Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 08, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'IMPAC MORTGAGE HOLDINGS INC | ' |
Entity Central Index Key | '0001000298 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 8,883,113 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $15,669 | $12,711 |
Restricted cash | 1,832 | 3,230 |
Mortgage loans held-for-sale | 125,604 | 118,786 |
Mortgage servicing rights | 27,857 | 10,703 |
Securitized mortgage trust assets | 5,467,957 | 5,810,506 |
Assets of discontinued operations | 3,035 | 52 |
Other assets | 27,993 | 30,600 |
Total assets | 5,669,947 | 5,986,588 |
LIABILITIES | ' | ' |
Warehouse borrowings | 114,435 | 107,604 |
Notes payable | 20 | 3,451 |
Convertible notes | 20,000 | ' |
Long-term debt | 14,966 | 12,731 |
Securitized mortgage trust liabilities | 5,455,401 | 5,794,656 |
Liabilities of discontinued operations | 14,216 | 18,808 |
Other liabilities | 22,596 | 19,495 |
Total liabilities | 5,641,634 | 5,956,745 |
Commitments and contingencies | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $0.01 par value; 200,000,000 shares authorized; 8,875,790 and 8,474,017 shares issued and outstanding as of September 30, 2013 and December 31, 2012, respectively | 89 | 85 |
Additional paid-in capital | 1,082,900 | 1,079,083 |
Net accumulated deficit: | ' | ' |
Cumulative dividends declared | -822,520 | -822,520 |
Retained deficit | -232,177 | -227,709 |
Net accumulated deficit | -1,054,697 | -1,050,229 |
Total Impac Mortgage Holdings, Inc. stockholders' equity | 28,313 | 28,960 |
Noncontrolling interest | ' | 883 |
Total stockholders' equity | 28,313 | 29,843 |
Total liabilities and stockholders' equity | 5,669,947 | 5,986,588 |
Series A junior participating preferred stock | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock | ' | ' |
Series B 9.375% redeemable preferred stock | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock | 7 | 7 |
Series C 9.125% redeemable preferred stock | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Preferred stock | $14 | $14 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 8,875,790 | 8,474,017 |
Common stock, shares outstanding | 8,875,790 | 8,474,017 |
Series A junior participating preferred stock | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,500,000 | 2,500,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B 9.375% redeemable preferred stock | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, dividend rate (as a percent) | 9.38% | 9.38% |
Preferred stock, liquidation value (in dollars) | $16,640 | $16,640 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 665,592 | 665,592 |
Preferred stock, shares outstanding | 665,592 | 665,592 |
Series C 9.125% redeemable preferred stock | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, dividend rate (as a percent) | 9.13% | 9.13% |
Preferred stock, liquidation value (in dollars) | $35,127 | $35,127 |
Preferred stock, shares authorized | 5,500,000 | 5,500,000 |
Preferred stock, shares issued | 1,405,086 | 1,405,086 |
Preferred stock, shares outstanding | 1,405,086 | 1,405,086 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Gain on sale of loans, net | $11,103 | $25,043 | $47,701 | $50,025 |
Servicing income, net | 989 | 294 | 2,929 | 382 |
Real estate services fees, net | 4,933 | 5,328 | 14,516 | 15,707 |
Other (expense) revenue | -191 | -138 | 3,945 | -232 |
Total revenues | 16,834 | 30,527 | 69,091 | 65,882 |
Expenses: | ' | ' | ' | ' |
Personnel expense | 14,833 | 16,602 | 49,832 | 39,352 |
General, administrative and other | 6,283 | 5,000 | 19,811 | 13,805 |
Total expenses | 21,116 | 21,602 | 69,643 | 53,157 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 74,216 | 115,091 | 240,872 | 384,792 |
Interest expense | -74,418 | -114,794 | -240,836 | -382,918 |
Change in fair value of long-term debt | 75 | 190 | -453 | 872 |
Change in fair value of net trust assets, including trust REO gains (losses) | -271 | -2,450 | -2,377 | -4,199 |
Total other expense | -398 | -1,963 | -2,794 | -1,453 |
(Loss) earnings from continuing operations before income taxes | -4,680 | 6,962 | -3,346 | 11,272 |
Income tax (benefit) expense from continuing operations | -9 | 8 | -1,065 | 44 |
Net (loss) earnings from continuing operations | -4,671 | 6,954 | -2,281 | 11,228 |
Loss from discontinued operations, net of tax | -277 | -9,021 | -2,051 | -13,402 |
Net loss | -4,948 | -2,067 | -4,332 | -2,174 |
Net earnings attributable to noncontrolling interest | ' | -212 | -136 | -683 |
Net loss attributable to common stockholders | ($4,948) | ($2,279) | ($4,468) | ($2,857) |
Earnings (loss) per common share - basic and diluted: | ' | ' | ' | ' |
(Loss) earnings from continuing operations attributable to IMH (in dollars per share) | ($0.53) | $0.86 | ($0.28) | $1.35 |
Loss from discontinued operations (in dollars per share) | ($0.03) | ($1.15) | ($0.24) | ($1.71) |
Net loss per share available to common stockholders (in dollars per share) | ($0.56) | ($0.29) | ($0.52) | ($0.36) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($4,332) | ($2,174) |
Change in fair value of mortgage servicing rights | -2,973 | 869 |
Gain on sale of loans | -53,071 | -39,088 |
Change in fair value of mortgage loans held-for-sale | 345 | -7,048 |
Change in fair value of derivatives lending, net | 3,630 | ' |
Provision for repurchases | 1,395 | 1,179 |
Origination of mortgage loans held-for-sale | -1,983,315 | -1,568,847 |
Sale and principal reduction on mortgage loans held-for-sale | 2,012,054 | 1,521,098 |
(Gains) losses from REO | -9,232 | 9,761 |
Extinguishment of debt | ' | 423 |
Change in fair value of net trust assets, excluding REO | 6,641 | -14,032 |
Change in fair value of long-term debt | 453 | -872 |
Accretion of interest income and expense | 165,130 | 200,194 |
Change in REO impairment reserve | 4,537 | -20,620 |
Amortization of debt issuance costs and discount on note payable | 18 | 89 |
Stock-based compensation | 1,345 | 201 |
Net change in restricted cash | 1,398 | 2,418 |
Net cash (used in) provided by operating activities of discontinued operations | -7,605 | 9,502 |
Net change in other assets and liabilities | 6,724 | 3,286 |
Net cash provided by operating activities | 143,142 | 96,339 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Net change in securitized mortgage collateral | 583,248 | 494,552 |
Net change in mortgages held-for-investment | -60 | 6 |
Purchase of premises and equipment | -540 | -144 |
Net principal change on investment securities available-for-sale | 57 | 167 |
Acquisition of noncontrolling interest | -350 | ' |
Proceeds from the sale of real estate owned | 40,332 | 80,120 |
Net cash provided by investing activities | 622,687 | 574,701 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of warehouse borrowings | -1,883,070 | -1,464,471 |
Borrowings under warehouse agreement | 1,889,901 | 1,537,470 |
Repayment of line of credit | -5,500 | -14,750 |
Borrowings under line of credit | 5,500 | 14,750 |
Repayment of securitized mortgage borrowings | -785,638 | -742,270 |
Issuance of Convertible Notes | 20,000 | ' |
Issuance of note payable | ' | 7,500 |
Principal payments on notes payable | -3,431 | -8,687 |
Principal payments on capital lease | -547 | -239 |
Capitalized debt issuance costs | -267 | ' |
Proceeds from exercise of stock options | 151 | 66 |
Net cash used in financing activities | -762,901 | -670,631 |
Net change in cash and cash equivalents | 2,928 | 409 |
Cash and cash equivalents at beginning of year | 12,755 | 7,665 |
Cash and cash equivalents at end of period - continuing operations | 15,669 | 8,031 |
Cash and cash equivalents at end of period - discontinued operations | 14 | 43 |
Cash and cash equivalents at end of period | 15,683 | 8,074 |
NON-CASH TRANSACTIONS (Continuing and Discontinued Operations): | ' | ' |
Transfer of securitized mortgage collateral to real estate owned | 26,562 | 39,296 |
Mortgage servicing rights retained from loan sales and issuance of mortgage backed securities | 17,169 | 10,257 |
Common stock issued upon legal settlement | 2,135 | ' |
Increase in ownership of AmeriHome | 911 | 677 |
Common stock issued for acquisition of noncontrolling interest | 1,100 | ' |
Acquisition of equipment purchased through capital leases | $1,050 | $199 |
Summary_of_Business_and_Financ
Summary of Business and Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Business and Financial Statement Presentation | ' |
Summary of Business and Financial Statement Presentation | ' |
Note 1.—Summary of Business and Financial Statement Presentation | |
Business Summary | |
Impac Mortgage Holdings, Inc. (the Company or IMH) is a Maryland corporation incorporated in August 1995 and has the following subsidiaries: Integrated Real Estate Service Corporation (IRES), IMH Assets Corp. (IMH Assets) and Impac Funding Corporation (IFC). | |
The Company’s continuing operations include mortgage lending and real estate services conducted by IRES and the long-term mortgage portfolio (residual interests in securitizations reflected as net trust assets and liabilities in the consolidated balance sheets). The discontinued operations include the former non-conforming mortgage operations conducted by IFC and subsidiaries. | |
The information set forth in these notes is presented on a continuing operations basis, unless otherwise stated. | |
Financial Statement Presentation | |
The accompanying unaudited consolidated financial statements of IMH and its subsidiaries (as defined above) have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These interim period condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the United States Securities and Exchange Commission (SEC). | |
All significant inter-company balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current period presentation. | |
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. The items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, contingencies, the estimated obligation of repurchase liabilities related to sold loans, the valuation of long-term debt, mortgage servicing rights, mortgage loans held-for-sale and interest rate lock commitments. Actual results could differ from those estimates and assumptions. |
Mortgage_Loans_HeldforSale
Mortgage Loans Held-for-Sale | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Mortgage Loans Held-for-Sale | ' | |||||||||||||
Mortgage Loans Held-for-Sale | ' | |||||||||||||
Note 2.—Mortgage Loans Held-for-Sale | ||||||||||||||
A summary of the unpaid principal balance of mortgage loans held-for-sale by type is presented below: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Government (1) | $ | 61,262 | $ | 57,992 | ||||||||||
Conventional (2) | 51,915 | 54,303 | ||||||||||||
Jumbo | 6,282 | — | ||||||||||||
Fair value adjustment | 6,145 | 6,491 | ||||||||||||
Total mortgage loans held-for-sale | $ | 125,604 | $ | 118,786 | ||||||||||
(1) Includes all government-insured loans including FHA, VA and USDA. | ||||||||||||||
(2) Includes loans eligible for sale to Fannie Mae and Freddie Mac. | ||||||||||||||
Gain on loans held-for-sale (LHFS) is comprised of the following for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Gain on sale of mortgage loans | $ | 6,413 | $ | 33,239 | $ | 50,188 | $ | 71,862 | ||||||
Premium from servicing retained loan sales | 5,894 | 4,621 | 17,169 | 10,257 | ||||||||||
Unrealized (losses) gains from derivative financial instruments | (5,677 | ) | 2,716 | (3,631 | ) | 5,068 | ||||||||
Realized gains (losses) from derivative financial instruments | 7,109 | (6,319 | ) | 17,747 | (12,720 | ) | ||||||||
Mark to market gain (loss) on LHFS | 5,326 | 4,220 | (345 | ) | 7,048 | |||||||||
Direct origination expenses, net | (7,549 | ) | (12,838 | ) | (32,032 | ) | (30,311 | ) | ||||||
Provision for repurchases | (413 | ) | (596 | ) | (1,395 | ) | (1,179 | ) | ||||||
Total gain on sale of loans, net | $ | 11,103 | $ | 25,043 | $ | 47,701 | $ | 50,025 |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Mortgage Servicing Rights | ' | |||||||
Mortgage Servicing Rights | ' | |||||||
Note 3.—Mortgage Servicing Rights | ||||||||
The Company retains mortgage servicing rights (MSRs) from its sales of certain mortgage loans. MSRs are reported at fair value based on the income derived from the net positive cash flows associated with the servicing contracts. The Company receives servicing fees, less subservicing costs, on the unpaid principal balances (UPB) of the loans. The servicing fees are collected from the monthly payments made by the mortgagors or when the underlying real estate is foreclosed upon and liquidated. The Company may receive other remuneration from rights to various mortgagor-contracted fees such as late charges, collateral reconveyance charges, nonsufficient fund fees and the Company is generally entitled to retain the interest earned on funds held pending remittance (or float) related to its collection of mortgagor principal, interest, tax and insurance payments. | ||||||||
At September 30, 2013, the fair value of MSRs was as follows: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
MSRs | $ | 27,857 | $ | 10,703 | ||||
At September 30, 2013, the mortgage servicing portfolio is comprised of the following: | ||||||||
Outstanding Principal Balance | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Government | $ | 1,064,019 | $ | 655,566 | ||||
Conventional | 1,532,284 | 722,815 | ||||||
2010 Acquisition of AmeriHome (1) | 92,853 | 113,687 | ||||||
Total loans serviced | $ | 2,689,156 | $ | 1,492,068 | ||||
(1) Represents servicing portfolio acquired in the 2010 acquisition of AmeriHome and includes government and conventional loans originated by AmeriHome prior to the Company’s acquisition. | ||||||||
The table below illustrates hypothetical changes in fair value of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value. | ||||||||
Mortgage Servicing Rights Sensitivity Analysis | September 30, | |||||||
2013 | ||||||||
Fair value of MSRs | $ | 27,857 | ||||||
Prepayment Speed: | ||||||||
Decrease in fair value from 100 basis point (bp) adverse change | (1,022 | ) | ||||||
Decrease in fair value from 200 bp adverse change | (1,983 | ) | ||||||
Discount Rate: | ||||||||
Decrease in fair value from 100 bp adverse change | (943 | ) | ||||||
Decrease in fair value from 200 bp adverse change | (1,827 | ) | ||||||
Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in MSR values may differ significantly from those displayed above. |
Warehouse_Borrowings
Warehouse Borrowings | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Warehouse Borrowings | ' | ||||||||||
Warehouse Borrowings | ' | ||||||||||
Note 4.—Warehouse Borrowings | |||||||||||
The Company, through its subsidiaries, enters into Master Repurchase Agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund, and are secured by, residential mortgage loans that are held for sale. | |||||||||||
At September 30, 2013, the Company was not in compliance with a covenant for two warehouse lines; however the Company received waivers. | |||||||||||
The following table presents certain information on warehouse borrowings and related accrued interest for the periods indicated: | |||||||||||
Maximum | |||||||||||
Borrowing | Balance Outstanding At | ||||||||||
Capacity | September 30, 2013 | December 31, 2012 | |||||||||
Short-term borrowings: | |||||||||||
Repurchase agreement 1 | $ | 75,000 | $ | 52,542 | $ | 31,600 | |||||
Repurchase agreement 2 | 40,000 | 33,772 | 19,780 | ||||||||
Repurchase agreement 3 (1) | 50,000 | 5,285 | 16,554 | ||||||||
Repurchase agreement 4 (2) | 100,000 | 22,836 | 39,670 | ||||||||
Total short-term borrowings | $ | 265,000 | $ | 114,435 | $ | 107,604 | |||||
(1) In September 2013, at the request of the Company, the maximum borrowing capacity was reduced from $75.0 million to $50.0 million. | |||||||||||
(2) In September 2013, the maturity was extended to September 2014. |
Notes_Payable
Notes Payable (Notes Payable) | 9 Months Ended |
Sep. 30, 2013 | |
Notes Payable | ' |
Notes Payable | ' |
Notes Payable | ' |
Note 5.—Notes Payable | |
Note payable—Debt Agreement | |
In February 2012, the Company entered into a $7.5 million structured debt agreement using eight of the Company’s residual interests (net trust assets) as collateral. The Company used a portion of the proceeds to pay off the $408 thousand balance owed on the previous debt agreement. The Company received proceeds of $7.0 million, net of the aforementioned payoff and transaction costs of approximately $50 thousand. | |
In April 2013, the Company fully satisfied the remaining scheduled payments on the note payable primarily using the $1.5 million related reserve balance and the residuals listed as collateral have been released to the Company. |
Convertible_Notes
Convertible Notes (Convertible debt) | 9 Months Ended |
Sep. 30, 2013 | |
Convertible debt | ' |
Convertible notes | ' |
Convertible Notes | ' |
Note 6.—Convertible Notes | |
On April 29, 2013, the Company entered into a Note Purchase Agreement with the purchasers named therein (Noteholders), whereby the Company issued $20.0 million in original aggregate principal amount of Convertible Promissory Notes Due 2018 (Convertible Notes). The Convertible Notes mature on or before April 30, 2018 and accrue interest at a rate of 7.5% per annum, to be paid quarterly. | |
Noteholders may convert all or a portion of the outstanding principal amount of the Convertible Notes into shares of the Company’s Common Stock (Conversion Shares) at a rate of $10.875 per share, subject to adjustment for stock splits and dividends (the Conversion Price). The Company has the right to convert the entire outstanding principal of the Convertible Notes into Conversion Shares at the Conversion Price if the market price per share of the Common Stock, as measured by the average volume-weighted closing stock price per share of the Common Stock on the NYSE MKT (or any other U.S. national securities exchange then serving as the principal such exchange on which the shares of Common Stock are listed), reaches the level of $16.31, for any twenty (20) trading days in any period of thirty (30) consecutive trading days after the Closing Date. Upon conversion of the Convertible Notes by the Company, the entire amount of accrued and unpaid interest (and all other amounts owing) under the Convertible Notes are immediately due and payable. Furthermore, if the conversion of the Convertible Notes by the Company occurs prior to the third anniversary of the Closing Date, then the entire amount of interest under the Convertible Notes through the third anniversary is immediately due and payable. To the extent the Company pays any cash dividends on its shares of common stock prior to conversion of the Convertible Notes, upon conversion of the Convertible Notes, the Noteholders will also receive such dividends on an as-converted basis of the Convertible Notes less the amount of interest paid by the Company prior to such dividend. | |
Unless an event of default has occurred and is continuing, each purchaser of the Convertible Notes agrees, for the three years after the Closing Date, to vote all Conversion Shares for each of the Company’s nominees for election to the Company’s board of directors and not to nominate any other candidate for election to the board of directors at any time within such three year period. | |
