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NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2013
Fair Value Disclosures [Abstract] |
Schedule of carrying and estimated fair values of financial instruments |
|  |  |  | September 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 |  | $ | 335,102 |  |  | $ | 335,102 |  |  | $ | 426,480 |  |  | $ | 426,480 |
Loans held for sale, at lower of cost or fair value (2) |  | 3 |  |  | 86,753 |  |  |  | 86,753 |  |  |  | 82,866 |  |  |  | 82,866 |
Loans – restricted for securitization investors, at fair value (1) |  | 3 |  |  | 290,853 |  |  |  | 290,853 |  |  |  | — |  |  |  | — |
Advances and match funded advances (3) |  | 3 |  |  | 1,480,012 |  |  |  | 1,480,012 |  |  |  | 3,233,707 |  |  |  | 3,233,707 |
Receivables, net (3) |  | 3 |  |  | 253,150 |  |  |  | 253,150 |  |  |  | 167,459 |  |  |  | 167,459 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (3) |  | 3 |  | $ | 363,012 |  |  | $ | 363,012 |  |  | $ | 2,532,745 |  |  | $ | 2,533,278 |
Other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Senior secured term loan (3) |  | 3 |  |  | 1,287,821 |  |  |  | 1,278,273 |  |  |  | 305,997 |  |  |  | 310,822 |
Secured borrowings – owed to securitization investors, at fair value (1) |  | 3 |  |  | 284,276 |  |  |  | 284,276 |  |  |  | — |  |  |  | — |
Other (3) |  | 3 |  |  | 1,020,494 |  |  |  | 1,020,494 |  |  |  | 790,682 |  |  |  | 790,682 |
Total Other borrowings |  |  |  |  | 2,592,591 |  |  |  | 2,583,043 |  |  |  | 1,096,679 |  |  |  | 1,101,504 |
Derivative financial instruments (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments (IRLCs) |  | 2 |  | $ | 13,491 |  |  | $ | 13,491 |  |  | $ | 5,781 |  |  | $ | 5,781 |
Interest rate swaps |  | 3 |  |  | — |  |  |  | — |  |  |  | (10,836 | ) |  |  | (10,836 | )
Forward MBS trades |  | 1 |  |  | (12,185 | ) |  |  | (12,185 | ) |  |  | (1,719 | ) |  |  | (1,719 | )
U.S. Treasury futures |  | 1 |  |  | — |  |  |  | — |  |  |  | (1,258 | ) |  |  | (1,258 | )
Interest rate caps |  | 3 |  |  | — |  |  |  | — |  |  |  | 168 |  |  |  | 168 |
MSRs, at fair value (1) |  | 3 |  | $ | 96,938 |  |  | $ | 96,938 |  |  | $ | 85,213 |  |  | $ | 85,213 |
| (1) | Measured at fair value on a recurring basis.
| (2) | Measured at fair value on a non-recurring basis.
| (3) | 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 September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 76,649 |  |  | $ | (73,641 | ) |  | $ | 176 |  |  | $ | 97,163 |  |  | $ | 100,347 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuances |  |  | 211,052 |  |  |  | (206,714 | ) |  |  | — |  |  |  | — |  |  |  | 4,338 |
Sales |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Settlements |  |  | (1,293 | ) |  |  | 1,021 |  |  |  | (176 | ) |  |  | — |  |  |  | (448 | )
|  |  | 209,759 |  |  |  | (205,693 | ) |  |  | (176 | ) |  |  | — |  |  |  | 3,890 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | 4,445 |  |  |  | (4,942 | ) |  |  | — |  |  |  | (225 | ) |  |  | (722 | )
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 4,445 |  |  |  | (4,942 | ) |  |  | — |  |  |  | (225 | ) |  |  | (722 | )
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 290,853 |  |  | $ | (284,276 | ) |  | $ | — |  |  | $ | 96,938 |  |  | $ | 103,515 |
Three Months Ended September 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (14,905 | ) |  | $ | — |  |  | $ | (14,905 | )
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Settlements |  |  | — |  |  |  | — |  |  |  | 102 |  |  |  | — |  |  |  | 102 |
|  |  | — |  |  |  | — |  |  |  | 102 |  |  |  | — |  |  |  | 102 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | — |  |  |  | — |  |  |  | 1,397 |  |  |  | — |  |  |  | 1,397 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (2,688 | ) |  |  | — |  |  |  | (2,688 | )
|  |  | — |  |  |  | — |  |  |  | (1,291 | ) |  |  | — |  |  |  | (1,291 | )
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | — |  |  | $ | — |  |  | $ | (16,094 | ) |  | $ | — |  |  | $ | (16,094 | )
|  | Loans – restricted for securitization investors |  |  | Secured borrowings – owed to securitization investors |  |  | Derivative Financial Instruments |  |  | MSRs at Fair Value |  |  | Total |
Nine Months Ended September 30, 2013: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (10,668 | ) |  | $ | 85,213 |  |  | $ | 74,545 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases |  |  | 10,251 |  |  |  | (10,179 | ) |  |  | — |  |  |  | — |  |  |  | 72 |
Issuances |  |  | 274,081 |  |  |  | (272,652 | ) |  |  | — |  |  |  | — |  |  |  | 1,429 |
Sales |  |  | — |  |  |  | — |  |  |  | 24,156 |  |  |  | — |  |  |  | 24,156 |
Settlements |  |  | (2,164 | ) |  |  | 1,888 |  |  |  | (1,242 | ) |  |  | — |  |  |  | (1,518 | )
|  |  | 282,168 |  |  |  | (280,943 | ) |  |  | 22,914 |  |  |  | — |  |  |  | 24,139 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | 8,685 |  |  |  | (3,333 | ) |  |  | 117 |  |  |  | 11,725 |  |  |  | 17,194 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (12,363 | ) |  |  | — |  |  |  | (12,363 | )
|  |  | 8,685 |  |  |  | (3,333 | ) |  |  | (12,246 | ) |  |  | 11,725 |  |  |  | 4,831 |
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | 290,853 |  |  | $ | (284,276 | ) |  | $ | — |  |  | $ | 96,938 |  |  | $ | 103,515 |
Nine Months Ended September 30, 2012: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | — |  |  | $ | (16,676 | ) |  | $ | — |  |  | $ | (16,676 | )
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Settlements |  |  | — |  |  |  | — |  |  |  | 2,524 |  |  |  | — |  |  |  | 2,524 |
|  |  | — |  |  |  | — |  |  |  | 2,524 |  |  |  | — |  |  |  | 2,524 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in Other, net |  |  | — |  |  |  | — |  |  |  | 6,645 |  |  |  | — |  |  |  | 6,645 |
Included in Other comprehensive income (loss) |  |  | — |  |  |  | — |  |  |  | (8,587 | ) |  |  | — |  |  |  | (8,587 | )
|  |  | — |  |  |  | — |  |  |  | (1,942 | ) |  |  | — |  |  |  | (1,942 | )
Transfers in and / or out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending balance |  | $ | — |  |  | $ | — |  |  | $ | (16,094 | ) |  | $ | — |  |  | $ | (16,094 | )
| (1) | For derivative financial instruments held at September 30, 2012, total net losses were $1.3 million and $7.7 million for the three and nine months ended September 30, 2012, respectively.

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