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Derivative Financial Instruments and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Changes in Notional Balances of Holdings of Derivatives
The following table summarizes the changes in the notional balances of our holdings of derivatives during the year ended December 31, 2016: 
 
IRLCs
 
Forward MBS Trades
 
Interest Rate Caps
Beginning notional balance
$
278,317

 
$
632,720

 
$
2,110,000

Additions
6,711,653

 
5,529,405

 
703,333

Amortization
—

 
—

 
(793,333
)
Maturities
(5,236,398
)
 
(2,820,929
)
 
—

Terminations
(1,393,122
)
 
(2,732,019
)
 
(1,065,000
)
Ending notional balance
$
360,450

 
$
609,177

 
$
955,000

 
 
 
 
 
 
Fair value of derivative assets (liabilities) at:
 

 
 

 
 

December 31, 2016
$
6,507

 
$
(614
)
 
$
1,836

December 31, 2015
$
6,080

 
$
295

 
$
2,042

 
 
 
 
 
 
Maturity
Jan. 2017 - May 2017
 
Mar. 2017
 
Oct. 2017 - Dec. 2018
Summary of Open Derivative Positions and the Gains (Losses) on all Derivatives
The following summarizes our open derivative positions at December 31, 2016 and the gains (losses) on all derivatives used in each of the identified hedging programs for the year then ended. None of the derivatives was designated as a hedge for accounting purposes at December 31, 2016:
Purpose
 
Expiration Date
 
Notional Amount
 
Fair Value (1)
 
Gains (Losses)
 
Consolidated Statement of Operations Caption
Interest rate risk of borrowings













Interest rate caps

Oct. 2017 - Dec. 2018

$
955,000

 
$
1,836

 
$
(1,387
)
 
Other, net
 
 
 
 
 
 
 
 
 
 
 
Interest rate risk of mortgage loans held for sale and of IRLCs
 
 
 
 

 
 

 
 

 
 
Forward MBS trades
 
Mar. 2017
 
609,177

 
(614
)
 
(6,592
)
 
Gain on loans held for sale, net
 
 
 
 
 
 
 
 
 
 
 
IRLCs
 
Jan. 2017 - May 2017
 
360,450

 
6,507

 
(55
)
 
Gain on loans held for sale, net
Total derivatives
 
 
 


 
$
7,729

 
$
(8,034
)
 
 

(1)
Derivatives are reported at fair value in Other assets or in Other liabilities on our consolidated balance sheets.
Schedule of Changes in the Losses on Cash Flow Hedges Included in AOCL
Changes in AOCL during the years ended December 31 were as follows:
 
2016
 
2015
 
2014
Beginning balance
$
1,763


$
8,413


$
10,151

 
 
 
 
 
 
Losses on terminated cash flow hedging relationships amortized to
earnings
(337
)

(7,042
)

(1,982
)
Decrease in deferred taxes on accumulated losses on cash flow hedges
24

 
392

 
248

Decrease in accumulated losses on cash flow hedges, net of taxes
(313
)
 
(6,650
)
 
(1,734
)
 
 
 
 
 
 
Other, net of taxes
—

 
—

 
(4
)
 
 
 
 
 
 
Ending balance
$
1,450

 
$
1,763

 
$
8,413
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 years ended December 31:
 
2016

2015

2014
Losses on economic hedges
(1,387
)

(1,377
)

(661
)
Write-off of losses in AOCL for a discontinued hedge relationship (1)
(337
)

(7,042
)

(1,982
)
 
$
(1,724
)

$
(8,419
)

$
(2,643
)

(1)
Includes the accelerated write-off in 2015 of deferred losses on a swap that had been designated for accounting purposes as a hedge of the purchase price of an MSR acquisition, when we sold a portion of the related MSRs.