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NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

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.

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+ Details

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details