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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Fair Value Assets and Liabilities | The carrying amounts and the estimated fair values of our financial instruments and certain of our nonfinancial assets measured at fair value on a recurring or non-recurring basis or disclosed, but not carried, at fair value are as follows at the dates indicated:
|  |  | June 30, 2017 |  | December 31, 2016
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale: |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value (a) | 2 |  | $ | 239,490 |  |  | $ | 239,490 |  |  | $ | 284,632 |  |  | $ | 284,632 |
Loans held for sale, at lower of cost or fair value (b) | 3 |  | 21,469 |  |  | 21,469 |  |  | 29,374 |  |  | 29,374 |
Total Loans held for sale |  |  | $ | 260,959 |  |  | $ | 260,959 |  |  | $ | 314,006 |  |  | $ | 314,006 |
Loans held for investment (a) | 3 |  | $ | 4,223,776 |  |  | $ | 4,223,776 |  |  | $ | 3,565,716 |  |  | $ | 3,565,716 |
Advances (including match funded) (c) | 3 |  | 1,478,255 |  |  | 1,478,255 |  |  | 1,709,846 |  |  | 1,709,846 |
Automotive dealer financing notes (including match funded) (c) | 3 |  | 33,867 |  |  | 33,527 |  |  | 33,224 |  |  | 33,147 |
Receivables, net (c) | 3 |  | 252,797 |  |  | 252,797 |  |  | 265,720 |  |  | 265,720 |
Mortgage-backed securities, at fair value (a) | 3 |  | 8,986 |  |  | 8,986 |  |  | 8,342 |  |  | 8,342 |
U.S. Treasury notes (a) | 1 |  | 2,076 |  |  | 2,076 |  |  | 2,078 |  |  | 2,078 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (c) | 3 |  | $ | 1,108,377 |  |  | $ | 1,103,202 |  |  | $ | 1,280,997 |  |  | $ | 1,275,059 |
Financing liabilities: |  |  |  |  |  |  |  |  |
HMBS-related borrowings, at fair value (a) | 3 |  | $ | 4,061,626 |  |  | $ | 4,061,626 |  |  | $ | 3,433,781 |  |  | $ | 3,433,781 |
Financing liability - MSRs pledged, at fair value (a) | 3 |  | 441,007 |  |  | 441,007 |  |  | 477,707 |  |  | 477,707 |
Other (c) | 3 |  | 92,799 |  |  | 73,154 |  |  | 101,324 |  |  | 81,805 |
Total Financing liabilities |  |  | $ | 4,595,432 |  |  | $ | 4,575,787 |  |  | $ | 4,012,812 |  |  | $ | 3,993,293 |
Other secured borrowings: |  |  |  |  |  |  |  |  |
Senior secured term loan (c) (d) | 2 |  | $ | 316,739 |  |  | $ | 326,625 |  |  | $ | 323,514 |  |  | $ | 327,674 |
Other (c) | 3 |  | 327,121 |  |  | 327,121 |  |  | 355,029 |  |  | 355,029 |
Total Other secured borrowings |  |  | $ | 643,860 |  |  | $ | 653,746 |  |  | $ | 678,543 |  |  | $ | 682,703 |
|  |  | June 30, 2017 |  | December 31, 2016
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Senior notes: |  |  |  |  |  |  |  |  |
Senior unsecured notes (c) (d) | 2 |  | $ | 3,100 |  |  | $ | 2,948 |  |  | $ | 3,094 |  |  | $ | 3,048 |
Senior secured notes (c) (d) | 2 |  | 343,963 |  |  | 332,136 |  |  | $ | 343,695 |  |  | 352,255 |
Total Senior notes |  |  | $ | 347,063 |  |  | $ | 335,084 |  |  | $ | 346,789 |  |  | $ | 355,303 |
Derivative financial instruments assets (liabilities), at fair value (a): |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments | 2 |  | $ | 5,352 |  |  | $ | 5,352 |  |  | $ | 6,507 |  |  | $ | 6,507 |
Forward mortgage-backed securities | 1 |  | 1,752 |  |  | 1,752 |  |  | (614 | ) |  | (614 | )
Interest rate caps | 3 |  | 1,937 |  |  | 1,937 |  |  | 1,836 |  |  | 1,836 |
Mortgage servicing rights: |  |  |  |  |  |  |  |  |
Mortgage servicing rights, at fair value (a) | 3 |  | $ | 625,650 |  |  | $ | 625,650 |  |  | $ | 679,256 |  |  | $ | 679,256 |
Mortgage servicing rights, at amortized cost (c) (e) | 3 |  | 349,535 |  |  | 440,311 |  |  | 363,722 |  |  | 467,911 |
Total Mortgage servicing rights |  |  | $ | 975,185 |  |  | $ | 1,065,961 |  |  | $ | 1,042,978 |  |  | $ | 1,147,167 |
(a) | Measured at fair value on a recurring basis.