In conjunction with the issuance of the Convertible Notes, the Company incurred $0.3 million in debt issuance costs related to legal fees. The Company accounts for direct costs related to the issuance of debt in accordance with ASC Topic 470, Debt. The deferred debt issuance costs are amortized to interest expense over the term of the Note Purchase Agreement using the effective interest method. |
Line_of_Credit_Agreement
Line of Credit Agreement (Line of Credit Agreement) | 9 Months Ended |
Sep. 30, 2013 | |
Line of Credit Agreement | ' |
Line of Credit Agreement | ' |
Line of Credit Agreement | ' |
Note 7.—Line of Credit Agreement | |
In June 2013, the Company, through its subsidiaries, amended the $4.0 million working capital line of credit agreement with a national bank at an interest rate of one-month LIBOR plus 3.50% extending the expiration to June 2014. Under the terms of the agreement the Company and its subsidiaries are required to maintain various financial and other covenants. There was no outstanding balance on the working capital line of credit as of September 30, 2013. At September 30, 2013, the Company was not in compliance with a covenant and received a waiver, which will remain effective until the end of 2013. |
Securitized_Mortgage_Trusts
Securitized Mortgage Trusts | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Securitized Mortgage Trusts | ' | |||||||||||||
Securitized Mortgage Trusts | ' | |||||||||||||
Note 8.—Securitized Mortgage Trusts | ||||||||||||||
Trust Assets | ||||||||||||||
Trust assets are comprised of the following at September 30, 2013 and December 31, 2012: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Investment securities available-for-sale | $ | 115 | $ | 110 | ||||||||||
Securitized mortgage collateral | 5,454,442 | 5,787,884 | ||||||||||||
Derivative assets | — | 37 | ||||||||||||
Real estate owned | 13,400 | 22,475 | ||||||||||||
Total trust assets | $ | 5,467,957 | $ | 5,810,506 | ||||||||||
Trust Liabilities | ||||||||||||||
Trust liabilities are comprised of the following at September 30, 2013 and December 31, 2012: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Securitized mortgage borrowings | $ | 5,444,000 | $ | 5,777,456 | ||||||||||
Derivative liabilities | 11,401 | 17,200 | ||||||||||||
Total trust liabilities | $ | 5,455,401 | $ | 5,794,656 | ||||||||||
Change in fair value of net trust assets, including trust real estate owned (REO) gains (losses) | ||||||||||||||
Changes in fair value of net trust assets, including trust REO gains (losses) are comprised of the following for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Change in fair value of net trust assets, excluding REO | $ | (3,947 | ) | $ | (5,998 | ) | $ | (11,609 | ) | $ | 5,562 | |||
Gains (losses) from REO | 3,676 | 3,548 | 9,232 | (9,761 | ) | |||||||||
Change in fair value of net trust assets, including trust REO gains (losses) | $ | (271 | ) | $ | (2,450 | ) | $ | (2,377 | ) | $ | (4,199 | ) |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||
Note 9.—Fair Value of Financial Instruments | |||||||||||||||||||||||||||||
The use of fair value to measure the Company’s financial instruments is fundamental to its consolidated financial statements and is a critical accounting estimate because a substantial portion of its assets and liabilities are recorded at estimated fair value. | |||||||||||||||||||||||||||||
The following table presents the estimated fair value of financial instruments included in the consolidated financial statements as of the dates indicated: | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,669 | $ | 15,669 | $ | 12,711 | $ | 12,711 | |||||||||||||||||||||
Restricted cash | 1,832 | 1,832 | 3,230 | 3,230 | |||||||||||||||||||||||||
Mortgage loans held-for-sale | 125,604 | 125,604 | 118,786 | 118,786 | |||||||||||||||||||||||||
Mortgage servicing rights | 27,857 | 27,857 | 10,703 | 10,703 | |||||||||||||||||||||||||
Derivative assets, lending | 3,825 | 3,825 | 3,970 | 3,970 | |||||||||||||||||||||||||
Investment securities available-for-sale | 115 | 115 | 110 | 110 | |||||||||||||||||||||||||
Securitized mortgage collateral | 5,454,442 | 5,454,442 | 5,787,884 | 5,787,884 | |||||||||||||||||||||||||
Derivative assets, securitized trusts | — | — | 37 | 37 | |||||||||||||||||||||||||
Call option | — | — | 368 | 368 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Warehouse borrowings | $ | 114,435 | $ | 114,435 | $ | 107,569 | $ | 107,569 | |||||||||||||||||||||
Notes payable | 20 | 20 | 3,451 | 3,678 | |||||||||||||||||||||||||
Convertible notes | 20,000 | 20,000 | — | — | |||||||||||||||||||||||||
Long-term debt | 14,966 | 14,966 | 12,731 | 12,731 | |||||||||||||||||||||||||
Securitized mortgage borrowings | 5,444,000 | 5,444,000 | 5,777,456 | 5,777,456 | |||||||||||||||||||||||||
Derivative liabilities, securitized trusts | 11,401 | 11,401 | 17,200 | 17,200 | |||||||||||||||||||||||||
Derivative liabilities, lending | 3,667 | 3,667 | 181 | 181 | |||||||||||||||||||||||||
Put option | — | — | 1 | 1 | |||||||||||||||||||||||||
The fair value amounts above have been estimated by management using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates of fair value in both inactive and orderly markets. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||||||||||
For securitized mortgage collateral and securitized mortgage borrowings, the underlying Alt-A residential and commercial loans and mortgage-backed securities market have experienced significant declines in market activity, along with a lack of orderly transactions. The Company’s methodology to estimate fair value of these assets and liabilities include the use of internal pricing techniques such as the net present value of future expected cash flows (with observable market participant assumptions, where available) discounted at a rate of return based on the Company’s estimates of market participant requirements. The significant assumptions utilized in these internal pricing techniques, which are based on the characteristics of the underlying collateral, include estimated credit losses, estimated prepayment speeds and appropriate discount rates. | |||||||||||||||||||||||||||||
Refer to Recurring Fair Value Measurements below for a description of the valuation methods used to determine the fair value of investment securities available-for-sale, securitized mortgage collateral and borrowings, derivative assets and liabilities, long-term debt, mortgage servicing rights, mortgage loans held-for-sale, and call and put options. | |||||||||||||||||||||||||||||
The carrying amount of cash, cash equivalents and restricted cash approximates fair value. | |||||||||||||||||||||||||||||
Warehouse borrowings carrying amounts approximates fair value due to the short-term nature of the liabilities and do not present unanticipated interest rate or credit concerns. | |||||||||||||||||||||||||||||
Line of credit carrying amount approximates fair value due to the short-term nature of the liability and does not present unanticipated interest rate or credit concerns. | |||||||||||||||||||||||||||||
Notes payable includes notes with maturities less than one year. Notes payable is recorded at amortized cost, net of any discounts. The estimated fair value is determined using a discounted cash flow model using estimated market rates. | |||||||||||||||||||||||||||||
Convertible notes are recorded at amortized cost. The estimated fair value is determined using a discounted cash flow model using estimated market rates. | |||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||
The application of fair value measurements may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability or whether management has elected to carry the item at its estimated fair value. | |||||||||||||||||||||||||||||
FASB ASC 820-10-35 specifies a hierarchy of valuation techniques based on whether the inputs to those techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: | |||||||||||||||||||||||||||||
· Level 1—Quoted prices (unadjusted) in active markets for identical instruments or liabilities that an entity has the ability to assess at measurement date. | |||||||||||||||||||||||||||||
· Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices that are observable for an asset or liability, including interest rates and yield curves observable at commonly quoted intervals, prepayment speeds, loss severities, credit risks and default rates; and market-corroborated inputs. | |||||||||||||||||||||||||||||
· Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers is unobservable. | |||||||||||||||||||||||||||||
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when estimating fair value. | |||||||||||||||||||||||||||||
As a result of the lack of observable market data resulting from inactive markets, the Company has classified its investment securities available-for-sale, securitized mortgage collateral and borrowings, net derivative liabilities, securitized trusts, long-term debt, mortgage servicing rights, and call and put options as Level 3 fair value measurements. Level 3 assets and liabilities were 98% and 99% and 98% and 99%, respectively, of total assets and total liabilities measured at estimated fair value at September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
The Company assesses the financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy, as defined by ASC Topic 810. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels occur at the beginning of the reporting period. There were no material transfers between our Level 1 and Level 2 classified instruments during the three and nine months ended September 30, 2013. | |||||||||||||||||||||||||||||
The following tables present the Company’s assets and liabilities that are measured at estimated fair value on a recurring basis, including financial instruments for which the Company has elected the fair value option at September 30, 2013 and December 31, 2012, based on the fair value hierarchy: | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment securities available-for-sale | $ | — | $ | — | $ | 115 | $ | — | $ | — | $ | 110 | |||||||||||||||||
Mortgage loans held-for-sale | — | 125,604 | — | — | 118,786 | — | |||||||||||||||||||||||
Derivative assets, lending (1) | — | — | 3,825 | — | — | 3,970 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 27,857 | — | — | 10,703 | |||||||||||||||||||||||
Call option (2) | — | — | — | — | — | 368 | |||||||||||||||||||||||
Securitized mortgage collateral | — | — | 5,454,442 | — | — | 5,787,884 | |||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 125,604 | $ | 5,486,239 | $ | — | $ | 118,786 | $ | 5,803,035 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Securitized mortgage borrowings | $ | — | $ | — | $ | 5,444,000 | $ | — | $ | — | $ | 5,777,456 | |||||||||||||||||
Derivative liabilities, net, securitized trusts (3) | — | — | 11,401 | — | — | 17,163 | |||||||||||||||||||||||
Long-term debt | — | — | 14,966 | — | — | 12,731 | |||||||||||||||||||||||
Derivative liabilities, lending (4) | — | 3,645 | 22 | — | 181 | — | |||||||||||||||||||||||
Put option (5) | — | — | — | — | — | 1 | |||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 3,645 | $ | 5,470,389 | $ | — | $ | 181 | $ | 5,807,351 | |||||||||||||||||
(1) Level 3 derivative assets, lending, represents interest rate lock commitments (IRLCs) associated with the Company’s mortgage lending operations, and is included in other assets in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(2) Included in other assets in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(3) At September 30, 2013, derivative liabilities, net—securitized trusts, included $11.4 million in derivative liabilities, included within trust liabilities. At December 31, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $17.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively. | |||||||||||||||||||||||||||||
(4) Level 3 derivative liabilities, lending, represents IRLCs and Level 2 derivative liabilities, lending, represents hedging instruments associated with the Company’s mortgage lending operations and are included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(5) Included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
The following tables present reconciliations for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | rights | |||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, June 30, 2013 | $ | 110 | $ | 5,639,986 | $ | (5,631,749 | ) | $ | (13,276 | ) | $ | 22,056 | $ | 300 | $ | 479 | $ | — | $ | (14,399 | ) | ||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 8 | 5,963 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (58,241 | ) | — | — | — | — | — | (642 | ) | ||||||||||||||||||
Change in fair value | 8 | 10,525 | (14,803 | ) | 323 | (93 | ) | 3,503 | — | — | 75 | ||||||||||||||||||
Total gains (losses) included in earnings | 16 | 16,488 | (73,044 | ) | 323 | (93 | ) | 3,503 | — | — | (567 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuances | — | — | — | — | 5,894 | — | — | — | — | ||||||||||||||||||||
Settlements | (11 | ) | (202,032 | ) | 260,793 | 1,552 | — | — | (479 | ) | — | — | |||||||||||||||||
Fair value, September 30, 2013 | $ | 115 | $ | 5,454,442 | $ | (5,444,000 | ) | $ | (11,401 | ) | $ | 27,857 | $ | 3,803 | $ | — | $ | — | $ | (14,966 | ) | ||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $1.1 million for the three months ended September 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | rights | |||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, June 30, 2012 | $ | 140 | $ | 5,430,443 | $ | (5,426,042 | ) | $ | (20,402 | ) | $ | 7,090 | $ | 4,460 | $ | 73 | $ | (9 | ) | $ | (11,952 | ) | |||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 7 | 32,452 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (95,316 | ) | — | — | — | — | — | (512 | ) | ||||||||||||||||||
Change in fair value | 15 | 467,423 | (472,583 | ) | (853 | ) | (494 | ) | 4,950 | — | — | 190 | |||||||||||||||||
Total gains (losses) included in earnings | 22 | 499,875 | (567,899 | ) | (853 | ) | (494 | ) | 4,950 | — | — | (322 | ) | ||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | ||||||||||||||||||||||
Issuances | — | — | — | — | 4,621 | — | — | — | — | ||||||||||||||||||||
Settlements | (50 | ) | (192,168 | ) | 268,472 | 2,180 | (1,900 | ) | — | — | — | — | |||||||||||||||||
Fair value, September 30, 2012 | $ | 112 | $ | 5,738,150 | $ | (5,725,469 | ) | $ | (19,075 | ) | $ | 9,317 | $ | 9,410 | $ | 73 | $ | (9 | ) | $ | (12,274 | ) | |||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $1.8 million for the three months ended September 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | ||||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, December 31, 2012 | $ | 110 | $ | 5,787,884 | $ | (5,777,456 | ) | $ | (17,163 | ) | $ | 10,703 | $ | 3,970 | $ | 368 | $ | (1 | ) | $ | (12,731 | ) | |||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 27 | 27,115 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (190,490 | ) | — | — | — | — | (1,782 | ) | |||||||||||||||||||
Change in fair value | 35 | 249,253 | (261,602 | ) | 705 | 2,973 | (167 | ) | 111 | 1 | (453 | ) | |||||||||||||||||
Total gains (losses) included in earnings | 62 | 276,368 | (452,092 | ) | 705 | 2,973 | (167 | ) | 111 | 1 | (2,235 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | ||||||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuances | — | — | — | — | 17,169 | — | — | — | — | ||||||||||||||||||||
Settlements | (57 | ) | (609,810 | ) | 785,548 | 5,057 | (2,988 | ) | — | (479 | ) | — | — | ||||||||||||||||
Fair value, September 30, 2013 | $ | 115 | $ | 5,454,442 | $ | (5,444,000 | ) | $ | (11,401 | ) | $ | 27,857 | $ | 3,803 | $ | — | $ | — | $ | (14,966 | ) | ||||||||
Unrealized gains (losses) still held (2) | $ | 73 | $ | (2,172,446 | ) | $ | 4,307,985 | $ | (10,785 | ) | $ | 27,857 | $ | 3,803 | $ | — | $ | — | $ | 55,797 | |||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $4.1 million for the nine months ended September 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at September 30, 2012. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | ||||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, December 31, 2011 | $ | 688 | $ | 5,449,001 | $ | (5,454,901 | ) | $ | (24,749 | ) | $ | 4,141 | $ | 1,179 | $ | 253 | $ | — | $ | (11,561 | ) | ||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 30 | 124,292 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (322,931 | ) | — | — | — | — | — | (1,585 | ) | ||||||||||||||||||
Change in fair value | (439 | ) | 698,704 | (689,979 | ) | (2,724 | ) | (869 | ) | 8,231 | (180 | ) | (9 | ) | 872 | ||||||||||||||
Total (losses) gains included in earnings | (409 | ) | 822,996 | (1,012,910 | ) | (2,724 | ) | (869 | ) | 8,231 | (180 | ) | (9 | ) | (713 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuances | — | — | — | — | 10,257 | — | — | — | — | ||||||||||||||||||||
Settlements | (167 | ) | (533,847 | ) | 742,342 | 8,398 | (4,212 | ) | — | — | — | — | |||||||||||||||||
Fair value, September 30, 2012 | $ | 112 | $ | 5,738,150 | $ | (5,725,469 | ) | $ | (19,075 | ) | $ | 9,317 | $ | 9,410 | $ | 73 | $ | (9 | ) | $ | (12,274 | ) | |||||||
Unrealized gains (losses) still held (2) | $ | 40 | $ | (2,992,344 | ) | $ | 5,026,505 | $ | (18,342 | ) | $ | 9,317 | $ | 9,410 | $ | 73 | $ | (9 | ) | $ | 58,489 | ||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $6.2 million for the nine months ended September 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at September 30, 2012. | |||||||||||||||||||||||||||||
The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis at September 30, 2013: | |||||||||||||||||||||||||||||
Financial Instrument | Estimated Fair | Valuation | Unobservable | Range of | |||||||||||||||||||||||||
Value | Technique | Input | Inputs | ||||||||||||||||||||||||||
Assets and liabilities backed by real estate | |||||||||||||||||||||||||||||
Investment securities available-for-sale, | $ | 115 | DCF | Discount rates | 3.9 - 30.0% | ||||||||||||||||||||||||
Securitized mortgage collateral, and | 5,454,442 | Prepayment rates | 0.8 - 24.2% | ||||||||||||||||||||||||||
Securitized mortgage borrowings | (5,444,000 | ) | Default rates | 0.5 - 19.5% | |||||||||||||||||||||||||
Loss severities | 11.9 - 75.2% | ||||||||||||||||||||||||||||
Other assets and liabilities | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 27,857 | DCF | Discount rate | 10.5 - 11.5% | ||||||||||||||||||||||||
Prepayment rates | 7.0 - 26.6% | ||||||||||||||||||||||||||||
Derivative liabilities, net, securitized trusts | (11,401 | ) | DCF | 1M forward LIBOR | 0.2 - 4.6% | ||||||||||||||||||||||||
Interest rate lock commitments, net | 3,803 | Market pricing | Pull -through rate | 36.0 - 99.0% | |||||||||||||||||||||||||
Long-term debt | (14,966 | ) | DCF | Discount rate | 25.00% | ||||||||||||||||||||||||
Lease liability | (1,723 | ) | DCF | Discount rate | 12.00% | ||||||||||||||||||||||||
