Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 07, 2014 | |
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-14 | ' |
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 | ' | 9,587,972 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $13,194 | $9,969 |
Restricted cash | 1,863 | 1,467 |
Mortgage loans held-for-sale | 234,530 | 129,191 |
Mortgage servicing rights | 13,568 | 35,981 |
Securitized mortgage trust assets | 5,368,048 | 5,513,166 |
Assets of discontinued operations | 185 | 2,277 |
Other assets | 29,420 | 26,274 |
Total assets | 5,660,808 | 5,718,325 |
LIABILITIES | ' | ' |
Warehouse borrowings | 221,370 | 119,634 |
Convertible notes | 20,000 | 20,000 |
Long-term debt | 18,040 | 15,871 |
Securitized mortgage trust liabilities | 5,353,358 | 5,502,585 |
Liabilities of discontinued operations | 2,864 | 12,883 |
Other liabilities | 18,532 | 21,481 |
Total liabilities | 5,634,164 | 5,692,454 |
Commitments and contingencies (See Note 12) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $0.01 par value; 200,000,000 shares authorized; 9,586,972 and 8,988,910 shares issued and outstanding as of September 30, 2014 and December 31, 2013, respectively | 96 | 90 |
Additional paid-in capital | 1,089,025 | 1,084,173 |
Net accumulated deficit: | ' | ' |
Cumulative dividends declared | -822,520 | -822,520 |
Retained deficit | -239,978 | -235,893 |
Net accumulated deficit | -1,062,498 | -1,058,413 |
Total stockholders' equity | 26,644 | 25,871 |
Total liabilities and stockholders' equity | 5,660,808 | 5,718,325 |
Series A-1 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, 2014 | Dec. 31, 2013 |
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 | 9,586,972 | 8,988,910 |
Common stock, shares outstanding | 9,586,972 | 8,988,910 |
Series A-1 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Gain on sale of loans, net | $9,122 | $11,349 | $20,248 | $49,279 |
Real estate services fees, net | 3,243 | 4,933 | 11,282 | 14,516 |
Servicing income, net | 913 | 989 | 3,773 | 2,929 |
(Loss) gain on mortgage servicing rights | -998 | -121 | -3,540 | 3,061 |
Other | 195 | -70 | 1,662 | 884 |
Total revenues | 12,475 | 17,080 | 33,425 | 70,669 |
Expenses: | ' | ' | ' | ' |
Personnel expense | 9,062 | 15,270 | 27,841 | 51,923 |
General, administrative and other | 4,410 | 6,092 | 14,337 | 19,298 |
Total expenses | 13,472 | 21,362 | 42,178 | 71,221 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 79,631 | 74,216 | 220,613 | 240,872 |
Interest expense | -78,884 | -74,418 | -220,275 | -240,836 |
Change in fair value of long-term debt | ' | 75 | -424 | -453 |
Change in fair value of net trust assets, including trust REO gains (losses) | 92 | -271 | 7,841 | -2,377 |
Total other income (expense) | 839 | -398 | 7,755 | -2,794 |
Loss from continuing operations before income taxes | -158 | -4,680 | -998 | -3,346 |
Income tax expense (benefit) from continuing operations | 307 | -9 | 1,405 | -1,065 |
Loss from continuing operations | -465 | -4,671 | -2,403 | -2,281 |
Loss from discontinued operations, net of tax | -736 | -277 | -1,682 | -2,051 |
Net loss | -1,201 | -4,948 | -4,085 | -4,332 |
Net earnings attributable to noncontrolling interest | ' | ' | ' | -136 |
Net loss attributable to common stockholders | ($1,201) | ($4,948) | ($4,085) | ($4,468) |
Loss per common share - basic and diluted: | ' | ' | ' | ' |
Loss from continuing operations attributable to IMH (in dollars per share) | ($0.05) | ($0.53) | ($0.26) | ($0.28) |
Loss from discontinued operations (in dollars per share) | ($0.08) | ($0.03) | ($0.18) | ($0.24) |
Net loss per share available to common stockholders (in dollars per share) | ($0.13) | ($0.56) | ($0.44) | ($0.52) |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($4,085) | ($4,332) |
Gain on sale of MSRs | -1,388 | -88 |
Change in fair value of mortgage servicing rights | 4,928 | -2,973 |
Gain on sale of AmeriHome | -1,208 | ' |
Gain on sale of loans | -15,826 | -53,071 |
Change in fair value of mortgage loans held-for-sale | -5,103 | 345 |
Change in fair value of derivatives lending, net | -170 | 3,630 |
Provision for repurchases | 851 | 1,395 |
Origination of mortgage loans held-for-sale | -1,737,217 | -1,983,315 |
Sale and principal reduction on mortgage loans held-for-sale | 1,635,569 | 2,012,054 |
Gains from REO | -8,977 | -9,232 |
Change in fair value of net trust assets, excluding REO | -2,786 | 6,641 |
Change in fair value of long-term debt | 424 | 453 |
Accretion of interest income and expense | 137,087 | 165,130 |
Change in REO impairment reserve | 6,243 | 4,537 |
Amortization of debt issuance costs and discount on note payable | 31 | 18 |
Stock-based compensation | 1,377 | 1,345 |
Net change in restricted cash | -396 | 1,398 |
Net cash used in operating activities of discontinued operations | -7,844 | -7,605 |
Net change in other assets and liabilities | 2,994 | 3,736 |
Net cash provided by operating activities | 4,504 | 140,066 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Net change in securitized mortgage collateral | 452,046 | 583,248 |
Proceeds from the sale of mortgage servicing rights | 28,665 | 3,076 |
Finance receivable advances to customers | -37,872 | ' |
Repayments of finance receivables | 33,538 | ' |
Net change in mortgages held-for-investment | 6 | -60 |
Purchase of premises and equipment | -18 | -540 |
Net principal change on investment securities available-for-sale | 64 | 57 |
Acquisition of noncontrolling interest | ' | -350 |
Proceeds from the sale of REO | 27,666 | 40,332 |
Proceeds from the sale of AmeriHome | 10,200 | ' |
Net cash provided by investing activities | 514,295 | 625,763 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Repayment of warehouse borrowings | -1,560,956 | -1,883,070 |
Borrowings under warehouse agreement | 1,662,692 | 1,889,901 |
Repayment of line of credit | -23,250 | -5,500 |
Borrowings under line of credit | 20,250 | 5,500 |
Repayment of securitized mortgage borrowings | -613,708 | -785,638 |
Issuance of Convertible Notes | ' | 20,000 |
Principal payments on notes payable | ' | -3,431 |
Principal payments on capital lease | -552 | -547 |
Capitalized debt issuance costs | ' | -267 |
Proceeds from exercise of stock options | 33 | 151 |
Net cash used in financing activities | -515,491 | -762,901 |
Net change in cash and cash equivalents | 3,308 | 2,928 |
Cash and cash equivalents at beginning of year | 9,969 | 12,755 |
Cash and cash equivalents at end of period - continuing operations | 13,194 | 15,669 |
Cash and cash equivalents at end of period - discontinued operations | 83 | 14 |
Cash and cash equivalents at end of period | 13,277 | 15,683 |
NON-CASH TRANSACTIONS (Continuing and Discontinued Operations): | ' | ' |
Transfer of securitized mortgage collateral to real estate owned | 23,510 | 26,562 |
Mortgage servicing rights retained from loan sales and issuance of mortgage backed securities | 17,238 | 17,169 |
Common stock issued upon legal settlement | 3,449 | 2,135 |
Acquisition of equipment purchased through capital leases | 573 | 1,050 |
Increase in ownership of AmeriHome | ' | 911 |
Common stock issued for acquisition of noncontrolling interest | ' | $1,100 |
Summary_of_Business_and_Financ
Summary of Business and Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. 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, 2013, 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. | |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity, which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The guidance applies prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The standard is required to be adopted by public business entities in annual periods beginning on or after December 15, 2014, and interim periods within those annual periods. The Company will be required to adopt this ASU beginning with the quarter ending March 31, 2015. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period, (ASU 2014-12). The amendments in ASU 2014-12 require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition.. ASU 2014-12 becomes effective for annual and interim periods beginning after December 15, 2015 with early adoption permitted. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity. A collateralized financing entity (CFE) is a variable interest entity with nominal or no equity that holds financial assets and issues beneficial interests in those financial assets. The ASU is intended to address diversity in practice in accounting for the measurement difference between financial assets and financial liabilities of CFEs. The ASU is effective for annual periods and interim periods with those annual periods beginning after December 15, 2015. A reporting entity may apply the ASU using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government Guaranteed Mortgage Loans upon Foreclosure. This update requires creditors to reclassify loans that are within the scope of the ASU to “other receivables” upon foreclosure, rather than reclassifying them to other real estate owned. The separate other receivable recorded upon foreclosure is to be measured based on the amount of the loan balance (principal and interest) the creditor expects to recover from the guarantor. The new guidance is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern and provide related disclosures. The ASU is effective for annual and interim reporting periods beginning January 1, 2017. The adoption of this ASU is not expected to have a material impact on the Company’s financial statements. |
Mortgage_Loans_HeldforSale
Mortgage Loans Held-for-Sale | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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, | |||||||||||||
2014 | 2013 | |||||||||||||
Government (1) | $ | 159,765 | $ | 81,292 | ||||||||||
Conventional (2) | 66,066 | 44,303 | ||||||||||||
Fair value adjustment | 8,699 | 3,596 | ||||||||||||
Total mortgage loans held-for-sale | $ | 234,530 | $ | 129,191 | ||||||||||
(1) Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (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, 2014 and 2013: | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Gain on sale of mortgage loans | $ | 29,578 | $ | 6,413 | $ | 62,339 | $ | 50,188 | ||||||
Premium from servicing retained loan sales | 8,913 | 5,894 | 17,238 | 17,169 | ||||||||||
Unrealized gains (losses) from derivative financial instruments | 84 | (5,677 | ) | 170 | (3,631 | ) | ||||||||
Realized (losses) gains from derivative financial instruments | (2,436 | ) | 7,109 | (8,579 | ) | 17,747 | ||||||||
Mark to market gain (loss) on LHFS | 2,294 | 5,326 | 5,103 | (345 | ) | |||||||||
Direct origination expenses, net | (28,974 | ) | (7,303 | ) | (55,172 | ) | (30,454 | ) | ||||||
Provision for repurchases | (337 | ) | (413 | ) | (851 | ) | (1,395 | ) | ||||||
Total gain on sale of loans, net | $ | 9,122 | $ | 11,349 | $ | 20,248 | $ | 49,279 |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
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. | ||||||||||||||
The following table summarizes the activity of MSRs for the nine months ending September 30, 2014 and 2013: | ||||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 35,981 | $ | 10,703 | ||||||||||
Additions from servicing retained loan sales | 17,238 | 17,169 | ||||||||||||
Reductions from bulk sales | (27,277 | ) | (2,988 | ) | ||||||||||
Reduction from sale of AmeriHome | (7,446 | ) | — | |||||||||||
Changes in fair value (1) | (4,928 | ) | 2,973 | |||||||||||
Fair value of MSRs at end of period | $ | 13,568 | $ | 27,857 | ||||||||||
(1) Changes in fair value are included within (loss) gain on mortgage servicing rights in the consolidated statements of operations. | ||||||||||||||
At September 30, 2014 and December 31, 2013, the outstanding principal balance of the mortgage servicing portfolio was comprised of the following: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Government | $ | 727,954 | $ | 1,203,478 | ||||||||||
Conventional | 1,566,726 | 1,837,475 | ||||||||||||
2010 Acquisition of AmeriHome (1) | — | 87,693 | ||||||||||||
Servicing sold but not transferred | (1,046,948 | ) | — | |||||||||||
Total loans serviced | $ | 1,247,732 | $ | 3,128,646 | ||||||||||
(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. During March 2014, the Company sold AmeriHome. See Note 14. Sale of AmeriHome for more details. | ||||||||||||||
The table below illustrates hypothetical changes in fair values of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value. See Note 8.—Fair Value of Financial Instruments, for a description of the key assumptions used to determine the fair value of MSRs. | ||||||||||||||
Mortgage Servicing Rights Sensitivity Analysis | September 30, | |||||||||||||
