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NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of carrying and estimated fair values of financial instruments

						March 31, 2013								December 31, 2012
		Level				Carrying Value				Fair Value				Carrying Value				Fair Value
Financial assets:
Loans held for sale, at fair value (1)			2			$	295,514			$	295,514			$	426,480			$	426,480
Loans held for sale, at lower of cost or fair value (2)			3				62,615				62,615				82,866				82,866
Advances and match funded advances (3)			3				3,966,255				3,966,255				3,233,707				3,233,707
Receivables, net (3)			3				155,558				155,558				167,459				167,459

Financial liabilities:
Match funded liabilities (3)			3			$	2,982,984			$	2,982,984			$	2,532,745			$	2,533,278
Other borrowings (3)			3				1,987,894				1,989,104				1,096,679				1,101,504

Derivative financial instruments (1):
Interest rate lock commitments (IRLCs)			2			$	4,652			$	4,652			$	5,781			$	5,781
Interest rate swaps			3				(18,758	)			(18,758	)			(10,836	)			(10,836	)
Forward MBS trades			1				(1,108	)			(1,108	)			(1,719	)			(1,719	)
U.S. Treasury futures			1				—				—				(1,258	)			(1,258	)
Interest rate caps			3				123				123				168				168

MSRs, at fair value (1)			3			$	84,534			$	84,534			$	85,213			$	85,213

(1)

Measured at fair value on a recurring basis.

(2)

Measured at fair value on a non-recurring basis.

(3)

Financial instruments disclosed, but not carried, at fair value.

Schedule of reconciliation of the changes in fair value of Level 3 assets measured on a recurring basis

		Derivative Financial Instruments				MSRS at Fair Value				Total

Three Months Ended March 31, 2013:
Beginning balance		$	(10,668	)		$	85,213			$	74,545

Purchases, issuances, sales and settlements:
Purchases			—				—				—
Issuances			—				—				—
Sales			—				—				—
Settlements			310				—				310
			310				—				310

Total realized and unrealized gains and (losses) (1):
Included in Other, net			(1,353	)			(679	)			(2,032	)
Included in Other comprehensive income (loss)			(6,924	)			—				(6,924	)
			(8,277	)			(679	)			(8,956	)

Transfers in and / or out of Level 3			—				—				—
Ending balance		$	(18,635	)		$	84,534			$	65,899

		Derivative Financial Instruments				MSRS at Fair Value				Total
Three Months Ended March 31, 2012:
Beginning balance		$	(16,676	)		$	—			$	(16,676	)

Purchases, issuances, sales and settlements:
Purchases			—				—				—
Issuances			—				—				—
Sales			—				—				—
Settlements			2,357				—				2,357
			2,357				—				2,357

Total realized and unrealized gains and (losses) (2):
Included in Other, net			3,468				—				3,468
Included in Other comprehensive income (loss)			(1,955	)			—				(1,955	)
			1,513				—				1,513

Transfers in and / or out of Level 3			—				—				—
Ending balance		$	(12,806	)		$	—			$	(12,806	)

(1)

Total net gains (losses) attributable to derivative financial instruments still held at March 31, 2013 and 2012 were $(4.8) million and $(4.3) million, respectively.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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