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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2015
Segment Reporting Information [Line Items] |
Financial Information by Segment | The following tables present financial information by segment for the years ended December 31, 2015, 2014, and 2013. Table 21.1 – Business Segment Financial Information
|  | Year Ended December 31, 2015
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 52,260 |  |  | $ | 135,395 |  |  | $ | 46,933 |  |  | $ | 24,844 |  |  | $ | 259,432 |
Interest expense |  | (17,207 | ) |  | (11,204 | ) |  | (13,809 | ) |  | (53,663 | ) |  | (95,883 | )
Net interest income (loss) |  | 35,053 |  |  | 124,191 |  |  | 33,124 |  |  | (28,819 | ) |  | 163,549 |
Reversal of provision for loan losses |  | — |  |  | — |  |  | 355 |  |  | — |  |  | 355 |
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net (1) |  | 8,268 |  |  | (20,089 | ) |  | 2,704 |  |  | (1,268 | ) |  | (10,385 | )
MSR income (loss), net |  | — |  |  | (3,922 | ) |  | — |  |  | — |  |  | (3,922 | )
Other income |  | — |  |  | 3,192 |  |  | — |  |  | — |  |  | 3,192 |
Realized gains, net |  | — |  |  | 36,369 |  |  | — |  |  | — |  |  | 36,369 |
Total non-interest income, net |  | 8,268 |  |  | 15,550 |  |  | 2,704 |  |  | (1,268 | ) |  | 25,254 |
Direct operating expenses |  | (43,182 | ) |  | (4,346 | ) |  | (11,331 | ) |  | (38,557 | ) |  | (97,416 | )
Benefit from income taxes |  | 4,169 |  |  | 847 |  |  | 1,452 |  |  | 3,878 |  |  | 10,346 |
Segment Contribution |  | $ | 4,308 |  |  | $ | 136,242 |  |  | $ | 26,304 |  |  | $ | (64,766 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 102,088 |
Non-cash amortization income (expense) |  | $ | (186 | ) |  | $ | 36,850 |  |  | $ | (267 | ) |  | $ | (3,994 | ) |  | $ | 32,403 |
Hedging allocations (1) |  | 1,120 |  |  | (1,070 | ) |  | — |  |  | (50 | ) |  | — |
(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 statement for the year ended December 31, 2015.
|  | Year Ended December 31, 2014
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 58,272 |  |  | $ | 110,433 |  |  | $ | 47,567 |  |  | $ | 25,798 |  |  | $ | 242,070 |
Interest expense |  | (12,776 | ) |  | (11,848 | ) |  | (15,836 | ) |  | (47,003 | ) |  | (87,463 | )
Net interest income (loss) |  | 45,496 |  |  | 98,585 |  |  | 31,731 |  |  | (21,205 | ) |  | 154,607 |
Provision for loan losses |  | — |  |  | — |  |  | (84 | ) |  | (877 | ) |  | (961 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | 21,554 |  |  | (9,178 | ) |  | 13,440 |  |  | (1,024 | ) |  | 24,792 |
MSR income (loss), net |  | — |  |  | (4,261 | ) |  | — |  |  | — |  |  | (4,261 | )
Other income |  | — |  |  | 181 |  |  | — |  |  | 1,600 |  |  | 1,781 |
Realized gains, net |  | — |  |  | 13,777 |  |  | — |  |  | 1,701 |  |  | 15,478 |
Total non-interest income, net |  | 21,554 |  |  | 519 |  |  | 13,440 |  |  | 2,277 |  |  | 37,790 |
Direct operating expenses |  | (37,664 | ) |  | (3,681 | ) |  | (11,324 | ) |  | (37,454 | ) |  | (90,123 | )
(Provision for) benefit from income taxes |  | (1,774 | ) |  | 1,340 |  |  | (234 | ) |  | (76 | ) |  | (744 | )
Segment Contribution |  | $ | 27,612 |  |  | $ | 96,763 |  |  | $ | 33,529 |  |  | $ | (57,335 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 100,569 |
Non-cash amortization income (expense) |  | $ | (181 | ) |  | $ | 42,784 |  |  | $ | (673 | ) |  | $ | (8,232 | ) |  | $ | 33,698 |
|  | Year Ended December 31, 2013
(In Thousands) |  | Residential Mortgage Banking |  | Residential Investments |  | Commercial Mortgage Banking and Investments |  | Corporate/ Other |  | Total
Interest income |  | $ | 52,517 |  |  | $ | 96,399 |  |  | $ | 43,420 |  |  | $ | 33,820 |  |  | $ | 226,156 |
Interest expense |  | (10,167 | ) |  | (10,067 | ) |  | (12,677 | ) |  | (48,060 | ) |  | (80,971 | )
Net interest income (loss) |  | 42,350 |  |  | 86,332 |  |  | 30,743 |  |  | (14,240 | ) |  | 145,185 |
Provision for loan losses |  | — |  |  | — |  |  | (3,288 | ) |  | (1,449 | ) |  | (4,737 | )
Non-interest income |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | 79,431 |  |  | (5,134 | ) |  | 23,101 |  |  | (613 | ) |  | 96,785 |