DCF =iscounted Cash Flow | |||||||||||||||||||||||||||||
1M = Month | |||||||||||||||||||||||||||||
For assets and liabilities backed by real estate, a significant increase in discount rates, default rates or loss severities would result in a significantly lower estimated fair value. The effect of changes in prepayment speeds would have differing effects depending on the seniority or other characteristics of the instrument. For other assets and liabilities, a significant increase in discount rates would result in a significantly lower estimated fair value. A significant increase in one-month LIBOR would result in a significantly higher estimated fair value for derivative liabilities, net, securitized trusts. The Company believes that the imprecision of an estimate could be significant. | |||||||||||||||||||||||||||||
The following tables present the changes in recurring fair value measurements included in net earnings (loss) for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Earnings | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 8 | $ | — | $ | 8 | $ | — | $ | — | $ | — | $ | 16 | |||||||||||||||
Securitized mortgage collateral | 5,963 | — | 10,525 | — | — | — | 16,488 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (58,241 | ) | (14,803 | ) | — | — | — | (73,044 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | (93 | ) | — | (93 | ) | ||||||||||||||||||||
Derivative liabilities, net | — | — | 323 | -2 | — | — | — | 323 | |||||||||||||||||||||
Long-term debt | — | (642 | ) | — | 75 | — | — | (567 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 5,326 | 5,326 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 3,503 | 3,503 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (9,180 | ) | (9,180 | ) | ||||||||||||||||||||
Total | $ | 5,971 | $ | (58,883 | ) | $ | (3,947 | ) | $ | 75 | $ | (93 | ) | $ | (351 | ) | $ | (57,228 | ) | ||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $1.8 million in change in the fair value of derivative instruments, offset by $1.5 million in cash payments from the securitization trusts for the three months ended September 30, 2013. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 7 | $ | — | $ | 15 | $ | — | $ | — | $ | — | $ | 22 | |||||||||||||||
Securitized mortgage collateral | 32,452 | — | 467,423 | — | — | — | 499,875 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (95,316 | ) | (472,583 | ) | — | — | — | (567,899 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | (494 | ) | — | (494 | ) | ||||||||||||||||||||
Derivative liabilities, net | — | — | (853 | )(2) | — | — | — | (853 | ) | ||||||||||||||||||||
Long-term debt | — | (512 | ) | — | 190 | — | — | (322 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 4,220 | 4,220 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 4,950 | 4,950 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (2,234 | ) | (2,234 | ) | ||||||||||||||||||||
Total | $ | 32,459 | $ | (95,828 | ) | $ | (5,998 | ) | $ | 190 | $ | (494 | ) | $ | 6,936 | $ | (62,735 | ) | |||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $1.3 million in change in the fair value of derivative instruments, offset by $2.2 million in cash payments from the securitization trusts for the three months ended September 30, 2012. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Changes in Fair Value Included in Net Earnings | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 27 | $ | — | $ | 35 | $ | — | $ | — | $ | — | $ | 62 | |||||||||||||||
Securitized mortgage collateral | 27,115 | — | 249,253 | — | — | — | 276,368 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (190,490 | ) | (261,602 | ) | — | — | — | (452,092 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | 2,973 | — | 2,973 | ||||||||||||||||||||||
Call option | — | — | — | — | 111 | — | 111 | ||||||||||||||||||||||
Put option | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||
Derivative liabilities, net | — | — | 705 | -2 | — | — | — | 705 | |||||||||||||||||||||
Long-term debt | — | (1,782 | ) | — | (453 | ) | — | — | (2,235 | ) | |||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | (345 | ) | (345 | ) | ||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | (167 | ) | (167 | ) | ||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (3,464 | ) | (3,464 | ) | ||||||||||||||||||||
Total | $ | 27,142 | $ | (192,272 | ) | $ | (11,609 | )(3) | $ | (453 | ) | $ | 3,085 | $ | (3,976 | ) | $ | (178,083 | ) | ||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $5.7 million in changes in the fair value of derivative instruments, offset by $5.0 million in cash payments from the securitization trusts for the nine months ended September 30, 2013. | |||||||||||||||||||||||||||||
(3) For the nine months ended September 30, 2013, change in the fair value of net trust assets, excluding REO was $11.6 million. Excluded from the $6.6 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $5.0 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Changes in Fair Value Included in Net Earnings | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 30 | $ | — | $ | (439 | ) | $ | — | $ | — | $ | — | $ | (409 | ) | |||||||||||||
Securitized mortgage collateral | 124,292 | — | 698,704 | — | — | — | 822,996 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (322,931 | ) | (689,979 | ) | — | — | — | (1,012,910 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | (869 | ) | — | (869 | ) | ||||||||||||||||||||
Call option | — | — | — | — | (180 | ) | — | (180 | ) | ||||||||||||||||||||
Put option | — | — | — | — | (9 | ) | — | (9 | ) | ||||||||||||||||||||
Derivative liabilities, net | — | — | (2,724 | )(2) | — | — | — | (2,724 | ) | ||||||||||||||||||||
Long-term debt | — | (1,585 | ) | — | 872 | — | — | (713 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 7,048 | 7,048 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 8,231 | 8,231 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (3,163 | ) | (3,163 | ) | ||||||||||||||||||||
Total | $ | 124,322 | $ | (324,516 | ) | $ | 5,562 | -3 | $ | 872 | $ | (1,058 | ) | $ | 12,116 | $ | (182,702 | ) | |||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $5.8 million in changes in the fair value of derivative instruments, offset by $8.5 million in cash payments from the securitization trusts for the nine months ended September 30, 2012. | |||||||||||||||||||||||||||||
(3) For the nine months ended September 30, 2012, change in the fair value of net trust assets, excluding REO was $5.6 million. Excluded from the $14.1 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $8.5 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities. | |||||||||||||||||||||||||||||
The following is a description of the measurement techniques for items recorded at estimated fair value on a recurring basis. | |||||||||||||||||||||||||||||
Investment securities available-for-sale—Investment securities available-for-sale are carried at fair value. The investment securities consist primarily of non-investment grade mortgage-backed securities. The fair value of the investment securities is measured based upon the Company’s expectation of inputs that other market participants would use. Such assumptions include judgments about the underlying collateral, prepayment speeds, future credit losses, forward interest rates and certain other factors. Given the lack of observable market data as of September 30, 2013 and December 31, 2012 relating to these securities, the estimated fair value of the investment securities available-for-sale was measured using significant internal expectations of market participants’ assumptions. Investment securities available-for-sale is considered a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
Mortgage servicing rights—The Company elected to carry its entire mortgage servicing rights arising from its mortgage loan origination operation at estimated fair value. The fair value of mortgage servicing rights is based upon market prices for similar instruments and a discounted cash flow model. The valuation model incorporates assumptions that market participants would use in estimating the fair value of servicing. These assumptions include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late fees, among other considerations. Mortgage servicing rights are considered a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
Mortgage loans held-for-sale—The Company elected to carry its mortgage loans held-for-sale originated or acquired at estimated fair value. Fair value is based on quoted market prices, where available, prices for other traded mortgage loans with similar characteristics, and purchase commitments and bid information received from market participants. Given the meaningful level of secondary market activity for mortgage loans, active pricing is available for similar assets and accordingly, the Company classifies its mortgage loans held-for-sale as a Level 2 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
Call option—As part of the initial acquisition of AmeriHome, the purchase agreement included a call option to purchase an additional 39% of AmeriHome. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into agreements to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to the Company for capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder for $350 thousand in cash and $1.1 million in IMH common stock. As of September 30, 2013, the Company owns 100% of AmeriHome. The estimated fair value was based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. | |||||||||||||||||||||||||||||
Put option—As part of the initial acquisition of AmeriHome, the purchase agreement included a put option which allows the noncontrolling interest holder to sell his then remaining 49% of AmeriHome to the Company in the event the Company does not exercise the call option discussed above. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into agreements to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder for $350 thousand in cash and $1.1 million in IMH common stock. As of September 30, 2013, the Company owns 100% of AmeriHome. The estimated fair value is based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. | |||||||||||||||||||||||||||||
Securitized mortgage collateral—The Company elected to carry all of its securitized mortgage collateral at fair value. These assets consist primarily of non-conforming mortgage loans securitized between 2002 and 2007. Fair value measurements are based on the Company’s internal models used to compute the net present value of future expected cash flows with observable market participant assumptions, where available. The Company’s assumptions include its expectations of inputs that other market participants would use in pricing these assets. These assumptions include judgments about the underlying collateral, prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of September 30, 2013, securitized mortgage collateral had an unpaid principal balance of $7.6 billion, compared to an estimated fair value on the Company’s balance sheet of $5.5 billion. The aggregate unpaid principal balance exceeds the fair value by $2.1 billion at September 30, 2013. As of September 30, 2013, the unpaid principal balance of loans 90 days or more past due was $1.3 billion compared to an estimated fair value of $0.5 billion. The aggregate unpaid principal balances of loans 90 days or more past due exceed the fair value by $0.8 billion at September 30, 2013. Securitized mortgage collateral is considered a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
Securitized mortgage borrowings—The Company elected to carry all of its securitized mortgage borrowings at fair value. These borrowings consist of individual tranches of bonds issued by securitization trusts and are primarily backed by non-conforming mortgage loans. Fair value measurements include the Company’s judgments about the underlying collateral and assumptions such as prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of September 30, 2013, securitized mortgage borrowings had an outstanding principal balance of $7.6 billion, net of $2.2 billion in bond losses, compared to an estimated fair value of $5.4 billion. The aggregate outstanding principal balance exceeds the fair value by $2.2 billion at September 30, 2013. Securitized mortgage borrowings are considered a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
Long-term debt—The Company elected to carry all of its long-term debt (consisting of trust preferred securities and junior subordinated notes) at fair value. These securities are measured based upon an analysis prepared by management, which considered the Company’s own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. As of September 30, 2013, long-term debt had an unpaid principal balance of $70.5 million compared to an estimated fair value of $15.0 million. The aggregate unpaid principal balance exceeds the fair value by $55.5 million at September 30, 2013. The long-term debt is considered a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
Derivative assets and liabilities, Securitized trusts—For non-exchange traded contracts, fair value is based on the amounts that would be required to settle the positions with the related counterparties as of the valuation date. Valuations of derivative assets and liabilities are based on observable market inputs, if available. To the extent observable market inputs are not available, fair values measurements include the Company’s judgments about future cash flows, forward interest rates and certain other factors, including counterparty risk. Additionally, these values also take into account the Company’s own credit standing, to the extent applicable; thus, the valuation of the derivative instrument includes the estimated value of the net credit differential between the counterparties to the derivative contract. As of September 30, 2013, the notional balance of derivative assets and liabilities, securitized trusts was $270.6 million. These derivatives are included in the consolidated securitization trusts, which are nonrecourse to the Company, and thus the economic risk from these derivatives is limited to the Company’s residual interests in the securitization trusts. Derivative assets and liabilities, securitized trusts are considered a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
On September 15, 2008, Lehman Brothers Holdings Inc. (LBHI) filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code. As of that date, LBHI, through affiliated companies, was an interest rate swap counterparty to several of the Company’s CMO and REMIC securitizations. During the third quarter of 2013, the terminated LBHI swaps were settled with the bankruptcy court and the trustees for the securitization trusts. CMB 2004-4, CMB 2004-5 and CMB 2004-10 were settled and the corresponding fair values of the net derivative liabilities were removed from the consolidated balance sheet at September 30, 2013. As the related securitization trusts are non-recourse to the Company, the Company is not required to replace or otherwise settle any derivative positions affected by counterparty default within the consolidated trusts. Accordingly, the settlement of the net derivative liabilities did not result in any gain or loss for the Company. | |||||||||||||||||||||||||||||
Derivative assets and liabilities, Lending—The Company’s derivative assets and liabilities are carried at fair value as required by GAAP and are accounted for as free standing derivatives. IRLCs and hedging instruments can be either assets or liabilities depending on interest rate fluctuations subsequent to entering into the commitments. IRLCs are entered into with prospective residential mortgage borrowers whereby the interest rate on the loan is determined prior to funding and the borrowers have locked in that interest rate. These commitments are determined to be derivative instruments in accordance with GAAP. Hedging instruments (typically TBA MBS) are used to hedge the fair value changes associated with changes in interest rates relating to its mortgage lending operations. The Company hedges the period from the interest rate lock (assuming a fall-out factor) to the date the loan is committed for sale. The estimated fair value of IRLCs are based on underlying loan types with similar characteristics using the TBA MBS market, which is actively quoted and easily validated through external sources. The data inputs used in this valuation include, but are not limited to, loan type, underlying loan amount, note rate, loan program, and expected sale date of the loan, adjusted for current market conditions. These valuations are adjusted at the loan level to consider the servicing release premium and loan pricing adjustments specific to each loan. For all IRLCs, the base value is then adjusted for the anticipated Pull-through Rate. The anticipated Pull-through Rate is an unobservable input based on historical experience, which results in classification of IRLCs as a Level 3 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
The fair value of the hedging instruments is based on the actively quoted TBA MBS market using observable inputs related to characteristics of the underlying MBS stratified by product, coupon and settlement date. Therefore, the hedging instruments are classified as a Level 2 measurement at September 30, 2013. | |||||||||||||||||||||||||||||
The following table includes information for the derivative assets and liabilities, lending for the periods presented: | |||||||||||||||||||||||||||||
Total Gains (Losses) (1) | |||||||||||||||||||||||||||||
Notional Balance | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivative assets - IRLC’s | $ | 200,484 | $ | 383,776 | $ | 3,503 | $ | 4,950 | $ | (167 | ) | $ | 8,231 | ||||||||||||||||
Derivative liabilities - TBA’s | 210,192 | 310,207 | (2,071 | ) | (8,553 | ) | 14,282 | (15,883 | ) | ||||||||||||||||||||
(1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||
Nonrecurring Fair Value Measurements | |||||||||||||||||||||||||||||
The Company is required to measure certain assets and liabilities at estimated fair value from time to time. These fair value measurements typically result from the application of specific accounting pronouncements under GAAP. The fair value measurements are considered nonrecurring fair value measurements under FASB ASC 820-10. | |||||||||||||||||||||||||||||
The following tables present financial and non-financial assets and liabilities measured using nonrecurring fair value measurements at September 30, 2013 and 2012, respectively: | |||||||||||||||||||||||||||||
Nonrecurring Fair Value | Total Gains (Losses) (3) | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
September 30, 2013 | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | September 30, 2013 | September 30, 2013 | |||||||||||||||||||||||||
REO (1) | $ | — | $ | 4,398 | $ | — | $ | 3,645 | $ | 9,175 | |||||||||||||||||||
Lease liability (2) | — | — | (1,723 | ) | (54 | ) | (130 | ) | |||||||||||||||||||||
(1) Balance represents REO at September 30, 2013 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and nine months ended September 30, 2013, the $3.6 million and $9.2 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. | |||||||||||||||||||||||||||||
