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NOTE 4 BUSINESS ACQUISITIONS (Tables) | 6 Months Ended
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Jun. 30, 2013
ResCap and Homeward Acquisitions |
Schedule of purchase price allocation |
|  | ResCap |  |  | Homeward |
Purchase Price Allocation |  | March 31, 2013 |  |  | Adjustments |  |  | Revised |  |  | December 31, 2012 |  |  | Adjustments |  |  | Revised |
Cash |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 79,511 |  |  | $ | — |  |  | $ | 79,511 |
Loans held for sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 558,721 |  |  |  | — |  |  |  | 558,721 |
Mortgage servicing rights |  |  | 393,891 |  |  |  | — |  |  |  | 393,891 |  |  |  | 358,119 |  |  |  | 2,225 |  |  |  | 360,344 |
Advances and match funded advances |  |  | 1,622,348 |  |  |  | (3,492 | ) |  |  | 1,618,856 | (1) |  |  | 2,266,882 |  |  |  | — |  |  |  | 2,266,882 | (1)
Deferred tax assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 47,346 |  |  |  | — |  |  |  | 47,346 | (1)
Premises and equipment |  |  | 22,398 |  |  |  | (5,975 | ) |  |  | 16,423 | (1) |  |  | 16,803 |  |  |  | — |  |  |  | 16,803 | (1)
Debt service accounts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 69,287 |  |  |  | — |  |  |  | 69,287 |
Investment in unconsolidated entities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,485 |  |  |  | — |  |  |  | 5,485 | (1)
Receivables and other assets |  |  | 2,989 |  |  |  |  |  |  |  | 2,989 |  |  |  | 56,886 |  |  |  | — |  |  |  | 56,886 |
Match funded liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,997,459 | ) |  |  | — |  |  |  | (1,997,459 | )
Other borrowings |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (864,969 | ) |  |  | — |  |  |  | (864,969 | )
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Liability for indemnification obligations |  |  | (49,500 | ) |  |  | — |  |  |  | (49,500 | ) |  |  | (32,498 | ) |  |  | — |  |  |  | (32,498 | ) (1)
Liability for certain foreclosure matters |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13,602 | ) |  |  | (13,602 | ) (1)
Accrued bonuses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (35,201 | ) |  |  | — |  |  |  | (35,201 | )
Checks held for escheat |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16,418 | ) |  |  | — |  |  |  | (16,418 | ) (1)
Other |  |  | (24,840 | ) |  |  | (340 | ) |  |  | (25,180 | ) |  |  | (47,614 | ) |  |  | — |  |  |  | (47,614 | ) (1)
Total identifiable net assets |  |  | 1,967,286 |  |  |  | (9,807 | ) |  |  | 1,957,479 |  |  |  | 464,881 |  |  |  | (11,377 | ) |  |  | 453,504 |
Goodwill |  |  | 204,743 |  |  |  | 5,295 |  |  |  | 210,038 | (1) |  |  | 300,843 |  |  |  | 10,477 |  |  |  | 311,320 | (1)
Total consideration |  | $ | 2,172,029 |  |  | $ | (4,512 | ) |  | $ | 2,167,517 |  |  | $ | 765,724 |  |  | $ | (900 | ) |  | $ | 764,824 |
| (1) | Initial fair value estimate
ResCap Acquisition |
Schedule of revenue and earnings |
For the Periods Ended June 30, 2013: |  | Three Months |  |  | Six Months |
Revenues |  | $ | 193,596 |  |  | $ | 266,636 |
Net income |  | $ | 43,646 |  |  | $ | 58,525 |
Schedule of pro forma results of operations |
For the Periods Ended June 30: |  | Three Months |  |  | Six Months |
|  | 2012 |  |  | 2013 |  |  | 2012 |
Revenues |  | $ | 348,430 |  |  | $ | 987,623 |  |  | $ | 652,151 |
Net income (loss) |  | $ | 20,335 |  |  | $ | 106,649 |  |  | $ | 14,138 |
Homeward Acquisitions |
Schedule of pro forma results of operations |
For the Periods Ended June 30, 2012: |  | Three Months |  |  | Six Months |
Revenues |  | $ | 325,915 |  |  | $ | 603,550 |
Net income |  | $ | 53,880 |  |  | $ | 76,808 |

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