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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2018
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:
|  |  | June 30, 2018 |  | December 31, 2017
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value (a) | 2 |  | $ | 153,906 |  |  | $ | 153,906 |  |  | $ | 214,262 |  |  | $ | 214,262 |
Loans held for sale, at lower of cost or fair value (b) | 3 |  | 55,547 |  |  | 55,547 |  |  | 24,096 |  |  | 24,096 |
|  |  | June 30, 2018 |  | December 31, 2017
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Total Loans held for sale |  |  | $ | 209,453 |  |  | $ | 209,453 |  |  | $ | 238,358 |  |  | $ | 238,358 |
Loans held for investment (a) | 3 |  | $ | 5,143,758 |  |  | $ | 5,143,758 |  |  | $ | 4,715,831 |  |  | $ | 4,715,831 |
Advances (including match funded) (c) | 3 |  | 1,167,713 |  |  | 1,167,713 |  |  | 1,356,393 |  |  | 1,356,393 |
Automotive dealer financing notes (including match funded) (c) | 3 |  | 22 |  |  | 22 |  |  | 32,757 |  |  | 32,590 |
Receivables, net (c) | 3 |  | 178,678 |  |  | 178,678 |  |  | 199,529 |  |  | 199,529 |
Mortgage-backed securities, at fair value (a) | 3 |  | 1,732 |  |  | 1,732 |  |  | 1,592 |  |  | 1,592 |
U.S. Treasury notes (a) | 1 |  | 1,560 |  |  | 1,560 |  |  | 1,567 |  |  | 1,567 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (c) | 3 |  | $ | 750,694 |  |  | $ | 745,539 |  |  | $ | 998,618 |  |  | $ | 992,698 |
Financing liabilities: |  |  |  |  |  |  |  |  |
HMBS-related borrowings, at fair value (a) | 3 |  | $ | 5,040,983 |  |  | $ | 5,040,983 |  |  | $ | 4,601,556 |  |  | $ | 4,601,556 |
Financing liability - MSRs pledged, at fair value (a) | 3 |  | 672,619 |  |  | 672,619 |  |  | 508,291 |  |  | 508,291 |
Other (c) | 3 |  | 74,884 |  |  | 59,608 |  |  | 85,227 |  |  | 65,202 |
Total Financing liabilities |  |  | $ | 5,788,486 |  |  | $ | 5,773,210 |  |  | $ | 5,195,074 |  |  | $ | 5,175,049 |
Other secured borrowings: |  |  |  |  |  |  |  |  |
Senior secured term loan (c) (d) | 2 |  | $ | 233,786 |  |  | $ | 240,475 |  |  | $ | 290,068 |  |  | $ | 299,741 |
Other (c) | 3 |  | 106,632 |  |  | 106,632 |  |  | 255,782 |  |  | 255,782 |
Total Other secured borrowings |  |  | $ | 340,418 |  |  | $ | 347,107 |  |  | $ | 545,850 |  |  | $ | 555,523 |
Senior notes: |  |  |  |  |  |  |  |  |
Senior unsecured notes (c) (d) | 2 |  | $ | 3,122 |  |  | $ | 3,138 |  |  | $ | 3,122 |  |  | $ | 2,872 |
Senior secured notes (c) (d) | 2 |  | 344,490 |  |  | 356,987 |  |  | 344,216 |  |  | 355,550 |
Total Senior notes |  |  | $ | 347,612 |  |  | $ | 360,125 |  |  | $ | 347,338 |  |  | $ | 358,422 |
Derivative financial instrument assets (liabilities), at fair value (a) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments | 2 |  | $ | 3,315 |  |  | $ | 3,315 |  |  | $ | 3,283 |  |  | $ | 3,283 |
Forward mortgage-backed securities | 1 |  | (2,422 | ) |  | (2,422 | ) |  | (545 | ) |  | (545 | )
Interest rate caps | 3 |  | 1,657 |  |  | 1,657 |  |  | 2,056 |  |  | 2,056 |
Mortgage servicing rights |  |  |  |  |  |  |  |  |
Mortgage servicing rights, at fair value (a) | 3 |  | $ | 1,043,995 |  |  | $ | 1,043,995 |  |  | $ | 671,962 |  |  | $ | 671,962 |
Mortgage servicing rights, at amortized cost (c) (e) | 3 |  | — |  |  | — |  |  | 336,882 |  |  | 418,745 |
Total Mortgage servicing rights |  |  | $ | 1,043,995 |  |  | $ | 1,043,995 |  |  | $ | 1,008,844 |  |  | $ | 1,090,707 |