(2) For the three and nine months ended September 30, 2013, the Company recorded $54 thousand and $130 thousand in impairment, resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. | |||||||||||||||||||||||||||||
(3) Total gains (losses) reflect gains and losses from all nonrecurring measurements during the period. | |||||||||||||||||||||||||||||
Non-recurring Fair Value | Total Gains (Losses) (3) | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
September 30, 2012 | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||
REO (1) | $ | — | $ | 19,524 | $ | — | $ | 3,544 | $ | (9,795 | ) | ||||||||||||||||||
Lease liability (2) | — | — | (1,841 | ) | 113 | (168 | ) | ||||||||||||||||||||||
(1) Balance represents REO at September 30, 2012 which have been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three months ended September 30, 2012, the $3.5 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. For the nine months ended September 30, 2012, the $9.8 million loss represents additional impairment write-downs attributable to higher expected loss severities on properties held during the period which resulted in a decrease to NRV. | |||||||||||||||||||||||||||||
(2) Amounts are included in discontinued operations. For the three and nine months ended September 30, 2012, the Company recorded a gain of $113 thousand and a loss of $168 thousand resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. | |||||||||||||||||||||||||||||
(3) Total losses reflect gains and losses from all nonrecurring measurements during the period. | |||||||||||||||||||||||||||||
Real estate owned—REO consists of residential real estate acquired in satisfaction of loans. Upon foreclosure, REO is adjusted to the estimated fair value of the residential real estate less estimated selling and holding costs, offset by expected contractual mortgage insurance proceeds to be received, if any. Subsequently, REO is recorded at the lower of carrying value or estimated fair value less costs to sell. REO balance representing REOs which have been impaired subsequent to foreclosure are subject to nonrecurring fair value measurement and included in the nonrecurring fair value measurements tables. Fair values of REO are generally based on observable market inputs, and considered Level 2 measurements at September 30, 2013. | |||||||||||||||||||||||||||||
Lease liability—In connection with the discontinuation of our non-conforming mortgage, retail mortgage, warehouse lending and commercial operations, a significant amount of office space that was previously occupied is no longer being used by the Company. The Company has subleased a significant amount of this office space. The Company has recorded a liability representing the present value of the minimum lease payments over the remaining life of the lease, offset by the expected proceeds from sublet revenue related to this office space. This liability is based on present value techniques that incorporate the Company’s judgments about estimated sublet revenue and discount rates. Therefore, this liability is considered a Level 3 measurement at September 30, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
Note 10.—Income Taxes | |
As of January 1, 2013, the Company acquired additional ownership of its AmeriHome subsidiary bringing the Company’s controlling interest to 80%. The increase in ownership allows the Company to include AmeriHome in the IMH federal consolidated tax returns for 2013. During the first quarter of 2013, the Company recorded a $1.2 million tax benefit resulting from the use of net operating losses (NOL) to offset AmeriHome deferred tax liabilities. Additionally, for the three and nine months ended September 30, 2013, the Company recorded a benefit of $9 thousand and expense of $131 thousand, respectively, in state income tax expense primarily related to states where the Company does not have NOL carryforwards. |
Reconciliation_of_Earnings_Los
Reconciliation of Earnings (Loss) Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Reconciliation of Earnings (Loss) Per Share | ' | |||||||||||||
Reconciliation of Earnings (Loss) Per Share | ' | |||||||||||||
Note 11.—Reconciliation of Earnings (Loss) Per Share | ||||||||||||||
Basic net income per share is computed by dividing net income available to common stockholders (numerator) by the weighted average number of vested, common shares outstanding during the period (denominator). Diluted net income per share is computed on the basis of the weighted average number of shares of common stock outstanding plus the effect of dilutive potential common shares outstanding during the period using the if-converted method. Dilutive potential common shares include shares issuable upon conversion of Convertible Notes, exercise of outstanding stock options and restricted stock units (RSUs). | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator for basic earnings (loss) per share: | ||||||||||||||
(Loss) earnings from continuing operations | $ | (4,671 | ) | $ | 6,954 | $ | (2,281 | ) | $ | 11,228 | ||||
Net earnings attributable to noncontrolling interest | — | (212 | ) | (136 | ) | (683 | ) | |||||||
(Loss) earnings from continuing operations attributable to IMH | (4,671 | ) | 6,742 | (2,417 | ) | 10,545 | ||||||||
Loss from discontinued operations | (277 | ) | (9,021 | ) | (2,051 | ) | (13,402 | ) | ||||||
Net loss attributable to IMH common stockholders | $ | (4,948 | ) | $ | (2,279 | ) | $ | (4,468 | ) | $ | (2,857 | ) | ||
Numerator for diluted earnings (loss) per share: | ||||||||||||||
(Loss) earnings from continuing operations attributable to IMH | $ | (4,671 | ) | $ | 6,742 | $ | (2,417 | ) | $ | 10,545 | ||||
Interest expense attributable to convertible notes | — | — | — | — | ||||||||||
(Loss) earnings from continuing operations attributable to IMH plus interest expense attributable to convertible notes | (4,671 | ) | 6,742 | (2,417 | ) | 10,545 | ||||||||
Loss from discontinued operations | (277 | ) | (9,021 | ) | (2,051 | ) | (13,402 | ) | ||||||
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes | $ | (4,948 | ) | $ | (2,279 | ) | $ | (4,468 | ) | $ | (2,857 | ) | ||
Denominator for basic earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 8,829 | 7,855 | 8,701 | 7,840 | ||||||||||
Denominator for diluted earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 8,829 | 7,855 | 8,701 | 7,840 | ||||||||||
Net effect of dilutive convertible notes | — | — | — | — | ||||||||||
Net effect of dilutive stock options and RSU’s | — | — | — | — | ||||||||||
Diluted weighted average common shares | 8,829 | 7,855 | 8,701 | 7,840 | ||||||||||
Earnings (loss) per common share - basic and diluted: | ||||||||||||||
(Loss) earnings from continuing operations attributable to IMH | $ | (0.53 | ) | $ | 0.86 | $ | (0.28 | ) | $ | 1.35 | ||||
Loss from discontinued operations | (0.03 | ) | (1.15 | ) | $ | (0.24 | ) | (1.71 | ) | |||||
Net loss per share available to common stockholders | $ | (0.56 | ) | $ | (0.29 | ) | $ | (0.52 | ) | $ | (0.36 | ) | ||
(1) Number of shares presented in thousands. | ||||||||||||||
For the three and nine months ended September 30, 2013, stock options to purchase 816 thousand shares were outstanding, but not included in the above weighted average share calculations, because they were anti-dilutive. | ||||||||||||||
For the three and nine months ended September 30, 2012, stock options to purchase 1.1 million shares were outstanding, but not included in the above weighted average share calculations, because they were anti-dilutive. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Note 12.—Segment Reporting | |||||||||||||||||
The Company has reporting segments consisting of the mortgage lending, real estate services, long-term mortgage portfolio and discontinued operations. The following tables present the selected financial data and operating results by reporting segment for the periods indicated: | |||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
three months ended September 30, 2013: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 11,103 | $ | — | $ | — | $ | 11,103 | |||||||||
Servicing income, net | 989 | — | — | 989 | |||||||||||||
Real estate services fees, net | — | 4,933 | — | 4,933 | |||||||||||||
Other revenue | (117 | ) | — | (74 | ) | (191 | ) | ||||||||||
Other income (expense) | 144 | 5 | (547 | ) | (398 | ) | |||||||||||
Total expense | (16,186 | ) | (975 | ) | (3,955 | ) | (21,116 | ) | |||||||||
(Loss) earnings from continuing operations before income taxes | $ | (4,067 | ) | $ | 3,963 | $ | (4,576 | ) | (4,680 | ) | |||||||
Income tax benefit from continuing operations | 9 | ||||||||||||||||
Loss from continuing operations | (4,671 | ) | |||||||||||||||
Loss from discontinued operations, net of tax | (277 | ) | |||||||||||||||
Net loss | (4,948 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | — | ||||||||||||||||
Net loss attributable to common stockholders | $ | (4,948 | ) | ||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
three months ended September 30, 2012: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 25,043 | $ | — | $ | — | $ | 25,043 | |||||||||
Servicing income, net | 294 | — | — | 294 | |||||||||||||
Real estate services fees, net | — | 5,328 | — | 5,328 | |||||||||||||
Other revenue | (780 | ) | — | 642 | (138 | ) | |||||||||||
Other income (expense) | (164 | ) | 6 | (1,805 | ) | (1,963 | ) | ||||||||||
Total expense | (15,913 | ) | (2,197 | ) | (3,492 | ) | (21,602 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | 8,480 | $ | 3,137 | $ | (4,655 | ) | 6,962 | |||||||||
Income tax expense from continuing operations | (8 | ) | |||||||||||||||
Earnings from continuing operations | 6,954 | ||||||||||||||||
Loss from discontinued operations, net of tax | (9,021 | ) | |||||||||||||||
Net loss | (2,067 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | (212 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (2,279 | ) | ||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
nine months ended September 30, 2013: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 47,701 | $ | — | $ | — | $ | 47,701 | |||||||||
Servicing income, net | 2,929 | — | — | 2,929 | |||||||||||||
Real estate services fees, net | — | 14,516 | — | 14,516 | |||||||||||||
Other revenue | 3,178 | — | 767 | 3,945 | |||||||||||||
Other income (expense) | (161 | ) | 16 | (2,649 | ) | (2,794 | ) | ||||||||||
Total expense | (53,482 | ) | (4,918 | ) | (11,243 | ) | (69,643 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | 165 | $ | 9,614 | $ | (13,125 | ) | (3,346 | ) | ||||||||
Income tax benefit from continuing operations | 1,065 | ||||||||||||||||
Loss from continuing operations | (2,281 | ) | |||||||||||||||
Loss from discontinued operations, net of tax | (2,051 | ) | |||||||||||||||
Net loss | (4,332 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | (136 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (4,468 | ) | ||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
nine months ended September 30, 2012: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 50,025 | $ | — | $ | — | $ | 50,025 | |||||||||
Servicing income, net | 382 | — | — | 382 | |||||||||||||
Real estate services fees, net | — | 15,707 | — | 15,707 | |||||||||||||
Other revenue | (1,399 | ) | — | 1,167 | (232 | ) | |||||||||||
Other income (expense) | (255 | ) | 22 | (1,220 | ) | (1,453 | ) | ||||||||||
Total expense | (35,751 | ) | (6,234 | ) | (11,172 | ) | (53,157 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | 13,002 | $ | 9,495 | $ | (11,225 | ) | 11,272 | |||||||||
Income tax expense from continuing operations | (44 | ) | |||||||||||||||
Earnings from continuing operations | 11,228 | ||||||||||||||||
Loss from discontinued operations, net of tax | (13,402 | ) | |||||||||||||||
Net loss | (2,174 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | (683 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (2,857 | ) | ||||||||||||||
Balance Sheet Items as of | Mortgage | Real Estate | Long-term | Discontinued | |||||||||||||
Mortgage | |||||||||||||||||
September 30, 2013: | Lending | Services | Portfolio (1) | Operations | Consolidated | ||||||||||||
Total Assets at September 30, 2013 | $ | 170,593 | $ | 7,779 | $ | 5,488,540 | $ | 3,035 | $ | 5,669,947 | |||||||
Total Assets at December 31, 2012 | $ | 137,733 | $ | 12,833 | $ | 5,835,970 | $ | 52 | $ | 5,986,588 | |||||||
(1) This segment includes infrastructure to support master servicing and certain unallocated costs associated with being a publicly traded company. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
Note 13.—Commitments and Contingencies | |
Legal Proceedings | |
The Company is a defendant in or a party to a number of legal actions or proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any. | |
In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and estimable. In any case, there may be an exposure to losses in excess of any such amounts whether accrued or not. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss will change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of possible loss represents what the Company believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure. At September 30, 2013, the Company has a $4.6 million accrued liability recorded for such estimated loss exposure as explained below. | |
Based on the Company’s current understanding of these pending legal actions and proceedings, management cannot ascertain whether the judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period. | |
Updates to legal matters for the period ended September 30, 2013 are as follows: | |
On August 16, 2013, a matter was filed in the US District Court, Southern District of New York entitled Ally Bank f/k/a GMAC Bank v. Impac Funding Corporation, et al. The action alleges the defendants breached contractual representations and warranties in connection with thirteen loans that were purchased by the plaintiff and seeks damages of approximately $1.4 million. | |
We are a party to other litigation and claims which are normal in the course of our operations. While the results of such other litigation and claims cannot be predicted with certainty, we believe the final outcome of such matters will not have a material adverse effect on our financial condition or results of operations. | |
The Company believes that it has meritorious defenses to the above claims and intends to defend these claims vigorously and as such the Company believes the final outcome of such matters will not have a material adverse effect on its financial condition or results of operations. Nevertheless, litigation is uncertain and the Company may not prevail in the lawsuits and can express no opinion as to their ultimate resolution. An adverse judgment in any of these matters could have a material adverse effect on the Company’s financial position and results of operations. | |
On May 15, 2013, Wilmington Trust Company filed a complaint, in its individual capacity, and as Owner Trustee of Impac Secured Assets CMB Trust Series 1998-1 and Impac CMB Trust Series 1999-1, 1999-2, 2000-1, 2000-2, 2001-4, 2002-1, and 2003-5 v. Impac Secured Assets Corp., et al. alleging the defendants owe the plaintiff indemnification for settlements and legal fees that the plaintiff allegedly incurred in connection with the Gilmor, et al. v. Preferred Credit Corp., et al. matter (a legal matter Impac settled in September 2012). The complaint indicated the plaintiff seeks unspecified damages. Although the Company believes its obligation to the plaintiff to be minimal, management believes it is in the best interest of the shareholders to settle the matter rather than be faced with the uncertainty of the trial, significant legal expenses and the time and distractions involved in a trial. Furthermore, to the extent the terms of a settlement were structured to minimize the impact to operational cash flows, which would not be the case if the matter was litigated at trial, the Company has sought to settle this matter. | |
On October 16, 2012, a matter was filed entitled Deutsche Bank National Trust Company, in its individual capacity, and as Indenture Trustee of Impac Secured Assets CMB Trust Series 1998-1, Impac CMB Trust Series 1999-2, 2000-2, 2001-4, 2002-1, and 2003-5, and Impac Real Estate Asset Trust Series 2006-SD1 v. Impac Mortgage Holdings, Inc., et al. The action alleged the defendants owe the plaintiff indemnification for settlements that the plaintiff allegedly entered into in connection with the Gilmor, et al. v. Preferred Credit Corp., et al. matter. The plaintiff seeks declaratory and injunctive relief and unspecified damages. Although the Company believes its obligation to the plaintiff to be minimal, management believed it was in the best interest of the shareholders to settle the matter rather than be faced with the uncertainty of a trial, significant legal expenses and the time and distractions involved in a trial. Furthermore, to the extent the terms of a settlement were structured to minimize the impact to operational cash flows, which would not be the case if the matter was litigated at trial, the Company is more willing to settle the matter. In September 2013, the Company sought to settle the matter. | |
The Company determined the loss from these matters were probable and reasonably estimated. In the third quarter of 2013, the Company recorded a legal settlement charge of $2.65 million related to these matters, which was included in the accrued liability of $4.6 million at September 30, 2013. | |
Please refer to IMH’s report on Form 10-K for the year ended December 31, 2012 and subsequent Form 10-Q filings for a description of litigation and claims. | |
Legal Recovery | |
In the third quarter of 2013, the Company entered into an agreement for the settlement of an insurance claim to receive $3.0 million on previously settled legal matters. The balance was recorded in Assets from Discontinued Operations and Loss from Discontinued Operations, net of tax at September 30, 2013. | |
Repurchase Reserve | |
When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company’s whole loan sale agreements generally required it to repurchase loans if the Company breached a representation or warranty given to the loan purchaser. | |
During the three and nine months ended September 30, 2013, the Company paid approximately $752 thousand and $3.3 million, respectively, to settle previous repurchase claims related to the discontinued operations. The discontinued operations continue to receive repurchase requests from Fannie Mae. At September 30, 2013, the repurchase reserve within discontinued operations was $6.2 million as compared to $8.2 million at December 31, 2012. Additionally, the Company had approximately $3.6 million and $2.4 million at September 30, 2013 and December 31, 2012, respectively, in repurchase reserves related to the loans sold since early 2011 by the continuing mortgage lending operation. |
Share_Based_Payments
Share Based Payments | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Share Based Payments | ' | ||||||
Share Based Payments | ' | ||||||
