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Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2015:
| IRLCs |  | Forward MBS Trades (1) |  | Interest Rate Caps | Interest Rate Swaps
Beginning notional balance | $ | 239,406 |  |  | $ | 703,725 |  |  | $ | 1,729,000 |  | $ | — |
Additions | 4,210,647 |  |  | 6,248,108 |  |  | 2,179,333 |  | 450,000 |
Amortization | — |  |  | — |  |  | (439,333 | ) | — |
Maturities | (3,727,042 | ) |  | (3,414,877 | ) |  | — |  | — |
Terminations | (337,938 | ) |  | (2,864,057 | ) |  | — |  | (450,000 | )
Ending notional balance | $ | 385,073 |  |  | $ | 672,899 |  |  | $ | 3,469,000 |  | $ | — |
Fair value of derivative assets (liabilities) at: |  |  |  |  |  |  |  |  |  |
September 30, 2015 | $ | 10,010 |  |  | $ | (3,438 | ) |  | $ | 1,501 |  | $ | — |
December 31, 2014 | $ | 6,065 |  |  | $ | (2,854 | ) |  | $ | 567 |  | $ | — |
Maturity | Oct. 2015 - Dec. 2015 |  | Nov. 2015 - Dec. 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 September 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 September 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 |  | $ | 3,469,000 |  |  | $ | 1,501 |  |  | $ | (1,613 | ) |  | Other, net
Interest rate risk of mortgage loans held for sale and of IRLCs |  |  |  |  |  |  |  |  |  |
Forward MBS trades |  | Nov. 2015 - Dec 2015 |  | 672,899 |  |  | (3,438 | ) |  | (10,878 | ) |  | Gain on loans held for sale, net
IRLCs |  | Oct. 2015 - Nov. 2015 |  | 385,073 |  |  | 10,010 |  |  | 3,944 |  |  | Gain on loans held for sale, net
Total derivatives |  |  |  |  |  |  | $ | 8,073 |  |  | $ | (8,547 | ) |  |
(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 nine months ended September 30 were as follows:
| 2015 |  | 2014
Beginning balance | $ | 8,413 |  |  | $ | 10,151 |
Losses on terminated hedging relationships amortized to earnings | (6,916 | ) |  | (1,579 | )
Decrease in deferred taxes on accumulated losses on cash flow hedges | 389 |  |  | 217 |
Decrease in accumulated losses on cash flow hedges, net of taxes | (6,527 | ) |  | (1,362 | )
Other, net of taxes | — |  |  | (5 | )
Ending balance | $ | 1,886 |  |  | $ | 8,784 |
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 nine months ended September 30:
| Three Months |  | Nine Months
| 2015 |  | 2014 |  | 2015 |  | 2014
Losses on economic hedges | $ | (738 | ) |  | $ | (6 | ) |  | $ | (1,613 | ) |  | $ | (374 | )
Write-off of losses in AOCL for a discontinued hedge relationship | (523 | ) |  | (408 | ) |  | (6,916 | ) |  | (1,580 | )
| $ | (1,261 | ) |  | $ | (414 | ) |  | $ | (8,529 | ) |  | $ | (1,954 | )

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