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Derivative Financial Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2016
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, 2016: 
 
IRLCs
 
Forward MBS Trades
 
Interest Rate Caps
Beginning notional balance
$
278,317

 
$
632,720

 
$
2,110,000

Additions
1,460,093

 
1,100,531

 
25,000

Amortization
—

 
—

 
(400,000
)
Maturities
(1,017,006
)
 
(392,398
)
 
—

Terminations
(241,099
)
 
(514,460
)
 
(50,000
)
Ending notional balance
$
480,305

 
$
826,393

 
$
1,685,000

 
 
 
 
 
 
Fair value of derivative assets (liabilities) at:
 

 
 

 
 

March 31, 2016
$
13,545

 
$
(5,291
)
 
$
570

December 31, 2015
$
6,080

 
$
295

 
$
2,042

 
 
 
 
 
 
Maturity
Apr. 2016 - Jun. 2016
 
June 2016
 
Nov. 2016 - Dec. 2017
Schedule of Gains (Losses) on Derivatives
The following summarizes our open derivative positions at March 31, 2016 and the gains (losses) on all derivatives used in each of the identified hedging programs for the period then ended. None of the derivatives was designated as a hedge for accounting purposes at March 31, 2016:
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 - Dec. 2017

$
1,685,000

 
$
570

 
$
(1,391
)
 
Other, net
Interest rate risk of mortgage loans held for sale and of IRLCs
 
 
 
 
 
 
 
 
 
Forward MBS trades
June 2016
 
826,393

 
(5,291
)
 
(13,202
)
 
Gain on loans held for sale, net
IRLCs
Apr. 2016 - Jun. 2016
 
480,305

 
13,545

 
7,465

 
Gain on loans held for sale, net
Total derivatives
 
 


 
$
8,824

 
$
(7,128
)
 
 

(1)
Derivatives are reported at fair value in 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 three months ended March 31 were as follows:
 
2016
 
2015
Beginning balance
$
1,763


$
8,413

 
 
 
 
Losses on terminated hedging relationships amortized to earnings
(105
)

(443
)
Decrease in deferred taxes on accumulated losses on cash flow hedges
—

 
25

Decrease in accumulated losses on cash flow hedges, net of taxes
(105
)
 
(418
)
 
 
 
 
Ending balance
$
1,658

 
$
7,995
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:
 
2016

2015
Losses on economic hedges
$
(1,391
)

$
(710
)
Write-off of losses in AOCL for a discontinued hedge relationship
(105
)

(443
)
 
$
(1,496
)

$
(1,153
)