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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 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:
|  |  | June 30, 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 |  | $ | 410,335 |  |  | $ | 410,335 |  |  | $ | 503,753 |  |  | $ | 503,753 |
Loans held for sale, at lower of cost or fair value (b) | 3 |  | 91,508 |  |  | 91,508 |  |  | 62,907 |  |  | 62,907 |
Total Loans held for sale |  |  | $ | 501,843 |  |  | $ | 501,843 |  |  | $ | 566,660 |  |  | $ | 566,660 |
Loans held for investment - Reverse mortgages, at fair value (a) | 3 |  | $ | 1,107,626 |  |  | $ | 1,107,626 |  |  | $ | 618,018 |  |  | $ | 618,018 |
Advances and match funded advances (c) | 3 |  | 3,463,386 |  |  | 3,463,386 |  |  | 3,443,215 |  |  | 3,443,215 |
Receivables, net (c) | 3 |  | 239,748 |  |  | 239,748 |  |  | 152,516 |  |  | 152,516 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (c) | 3 |  | $ | 2,072,517 |  |  | $ | 2,072,517 |  |  | $ | 2,364,814 |  |  | $ | 2,364,814 |
Financing liabilities: |  |  |  |  |  |  |  |  |
HMBS-related borrowings, at fair value (a) | 3 |  | $ | 1,033,712 |  |  | $ | 1,033,712 |  |  | $ | 615,576 |  |  | $ | 615,576 |
Other (c) | 3 |  | 829,864 |  |  | 834,657 |  |  | 651,397 |  |  | 651,397 |
Total Financing liabilities |  |  | $ | 1,863,576 |  |  | $ | 1,868,369 |  |  | $ | 1,266,973 |  |  | $ | 1,266,973 |
Other secured borrowings: |  |  |  |  |  |  |  |  |
Senior secured term loan (c) | 3 |  | $ | 1,279,062 |  |  | $ | 1,269,171 |  |  | $ | 1,284,901 |  |  | $ | 1,270,108 |
Other (c) | 3 |  | 406,684 |  |  | 406,684 |  |  | 492,768 |  |  | 492,768 |
Total Other secured borrowings |  |  | $ | 1,685,746 |  |  | $ | 1,675,855 |  |  | $ | 1,777,669 |  |  | $ | 1,762,876 |
Senior unsecured notes | 2 |  | $ | 350,000 |  |  | $ | 361,375 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments (a): |  |  |  |  |  |  |  |  |  |  |  |  |
IRLCs | 2 |  | $ | 10,307 |  |  | $ | 10,307 |  |  | $ | 8,433 |  |  | $ | 8,433 |
Forward MBS trades | 1 |  | (5,710 | ) |  | (5,710 | ) |  | 6,905 |  |  | 6,905 |
Interest rate caps | 3 |  | 97 |  |  | 97 |  |  | 442 |  |  | 442 |
MSRs: |  |  |  |  |  |  |  |  |
MSRs, at fair value (a) | 3 |  | $ | 104,220 |  |  | $ | 104,220 |  |  | $ | 116,029 |  |  | $ | 116,029 |
MSRs, at amortized cost (c) | 3 |  | 1,897,500 |  |  | 2,391,873 |  |  | 1,953,352 |  |  | 2,441,719 |
Total MSRs |  |  | $ | 2,001,720 |  |  | $ | 2,496,093 |  |  | $ | 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
For the three months ended June 30, 2014 |  |  |  |  |  |  |  |  |
Fair value at April 1, 2014 | $ | 923,464 |  |  | $ | (870,462 | ) |  | $ | 324 |  |  | $ | 110,826 |  |  | $ | 164,152 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 180,445 |  |  | (154,952 | ) |  | — |  |  | — |  |  | 25,493 |
Transfer from loans held for sale, at fair value | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements | (14,572 | ) |  | 7,648 |  |  | — |  |  | — |  |  | (6,924 | )
| 165,873 |  |  | (147,304 | ) |  | — |  |  | — |  |  | 18,569 |
Total realized and unrealized gains and (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 18,289 |  |  | (15,946 | ) |  | (227 | ) |  | (6,606 | ) |  | (4,490 | )
Included in Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 18,289 |  |  | (15,946 | ) |  | (227 | ) |  | (6,606 | ) |  | (4,490 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value at June 30, 2014 | $ | 1,107,626 |  |  | $ | (1,033,712 | ) |  | $ | 97 |  |  | $ | 104,220 |  |  | $ | 178,231 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Derivative Financial Instruments, net |  | MSRs |  | Total
For the three months ended June 30, 2013 |  |  |  |  |  |  |  |  |