(b) | Measured at fair value on a non-recurring basis.
(c) | Disclosed, but not carried, at fair value.
(d) | The carrying values are net of unamortized debt issuance costs and discount. See Note 11 – Borrowings for additional information.
(e) | Balances include the 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 $32.8 million, the carrying value of the impaired stratum at June 30, 2017 was $168.3 million. At December 31, 2016, the carrying value of this stratum was $172.9 million before applying the valuation allowance of $28.2 million.
Schedule of Reconciliation of Changes in Fair Value of Level 3 Assets and Liabilities | The following tables present a reconciliation of the changes in fair value of Level 3 assets and liabilities that we measure at fair value on a recurring basis:
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Mortgage-Backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs |  | Total
Three months ended June 30, 2017
Beginning balance | $ | 3,916,387 |  |  | $ | (3,739,265 | ) |  | $ | 8,658 |  |  | $ | (459,187 | ) |  | $ | 2,262 |  |  | $ | 651,987 |  |  | $ | 380,842 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 351,392 |  |  | (357,704 | ) |  | — |  |  | — |  |  | — |  |  | (711 | ) |  | (7,023 | )
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | (2 | )
Transfers to Real estate (Other assets) | (1,423 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,423 | )
Settlements (1) | (112,279 | ) |  | 101,132 |  |  | — |  |  | 16,194 |  |  | (42 | ) |  | — |  |  | 5,005 |
| 237,690 |  |  | (256,572 | ) |  | — |  |  | 16,194 |  |  | (42 | ) |  | (713 | ) |  | (3,443 | )
Total realized and unrealized gains and (losses) (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 69,699 |  |  | (65,789 | ) |  | 328 |  |  | 1,986 |  |  | (283 | ) |  | (25,624 | ) |  | (19,683 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 4,223,776 |  |  | $ | (4,061,626 | ) |  | $ | 8,986 |  |  | $ | (441,007 | ) |  | $ | 1,937 |  |  | $ | 625,650 |  |  | $ | 357,716 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Mortgage-Backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs |  | Total
Three months ended June 30, 2016
Beginning balance | $ | 2,771,242 |  |  | $ | (2,648,100 | ) |  | $ | 8,386 |  |  | $ | (523,503 | ) |  | $ | 570 |  |  | $ | 732,174 |  |  | $ | 340,769 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | 144 |  |  | — |  |  | 144 |
Issuances | 371,607 |  |  | (289,807 | ) |  | — |  |  | — |  |  | — |  |  | (1,694 | ) |  | 80,106 |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (1 | )
Settlements (1) | (151,600 | ) |  | 59,223 |  |  | — |  |  | 28,377 |  |  | — |  |  | — |  |  | (64,000 | )
| 220,007 |  |  | (230,584 | ) |  | — |  |  | 28,377 |  |  | 144 |  |  | (1,695 | ) |  | 16,249 |
Total realized and unrealized gains and (losses): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 66,315 |  |  | (57,244 | ) |  | 677 |  |  | — |  |  | (514 | ) |  | (29,811 | ) |  | (20,577 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 3,057,564 |  |  | $ | (2,935,928 | ) |  | $ | 9,063 |  |  | $ | (495,126 | ) |  | $ | 200 |  |  | $ | 700,668 |  |  | $ | 336,441 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Mortgage-backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs |  | Total