2014 | ||||||||||||||
Fair value of MSRs | $ | 13,568 | ||||||||||||
Prepayment Speed: | ||||||||||||||
Decrease in fair value from 100 basis point (bp) adverse change | (486 | ) | ||||||||||||
Decrease in fair value from 200 bp adverse change | (962 | ) | ||||||||||||
Discount Rate: | ||||||||||||||
Decrease in fair value from 100 bp adverse change | (486 | ) | ||||||||||||
Decrease in fair value from 200 bp adverse change | (939 | ) | ||||||||||||
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. | ||||||||||||||
(Loss) gain on mortgage servicing rights are comprised of the following for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Gain (loss) on sale of mortgage servicing rights | $ | 207 | $ | (28 | ) | $ | 1,388 | $ | 88 | |||||
Change in fair value of mortgage servicing rights | (1,205 | ) | (93 | ) | (4,928 | ) | 2,973 | |||||||
(Loss) gain on mortgage servicing rights | $ | (998 | ) | $ | (121 | ) | $ | (3,540 | ) | $ | 3,061 | |||
During the three and nine months ended September 30, 2014, the Company sold $1.0 billion and $2.6 billion in UPB of servicing at a gain of $207 thousand and $1.4 million. The Company also recorded a loss of $1.2 million and $4.9 million for the change in fair value of mortgage servicing rights during the three and nine months ended September 30, 2014. |
Warehouse_Borrowings
Warehouse Borrowings | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Warehouse Borrowings | ' | ||||||||||
Warehouse Borrowings | ' | ||||||||||
Note 4.—Warehouse Borrowings | |||||||||||
The Company, through its subsidiaries, is a party to four 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. | |||||||||||
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, 2014 | December 31, 2013 | |||||||||
Short-term borrowings: | |||||||||||
Repurchase agreement 1 | $ | 100,000 | $ | 65,966 | $ | 50,794 | |||||
Repurchase agreement 2 | 40,000 | 38,084 | 19,493 | ||||||||
Repurchase agreement 3 (1) | 50,000 | 29,087 | 15,592 | ||||||||
Repurchase agreement 4 (2) | 125,000 | 88,233 | 33,755 | ||||||||
Total short-term borrowings | $ | 315,000 | $ | 221,370 | $ | 119,634 | |||||
(1) In September 2014, the maturity was extended to September 2015. | |||||||||||
(2) In September 2014, the maturity was extended to September 2015. As part of the agreement, the Company has a $40 million sublimit for re-warehousing with $4.3 million outstanding at September 30, 2014. |
Convertible_Notes
Convertible Notes (Convertible Notes) | 9 Months Ended |
Sep. 30, 2014 | |
Convertible Notes | ' |
Convertible notes | ' |
Convertible Notes | ' |
Note 5.—Convertible Notes | |
In April 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. |
Line_of_Credit_Agreement
Line of Credit Agreement (Line of credit) | 9 Months Ended |
Sep. 30, 2014 | |
Line of credit | ' |
Line of Credit Agreement | ' |
Line of Credit Agreement | ' |
Note 6.—Line of Credit Agreement | |
In June 2014, 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 2015. 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, 2014, which is included in other liabilities in the accompanying consolidated balance sheets. |
Securitized_Mortgage_Trusts
Securitized Mortgage Trusts | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Securitized Mortgage Trusts | ' | |||||||||||||
Securitized Mortgage Trusts | ' | |||||||||||||
Note 7.—Securitized Mortgage Trusts | ||||||||||||||
Trust Assets | ||||||||||||||
Trust assets, which are recorded at fair value, are comprised of the following at September 30, 2014 and December 31, 2013: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Securitized mortgage collateral | $ | 5,350,474 | $ | 5,494,152 | ||||||||||
Real estate owned | 17,484 | 18,906 | ||||||||||||
Investment securities available-for-sale | 90 | 108 | ||||||||||||
Total trust assets | $ | 5,368,048 | $ | 5,513,166 | ||||||||||
Trust Liabilities | ||||||||||||||
Trust liabilities, which are recorded at fair value, are comprised of the following at September 30, 2014 and December 31, 2013: | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Securitized mortgage borrowings | $ | 5,346,791 | $ | 5,492,371 | ||||||||||
Derivative liabilities | 6,567 | 10,214 | ||||||||||||
Total trust liabilities | $ | 5,353,358 | $ | 5,502,585 | ||||||||||
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, 2014 and 2013: | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Change in fair value of net trust assets, excluding REO | $ | 139 | $ | (3,947 | ) | $ | (1,136 | ) | $ | (11,609 | ) | |||
(Losses) gains from REO | (47 | ) | 3,676 | 8,977 | 9,232 | |||||||||
Change in fair value of net trust assets, including trust REO gains (losses) | $ | 92 | $ | (271 | ) | $ | 7,841 | $ | (2,377 | ) | ||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||
Note 8.—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, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,194 | $ | 13,194 | $ | — | $ | — | $ | 9,969 | $ | 9,969 | $ | — | $ | — | |||||||||||||
Restricted cash | 1,863 | 1,863 | — | — | 1,467 | 1,467 | — | — | |||||||||||||||||||||
Mortgage loans held-for-sale | 234,530 | — | 234,530 | — | 129,191 | — | 129,191 | — | |||||||||||||||||||||
Finance receivables | 4,334 | — | 4,334 | — | — | — | — | — | |||||||||||||||||||||
Mortgage servicing rights | 13,568 | — | — | 13,568 | 35,981 | — | — | 35,981 | |||||||||||||||||||||
Derivative assets, lending, net | 2,316 | — | — | 2,316 | 1,992 | — | 1,079 | 913 | |||||||||||||||||||||
Investment securities available-for-sale | 90 | — | — | 90 | 108 | — | — | 108 | |||||||||||||||||||||
Securitized mortgage collateral | 5,350,474 | — | — | 5,350,474 | 5,494,152 | — | — | 5,494,152 | |||||||||||||||||||||
Warrant | 164 | — | — | 164 | — | — | — | — | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Warehouse borrowings | $ | 221,370 | $ | — | $ | 221,370 | $ | — | $ | 119,634 | $ | — | $ | 119,634 | $ | — | |||||||||||||
Convertible notes | 20,000 | — | — | 20,000 | 20,000 | — | — | 20,000 | |||||||||||||||||||||
Long-term debt | 18,040 | — | — | 18,040 | 15,871 | — | — | 15,871 | |||||||||||||||||||||
Securitized mortgage borrowings | 5,346,791 | — | — | 5,346,791 | 5,492,371 | — | — | 5,492,371 | |||||||||||||||||||||
Derivative liabilities, securitized trusts | 6,567 | — | — | 6,567 | 10,214 | — | — | 10,214 | |||||||||||||||||||||
Derivative liabilities, lending, net | 165 | — | 165 | — | — | — | — | — | |||||||||||||||||||||
Line of credit | — | — | — | — | 3,000 | — | 3,000 | — | |||||||||||||||||||||
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 and mortgage loans held-for-sale. | |||||||||||||||||||||||||||||
The carrying amount of cash, cash equivalents and restricted cash approximates fair value. | |||||||||||||||||||||||||||||
Finance receivables carrying amounts approximate fair value due to the short-term nature of the assets and do not present unanticipated interest rate or credit concerns. | |||||||||||||||||||||||||||||
Warehouse borrowings carrying amounts approximate fair value due to the short-term nature of the liabilities and do not present unanticipated interest rate or credit concerns. | |||||||||||||||||||||||||||||
Convertible notes are recorded at amortized cost. The estimated fair value is determined using a discounted cash flow model using estimated market rates. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
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, interest rate lock commitments (IRLCs), mortgage servicing rights and warrant as Level 3 fair value measurements. Level 3 assets and liabilities were 96% and 99% and 98% and 99%, respectively, of total assets and total liabilities measured at estimated fair value at September 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||||||||
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, 2014 and December 31, 2013, based on the fair value hierarchy: | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment securities available-for-sale | $ | — | $ | — | $ | 90 | $ | — | $ | — | $ | 108 | |||||||||||||||||
Mortgage loans held-for-sale | — | 234,530 | — | — | 129,191 | — | |||||||||||||||||||||||
Derivative assets, lending, net (1) | — | — | 2,316 | — | 1,079 | 913 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 13,568 | — | — | 35,981 | |||||||||||||||||||||||
Warrant | — | — | 164 | — | — | — | |||||||||||||||||||||||
Securitized mortgage collateral | — | — | 5,350,474 | — | — | 5,494,152 | |||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 234,530 | $ | 5,366,612 | $ | — | $ | 130,270 | $ | 5,531,154 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Securitized mortgage borrowings | $ | — | $ | — | $ | 5,346,791 | $ | — | $ | — | $ | 5,492,371 | |||||||||||||||||
Derivative liabilities, securitized trusts | — | — | 6,567 | — | — | 10,214 | |||||||||||||||||||||||
Long-term debt | — | — | 18,040 | — | — | 15,871 | |||||||||||||||||||||||
Derivative liabilities, lending, net (2) | — | 165 | — | — | — | — | |||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 165 | $ | 5,371,398 | $ | — | $ | — | $ | 5,518,456 | |||||||||||||||||
(1) At September 30, 2014, derivative assets, lending, net included $2.3 million in IRLCs associated with the Company’s mortgage lending operations, and is included in other assets in the accompanying consolidated balance sheets. At December 31, 2013, derivative assets, lending, net included $913 thousand in IRLCs and $1.1 million in hedging instruments, respectively, associated with the Company’s mortgage lending operations, and is included in other assets and other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(2) At September 30, 2014, derivative liabilities, lending, net included $165 thousand in hedging instruments associated with the Company’s mortgage lending operations and is 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, 2014 and 2013: | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Long-term | Warrant | ||||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | debt | |||||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | rights | |||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, June 30, 2014 | $ | 91 | $ | 5,510,741 | $ | (5,507,629 | ) | $ | (7,949 | ) | $ | 16,166 | $ | 3,073 | $ | (17,555 | ) | $ | — | ||||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 6 | 21,312 | — | — | — | — | — | — | |||||||||||||||||||||
Interest expense (1) | — | — | (64,502 | ) | — | — | — | (485 | ) | — | |||||||||||||||||||
Change in fair value | 11 | (27,784 | ) | 27,899 | 13 | (1,205 | ) | (757 | ) | — | — | ||||||||||||||||||
Total gains (losses) included in earnings | 17 | (6,472 | ) | (36,603 | ) | 13 | (1,205 | ) | (757 | ) | (485 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Issuances | — | — | — | — | 8,913 | — | — | 164 | |||||||||||||||||||||
Settlements | (18 | ) | (153,795 | ) | 197,441 | 1,369 | (10,306 | ) | — | — | — | ||||||||||||||||||
Fair value, September 30, 2014 | $ | 90 | $ | 5,350,474 | $ | (5,346,791 | ) | $ | (6,567 | ) | $ | 13,568 | $ | 2,316 | $ | (18,040 | ) | $ | 164 | ||||||||||
Unrealized gains (losses) still held (2) | $ | 84 | $ | (1,446,463 | ) | $ | 3,581,924 | $ | (6,132 | ) | $ | 13,568 | $ | 2,316 | $ | 52,723 | $ | 164 | |||||||||||
(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, 2014. 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, 2014. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call option | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | 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 | ) | ||||||||
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 $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. | |||||||||||||||||||||||||||||
(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, 2013. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Long-term | Warrant | ||||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, | debt | |||||||||||||||||||||||
available-for- | collateral | borrowings | securitized | net | |||||||||||||||||||||||||
sale | trusts | ||||||||||||||||||||||||||||
Fair value, December 31, 2013 | $ | 108 | $ | 5,494,152 | $ | (5,492,371 | ) | $ | (10,214 | ) | $ | 35,981 | $ | 913 | $ | (15,871 | ) | $ | — | ||||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 19 | 42,268 | — | — | — | — | — | — | |||||||||||||||||||||
Interest expense (1) | — | — | (177,629 | ) | — | — | — | (1,745 | ) | — | |||||||||||||||||||
Change in fair value | 27 | 289,610 | (290,360 | ) | (413 | ) | (4,928 | ) | 1,414 | (424 | ) | — | |||||||||||||||||
Total gains (losses) included in earnings | 46 | 331,878 | (467,989 | ) | (413 | ) | (4,928 | ) | 1,414 | (2,169 | ) | — | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Issuances | — | — | — | — | 17,238 | — | — | 164 | |||||||||||||||||||||
