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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2015
Segment Reporting [Abstract] |
Financial Information by Segment | The following tables present financial information by segment for the three and nine months ended September 30, 2015 and 2014. Table 21.1 – Business Segment Financial Information
|  | Three Months Ended September 30, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 12,115 |  |  | $ | 34,074 |  |  | $ | 11,191 |  |  | $ | 6,104 |  |  | $ | 63,484 |
Interest expense |  | (4,313 | ) |  | (2,660 | ) |  | (3,502 | ) |  | (13,400 | ) |  | (23,875 | )
Net interest income (loss) |  | 7,802 |  |  | 31,414 |  |  | 7,689 |  |  | (7,296 | ) |  | 39,609 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | 60 |  |  | — |  |  | 60 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net (1) |  | 331 |  |  | (13,622 | ) |  | 1,002 |  |  | (547 | ) |  | (12,836 | )
MSR income (loss), net |  | — |  |  | 3,549 |  |  | — |  |  | — |  |  | 3,549 |
Other income |  | — |  |  | 327 |  |  | — |  |  | — |  |  | 327 |
Realized gains, net |  | — |  |  | 5,548 |  |  | — |  |  | — |  |  | 5,548 |
Total non-interest income, net |  | 331 |  |  | (4,198 | ) |  | 1,002 |  |  | (547 | ) |  | (3,412 | )
Direct operating expenses |  | (11,278 | ) |  | (1,311 | ) |  | (3,136 | ) |  | (8,772 | ) |  | (24,497 | )
Benefit from income taxes |  | 2,690 |  |  | 4,082 |  |  | (389 | ) |  | 1,021 |  |  | 7,404 |
Segment Contribution |  | $ | (455 | ) |  | $ | 29,987 |  |  | $ | 5,226 |  |  | $ | (15,594 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 19,164 |
Non-cash amortization income (expense) |  | $ | (45 | ) |  | $ | 9,115 |  |  | $ | (61 | ) |  | $ | (1,007 | ) |  | $ | 8,002 |
Hedging allocations (1) |  | (1,683 | ) |  | 1,683 |  |  | — |  |  | — |  |  | — |
|  | Three Months Ended September 30, 2014
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 16,911 |  |  | $ | 27,600 |  |  | $ | 12,603 |  |  | $ | 6,237 |  |  | $ | 63,351 |
Interest expense |  | (4,192 | ) |  | (3,142 | ) |  | (4,526 | ) |  | (11,490 | ) |  | (23,350 | )
Net interest income (loss) |  | 12,719 |  |  | 24,458 |  |  | 8,077 |  |  | (5,253 | ) |  | 40,001 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | 888 |  |  | 708 |  |  | 1,596 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | 11,429 |  |  | (3,371 | ) |  | 6,486 |  |  | (378 | ) |  | 14,166 |
MSR income (loss), net |  | — |  |  | 5,821 |  |  | — |  |  | — |  |  | 5,821 |
Other income |  | — |  |  | — |  |  | — |  |  | 1,600 |  |  | 1,600 |
Realized gains, net |  | — |  |  | 7,836 |  |  | — |  |  | 696 |  |  | 8,532 |
Total non-interest income, net |  | 11,429 |  |  | 10,286 |  |  | 6,486 |  |  | 1,918 |  |  | 30,119 |
Direct operating expenses |  | (9,982 | ) |  | (802 | ) |  | (2,279 | ) |  | (8,343 | ) |  | (21,406 | )
(Provision for) benefit from income taxes |  | (3,352 | ) |  | 150 |  |  | (1,764 | ) |  | (247 | ) |  | (5,213 | )
Segment Contribution |  | $ | 10,814 |  |  | $ | 34,092 |  |  | $ | 11,408 |  |  | $ | (11,217 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 45,097 |
Non-cash amortization income (expense) |  | $ | (43 | ) |  | $ | 10,890 |  |  | $ | (191 | ) |  | $ | (2,049 | ) |  | $ | 8,607 |
