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Other Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Components of Other Assets | Other assets at June 30, 2018 and December 31, 2017, are summarized in the following table. Table 9.1 – Components of Other Assets
(In Thousands) |  | June 30, 2018 |  | December 31, 2017
Mortgage servicing rights |  | $ | 64,674 |  |  | $ | 63,598 |
Margin receivable |  | 49,538 |  |  | 85,044 |
FHLBC stock |  | 43,393 |  |  | 43,393 |
Pledged collateral |  | 42,201 |  |  | 42,615 |
Participation in loan warehouse facility |  | 41,658 |  |  | — |
Investment in 5 Arches |  | 10,973 |  |  | — |
Fixed assets and leasehold improvements (1) |  | 5,189 |  |  | 2,645 |
Guarantee asset |  | 2,936 |  |  | 2,869 |
REO |  | 2,649 |  |  | 3,354 |
Other |  | 9,459 |  |  | 15,046 |
Total Other Assets |  | $ | 272,670 |  |  | $ | 258,564 |
(1) | Fixed assets and leasehold improvements had a basis of $10 million and accumulated depreciation of $4 million at June 30, 2018.
Components of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities at June 30, 2018 and December 31, 2017 are summarized in the following table. Table 9.2 – Components of Accrued Expenses and Other Liabilities
(In Thousands) |  | June 30, 2018 |  | December 31, 2017
Guarantee obligations |  | $ | 18,124 |  |  | $ | 19,487 |
Accrued compensation |  | 13,387 |  |  | 24,025 |
Deferred tax liabilities |  | 11,764 |  |  | 11,764 |
Unsettled trades |  | 11,328 |  |  | 13 |
Margin payable |  | 7,282 |  |  | 390 |
Residential loan and MSR repurchase reserve |  | 4,443 |  |  | 4,916 |
Accrued income taxes payable |  | 2,547 |  |  | — |
Legal reserve |  | 2,000 |  |  | 2,000 |
Other |  | 8,696 |  |  | 5,134 |
Total Accrued Expenses and Other Liabilities |  | $ | 79,571 |  |  | $ | 67,729 |
Activity for Mortgage Servicing Rights | The following table presents activity for MSRs for the three and six months ended June 30, 2018 and 2017. Table 9.3 – Activity for MSRs
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Balance at beginning of period |  | $ | 66,496 |  |  | $ | 111,013 |  |  | $ | 63,598 |  |  | $ | 118,526 |
Additions |  | — |  |  | 216 |  |  | — |  |  | 7,701 |
Sales |  | (1,077 | ) |  | (41,038 | ) |  | (1,077 | ) |  | (52,966 | )
Changes in fair value due to: |  |  |  |  |  |  |  |
Changes in assumptions (1) |  | 943 |  |  | (3,356 | ) |  | 5,289 |  |  | (4,013 | )
Other changes (2) |  | (1,688 | ) |  | (3,065 | ) |  | (3,136 | ) |  | (5,478 | )
Balance at End of Period |  | $ | 64,674 |  |  | $ | 63,770 |  |  | $ | 64,674 |  |  | $ | 63,770 |
(1) | Primarily reflects changes in prepayment assumptions due to changes in market interest rates.
(2) | Represents changes due to the realization of expected cash flows.
Components of Mortgage Servicing Rights Income (Loss), net | The following table presents the components of our MSR income for the three and six months ended June 30, 2018 and 2017. Table 9.4 – Components of MSR Income, net
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In Thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Servicing income |  | $ | 3,802 |  |  | $ | 6,511 |  |  | $ | 7,597 |  |  | $ | 13,418 |
Cost of sub-servicer |  | (338 | ) |  | (659 | ) |  | (930 | ) |  | (2,039 | )
Net servicing fee income |  | 3,464 |  |  | 5,852 |  |  | 6,667 |  |  | 11,379 |
Market valuation changes of MSRs |  | (745 | ) |  | (6,421 | ) |  | 2,147 |  |  | (9,491 | )
Market valuation changes of associated derivatives |  | (1,122 | ) |  | 3,040 |  |  | (6,261 | ) |  | 2,291 |
MSR reversal of provision for repurchases |  | 277 |  |  | 307 |  |  | 277 |  |  | 312 |
MSR Income, Net (1) |  | $ | 1,874 |  |  | $ | 2,778 |  |  | $ | 2,830 |  |  | $ | 4,491 |
(1) | MSR income, net is included in Other income, net on our consolidated statements of income.

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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=68078379&loc=d3e122625-111746 + Details
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