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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2015
Fair Value Disclosures [Abstract] |
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 June 30, 2015 and December 31, 2014.
|  | June 30, 2015 |  | December 31, 2014
|  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
(In Thousands) |  |  |  |
Assets |  |  |  |  |  |  |  |
Residential loans, held-for-sale |  |  |  |  |  |  |  |
At fair value |  | $ | 890,623 |  |  | $ | 890,623 |  |  | $ | 1,341,032 |  |  | $ | 1,341,032 |
At lower of cost or fair value |  | 1,458 |  |  | 1,655 |  |  | 1,488 |  |  | 1,669 |
Residential loans, held-for-investment (1) |  |  |  |  |  |  |  |
At fair value |  | 2,394,399 |  |  | 2,394,399 |  |  | 581,668 |  |  | 581,668 |
At amortized cost |  | — |  |  | — |  |  | 1,474,386 |  |  | 1,381,918 |
Commercial loans, held-for-sale |  | 165,853 |  |  | 165,853 |  |  | 166,234 |  |  | 166,234 |
Commercial loans, held-for-investment |  |  |  |  |  |  |  |
At fair value |  | 69,763 |  |  | 69,763 |  |  | 71,262 |  |  | 71,262 |
At amortized cost |  | 315,715 |  |  | 321,038 |  |  | 329,431 |  |  | 334,876 |
Trading securities |  | 116,141 |  |  | 116,141 |  |  | 111,606 |  |  | 111,606 |
Available-for-sale securities |  | 1,041,458 |  |  | 1,041,458 |  |  | 1,267,624 |  |  | 1,267,624 |
MSRs |  | 168,462 |  |  | 168,462 |  |  | 139,293 |  |  | 139,293 |
Cash and cash equivalents |  | 226,426 |  |  | 226,426 |  |  | 269,730 |  |  | 269,730 |
Restricted cash |  | 2,389 |  |  | 2,389 |  |  | 628 |  |  | 628 |
Accrued interest receivable |  | 16,151 |  |  | 16,151 |  |  | 18,222 |  |  | 18,222 |
Derivative assets |  | 26,252 |  |  | 26,252 |  |  | 16,417 |  |  | 16,417 |
REO (2) |  | 4,410 |  |  | 5,081 |  |  | 4,391 |  |  | 4,703 |
Margin receivable (2) |  | 71,392 |  |  | 71,392 |  |  | 65,374 |  |  | 65,374 |
FHLBC stock (2) |  | 30,001 |  |  | 30,001 |  |  | 10,688 |  |  | 10,688 |
Guarantee asset (2) |  | 6,417 |  |  | 6,417 |  |  | 7,201 |  |  | 7,201 |
Pledged collateral (2) |  | 10,194 |  |  | 10,194 |  |  | 9,927 |  |  | 9,927 |
Liabilities |  |  |  |  |  |  |  |
Short-term debt |  | $ | 1,367,062 |  |  | $ | 1,367,062 |  |  | $ | 1,793,825 |  |  | $ | 1,793,825 |
Accrued interest payable |  | 8,291 |  |  | 8,291 |  |  | 8,502 |  |  | 8,502 |
Guarantee obligation |  | 6,146 |  |  | 6,417 |  |  | 7,201 |  |  | 7,201 |
Derivative liabilities |  | 54,109 |  |  | 54,109 |  |  | 58,331 |  |  | 58,331 |
ABS issued (1) |  |  |  |  |  |  |  |
Fair value |  | 1,173,336 |  |  | 1,173,336 |  |  | — |  |  | — |
Amortized cost |  | 88,786 |  |  | 89,231 |  |  | 1,545,119 |  |  | 1,446,605 |
FHLBC borrowings |  | 882,122 |  |  | 882,122 |  |  | 495,860 |  |  | 495,860 |
Commercial secured borrowings |  | 65,232 |  |  | 65,232 |  |  | 66,707 |  |  | 66,707 |
Convertible notes |  | 492,500 |  |  | 475,700 |  |  | 492,500 |  |  | 492,188 |
Other long-term debt |  | 139,500 |  |  | 101,138 |  |  | 139,500 |  |  | 101,835 |
(1) | Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment and ABS issued by consolidated Sequoia entities began to be recorded at fair value. See Note 3 for further discussion.