(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) | Effective January 1, 2018, we elected fair value accounting for our MSRs previously accounted for using the amortization method, which included Agency MSRs and government-insured MSRs. The balance at December 31, 2017 includes the impaired government-insured stratum of amortization method MSRs, which was measured at fair value on a non-recurring basis and reported net of the valuation allowance. At December 31, 2017, the carrying value of this stratum was $158.0 million before applying the valuation allowance of $24.8 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, 2018
Beginning balance | $ | 4,988,151 |  |  | $ | (4,838,193 | ) |  | $ | 1,679 |  |  | $ | (715,924 | ) |  | $ | 1,866 |  |  | $ | 1,074,247 |  |  | $ | 511,826 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 3,507 |  |  | 3,602 |
Issuances | 236,386 |  |  | (276,751 | ) |  | — |  |  | — |  |  | — |  |  | (617 | ) |  | (40,982 | )
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24 | ) |  | (24 | )
Settlements | (103,497 | ) |  | 100,737 |  |  | — |  |  | 49,962 |  |  | — |  |  | — |  |  | 47,202 |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value | (257 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (257 | )
Other assets | (33 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (33 | )
Receivables, net | (22 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22 | )
| 132,577 |  |  | (176,014 | ) |  | — |  |  | 49,962 |  |  | 95 |  |  | 2,866 |  |  | 9,486 |
Total realized and unrealized gains (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value | 23,030 |  |  | (26,776 | ) |  | 53 |  |  | (8,069 | ) |  | (304 | ) |  | (33,118 | ) |  | (45,184 | )
Calls and other | — |  |  | — |  |  | — |  |  | 1,412 |  |  | — |  |  | — |  |  | 1,412 |
| 23,030 |  |  | (26,776 | ) |  | 53 |  |  | (6,657 | ) |  | (304 | ) |  | (33,118 | ) |  | (43,772 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 5,143,758 |  |  | $ | (5,040,983 | ) |  | $ | 1,732 |  |  | $ | (672,619 | ) |  | $ | 1,657 |  |  | $ | 1,043,995 |  |  | $ | 477,540 |
| 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 | )
Settlements | (112,279 | ) |  | 101,132 |  |  | — |  |  | 16,194 |  |  | (42 | ) |  | — |  |  | 5,005 |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets | (1,423 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,423 | )
| 237,690 |  |  | (256,572 | ) |  | — |  |  | 16,194 |  |  | (42 | ) |  | (713 | ) |  | (3,443 | )
Total realized and unrealized gains (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value | 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
Six months ended June 30, 2018
Beginning balance | $ | 4,715,831 |  |  | $ | (4,601,556 | ) |  | $ | 1,592 |  |  | $ | (508,291 | ) |  | $ | 2,056 |  |  | $ | 671,962 |  |  | $ | 281,594 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 5,885 |  |  | 5,980 |
Issuances | 487,472 |  |  | (499,576 | ) |  | — |  |  | (279,586 | ) |  | — |  |  | (2,375 | ) |  | (294,065 | )
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (155 | ) |  | (155 | )
Settlements | (186,216 | ) |  | 181,548 |  |  | — |  |  | 104,509 |  |  | (371 | ) |  | — |  |  | 99,470 |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |
MSRs carried at amortized cost, net of valuation allowance | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 418,925 |  |  | 418,925 |
Loans held for sale, at fair value | (441 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (441 | )
Other assets | (137 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (137 | )
Receivables, net | (72 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (72 | )
| 300,606 |  |  | (318,028 | ) |  | — |  |  | (175,077 | ) |  | (276 | ) |  | 422,280 |  |  | 229,505 |
Total realized and unrealized gains (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value | 127,321 |  |  | (121,399 | ) |  | 140 |  |  | 8,642 |  |  | (123 | ) |  | (50,247 | ) |  | (35,666 | )
