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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2014
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 on a recurring or non-recurring basis are as follows at the dates indicated:
|  |  | March 31, 2014 |  | December 31, 2013
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale: |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value (a) | 2 |  | $ | 338,228 |  |  | $ | 338,228 |  |  | $ | 503,753 |  |  | $ | 503,753 |
Loans held for sale, at lower of cost or fair value (b) | 3 |  | 45,475 |  |  | 45,475 |  |  | 62,907 |  |  | 62,907 |
Total Loans held for sale |  |  | $ | 383,703 |  |  | $ | 383,703 |  |  | $ | 566,660 |  |  | $ | 566,660 |
Loans held for investment - Reverse mortgages, at fair value (a) | 3 |  | $ | 923,464 |  |  | $ | 923,464 |  |  | $ | 618,018 |  |  | $ | 618,018 |
Advances and match funded advances (c) | 3 |  | 3,593,780 |  |  | 3,593,780 |  |  | 3,443,215 |  |  | 3,443,215 |
Receivables, net (c) | 3 |  | 182,724 |  |  | 182,724 |  |  | 152,516 |  |  | 152,516 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (c) | 3 |  | $ | 2,361,662 |  |  | $ | 2,361,662 |  |  | $ | 2,364,814 |  |  | $ | 2,364,814 |
Financing liabilities: |  |  |  |  |  |  |  |  |
HMBS-related borrowings, at fair value (a) | 3 |  | $ | 870,462 |  |  | $ | 870,462 |  |  | $ | 615,576 |  |  | $ | 615,576 |
Other (c) | 3 |  | 822,685 |  |  | 822,685 |  |  | 668,653 |  |  | 668,653 |
Total Financing liabilities |  |  | $ | 1,693,147 |  |  | $ | 1,693,147 |  |  | $ | 1,284,229 |  |  | $ | 1,284,229 |
Other secured borrowings: |  |  |  |  |  |  |  |  |
Senior secured term loan (c) | 3 |  | $ | 1,281,981 |  |  | $ | 1,267,043 |  |  | $ | 1,284,901 |  |  | $ | 1,270,108 |
Other (c) | 3 |  | 352,018 |  |  | 352,018 |  |  | 492,768 |  |  | 492,768 |
Total Other secured borrowings |  |  | $ | 1,633,999 |  |  | $ | 1,619,061 |  |  | $ | 1,777,669 |  |  | $ | 1,762,876 |
Derivative financial instruments (a): |  |  |  |  |  |  |  |  |  |  |  |  |
IRLCs | 2 |  | $ | 9,420 |  |  | $ | 9,420 |  |  | $ | 8,433 |  |  | $ | 8,433 |
Forward MBS trades | 1 |  | 699 |  |  | 699 |  |  | 6,905 |  |  | 6,905 |
Interest rate caps | 3 |  | 324 |  |  | 324 |  |  | 442 |  |  | 442 |
MSRs: |  |  |  |  |  |  |  |  |
MSRs, at fair value (a) | 3 |  | $ | 110,826 |  |  | $ | 110,826 |  |  | $ | 116,029 |  |  | $ | 116,029 |
MSRs, at amortized cost (c) | 3 |  | 1,929,529 |  |  | 2,774,910 |  |  | 1,953,352 |  |  | 2,441,719 |
Total MSRs |  |  | $ | 2,040,355 |  |  | $ | 2,885,736 |  |  | $ | 2,069,381 |  |  | $ | 2,557,748 |
(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
Fair value at January 1, 2014 | $ | 618,018 |  |  | $ | (615,576 | ) |  | $ | 442 |  |  | $ | 116,029 |  |  | $ | 118,913 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 176,658 |  |  | (226,626 | ) |  | 24 |  |  | — |  |  | (49,944 | )
Transfer from loans held for sale, at fair value | 110,874 |  |  | — |  |  | — |  |  | — |  |  | 110,874 |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements | (14,029 | ) |  | 5,386 |  |  | — |  |  | — |  |  | (8,643 | )
| 273,503 |  |  | (221,240 | ) |  | 24 |  |  | — |  |  | 52,287 |
Total realized and unrealized gains and (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 31,943 |  |  | (33,646 | ) |  | (142 | ) |  | (5,203 | ) |  | (7,048 | )
Included in Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 31,943 |  |  | (33,646 | ) |  | (142 | ) |  | (5,203 | ) |  | (7,048 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value at March 31, 2014 | $ | 923,464 |  |  | $ | (870,462 | ) |  | $ | 324 |  |  | $ | 110,826 |  |  | $ | 164,152 |
|  | Derivative Financial Instruments, net |  | MSRs |  | Total
Fair value at January 1, 2013 |  | $ | (10,668 | ) |  | $ | 85,213 |  |  | $ | 74,545 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |
Purchases |  | — |  |  | — |  |  | — |
Issuances |  | — |  |  | — |  |  | — |
Sales |  | — |  |  | — |  |  | — |
Settlements |  | 310 |  |  | — |  |  | 310 |
|  | 310 |  |  | — |  |  | 310 |
Total realized and unrealized gains and (losses) (1): |  |  |  |  |  |  |  |  |
Included in earnings |  | (1,353 | ) |  | (679 | ) |  | (2,032 | )
Included in Other comprehensive income (loss) |  | (6,924 | ) |  | — |  |  | (6,924 | )
|  | (8,277 | ) |  | (679 | ) |  | (8,956 | )
Transfers in and / or out of Level 3 |  | — |  |  | — |  |  | — |
Fair value at March 31, 2013 |  | $ | (18,635 | ) |  | $ | 84,534 |  |  | $ | 65,899 |
(1) | Total losses attributable to derivative financial instruments still held at March 31, 2014 and March 31, 2013 were $0.1 million and $4.8 million, respectively.

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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