Settlements | (64 | ) | (475,556 | ) | 613,569 | 4,060 | (34,723 | ) | (11 | ) | — | — | |||||||||||||||||
Fair value, September 30, 2014 | $ | 90 | $ | 5,350,474 | $ | (5,346,791 | ) | $ | (6,567 | ) | $ | 13,568 | $ | 2,316 | $ | (18,040 | ) | $ | 164 | ||||||||||
(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 $4.0 million for the nine months ended September 30, 2014. 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 option | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, | option | debt | ||||||||||||||||||||||
available-for- | collateral | borrowings | securitized | net | |||||||||||||||||||||||||
sale | 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 (losses) gains 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 | ) | ||||||||
(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. | |||||||||||||||||||||||||||||
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, 2014: | |||||||||||||||||||||||||||||
Financial Instrument | Estimated Fair | Valuation | Unobservable | Range of | |||||||||||||||||||||||||
Value | Technique | Input | Inputs | ||||||||||||||||||||||||||
Assets and liabilities backed by real estate | |||||||||||||||||||||||||||||
Investment securities available-for-sale, | $ | 90 | DCF | Discount rates | 3.4 - 25.0% | ||||||||||||||||||||||||
Securitized mortgage collateral, and | 5,350,474 | Prepayment rates | 0.8 - 29.5% | ||||||||||||||||||||||||||
Securitized mortgage borrowings | (5,346,791 | ) | Default rates | 0.6 - 12.5% | |||||||||||||||||||||||||
Loss severities | 7.0 - 61.2% | ||||||||||||||||||||||||||||
Other assets and liabilities | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 13,568 | DCF | Discount rate | 10.5 - 11.5% | ||||||||||||||||||||||||
Prepayment rates | 2.9 - 14.5% | ||||||||||||||||||||||||||||
Derivative liabilities, net, securitized trusts | (6,567 | ) | DCF | 1M forward LIBOR | 0.2 - 3.6% | ||||||||||||||||||||||||
Derivative assets - IRLCs, net | 2,316 | Market pricing | Pull -through rate | 42.0 - 99.0% | |||||||||||||||||||||||||
Long-term debt | (18,040 | ) | DCF | Discount rate | 23.50% | ||||||||||||||||||||||||
Lease liability | (1,705 | ) | 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, 2014 and 2013: | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||
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 | $ | 6 | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | 17 | |||||||||||||||
Securitized mortgage collateral | 21,312 | — | (27,784 | ) | — | — | — | (6,472 | ) | ||||||||||||||||||||
Securitized mortgage borrowings | — | (64,502 | ) | 27,899 | — | — | — | (36,603 | ) | ||||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | 13 | -2 | — | — | — | 13 | |||||||||||||||||||||
Long-term debt | — | (485 | ) | — | — | — | — | (485 | ) | ||||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | (1,205 | ) | — | (1,205 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 2,294 | 2,294 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | (757 | ) | (757 | ) | ||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | 841 | 841 | ||||||||||||||||||||||
Total | $ | 21,318 | $ | (64,987 | ) | $ | 139 | $ | — | $ | (1,205 | ) | $ | 2,378 | $ | (42,357 | ) | ||||||||||||
(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 changes in the fair value of derivative instruments, offset by $1.3 million in cash payments from the securitization trusts for the three months ended September 30, 2014. | |||||||||||||||||||||||||||||
(3) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | 323 | -2 | — | — | — | 323 | |||||||||||||||||||||
Long-term debt | — | (642 | ) | — | 75 | — | — | (567 | ) | ||||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | (93 | ) | — | (93 | ) | ||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
(3) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Changes in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||
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 | $ | 19 | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 46 | |||||||||||||||
Securitized mortgage collateral | 42,268 | — | 289,610 | — | — | — | 331,878 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (177,629 | ) | (290,360 | ) | — | — | — | (467,989 | ) | |||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | (413 | )(2) | — | — | — | (413 | ) | ||||||||||||||||||||
Long-term debt | — | (1,745 | ) | — | (424 | ) | — | — | (2,169 | ) | |||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | (4,928 | ) | — | (4,928 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 5,103 | 5,103 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 1,414 | 1,414 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (1,244 | ) | (1,244 | ) | ||||||||||||||||||||
Total | $ | 42,287 | $ | (179,374 | ) | $ | (1,136 | )(4) | $ | (424 | ) | $ | (4,928 | ) | $ | 5,273 | $ | (138,302 | ) | ||||||||||
(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 $3.5 million in changes in the fair value of derivative instruments, offset by $3.9 million in cash payments from the securitization trusts for the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||
(3) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
(4) For the nine months ended September 30, 2014, change in the fair value of net trust assets, excluding REO was $1.1 million. Excluded from the $(2.8) million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statements of cash flows is $3.9 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 Loss | |||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | 705 | -2 | — | — | — | 705 | |||||||||||||||||||||
Long-term debt | — | (1,782 | ) | — | (453 | ) | — | — | (2,235 | ) | |||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | 2,973 | — | 2,973 | ||||||||||||||||||||||
Call option | — | — | — | — | 111 | — | 111 | ||||||||||||||||||||||
Put option | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||
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 | )(4) | $ | (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) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
(4) 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 statements of cash flows is $5.0 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, 2014 and December 31, 2013 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, 2014. | |||||||||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||||||||
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, 2014, securitized mortgage collateral had an unpaid principal balance of $6.8 billion, compared to an estimated fair value on the Company’s balance sheet of $5.4 billion. The aggregate unpaid principal balance exceeds the fair value by $1.4 billion at September 30, 2014. As of September 30, 2014, the unpaid principal balance of loans 90 days or more past due was $1.1 billion compared to an estimated fair value of $0.4 billion. The aggregate unpaid principal balances of loans 90 days or more past due exceed the fair value by $0.7 billion at September 30, 2014. Securitized mortgage collateral is considered a Level 3 measurement at September 30, 2014. | |||||||||||||||||||||||||||||
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, 2014, securitized mortgage borrowings had an outstanding principal balance of $6.8 billion, net of $2.2 billion in bond losses, compared to an estimated fair value of $5.3 billion. The aggregate outstanding principal balance exceeds the fair value by $1.5 billion at September 30, 2014. Securitized mortgage borrowings are considered a Level 3 measurement at September 30, 2014. | |||||||||||||||||||||||||||||
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, 2014, long-term debt had an unpaid principal balance of $70.5 million compared to an estimated fair value of $18.0 million. The aggregate unpaid principal balance exceeds the fair value by $52.5 million at September 30, 2014. The long-term debt is considered a Level 3 measurement at September 30, 2014. | |||||||||||||||||||||||||||||
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, 2014, the notional balance of derivative assets and liabilities, securitized trusts was $102.8 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, 2014. | |||||||||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||||||||
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 | For the Nine Months | |||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||||||||||||
September 30, | September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Derivative - IRLC’s | $ | 208,433 | $ | 200,484 | $ | (757 | ) | $ | 3,503 | $ | 1,414 | $ | (167 | ) | |||||||||||||||
Derivative - TBA’s | 285,797 | 210,192 | (1,595 | ) | (2,071 | ) | (9,823 | ) | 14,282 | ||||||||||||||||||||
(1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations. | |||||||||||||||||||||||||||||
Warrant— Upon entering an arrangement to facilitate the Company’s ability to offer Non-QM mortgage products, a warrant to purchase up to 9.9% of Impac Mortgage Corp. was issued. The warrant can only be exercised if the Company chooses not to continue with the agreement to facilitate Non-QM mortgage products and has a 60 day expiration window after the termination of the agreement. The exercise price of the warrant is an agreed upon multiple times the book value of the subsidiary Impac Mortgage Corp. at the time of exercise plus up to an additional .2 times the book value at the exercise date based off of the net income of Impac Mortgage Corp. for the following 12 months. Additionally, if upon exercise of the warrant, the Company does not receive regulatory approval for the sale of the 9.9% as a result of actions of the Company, the Company will have to pay the holder of the warrant a redemption price, equal to the value of the warrant, in cash within 30 days. The estimated fair value of the warrant was based on a model incorporating various assumptions including expected future book value of Impac Mortgage Corp., the probability of the warrant being exercised, volatility, expected term and certain other factors. | |||||||||||||||||||||||||||||
Call/Put option—As part of the initial acquisition of AmeriHome, the purchase agreement included a call option to purchase an additional 39% of AmeriHome and 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. 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 December 31, 2013, the Company owned 100% of AmeriHome. The estimated fair values of the call and put options were based on models incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. AmeriHome was sold in March 2014. See Note 14. Sale of AmeriHome for more details. | |||||||||||||||||||||||||||||
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, 2014 and 2013, respectively: | |||||||||||||||||||||||||||||
Nonrecurring Fair Value | Total Gains (Losses) (3) | ||||||||||||||||||||||||||||
Measurements | |||||||||||||||||||||||||||||
September 30, 2014 | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | September 30, 2014 | September 30, 2014 | |||||||||||||||||||||||||
REO (1) | $ | — | $ | 1,686 | $ | — | $ | (47 | ) | $ | 8,977 | ||||||||||||||||||
Lease liability (2) | — | — | (1,705 | ) | 11 | (617 | ) | ||||||||||||||||||||||
(1) Balance represents REO at September 30, 2014 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three months ended September 30, 2014, the $47 thousand loss represents additional impairment write-downs attributable to higher expected loss severities on properties held during the period which resulted in a decrease to the net realizable value (NRV). For the nine months ended September 30, 2014, $9.0 million gain represents recovery of the 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, 2014, the Company recorded an $11 thousand recovery and $617 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, 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. | |||||||||||||||||||||||||||||
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, 2014. | |||||||||||||||||||||||||||||
Lease liability—In connection with the discontinuation of our non-conforming 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. Additionally, the Company has office space that is no longer occupied by the Company and we intend to sublease it. 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, 2014. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
Note 9.—Income Taxes | |
For the three and nine months ended September 30, 2014, the Company recorded an expense of $307 thousand and $1.4 million, respectively, primarily related to alternative minimum taxes associated with taxable income generated from the sale of AmeriHome and mortgage servicing rights. The Company cannot utilize its NOL carryforward on a small portion of its taxable income because statutory limits on the use of NOL’s generates an alternative minimum tax liability. | |