Note 14.—Share Based Payments | |||||||
There were 255,000 and no options granted during the nine months ended September 30, 2013 and 2012, respectively. | |||||||
The fair value of options granted, which is amortized to expense over the option vesting period, is estimated on the date of grant with the following weighted average assumptions: | |||||||
September 30, | |||||||
2013 | |||||||
Risk-free interest rate | 1.46 | % | |||||
Expected lives (in years) | 5.56 | ||||||
Expected volatility (1) | 78.58 | % | |||||
Expected dividend yield | 0 | % | |||||
Fair value per share | $ | 7.03 | |||||
(1) Expected volatilities are based on the volatility of the Company’s stock over the expected option term, adjusted for expected mean reversion. | |||||||
The following table summarizes activity, pricing and other information for the Company’s stock options for the nine months ended September 30, 2013: | |||||||
Weighted- | |||||||
Average | |||||||
Number of | Exercise | ||||||
Shares | Price | ||||||
Options outstanding at December 31, 2012 | 796,795 | $ | 7.89 | ||||
Options granted | 255,000 | 10.65 | |||||
Options exercised | (108,456 | ) | 1.39 | ||||
Options forfeited / cancelled | (127,080 | ) | 11.82 | ||||
Options outstanding at end of period | 816,259 | $ | 9 | ||||
Options exercisable at end of period | 234,596 | $ | 5.12 | ||||
As of September 30, 2013, there was approximately $3.8 million of total unrecognized compensation cost related to stock option compensation arrangements granted under the plan, net of estimated forfeitures. That cost is expected to be recognized over the remaining weighted average period of 2.15 years. | |||||||
For the nine months ended September 30, 2013 and 2012, the aggregate grant-date fair value of stock options granted was approximately $1.8 million and none, respectively. | |||||||
In addition to the options granted, the Company has granted 30,000 restricted stock units (RSU’s), which vest over three years. The fair value of each RSU was measured on the date of grant using the grant date price of the Company’s stock. For the nine months ended September 30, 2013 and 2012, the aggregate grant-date fair value of RSU’s granted was approximately $320 thousand and none, respectively. | |||||||
The following table summarizes activity, pricing and other information for the Company’s RSU’s, also referred to as deferred stock units as the issuance of the stock is deferred until termination of service, for the nine months ended September 30, 2013: | |||||||
Weighted- | |||||||
Average | |||||||
Number of | Grant Date | ||||||
Shares | Fair Value | ||||||
RSU’s outstanding at December 31, 2012 | 42,000 | $ | 7.48 | ||||
RSU’s granted | 30,000 | 10.65 | |||||
RSU’s exercised | — | — | |||||
RSU’s forfeited / cancelled | — | — | |||||
RSU’s outstanding at end of period | 72,000 | $ | 8.8 | ||||
As of September 30, 2013, there was approximately $447 thousand of total unrecognized compensation cost related to the RSU compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted average period of 2.26 years. |
Acquisition_of_Noncontrolling_
Acquisition of Noncontrolling Interest | 9 Months Ended |
Sep. 30, 2013 | |
Acquisition of Noncontrolling Interest | ' |
Acquisition of Noncontrolling Interest | ' |
Note 15.—Acquisition of Noncontrolling Interest | |
During the third quarter of 2013, the Company and the noncontrolling interest holder entered into an agreement to transfer the remaining 20% ownership of AmeriHome to the Company in exchange for $350 thousand in cash and $1.1 million in IMH common stock. Effective July 1, 2013, the Company owns 100% of AmeriHome. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 16.—Subsequent Events | |
Subsequent events have been evaluated through the date of this filing. |
Mortgage_Loans_HeldforSale_Tab
Mortgage Loans Held-for-Sale (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Mortgage Loans Held-for-Sale | ' | |||||||||||||
Summary of the unpaid principal balance of mortgage loans held-for-sale by type | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Government (1) | $ | 61,262 | $ | 57,992 | ||||||||||
Conventional (2) | 51,915 | 54,303 | ||||||||||||
Jumbo | 6,282 | — | ||||||||||||
Fair value adjustment | 6,145 | 6,491 | ||||||||||||
Total mortgage loans held-for-sale | $ | 125,604 | $ | 118,786 | ||||||||||
(1) Includes all government-insured loans including FHA, VA and USDA. | ||||||||||||||
(2) Includes loans eligible for sale to Fannie Mae and Freddie Mac. | ||||||||||||||
Schedule of gain on loans held-for-sale LHFS | ' | |||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Gain on sale of mortgage loans | $ | 6,413 | $ | 33,239 | $ | 50,188 | $ | 71,862 | ||||||
Premium from servicing retained loan sales | 5,894 | 4,621 | 17,169 | 10,257 | ||||||||||
Unrealized (losses) gains from derivative financial instruments | (5,677 | ) | 2,716 | (3,631 | ) | 5,068 | ||||||||
Realized gains (losses) from derivative financial instruments | 7,109 | (6,319 | ) | 17,747 | (12,720 | ) | ||||||||
Mark to market gain (loss) on LHFS | 5,326 | 4,220 | (345 | ) | 7,048 | |||||||||
Direct origination expenses, net | (7,549 | ) | (12,838 | ) | (32,032 | ) | (30,311 | ) | ||||||
Provision for repurchases | (413 | ) | (596 | ) | (1,395 | ) | (1,179 | ) | ||||||
Total gain on sale of loans, net | $ | 11,103 | $ | 25,043 | $ | 47,701 | $ | 50,025 |
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Mortgage Servicing Rights | ' | |||||||
Schedule of hypothetical changes in fair values of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value | ' | |||||||
Mortgage Servicing Rights Sensitivity Analysis | September 30, | |||||||
2013 | ||||||||
Fair value of MSRs | $ | 27,857 | ||||||
Prepayment Speed: | ||||||||
Decrease in fair value from 100 basis point (bp) adverse change | (1,022 | ) | ||||||
Decrease in fair value from 200 bp adverse change | (1,983 | ) | ||||||
Discount Rate: | ||||||||
Decrease in fair value from 100 bp adverse change | (943 | ) | ||||||
Decrease in fair value from 200 bp adverse change | (1,827 | ) | ||||||
Mortgage Servicing Rights | ' | |||||||
Mortgage Servicing Rights | ' | |||||||
Schedule of fair value of MSRs | ' | |||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
MSRs | $ | 27,857 | $ | 10,703 | ||||
Schedule of the loans serviced by entity | ' | |||||||
Outstanding Principal Balance | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
Government | $ | 1,064,019 | $ | 655,566 | ||||
Conventional | 1,532,284 | 722,815 | ||||||
2010 Acquisition of AmeriHome (1) | 92,853 | 113,687 | ||||||
Total loans serviced | $ | 2,689,156 | $ | 1,492,068 | ||||
(1) Represents servicing portfolio acquired in the 2010 acquisition of AmeriHome and includes government and conventional loans originated by AmeriHome prior to the Company’s acquisition. |
Warehouse_Borrowings_Tables
Warehouse Borrowings (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Warehouse Borrowings | ' | ||||||||||
Schedule of information on warehouse borrowings | ' | ||||||||||
Maximum | |||||||||||
Borrowing | Balance Outstanding At | ||||||||||
Capacity | September 30, 2013 | December 31, 2012 | |||||||||
Short-term borrowings: | |||||||||||
Repurchase agreement 1 | $ | 75,000 | $ | 52,542 | $ | 31,600 | |||||
Repurchase agreement 2 | 40,000 | 33,772 | 19,780 | ||||||||
Repurchase agreement 3 (1) | 50,000 | 5,285 | 16,554 | ||||||||
Repurchase agreement 4 (2) | 100,000 | 22,836 | 39,670 | ||||||||
Total short-term borrowings | $ | 265,000 | $ | 114,435 | $ | 107,604 | |||||
(1) In September 2013, at the request of the Company, the maximum borrowing capacity was reduced from $75.0 million to $50.0 million. | |||||||||||
(2) In September 2013, the maturity was extended to September 2014. |
Securitized_Mortgage_Trusts_Ta
Securitized Mortgage Trusts (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Securitized Mortgage Trusts | ' | |||||||||||||
Schedule of trust assets | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Investment securities available-for-sale | $ | 115 | $ | 110 | ||||||||||
Securitized mortgage collateral | 5,454,442 | 5,787,884 | ||||||||||||
Derivative assets | — | 37 | ||||||||||||
Real estate owned | 13,400 | 22,475 | ||||||||||||
Total trust assets | $ | 5,467,957 | $ | 5,810,506 | ||||||||||
Schedule of trust liabilities | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2013 | 2012 | |||||||||||||
Securitized mortgage borrowings | $ | 5,444,000 | $ | 5,777,456 | ||||||||||
Derivative liabilities | 11,401 | 17,200 | ||||||||||||
Total trust liabilities | $ | 5,455,401 | $ | 5,794,656 | ||||||||||
Schedule of changes in fair value of net trust assets, including trust REO gains (losses) | ' | |||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Change in fair value of net trust assets, excluding REO | $ | (3,947 | ) | $ | (5,998 | ) | $ | (11,609 | ) | $ | 5,562 | |||
Gains (losses) from REO | 3,676 | 3,548 | 9,232 | (9,761 | ) | |||||||||
Change in fair value of net trust assets, including trust REO gains (losses) | $ | (271 | ) | $ | (2,450 | ) | $ | (2,377 | ) | $ | (4,199 | ) | ||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||
Schedule of estimated fair value of financial instruments included in consolidated financial statements | ' | ||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 15,669 | $ | 15,669 | $ | 12,711 | $ | 12,711 | |||||||||||||||||||||
Restricted cash | 1,832 | 1,832 | 3,230 | 3,230 | |||||||||||||||||||||||||
Mortgage loans held-for-sale | 125,604 | 125,604 | 118,786 | 118,786 | |||||||||||||||||||||||||
Mortgage servicing rights | 27,857 | 27,857 | 10,703 | 10,703 | |||||||||||||||||||||||||
Derivative assets, lending | 3,825 | 3,825 | 3,970 | 3,970 | |||||||||||||||||||||||||
Investment securities available-for-sale | 115 | 115 | 110 | 110 | |||||||||||||||||||||||||
Securitized mortgage collateral | 5,454,442 | 5,454,442 | 5,787,884 | 5,787,884 | |||||||||||||||||||||||||
Derivative assets, securitized trusts | — | — | 37 | 37 | |||||||||||||||||||||||||
Call option | — | — | 368 | 368 | |||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Warehouse borrowings | $ | 114,435 | $ | 114,435 | $ | 107,569 | $ | 107,569 | |||||||||||||||||||||
Notes payable | 20 | 20 | 3,451 | 3,678 | |||||||||||||||||||||||||
Convertible notes | 20,000 | 20,000 | — | — | |||||||||||||||||||||||||
Long-term debt | 14,966 | 14,966 | 12,731 | 12,731 | |||||||||||||||||||||||||
Securitized mortgage borrowings | 5,444,000 | 5,444,000 | 5,777,456 | 5,777,456 | |||||||||||||||||||||||||
Derivative liabilities, securitized trusts | 11,401 | 11,401 | 17,200 | 17,200 | |||||||||||||||||||||||||
Derivative liabilities, lending | 3,667 | 3,667 | 181 | 181 | |||||||||||||||||||||||||
Put option | — | — | 1 | 1 | |||||||||||||||||||||||||
Schedule of assets and liabilities that are measured at estimated fair value on recurring basis | ' | ||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment securities available-for-sale | $ | — | $ | — | $ | 115 | $ | — | $ | — | $ | 110 | |||||||||||||||||
Mortgage loans held-for-sale | — | 125,604 | — | — | 118,786 | — | |||||||||||||||||||||||
Derivative assets, lending (1) | — | — | 3,825 | — | — | 3,970 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 27,857 | — | — | 10,703 | |||||||||||||||||||||||
Call option (2) | — | — | — | — | — | 368 | |||||||||||||||||||||||
Securitized mortgage collateral | — | — | 5,454,442 | — | — | 5,787,884 | |||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 125,604 | $ | 5,486,239 | $ | — | $ | 118,786 | $ | 5,803,035 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Securitized mortgage borrowings | $ | — | $ | — | $ | 5,444,000 | $ | — | $ | — | $ | 5,777,456 | |||||||||||||||||
Derivative liabilities, net, securitized trusts (3) | — | — | 11,401 | — | — | 17,163 | |||||||||||||||||||||||
Long-term debt | — | — | 14,966 | — | — | 12,731 | |||||||||||||||||||||||
Derivative liabilities, lending (4) | — | 3,645 | 22 | — | 181 | — | |||||||||||||||||||||||
Put option (5) | — | — | — | — | — | 1 | |||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 3,645 | $ | 5,470,389 | $ | — | $ | 181 | $ | 5,807,351 | |||||||||||||||||
(1) Level 3 derivative assets, lending, represents interest rate lock commitments (IRLCs) associated with the Company’s mortgage lending operations, and is included in other assets in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(2) Included in other assets in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(3) At September 30, 2013, derivative liabilities, net—securitized trusts, included $11.4 million in derivative liabilities, included within trust liabilities. At December 31, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $17.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively. | |||||||||||||||||||||||||||||
(4) Level 3 derivative liabilities, lending, represents IRLCs and Level 2 derivative liabilities, lending, represents hedging instruments associated with the Company’s mortgage lending operations and are included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(5) Included in other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
Schedule of reconciliation for all assets and liabilities measured at estimated fair value on recurring basis using significant unobservable inputs (Level 3) | ' | ||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | rights | |||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, June 30, 2013 | $ | 110 | $ | 5,639,986 | $ | (5,631,749 | ) | $ | (13,276 | ) | $ | 22,056 | $ | 300 | $ | 479 | $ | — | $ | (14,399 | ) | ||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 8 | 5,963 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (58,241 | ) | — | — | — | — | — | (642 | ) | ||||||||||||||||||
Change in fair value | 8 | 10,525 | (14,803 | ) | 323 | (93 | ) | 3,503 | — | — | 75 | ||||||||||||||||||
Total gains (losses) included in earnings | 16 | 16,488 | (73,044 | ) | 323 | (93 | ) | 3,503 | — | — | (567 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuances | — | — | — | — | 5,894 | — | — | — | — | ||||||||||||||||||||
Settlements | (11 | ) | (202,032 | ) | 260,793 | 1,552 | — | — | (479 | ) | — | — | |||||||||||||||||
Fair value, September 30, 2013 | $ | 115 | $ | 5,454,442 | $ | (5,444,000 | ) | $ | (11,401 | ) | $ | 27,857 | $ | 3,803 | $ | — | $ | — | $ | (14,966 | ) | ||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $1.1 million for the three months ended September 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | rights | |||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, June 30, 2012 | $ | 140 | $ | 5,430,443 | $ | (5,426,042 | ) | $ | (20,402 | ) | $ | 7,090 | $ | 4,460 | $ | 73 | $ | (9 | ) | $ | (11,952 | ) | |||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 7 | 32,452 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (95,316 | ) | — | — | — | — | — | (512 | ) | ||||||||||||||||||
Change in fair value | 15 | 467,423 | (472,583 | ) | (853 | ) | (494 | ) | 4,950 | — | — | 190 | |||||||||||||||||
Total gains (losses) included in earnings | 22 | 499,875 | (567,899 | ) | (853 | ) | (494 | ) | 4,950 | — | — | (322 | ) | ||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | ||||||||||||||||||||||
Issuances | — | — | — | — | 4,621 | — | — | — | — | ||||||||||||||||||||
Settlements | (50 | ) | (192,168 | ) | 268,472 | 2,180 | (1,900 | ) | — | — | — | — | |||||||||||||||||
Fair value, September 30, 2012 | $ | 112 | $ | 5,738,150 | $ | (5,725,469 | ) | $ | (19,075 | ) | $ | 9,317 | $ | 9,410 | $ | 73 | $ | (9 | ) | $ | (12,274 | ) | |||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $1.8 million for the three months ended September 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | ||||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, December 31, 2012 | $ | 110 | $ | 5,787,884 | $ | (5,777,456 | ) | $ | (17,163 | ) | $ | 10,703 | $ | 3,970 | $ | 368 | $ | (1 | ) | $ | (12,731 | ) | |||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 27 | 27,115 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (190,490 | ) | — | — | — | — | (1,782 | ) | |||||||||||||||||||
Change in fair value | 35 | 249,253 | (261,602 | ) | 705 | 2,973 | (167 | ) | 111 | 1 | (453 | ) | |||||||||||||||||
Total gains (losses) included in earnings | 62 | 276,368 | (452,092 | ) | 705 | 2,973 | (167 | ) | 111 | 1 | (2,235 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | ||||||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuances | — | — | — | — | 17,169 | — | — | — | — | ||||||||||||||||||||
Settlements | (57 | ) | (609,810 | ) | 785,548 | 5,057 | (2,988 | ) | — | (479 | ) | — | — | ||||||||||||||||
Fair value, September 30, 2013 | $ | 115 | $ | 5,454,442 | $ | (5,444,000 | ) | $ | (11,401 | ) | $ | 27,857 | $ | 3,803 | $ | — | $ | — | $ | (14,966 | ) | ||||||||
Unrealized gains (losses) still held (2) | $ | 73 | $ | (2,172,446 | ) | $ | 4,307,985 | $ | (10,785 | ) | $ | 27,857 | $ | 3,803 | $ | — | $ | — | $ | 55,797 | |||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $4.1 million for the nine months ended September 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at September 30, 2012. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, net | option | option | debt | |||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | ||||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, December 31, 2011 | $ | 688 | $ | 5,449,001 | $ | (5,454,901 | ) | $ | (24,749 | ) | $ | 4,141 | $ | 1,179 | $ | 253 | $ | — | $ | (11,561 | ) | ||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 30 | 124,292 | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense (1) | — | — | (322,931 | ) | — | — | — | — | — | (1,585 | ) | ||||||||||||||||||
Change in fair value | (439 | ) | 698,704 | (689,979 | ) | (2,724 | ) | (869 | ) | 8,231 | (180 | ) | (9 | ) | 872 | ||||||||||||||
Total (losses) gains included in earnings | (409 | ) | 822,996 | (1,012,910 | ) | (2,724 | ) | (869 | ) | 8,231 | (180 | ) | (9 | ) | (713 | ) | |||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||
Issuances | — | — | — | — | 10,257 | — | — | — | — | ||||||||||||||||||||
Settlements | (167 | ) | (533,847 | ) | 742,342 | 8,398 | (4,212 | ) | — | — | — | — | |||||||||||||||||
Fair value, September 30, 2012 | $ | 112 | $ | 5,738,150 | $ | (5,725,469 | ) | $ | (19,075 | ) | $ | 9,317 | $ | 9,410 | $ | 73 | $ | (9 | ) | $ | (12,274 | ) | |||||||
Unrealized gains (losses) still held (2) | $ | 40 | $ | (2,992,344 | ) | $ | 5,026,505 | $ | (18,342 | ) | $ | 9,317 | $ | 9,410 | $ | 73 | $ | (9 | ) | $ | 58,489 | ||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $6.2 million for the nine months ended September 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. | |||||||||||||||||||||||||||||
(2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at September 30, 2012. | |||||||||||||||||||||||||||||
Schedule of quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis | ' | ||||||||||||||||||||||||||||
Financial Instrument | Estimated Fair | Valuation | Unobservable | Range of | |||||||||||||||||||||||||
Value | Technique | Input | Inputs | ||||||||||||||||||||||||||
Assets and liabilities backed by real estate | |||||||||||||||||||||||||||||
