XML 96 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2013
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Assets and Liabilities
The carrying amounts and the estimated fair values of our financial instruments and our nonfinancial assets measured at fair value are as follows at December 31:
 
 
 
2013
 
2012
 
Level
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Financial assets:
 
 
 

 
 

 
 

 
 

Loans held for sale:
 
 
 
 
 
 
 
 
 
Loans held for sale, at fair value (a)
2
 
$
503,753

 
$
503,753

 
$
426,480

 
$
426,480

Loans held for sale, at lower of cost or fair value (b)
3
 
62,907

 
62,907

 
82,866

 
82,866

Total Loans held for sale
 
 
$
566,660

 
$
566,660

 
$
509,346

 
$
509,346

Loans held for investment - Reverse mortgages, at fair value (a)
3
 
$
618,018

 
$
618,018

 
$
—

 
$
—

Advances and match funded advances (c)
3
 
3,444,571

 
3,444,571

 
3,233,707

 
3,233,707

Receivables, net (c)
3
 
152,516

 
152,516

 
132,853

 
132,853

 
 
 
 
 
 
 
 
 
 
Financial liabilities:
 
 
 

 
 

 
 

 
 

Match funded liabilities (c)
3
 
$
2,364,814

 
$
2,364,814

 
$
2,532,745

 
$
2,533,278

Financing liabilities:
 
 
 
 
 
 
 
 
 
HMBS-related borrowings, at fair value (a)
3
 
$
615,576

 
$
615,576

 
$
—

 
$
—

Other (c)
3
 
668,653

 
668,653

 
306,308

 
306,308

Total Financing liabilities
 
 
$
1,284,229

 
$
1,284,229

 
$
306,308

 
$
306,308

Other secured borrowings:
 
 
 
 
 
 
 
 
 
Senior secured term loan (c)
3
 
$
1,284,901

 
$
1,270,108

 
$
305,997

 
$
310,822

Other (c)
3
 
492,768

 
492,768

 
484,374

 
484,374

Total Other secured borrowings
 
 
$
1,777,669

 
$
1,762,876

 
$
790,371

 
$
795,196

 
 
 
 
 
 
 
 
 
 
Derivative financial instruments (a):
 
 
 

 
 

 
 

 
 

IRLCs
2
 
$
8,433

 
$
8,433

 
$
5,781

 
$
5,781

Interest rate swaps
3
 
—

 
—

 
(10,836
)
 
(10,836
)
Forward MBS trades
1
 
6,905

 
6,905

 
(1,719
)
 
(1,719
)
U.S. Treasury futures
1
 
—

 
—

 
(1,258
)
 
(1,258
)
Interest rate caps
3
 
442

 
442

 
168

 
168

 
 
 
 
 
 
 
 
 
 
MSRs:
 
 
 
 
 
 
 
 
 
MSRs, at fair value (a)
3
 
$
116,029

 
$
116,029

 
$
85,213

 
$
85,213

MSRs, at amortized cost (c)
3
 
1,953,352

 
2,441,719

 
678,937

 
743,830

Total MSRs
 
 
$
2,069,381

 
$
2,557,748

 
$
764,150

 
$
829,043

 
(a)
Measured at fair value on a recurring basis.
(b)
Measured at fair value on a non-recurring basis.
(c)
Disclosed, but not carried, at fair value.
Reconciliation of Level 3 Assets
The following tables present a reconciliation of the changes in fair value of Level 3 assets and liabilities that we measure at fair value on a recurring basis:
 
Loans Held for Investment - Reverse Mortgages
 
HMBS-Related Borrowings
 
Derivative Financial Instruments, net
 
MSRs
 
Total
January 1, 2013
$
—

 
$
—

 
$
(10,668
)
 
$
85,213

 
$
74,545

Purchases, issuances, sales and settlements:
 
 
 
 
 

 
 

 
 

Purchases
10,251

 
(10,179
)
 
498

 
—

 
570

Issuances
609,555

 
(604,991
)
 
—

 
—

 
4,564

Sales
—

 
—

 
24,156

 
—

 
24,156

Settlements
(5,886
)
 
5,440

 
(1,241
)
 
—

 
(1,687
)
 
613,920

 
(609,730
)
 
23,413

 
—

 
27,603

Total realized and unrealized gains and (losses): (1)
 
 
 
 
 

 
 

 
 

Included in earnings
4,098

 
(5,846
)
 
60

 
30,816

 
29,128

Included in Other comprehensive income (loss)
—

 
—

 
(12,363
)
 
—

 
(12,363
)
 
4,098

 
(5,846
)
 
(12,303
)
 
30,816

 
16,765

Transfers in and / or out of Level 3
—

 
—

 
—

 
—

 
—

December 31, 2013
$
618,018

 
$
(615,576
)
 
$
442

 
$
116,029

 
$
118,913

 
 
Derivative Financial Instruments, net
 
MSRs
 
Total
January 1, 2012
 
$
(16,676
)
 
$
—

 
$
(16,676
)
Purchases, issuances, sales and settlements:
 
 

 
 

 
 

Purchases
 
4,946

 
85,183

 
90,129

Issuances
 
—

 
—

 
—

Sales
 
(405
)
 
—

 
(405
)
Settlements
 
2,451

 
—

 
2,451

 
 
6,992

 
85,183

 
92,175

Total realized and unrealized gains and (losses) (1):
 
 

 
 

 
 

Included in earnings
 
7,331

 
30

 
7,361

Included in Other comprehensive income (loss)
 
(8,315
)
 
—

 
(8,315
)
 
 
(984
)
 
30

 
(954
)
Transfers in and / or out of Level 3
 
—

 
—

 
—

December 31, 2012
 
$
(10,668
)
 
$
85,213

 
$
74,545


 
 
Derivative Financial Instruments, net
January 1, 2011
 
$
(15,351
)
Purchases, issuances, sales and settlements:
 
 

Purchases
 
3,688

Settlements
 
85

 
 
3,773

Total realized and unrealized gains and (losses):
 
 

Included in earnings
 
(5,881
)
Included in Other comprehensive income (loss)
 
783

 
 
(5,098
)
Transfers in and / or out of Level 3
 
—

December 31, 2011
 
$
(16,676
)
 
(1)
Total losses attributable to derivative financial instruments still held at December 31, 2012 and 2011 were $1.2 million and $5.1 million, respectively.