Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2015:



	IRLCs			Forward MBS Trades (1)			Interest Rate Caps			Interest Rate Swaps
Beginning notional balance	$	239,406		$	703,725		$	1,729,000		$	—
Additions	2,791,259			5,440,504			225,000			450,000
Amortization	—			—			(198,000		)	—
Maturities	(2,352,943		)	(2,877,370		)	—			—
Terminations	(327,652		)	(2,617,646		)	—			(450,000		)
Ending notional balance	$	350,070		$	649,213		$	1,756,000		$	—

Fair value of derivative assets (liabilities) at:
June 30, 2015	$	5,056		$	2,125		$	155		$	—
December 31, 2014	$	6,065		$	(2,854	)	$	567		$	—

Maturity	July 2015 - Sept. 2015			Aug. 2015 - Sept. 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 June 30, 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 June 30, 2015:



Purpose	Expiration Date	Notional Amount		Fair Value (1)		Gains / (Losses)			Consolidated Statements of Operations Caption
Interest rate risk of borrowings
Interest rate caps (2)	Nov. 2016 - Oct. 2017	$	1,756,000	$	155	$	(528	)	Other, net
Interest rate risk of mortgage loans held for sale and of IRLCs
Forward MBS trades	Aug. 2015 - Sept. 2015	649,213		2,125		1,539			Gain on loans held for sale, net
IRLCs	July 2015 - Sept. 2015	350,070		5,056		(1,011		)	Gain on loans held for sale, net
Total derivatives				$	7,336	$	—


(1)	Derivatives are reported at fair value in Receivables, Other assets or in Other liabilities on our unaudited Consolidated Balance Sheets.


(2)	To hedge the effect of changes in 1ML on advance funding facilities.

Schedule of Changes in AOCL

Changes in AOCL during the six months ended June 30 were as follows:



	2015			2014
Beginning balance	$	8,413		$	10,151

Losses on terminated hedging relationships amortized to earnings	(6,393		)	(1,171		)
Decrease in deferred taxes on accumulated losses on cash flow hedges	360			193
Decrease in accumulated losses on cash flow hedges, net of taxes	(6,033		)	(978		)

Other, net of taxes	—			(2		)
Ending balance	$	2,380		$	9,171

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 and six months ended June 30:



	Three Months						Six Months
	2015			2014			2015			2014
Losses on economic hedges	$	(164	)	$	(227	)	$	(875	)	$	(368	)
Write-off of losses in AOCL for a discontinued hedge relationship	(5,950		)	(392		)	(6,393		)	(1,171		)
	$	(6,114	)	$	(619	)	$	(7,268	)	$	(1,539	)