|  | Nine Months Ended September 30, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 37,886 |  |  | $ | 98,335 |  |  | $ | 34,784 |  |  | $ | 19,598 |  |  | $ | 190,603 |
Interest expense |  | (11,389 | ) |  | (8,137 | ) |  | (10,488 | ) |  | (40,830 | ) |  | (70,844 | )
Net interest income (loss) |  | 26,497 |  |  | 90,198 |  |  | 24,296 |  |  | (21,232 | ) |  | 119,759 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | 115 |  |  | — |  |  | 115 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net (1) |  | 7,383 |  |  | (14,745 | ) |  | 3,323 |  |  | (2,360 | ) |  | (6,399 | )
MSR income (loss), net |  | — |  |  | (6,545 | ) |  | — |  |  | — |  |  | (6,545 | )
Other income |  | — |  |  | 2,435 |  |  | — |  |  | — |  |  | 2,435 |
Realized gains, net |  | — |  |  | 16,170 |  |  | — |  |  | — |  |  | 16,170 |
Total non-interest income, net |  | 7,383 |  |  | (2,685 | ) |  | 3,323 |  |  | (2,360 | ) |  | 5,661 |
Direct operating expenses |  | (33,214 | ) |  | (3,600 | ) |  | (9,638 | ) |  | (28,326 | ) |  | (74,778 | )
Benefit from income taxes |  | 3,562 |  |  | 3,824 |  |  | 321 |  |  | 2,565 |  |  | 10,272 |
Segment Contribution |  | $ | 4,228 |  |  | $ | 87,737 |  |  | $ | 18,417 |  |  | $ | (49,353 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 61,029 |
Non-cash amortization income (expense) |  | $ | (135 | ) |  | $ | 28,277 |  |  | $ | (188 | ) |  | $ | (2,984 | ) |  | $ | 24,970 |
Hedging allocations (1) |  | 1,120 |  |  | (1,070 | ) |  | — |  |  | (50 | ) |  | — |
|  | Nine Months Ended September 30, 2014
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 40,015 |  |  | $ | 83,120 |  |  | $ | 34,204 |  |  | $ | 19,481 |  |  | $ | 176,820 |
Interest expense |  | (7,674 | ) |  | (9,106 | ) |  | (12,234 | ) |  | (34,546 | ) |  | (63,560 | )
Net interest income (loss) |  | 32,341 |  |  | 74,014 |  |  | 21,970 |  |  | (15,065 | ) |  | 113,260 |
Reversal of (provision for) loan losses |  | — |  |  | — |  |  | (56 | ) |  | 685 |  |  | 629 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | 11,704 |  |  | (13,117 | ) |  | 12,300 |  |  | (903 | ) |  | 9,984 |
MSR income (loss), net |  | — |  |  | 4,650 |  |  | — |  |  | — |  |  | 4,650 |
Other income |  | — |  |  | — |  |  | — |  |  | 1,600 |  |  | 1,600 |
Realized gains, net |  | — |  |  | 9,815 |  |  | — |  |  | 872 |  |  | 10,687 |
Total non-interest income, net |  | 11,704 |  |  | 1,348 |  |  | 12,300 |  |  | 1,569 |  |  | 26,921 |
Direct operating expenses |  | (26,577 | ) |  | (2,667 | ) |  | (7,085 | ) |  | (27,330 | ) |  | (63,660 | )
(Provision for) benefit from income taxes |  | (3,258 | ) |  | 1,826 |  |  | (2,159 | ) |  | (112 | ) |  | (3,703 | )
Segment Contribution |  | $ | 14,210 |  |  | $ | 74,521 |  |  | $ | 24,970 |  |  | $ | (40,253 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 73,447 |
Non-cash amortization income (expense) |  | $ | (131 | ) |  | $ | 32,724 |  |  | $ | (579 | ) |  | $ | (6,068 | ) |  | $ | 25,946 |
(1) | Intersegment hedging allocation presented in the tables above is included in the mortgage banking and investment activities, net line item of the segment income statements for the three and nine months ended September 30, 2015.