Investment securities available-for-sale, | $ | 115 | DCF | Discount rates | 3.9 - 30.0% | ||||||||||||||||||||||||
Securitized mortgage collateral, and | 5,454,442 | Prepayment rates | 0.8 - 24.2% | ||||||||||||||||||||||||||
Securitized mortgage borrowings | (5,444,000 | ) | Default rates | 0.5 - 19.5% | |||||||||||||||||||||||||
Loss severities | 11.9 - 75.2% | ||||||||||||||||||||||||||||
Other assets and liabilities | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 27,857 | DCF | Discount rate | 10.5 - 11.5% | ||||||||||||||||||||||||
Prepayment rates | 7.0 - 26.6% | ||||||||||||||||||||||||||||
Derivative liabilities, net, securitized trusts | (11,401 | ) | DCF | 1M forward LIBOR | 0.2 - 4.6% | ||||||||||||||||||||||||
Interest rate lock commitments, net | 3,803 | Market pricing | Pull -through rate | 36.0 - 99.0% | |||||||||||||||||||||||||
Long-term debt | (14,966 | ) | DCF | Discount rate | 25.00% | ||||||||||||||||||||||||
Lease liability | (1,723 | ) | DCF | Discount rate | 12.00% | ||||||||||||||||||||||||
DCF =iscounted Cash Flow | |||||||||||||||||||||||||||||
1M = Month | |||||||||||||||||||||||||||||
Schedule of changes in recurring fair value measurements included in net earnings (loss) | ' | ||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Earnings | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 8 | $ | — | $ | 8 | $ | — | $ | — | $ | — | $ | 16 | |||||||||||||||
Securitized mortgage collateral | 5,963 | — | 10,525 | — | — | — | 16,488 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (58,241 | ) | (14,803 | ) | — | — | — | (73,044 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | (93 | ) | — | (93 | ) | ||||||||||||||||||||
Derivative liabilities, net | — | — | 323 | -2 | — | — | — | 323 | |||||||||||||||||||||
Long-term debt | — | (642 | ) | — | 75 | — | — | (567 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 5,326 | 5,326 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 3,503 | 3,503 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (9,180 | ) | (9,180 | ) | ||||||||||||||||||||
Total | $ | 5,971 | $ | (58,883 | ) | $ | (3,947 | ) | $ | 75 | $ | (93 | ) | $ | (351 | ) | $ | (57,228 | ) | ||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $1.8 million in change in the fair value of derivative instruments, offset by $1.5 million in cash payments from the securitization trusts for the three months ended September 30, 2013. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
For the three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 7 | $ | — | $ | 15 | $ | — | $ | — | $ | — | $ | 22 | |||||||||||||||
Securitized mortgage collateral | 32,452 | — | 467,423 | — | — | — | 499,875 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (95,316 | ) | (472,583 | ) | — | — | — | (567,899 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | (494 | ) | — | (494 | ) | ||||||||||||||||||||
Derivative liabilities, net | — | — | (853 | )(2) | — | — | — | (853 | ) | ||||||||||||||||||||
Long-term debt | — | (512 | ) | — | 190 | — | — | (322 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 4,220 | 4,220 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 4,950 | 4,950 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (2,234 | ) | (2,234 | ) | ||||||||||||||||||||
Total | $ | 32,459 | $ | (95,828 | ) | $ | (5,998 | ) | $ | 190 | $ | (494 | ) | $ | 6,936 | $ | (62,735 | ) | |||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $1.3 million in change in the fair value of derivative instruments, offset by $2.2 million in cash payments from the securitization trusts for the three months ended September 30, 2012. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Changes in Fair Value Included in Net Earnings | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 27 | $ | — | $ | 35 | $ | — | $ | — | $ | — | $ | 62 | |||||||||||||||
Securitized mortgage collateral | 27,115 | — | 249,253 | — | — | — | 276,368 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (190,490 | ) | (261,602 | ) | — | — | — | (452,092 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | 2,973 | — | 2,973 | ||||||||||||||||||||||
Call option | — | — | — | — | 111 | — | 111 | ||||||||||||||||||||||
Put option | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||
Derivative liabilities, net | — | — | 705 | -2 | — | — | — | 705 | |||||||||||||||||||||
Long-term debt | — | (1,782 | ) | — | (453 | ) | — | — | (2,235 | ) | |||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | (345 | ) | (345 | ) | ||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | (167 | ) | (167 | ) | ||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (3,464 | ) | (3,464 | ) | ||||||||||||||||||||
Total | $ | 27,142 | $ | (192,272 | ) | $ | (11,609 | )(3) | $ | (453 | ) | $ | 3,085 | $ | (3,976 | ) | $ | (178,083 | ) | ||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $5.7 million in changes in the fair value of derivative instruments, offset by $5.0 million in cash payments from the securitization trusts for the nine months ended September 30, 2013. | |||||||||||||||||||||||||||||
(3) For the nine months ended September 30, 2013, change in the fair value of net trust assets, excluding REO was $11.6 million. Excluded from the $6.6 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $5.0 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Changes in Fair Value Included in Net Earnings | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Change in Fair Value of | |||||||||||||||||||||||||||||
Interest | Interest | Net Trust | Long-term | Other | Gain on sale | Total | |||||||||||||||||||||||
Income (1) | Expense (1) | Assets | Debt | Revenue | of loans, net | ||||||||||||||||||||||||
Investment securities available-for-sale | $ | 30 | $ | — | $ | (439 | ) | $ | — | $ | — | $ | — | $ | (409 | ) | |||||||||||||
Securitized mortgage collateral | 124,292 | — | 698,704 | — | — | — | 822,996 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (322,931 | ) | (689,979 | ) | — | — | — | (1,012,910 | ) | |||||||||||||||||||
Mortgage servicing rights | — | — | — | — | (869 | ) | — | (869 | ) | ||||||||||||||||||||
Call option | — | — | — | — | (180 | ) | — | (180 | ) | ||||||||||||||||||||
Put option | — | — | — | — | (9 | ) | — | (9 | ) | ||||||||||||||||||||
Derivative liabilities, net | — | — | (2,724 | )(2) | — | — | — | (2,724 | ) | ||||||||||||||||||||
Long-term debt | — | (1,585 | ) | — | 872 | — | — | (713 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 7,048 | 7,048 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 8,231 | 8,231 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (3,163 | ) | (3,163 | ) | ||||||||||||||||||||
Total | $ | 124,322 | $ | (324,516 | ) | $ | 5,562 | -3 | $ | 872 | $ | (1,058 | ) | $ | 12,116 | $ | (182,702 | ) | |||||||||||
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. | |||||||||||||||||||||||||||||
(2) Included in this amount is $5.8 million in changes in the fair value of derivative instruments, offset by $8.5 million in cash payments from the securitization trusts for the nine months ended September 30, 2012. | |||||||||||||||||||||||||||||
(3) For the nine months ended September 30, 2012, change in the fair value of net trust assets, excluding REO was $5.6 million. Excluded from the $14.1 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $8.5 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities. | |||||||||||||||||||||||||||||
Schedule of information for derivative assets and liabilities - lending | ' | ||||||||||||||||||||||||||||
Total Gains (Losses) (1) | |||||||||||||||||||||||||||||
Notional Balance | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||
Derivative assets - IRLC’s | $ | 200,484 | $ | 383,776 | $ | 3,503 | $ | 4,950 | $ | (167 | ) | $ | 8,231 | ||||||||||||||||
Derivative liabilities - TBA’s | 210,192 | 310,207 | (2,071 | ) | (8,553 | ) | 14,282 | (15,883 | ) | ||||||||||||||||||||
(1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||
Schedule of financial and non-financial assets and liabilities measured using nonrecurring fair value measurements | ' | ||||||||||||||||||||||||||||
Nonrecurring Fair Value | Total Gains (Losses) (3) | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
September 30, 2013 | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | September 30, 2013 | September 30, 2013 | |||||||||||||||||||||||||
REO (1) | $ | — | $ | 4,398 | $ | — | $ | 3,645 | $ | 9,175 | |||||||||||||||||||
Lease liability (2) | — | — | (1,723 | ) | (54 | ) | (130 | ) | |||||||||||||||||||||
(1) Balance represents REO at September 30, 2013 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and nine months ended September 30, 2013, the $3.6 million and $9.2 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. | |||||||||||||||||||||||||||||
(2) For the three and nine months ended September 30, 2013, the Company recorded $54 thousand and $130 thousand in impairment, resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. | |||||||||||||||||||||||||||||
(3) Total gains (losses) reflect gains and losses from all nonrecurring measurements during the period. | |||||||||||||||||||||||||||||
Non-recurring Fair Value | Total Gains (Losses) (3) | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
September 30, 2012 | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | September 30, 2012 | September 30, 2012 | |||||||||||||||||||||||||
REO (1) | $ | — | $ | 19,524 | $ | — | $ | 3,544 | $ | (9,795 | ) | ||||||||||||||||||
Lease liability (2) | — | — | (1,841 | ) | 113 | (168 | ) | ||||||||||||||||||||||
(1) Balance represents REO at September 30, 2012 which have been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three months ended September 30, 2012, the $3.5 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. For the nine months ended September 30, 2012, the $9.8 million loss represents additional impairment write-downs attributable to higher expected loss severities on properties held during the period which resulted in a decrease to NRV. | |||||||||||||||||||||||||||||
(2) Amounts are included in discontinued operations. For the three and nine months ended September 30, 2012, the Company recorded a gain of $113 thousand and a loss of $168 thousand resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. | |||||||||||||||||||||||||||||
(3) Total losses reflect gains and losses from all nonrecurring measurements during the period. |
Reconciliation_of_Earnings_Los1
Reconciliation of Earnings (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Reconciliation of Earnings (Loss) Per Share | ' | |||||||||||||
Schedule of computation of basic and diluted earnings (loss) per common share | ' | |||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator for basic earnings (loss) per share: | ||||||||||||||
(Loss) earnings from continuing operations | $ | (4,671 | ) | $ | 6,954 | $ | (2,281 | ) | $ | 11,228 | ||||
Net earnings attributable to noncontrolling interest | — | (212 | ) | (136 | ) | (683 | ) | |||||||
(Loss) earnings from continuing operations attributable to IMH | (4,671 | ) | 6,742 | (2,417 | ) | 10,545 | ||||||||
Loss from discontinued operations | (277 | ) | (9,021 | ) | (2,051 | ) | (13,402 | ) | ||||||
Net loss attributable to IMH common stockholders | $ | (4,948 | ) | $ | (2,279 | ) | $ | (4,468 | ) | $ | (2,857 | ) | ||
Numerator for diluted earnings (loss) per share: | ||||||||||||||
(Loss) earnings from continuing operations attributable to IMH | $ | (4,671 | ) | $ | 6,742 | $ | (2,417 | ) | $ | 10,545 | ||||
Interest expense attributable to convertible notes | — | — | — | — | ||||||||||
(Loss) earnings from continuing operations attributable to IMH plus interest expense attributable to convertible notes | (4,671 | ) | 6,742 | (2,417 | ) | 10,545 | ||||||||
Loss from discontinued operations | (277 | ) | (9,021 | ) | (2,051 | ) | (13,402 | ) | ||||||
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes | $ | (4,948 | ) | $ | (2,279 | ) | $ | (4,468 | ) | $ | (2,857 | ) | ||
Denominator for basic earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 8,829 | 7,855 | 8,701 | 7,840 | ||||||||||
Denominator for diluted earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 8,829 | 7,855 | 8,701 | 7,840 | ||||||||||
Net effect of dilutive convertible notes | — | — | — | — | ||||||||||
Net effect of dilutive stock options and RSU’s | — | — | — | — | ||||||||||
Diluted weighted average common shares | 8,829 | 7,855 | 8,701 | 7,840 | ||||||||||
Earnings (loss) per common share - basic and diluted: | ||||||||||||||
(Loss) earnings from continuing operations attributable to IMH | $ | (0.53 | ) | $ | 0.86 | $ | (0.28 | ) | $ | 1.35 | ||||
Loss from discontinued operations | (0.03 | ) | (1.15 | ) | $ | (0.24 | ) | (1.71 | ) | |||||
Net loss per share available to common stockholders | $ | (0.56 | ) | $ | (0.29 | ) | $ | (0.52 | ) | $ | (0.36 | ) | ||
(1) Number of shares presented in thousands. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
Schedule of the selected financial data and operating results by reporting segment | ' | ||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
three months ended September 30, 2013: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 11,103 | $ | — | $ | — | $ | 11,103 | |||||||||
Servicing income, net | 989 | — | — | 989 | |||||||||||||
Real estate services fees, net | — | 4,933 | — | 4,933 | |||||||||||||
Other revenue | (117 | ) | — | (74 | ) | (191 | ) | ||||||||||
Other income (expense) | 144 | 5 | (547 | ) | (398 | ) | |||||||||||
Total expense | (16,186 | ) | (975 | ) | (3,955 | ) | (21,116 | ) | |||||||||
(Loss) earnings from continuing operations before income taxes | $ | (4,067 | ) | $ | 3,963 | $ | (4,576 | ) | (4,680 | ) | |||||||
Income tax benefit from continuing operations | 9 | ||||||||||||||||
Loss from continuing operations | (4,671 | ) | |||||||||||||||
Loss from discontinued operations, net of tax | (277 | ) | |||||||||||||||
Net loss | (4,948 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | — | ||||||||||||||||
Net loss attributable to common stockholders | $ | (4,948 | ) | ||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
three months ended September 30, 2012: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 25,043 | $ | — | $ | — | $ | 25,043 | |||||||||
Servicing income, net | 294 | — | — | 294 | |||||||||||||
Real estate services fees, net | — | 5,328 | — | 5,328 | |||||||||||||
Other revenue | (780 | ) | — | 642 | (138 | ) | |||||||||||
Other income (expense) | (164 | ) | 6 | (1,805 | ) | (1,963 | ) | ||||||||||
Total expense | (15,913 | ) | (2,197 | ) | (3,492 | ) | (21,602 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | 8,480 | $ | 3,137 | $ | (4,655 | ) | 6,962 | |||||||||
Income tax expense from continuing operations | (8 | ) | |||||||||||||||
Earnings from continuing operations | 6,954 | ||||||||||||||||
Loss from discontinued operations, net of tax | (9,021 | ) | |||||||||||||||
Net loss | (2,067 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | (212 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (2,279 | ) | ||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
nine months ended September 30, 2013: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 47,701 | $ | — | $ | — | $ | 47,701 | |||||||||
Servicing income, net | 2,929 | — | — | 2,929 | |||||||||||||
Real estate services fees, net | — | 14,516 | — | 14,516 | |||||||||||||
Other revenue | 3,178 | — | 767 | 3,945 | |||||||||||||
Other income (expense) | (161 | ) | 16 | (2,649 | ) | (2,794 | ) | ||||||||||
Total expense | (53,482 | ) | (4,918 | ) | (11,243 | ) | (69,643 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | 165 | $ | 9,614 | $ | (13,125 | ) | (3,346 | ) | ||||||||
Income tax benefit from continuing operations | 1,065 | ||||||||||||||||
Loss from continuing operations | (2,281 | ) | |||||||||||||||
Loss from discontinued operations, net of tax | (2,051 | ) | |||||||||||||||
Net loss | (4,332 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | (136 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (4,468 | ) | ||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term Mortgage | ||||||||||||||
nine months ended September 30, 2012: | Lending | Services | Portfolio (1) | Consolidated | |||||||||||||
Gain on sale of loans, net | $ | 50,025 | $ | — | $ | — | $ | 50,025 | |||||||||
Servicing income, net | 382 | — | — | 382 | |||||||||||||
Real estate services fees, net | — | 15,707 | — | 15,707 | |||||||||||||
Other revenue | (1,399 | ) | — | 1,167 | (232 | ) | |||||||||||
Other income (expense) | (255 | ) | 22 | (1,220 | ) | (1,453 | ) | ||||||||||
Total expense | (35,751 | ) | (6,234 | ) | (11,172 | ) | (53,157 | ) | |||||||||
Earnings (loss) from continuing operations before income taxes | $ | 13,002 | $ | 9,495 | $ | (11,225 | ) | 11,272 | |||||||||
Income tax expense from continuing operations | (44 | ) | |||||||||||||||
Earnings from continuing operations | 11,228 | ||||||||||||||||
Loss from discontinued operations, net of tax | (13,402 | ) | |||||||||||||||
Net loss | (2,174 | ) | |||||||||||||||
Net earnings attributable to noncontrolling interest | (683 | ) | |||||||||||||||
Net loss attributable to common stockholders | $ | (2,857 | ) | ||||||||||||||
Balance Sheet Items as of | Mortgage | Real Estate | Long-term | Discontinued | |||||||||||||
Mortgage | |||||||||||||||||
September 30, 2013: | Lending | Services | Portfolio (1) | Operations | Consolidated | ||||||||||||
Total Assets at September 30, 2013 | $ | 170,593 | $ | 7,779 | $ | 5,488,540 | $ | 3,035 | $ | 5,669,947 | |||||||
Total Assets at December 31, 2012 | $ | 137,733 | $ | 12,833 | $ | 5,835,970 | $ | 52 | $ | 5,986,588 | |||||||
(1) This segment includes infrastructure to support master servicing and certain unallocated costs associated with being a publicly traded company. |
Share_Based_Payments_Tables
Share Based Payments (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Share Based Payments | ' | ||||||
Schedule of weighted average assumptions used in estimation of the fair value of options granted | ' | ||||||
September 30, | |||||||
2013 | |||||||
Risk-free interest rate | 1.46 | % | |||||
Expected lives (in years) | 5.56 | ||||||
Expected volatility (1) | 78.58 | % | |||||
Expected dividend yield | 0 | % | |||||
Fair value per share | $ | 7.03 | |||||
(1) Expected volatilities are based on the volatility of the Company’s stock over the expected option term, adjusted for expected mean reversion. | |||||||
Summary of activity, pricing and other information for the Company's stock options | ' | ||||||
Weighted- | |||||||
Average | |||||||
Number of | Exercise | ||||||
Shares | Price | ||||||
Options outstanding at December 31, 2012 | 796,795 | $ | 7.89 | ||||
Options granted | 255,000 | 10.65 | |||||
Options exercised | (108,456 | ) | 1.39 | ||||
Options forfeited / cancelled | (127,080 | ) | 11.82 | ||||
Options outstanding at end of period | 816,259 | $ | 9 | ||||
Options exercisable at end of period | 234,596 | $ | 5.12 | ||||
Summary of activity, pricing and other information for the Company's (RSU's) | ' | ||||||
Weighted- | |||||||
Average | |||||||
Number of | Grant Date | ||||||
Shares | Fair Value | ||||||
