Derivative Financial Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2016:



	IRLCs			Forward MBS Trades			Interest Rate Caps
Beginning notional balance	$	278,317		$	632,720		$	2,110,000
Additions	5,200,747			4,210,788			625,000
Amortization	—			—			(700,000		)
Maturities	(3,879,488		)	(1,994,649		)	—
Terminations	(1,109,562		)	(2,122,842		)	(975,000		)
Ending notional balance	$	490,014		$	726,017		$	1,060,000

Maturity	Oct. 2016 - Jan. 2017			Dec. 2016			Nov. 2016 - July 2018

Fair value of derivative assets (liabilities) at:
September 30, 2016	$	10,827		$	(2,525	)	$	793
December 31, 2015	$	6,080		$	295		$	2,042

Schedule of Gains (Losses) on Derivatives

The following summarizes our open derivative positions at September 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 September 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 - July 2018	$	1,060,000	$	793		$	(1,950	)	Other, net
Interest rate risk of mortgage loans held for sale and of IRLCs
Forward MBS trades	Dec. 2016	726,017		(2,525		)	(25,677		)	Gain on loans held for sale, net
IRLCs	Oct. 2016 - Jan. 2017	490,014		10,827			4,148			Gain on loans held for sale, net
Total derivatives				$	9,095		$	(23,479	)


(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 nine months ended September 30 were as follows:



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

Losses on terminated hedging relationships amortized to earnings	(263		)	(6,916		)
Decrease in deferred taxes on accumulated losses on cash flow hedges	—			389
Decrease in accumulated losses on cash flow hedges, net of taxes	(263		)	(6,527		)

Ending balance	$	1,500		$	1,886

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 September 30:



	Three Months						Nine Months
	2016			2015			2016			2015
Losses on economic hedges	$	(45	)	$	(738	)	$	(1,950	)	$	(1,613	)
Write-off of losses in AOCL for a discontinued hedge relationship	(89		)	(523		)	(263		)	(6,916		)
	$	(134	)	$	(1,261	)	$	(2,213	)	$	(8,529	)