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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Changes in Notional Balance of Holdings of Derivatives
The following table summarizes the changes in the notional balances of our holdings of derivatives during the three months ended March 31, 2014: 
 
IRLCs
 
Forward MBS Trades
 
Interest Rate Caps
Beginning notional balance
$
751,436

 
$
950,648

 
$
1,868,000

Additions
1,220,165

 
749,786

 
100,000

Amortization
94,571

 
—

 
(112,000
)
Maturities
(1,134,684
)
 
(438,509
)
 
—

Terminations
(310,295
)
 
(333,877
)
 
—

Ending notional balance
$
621,193

 
$
928,048

 
$
1,856,000

 
 
 
 
 
 
Fair value of derivative assets (liabilities) at:
 

 
 

 
 

March 31, 2014
$
9,420

 
$
699

 
$
324

December 31, 2013
$
8,433

 
$
6,905

 
$
442

 
 
 
 
 
 
Maturity
April 2014 - July 2014
 
April 2014 - June 2014
 
Nov. 2016
Schedule of Gains (Losses) on Derivatives
The following summarizes our open derivative positions at March 31, 2014 and the gains (losses) on those and similar derivatives for the year to date then ended. None of the derivatives was designated as a hedge for accounting purposes at March 31, 2014:
Purpose
 
Expiration Date
 
Notional Amount
 
Fair Value (1)
 
Gains / (Losses)
 
Consolidated Statement of Operations Caption
Hedge the effect of changes in interest rates on interest expense on borrowings













Interest rate caps













Hedge the effect of changes in 1ML on advance funding facilities

Nov. 2016

$
1,856,000

 
$
324

 
$
(141
)
 
Other, net
 
 
 
 
 
 
 
 
 
 
 
Interest rate risk of mortgage loans held for sale and of IRLCs
 
 
 
 
 
 
 
 
 
 
Forward MBS trades
 
April 2014 - June 2014
 
928,048

 
699

 
(13,610
)
 
Gain on loans held for sale, net
 
 
 
 
 
 
 
 
 
 
 
IRLCs
 
April 2014 - July 2014
 
621,193

 
9,420

 
986

 
Gain on loans held for sale, net
Total derivatives
 
 
 


 
$
10,443

 
$
(12,765
)
 
 

(1)
Derivatives are reported at fair value in Receivables, Other assets and Other liabilities on our unaudited Consolidated Balance Sheet.
Schedule of Changes in the Losses on Cash Flow Hedges Included in AOCL
Changes in AOCL during three months ended March 31 were as follows:
 
2014
 
2013
Beginning balance
$
10,151


$
6,441

 
 
 
 
Additional net losses on cash flow hedges
—


6,924

Ineffectiveness of cash flow hedges reclassified to earnings
—


(657
)
Losses on terminated hedging relationships amortized to earnings
(779
)

—

Net increase (decrease) in accumulated losses on cash flow hedges
(779
)
 
6,267

(Increase) decrease in deferred taxes on accumulated losses on cash flow hedges
171

 
(2,548
)
Increase (decrease) in accumulated losses on cash flow hedges, net of taxes
(608
)
 
3,719

 
 
 
 
Other, net of income taxes
(1
)
 
(40
)
 
 
 
 
Ending balance
$
9,542

 
$
10,120
Schedule of Statements of Operations Related to Derivative Financial Instruments
Other income (expense), net, includes the following related to derivative financial instruments for three months ended March 31:
 
2014

2013
Losses on economic hedges
$
(141
)

$
(5,079
)
Ineffectiveness of cash flow hedges
—


(657
)
Write-off of losses in AOCL for a discontinued hedge relationship
(779
)

—

 
$
(920
)

$
(5,736
)