RSU’s outstanding at December 31, 2012 | 42,000 | $ | 7.48 | ||||
RSU’s granted | 30,000 | 10.65 | |||||
RSU’s exercised | — | — | |||||
RSU’s forfeited / cancelled | — | — | |||||
RSU’s outstanding at end of period | 72,000 | $ | 8.8 |
Mortgage_Loans_HeldforSale_Det
Mortgage Loans Held-for-Sale (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | $125,604 | ' | $125,604 | ' | $118,786 |
Gain on LHFS | ' | ' | ' | ' | ' |
Premium from servicing retained loan sales | 989 | 294 | 2,929 | 382 | ' |
Provision for repurchases | ' | ' | -1,395 | -1,179 | ' |
Total gain on sale of loans, net | ' | ' | 53,071 | 39,088 | ' |
Government | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | 61,262 | ' | 61,262 | ' | 57,992 |
Conventional | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | 51,915 | ' | 51,915 | ' | 54,303 |
Jumbo | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | 6,282 | ' | 6,282 | ' | ' |
Mortgage loans, held-for-sale | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Fair value adjustment | 6,145 | ' | 6,145 | ' | 6,491 |
Gain on LHFS | ' | ' | ' | ' | ' |
Gain on sale of mortgage loans | 6,413 | 33,239 | 50,188 | 71,862 | ' |
Premium from servicing retained loan sales | 5,894 | 4,621 | 17,169 | 10,257 | ' |
Unrealized (losses) gains from derivative financial instruments | -5,677 | 2,716 | -3,631 | 5,068 | ' |
Realized gains (losses) from derivative financial instruments | 7,109 | -6,319 | 17,747 | -12,720 | ' |
Mark to market gain (loss) on LHFS | 5,326 | 4,220 | -345 | 7,048 | ' |
Direct origination expenses, net | -7,549 | -12,838 | -32,032 | -30,311 | ' |
Provision for repurchases | -413 | -596 | -1,395 | -1,179 | ' |
Total gain on sale of loans, net | $11,103 | $25,043 | $47,701 | $50,025 | ' |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Mortgage Servicing Rights | ' | ' |
Total loans serviced | $2,689,156 | $1,492,068 |
2010 Acquisition of AmeriHome | ' | ' |
Mortgage Servicing Rights | ' | ' |
Total loans serviced | 92,853 | 113,687 |
Government | ' | ' |
Mortgage Servicing Rights | ' | ' |
Total loans serviced | 1,064,019 | 655,566 |
Conventional | ' | ' |
Mortgage Servicing Rights | ' | ' |
Total loans serviced | 1,532,284 | 722,815 |
Mortgage Servicing Rights | ' | ' |
Mortgage Servicing Rights Sensitivity Analysis | ' | ' |
Fair value of MSRs | 27,857 | 10,703 |
Prepayment Speed, Decrease in fair value from 100 basis points (bp) adverse change | -1,022 | ' |
Prepayment Speed, Decrease in fair value from 200 bps adverse change | -1,983 | ' |
Discount Rate, Decrease in fair value from 100 bps adverse change | -943 | ' |
Discount Rate, Decrease in fair value from 200 bps adverse change | ($1,827) | ' |
Warehouse_Borrowings_Details
Warehouse Borrowings (Details) (USD $) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
item | Warehouse borrowings | Warehouse borrowings | Repurchase agreement 1 | Repurchase agreement 1 | Repurchase agreement 2 | Repurchase agreement 2 | Repurchase agreement 3 | Repurchase agreement 3 | Repurchase agreement 4 | Repurchase agreement 4 | |
Warehouse Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warehouse lines for which covenants was not complied | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warehouse Borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | ' | $265,000,000 | ' | $75,000,000 | ' | $40,000,000 | ' | $50,000,000 | ' | $100,000,000 | ' |
Balance Outstanding | ' | 114,435,000 | 107,604,000 | 52,542,000 | 31,600,000 | 33,772,000 | 19,780,000 | 5,285,000 | 16,554,000 | 22,836,000 | 39,670,000 |
Aggregate principal borrowing capacity before amendment | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Feb. 29, 2012 | Dec. 31, 2012 | Apr. 30, 2013 | |
item | |||
Previous debt agreement | ' | ' | ' |
Note payable | ' | ' | ' |
Repayment of the previous debt by using proceeds of new debt | ' | $408,000 | ' |
Structured debt agreement | ' | ' | ' |
Note payable | ' | ' | ' |
Debt issued | 7,500,000 | ' | ' |
Number of residual interests used as collateral for structured debt facility | 8 | ' | ' |
Proceeds from issuance of debt, net of payoff and transaction costs | ' | 7,000,000 | ' |
Transaction costs incurred | ' | 50,000 | ' |
Amount of reserve for payment of notes payable | ' | ' | $1,500,000 |
Convertible_Notes_Details
Convertible Notes (Details) (Convertible Notes, USD $) | 0 Months Ended |
Apr. 29, 2013 | |
D | |
Convertible Notes | ' |
Convertible notes | ' |
Amount of debt issued | $20,000,000 |
Accrued interest rate of debt (as a percent) | 7.50% |
Conversion price (in dollars per share) | $10.88 |
Number of trading days for which average volume-weighted closing stock price must exceed specified price | 20 |
Number of consecutive trading days during which average volume-weighted closing stock price must exceed specified price | '30 days |
Market price at which the Company has the right to convert the entire outstanding principal of the Convertible notes | $16.31 |
Debt issuance costs | $300,000 |
Line_of_Credit_Agreement_Detai
Line of Credit Agreement (Details) (Working capital line of credit agreement, USD $) | 9 Months Ended | |
Sep. 30, 2013 | Jun. 30, 2013 | |
Working capital line of credit agreement | ' | ' |
Line of Credit Agreement | ' | ' |
Maximum borrowing capacity | ' | $4,000,000 |
Variable interest rate base | 'one-month LIBOR | ' |
Interest margin over base rate (as a percent) | 3.50% | ' |
Outstanding balance | $0 | ' |
Securitized_Mortgage_Trusts_De
Securitized Mortgage Trusts (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Trust Assets | ' | ' | ' | ' | ' |
Investment securities available-for-sale | $115 | ' | $115 | ' | $110 |
Securitized mortgage collateral | 5,454,442 | ' | 5,454,442 | ' | 5,787,884 |
Derivative assets | ' | ' | ' | ' | 37 |
Real estate owned | 13,400 | ' | 13,400 | ' | 22,475 |
Total trust assets | 5,467,957 | ' | 5,467,957 | ' | 5,810,506 |
Trust Liabilities | ' | ' | ' | ' | ' |
Securitized mortgage borrowings | 5,444,000 | ' | 5,444,000 | ' | 5,777,456 |
Derivative liabilities | 11,401 | ' | 11,401 | ' | 17,200 |
Total trust liabilities | 5,455,401 | ' | 5,455,401 | ' | 5,794,656 |
Change in fair value of net trust assets, including trust REO gains (losses) | ' | ' | ' | ' | ' |
Change in fair value of net trust assets, excluding REO | -3,947 | -5,998 | -11,609 | 5,562 | ' |
Gains (losses) from REO | 3,676 | 3,548 | 9,232 | -9,761 | ' |
Change in fair value of net trust assets, including trust REO gains (losses) | ($271) | ($2,450) | ($2,377) | ($4,199) | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Maximum | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Carrying Amount | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | |
Warehouse borrowings | Warehouse borrowings | Notes payable | Notes payable | Convertible Notes | Long-term debt | Long-term debt | Securitized mortgage borrowings | Securitized mortgage borrowings | Derivative liabilities, securitized trusts | Derivative liabilities, securitized trusts | Derivative liabilities, lending | Derivative liabilities, lending | Put option | Cash and cash equivalents | Cash and cash equivalents | Restricted cash | Restricted cash | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage servicing rights | Mortgage servicing rights | Derivative assets, lending | Derivative assets, lending | Investment securities available-for-sale | Investment securities available-for-sale | Securitized mortgage collateral | Securitized mortgage collateral | Derivative assets, securitized trusts | Call option | Warehouse borrowings | Warehouse borrowings | Notes payable | Notes payable | Convertible Notes | Long-term debt | Long-term debt | Securitized mortgage borrowings | Securitized mortgage borrowings | Derivative liabilities, securitized trusts | Derivative liabilities, securitized trusts | Derivative liabilities, lending | Derivative liabilities, lending | Put option | Cash and cash equivalents | Cash and cash equivalents | Restricted cash | Restricted cash | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage servicing rights | Mortgage servicing rights | Derivative assets, lending | Derivative assets, lending | Investment securities available-for-sale | Investment securities available-for-sale | Securitized mortgage collateral | Securitized mortgage collateral | Derivative assets, securitized trusts | Call option | ||
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,669 | $12,711 | $1,832 | $3,230 | $125,604 | $118,786 | $27,857 | $10,703 | $3,825 | $3,970 | $115 | $110 | $5,454,442 | $5,787,884 | $37 | $368 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,669 | $12,711 | $1,832 | $3,230 | $125,604 | $118,786 | $27,857 | $10,703 | $3,825 | $3,970 | $115 | $110 | $5,454,442 | $5,787,884 | $37 | $368 |
Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities fair value | ' | $114,435 | $107,569 | $20 | $3,451 | $20,000 | $14,966 | $12,731 | $5,444,000 | $5,777,456 | $11,401 | $17,200 | $3,667 | $181 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $114,435 | $107,569 | $20 | $3,678 | $20,000 | $14,966 | $12,731 | $5,444,000 | $5,777,456 | $11,401 | $17,200 | $3,667 | $181 | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of notes payable | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Level 3 | ' | ' |
Fair Value Measurements | ' | ' |
Percentage of level three assets to total assets measured at fair value | 98.00% | 98.00% |
Percentage of level three Liabilities to total Liabilities measured at fair value | 99.00% | 99.00% |
Recurring basis | ' | ' |
Fair Value Measurements | ' | ' |
Transfers between Level 1 and Level 2 | 0 | ' |
Transfers between Level 2 and Level 1 | 0 | ' |
Recurring basis | Level 2 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 125,604,000 | 118,786,000 |
Liabilities | ' | ' |
Total liabilities at fair value | 3,645,000 | 181,000 |
Recurring basis | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 5,486,239,000 | 5,803,035,000 |
Liabilities | ' | ' |
Total liabilities at fair value | 5,470,389,000 | 5,807,351,000 |
Recurring basis | Securitized mortgage borrowings | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 5,444,000,000 | 5,777,456,000 |
Recurring basis | Derivative liabilities, net, securitized trusts | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 11,401,000 | 17,163,000 |
Derivative assets/liabilities, net | ' | ' |
Derivative assets | ' | 37,000 |
Derivative liabilities | 11,400,000 | 17,200,000 |
Recurring basis | Long-term debt | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 14,966,000 | 12,731,000 |
Recurring basis | Derivative liabilities, lending | Level 2 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 3,645,000 | 181,000 |
Recurring basis | Derivative liabilities, lending | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 22,000 | ' |
Recurring basis | Put option | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | ' | 1,000 |
Recurring basis | Investment securities available-for-sale | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 115,000 | 110,000 |
Recurring basis | Mortgage loans held-for-sale | Level 2 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 125,604,000 | 118,786,000 |
Recurring basis | Derivative assets, lending | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 3,825,000 | 3,970,000 |
Recurring basis | Mortgage servicing rights | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 27,857,000 | 10,703,000 |
Recurring basis | Call option | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | ' | 368,000 |
Recurring basis | Securitized mortgage collateral | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 5,454,442,000 | 5,787,884,000 |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Level 3 | Level 3 | Level 3 | Level 3 | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Derivative liabilities, net, securitized trusts | Put option | Put option | Put option | Put option | Put option | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Interest rate lock commitments, net | Interest rate lock commitments, net | Interest rate lock commitments, net | Interest rate lock commitments, net | Interest rate lock commitments, net | Interest rate lock commitments, net | Interest rate lock commitments, net | Interest rate lock commitments, net | Call option | Call option | Call option | Call option | Call option | Call option | |
Interest expense | Interest expense | Interest expense | Interest expense | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Interest expense | Interest expense | Interest expense | Interest expense | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Interest income | Interest income | Interest income | Interest income | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Interest income | Interest income | Interest income | Interest income | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | Change in fair value | ||||||||||||||||||||||||||||||||||||||||
Changes in fair value of assets during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $110,000 | $140,000 | $110,000 | $688,000 | ' | ' | ' | ' | ' | ' | ' | ' | $5,639,986,000 | $5,430,443,000 | $5,787,884,000 | $5,449,001,000 | ' | ' | ' | ' | ' | ' | ' | ' | $22,056,000 | $7,090,000 | $10,703,000 | $4,141,000 | ' | ' | ' | ' | $300,000 | $4,460,000 | $3,970,000 | $1,179,000 | ' | ' | ' | ' | $479,000 | $368,000 | $253,000 | $73,000 | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000 | 22,000 | 62,000 | -409,000 | 8,000 | 7,000 | 27,000 | 30,000 | 8,000 | 15,000 | 35,000 | -439,000 | 16,488,000 | 499,875,000 | 276,368,000 | 822,996,000 | 5,963,000 | 32,452,000 | 27,115,000 | 124,292,000 | 10,525,000 | 467,423,000 | 249,253,000 | 698,704,000 | -93,000 | -494,000 | 2,973,000 | -869,000 | -93,000 | -494,000 | 2,973,000 | -869,000 | 3,503,000 | 4,950,000 | -167,000 | 8,231,000 | 3,503,000 | 4,950,000 | -167,000 | 8,231,000 | ' | 111,000 | -180,000 | ' | 111,000 | -180,000 |
Purchases, issuances and settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuances | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,894,000 | 4,621,000 | 17,169,000 | 10,257,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,000 | -50,000 | -57,000 | -167,000 | ' | ' | ' | ' | ' | ' | ' | ' | -202,032,000 | -192,168,000 | -609,810,000 | -533,847,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,900,000 | -2,988,000 | -4,212,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -479,000 | -479,000 | ' | ' | ' | ' |
Fair value at the end of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,000 | 112,000 | 115,000 | 112,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,454,442,000 | 5,738,150,000 | 5,454,442,000 | 5,738,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | 27,857,000 | 9,317,000 | 27,857,000 | 9,317,000 | ' | ' | ' | ' | 3,803,000 | 9,410,000 | 3,803,000 | 9,410,000 | ' | ' | ' | ' | ' | ' | 73,000 | 73,000 | ' | ' |
Unrealized gains (losses) still held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000 | 40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,172,446,000 | -2,992,344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,857,000 | 9,317,000 | ' | ' | ' | ' | ' | ' | 3,803,000 | 9,410,000 | ' | ' | ' | ' | ' | ' | 73,000 | ' | ' | ' |
Changes in fair value of liabilities during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value in the beginning of the period | ' | ' | ' | ' | -5,631,749,000 | -5,426,042,000 | -5,777,456,000 | -5,454,901,000 | ' | ' | ' | ' | ' | ' | ' | ' | -13,276,000 | -20,402,000 | -17,163,000 | -24,749,000 | ' | ' | ' | ' | -1,000 | ' | -9,000 | ' | ' | -14,399,000 | -11,952,000 | -12,731,000 | -11,561,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | ' | ' | ' | -73,044,000 | -567,899,000 | -452,092,000 | -1,012,910,000 | -58,241,000 | -95,316,000 | -190,490,000 | -322,931,000 | -14,803,000 | -472,583,000 | -261,602,000 | -689,979,000 | 323,000 | -853,000 | 705,000 | -2,724,000 | 323,000 | -853,000 | 705,000 | -2,724,000 | 1,000 | -9,000 | ' | 1,000 | -9,000 | -567,000 | -322,000 | -2,235,000 | -713,000 | -642,000 | -512,000 | -1,782,000 | -1,585,000 | 75,000 | 190,000 | -453,000 | 872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases, issuances and settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlements | ' | ' | ' | ' | 260,793,000 | 268,472,000 | 785,548,000 | 742,342,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,552,000 | 2,180,000 | 5,057,000 | 8,398,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value at the end of the period | ' | ' | ' | ' | -5,444,000,000 | -5,725,469,000 | -5,444,000,000 | -5,725,469,000 | ' | ' | ' | ' | ' | ' | ' | ' | -11,401,000 | -19,075,000 | -11,401,000 | -19,075,000 | ' | ' | ' | ' | ' | -9,000 | -9,000 | ' | ' | -14,966,000 | -12,274,000 | -14,966,000 | -12,274,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains (losses) still held | ' | ' | ' | ' | ' | ' | 4,307,985,000 | 5,026,505,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,785,000 | -18,342,000 | ' | ' | ' | ' | ' | -9,000 | ' | ' | ' | ' | ' | 55,797,000 | 58,489,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income including cash received and paid | $1,100,000 | $1,800,000 | $4,100,000 | $6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru5
Fair Value of Financial Instruments (Details 4) (Level 3, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Securitized mortgage borrowings backed by real estate | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -5,444,000 |
Securitized mortgage borrowings backed by real estate | DCF | Minimum | ' |
Unobservable input | ' |
Default rates (as a percent) | 0.50% |
Loss severities (as a percent) | 11.90% |
Securitized mortgage borrowings backed by real estate | DCF | Maximum | ' |
Unobservable input | ' |
Default rates (as a percent) | 19.50% |
Loss severities (as a percent) | 75.20% |
Derivative liabilities, net, securitized trusts | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -11,401 |
Unobservable input | ' |
Variable rate basis | '1M forward LIBOR |
Derivative liabilities, net, securitized trusts | DCF | Minimum | ' |
Unobservable input | ' |
Variable rate (as a percent) | 0.20% |
Derivative liabilities, net, securitized trusts | DCF | Maximum | ' |
Unobservable input | ' |
Variable rate (as a percent) | 4.60% |
Long-term debt | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -14,966 |
Unobservable input | ' |
Discount rates (as a percent) | 25.00% |
Lease Liability | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -1,723 |
Unobservable input | ' |
Discount rates (as a percent) | 12.00% |
Investment securities available-for-sale backed by real estate | DCF | ' |
Valuation techniques | ' |
Estimated fair value of assets | 115 |
Investment securities available-for-sale backed by real estate | DCF | Minimum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 3.90% |
Investment securities available-for-sale backed by real estate | DCF | Maximum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 30.00% |
Securitized mortgage collateral backed by real estate | DCF | ' |
Valuation techniques | ' |
Estimated fair value of assets | 5,454,442 |
Securitized mortgage collateral backed by real estate | DCF | Minimum | ' |
