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NOTE 11 GOODWILL AND INTANGIBLES
 9 Months Ended
Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLES
NOTE 11 GOODWILL AND INTANGIBLES

The following table provides a summary of activity in the carrying value of goodwill during the nine months ended September 30, 2013:

                               
    ResCap 
Acquisition		     Homeward
Acquisition		     Litton
Acquisition		     HomEq
Acquisition		     Total  
Balance at December 31, 2012   $ —     $ 342,626     $ 57,430     $ 12,810     $ 412,866  
Derecognition of goodwill in connection with the sale of a business (1) (2)     (128,750 )     (81,607 )     —       —       (210,357 )
ResCap Acquisition (2)     201,810       —       —       —       201,810  
Balance at September 30, 2013   $ 73,060     $ 261,019     $ 57,430     $ 12,810       404,319  
Liberty Acquisition (2) (3)                                     3,200  
Correspondent One (2)                                     101  
Balance at September 30, 2013                                   $ 407,620  
(1) On March 29, 2013, we sold the diversified fee-based business acquired in the Homeward Acquisition to Altisource and derecognized the assigned goodwill. On April 12, 2013, we sold the diversified fee-based business acquired in the ResCap Acquisition to Altisource and derecognized the assigned goodwill.
(2) See Note 4 – Business Acquisitions for additional information regarding this transaction.
(3) Acquired intangible asset related to licenses. The useful life is considered indefinite and therefore the intangible asset is not amortized.

 

For the ResCap Acquisition, the $73.1 million of remaining goodwill is assigned to the Servicing segment. For the Homeward Acquisition, $140.7 million of the remaining goodwill is assigned to the Servicing segment and $120.3 million is assigned to the Lending segment. The assignment of goodwill in the ResCap, Homeward and Liberty Acquisitions is preliminary pending the final purchase price allocation. For the Litton and HomEq Acquisitions, the entire balance of goodwill pertains to the Servicing segment.

 

We perform an annual impairment test of goodwill as of August 31 of each year. Based on our 2013 annual assessment, we determined that goodwill was not impaired.