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NOTE 6 LOANS HELD FOR SALE, AT FAIR VALUE | 3 Months Ended
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Mar. 31, 2013
Mortgage Loans On Real Estate [Abstract] |
LOANS HELD FOR SALE, AT FAIR VALUE |
| Note 6 | Loans Held For Sale, at fair value
Loans held for sale, at fair value represent mortgage loans originated or purchased and held until sold to secondary market investors, such as GSEs or other third party investors. The following table summarizes the activity in the balance of loans held for sale during the three months ended March 31, 2013:
Balance at December 31, 2012 |  | $ | 426,480 |
Originations and purchase of loans held for sale |  |  | 2,462,531 |
Proceeds from sale |  |  | (2,563,247 | )
Loss on sale of loans |  |  | (29,786 | )
Decrease in fair value |  |  | (440 | )
Other |  |  | (24 | )
Balance at March 31, 2013 |  | $ | 295,514 |
The following table summarizes the activity in Gain on loans held for sale, net, during the three months ended March 31:
|  | 2013 |  |  | 2012 |
Loss on sales of loans (1) |  | $ | (1,081 | ) |  | $ | — |
Changes in fair value of IRLCs |  |  | (1,237 | ) |  |  | — |
Change in fair value of loans held for sale |  |  | (440 | ) |  |  | — |
Gain on hedge instruments |  |  | 10,189 |  |  |  | — |
Provision for representations and warranties |  |  | (512 | ) |  |  | — |
Other |  |  | (170 | ) |  |  | — |
|  | $ | 6,749 |  |  | $ | — |
| (1) | Net of a gain of $28,705 representing the value assigned to MSRs retained on sales of loans.

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=6882300&loc=d3e5864-122674 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 + Details
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