  | — |  |  | 4,306 |  |  | — |  |  | — |  |  | 4,306 |
Other income |  | — |  |  | 809 |  |  | — |  |  | — |  |  | 809 |
Total non-interest income, net |  | 2,217 |  |  | (5,828 | ) |  | (292 | ) |  | (1,128 | ) |  | (5,031 | )
Direct operating expenses |  | (10,903 | ) |  | (1,118 | ) |  | (3,482 | ) |  | (9,560 | ) |  | (25,063 | )
Benefit from income taxes |  | 8 |  |  | 3,510 |  |  | 853 |  |  | 945 |  |  | 5,316 |
Segment Contribution |  | $ | 3,339 |  |  | $ | 23,766 |  |  | $ | 4,298 |  |  | $ | (16,602 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 14,801 |
Non-cash amortization expense |  | (46 | ) |  | 9,838 |  |  | (49 | ) |  | (981 | ) |  | 8,762 |
|  | Three Months Ended March 31, 2014
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 10,668 |  |  | $ | 27,594 |  |  | $ | 10,384 |  |  | $ | 6,830 |  |  | $ | 55,476 |
Interest expense |  | (1,321 | ) |  | (2,850 | ) |  | (3,303 | ) |  | (11,586 | ) |  | (19,060 | )
Net interest income (loss) |  | 9,347 |  |  | 24,744 |  |  | 7,081 |  |  | (4,756 | ) |  | 36,416 |
Provision for loan losses |  | — |  |  | — |  |  | (655 | ) |  | (629 | ) |  | (1,284 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking activities |  | (1,064 | ) |  | — |  |  | 833 |  |  | — |  |  | (231 | )
MSR income (loss) |  | — |  |  | 606 |  |  | — |  |  | — |  |  | 606 |
Other market valuation adjustments |  | (2 | ) |  | (5,957 | ) |  | — |  |  | (179 | ) |  | (6,138 | )
Realized gains, net |  | — |  |  | 987 |  |  | — |  |  | 105 |  |  | 1,092 |
Total non-interest income, net |  | (1,066 | ) |  | (4,364 | ) |  | 833 |  |  | (74 | ) |  | (4,671 | )
Direct operating expenses |  | (7,094 | ) |  | (1,095 | ) |  | (2,626 | ) |  | (9,156 | ) |  | (19,971 | )
(Provision for) benefit from income taxes |  | (165 | ) |  | 1,527 |  |  | 355 |  |  | 126 |  |  | 1,843 |
Segment Contribution |  | $ | 1,022 |  |  | $ | 20,812 |  |  | $ | 4,988 |  |  | $ | (14,489 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 12,333 |
Non-cash amortization expense |  | (52 | ) |  | 11,247 |  |  | (173 | ) |  | (1,946 | ) |  | 9,076 |
The following tables present the components of Corporate/Other for the three months ended March 31, 2015 and 2014.
|  | Three Months Ended March 31,
|  | 2015 |  | 2014
(In Thousands) |  | Legacy Consolidated VIEs |  | Other |  | Total |  | Legacy Consolidated VIEs |  | Other |  | Total
Interest income |  | $ | 7,018 |  |  | $ | 7 |  |  | $ | 7,025 |  |  | $ | 6,828 |  |  | $ | 2 |  |  | $ | 6,830 |
Interest expense |  | (4,482 | ) |  | (9,402 | ) |  | $ | (13,884 | ) |  | (5,460 | ) |  | (6,126 | ) |  | (11,586 | )
Net interest income (loss) |  | 2,536 |  |  | (9,395 | ) |  | (6,859 | ) |  | 1,368 |  |  | (6,124 | ) |  | (4,756 | )
Provision for loan losses |  | — |  |  | — |  |  | — |  |  | (629 | ) |  | — |  |  | (629 | )
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Other market valuation adjustments |  | (1,093 | ) |  | (35 | ) |  | (1,128 | ) |  | (142 | ) |  | (37 | ) |  | (179 | )
Realized gains, net |  | — |  |  | — |  |  | — |  |  | 105 |  |  | — |  |  | 105 |
Total non-interest income, net |  | (1,093 | ) |  | (35 | ) |  | (1,128 | ) |  | (37 | ) |  | (37 | ) |  | (74 | )
Direct operating expenses |  | — |  |  | (9,560 | ) |  | (9,560 | ) |  | (52 | ) |  | (9,104 | ) |  | (9,156 | )
Benefit from income taxes |  | — |  |  | 945 |  |  | 945 |  |  | — |  |  | 126 |  |  | 126 |
Total |  | $ | 1,443 |  |  | $ | (18,045 | ) |  | $ | (16,602 | ) |  | $ | 650 |  |  | $ | (15,139 | ) |  | $ | (14,489 | )
Supplemental Information by Segment | The following table presents supplemental information by segment at March 31, 2015 and December 31, 2014. Supplemental Disclosures
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
March 31, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,094,885 |  |  | $ | 1,000,444 |  |  | $ | — |  |  | $ | 1,304,426 |  |  | $ | 3,399,755 |
Commercial loans |  | — |  |  | — |  |  | 460,342 |  |  | — |  |  | 460,342 |
Real estate securities |  | 65,809 |  |  | 1,219,434 |  |  | — |  |  | — |  |  | 1,285,243 |
Mortgage servicing rights |  | — |  |  | 120,324 |  |  | — |  |  | — |  |  | 120,324 |
Total assets |  | 1,204,055 |  |  | 2,446,100 |  |  | 467,200 |  |  | 1,698,664 |  |  | 5,816,019 |
December 31, 2014 |  |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,342,519 |  |  | $ | 581,668 |  |  | $ | — |  |  | $ | 1,474,386 |  |  | $ | 3,398,573 |
Commercial loans |  | — |  |  | — |  |  | 566,927 |  |  | — |  |  | 566,927 |
Real estate securities |  | 93,802 |  |  | 1,285,428 |  |  | — |  |  | — |  |  | 1,379,230 |
Mortgage servicing rights |  | — |  |  | 139,293 |  |  | — |  |  | — |  |  | 139,293 |
Total assets |  | 1,468,856 |  |  | 2,057,256 |  |  | 575,943 |  |  | 1,816,911 |  |  | 5,918,966 |

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