Six months ended June 30, 2017
Beginning balance | $ | 3,565,716 |  |  | $ | (3,433,781 | ) |  | $ | 8,342 |  |  | $ | (477,707 | ) |  | $ | 1,836 |  |  | $ | 679,256 |  |  | $ | 343,662 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Issuances | 698,473 |  |  | (664,453 | ) |  | — |  |  | — |  |  | — |  |  | (1,417 | ) |  | 32,603 |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (230 | ) |  | (230 | )
Transfers to Real estate (Other assets) | (1,423 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,423 | )
Settlements | (192,569 | ) |  | 176,231 |  |  | — |  |  | 33,193 |  |  | (42 | ) |  | — |  |  | 16,813 |
| 504,481 |  |  | (488,222 | ) |  | — |  |  | 33,193 |  |  | (42 | ) |  | (1,647 | ) |  | 47,763 |
Total realized and unrealized gains and (losses): (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 153,579 |  |  | (139,623 | ) |  | 644 |  |  | 3,507 |  |  | 143 |  |  | (51,959 | ) |  | (33,709 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 4,223,776 |  |  | $ | (4,061,626 | ) |  | $ | 8,986 |  |  | $ | (441,007 | ) |  | $ | 1,937 |  |  | $ | 625,650 |  |  | $ | 357,716 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Mortgage-backed Securities |  | Financing Liability - MSRs Pledged (1) |  | Derivatives |  | MSRs |  | Total
Six months ended June 30, 2016
Beginning balance | $ | 2,488,253 |  |  | $ | (2,391,362 | ) |  | $ | 7,985 |  |  | $ | (541,704 | ) |  | $ | 2,042 |  |  | $ | 761,190 |  |  | $ | 326,404 |
Purchases, issuances, sales and settlements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | 144 |  |  | — |  |  | 144 |
Issuances | 675,665 |  |  | (522,981 | ) |  | — |  |  | — |  |  | — |  |  | (1,275 | ) |  | 151,409 |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (143 | ) |  | (143 | )
Settlements | (238,838 | ) |  | 98,876 |  |  | — |  |  | 46,578 |  |  | (81 | ) |  | — |  |  | (93,465 | )
| 436,827 |  |  | (424,105 | ) |  | — |  |  | 46,578 |  |  | 63 |  |  | (1,418 | ) |  | 57,945 |
Total realized and unrealized gains and (losses) (2): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings | 132,484 |  |  | (120,461 | ) |  | 1,078 |  |  | — |  |  | (1,905 | ) |  | (59,104 | ) |  | (47,908 | )
| 132,484 |  |  | (120,461 | ) |  | 1,078 |  |  | — |  |  | (1,905 | ) |  | (59,104 | ) |  | (47,908 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 3,057,564 |  |  | $ | (2,935,928 | ) |  | $ | 9,063 |  |  | $ | (495,126 | ) |  | $ | 200 |  |  | $ | 700,668 |  |  | $ | 336,441 |
(1) | Settlements for Loans held for investment - reverse mortgages consist chiefly of principal payments received, but also may include non-cash settlements of loans.
(2) | Total gains (losses) attributable to derivative financial instruments still held at June 30, 2017 and June 30, 2016 were $0.2 million and $(2.0) million for the six months ended June 30, 2017 and 2016, respectively. Total losses attributable to MSRs still held at June 30, 2017 and June 30, 2016 were $51.5 million and $58.5 million for the six months ended June 30, 2017 and 2016, respectively.
