XML 145 R85.htm IDEA: XBRL DOCUMENT v2.4.0.8
NOTE 9 MORTGAGE SERVICING (Detail) (USD $)
9 Months Ended 9 Months Ended 1 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Sep. 30, 2013
Master servicing rights
Sep. 30, 2013
Rescap Acquisition
Sep. 30, 2013
HLSS
Dec. 31, 2012
HLSS
Oct. 25, 2013
HLSS
Subsequent Event
Sep. 30, 2013
One West Bank
Master servicing rights
Oct. 31, 2013
One West Bank
Master servicing rights
Subsequent Event
Nov. 01, 2013
One West Bank
Master servicing rights
Subsequent Event
Carrying value of servicing assets sold $ 465,800,000                    
Unpaid principal balance of small balance commercial loans serviced 2,500,000,000   2,100,000,000                
Fair value disclosure, off-balance sheet risks, amount, asset 3,500,000,000   1,300,000,000                
Unpaid principal balance of loans associated with MSRs sold           177,100,000,000 79,400,000,000        
Origination representation and warranty obligations       136,700,000              
Purchase price                 2,400,000,000    
Associated Rights to MSRs               28,000,000      
Servicing advances               360,000,000      
Total UPB to be acquired                 72,400,000,000    
Proceeds from sale of MSRs 21,511,000                    
Unrecognized deferred gain on sale of MSRs 3,200,000                    
Purchase price               388,000,000      
Purchase of MSRs and related servicing advances       87,500,000,000         30,500,000,000 1,100,000,000 32,900,000,000
Servicing advances purchase       73,600,000         371,600,000 37,100,000 1,300,000,000
Purchase price of MSRs, as adjusted 1,208,222,000 [1] 181,949,000 [1]   683,800,000 391,900,000         6,600,000 235,600,000
Mortgage servicing rights acquired                 127,000,000    
Servicing assets acquired                 432,200,000    
Servicing advances acquired                 $ 2,000,000,000    
[1] MSR recognized in connection with business and asset acquisitions during the first nine months of 2013 include: MSRs of $391.9 million acquired in the ResCap Acquisition. See Note 4 - Business Acquisitions for additional information. MSRs of $683.8 million acquired in the Ally MSR Transaction. The acquired MSRs relate to mortgage loans with a UPB of $87.5 billion owned by Freddie Mac and Fannie Mae. We also acquired servicing advances and other receivables of $73.6 million. We assumed the origination representation and warranty obligations of approximately $136.7 million in connection with a majority of the acquired MSRs. We had been subservicing these MSRs on behalf of Ally under a subservicing contract assumed by us in connection with the ResCap Acquisition. MSRs of $127.0 million with a UPB of approximately $30.5 billion and related servicing advance receivables of $371.6 million acquired in the OneWest MSR Transaction. We expect the remainder of the transaction to close during the fourth quarter. The total estimated purchase price is approximately $2.4 billion with $432.2 million attributed to MSRs and $2.0 billion attributed to servicing advances. The total UPB to be acquired is estimated at $72.4 billion. No operations or other assets were purchased in the transaction. In October 2013, we closed the purchase of approximately $6.6 million of MSRs with a UPB of approximately $1.1 billion and approximately $37.1 million of servicing advances. On November 1, 2013, we closed the purchase of approximately $235.6 million of MSRs with a UPB of approximately $32.9 billion and approximately $1.3 billion of servicing advances. See Note 26 - Subsequent Events for additional information.