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Mortgage Banking and Investment Activities (Tables) | 6 Months Ended
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Jun. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Components of Mortgage Banking Activities, Net | The following table presents the components of mortgage banking and investment activities, net, recorded in our consolidated statements of income for the three and six months ended June 30, 2015 and 2014.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Residential mortgage banking activities, net: |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans, at fair value (1) |  | $ | (2,122 | ) |  | $ | 17,575 |  |  | $ | 18,192 |  |  | $ | 24,709 |
Real estate securities (2) |  | — |  |  | (8,810 | ) |  | (14,359 | ) |  | (13,087 | )
Risk management derivatives (3) |  | 2,752 |  |  | (7,858 | ) |  | (1,619 | ) |  | (12,136 | )
Hedging allocation (2) |  | 2,803 |  |  | — |  |  | 2,803 |  |  | — |
Other income, net (4) |  | 1,400 |  |  | 435 |  |  | 2,035 |  |  | 790 |
Total residential mortgage banking activities, net: |  | 4,833 |  |  | 1,342 |  |  | 7,052 |  |  | 276 |
Commercial mortgage banking activities, net: |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Commercial loans, at fair value |  | 987 |  |  | 5,714 |  |  | 6,844 |  |  | 9,340 |
Risk management derivatives (3) |  | 1,463 |  |  | (816 | ) |  | (4,750 | ) |  | (3,619 | )
Other fee income |  | 164 |  |  | 83 |  |  | 227 |  |  | 93 |
Total commercial mortgage banking activities, net: |  | 2,614 |  |  | 4,981 |  |  | 2,321 |  |  | 5,814 |
Investment activities, net |  |  |  |  |  |  |  |
Changes in fair value of: |  |  |  |  |  |  |  |
Residential loans held-for-investment, at Redwood |  | (5,885 | ) |  | — |  |  | (3,907 | ) |  | — |
Real estate securities |  | 6,927 |  |  | (186 | ) |  | 7,197 |  |  | (453 | )
Net investments in consolidated Sequoia entities |  | (684 | ) |  | (321 | ) |  | (1,777 | ) |  | (464 | )
Risk sharing investments |  | 228 |  |  | — |  |  | (702 | ) |  | — |
Risk management derivatives |  | 429 |  |  | (3,627 | ) |  | (944 | ) |  | (9,354 | )
Hedging allocation (2) |  | (2,803 | ) |  | — |  |  | (2,803 | ) |  | — |
Total investment activities: |  | (1,788 | ) |  | (4,134 | ) |  | (2,936 | ) |  | (10,271 | )
Mortgage banking and investment activities, net |  | $ | 5,659 |  |  | $ | 2,189 |  |  | $ | 6,437 |  |  | $ | (4,181 | )
(1) | Includes changes in fair value for associated loan purchase and forward sale commitments.
(2) | In the second quarter of 2015, we transferred securities previously utilized as hedges for our mortgage banking segment to our residential investments segment and began to record a hedging allocation between our business segments. See Note 21 for further discussion.
(3) | Represents market valuation changes of derivatives that are used to manage risks associated with our accumulation of residential and commercial loans.
(4) | Amounts in this line item include other fee income from loan acquisitions and the provision for repurchases expense, presented net.

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- Definition Tabular disclosure of the components of mortgage banking activities, net. This includes market valuations related to residential and commercial loans, retained Sequoia IOs, and mortgage banking derivatives, as well as realized gains or losses associated with residential and commercial loan sales and securitizations. + References No definition available. + Details
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