Schedule of Corporate and Other | The following tables present the components of Corporate/Other for the three and nine months ended September 30, 2015 and 2014. Table 21.2 – Components of Corporate/Other
|  | Three Months Ended September 30,
|  | 2015 |  | 2014
(In Thousands) |  | Legacy Consolidated VIEs |  | Other |  | Total |  | Legacy Consolidated VIEs |  | Other |  | Total
Interest income |  | $ | 6,098 |  |  | $ | 6 |  |  | $ | 6,104 |  |  | $ | 6,233 |  |  | $ | 4 |  |  | $ | 6,237 |
Interest expense |  | (3,842 | ) |  | (9,558 | ) |  | (13,400 | ) |  | (5,250 | ) |  | (6,240 | ) |  | (11,490 | )
Net interest income (loss) |  | 2,256 |  |  | (9,552 | ) |  | (7,296 | ) |  | 983 |  |  | (6,236 | ) |  | (5,253 | )
Reversal of provision for loan losses |  | — |  |  | — |  |  | — |  |  | 708 |  |  | — |  |  | 708 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | (501 | ) |  | (46 | ) |  | (547 | ) |  | (361 | ) |  | (17 | ) |  | (378 | )
MSR income (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,600 |  |  | 1,600 |
Realized gains, net |  | — |  |  | — |  |  | — |  |  | 696 |  |  | — |  |  | 696 |
Total non-interest income, net |  | (501 | ) |  | (46 | ) |  | (547 | ) |  | 335 |  |  | 1,583 |  |  | 1,918 |
Direct operating expenses |  | — |  |  | (8,772 | ) |  | (8,772 | ) |  | (26 | ) |  | (8,317 | ) |  | (8,343 | )
(Provision for) benefit from income taxes |  | — |  |  | 1,021 |  |  | 1,021 |  |  | — |  |  | (247 | ) |  | (247 | )
Total |  | $ | 1,755 |  |  | $ | (17,349 | ) |  | $ | (15,594 | ) |  | $ | 2,000 |  |  | $ | (13,217 | ) |  | $ | (11,217 | )
|  | Nine Months Ended September 30,
|  | 2015 |  | 2014
(In Thousands) |  | Legacy Consolidated VIEs |  | Other |  | Total |  | Legacy Consolidated VIEs |  | Other |  | Total
Interest income |  | $ | 19,578 |  |  | $ | 20 |  |  | $ | 19,598 |  |  | $ | 19,473 |  |  | $ | 8 |  |  | $ | 19,481 |
Interest expense |  | (12,372 | ) |  | (28,458 | ) |  | (40,830 | ) |  | (15,950 | ) |  | (18,596 | ) |  | (34,546 | )
Net interest income (loss) |  | 7,206 |  |  | (28,438 | ) |  | (21,232 | ) |  | 3,523 |  |  | (18,588 | ) |  | (15,065 | )
Reversal of provision for loan losses |  | — |  |  | — |  |  | — |  |  | 685 |  |  | — |  |  | 685 |
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | (2,277 | ) |  | (83 | ) |  | (2,360 | ) |  | (825 | ) |  | (78 | ) |  | (903 | )
MSR income (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,600 |  |  | 1,600 |
Realized gains, net |  | — |  |  | — |  |  | — |  |  | 872 |  |  | — |  |  | 872 |
Total non-interest income, net |  | (2,277 | ) |  | (83 | ) |  | (2,360 | ) |  | 47 |  |  | 1,522 |  |  | 1,569 |
Direct operating expenses |  | — |  |  | (28,326 | ) |  | (28,326 | ) |  | (120 | ) |  | (27,210 | ) |  | (27,330 | )
(Provision for) benefit from income taxes |  | — |  |  | 2,565 |  |  | 2,565 |  |  | — |  |  | (112 | ) |  | (112 | )
Total |  | $ | 4,929 |  |  | $ | (54,282 | ) |  | $ | (49,353 | ) |  | $ | 4,135 |  |  | $ | (44,388 | ) |  | $ | (40,253 | )
Supplemental Information by Segment | The following table presents supplemental information by segment at September 30, 2015 and December 31, 2014. Table 21.3 – Supplemental Segment Information
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
September 30, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,506,151 |  |  | $ | 1,360,277 |  |  | $ | — |  |  | $ | 1,170,246 |  |  | $ | 4,036,674 |
Commercial loans |  | — |  |  | — |  |  | 468,157 |  |  | — |  |  | 468,157 |
Real estate securities |  | — |  |  | 1,085,224 |  |  | — |  |  | — |  |  | 1,085,224 |
Mortgage servicing rights |  | — |  |  | 162,726 |  |  | — |  |  | — |  |  | 162,726 |
Total assets |  | 1,563,306 |  |  | 2,723,955 |  |  | 475,924 |  |  | 1,505,841 |  |  | 6,269,026 |
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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