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NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2013
Fair Value Disclosures [Abstract] |
Schedule of carrying and estimated fair values of financial instruments |
|  |  |  | June 30, 2013 |  |  | December 31, 2012 |
|  | Level |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value (1) |  | 2 |  | $ | 361,144 |  |  | $ | 361,144 |  |  | $ | 426,480 |  |  | $ | 426,480 |
Loans held for sale, at lower of cost or fair value (2) |  | 3 |  |  | 33,987 |  |  |  | 33,987 |  |  |  | 82,866 |  |  |  | 82,866 |
Loans – restricted for securitization investors, at fair value (1) |  | 3 |  |  | 76,649 |  |  |  | 76,649 |  |  |  | — |  |  |  | — |
Advances and match funded advances (3) |  | 3 |  |  | 3,405,795 |  |  |  | 3,405,795 |  |  |  | 3,233,707 |  |  |  | 3,233,707 |
Receivables, net (3) |  | 3 |  |  | 225,011 |  |  |  | 225,011 |  |  |  | 167,459 |  |  |  | 167,459 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (3) |  | 3 |  | $ | 2,391,832 |  |  | $ | 2,391,832 |  |  | $ | 2,532,745 |  |  | $ | 2,533,278 |
Other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured borrowings – owed to securitization investors, at fair value (1) |  | 3 |  |  | 73,641 |  |  |  | 73,641 |  |  |  | — |  |  |  | — |
Other (3) |  | 3 |  |  | 2,098,437 |  |  |  | 2,082,458 |  |  |  | 1,096,679 |  |  |  | 1,101,504 |
Total Other borrowings |  |  |  |  | 2,172,078 |  |  |  | 2,156,099 |  |  |  | 1,096,679 |  |  |  | 1,101,504 |
Derivative financial instruments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments (IRLCs) |  | 2 |  | $ | (7,064 | ) |  | $ | (7,064 | ) |  | $ | 5,781 |  |  | $ | 5,781 |
Interest rate swaps |  | 3 |  |  | — |  |  |  | — |  |  |  | (10,836 | ) |  |  | (10,836 | )
Forward MBS trades |  | 1 |  |  | 18,681 |  |  |  | 18,681 |  |  |  | (1,719 | ) |  |  | (1,719 | )
U.S. Treasury futures |  | 1 |  |  | — |  |  |  | — |  |  |  | (1,258 | ) |  |  | (1,258 | )
Interest rate caps |  | 3 |  |  | 176 |  |  |  | 176 |  |  |  | 168 |  |  |  | 168 |
MSRs, at fair value (1) |  | 3 |  | $ | 97,163 |  |  | $ | 97,163 |  |  | $ | 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 |
|  | Loans – restricted for securitization investors |  |  | Secured borrowings – owed to securitization investors |  |  | Derivative Financial Instruments |  |  | MSRs at Fair Value |  |  | Total |
Three Months Ended June 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (18,635 | ) |  | $ | 84,534 |  |  | $ | 65,899 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | 10,251 |  |  |  | (10,179 | ) |  |  | — |  |  |  | — |  |  |  | 72 |
Issuances |  |  | 63,029 |  |  |  | (65,938 | ) |  |  | — |  |  |  | — |  |  |  | (2,909 | )
Sales |  |  | — |  |  |  | — |  |  |  | 24,156 |  |  |  | — |  |  |  | 24,156 |
Settlements |  |  | (871 | ) |  |  | 867 |  |  |  | (1,375 | ) |  |  | — |  |  |  | (1,379 | )
|  |  | 72,409 |  |  |  | (75,250 | ) |  |  | 22,781 |  |  |  | — |  |  |  | 19,940 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | 4,240 |  |  |  | 1,609 |  |  |  | 1,469 |  |  |  | 12,629 |  |  |  | 19,947 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (5,439 | ) |  |  | — |  |  |  | (5,439 | )
|  |  | 4,240 |  |  |  | 1,609 |  |  |  | (3,970 | ) |  |  | 12,629 |  |  |  | 14,508 |
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 76,649 |  |  | $ | (73,641 | ) |  | $ | 176 |  |  | $ | 97,163 |  |  | $ | 100,347 |
Three Months Ended June 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (12,806 | ) |  | $ | — |  |  | $ | (12,806 | )
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Settlements |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | — |  |  |  | 65 |
|  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | — |  |  |  | 65 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | — |  |  |  | — |  |  |  | 1,843 |  |  |  | — |  |  |  | 1,843 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (4,007 | ) |  |  | — |  |  |  | (4,007 | )
|  |  | — |  |  |  | — |  |  |  | (2,164 | ) |  |  | — |  |  |  | (2,164 | )
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | — |  |  | $ | — |  |  | $ | (14,905 | ) |  | $ | — |  |  | $ | (14,905 | )
|  | Loans – restricted for securitization investors |  |  | Secured borrowings – owed to securitization investors |  |  | Derivative Financial Instruments |  |  | MSRs at Fair Value |  |  | Total |
Six Months Ended June 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (10,668 | ) |  | $ | 85,213 |  |  | $ | 74,545 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | 10,251 |  |  |  | (10,179 | ) |  |  | — |  |  |  | — |  |  |  | 72 |
Issuances |  |  | 63,029 |  |  |  | (65,938 | ) |  |  | — |  |  |  | — |  |  |  | (2,909 | )
Sales |  |  | — |  |  |  | — |  |  |  | 24,156 |  |  |  | — |  |  |  | 24,156 |
Settlements |  |  | (871 | ) |  |  | 867 |  |  |  | (1,066 | ) |  |  | — |  |  |  | (1,070 | )
|  |  | 72,409 |  |  |  | (75,250 | ) |  |  | 23,090 |  |  |  | — |  |  |  | 20,249 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | 4,240 |  |  |  | 1,609 |  |  |  | 117 |  |  |  | 11,950 |  |  |  | 17,916 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (12,363 | ) |  |  | — |  |  |  | (12,363 | )
|  |  | 4,240 |  |  |  | 1,609 |  |  |  | (12,246 | ) |  |  | 11,950 |  |  |  | 5,553 |
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 76,649 |  |  | $ | (73,641 | ) |  | $ | 176 |  |  | $ | 97,163 |  |  | $ | 100,347 |
Six Months Ended June 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (16,676 | ) |  | $ | — |  |  | $ | (16,676 | )
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Settlements |  |  | — |  |  |  | — |  |  |  | 2,422 |  |  |  | — |  |  |  | 2,422 |
|  |  | — |  |  |  | — |  |  |  | 2,422 |  |  |  | — |  |  |  | 2,422 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | — |  |  |  | — |  |  |  | 5,248 |  |  |  | — |  |  |  | 5,248 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (5,899 | ) |  |  | — |  |  |  | (5,899 | )
|  |  | — |  |  |  | — |  |  |  | (651 | ) |  |  | — |  |  |  | (651 | )
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | — |  |  | $ | — |  |  | $ | (14,905 | ) |  | $ | — |  |  | $ | (14,905 | )
| (1) | Total net gains (losses) attributable to derivative financial instruments held at June 30, 2013 were $0.1 million for the three months ended June 30, 2013. For derivative financial instruments held at June 30, 2012, total net gains (losses) were $(2.2) million and $(6.4) million for the three and six months ended June 30, 2012, respectively.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 157 -Paragraph 32 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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