(2) | 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 June 30, 2015, 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 June 30, 2015
June 30, 2015 |  | Carrying Value |  | Fair Value Measurements Using
(In Thousands) |  |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |  |
Residential loans |  | $ | 3,285,022 |  |  | $ | — |  |  | $ | 248,157 |  |  | $ | 3,036,865 |
Commercial loans |  | 235,616 |  |  | — |  |  | — |  |  | 235,616 |
Trading securities |  | 116,141 |  |  | — |  |  | — |  |  | 116,141 |
Available-for-sale securities |  | 1,041,458 |  |  | — |  |  | — |  |  | 1,041,458 |
Derivative assets |  | 26,252 |  |  | 7,625 |  |  | 13,621 |  |  | 5,006 |
MSRs |  | 168,462 |  |  | — |  |  | — |  |  | 168,462 |
Pledged collateral |  | 10,194 |  |  | 10,194 |  |  | — |  |  | — |
FHLBC stock |  | 30,001 |  |  | 30,001 |  |  | — |  |  | — |
Guarantee asset |  | 6,417 |  |  | — |  |  | — |  |  | 6,417 |
Liabilities |  |  |  |  |  |  |  |  |
Derivative liabilities |  | 54,109 |  |  | 5,726 |  |  | 43,983 |  |  | 4,400 |
Commercial secured borrowings |  | 65,232 |  |  | — |  |  | — |  |  | 65,232 |
ABS issued |  | 1,173,336 |  |  | — |  |  | — |  |  | 1,173,336 |
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 six months ended June 30, 2015. Changes in Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
| Assets |  | Liabilities
| Residential Loans |  | Commercial Loans |  | Trading Securities |  | AFS Securities |  | MSRs |  | Guarantee Asset |  | Derivatives(1) |  | Commercial Secured Borrowings |  | ABS Issued
(In Thousands) |  |  |  |  |  |  |
Beginning balance - December 31, 2014 | $ | 1,677,984 |  |  | $ | 237,496 |  |  | $ | 111,606 |  |  | $ | 1,267,624 |  |  | $ | 139,293 |  |  | $ | 7,201 |  |  | $ | 1,119 |  |  | $ | 66,707 |  |  | $ | — |
Transfer to FVO (2) | 1,370,699 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,302,216 |
Principal paydowns | (247,699 | ) |  | (463 | ) |  | (827 | ) |  | (61,265 | ) |  | — |  |  | — |  |  | — |  |  | (295 | ) |  | (135,799 | )
Gains (losses) in net income, net | (6,661 | ) |  | 5,640 |  |  | (7,187 | ) |  | 29,424 |  |  | (3,842 | ) |  | (855 | ) |  | 23,321 |  |  | (1,204 | ) |  | 6,498 |
Unrealized losses in OCI, net | — |  |  | — |  |  | — |  |  | (7,050 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Acquisitions | 2,519,029 |  |  | 350,384 |  |  | 92,006 |  |  | 14,788 |  |  | 51,217 |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | (2,273,308 | ) |  | (357,441 | ) |  | (79,457 | ) |  | (202,423 | ) |  | (18,206 | ) |  | — |  |  | — |  |  | — |  |  | — |
Other settlements, net | (3,179 | ) |  | — |  |  | — |  |  | 360 |  |  | — |  |  | 71 |  |  | (23,834 | ) |  | 24 |  |  | 421 |
Ending balance - June 30, 2015 | $ | 3,036,865 |  |  | $ | 235,616 |  |  | $ | 116,141 |  |  | $ | 1,041,458 |  |  | $ | 168,462 |  |  | $ | 6,417 |  |  | $ | 606 |  |  | $ | 65,232 |  |  | $ | 1,173,336 |
(1) For the purpose of this presentation, derivative assets and liabilities, which consist of loan purchase commitments, are presented on a net basis. (2) Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment in, and ABS issued by, consolidated financial entities are now recorded at fair value. See Note 3 for further discussion.