In January 2013, the Company acquired additional ownership of its AmeriHome subsidiary bringing the Company’s controlling interest to 80%. The increase in ownership allowed 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 an expense of $131 thousand, respectively, in state income tax expense primarily related to states where the Company does not have NOL carryforwards. |
Reconciliation_of_Loss_Per_Sha
Reconciliation of Loss Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Reconciliation of Loss Per Share | ' | |||||||||||||
Reconciliation of Loss Per Share | ' | |||||||||||||
Note 10.—Reconciliation of Loss Per Share | ||||||||||||||
Basic net loss per share is computed by dividing net loss available to common stockholders (numerator) by the weighted average number of vested, common shares outstanding during the period (denominator). Diluted net loss 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, dilutive effect of outstanding stock options and deferred stock units (DSUs). | ||||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for basic earnings (loss) per share: | ||||||||||||||
Loss from continuing operations | $ | (465 | ) | $ | (4,671 | ) | $ | (2,403 | ) | $ | (2,281 | ) | ||
Net earnings attributable to noncontrolling interest | — | — | — | (136 | ) | |||||||||
Loss from continuing operations attributable to IMH | (465 | ) | (4,671 | ) | (2,403 | ) | (2,417 | ) | ||||||
Loss from discontinued operations | (736 | ) | (277 | ) | (1,682 | ) | (2,051 | ) | ||||||
Net loss attributable to IMH common stockholders | $ | (1,201 | ) | $ | (4,948 | ) | $ | (4,085 | ) | $ | (4,468 | ) | ||
Numerator for diluted earnings (loss) per share: | ||||||||||||||
Loss from continuing operations attributable to IMH | $ | (465 | ) | $ | (4,671 | ) | $ | (2,403 | ) | $ | (2,417 | ) | ||
Interest expense attributable to convertible notes | — | — | — | — | ||||||||||
Loss from continuing operations attributable to IMH plus interest expense attributable to convertible notes | (465 | ) | (4,671 | ) | (2,403 | ) | (2,417 | ) | ||||||
Loss from discontinued operations | (736 | ) | (277 | ) | (1,682 | ) | (2,051 | ) | ||||||
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes | $ | (1,201 | ) | $ | (4,948 | ) | $ | (4,085 | ) | $ | (4,468 | ) | ||
Denominator for basic earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 9,466 | 8,829 | 9,262 | 8,701 | ||||||||||
Denominator for diluted earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 9,466 | 8,829 | 9,262 | 8,701 | ||||||||||
Net effect of dilutive convertible notes | — | — | — | — | ||||||||||
Net effect of dilutive stock options and DSU’s | — | — | — | — | ||||||||||
Diluted weighted average common shares | 9,466 | 8,829 | 9,262 | 8,701 | ||||||||||
Loss per common share - basic and diluted: | ||||||||||||||
Loss from continuing operations attributable to IMH | $ | (0.05 | ) | $ | (0.53 | ) | $ | (0.26 | ) | $ | (0.28 | ) | ||
Loss from discontinued operations | $ | (0.08 | ) | (0.03 | ) | $ | (0.18 | ) | $ | (0.24 | ) | |||
Net loss per share available to common stockholders | $ | (0.13 | ) | $ | (0.56 | ) | $ | (0.44 | ) | $ | (0.52 | ) | ||
(1) Number of shares presented in thousands. | ||||||||||||||
The anti-dilutive stock options outstanding for the three and nine months ended September 30, 2014 were 2.9 million. The anti-dilutive stock options outstanding for the three and nine months ended September 30, 2013 were 816 thousand shares. Included in the anti-dilutive shares for the three and nine months ended September 30, 2014 was 1.8 million shares attributable to the Convertible Notes. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Segment Reporting | ' | |||||||||||||||||||
Note 11.—Segment Reporting | ||||||||||||||||||||
The Company has three primary reporting segments within continuing operations which include mortgage lending, real estate services and long-term mortgage portfolio. Unallocated corporate and other administrative costs, including the costs associated with being a public company, are presented in Corporate and other. | ||||||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term | Corporate | ||||||||||||||||
three months ended September 30, 2014: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 9,122 | $ | — | $ | — | $ | — | $ | 9,122 | ||||||||||
Real estate services fees, net | — | 3,243 | — | — | 3,243 | |||||||||||||||
Servicing income, net | 913 | — | — | — | 913 | |||||||||||||||
Loss on mortgage servicing rights | (998 | ) | — | — | — | (998 | ) | |||||||||||||
Other revenue | 109 | — | 86 | — | 195 | |||||||||||||||
Other income (expense) | 403 | (6 | ) | 847 | (405 | ) | 839 | |||||||||||||
Total expense | (8,746 | ) | (1,386 | ) | (214 | ) | (3,126 | ) | (13,472 | ) | ||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 803 | $ | 1,851 | $ | 719 | $ | (3,531 | ) | (158 | ) | |||||||||
Income tax expense from continuing operations | 307 | |||||||||||||||||||
Loss from continuing operations | (465 | ) | ||||||||||||||||||
Loss from discontinued operations, net of tax | (736 | ) | ||||||||||||||||||
Net loss | (1,201 | ) | ||||||||||||||||||
Net earnings attributable to noncontrolling interest | — | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (1,201 | ) | |||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term | Corporate | ||||||||||||||||
three months ended September 30, 2013: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 11,349 | $ | — | $ | — | $ | — | $ | 11,349 | ||||||||||
Real estate services fees, net | — | 4,933 | — | — | 4,933 | |||||||||||||||
Servicing income, net | 989 | — | — | — | 989 | |||||||||||||||
Loss on mortgage servicing rights | (121 | ) | — | — | — | (121 | ) | |||||||||||||
Other revenue | 4 | — | (66 | ) | (8 | ) | (70 | ) | ||||||||||||
Other income (expense) | 144 | 5 | (142 | ) | (405 | ) | (398 | ) | ||||||||||||
Total expense | (16,554 | ) | (986 | ) | (380 | ) | (3,442 | ) | (21,362 | ) | ||||||||||
(Loss) earnings from continuing operations before income taxes | $ | (4,189 | ) | $ | 3,952 | $ | (588 | ) | $ | (3,855 | ) | (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 | Corporate | ||||||||||||||||
nine months ended September 30, 2014: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 20,248 | $ | — | $ | — | $ | — | $ | 20,248 | ||||||||||
Real estate services fees, net | — | 11,282 | — | — | 11,282 | |||||||||||||||
Servicing income, net | 3,773 | — | — | — | 3,773 | |||||||||||||||
Loss on mortgage servicing rights | (3,540 | ) | — | — | — | (3,540 | ) | |||||||||||||
Other revenue | 1,366 | — | 296 | — | 1,662 | |||||||||||||||
Other income (expense) | 774 | (5 | ) | 8,198 | (1,212 | ) | 7,755 | |||||||||||||
Total expense | (26,320 | ) | (4,443 | ) | (720 | ) | (10,695 | ) | (42,178 | ) | ||||||||||
(Loss) earnings from continuing operations before income taxes | $ | (3,699 | ) | $ | 6,834 | $ | 7,774 | $ | (11,907 | ) | (998 | ) | ||||||||
Income tax expense from continuing operations | 1,405 | |||||||||||||||||||
Loss from continuing operations | (2,403 | ) | ||||||||||||||||||
Loss from discontinued operations, net of tax | (1,682 | ) | ||||||||||||||||||
Net loss | (4,085 | ) | ||||||||||||||||||
Net earnings attributable to noncontrolling interest | — | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (4,085 | ) | |||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term | Corporate | ||||||||||||||||
nine months ended September 30, 2013: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 49,279 | $ | — | $ | — | $ | — | $ | 49,279 | ||||||||||
Real estate services fees, net | — | 14,516 | — | — | 14,516 | |||||||||||||||
Servicing income, net | 2,929 | — | — | — | 2,929 | |||||||||||||||
Gain on mortgage servicing rights | 3,061 | — | — | — | 3,061 | |||||||||||||||
Other revenue | 117 | — | 787 | (20 | ) | 884 | ||||||||||||||
Other income (expense) | (161 | ) | 16 | (1,949 | ) | (700 | ) | (2,794 | ) | |||||||||||
Total expense | (55,945 | ) | (5,017 | ) | (1,314 | ) | (8,945 | ) | (71,221 | ) | ||||||||||
(Loss) earnings from continuing operations before income taxes | $ | (720 | ) | $ | 9,515 | $ | (2,476 | ) | $ | (9,665 | ) | (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 | ) | |||||||||||||||||
Mortgage | Real Estate | Long-term | Corporate | Discontinued | ||||||||||||||||
Mortgage | ||||||||||||||||||||
Balance Sheet Items as of: | Lending | Services | Portfolio | and other | Operations | Consolidated | ||||||||||||||
Total Assets at September 30, 2014 (1) | $ | 273,655 | $ | 2,983 | $ | 5,380,253 | $ | 3,732 | $ | 185 | $ | 5,660,808 | ||||||||
Total Assets at December 31, 2013 (1) | $ | 183,929 | $ | 1,278 | $ | 5,525,197 | $ | 5,644 | $ | 2,277 | $ | 5,718,325 | ||||||||
(1) All segment asset balances exclude intercompany balances. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
Note 12.—Commitments and Contingencies | |
Legal Proceedings | |
On October 28, 2014 an action was filed in the Superior Court of the State of California in Orange County entitled Mallory Hill vs. Impac Mortgage Holdings, Inc., Impac Mortgage Corporation et al. In the action Mr. Hill seeks compensatory damages, general damages, treble damages, exemplary damages, an accounting, injunctive relief, attorney’s fees and costs for claims based upon a consulting agreement entered into with Mr. Hill, a purported employment relationship entered into with Mr. Hill and other purported claims. | |
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. | |
Please refer to IMH’s report on Form 10-K for the year ended December 31, 2013 and subsequent Form 10-Q filings for a description of litigation and claims. | |
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 nine months ended September 30, 2014, the Company paid approximately $5.3 million to settle previous repurchase claims related to the discontinued operations. At September 30, 2014, the repurchase reserve within discontinued operations was $901 thousand as compared to $5.5 million at December 31, 2013. Additionally, the Company had approximately $4.2 million at September 30, 2014 and $4.0 million at December 31, 2013, in repurchase reserves related to the loans sold since early 2011 by the continuing mortgage lending operation. | |
Short-Term Loan Commitments | |
The Company uses a portion of the excess warehouse borrowing capacity to provide secured short-term revolving financing to small and medium-size mortgage originators to finance mortgage loans from the closing of the mortgage loans until sold to investors (Finance Receivables). As of September 30, 2014, the warehouse lending operations had committed warehouse lines to non-affiliated customers totaling $43 million and an outstanding balance of $4.3 million in finance receivables and none as of December 31, 2013. The finance receivables are secured by residential mortgage loans as well as personal guarantees and are included in other assets on the accompanying consolidated balance sheets. |
Share_Based_Payments
Share Based Payments | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Share Based Payments | ' | ||||||
Share Based Payments | ' | ||||||
Note 13.—Share Based Payments | |||||||
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, | |||||||
2014 | |||||||
Risk-free interest rate | 1.08-1.79 % | ||||||
Expected lives (in years) | 3.48-5.73 | ||||||
Expected volatility (1) | 70.47-75.93 % | ||||||
Expected dividend yield | 0.00% | ||||||
Fair value per share | $2.69 - $4.46 | ||||||
(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, 2014: | |||||||
For the year ended September 30, | |||||||
2014 | |||||||
Weighted- | |||||||
Average | |||||||
Number of | Exercise | ||||||
Shares | Price | ||||||
Options outstanding at beginning of year | 787,132 | $ | 9.07 | ||||
Options granted | 409,250 | 5.41 | |||||
Options exercised | (13,062 | ) | 2.56 | ||||
Options forfeited / cancelled | (81,523 | ) | 20.84 | ||||
Options outstanding at end of period | 1,101,797 | $ | 6.92 | ||||
Options exercisable at end of period | 464,308 | $ | 5.45 | ||||
As of September 30, 2014, there was approximately $2.3 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 2.0 years. | |||||||
There were 409,250 and 255,000 options granted during the nine months ended September 30, 2014 and 2013, respectively. For the nine months ended September 30, 2014 and 2013, the aggregate grant-date fair value of stock options granted was approximately $1.4 million and $1.8 million, respectively. | |||||||