Loans Held for Investment [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation | The more significant assumptions included in the valuations consisted of the following at the dates indicated:
| June 30, 2017 |  | December 31, 2016
Life in years |  |  |
Range | 5.4 to 8.2 |  |  | 5.5 to 8.7 |
Weighted average | 5.9 |  |  | 6.1 |
Conditional repayment rate |  |  |
Range | 5.3% to 53.8% |  |  | 5.2% to 53.8% |
Weighted average | 21.3 | % |  | 20.9 | %
Discount rate | 3.2 | % |  | 3.3 | %
Mortgage Servicing Rights - Amortized Costs [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation | The more significant assumptions used in the valuations consisted of the following at the dates indicated:
| June 30, 2017 |  | December 31, 2016
Weighted average prepayment speed | 9.0 | % |  | 8.9 | %
Weighted average delinquency rate | 10.5 | % |  | 11.1 | %
Advance financing cost | 5-year swap |  |  | 5-year swap |
Interest rate for computing float earnings | 5-year swap |  |  | 5-year swap |
Weighted average discount rate | 9.1 | % |  | 8.9 | %
Weighted average cost to service (in dollars) | $ | 107 |  |  | $ | 108 |
Mortgage Servicing Rights - Fair Value [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation | The primary assumptions used in the valuations consisted of the following at the dates indicated:
| June 30, 2017 |  | December 31, 2016
| Agency |  | Non Agency |  | Agency |  | Non Agency
Weighted average prepayment speed | 8.5 | % |  | 16.4 | % |  | 8.4 | % |  | 16.5 | %
Weighted average delinquency rate | 0.7 | % |  | 29.2 | % |  | 1.0 | % |  | 29.3 | %
Advance financing cost | 5-year swap |  |  | 1-Month LIBOR (1ML) plus 3.5% |  |  | 5-year swap |  |  | 1-Month LIBOR (1ML) plus 3.5% |
Interest rate for computing float earnings | 5-year swap |  |  | 1ML |  |  | 5-year swap |  |  | 1ML |
Weighted average discount rate | 9.0 | % |  | 12.8 | % |  | 9.0 | % |  | 14.9 | %
Weighted average cost to service (in dollars) | $ | 63 |  |  | $ | 313 |  |  | $ | 64 |  |  | $ | 307 |
Automotive Dealer Financing Notes [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation | The more significant assumptions used in the valuation consisted of the following at the dates indicated:
| June 30, 2017 |  | December 31, 2016
Weighted average life in months | 2.7 |  |  | 2.7 |
Average note rate | 8.3 | % |  | 8.3 | %
Discount rate | 10.0 | % |  | 10.0 | %
Loan loss rate | 21.9 | % |  | 11.3 | %
HMBS - Related Borrowings [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation | The more significant assumptions used in the valuations consisted of the following at the dates indicated:
| June 30, 2017 |  | December 31, 2016
Life in years |  |  |
Range | 4.4 to 8.2 |  |  | 4.5 to 8.7 |
Weighted average | 5.0 |  |  | 5.1 |
Conditional repayment rate |  |  |
Range | 5.3% to 53.8% |  |  | 5.2% to 53.8% |
Weighted average | 21.3 | % |  | 20.9 | %
Discount rate | 2.6 | % |  | 2.7 | %
Mortgage Servicing Rights Pledged [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation | The more significant assumptions used in determination of the prices of the underlying MSRs consisted of the following at the dates indicated:
| June 30, 2017 |  | December 31, 2016
Weighted average prepayment speed | 16.8 | % |  | 17.0 | %
Weighted average delinquency rate | 29.6 | % |  | 29.8 | %
Advance financing cost | 1ML plus 3.5% |  |  | 1ML plus 3.5% |
Interest rate for computing float earnings | 1ML |  |  | 1ML |
Weighted average discount rate | 13.6 | % |  | 14.9 | %
Weighted average cost to service (in dollars) | $ | 319 |  |  | $ | 313 |

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