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 June 30, 2015 and 2014. Gains or losses incurred on assets or liabilities sold, matured, called, or fully written down during the three and six months ended June 30, 2015 and 2014 are not included in this presentation. Portion of Net Gains (Losses) Attributable to Level 3 Assets and Liabilities Still Held at June 30, 2015 and 2014 Included in Net Income
|  | Included in Net Income
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Assets |  |  |  |  |  |  |  |
Residential loans at Redwood |  | $ | (7,508 | ) |  | $ | 11,755 |  |  | $ | (5,441 | ) |  | $ | 11,964 |
Residential loans at consolidated Sequoia entities |  | 2,476 |  |  | — |  |  | 5,331 |  |  | — |
Commercial loans |  | (1,565 | ) |  | 2,008 |  |  | (56 | ) |  | 2,008 |
Trading securities |  | 4,601 |  |  | (9,257 | ) |  | (5,254 | ) |  | (13,688 | )
Available-for-sale securities |  | — |  |  | (264 | ) |  | — |  |  | (377 | )
MSRs |  | 21,296 |  |  | (4,974 | ) |  | 10,277 |  |  | (7,236 | )
Other assets - Guarantee asset |  | 228 |  |  | — |  |  | (700 | ) |  | — |
Liabilities |  |  |  |  |  |  |  |
Loan purchase commitments |  | (3,810 | ) |  | 1,707 |  |  | (1,826 | ) |  | 1,707 |
Commercial secured borrowing |  | 2,713 |  |  | 1,759 |  |  | 1,204 |  |  | 1,759 |
ABS issued |  | (3,552 | ) |  | — |  |  | (6,498 | ) |  | — |
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 June 30, 2015. 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 June 30, 2015. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis at June 30, 2015
|  |  |  |  |  |  |  |  |  | Gain (Loss) for
June 30, 2015 |  | Carrying Value |  | Fair Value Measurements Using |  | Three Months Ended | Six Months Ended
(In Thousands) |  |  | Level 1 |  | Level 2 |  | Level 3 |  | June 30, 2015 | June 30, 2015
Assets |  |  |  |  |  |  |  |  |  |  |
Residential loans, at lower of cost or fair value |  | $ | 1,102 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,102 |  |  | $ | 1 |  | $ | 1 |
REO |  | 1,017 |  |  | — |  |  | — |  |  | 1,017 |  |  | (170 | ) | (175 | )
Market Valuation Gains and Losses, Net | The following table presents the net gains and losses recorded in each line item of our consolidated statements of income for the three and six months ended June 30, 2015 and 2014. Market Valuation Gains and Losses, Net
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Mortgage banking and investment activities, net |  |  |  |  |  |  |  |
Residential loans, at fair value |  | $ | (3,176 | ) |  | $ | 13,994 |  |  | $ | (1,118 | ) |  | $ | 21,119 |
Consolidated Sequoia entities (1) |  | (684 | ) |  | (321 | ) |  | (1,777 | ) |  | (464 | )
Residential loans held-for-investment, at Redwood |  | (5,885 | ) |  | — |  |  | (3,907 | ) |  | — |
Commercial loans, at fair value |  | 987 |  |  | 5,714 |  |  | 6,845 |  |  | 9,340 |
Trading securities |  | 6,927 |  |  | (8,733 | ) |  | (7,162 | ) |  | (13,164 | )
Risk management derivatives, net |  | 4,645 |  |  | (12,300 | ) |  | (7,311 | ) |  | (25,108 | )
Impairments on AFS securities |  | — |  |  | (264 | ) |  | — |  |  | (377 | )
Guarantee asset |  | 299 |  |  | — |  |  | (784 | ) |  | — |
Loan purchase and forward sale commitments |  | 1,054 |  |  | 3,582 |  |  | 19,309 |  |  | 3,590 |
Other investments |  | (71 | ) |  | — |  |  | 83 |  |  | — |
Total mortgage banking and investment activities, net(2) |  | $ | 4,096 |  |  | $ | 1,672 |  |  | $ | 4,178 |  |  | $ | (5,064 | )
MSR Income (loss), net |  |  |  |  |  |  |  |
MSRs |  | $ | 15,675 |  |  | $ | (5,553 | ) |  | $ | (3,842 | ) |  | $ | (8,265 | )
Risk management derivatives, net |  | (21,814 | ) |  | — |  |  | (21,814 | ) |  | — |
Total MSR income (loss), net (3) |  | $ | (6,139 | ) |  | $ | (5,553 | ) |  | $ | (25,656 | ) |  | $ | (8,265 | )
Total market valuation gains and losses, net |  | $ | (2,043 | ) |  | $ | (3,881 | ) |  | $ | (21,478 | ) |  | $ | (13,329 | )
(1) | On January 1, 2015, we adopted ASU 2014-13 and began to record the assets and liabilities of consolidated Sequoia entities at fair value. This amount includes the net change in fair value of the consolidated assets and liabilities of these entities, which include residential loans held-for-investment, REO, and ABS issued. This combined amount represents the estimated change in value of our retained interests in these entities. See Note 3 for further discussion.
(2) | Mortgage banking and investment activities, net presented above does not include fee income or provisions for repurchases that is a component of mortgage banking and investment activities, net presented on our consolidated statements of income, as these amounts do not represent market valuation changes.
(3) | MSR Income (loss), net presented above does not include net fee income or provisions for repurchases that are a component of MSR Income (loss), net on our consolidated statements of income.