The following table summarizes activity, pricing and other information for the Company’s DSU’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, 2014: | |||||||
Weighted- | |||||||
Average | |||||||
Number of | Grant Date | ||||||
Shares | Fair Value | ||||||
DSU’s outstanding at beginning of year | 72,000 | $ | 8.8 | ||||
DSU’s granted | 3,750 | 5.39 | |||||
DSU’s exercised | — | — | |||||
DSU’s forfeited/cancelled | — | — | |||||
DSU’s outstanding at end of period | 75,750 | $ | 8.63 | ||||
As of September 30, 2014, there was approximately $229 thousand of total unrecognized compensation cost related to the DSU compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted average period of 1.6 years. |
Sale_of_AmeriHome
Sale of AmeriHome | 9 Months Ended |
Sep. 30, 2014 | |
Sale of AmeriHome | ' |
Sale of AmeriHome | ' |
Note 14.—Sale of AmeriHome | |
In March 2014, the Company sold AmeriHome for $10.2 million in cash, recording a gain of approximately $1.2 million, net of a deferred tax adjustment within other revenues in the consolidated statements of operations. In conjunction with the transaction, as required by Fannie Mae, the Company used $3.0 million of the proceeds to reduce the legacy repurchase liability with Fannie Mae. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
Note 15.—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, 2014 | ||||||||||||||
Mortgage Loans Held-for-Sale | ' | |||||||||||||
Summary of the unpaid principal balance of mortgage loans held-for-sale by type | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Government (1) | $ | 159,765 | $ | 81,292 | ||||||||||
Conventional (2) | 66,066 | 44,303 | ||||||||||||
Fair value adjustment | 8,699 | 3,596 | ||||||||||||
Total mortgage loans held-for-sale | $ | 234,530 | $ | 129,191 | ||||||||||
(1) Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (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, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Gain on sale of mortgage loans | $ | 29,578 | $ | 6,413 | $ | 62,339 | $ | 50,188 | ||||||
Premium from servicing retained loan sales | 8,913 | 5,894 | 17,238 | 17,169 | ||||||||||
Unrealized gains (losses) from derivative financial instruments | 84 | (5,677 | ) | 170 | (3,631 | ) | ||||||||
Realized (losses) gains from derivative financial instruments | (2,436 | ) | 7,109 | (8,579 | ) | 17,747 | ||||||||
Mark to market gain (loss) on LHFS | 2,294 | 5,326 | 5,103 | (345 | ) | |||||||||
Direct origination expenses, net | (28,974 | ) | (7,303 | ) | (55,172 | ) | (30,454 | ) | ||||||
Provision for repurchases | (337 | ) | (413 | ) | (851 | ) | (1,395 | ) | ||||||
Total gain on sale of loans, net | $ | 9,122 | $ | 11,349 | $ | 20,248 | $ | 49,279 |
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Mortgage Servicing Rights | ' | |||||||||||||
Schedule of hypothetical changes in the 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, | |||||||||||||
2014 | ||||||||||||||
Fair value of MSRs | $ | 13,568 | ||||||||||||
Prepayment Speed: | ||||||||||||||
Decrease in fair value from 100 basis point (bp) adverse change | (486 | ) | ||||||||||||
Decrease in fair value from 200 bp adverse change | (962 | ) | ||||||||||||
Discount Rate: | ||||||||||||||
Decrease in fair value from 100 bp adverse change | (486 | ) | ||||||||||||
Decrease in fair value from 200 bp adverse change | (939 | ) | ||||||||||||
Schedule of (Loss) gain on mortgage servicing rights | ' | |||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Gain (loss) on sale of mortgage servicing rights | $ | 207 | $ | (28 | ) | $ | 1,388 | $ | 88 | |||||
Change in fair value of mortgage servicing rights | (1,205 | ) | (93 | ) | (4,928 | ) | 2,973 | |||||||
(Loss) gain on mortgage servicing rights | $ | (998 | ) | $ | (121 | ) | $ | (3,540 | ) | $ | 3,061 | |||
Mortgage Servicing Rights | ' | |||||||||||||
Mortgage Servicing Rights | ' | |||||||||||||
Summary of the activity of MSRs | ' | |||||||||||||
September 30, | September 30, | |||||||||||||
2014 | 2013 | |||||||||||||
Balance at beginning of period | $ | 35,981 | $ | 10,703 | ||||||||||
Additions from servicing retained loan sales | 17,238 | 17,169 | ||||||||||||
Reductions from bulk sales | (27,277 | ) | (2,988 | ) | ||||||||||
Reduction from sale of AmeriHome | (7,446 | ) | — | |||||||||||
Changes in fair value (1) | (4,928 | ) | 2,973 | |||||||||||
Fair value of MSRs at end of period | $ | 13,568 | $ | 27,857 | ||||||||||
(1) Changes in fair value are included within (loss) gain on mortgage servicing rights in the consolidated statements of operations. | ||||||||||||||
Schedule of outstanding principal balance of the loans serviced by entity | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Government | $ | 727,954 | $ | 1,203,478 | ||||||||||
Conventional | 1,566,726 | 1,837,475 | ||||||||||||
2010 Acquisition of AmeriHome (1) | — | 87,693 | ||||||||||||
Servicing sold but not transferred | (1,046,948 | ) | — | |||||||||||
Total loans serviced | $ | 1,247,732 | $ | 3,128,646 | ||||||||||
(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. During March 2014, the Company sold AmeriHome. See Note 14. Sale of AmeriHome for more details. |
Warehouse_Borrowings_Tables
Warehouse Borrowings (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Warehouse Borrowings | ' | ||||||||||
Schedule of information on warehouse borrowings | ' | ||||||||||
Maximum | |||||||||||
Borrowing | Balance Outstanding At | ||||||||||
Capacity | September 30, 2014 | December 31, 2013 | |||||||||
Short-term borrowings: | |||||||||||
Repurchase agreement 1 | $ | 100,000 | $ | 65,966 | $ | 50,794 | |||||
Repurchase agreement 2 | 40,000 | 38,084 | 19,493 | ||||||||
Repurchase agreement 3 (1) | 50,000 | 29,087 | 15,592 | ||||||||
Repurchase agreement 4 (2) | 125,000 | 88,233 | 33,755 | ||||||||
Total short-term borrowings | $ | 315,000 | $ | 221,370 | $ | 119,634 | |||||
(1) In September 2014, the maturity was extended to September 2015. | |||||||||||
(2) In September 2014, the maturity was extended to September 2015. As part of the agreement, the Company has a $40 million sublimit for re-warehousing with $4.3 million outstanding at September 30, 2014. |
Securitized_Mortgage_Trusts_Ta
Securitized Mortgage Trusts (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Securitized Mortgage Trusts | ' | |||||||||||||
Schedule of trust assets, which are recorded at fair value | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Securitized mortgage collateral | $ | 5,350,474 | $ | 5,494,152 | ||||||||||
Real estate owned | 17,484 | 18,906 | ||||||||||||
Investment securities available-for-sale | 90 | 108 | ||||||||||||
Total trust assets | $ | 5,368,048 | $ | 5,513,166 | ||||||||||
Schedule of trust liabilities, which are recorded at fair value | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Securitized mortgage borrowings | $ | 5,346,791 | $ | 5,492,371 | ||||||||||
Derivative liabilities | 6,567 | 10,214 | ||||||||||||
Total trust liabilities | $ | 5,353,358 | $ | 5,502,585 | ||||||||||
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, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Change in fair value of net trust assets, excluding REO | $ | 139 | $ | (3,947 | ) | $ | (1,136 | ) | $ | (11,609 | ) | |||
(Losses) gains from REO | (47 | ) | 3,676 | 8,977 | 9,232 | |||||||||
Change in fair value of net trust assets, including trust REO gains (losses) | $ | 92 | $ | (271 | ) | $ | 7,841 | $ | (2,377 | ) |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||||||
Schedule of estimated fair value of financial instruments included in consolidated financial statements | ' | ||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | Carrying | Estimated Fair Value | ||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 13,194 | $ | 13,194 | $ | — | $ | — | $ | 9,969 | $ | 9,969 | $ | — | $ | — | |||||||||||||
Restricted cash | 1,863 | 1,863 | — | — | 1,467 | 1,467 | — | — | |||||||||||||||||||||
Mortgage loans held-for-sale | 234,530 | — | 234,530 | — | 129,191 | — | 129,191 | — | |||||||||||||||||||||
Finance receivables | 4,334 | — | 4,334 | — | — | — | — | — | |||||||||||||||||||||
Mortgage servicing rights | 13,568 | — | — | 13,568 | 35,981 | — | — | 35,981 | |||||||||||||||||||||
Derivative assets, lending, net | 2,316 | — | — | 2,316 | 1,992 | — | 1,079 | 913 | |||||||||||||||||||||
Investment securities available-for-sale | 90 | — | — | 90 | 108 | — | — | 108 | |||||||||||||||||||||
Securitized mortgage collateral | 5,350,474 | — | — | 5,350,474 | 5,494,152 | — | — | 5,494,152 | |||||||||||||||||||||
Warrant | 164 | — | — | 164 | — | — | — | — | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Warehouse borrowings | $ | 221,370 | $ | — | $ | 221,370 | $ | — | $ | 119,634 | $ | — | $ | 119,634 | $ | — | |||||||||||||
Convertible notes | 20,000 | — | — | 20,000 | 20,000 | — | — | 20,000 | |||||||||||||||||||||
Long-term debt | 18,040 | — | — | 18,040 | 15,871 | — | — | 15,871 | |||||||||||||||||||||
Securitized mortgage borrowings | 5,346,791 | — | — | 5,346,791 | 5,492,371 | — | — | 5,492,371 | |||||||||||||||||||||
Derivative liabilities, securitized trusts | 6,567 | — | — | 6,567 | 10,214 | — | — | 10,214 | |||||||||||||||||||||
Derivative liabilities, lending, net | 165 | — | 165 | — | — | — | — | — | |||||||||||||||||||||
Line of credit | — | — | — | — | 3,000 | — | 3,000 | — | |||||||||||||||||||||
Schedule of assets and liabilities that are measured at estimated fair value on recurring basis | ' | ||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
September 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Investment securities available-for-sale | $ | — | $ | — | $ | 90 | $ | — | $ | — | $ | 108 | |||||||||||||||||
Mortgage loans held-for-sale | — | 234,530 | — | — | 129,191 | — | |||||||||||||||||||||||
Derivative assets, lending, net (1) | — | — | 2,316 | — | 1,079 | 913 | |||||||||||||||||||||||
Mortgage servicing rights | — | — | 13,568 | — | — | 35,981 | |||||||||||||||||||||||
Warrant | — | — | 164 | — | — | — | |||||||||||||||||||||||
Securitized mortgage collateral | — | — | 5,350,474 | — | — | 5,494,152 | |||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 234,530 | $ | 5,366,612 | $ | — | $ | 130,270 | $ | 5,531,154 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||
Securitized mortgage borrowings | $ | — | $ | — | $ | 5,346,791 | $ | — | $ | — | $ | 5,492,371 | |||||||||||||||||
Derivative liabilities, securitized trusts | — | — | 6,567 | — | — | 10,214 | |||||||||||||||||||||||
Long-term debt | — | — | 18,040 | — | — | 15,871 | |||||||||||||||||||||||
Derivative liabilities, lending, net (2) | — | 165 | — | — | — | — | |||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 165 | $ | 5,371,398 | $ | — | $ | — | $ | 5,518,456 | |||||||||||||||||
(1) At September 30, 2014, derivative assets, lending, net included $2.3 million in IRLCs associated with the Company’s mortgage lending operations, and is included in other assets in the accompanying consolidated balance sheets. At December 31, 2013, derivative assets, lending, net included $913 thousand in IRLCs and $1.1 million in hedging instruments, respectively, associated with the Company’s mortgage lending operations, and is included in other assets and other liabilities in the accompanying consolidated balance sheets. | |||||||||||||||||||||||||||||
(2) At September 30, 2014, derivative liabilities, lending, net included $165 thousand in hedging instruments associated with the Company’s mortgage lending operations and is 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, 2014 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Long-term | Warrant | ||||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | debt | |||||||||||||||||||||||
available-for-sale | collateral | borrowings | securitized | rights | |||||||||||||||||||||||||
trusts | |||||||||||||||||||||||||||||
Fair value, June 30, 2014 | $ | 91 | $ | 5,510,741 | $ | (5,507,629 | ) | $ | (7,949 | ) | $ | 16,166 | $ | 3,073 | $ | (17,555 | ) | $ | — | ||||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 6 | 21,312 | — | — | — | — | — | — | |||||||||||||||||||||
Interest expense (1) | — | — | (64,502 | ) | — | — | — | (485 | ) | — | |||||||||||||||||||
Change in fair value | 11 | (27,784 | ) | 27,899 | 13 | (1,205 | ) | (757 | ) | — | — | ||||||||||||||||||
Total gains (losses) included in earnings | 17 | (6,472 | ) | (36,603 | ) | 13 | (1,205 | ) | (757 | ) | (485 | ) | — | ||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Issuances | — | — | — | — | 8,913 | — | — | 164 | |||||||||||||||||||||
Settlements | (18 | ) | (153,795 | ) | 197,441 | 1,369 | (10,306 | ) | — | — | — | ||||||||||||||||||
Fair value, September 30, 2014 | $ | 90 | $ | 5,350,474 | $ | (5,346,791 | ) | $ | (6,567 | ) | $ | 13,568 | $ | 2,316 | $ | (18,040 | ) | $ | 164 | ||||||||||
