Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 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 six months ended June 30, 2016:



	IRLCs			Forward MBS Trades			Interest Rate Caps
Beginning notional balance	$	278,317		$	632,720		$	2,110,000
Additions	3,436,643			2,777,175			195,000
Amortization	—			—			(600,000		)
Maturities	(2,382,902		)	(1,130,707		)	—
Terminations	(691,729		)	(1,396,824		)	(275,000		)
Ending notional balance	$	640,329		$	882,364		$	1,430,000

Fair value of derivative assets (liabilities) at:
June 30, 2016	$	14,576		$	(7,365	)	$	200
December 31, 2015	$	6,080		$	295		$	2,042

Maturity	July 2016 - Oct. 2016			Sept. 2016			Nov. 2016 - May 2018

Schedule of Gains (Losses) on Derivatives

The following summarizes our open derivative positions at June 30, 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 June 30, 2016:



Purpose	Expiration Date	Notional Amount		Fair Value (1)			Gains / (Losses)			Consolidated Statements of Operations Caption
Interest rate risk of borrowings
Interest rate caps	Nov. 2016 - May 2018	$	1,430,000	$	200		$	(1,986	)	Other, net
Interest rate risk of mortgage loans held for sale and of IRLCs
Forward MBS trades	Sept. 2016	882,364		(7,365		)	(21,626		)	Gain on loans held for sale, net
IRLCs	July 2016 - Oct. 2016	640,329		14,576			6,672			Gain on loans held for sale, net
Total derivatives				$	7,411		$	(16,940	)


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

Schedule of Changes in AOCL

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



	2016			2015
Beginning balance	$	1,763		$	8,413

Losses on terminated hedging relationships amortized to earnings	(175		)	(6,393		)
Decrease in deferred taxes on accumulated losses on cash flow hedges	—			360
Decrease in accumulated losses on cash flow hedges, net of taxes	(175		)	(6,033		)

Other, net of taxes	1			—

Ending balance	$	1,589		$	2,380

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 periods ended June 30:



	Three Months						Six Months
	2016			2015			2016			2015
Losses on economic hedges	$	(514	)	$	(164	)	$	(1,905	)	$	(875	)
Write-off of losses in AOCL for a discontinued hedge relationship	(70		)	(5,950		)	(175		)	(6,393		)
	$	(584	)	$	(6,114	)	$	(2,080	)	$	(7,268	)