Fair value at April 1, 2013 | $ | — |  |  | $ | — |  |  | $ | (18,635 | ) |  | $ | 84,534 |  |  | $ | 65,899 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 10,251 |  |  | (10,179 | ) |  | — |  |  | — |  |  | 72 |
Issuances | 63,029 |  |  | (65,938 | ) |  | — |  |  | — |  |  | (2,909 | )
Sales | — |  |  | — |  |  | 24,156 |  |  | — |  |  | 24,156 |
Settlements | (871 | ) |  | 867 |  |  | (1,375 | ) |  | — |  |  | (1,379 | )
| 72,409 |  |  | (75,250 | ) |  | 22,781 |  |  | — |  |  | 19,940 |
Total realized and unrealized gains and (losses): (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 4,240 |  |  | 1,609 |  |  | 1,469 |  |  | 12,629 |  |  | 19,947 |
Included in Other comprehensive income (loss) | — |  |  | — |  |  | (5,439 | ) |  | — |  |  | (5,439 | )
| 4,240 |  |  | 1,609 |  |  | (3,970 | ) |  | 12,629 |  |  | 14,508 |
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value at June 30, 2013 | $ | 76,649 |  |  | $ | (73,641 | ) |  | $ | 176 |  |  | $ | 97,163 |  |  | $ | 100,347 |
(1) | Total net gains (losses) attributable to derivative financial instruments still held at June 30, 2014 and June 30, 2013 were $(0.2) million and $0.1 million, respectively, for the three months ended June 30, 2014 and 2013.
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Derivative Financial Instruments, net |  | MSRs |  | Total
For the six months ended June 30, 2014 |  |  |  |  |  |  |  |  |
Fair value at January 1, 2014 | $ | 618,018 |  |  | $ | (615,576 | ) |  | $ | 442 |  |  | $ | 116,029 |  |  | $ | 118,913 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | 23 |  |  | — |  |  | 23 |
Issuances | 357,104 |  |  | (381,579 | ) |  | — |  |  | — |  |  | (24,475 | )
Transfer from loans held for sale, at fair value | 110,874 |  |  | — |  |  | — |  |  | — |  |  | 110,874 |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements | (28,601 | ) |  | 13,035 |  |  | — |  |  | — |  |  | (15,566 | )
| 439,377 |  |  | (368,544 | ) |  | 23 |  |  | — |  |  | 70,856 |
Total realized and unrealized gains and (losses): (2) |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 50,231 |  |  | (49,592 | ) |  | (368 | ) |  | (11,809 | ) |  | (11,538 | )
Included in Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 50,231 |  |  | (49,592 | ) |  | (368 | ) |  | (11,809 | ) |  | (11,538 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value at June 30, 2014 | $ | 1,107,626 |  |  | $ | (1,033,712 | ) |  | $ | 97 |  |  | $ | 104,220 |  |  | $ | 178,231 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Derivative Financial Instruments, net |  | MSRs |  | Total
For the six months ended June 30, 2013 |  |  |  |  |  |  |  |  |
Fair value at January 1, 2013 | $ | — |  |  | $ | — |  |  | $ | (10,668 | ) |  | $ | 85,213 |  |  | $ | 74,545 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |
Purchases | 10,251 |  |  | (10,179 | ) |  | — |  |  | — |  |  | 72 |
Issuances | 63,029 |  |  | (65,938 | ) |  | — |  |  | — |  |  | (2,909 | )
Sales | — |  |  | — |  |  | 24,156 |  |  | — |  |  | 24,156 |
Settlements | (871 | ) |  | 867 |  |  | (1,066 | ) |  | — |  |  | (1,070 | )
| 72,409 |  |  | (75,250 | ) |  | 23,090 |  |  | — |  |  | 20,249 |
Total realized and unrealized gains and (losses): |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 4,240 |  |  | 1,609 |  |  | 117 |  |  | 11,950 |  |  | 17,916 |
Included in Other comprehensive income (loss) | — |  |  | — |  |  | (12,363 | ) |  | — |  |  | (12,363 | )
| 4,240 |  |  | 1,609 |  |  | (12,246 | ) |  | 11,950 |  |  | 5,553 |
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value at June 30, 2013 | $ | 76,649 |  |  | $ | (73,641 | ) |  | $ | 176 |  |  | $ | 97,163 |  |  | $ | 100,347 |
(2) | Total losses attributable to derivative financial instruments still held at June 30, 2014 were $0.4 million for the six months ended June 30, 2014.

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