Calls and other | — |  |  | — |  |  | — |  |  | 2,107 |  |  | — |  |  | — |  |  | 2,107 |
| 127,321 |  |  | (121,399 | ) |  | 140 |  |  | 10,749 |  |  | (123 | ) |  | (50,247 | ) |  | (33,559 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 5,143,758 |  |  | $ | (5,040,983 | ) |  | $ | 1,732 |  |  | $ | (672,619 | ) |  | $ | 1,657 |  |  | $ | 1,043,995 |  |  | $ | 477,540 |
| 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 | )
Settlements | (192,569 | ) |  | 176,231 |  |  | — |  |  | 33,193 |  |  | (42 | ) |  | — |  |  | 16,813 |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |
Other assets | (1,423 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,423 | )
| 504,481 |  |  | (488,222 | ) |  | — |  |  | 33,193 |  |  | (42 | ) |  | (1,647 | ) |  | 47,763 |
Total realized and unrealized gains (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value | 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 [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation |
Significant valuation assumptions | June 30, 2018 |  | December 31, 2017
Life in years |  |  |
Range | 3.3 to 9.0 |  |  | 4.4 to 8.1 |
Weighted average | 5.9 |  |  | 6.4 |
Conditional repayment rate |  |  |
Range | 6.1% to 45.8% |  |  | 5.4% to 51.9% |
Weighted average | 14.4 | % |  | 13.1 | %
Discount rate | 3.5 | % |  | 3.2 | %
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 |
Significant valuation assumptions | December 31, 2017
Weighted average prepayment speed | 8.8 | %
Weighted average delinquency rate | 10.9 | %
Advance financing cost | 5-year swap |
Interest rate for computing float earnings | 5-year swap |
Weighted average discount rate | 9.2 | %
Weighted average cost to service (in dollars) | $ | 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 |
Significant valuation assumptions | June 30, 2018 |  | December 31, 2017
Agency (1) |  | Non-Agency |  | Agency |  | Non-Agency
Weighted average prepayment speed | 8.0 | % |  | 15.8 | % |  | 8.1 | % |  | 16.6 | %
Weighted average delinquency rate | 10.3 | % |  | 27.6 | % |  | 1.0 | % |  | 28.5 | %
Advance financing cost | 5-year swap |  |  | 5-yr swap plus 2.75% |  |  | 5-year swap |  |  | 5-yr swap plus 2.75% |
Interest rate for computing float earnings | 5-year swap |  |  | 5-yr swap minus 0.50% |  |  | 5-year swap |  |  | 5-yr swap minus 0.50% |
Weighted average discount rate | 9.0 | % |  | 12.9 | % |  | 9.0 | % |  | 13.0 | %
Weighted average cost to service (in dollars) | $ | 106 |  |  | $ | 301 |  |  | $ | 64 |  |  | $ | 305 |
(1) | Valuation assumptions for Agency MSRs at June 30, 2018 include assumptions for MSRs we carried at amortized cost at December 31, 2017.
HMBS - Related Borrowings [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation |
Significant valuation assumptions | June 30, 2018 |  | December 31, 2017
Life in years |  |  |
Range | 3.3 to 9.0 |  |  | 4.4 to 8.1 |
Weighted average | 5.9 |  |  | 6.4 |
Conditional repayment rate |  |  |
Range | 6.1% to 45.8% |  |  | 5.4% to 51.9% |
Weighted average | 14.4 | % |  | 13.1 | %
Discount rate | 3.4 | % |  | 3.1 | %
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 |
Significant valuation assumptions | June 30, 2018 |  | December 31, 2017
Weighted average prepayment speed | 16.2 | % |  | 17.0 | %
Weighted average delinquency rate | 28.1 | % |  | 28.9 | %
Advance financing cost | 5-yr swap plus 2.75% |  |  | 5-year swap plus 2.75% |
Interest rate for computing float earnings | 5-yr swap minus 0.50% |  |  | 5-year swap minus 0.50% |
Weighted average discount rate | 13.8 | % |  | 13.7 | %
Weighted average cost to service (in dollars) | $ | 307 |  |  | $ | 311 |

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