Unobservable input | ' |
Prepayment rates (as a percent) | 0.80% |
Securitized mortgage collateral backed by real estate | DCF | Maximum | ' |
Unobservable input | ' |
Prepayment rates (as a percent) | 24.20% |
Mortgage servicing rights | DCF | ' |
Valuation techniques | ' |
Estimated fair value of assets | 27,857 |
Mortgage servicing rights | DCF | Minimum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 10.50% |
Prepayment rates (as a percent) | 7.00% |
Mortgage servicing rights | DCF | Maximum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 11.50% |
Prepayment rates (as a percent) | 26.60% |
Interest rate lock commitments, net | Market pricing | ' |
Valuation techniques | ' |
Estimated fair value of assets | 3,803 |
Interest rate lock commitments, net | Market pricing | Minimum | ' |
Unobservable input | ' |
Pull-through rate (as a percent) | 36.00% |
Interest rate lock commitments, net | Market pricing | Maximum | ' |
Unobservable input | ' |
Pull-through rate (as a percent) | 99.00% |
Fair_Value_of_Financial_Instru6
Fair Value of Financial Instruments (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jul. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
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Interest income | Interest income | Interest income | Interest income | Interest expense | Interest expense | Interest expense | Interest expense | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Long-term Debt | Change in Fair Value of Long-term Debt | Change in Fair Value of Long-term Debt | Change in Fair Value of Long-term Debt | Other revenue | Other revenue | Other revenue | Other revenue | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Securitized mortgage borrowings | Put option | Put option | Put option | Put option | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Long-term debt | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Investment securities available-for-sale | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Securitized mortgage collateral | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Mortgage servicing rights | Call option | Call option | Call option | Call option | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Mortgage loans held-for-sale | Derivative assets, net | Derivative assets, net | Derivative assets, net | Derivative assets, net | Derivative assets, net | Derivative assets, net | Derivative assets, net | Derivative assets, net | Level 3 | Level 3 | Level 3 | Level 3 | ||||||||||||||||
Interest expense | Interest expense | Interest expense | Interest expense | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Other revenue | Other revenue | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Interest expense | Interest expense | Interest expense | Interest expense | Change in Fair Value of Long-term Debt | Change in Fair Value of Long-term Debt | Change in Fair Value of Long-term Debt | Change in Fair Value of Long-term Debt | Interest income | Interest income | Interest income | Interest income | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Interest income | Interest income | Interest income | Interest income | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Change in Fair Value of Net Trust Assets | Other revenue | Other revenue | Other revenue | Other revenue | Other revenue | Other revenue | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | IRLCs | IRLCs | IRLCs | IRLCs | IRLCs | IRLCs | IRLCs | IRLCs | Securitized mortgage borrowings | Long-term debt | Securitized mortgage collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Fair Value Included in Net Earnings (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000 | $22,000 | $62,000 | ($409,000) | $8,000 | $7,000 | $27,000 | $30,000 | $8,000 | $15,000 | $35,000 | ($439,000) | $16,488,000 | $499,875,000 | $276,368,000 | $822,996,000 | $5,963,000 | $32,452,000 | $27,115,000 | $124,292,000 | $10,525,000 | $467,423,000 | $249,253,000 | $698,704,000 | ($93,000) | ($494,000) | $2,973,000 | ($869,000) | ($93,000) | ($494,000) | $2,973,000 | ($869,000) | $111,000 | ($180,000) | $111,000 | ($180,000) | $5,326,000 | $4,220,000 | ($345,000) | $7,048,000 | $5,326,000 | $4,220,000 | ($345,000) | $7,048,000 | $3,503,000 | $4,950,000 | ($167,000) | $8,231,000 | $3,503,000 | $4,950,000 | ($167,000) | $8,231,000 | ' | ' | ' | ' |
Change in fair value of liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73,044,000 | -567,899,000 | -452,092,000 | -1,012,910,000 | -58,241,000 | -95,316,000 | -190,490,000 | -322,931,000 | -14,803,000 | -472,583,000 | -261,602,000 | -689,979,000 | 1,000 | -9,000 | 1,000 | -9,000 | 323,000 | -853,000 | 705,000 | -2,724,000 | 323,000 | -853,000 | 705,000 | -2,724,000 | -9,180,000 | -2,234,000 | -3,464,000 | -3,163,000 | -9,180,000 | -2,234,000 | -3,464,000 | -3,163,000 | -567,000 | -322,000 | -2,235,000 | -713,000 | -642,000 | -512,000 | -1,782,000 | -1,585,000 | 75,000 | 190,000 | -453,000 | 872,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -57,228,000 | -62,735,000 | -178,083,000 | -182,702,000 | 5,971,000 | 32,459,000 | 27,142,000 | 124,322,000 | -58,883,000 | -95,828,000 | -192,272,000 | -324,516,000 | -3,947,000 | -5,998,000 | -11,609,000 | 5,562,000 | 75,000 | 190,000 | -453,000 | 872,000 | -93,000 | -494,000 | 3,085,000 | -1,058,000 | -351,000 | 6,936,000 | -3,976,000 | 12,116,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in the fair value of derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | 1,300,000 | 5,700,000 | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments from the securitization trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 2,200,000 | 5,000,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in the fair value of trust assets, excluding REO | -3,947,000 | -5,998,000 | -11,609,000 | 5,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,600,000 | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of net trust assets, excluding REO | ' | ' | -6,641,000 | 14,032,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in acquiree for which option to purchase is available in the purchase agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in acquiree that can be sold by the noncontrolling interest holder to the company | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest agreed to be acquired (as a percent) | ' | ' | ' | ' | ' | ' | 1.50% | 27.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining ownership interest acquired (as a percent) | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid for transfer of remaining ownership | ' | ' | 350,000 | ' | ' | 350,000 | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IMH common stock issued for settlement | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal balance of securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000,000 |
Estimated fair value of securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000,000 |
Difference between aggregate unpaid principal balance and fair value of securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000,000 |
Unpaid principal balance of loans 90 days or more past due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 |
Estimated fair value of loans 90 days or more past due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 |
Difference between aggregate unpaid principal balances and fair value of mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 |
Securitized mortgage borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal balance of securitized mortgage borrowings | 2,689,156,000 | ' | 2,689,156,000 | ' | 1,492,068,000 | ' | ' | ' | 92,853,000 | ' | 113,687,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000,000 | ' | ' |
Estimated fair value of securitized mortgage borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000,000 | ' | ' |
Bond losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000,000 | ' | ' |
Difference between aggregate unpaid principal balances and fair value of securitized mortgage borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000,000 | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt unpaid principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,500,000 | ' |
Estimated fair value of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,500,000 | ' |
Difference between aggregate unpaid principal balances and fair value of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000,000 | ' |
Derivative assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional balance of derivative assets and liabilities, securitized trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $270,600,000 | ' | ' | ' |
Fair_Value_of_Financial_Instru7
Fair Value of Financial Instruments (Details 6) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative liabilities | TBA's | ' | ' | ' | ' |
Derivative assets and liabilities - lending | ' | ' | ' | ' |
Derivative liabilities, Notional Balance | $210,192 | $310,207 | $210,192 | $310,207 |
Total Gains (Losses) | -2,071 | -8,553 | 14,282 | -15,883 |
Derivative assets | IRLCs | ' | ' | ' | ' |
Derivative assets and liabilities - lending | ' | ' | ' | ' |
Derivative assets, Notional Balance | 200,484 | 383,776 | 200,484 | 383,776 |
Total Gains (Losses) | $3,503 | $4,950 | ($167) | $8,231 |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments (Details 7) (Nonrecurring Fair Value Measurements, USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Total Gains (Losses) | ' | ' | ' | ' |
Additional impairment write-downs attributable to higher expected loss severities on properties held | $3,645,000 | $3,544,000 | $9,175,000 | ($9,795,000) |
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments | -54,000 | 113,000 | -130,000 | -168,000 |
Discontinued operations | ' | ' | ' | ' |
Total Gains (Losses) | ' | ' | ' | ' |
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments | 54,000 | 113,000 | 130,000 | -168,000 |
Continuing operations | ' | ' | ' | ' |
Total Gains (Losses) | ' | ' | ' | ' |
Gains (losses) resulting from impairment write-downs based on changes in estimated cash flows and lives of the related mortgages | 3,600,000 | 3,500,000 | 9,200,000 | -9,800,000 |
Level 2 | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
REO | ' | ' | 4,398,000 | 19,524,000 |
Level 3 | Discontinued operations | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
Lease liability | ' | ' | ($1,723,000) | ($1,841,000) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
AmeriHome | AmeriHome | AmeriHome | AmeriHome | |||||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' |
Additional acquired interest | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Income tax benefit | $9 | ($8) | $1,065 | ($44) | ' | ' | $1,200 | ' |
State income tax expense (benefit) | ' | ' | ' | ' | ' | ($9) | ' | $131 |
Reconciliation_of_Earnings_Los2
Reconciliation of Earnings (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator for basic earnings (loss) per share: | ' | ' | ' | ' |
(Loss) earnings from continuing operations | ($4,671) | $6,954 | ($2,281) | $11,228 |
Net earnings attributable to noncontrolling interest | ' | -212 | -136 | -683 |
(Loss) earnings from continuing operations attributable to IMH | -4,671 | 6,742 | -2,417 | 10,545 |
Loss from discontinued operations | -277 | -9,021 | -2,051 | -13,402 |
Net loss attributable to common stockholders | -4,948 | -2,279 | -4,468 | -2,857 |
Numerator for diluted earnings (loss) per share: | ' | ' | ' | ' |
(Loss) earnings from continuing operations attributable to IMH | -4,671 | 6,742 | -2,417 | 10,545 |
(Loss) earnings from continuing operations attributable to IMH plus interest expense attributable to convertible notes | -4,671 | 6,742 | -2,417 | 10,545 |
Loss from discontinued operations | -277 | -9,021 | -2,051 | -13,402 |
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes | ($4,948) | ($2,279) | ($4,468) | ($2,857) |
Denominator for basic earnings (loss) per share: | ' | ' | ' | ' |
Basic weighted average common shares outstanding during the year | 8,829 | 7,855 | 8,701 | 7,840 |
Denominator for diluted earnings (loss) per share: | ' | ' | ' | ' |
Diluted weighted average common shares | 8,829 | 7,855 | 8,701 | 7,840 |
Earnings (loss) per common share - basic and diluted: | ' | ' | ' | ' |
(Loss) earnings from continuing operations attributable to IMH (in dollars per share) | ($0.53) | $0.86 | ($0.28) | $1.35 |
Loss from discontinued operations (in dollars per share) | ($0.03) | ($1.15) | ($0.24) | ($1.71) |
Net loss per share available to common stockholders (in dollars per share) | ($0.56) | ($0.29) | ($0.52) | ($0.36) |
Antidilutive stock options excluded from weighted average share calculations (in shares) | 816 | 1,100 | 816 | 1,100 |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting | ' | ' | ' | ' | ' |
Gain on sale of loans, net | $11,103 | $25,043 | $47,701 | $50,025 | ' |
Servicing income, net | 989 | 294 | 2,929 | 382 | ' |
Real estate services fees, net | 4,933 | 5,328 | 14,516 | 15,707 | ' |
Other revenue | -191 | -138 | 3,945 | -232 | ' |
Other income (expense) | -398 | -1,963 | -2,794 | -1,453 | ' |
Total expenses | -21,116 | -21,602 | -69,643 | -53,157 | ' |
(Loss) earnings from continuing operations before income taxes | -4,680 | 6,962 | -3,346 | 11,272 | ' |
Income tax (expense) benefit from continuing operations | 9 | -8 | 1,065 | -44 | ' |
Net (loss) earnings from continuing operations | -4,671 | 6,954 | -2,281 | 11,228 | ' |
Loss from discontinued operations, net of tax | -277 | -9,021 | -2,051 | -13,402 | ' |
Net loss | -4,948 | -2,067 | -4,332 | -2,174 | ' |
Net earnings attributable to noncontrolling interest | ' | -212 | -136 | -683 | ' |
Net loss attributable to common stockholders | -4,948 | -2,279 | -4,468 | -2,857 | ' |
Total assets | 5,669,947 | ' | 5,669,947 | ' | 5,986,588 |
Discontinued Operations | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Total assets | 3,035 | ' | 3,035 | ' | 52 |
Mortgage Lending | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Gain on sale of loans, net | 11,103 | 25,043 | 47,701 | 50,025 | ' |
Servicing income, net | 989 | 294 | 2,929 | 382 | ' |
Other revenue | -117 | -780 | 3,178 | -1,399 | ' |
Other income (expense) | 144 | -164 | -161 | -255 | ' |
Total expenses | -16,186 | -15,913 | -53,482 | -35,751 | ' |
(Loss) earnings from continuing operations before income taxes | -4,067 | 8,480 | 165 | 13,002 | ' |
Total assets | 170,593 | ' | 170,593 | ' | 137,733 |
Real Estate Services | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Real estate services fees, net | 4,933 | 5,328 | 14,516 | 15,707 | ' |
Other income (expense) | 5 | 6 | 16 | 22 | ' |
Total expenses | -975 | -2,197 | -4,918 | -6,234 | ' |
(Loss) earnings from continuing operations before income taxes | 3,963 | 3,137 | 9,614 | 9,495 | ' |
Total assets | 7,779 | ' | 7,779 | ' | 12,833 |
Long-term Mortgage Portfolio | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Other revenue | -74 | 642 | 767 | 1,167 | ' |
Other income (expense) | -547 | -1,805 | -2,649 | -1,220 | ' |
Total expenses | -3,955 | -3,492 | -11,243 | -11,172 | ' |
(Loss) earnings from continuing operations before income taxes | -4,576 | -4,655 | -13,125 | -11,225 | ' |
Total assets | $5,488,540 | ' | $5,488,540 | ' | $5,835,970 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 16, 2013 | Sep. 30, 2013 | |
Ally Bank f/k/a GMAC Bank | Unfavorable significant judgment | ||||
item | |||||
Commitments and Contingencies | ' | ' | ' | ' | ' |
Accrued liability recorded for estimated loss exposure | ' | ' | ' | ' | $4,600,000 |
Number of loans for which suit is filed | ' | ' | ' | 13 | ' |
Plaintiff's demand | ' | ' | ' | 1,400,000 | ' |
Legal settlement charge | 2,650,000 | ' | ' | ' | ' |
Amount received on previously settled legal matters | 3,000,000 | ' | ' | ' | ' |
Repurchase reserve | ' | ' | ' | ' | ' |
Payment to settle repurchase claims related to discontinued operations | 752,000 | 3,300,000 | ' | ' | ' |
Repurchase reserve within discontinued operations | 6,200,000 | 6,200,000 | 8,200,000 | ' | ' |
Repurchase reserve within continuing operations | $3,600,000 | $3,600,000 | $2,400,000 | ' | ' |
Share_Based_Payments_Details
Share Based Payments (Details) (Stock options, USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Stock options | ' | ' |
Weighted average assumptions used in estimating fair value of options granted | ' | ' |
Risk-free interest rate (as a percent) | 1.46% | ' |
Expected lives (in years) | '5 years 6 months 22 days | ' |
Expected volatility (as a percent) | 78.58% | ' |
Expected dividend yield (as a percent) | 0.00% | ' |
Fair value per share (in dollars per share) | $7.03 | ' |
Number of Shares | ' | ' |
Options outstanding at beginning of period (in shares) | 796,795 | ' |
Options granted (in shares) | 255,000 | 0 |
Options exercised (in shares) | -108,456 | ' |
Options forfeited / cancelled (in shares) | -127,080 | ' |
Options outstanding at end of period (in shares) | 816,259 | ' |
Options exercisable at end of period (in shares) | 234,596 | ' |
Weighted-Average Exercise Price | ' | ' |
Options outstanding at beginning of period (in dollars per share) | $7.89 | ' |
Options granted (in dollars per share) | $10.65 | ' |
Options exercised (in dollars per share) | $1.39 | ' |
Options forfeited / cancelled (in dollars per share) | $11.82 | ' |
Options exercisable at end of period (in dollars per share) | $9 | ' |
Options exercisable at end of period (in dollars per share) | $5.12 | ' |
Additional disclosure related to options | ' | ' |
Unrecognized compensation cost | $3.80 | ' |
Weighted-average period over which compensation cost is expected to be recognized | '2 years 1 month 24 days | ' |
Aggregate grant-date fair value of stock options granted | $1.80 | $0 |
Share_Based_Payments_Details_2
Share Based Payments (Details 2) (RSU, USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
RSU | ' | ' |
Restricted stock units | ' | ' |
Vesting period | '3 years | ' |
Fair value of RSU's granted | $320 | $0 |
Number of Shares | ' | ' |
RSU's outstanding at beginning of period (in shares) | 42,000 | ' |
RSU's granted (in shares) | 30,000 | ' |
RSU's outstanding at end of period (in shares) | 72,000 | ' |
Weighted-Average Grant Date Fair Value | ' | ' |
RSU's outstanding at beginning of period (in dollars per share) | $7.48 | ' |
RSU's granted (in dollars per share) | $10.65 | ' |
RSU's outstanding at end of period (in dollars per share) | $8.80 | ' |
Additional information regarding RSUs | ' | ' |
Unrecognized compensation cost | $447 | ' |
Weighted-average period over which compensation cost is expected to be recognized | '2 years 3 months 4 days | ' |
Acquisition_of_Noncontrolling_1
Acquisition of Noncontrolling Interest (Details) (USD $) | 9 Months Ended | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Jul. 02, 2013 | |
AmeriHome | AmeriHome | AmeriHome | ||
Acquisition of noncontrolling interest | ' | ' | ' | ' |
Transfer of remaining ownership (as a percent) | ' | ' | 20.00% | ' |
Amount paid for transfer of remaining ownership | $350,000 | $350,000 | $350,000 | ' |
IMH common stock issued for settlement | ' | $1,100,000 | $1,100,000 | ' |
Ownership interest (as a percent) | ' | ' | ' | 100.00% |