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Fair Value (Tables)
 3 Months Ended
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

 
651,397

 
651,397

Total Financing liabilities
 
 
$
1,693,147

 
$
1,693,147

 
$
1,266,973

 
$
1,266,973

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.