Unrealized gains (losses) still held (2) | $ | 84 | $ | (1,446,463 | ) | $ | 3,581,924 | $ | (6,132 | ) | $ | 13,568 | $ | 2,316 | $ | 52,723 | $ | 164 | |||||||||||
(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, 2014. 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, 2014. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Call option | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing | commitments, net | 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 | ) | ||||||||
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 $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. | |||||||||||||||||||||||||||||
(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, 2013. | |||||||||||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||
Investment | Securitized | Securitized | Derivative | Mortgage | Interest rate lock | Long-term | Warrant | ||||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, | debt | |||||||||||||||||||||||
available-for- | collateral | borrowings | securitized | net | |||||||||||||||||||||||||
sale | trusts | ||||||||||||||||||||||||||||
Fair value, December 31, 2013 | $ | 108 | $ | 5,494,152 | $ | (5,492,371 | ) | $ | (10,214 | ) | $ | 35,981 | $ | 913 | $ | (15,871 | ) | $ | — | ||||||||||
Total gains (losses) included in earnings: | |||||||||||||||||||||||||||||
Interest income (1) | 19 | 42,268 | — | — | — | — | — | — | |||||||||||||||||||||
Interest expense (1) | — | — | (177,629 | ) | — | — | — | (1,745 | ) | — | |||||||||||||||||||
Change in fair value | 27 | 289,610 | (290,360 | ) | (413 | ) | (4,928 | ) | 1,414 | (424 | ) | — | |||||||||||||||||
Total gains (losses) included in earnings | 46 | 331,878 | (467,989 | ) | (413 | ) | (4,928 | ) | 1,414 | (2,169 | ) | — | |||||||||||||||||
Transfers in and/or out of Level 3 | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Purchases, issuances and settlements | |||||||||||||||||||||||||||||
Purchases | — | — | — | — | — | — | — | — | |||||||||||||||||||||
Issuances | — | — | — | — | 17,238 | — | — | 164 | |||||||||||||||||||||
Settlements | (64 | ) | (475,556 | ) | 613,569 | 4,060 | (34,723 | ) | (11 | ) | — | — | |||||||||||||||||
Fair value, September 30, 2014 | $ | 90 | $ | 5,350,474 | $ | (5,346,791 | ) | $ | (6,567 | ) | $ | 13,568 | $ | 2,316 | $ | (18,040 | ) | $ | 164 | ||||||||||
(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 $4.0 million for the nine months ended September 30, 2014. 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 option | Put | Long-term | |||||||||||||||||||||
securities | mortgage | mortgage | liabilities, net, | servicing rights | commitments, | option | debt | ||||||||||||||||||||||
available-for- | collateral | borrowings | securitized | net | |||||||||||||||||||||||||
sale | 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 (losses) gains 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 | ) | ||||||||
(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. | |||||||||||||||||||||||||||||
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, | $ | 90 | DCF | Discount rates | 3.4 - 25.0% | ||||||||||||||||||||||||
Securitized mortgage collateral, and | 5,350,474 | Prepayment rates | 0.8 - 29.5% | ||||||||||||||||||||||||||
Securitized mortgage borrowings | (5,346,791 | ) | Default rates | 0.6 - 12.5% | |||||||||||||||||||||||||
Loss severities | 7.0 - 61.2% | ||||||||||||||||||||||||||||
Other assets and liabilities | |||||||||||||||||||||||||||||
Mortgage servicing rights | $ | 13,568 | DCF | Discount rate | 10.5 - 11.5% | ||||||||||||||||||||||||
Prepayment rates | 2.9 - 14.5% | ||||||||||||||||||||||||||||
Derivative liabilities, net, securitized trusts | (6,567 | ) | DCF | 1M forward LIBOR | 0.2 - 3.6% | ||||||||||||||||||||||||
Derivative assets - IRLCs, net | 2,316 | Market pricing | Pull -through rate | 42.0 - 99.0% | |||||||||||||||||||||||||
Long-term debt | (18,040 | ) | DCF | Discount rate | 23.50% | ||||||||||||||||||||||||
Lease liability | (1,705 | ) | 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 Loss | |||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | |||||||||||||||||||||||||||||
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 | $ | 6 | $ | — | $ | 11 | $ | — | $ | — | $ | — | $ | 17 | |||||||||||||||
Securitized mortgage collateral | 21,312 | — | (27,784 | ) | — | — | — | (6,472 | ) | ||||||||||||||||||||
Securitized mortgage borrowings | — | (64,502 | ) | 27,899 | — | — | — | (36,603 | ) | ||||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | 13 | -2 | — | — | — | 13 | |||||||||||||||||||||
Long-term debt | — | (485 | ) | — | — | — | — | (485 | ) | ||||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | (1,205 | ) | — | (1,205 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 2,294 | 2,294 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | (757 | ) | (757 | ) | ||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | 841 | 841 | ||||||||||||||||||||||
Total | $ | 21,318 | $ | (64,987 | ) | $ | 139 | $ | — | $ | (1,205 | ) | $ | 2,378 | $ | (42,357 | ) | ||||||||||||
(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 changes in the fair value of derivative instruments, offset by $1.3 million in cash payments from the securitization trusts for the three months ended September 30, 2014. | |||||||||||||||||||||||||||||
(3) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Change in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | 323 | -2 | — | — | — | 323 | |||||||||||||||||||||
Long-term debt | — | (642 | ) | — | 75 | — | — | (567 | ) | ||||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | (93 | ) | — | (93 | ) | ||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
(3) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||
Changes in Fair Value Included in Net Loss | |||||||||||||||||||||||||||||
For the nine months ended September 30, 2014 | |||||||||||||||||||||||||||||
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 | $ | 19 | $ | — | $ | 27 | $ | — | $ | — | $ | — | $ | 46 | |||||||||||||||
Securitized mortgage collateral | 42,268 | — | 289,610 | — | — | — | 331,878 | ||||||||||||||||||||||
Securitized mortgage borrowings | — | (177,629 | ) | (290,360 | ) | — | — | — | (467,989 | ) | |||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | (413 | )(2) | — | — | — | (413 | ) | ||||||||||||||||||||
Long-term debt | — | (1,745 | ) | — | (424 | ) | — | — | (2,169 | ) | |||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | (4,928 | ) | — | (4,928 | ) | ||||||||||||||||||||
Mortgage loans held-for-sale | — | — | — | — | — | 5,103 | 5,103 | ||||||||||||||||||||||
Derivative assets - IRLCs | — | — | — | — | — | 1,414 | 1,414 | ||||||||||||||||||||||
Derivative liabilities - Hedging Instruments | — | — | — | — | — | (1,244 | ) | (1,244 | ) | ||||||||||||||||||||
Total | $ | 42,287 | $ | (179,374 | ) | $ | (1,136 | )(4) | $ | (424 | ) | $ | (4,928 | ) | $ | 5,273 | $ | (138,302 | ) | ||||||||||
(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 $3.5 million in changes in the fair value of derivative instruments, offset by $3.9 million in cash payments from the securitization trusts for the nine months ended September 30, 2014. | |||||||||||||||||||||||||||||
(3) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
(4) For the nine months ended September 30, 2014, change in the fair value of net trust assets, excluding REO was $1.1 million. Excluded from the $(2.8) million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statements of cash flows is $3.9 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 Loss | |||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||
Derivative liabilities, net, securitized trusts | — | — | 705 | -2 | — | — | — | 705 | |||||||||||||||||||||
Long-term debt | — | (1,782 | ) | — | (453 | ) | — | — | (2,235 | ) | |||||||||||||||||||
Mortgage servicing rights (3) | — | — | — | — | 2,973 | — | 2,973 | ||||||||||||||||||||||
Call option | — | — | — | — | 111 | — | 111 | ||||||||||||||||||||||
Put option | — | — | — | — | 1 | — | 1 | ||||||||||||||||||||||
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 | )(4) | $ | (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) Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations. | |||||||||||||||||||||||||||||
(4) 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 statements of cash flows is $5.0 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 | For the Nine Months | |||||||||||||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||||||||||||||
September 30, | September 30, | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Derivative - IRLC’s | $ | 208,433 | $ | 200,484 | $ | (757 | ) | $ | 3,503 | $ | 1,414 | $ | (167 | ) | |||||||||||||||
Derivative - TBA’s | 285,797 | 210,192 | (1,595 | ) | (2,071 | ) | (9,823 | ) | 14,282 | ||||||||||||||||||||
(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, 2014 | For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | September 30, 2014 | September 30, 2014 | |||||||||||||||||||||||||
REO (1) | $ | — | $ | 1,686 | $ | — | $ | (47 | ) | $ | 8,977 | ||||||||||||||||||
Lease liability (2) | — | — | (1,705 | ) | 11 | (617 | ) | ||||||||||||||||||||||
(1) Balance represents REO at September 30, 2014 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three months ended September 30, 2014, the $47 thousand loss represents additional impairment write-downs attributable to higher expected loss severities on properties held during the period which resulted in a decrease to the net realizable value (NRV). For the nine months ended September 30, 2014, $9.0 million gain represents recovery of the 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, 2014, the Company recorded an $11 thousand recovery and $617 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, 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. |
Reconciliation_of_Loss_Per_Sha1
Reconciliation of Loss Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Reconciliation of Loss Per Share | ' | |||||||||||||
Schedule of computation of basic and diluted loss per common share | ' | |||||||||||||
For the Three Months | For the Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Numerator for basic earnings (loss) per share: | ||||||||||||||
Loss from continuing operations | $ | (465 | ) | $ | (4,671 | ) | $ | (2,403 | ) | $ | (2,281 | ) | ||
Net earnings attributable to noncontrolling interest | — | — | — | (136 | ) | |||||||||
Loss from continuing operations attributable to IMH | (465 | ) | (4,671 | ) | (2,403 | ) | (2,417 | ) | ||||||
Loss from discontinued operations | (736 | ) | (277 | ) | (1,682 | ) | (2,051 | ) | ||||||
Net loss attributable to IMH common stockholders | $ | (1,201 | ) | $ | (4,948 | ) | $ | (4,085 | ) | $ | (4,468 | ) | ||
Numerator for diluted earnings (loss) per share: | ||||||||||||||
Loss from continuing operations attributable to IMH | $ | (465 | ) | $ | (4,671 | ) | $ | (2,403 | ) | $ | (2,417 | ) | ||
Interest expense attributable to convertible notes | — | — | — | — | ||||||||||
Loss from continuing operations attributable to IMH plus interest expense attributable to convertible notes | (465 | ) | (4,671 | ) | (2,403 | ) | (2,417 | ) | ||||||
Loss from discontinued operations | (736 | ) | (277 | ) | (1,682 | ) | (2,051 | ) | ||||||
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes | $ | (1,201 | ) | $ | (4,948 | ) | $ | (4,085 | ) | $ | (4,468 | ) | ||
Denominator for basic earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 9,466 | 8,829 | 9,262 | 8,701 | ||||||||||
Denominator for diluted earnings (loss) per share (1): | ||||||||||||||
Basic weighted average common shares outstanding during the year | 9,466 | 8,829 | 9,262 | 8,701 | ||||||||||
Net effect of dilutive convertible notes | — | — | — | — | ||||||||||
Net effect of dilutive stock options and DSU’s | — | — | — | — | ||||||||||
Diluted weighted average common shares | 9,466 | 8,829 | 9,262 | 8,701 | ||||||||||
Loss per common share - basic and diluted: | ||||||||||||||
Loss from continuing operations attributable to IMH | $ | (0.05 | ) | $ | (0.53 | ) | $ | (0.26 | ) | $ | (0.28 | ) | ||
Loss from discontinued operations | $ | (0.08 | ) | (0.03 | ) | $ | (0.18 | ) | $ | (0.24 | ) | |||
Net loss per share available to common stockholders | $ | (0.13 | ) | $ | (0.56 | ) | $ | (0.44 | ) | $ | (0.52 | ) | ||
(1) Number of shares presented in thousands. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
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 | Corporate | ||||||||||||||||
three months ended September 30, 2014: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 9,122 | $ | — | $ | — | $ | — | $ | 9,122 | ||||||||||
