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NOTE 6 LOANS HELD FOR SALE, AT FAIR VALUE

3 Months Ended

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

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