XML 27 R89.htm IDEA: XBRL DOCUMENT v2.4.0.8
Borrowings - Financing Liabilities (Details) (USD $)
 6 Months Ended 1 Months Ended 6 Months Ended
Jun. 30, 2014
Dec. 31, 2013
Jun. 30, 2014
Financing Liabilities [Member]
Dec. 31, 2013
Financing Liabilities [Member]
Jun. 30, 2014
OASIS Series 2014-1 [Member]
Feb. 26, 2014
OASIS Series 2014-1 [Member]
Secured Debt [Member]
Apr. 30, 2014
Financing Liability Mortgage Servicing Rights Pledged 2 [Member]
Jun. 30, 2014
Servicing [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Servicing [Member]
Financing Liabilities [Member]
Jun. 30, 2014
Servicing [Member]
Secured Debt [Member]
Dec. 31, 2013
Servicing [Member]
Secured Debt [Member]
Jun. 30, 2014
Servicing [Member]
Financing Liability Mortgage Servicing Rates Pledged 1 [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Servicing [Member]
Financing Liability Mortgage Servicing Rates Pledged 1 [Member]
Financing Liabilities [Member]
Jun. 30, 2014
Servicing [Member]
OASIS Series 2014-1 [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Servicing [Member]
OASIS Series 2014-1 [Member]
Financing Liabilities [Member]
Jun. 30, 2014
Servicing [Member]
Financing Liability Advances Pledged [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Servicing [Member]
Financing Liability Advances Pledged [Member]
Financing Liabilities [Member]
Jun. 30, 2014
Lending [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Lending [Member]
Financing Liabilities [Member]
Jun. 30, 2014
Lending [Member]
Secured Debt [Member]
Dec. 31, 2013
Lending [Member]
Secured Debt [Member]
Jun. 30, 2014
Lending [Member]
Financing Liability Mortgage Servicing Rights Pledged 2 [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Lending [Member]
Financing Liability Mortgage Servicing Rights Pledged 2 [Member]
Financing Liabilities [Member]
Jun. 30, 2014
Lending [Member]
HMBS - Related Borrowings [Member]
Financing Liabilities [Member]
Dec. 31, 2013
Lending [Member]
HMBS - Related Borrowings [Member]
Financing Liabilities [Member]
Jun. 30, 2014
London Interbank Offered Rate (LIBOR) [Member]
Jun. 30, 2014
London Interbank Offered Rate (LIBOR) [Member]
Class A3 Variable Funding Note [Member]
Jun. 30, 2014
London Interbank Offered Rate (LIBOR) [Member]
HMBS - Related Borrowings [Member]
Financing Liabilities [Member]
Debt Instrument [Line Items]                                                        
Debt Instrument, Basis Spread on Unpaid Principal Balance         21.00%                                              
Debt Instrument, Basis Spread on Variable Rate                                                   2.75% 1.75% [1],[2] 2.45% [3]
Financing liabilities $ 1,863,576,000 $ 1,266,973,000 $ 1,863,576,000 $ 1,266,973,000       $ 829,864,000 $ 633,804,000 $ 1,305,469,000 $ 1,323,286,000 $ 629,579,000 $ 633,804,000 $ 118,551,000 [4] $ 0 $ 81,734,000 [5] $ 0 $ 1,033,712,000 $ 633,169,000 $ 380,074,000 $ 455,020,000 $ 0 [6] $ 17,593,000 [6] $ 1,033,712,000 [3] $ 615,576,000 [3]      
Debt instrument, face amount           123,600,000                                            
Gain On Retirement Of Financing Liability             $ 2,600,000                                          
[1] This note was issued on March 17, 2014 with a maximum borrowing capacity of $500.0 million. The interest margin on this note increases to 200 bps on July 15, 2014, to 225 bps on August 15, 2014 and 250 bps on September 15, 2014.
[2] On July 15, 2014, the lenders agreed to waive the increase in interest margin scheduled for July 15. Subsequent scheduled increases in margin remain in effect.
[3] Represents amounts due to the holders of beneficial interests in Ginnie Mae guaranteed HMBS. The beneficial interests have no maturity dates, and the borrowings mature as the related loans are repaid. See Note 2 – Securitizations and Variable Interest Entities for additional information.
[4] OASIS noteholders are entitled to receive a monthly payment amount equal to the sum of: a) the designated servicing fee amount (21 basis points of the UPB of the reference pool of Freddie Mac mortgages); b) any termination payment amounts; c) any excess refinance amounts; and d) the note redemption amounts, each as defined in the indenture supplement for the notes. The notes have a final stated maturity of February 2028. We accounted for this transaction as a financing. Monthly amortization of the liability is estimated using the proportion of monthly projected service fees on the underlying MSRs as a percentage of lifetime projected fees, adjusted for the term of the security.
[5] Under this repurchase agreement, the lender provides financing on a committed basis for $50.0 million and, at the discretion of the lender, on an uncommitted basis for an additional $50.0 million.
[6] The financing liability was being amortized using the interest method with the servicing income that was remitted to the purchaser representing payments of principal and interest. In April 2014, we derecognized the remaining liability related to this MSR sale. During 2014, we recognized a gain of $2.6 million on the extinguishment of the financing liability.