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
June 30, 2015 |  | Fair Value |  |  |  |  |  |  | Weighted Average
(Dollars in Thousands, except input values) |  |  | Unobservable Input |  | Range |
Assets |  |  |  |  |  |  |  |  |  |
Residential loans, at fair value: |  |  |  |  |  |  |  |  |  |
Jumbo fixed rate loans uncommitted to sell |  | $ | 1,267,521 |  |  | IO Multiple |  | 4.3 - 5.0 | x |  | 4.4 |  | x
|  |  |  | Prepayment rate (Annual CPR) |  | 12 - 15 | % |  | 14 |  | %
|  |  |  | Senior spread to TBA price |  | $3.50 - $3.50 |  |  | $ | 3.50 |  |
|  |  |  | Subordinate spread to swap rate |  | 310 - 310 | bps |  | 310 |  | bps
|  |  |  | Credit support |  | 5 - 5 | % |  | 5 |  | %
|  |  |  | Whole loan spread to TBA price |  | $2.90 - $4.15 |  |  | $ | 4.00 |  |
Jumbo hybrid loans uncommitted to sell |  | 181,279 |  |  | Prepayment rate (Annual CPR) |  | 15 - 15 | % |  | 15 |  | %
|  |  | Spread to swap rate |  | 125 - 160 | bps |  | 129 |  | bps
Jumbo loans committed to sell |  | 350,951 |  |  | Committed Sales Price |  | $101 - $102 |  |  | $ | 102 |  |
Loans held by consolidated Sequoia entities (1) |  | 1,237,114 |  |  | Liability price |  | N/A |  |  | N/A |  |
Residential loans, at lower of cost or fair value |  | 1,102 |  |  | Loss severity |  | 13 - 30 | % |  | 20 |  | %
Commercial loans, at fair value |  | 235,616 |  |  | Spread to swap rate |  | 168 - 169 | bps |  | 168 |  | bps
|  |  |  | Credit support |  | 23 - 23 | % |  | 23 |  | %
Trading and AFS securities |  | 1,157,599 |  |  | Discount rate |  | 4 - 12 | % |  | 6 |  | %
|  |  |  | Prepayment rate (Annual CPR) |  | 1 - 35 | % |  | 13 |  | %
|  |  |  | Default rate |  | 0 - 35 | % |  | 8 |  | %
|  |  |  | Loss severity |  | 20 - 65 | % |  | 34 |  | %
|  |  |  | Credit support |  | 0 - 49 | % |  | 5 |  | %
MSRs |  | 168,462 |  |  | Discount rate |  | 8 - 11 | % |  | 10 |  | %
|  |  |  | Prepayment rate (Annual CPR) |  | 4 - 60 | % |  | 9 |  | %
|  |  |  | Per loan annual cost to service |  | $72 - $82 |  |  | $ | 78 |  |
Guarantee asset |  | 6,417 |  |  | Discount rate |  | 11 - 11 | % |  | 11 |  | %
|  |  |  | Prepayment rate (Annual CPR) |  | 5 - 27 | % |  | 12 |  | %
REO |  | 1,017 |  |  | Loss severity |  | 19 - 76 | % |  | 55 |  | %
Loan purchase commitments, net (2) |  | 605 |  |  | MSR Multiple |  | 0 - 4 | x |  | 3.0 |  | x
|  |  |  | Fallout rate |  | 2 - 97 | % |  | 26 |  | %
Liabilities |  |  |  |  |  |  |  |  |  |
ABS issued by consolidated Sequoia entities (1) |  | 1,173,336 |  |  | Discount rate |  | 5 - 8 | % |  | 5 |  | %
|  |  |  | Prepayment rate (Annual CPR) |  | 0 - 31 | % |  | 13 |  | %
|  |  |  | Default rate |  | 0 - 12 | % |  | 6 |  | %
|  |  |  | Loss severity |  | 20 - 32 | % |  | 26 |  | %
|  |  |  | Credit support |  | 0 - 69 | % |  | 11 |  | %
Commercial secured financing |  | 65,232 |  |  | Spread to swap rate |  | 168 - 168 | bps |  | 168 |  | bps
|  |  |  | Credit support |  | 23 - 23 | % |  | 23 |  | %
(1) | Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment in, and ABS issued by, consolidated Sequoia entities began to be recorded at fair value. In accordance with this new guidance, the fair value of the loans in these entities were based on the fair value of the liabilities issued by these entities, which we determined were more readily observable. See Note 3 for further discussion.
(2) | For the purpose of this presentation, loan purchase commitment assets and liabilities are presented net.

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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 + Details
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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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