Real estate services fees, net | — | 3,243 | — | — | 3,243 | |||||||||||||||
Servicing income, net | 913 | — | — | — | 913 | |||||||||||||||
Loss on mortgage servicing rights | (998 | ) | — | — | — | (998 | ) | |||||||||||||
Other revenue | 109 | — | 86 | — | 195 | |||||||||||||||
Other income (expense) | 403 | (6 | ) | 847 | (405 | ) | 839 | |||||||||||||
Total expense | (8,746 | ) | (1,386 | ) | (214 | ) | (3,126 | ) | (13,472 | ) | ||||||||||
Earnings (loss) from continuing operations before income taxes | $ | 803 | $ | 1,851 | $ | 719 | $ | (3,531 | ) | (158 | ) | |||||||||
Income tax expense from continuing operations | 307 | |||||||||||||||||||
Loss from continuing operations | (465 | ) | ||||||||||||||||||
Loss from discontinued operations, net of tax | (736 | ) | ||||||||||||||||||
Net loss | (1,201 | ) | ||||||||||||||||||
Net earnings attributable to noncontrolling interest | — | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (1,201 | ) | |||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term | Corporate | ||||||||||||||||
three months ended September 30, 2013: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 11,349 | $ | — | $ | — | $ | — | $ | 11,349 | ||||||||||
Real estate services fees, net | — | 4,933 | — | — | 4,933 | |||||||||||||||
Servicing income, net | 989 | — | — | — | 989 | |||||||||||||||
Loss on mortgage servicing rights | (121 | ) | — | — | — | (121 | ) | |||||||||||||
Other revenue | 4 | — | (66 | ) | (8 | ) | (70 | ) | ||||||||||||
Other income (expense) | 144 | 5 | (142 | ) | (405 | ) | (398 | ) | ||||||||||||
Total expense | (16,554 | ) | (986 | ) | (380 | ) | (3,442 | ) | (21,362 | ) | ||||||||||
(Loss) earnings from continuing operations before income taxes | $ | (4,189 | ) | $ | 3,952 | $ | (588 | ) | $ | (3,855 | ) | (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 | Corporate | ||||||||||||||||
nine months ended September 30, 2014: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 20,248 | $ | — | $ | — | $ | — | $ | 20,248 | ||||||||||
Real estate services fees, net | — | 11,282 | — | — | 11,282 | |||||||||||||||
Servicing income, net | 3,773 | — | — | — | 3,773 | |||||||||||||||
Loss on mortgage servicing rights | (3,540 | ) | — | — | — | (3,540 | ) | |||||||||||||
Other revenue | 1,366 | — | 296 | — | 1,662 | |||||||||||||||
Other income (expense) | 774 | (5 | ) | 8,198 | (1,212 | ) | 7,755 | |||||||||||||
Total expense | (26,320 | ) | (4,443 | ) | (720 | ) | (10,695 | ) | (42,178 | ) | ||||||||||
(Loss) earnings from continuing operations before income taxes | $ | (3,699 | ) | $ | 6,834 | $ | 7,774 | $ | (11,907 | ) | (998 | ) | ||||||||
Income tax expense from continuing operations | 1,405 | |||||||||||||||||||
Loss from continuing operations | (2,403 | ) | ||||||||||||||||||
Loss from discontinued operations, net of tax | (1,682 | ) | ||||||||||||||||||
Net loss | (4,085 | ) | ||||||||||||||||||
Net earnings attributable to noncontrolling interest | — | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (4,085 | ) | |||||||||||||||||
Statement of Operations Items for the | Mortgage | Real Estate | Long-term | Corporate | ||||||||||||||||
nine months ended September 30, 2013: | Lending | Services | Portfolio | and other | Consolidated | |||||||||||||||
Gain on sale of loans, net | $ | 49,279 | $ | — | $ | — | $ | — | $ | 49,279 | ||||||||||
Real estate services fees, net | — | 14,516 | — | — | 14,516 | |||||||||||||||
Servicing income, net | 2,929 | — | — | — | 2,929 | |||||||||||||||
Gain on mortgage servicing rights | 3,061 | — | — | — | 3,061 | |||||||||||||||
Other revenue | 117 | — | 787 | (20 | ) | 884 | ||||||||||||||
Other income (expense) | (161 | ) | 16 | (1,949 | ) | (700 | ) | (2,794 | ) | |||||||||||
Total expense | (55,945 | ) | (5,017 | ) | (1,314 | ) | (8,945 | ) | (71,221 | ) | ||||||||||
(Loss) earnings from continuing operations before income taxes | $ | (720 | ) | $ | 9,515 | $ | (2,476 | ) | $ | (9,665 | ) | (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 | ) | |||||||||||||||||
Mortgage | Real Estate | Long-term | Corporate | Discontinued | ||||||||||||||||
Mortgage | ||||||||||||||||||||
Balance Sheet Items as of: | Lending | Services | Portfolio | and other | Operations | Consolidated | ||||||||||||||
Total Assets at September 30, 2014 (1) | $ | 273,655 | $ | 2,983 | $ | 5,380,253 | $ | 3,732 | $ | 185 | $ | 5,660,808 | ||||||||
Total Assets at December 31, 2013 (1) | $ | 183,929 | $ | 1,278 | $ | 5,525,197 | $ | 5,644 | $ | 2,277 | $ | 5,718,325 | ||||||||
(1) All segment asset balances exclude intercompany balances. |
Share_Based_Payments_Tables
Share Based Payments (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Share Based Payments | ' | ||||||
Schedule of weighted average assumptions used in estimation of the fair value of options granted | ' | ||||||
September 30, | |||||||
2014 | |||||||
Risk-free interest rate | 1.08-1.79 % | ||||||
Expected lives (in years) | 3.48-5.73 | ||||||
Expected volatility (1) | 70.47-75.93 % | ||||||
Expected dividend yield | 0.00% | ||||||
Fair value per share | $2.69 - $4.46 | ||||||
(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 | ' | ||||||
For the year ended September 30, | |||||||
2014 | |||||||
Weighted- | |||||||
Average | |||||||
Number of | Exercise | ||||||
Shares | Price | ||||||
Options outstanding at beginning of year | 787,132 | $ | 9.07 | ||||
Options granted | 409,250 | 5.41 | |||||
Options exercised | (13,062 | ) | 2.56 | ||||
Options forfeited / cancelled | (81,523 | ) | 20.84 | ||||
Options outstanding at end of period | 1,101,797 | $ | 6.92 | ||||
Options exercisable at end of period | 464,308 | $ | 5.45 | ||||
Summary of activity, pricing and other information for the Company's (DSU's) | ' | ||||||
The following table summarizes activity, pricing and other information for the Company’s DSU’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, 2014: | |||||||
Weighted- | |||||||
Average | |||||||
Number of | Grant Date | ||||||
Shares | Fair Value | ||||||
DSU’s outstanding at beginning of year | 72,000 | $ | 8.8 | ||||
DSU’s granted | 3,750 | 5.39 | |||||
DSU’s exercised | — | — | |||||
DSU’s forfeited/cancelled | — | — | |||||
DSU’s outstanding at end of period | 75,750 | $ | 8.63 |
Mortgage_Loans_HeldforSale_Det
Mortgage Loans Held-for-Sale (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | $234,530 | ' | $234,530 | ' | $129,191 |
Gain on LHFS | ' | ' | ' | ' | ' |
Premium from servicing retained loan sales | 913 | 989 | 3,773 | 2,929 | ' |
Provision for repurchases | ' | ' | -851 | -1,395 | ' |
Total gain on sale of loans, net | ' | ' | 15,826 | 53,071 | ' |
Government | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | 159,765 | ' | 159,765 | ' | 81,292 |
Conventional | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Total mortgage loans held-for-sale | 66,066 | ' | 66,066 | ' | 44,303 |
Mortgage loans, held-for-sale | ' | ' | ' | ' | ' |
Mortgage Loans held-for-Sale | ' | ' | ' | ' | ' |
Fair value adjustment | 8,699 | ' | 8,699 | ' | 3,596 |
Gain on LHFS | ' | ' | ' | ' | ' |
Gain on sale of mortgage loans | 29,578 | 6,413 | 62,339 | 50,188 | ' |
Premium from servicing retained loan sales | 8,913 | 5,894 | 17,238 | 17,169 | ' |
Unrealized gains (losses) from derivative financial instruments | 84 | -5,677 | 170 | -3,631 | ' |
Realized (losses) gains from derivative financial instruments | -2,436 | 7,109 | -8,579 | 17,747 | ' |
Mark to market gain (loss) on LHFS | 2,294 | 5,326 | 5,103 | -345 | ' |
Direct origination expenses, net | -28,974 | -7,303 | -55,172 | -30,454 | ' |
Provision for repurchases | -337 | -413 | -851 | -1,395 | ' |
Total gain on sale of loans, net | $9,122 | $11,349 | $20,248 | $49,279 | ' |
Mortgage_Servicing_Rights_Deta
Mortgage Servicing Rights (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Activity of MSRs | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $35,981 | ' | ' |
Fair value of MSRs at end of period | 13,568 | ' | 13,568 | ' | ' |
Servicing sold but not transferred | -1,046,948 | ' | -1,046,948 | ' | ' |
Total loans serviced | 1,247,732 | ' | 1,247,732 | ' | 3,128,646 |
Servicing gain and loss, net | ' | ' | ' | ' | ' |
Gain (loss) on sale of mortgage servicing rights | 207 | -28 | 1,388 | 88 | ' |
Change in fair value of mortgage servicing rights | -1,205 | -93 | -4,928 | 2,973 | ' |
(Loss) gain on mortgage servicing rights | -998 | -121 | -3,540 | 3,061 | ' |
2010 Acquisition of AmeriHome | ' | ' | ' | ' | ' |
Activity of MSRs | ' | ' | ' | ' | ' |
Total loans serviced | ' | ' | ' | ' | 87,693 |
Government | ' | ' | ' | ' | ' |
Activity of MSRs | ' | ' | ' | ' | ' |
Total loans serviced | 727,954 | ' | 727,954 | ' | 1,203,478 |
Conventional | ' | ' | ' | ' | ' |
Activity of MSRs | ' | ' | ' | ' | ' |
Total loans serviced | 1,566,726 | ' | 1,566,726 | ' | 1,837,475 |
Mortgage Servicing Rights | ' | ' | ' | ' | ' |
Activity of MSRs | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | 35,981 | 10,703 | ' |
Additions from servicing retained loan sales | ' | ' | 17,238 | 17,169 | ' |
Reduction from sales | ' | ' | -27,277 | -2,988 | ' |
Changes in fair value | ' | ' | -4,928 | 2,973 | ' |
Fair value of MSRs at end of period | 13,568 | 27,857 | 13,568 | 27,857 | ' |
Mortgage Servicing Rights Sensitivity Analysis | ' | ' | ' | ' | ' |
Fair value of MSRs | 13,568 | ' | 13,568 | ' | ' |
Prepayment Speed, Decrease in fair value from 100 basis point (bp) adverse change | -486 | ' | -486 | ' | ' |
Prepayment Speed, Decrease in fair value from 200 bps adverse change | -962 | ' | -962 | ' | ' |
Discount Rate, Decrease in fair value from 100 bps adverse change | -486 | ' | -486 | ' | ' |
Discount Rate, Decrease in fair value from 200 bps adverse change | -939 | ' | -939 | ' | ' |
Mortgage Servicing Rights | AmeriHome | ' | ' | ' | ' | ' |
Activity of MSRs | ' | ' | ' | ' | ' |
Reduction from sales | ' | ' | ($7,446) | ' | ' |
Warehouse_Borrowings_Details
Warehouse Borrowings (Details) (USD $) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
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 master repurchase agreements | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | ' | $315,000,000 | ' | $100,000,000 | ' | $40,000,000 | ' | $50,000,000 | ' | $125,000,000 | ' |
Balance Outstanding | ' | 221,370,000 | 119,634,000 | 65,966,000 | 50,794,000 | 38,084,000 | 19,493,000 | 29,087,000 | 15,592,000 | 88,233,000 | 33,755,000 |
Sublimit for re-warehousing | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' |
Amount outstanding for re-warehousing | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,300,000 | ' |
Convertible_Notes_Details
Convertible Notes (Details) (Convertible Notes, USD $) | Apr. 30, 2013 |
In Millions, unless otherwise specified | |
Convertible Notes | ' |
Convertible notes | ' |
Amount of debt issued | $20 |
Accrued interest rate of debt (as a percent) | 7.50% |
Line_of_Credit_Agreement_Detai
Line of Credit Agreement (Details) (Working capital line of credit agreement, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Working capital line of credit agreement | ' |
Line of Credit Agreement | ' |
Maximum borrowing capacity | $4,000 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Trust Assets | ' | ' | ' | ' | ' |
Securitized mortgage collateral | $5,350,474 | ' | $5,350,474 | ' | $5,494,152 |
Real estate owned | 17,484 | ' | 17,484 | ' | 18,906 |
Investment securities available-for-sale | 90 | ' | 90 | ' | 108 |
Total trust assets | 5,368,048 | ' | 5,368,048 | ' | 5,513,166 |
Trust Liabilities | ' | ' | ' | ' | ' |
Securitized mortgage borrowings | 5,346,791 | ' | 5,346,791 | ' | 5,492,371 |
Derivative liabilities | 6,567 | ' | 6,567 | ' | 10,214 |
Total trust liabilities | 5,353,358 | ' | 5,353,358 | ' | 5,502,585 |
Change in fair value of net trust assets, including trust REO gains (losses) | ' | ' | ' | ' | ' |
Change in fair value of net trust assets, excluding REO | 139 | -3,947 | -1,136 | -11,609 | ' |
(Losses) gains from REO | -47 | 3,676 | 8,977 | 9,232 | ' |
Change in fair value of net trust assets, including trust REO gains (losses) | $92 | ($271) | $7,841 | ($2,377) | ' |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount | Warehouse borrowings | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | $221,370 | $119,634 |
Carrying Amount | Convertible Notes | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 20,000 | 20,000 |
Carrying Amount | Long-term debt | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 18,040 | 15,871 |
Carrying Amount | Securitized mortgage borrowings | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 5,346,791 | 5,492,371 |
