XML 88 R71.htm IDEA: XBRL DOCUMENT v3.6.0.2
Fair Value - Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments and Nonfinancial Assets Measured at Fair Value on a Recurring or Non-recurring basis or Disclosed, but not Carried, at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Financial assets:        
Loans held for sale, at fair value $ 284,632 [1] $ 309,054 [1] $ 401,120 [1] $ 503,753
Total Loans held for sale 314,006 414,046    
Mortgage-backed securities, at fair value 8,342 7,985    
Financial liabilities:        
Match funded liabilities 1,280,997 1,584,049    
Financing liabilities:        
Total Financing liabilities 4,012,812 3,089,255    
Other secured borrowings:        
Total Other secured borrowings 678,543 762,411    
Senior Notes:        
Total Senior notes 346,789 345,511    
Derivative financial instruments:        
Forward mortgage-backed securities trades 1,550 0    
Mortgage servicing rights:        
Mortgage servicing rights, at fair value 679,256 761,190 $ 93,901  
Total Mortgage servicing rights 1,042,978 1,138,569    
Carrying Value [Member]        
Financial assets:        
Total Loans held for sale 314,006 414,046    
Financing liabilities:        
Total Financing liabilities 4,012,812 3,089,255    
Other secured borrowings:        
Total Other secured borrowings 678,543 762,411    
Senior Notes:        
Total Senior notes 346,789 345,511    
Mortgage servicing rights:        
Total Mortgage servicing rights 1,042,978 1,138,569    
Fair Value [Member]        
Financial assets:        
Total Loans held for sale 314,006 414,046    
Financing liabilities:        
Total Financing liabilities 3,993,293 3,065,006    
Other secured borrowings:        
Total Other secured borrowings 682,703 783,276    
Senior Notes:        
Total Senior notes 355,303 318,063    
Mortgage servicing rights:        
Total Mortgage servicing rights 1,147,167 1,222,745    
Level 2 [Member] | Carrying Value [Member]        
Financial assets:        
Loans held for sale, at fair value [2] 284,632 309,054    
Other secured borrowings:        
Senior secured term loan [3],[4] 323,514 377,091    
Senior Notes:        
Senior unsecured notes [3],[4] 3,094 345,511    
Senior secured notes [3],[4] 343,695 0    
Level 2 [Member] | Fair Value [Member]        
Financial assets:        
Loans held for sale, at fair value [2] 284,632 309,054    
Other secured borrowings:        
Senior secured term loan [3],[4] 327,674 397,956    
Senior Notes:        
Senior unsecured notes [3],[4] 3,048 318,063    
Senior secured notes [3],[4] 352,255 0    
Level 3 [Member] | Carrying Value [Member]        
Financial assets:        
Loans held for sale, at lower of cost or fair value [5] 29,374 104,992    
Loans held for investment - Reverse mortgages, at fair value [2] 3,565,716 2,488,253    
Advances and match funded advances [3] 1,709,846 2,151,066    
Receivables, net [3] 265,720 286,981    
Mortgage-backed securities, at fair value [2] 8,342 7,985    
Financial liabilities:        
Match funded liabilities [3] 1,280,997 1,584,049    
Financing liabilities:        
HMBS-related borrowings, at fair value [2] 3,433,781 2,391,362    
Financing liability - MSRs pledged [2] 477,707 541,704    
Other [3] 101,324 156,189    
Other secured borrowings:        
Other [3] 355,029 385,320    
Mortgage servicing rights:        
Mortgage servicing rights, at fair value [2] 679,256 761,190    
MSRs, at amortized cost [3],[6] 363,722 377,379    
Level 3 [Member] | Fair Value [Member]        
Financial assets:        
Loans held for sale, at lower of cost or fair value [5] 29,374 104,992    
Loans held for investment - Reverse mortgages, at fair value [2] 3,565,716 2,488,253    
Advances and match funded advances [3] 1,709,846 2,151,066    
Receivables, net [3] 265,720 286,981    
Mortgage-backed securities, at fair value [2] 8,342 7,985    
Financial liabilities:        
Match funded liabilities [3] 1,275,059 1,581,786    
Financing liabilities:        
HMBS-related borrowings, at fair value [2] 3,433,781 2,391,362    
Financing liability - MSRs pledged [2] 477,707 541,704    
Other [3] 81,805 131,940    
Other secured borrowings:        
Other [3] 355,029 385,320    
Mortgage servicing rights:        
Mortgage servicing rights, at fair value [2] 679,256 761,190    
MSRs, at amortized cost [3],[6] 467,911 461,555    
Level 1 [Member] | Carrying Value [Member]        
Financial assets:        
U.S. Treasury notes [2] 2,078 0    
Level 1 [Member] | Fair Value [Member]        
Financial assets:        
U.S. Treasury notes [2] 2,078 0    
Interest Rate Lock Commitments [Member] | Level 2 [Member] | Carrying Value [Member]        
Derivative financial instruments:        
Interest rate lock commitments [2] 6,507 6,080    
Interest Rate Lock Commitments [Member] | Level 2 [Member] | Fair Value [Member]        
Derivative financial instruments:        
Interest rate lock commitments [2] 6,507 6,080    
Forward Mortgage Backed Securities Trades [Member] | Level 1 [Member] | Carrying Value [Member]        
Derivative financial instruments:        
Forward mortgage-backed securities trades [2] (614) 295    
Forward Mortgage Backed Securities Trades [Member] | Level 1 [Member] | Fair Value [Member]        
Derivative financial instruments:        
Forward mortgage-backed securities trades [2] (614) 295    
Interest Rate Cap [Member] | Level 3 [Member] | Carrying Value [Member]        
Derivative financial instruments:        
Interest rate caps [2] 1,836 2,042    
Interest Rate Cap [Member] | Level 3 [Member] | Fair Value [Member]        
Derivative financial instruments:        
Interest rate caps [2] $ 1,836 $ 2,042    
[1] At December 31, 2016, 2015 and 2014, the balances include $4.9 million, $11.9 million and $21.0 million, respectively, of fair value adjustments.
[2] Measured at fair value on a recurring basis.
[3] Disclosed, but not carried, at fair value.
[4] The carrying values are net of unamortized debt issuance costs and discount. See Note 13 — Borrowings for additional information.
[5] Measured at fair value on a non-recurring basis.
[6] Balances include our impaired government-insured stratum of amortization method MSRs, which is measured at fair value on a non-recurring basis and reported net of the valuation allowance. Before applying the valuation allowance of $28.2 million, the carrying value of the impaired stratum at December 31, 2016 was $172.9 million. At December 31, 2015, the carrying value of this stratum was $146.5 million before applying the valuation allowance of $17.3 million.