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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2015
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, 2015: 
 
IRLCs
 
Forward MBS Trades
 
Interest Rate Caps
Interest Rate Swaps
Beginning notional balance
$
239,406

 
$
703,725

 
$
1,729,000

$
—

Additions
1,288,957

 
2,481,134

 


450,000

Amortization


 
69,773

 
(102,000
)
—

Maturities
(964,465
)
 
(1,121,701
)
 


—

Terminations
(144,390
)
 
(1,349,218
)
 


(450,000
)
Ending notional balance
$
419,508

 
$
783,713

 
$
1,627,000

$
—

 
 
 
 
 
 
 
Fair value of derivative assets (liabilities) at:
 

 
 

 
 

 

March 31, 2015
$
9,516

 
$
(5,249
)
 
$
203

$
—

December 31, 2014
$
6,065

 
$
(2,854
)
 
$
567

$
—

 
 
 
 
 
 
 
Maturity
Apr. 2015 - Jun. 2015
 
May 2015 - June 2015
 
Nov. 2016 - Oct. 2017
N/A

(1)
As loans are originated and sold or as loan commitments expire, our forward MBS trade positions mature and are replaced by new positions based upon new loan commitments and originations and expected time to sell.
Schedule of Gains (Losses) on Derivatives
The following summarizes our open derivative positions at March 31, 2015 and the gains (losses) on all derivatives used in each of the identified hedging programs for the year to date period then ended. None of the derivatives was designated as a hedge for accounting purposes at March 31, 2015:
Purpose
 
Expiration Date
 
Notional Amount
 
Fair Value (1)
 
Gains / (Losses)
 
Consolidated Statements 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 - Oct. 2017

$
1,627,000

 
$
203

 
$
(364
)
 
Other, net
Interest rate risk of mortgage loans held for sale and of IRLCs
 
 
 
 
 
 
 
 
 
 
Forward MBS trades
 
May 2015 - June 2015
 
783,713

 
(5,249
)
 
(427
)
 
Gain on loans held for sale, net
IRLCs
 
April 2015 - June 2015
 
419,508

 
9,516

 
(2,233
)
 
Gain on loans held for sale, net
Total derivatives
 
 
 


 
$
4,470

 
$
(3,024
)
 
 

(1)
Derivatives are reported at fair value in Receivables, Other assets or in Other liabilities on our unaudited Consolidated Balance Sheets.
Schedule of Changes in AOCL
Changes in AOCL during the three months ended March 31 were as follows:
 
2015
 
2014
Beginning balance
$
8,413


$
10,151

 
 
 
 
Losses on terminated hedging relationships amortized to earnings
(443
)

(779
)
Decrease in deferred taxes on accumulated losses on cash flow hedges
25

 
171

Decrease in accumulated losses on cash flow hedges, net of taxes
(418
)
 
(608
)
 
 
 
 
Other, net of taxes
—

 
(1
)
Ending balance
$
7,995

 
$
9,542
Schedule of Other Income (Expense), Net Related to Derivative Financial Instruments
Other income (expense), net, includes the following related to derivative financial instruments for the three months ended March 31:
 
2015

2014
Losses on economic hedges
$
(710
)

$
(141
)
Write-off of losses in AOCL for a discontinued hedge relationship
(443
)

(779
)
 
$
(1,153
)

$
(920
)