Securitizations and Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2015

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
	2015		2014		2015		2014
Proceeds received from securitizations	$	1,415,952	$	1,443,272	$	2,486,724	$	2,977,523
Servicing fees collected	8,229		9,140		19,093		14,334
Purchases of previously transferred assets, net of claims reimbursed	396		—		896		—
	$	1,424,577	$	1,452,412	$	2,506,713	$	2,991,857

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, 2015		December 31, 2014
Carrying value of assets:
Mortgage servicing rights, at amortized cost	$	72,638	$	82,542
Mortgage servicing rights, at fair value	509		2,840
Advances and match funded advances	713		1,236
UPB of loans transferred (1)	9,359,443		9,353,187
Maximum exposure to loss	$	9,433,303	$	9,439,805


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