Securitization and Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Cash Flows Related to Transfers Accounted for as Sales

The following table presents a summary of cash flows received from and paid to securitization trusts related to transfers accounted for as sales that were outstanding during the three and six months ended June 30:



	Three Months				Six Months
	2014		2013		2014		2013
Proceeds received from securitizations	$	1,443,272	$	1,887,359	$	2,977,523	$	4,464,151
Servicing fees collected	9,140		5,290		14,334		6,807
	$	1,452,412	$	1,892,649	$	2,991,857	$	4,470,958

Schedule of Assets That Relate to Continuing Involvement with Transferred Financial Assets with Servicing Rights and Maximum Exposure to Loss Including the Unpaid Principal Balance

The following table presents the carrying amounts of our assets that relate to our continuing involvement with forward loans that we have transferred with servicing rights retained as well as our maximum exposure to loss including the unpaid principal balance (UPB) of the transferred loans at the dates indicated:



	June 30, 2014		December 31, 2013
Carrying value of assets:
Mortgage servicing rights, at amortized cost	$	70,811	$	44,615
Mortgage servicing rights, at fair value	2,987		3,075
Advances and match funded advances	13,262		15,888
Unpaid principal balance of loans transferred (1)	7,819,131		5,641,277
Maximum exposure to loss	$	7,906,191	$	5,704,855


(1)	The UPB of the loans transferred is the maximum exposure to loss under our standard representations and warranties obligations.