MSR income (loss), net |  | — |  |  | 20,309 |  |  | — |  |  | — |  |  | 20,309 |
Realized gains, net |  | — |  |  | 24,765 |  |  | 210 |  |  | 284 |  |  | 25,259 |
Total non-interest income, net |  | 79,431 |  |  | 39,940 |  |  | 23,311 |  |  | (329 | ) |  | 142,353 |
Direct operating expenses |  | (22,880 | ) |  | (4,035 | ) |  | (9,579 | ) |  | (50,113 | ) |  | (86,607 | )
Other expense |  | — |  |  | — |  |  | — |  |  | (12,000 | ) |  | (12,000 | )
(Provision for) benefit from income taxes |  | (5,947 | ) |  | (3,027 | ) |  | (3,827 | ) |  | 1,853 |  |  | (10,948 | )
Segment Contribution |  | $ | 92,954 |  |  | $ | 119,210 |  |  | $ | 37,360 |  |  | $ | (76,278 | ) |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 173,246 |
Non-cash amortization income (expense) |  | $ | — |  |  | $ | 34,578 |  |  | $ | (798 | ) |  | $ | (7,338 | ) |  | $ | 26,442 |
Supplemental Balance Sheet | The following table presents supplemental information by segment at December 31, 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
December 31, 2015 |  |  |  |  |  |  |  |  |  |
Residential loans |  | $ | 1,115,738 |  |  | $ | 1,791,195 |  |  | $ | — |  |  | $ | 1,021,870 |  |  | $ | 3,928,803 |
Commercial loans |  | — |  |  | — |  |  | 402,647 |  |  | — |  |  | 402,647 |
Real estate securities |  | 197,007 |  |  | 1,028,171 |  |  | 8,078 |  |  | — |  |  | 1,233,256 |
Mortgage servicing rights |  | — |  |  | 191,976 |  |  | — |  |  | — |  |  | 191,976 |
Total assets |  | 1,347,492 |  |  | 3,140,604 |  |  | 416,258 |  |  | 1,326,673 |  |  | 6,231,027 |
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 |
Corporate and Other |
Segment Reporting Information [Line Items] |
Financial Information by Segment | The following table presents the components of Corporate/Other that are presented in the preceding tables for the years ended December 31, 2015, 2014, and 2013.
|  | Years Ended December 31,
|  | 2015 |  | 2014 |  | 2013
(In Thousands) |  | Legacy VIEs (1) |  | Other |  | Total |  | Legacy VIEs (1) |  | Other |  | Total |  | Legacy VIEs (1) |  | Other |  | Total
Interest income |  | $ | 24,814 |  |  | $ | 30 |  |  | $ | 24,844 |  |  | $ | 25,786 |  |  | $ | 12 |  |  | $ | 25,798 |  |  | $ | 33,663 |  |  | $ | 157 |  |  | $ | 33,820 |
Interest expense |  | (15,646 | ) |  | (38,017 | ) |  | (53,663 | ) |  | (20,844 | ) |  | (26,159 | ) |  | (47,003 | ) |  | (25,876 | ) |  | (22,184 | ) |  | (48,060 | )
Net interest income (loss) |  | 9,168 |  |  | (37,987 | ) |  | (28,819 | ) |  | 4,942 |  |  | (26,147 | ) |  | (21,205 | ) |  | 7,787 |  |  | (22,027 | ) |  | (14,240 | )
Provision for loan losses |  | — |  |  | — |  |  | — |  |  | (877 | ) |  | — |  |  | (877 | ) |  | (1,449 | ) |  | — |  |  | (1,449 | )
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage banking and investment activities, net |  | (1,192 | ) |  | (76 | ) |  | (1,268 | ) |  | (894 | ) |  | (130 | ) |  | (1,024 | ) |  | (613 | ) |  | — |  |  | (613 | )
MSR income (loss), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other income |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,600 |  |  | 1,600 |  |  | — |  |  | — |  |  | — |
Realized gains, net |  | — |  |  | — |  |  | — |  |  | 1,701 |  |  | — |  |  | 1,701 |  |  | 284 |  |  | — |  |  | 284 |
Total non-interest income, net |  | (1,192 | ) |  | (76 | ) |  | (1,268 | ) |  | 807 |  |  | 1,470 |  |  | 2,277 |  |  | (329 | ) |  | — |  |  | (329 | )
Direct operating expenses |  | — |  |  | (38,557 | ) |  | (38,557 | ) |  | (165 | ) |  | (37,289 | ) |  | (37,454 | ) |  | (231 | ) |  | (49,882 | ) |  | (50,113 | )
Other expense |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (12,000 | ) |  | (12,000 | )
(Provision for) benefit from income taxes |  | — |  |  | 3,878 |  |  | 3,878 |  |  | — |  |  | (76 | ) |  | (76 | ) |  | — |  |  | 1,853 |  |  | 1,853 |
Total |  | $ | 7,976 |  |  | $ | (72,742 | ) |  | $ | (64,766 | ) |  | $ | 4,707 |  |  | $ | (62,042 | ) |  | $ | (57,335 | ) |  | $ | 5,778 |  |  | $ | (82,056 | ) |  | $ | (76,278 | )
(1) | Legacy VIEs represent legacy Sequoia entities that are consolidated for GAAP financial reporting purposes. See Note 4 for further discussion on VIEs.

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