Carrying Amount | Derivative liabilities, securitized trusts | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 6,567 | 10,214 |
Carrying Amount | Derivative liabilities, lending | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 165 | ' |
Carrying Amount | Line of credit | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | ' | 3,000 |
Carrying Amount | Cash and cash equivalents | ' | ' |
Assets | ' | ' |
Assets fair value | 13,194 | 9,969 |
Carrying Amount | Restricted cash | ' | ' |
Assets | ' | ' |
Assets fair value | 1,863 | 1,467 |
Carrying Amount | Mortgage loans held-for-sale | ' | ' |
Assets | ' | ' |
Assets fair value | 234,530 | 129,191 |
Carrying Amount | Mortgage servicing rights | ' | ' |
Assets | ' | ' |
Assets fair value | 13,568 | 35,981 |
Carrying Amount | Finance receivables | ' | ' |
Assets | ' | ' |
Assets fair value | 4,334 | ' |
Carrying Amount | Derivative assets, lending, net | ' | ' |
Assets | ' | ' |
Assets fair value | 2,316 | 1,992 |
Carrying Amount | Investment securities available-for-sale | ' | ' |
Assets | ' | ' |
Assets fair value | 90 | 108 |
Carrying Amount | Securitized mortgage collateral | ' | ' |
Assets | ' | ' |
Assets fair value | 5,350,474 | 5,494,152 |
Carrying Amount | Warrant | ' | ' |
Assets | ' | ' |
Assets fair value | 164 | ' |
Estimated Fair Value | Level 1 | Cash and cash equivalents | ' | ' |
Assets | ' | ' |
Assets fair value | 13,194 | 9,969 |
Estimated Fair Value | Level 1 | Restricted cash | ' | ' |
Assets | ' | ' |
Assets fair value | 1,863 | 1,467 |
Estimated Fair Value | Level 2 | Warehouse borrowings | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 221,370 | 119,634 |
Estimated Fair Value | Level 2 | Derivative liabilities, lending | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 165 | ' |
Estimated Fair Value | Level 2 | Line of credit | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | ' | 3,000 |
Estimated Fair Value | Level 2 | Mortgage loans held-for-sale | ' | ' |
Assets | ' | ' |
Assets fair value | 234,530 | 129,191 |
Estimated Fair Value | Level 2 | Finance receivables | ' | ' |
Assets | ' | ' |
Assets fair value | 4,334 | ' |
Estimated Fair Value | Level 2 | Derivative assets, lending, net | ' | ' |
Assets | ' | ' |
Assets fair value | ' | 1,079 |
Estimated Fair Value | Level 3 | Convertible Notes | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 20,000 | 20,000 |
Estimated Fair Value | Level 3 | Long-term debt | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 18,040 | 15,871 |
Estimated Fair Value | Level 3 | Securitized mortgage borrowings | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 5,346,791 | 5,492,371 |
Estimated Fair Value | Level 3 | Derivative liabilities, securitized trusts | ' | ' |
Liabilities | ' | ' |
Liabilities fair value | 6,567 | 10,214 |
Estimated Fair Value | Level 3 | Mortgage servicing rights | ' | ' |
Assets | ' | ' |
Assets fair value | 13,568 | 35,981 |
Estimated Fair Value | Level 3 | Derivative assets, lending, net | ' | ' |
Assets | ' | ' |
Assets fair value | 2,316 | 913 |
Estimated Fair Value | Level 3 | Investment securities available-for-sale | ' | ' |
Assets | ' | ' |
Assets fair value | 90 | 108 |
Estimated Fair Value | Level 3 | Securitized mortgage collateral | ' | ' |
Assets | ' | ' |
Assets fair value | 5,350,474 | 5,494,152 |
Estimated Fair Value | Level 3 | Warrant | ' | ' |
Assets | ' | ' |
Assets fair value | $164 | ' |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 3 | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Percentage of level three assets to total assets measured at fair value | 96.00% | 98.00% |
Percentage of level three Liabilities to total Liabilities measured at fair value | 99.00% | 99.00% |
Recurring basis | Level 2 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 234,530 | 130,270 |
Liabilities | ' | ' |
Total liabilities at fair value | 165 | ' |
Recurring basis | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 5,366,612 | 5,531,154 |
Liabilities | ' | ' |
Total liabilities at fair value | 5,371,398 | 5,518,456 |
Recurring basis | Securitized mortgage borrowings | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 5,346,791 | 5,492,371 |
Recurring basis | Derivative liabilities, securitized | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 6,567 | 10,214 |
Recurring basis | Long-term debt | Level 3 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 18,040 | 15,871 |
Recurring basis | Derivative liabilities, lending | Level 2 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 165 | ' |
Recurring basis | Derivative liabilities, lending | Hedging Instruments | Level 2 | ' | ' |
Liabilities | ' | ' |
Total liabilities at fair value | 165 | ' |
Recurring basis | Investment securities available-for-sale | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 90 | 108 |
Recurring basis | Mortgage loans held-for-sale | Level 2 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 234,530 | 129,191 |
Recurring basis | Derivative assets, lending | Level 2 | ' | ' |
Assets | ' | ' |
Total assets at fair value | ' | 1,079 |
Recurring basis | Derivative assets, lending | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 2,316 | 913 |
Recurring basis | Derivative assets, lending | Interest rate lock commitments (IRLCs) | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 2,300 | 913 |
Recurring basis | Derivative assets, lending | Hedging Instruments | Level 2 | ' | ' |
Assets | ' | ' |
Total assets at fair value | ' | 1,100 |
Recurring basis | Mortgage servicing rights | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 13,568 | 35,981 |
Recurring basis | Securitized mortgage collateral | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 5,350,474 | 5,494,152 |
Recurring basis | Warrant | Level 3 | ' | ' |
Assets | ' | ' |
Total assets at fair value | 164 | ' |
Fair_Value_of_Financial_Instru4
Fair Value of Financial Instruments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Level 3 | ' | ' | ' | ' |
Purchases, issuances and settlements | ' | ' | ' | ' |
Net interest income including cash received and paid | $1,800,000 | $1,100,000 | $4,000,000 | $4,100,000 |
Securitized mortgage borrowings | ' | ' | ' | ' |
Changes in fair value of liabilities during the period | ' | ' | ' | ' |
Fair value in the beginning of the period | -5,507,629,000 | -5,631,749,000 | -5,492,371,000 | -5,777,456,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -36,603,000 | -73,044,000 | -467,989,000 | -452,092,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Settlements | 197,441,000 | 260,793,000 | 613,569,000 | 785,548,000 |
Fair value at the end of the period | -5,346,791,000 | -5,444,000,000 | -5,346,791,000 | -5,444,000,000 |
Unrealized gains (losses) still held | 3,581,924,000 | 4,307,985,000 | ' | ' |
Securitized mortgage borrowings | Interest expense | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -64,502,000 | -58,241,000 | -177,629,000 | -190,490,000 |
Securitized mortgage borrowings | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 27,899,000 | -14,803,000 | -290,360,000 | -261,602,000 |
Derivative liabilities, net, securitized trusts | ' | ' | ' | ' |
Changes in fair value of liabilities during the period | ' | ' | ' | ' |
Fair value in the beginning of the period | -7,949,000 | -13,276,000 | -10,214,000 | -17,163,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 13,000 | 323,000 | -413,000 | 705,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Settlements | 1,369,000 | 1,552,000 | 4,060,000 | 5,057,000 |
Fair value at the end of the period | -6,567,000 | -11,401,000 | -6,567,000 | -11,401,000 |
Unrealized gains (losses) still held | -6,132,000 | -10,785,000 | ' | ' |
Derivative liabilities, net, securitized trusts | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 13,000 | 323,000 | -413,000 | 705,000 |
Put option | ' | ' | ' | ' |
Changes in fair value of liabilities during the period | ' | ' | ' | ' |
Fair value in the beginning of the period | ' | ' | ' | -1,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | ' | ' | 1,000 |
Put option | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | ' | ' | 1,000 |
Long-term debt | ' | ' | ' | ' |
Changes in fair value of liabilities during the period | ' | ' | ' | ' |
Fair value in the beginning of the period | -17,555,000 | -14,399,000 | -15,871,000 | -12,731,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -485,000 | -567,000 | -2,169,000 | -2,235,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Fair value at the end of the period | -18,040,000 | -14,966,000 | -18,040,000 | -14,966,000 |
Unrealized gains (losses) still held | 52,723,000 | 55,797,000 | ' | ' |
Long-term debt | Interest expense | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -485,000 | -642,000 | -1,745,000 | -1,782,000 |
Long-term debt | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | 75,000 | -424,000 | -453,000 |
Investment securities available-for-sale | ' | ' | ' | ' |
Changes in fair value of assets during the period | ' | ' | ' | ' |
Fair value at the beginning of the period | 91,000 | 110,000 | 108,000 | 110,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 17,000 | 16,000 | 46,000 | 62,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Settlements | -18,000 | -11,000 | -64,000 | -57,000 |
Fair value at the end of the period | 90,000 | 115,000 | 90,000 | 115,000 |
Unrealized gains (losses) still held | 84,000 | 73,000 | ' | ' |
Investment securities available-for-sale | Interest income | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 6,000 | 8,000 | 19,000 | 27,000 |
Investment securities available-for-sale | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 11,000 | 8,000 | 27,000 | 35,000 |
Securitized mortgage collateral | ' | ' | ' | ' |
Changes in fair value of assets during the period | ' | ' | ' | ' |
Fair value at the beginning of the period | 5,510,741,000 | 5,639,986,000 | 5,494,152,000 | 5,787,884,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -6,472,000 | 16,488,000 | 331,878,000 | 276,368,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Settlements | -153,795,000 | -202,032,000 | -475,556,000 | -609,810,000 |
Fair value at the end of the period | 5,350,474,000 | 5,454,442,000 | 5,350,474,000 | 5,454,442,000 |
Unrealized gains (losses) still held | -1,446,463,000 | -2,172,446,000 | ' | ' |
Securitized mortgage collateral | Interest income | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | 21,312,000 | 5,963,000 | 42,268,000 | 27,115,000 |
Securitized mortgage collateral | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -27,784,000 | 10,525,000 | 289,610,000 | 249,253,000 |
Mortgage servicing rights | ' | ' | ' | ' |
Changes in fair value of assets during the period | ' | ' | ' | ' |
Fair value at the beginning of the period | 16,166,000 | 22,056,000 | 35,981,000 | 10,703,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -1,205,000 | -93,000 | -4,928,000 | 2,973,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Issuances | 8,913,000 | 5,894,000 | 17,238,000 | 17,169,000 |
Settlements | -10,306,000 | ' | -34,723,000 | -2,988,000 |
Fair value at the end of the period | 13,568,000 | 27,857,000 | 13,568,000 | 27,857,000 |
Unrealized gains (losses) still held | 13,568,000 | 27,857,000 | ' | ' |
Mortgage servicing rights | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -1,205,000 | -93,000 | -4,928,000 | 2,973,000 |
Interest rate lock commitments (IRLCs) | ' | ' | ' | ' |
Changes in fair value of assets during the period | ' | ' | ' | ' |
Fair value at the beginning of the period | 3,073,000 | 300,000 | 913,000 | 3,970,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -757,000 | 3,503,000 | 1,414,000 | -167,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Settlements | ' | ' | -11,000 | ' |
Fair value at the end of the period | 2,316,000 | ' | 2,316,000 | ' |
Unrealized gains (losses) still held | 2,316,000 | 3,803,000 | ' | ' |
Interest rate lock commitments (IRLCs) | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | -757,000 | 3,503,000 | 1,414,000 | -167,000 |
Call option | ' | ' | ' | ' |
Changes in fair value of assets during the period | ' | ' | ' | ' |
Fair value at the beginning of the period | ' | 479,000 | ' | 368,000 |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | ' | ' | 111,000 |
Purchases, issuances and settlements | ' | ' | ' | ' |
Settlements | ' | -479,000 | ' | -479,000 |
Call option | Change in fair value | ' | ' | ' | ' |
Total gains (losses) included in earnings: | ' | ' | ' | ' |
Total gains (losses) included in earnings | ' | ' | ' | 111,000 |
Warrant | ' | ' | ' | ' |
Purchases, issuances and settlements | ' | ' | ' | ' |
Issuances | 164,000 | ' | 164,000 | ' |
Fair value at the end of the period | 164,000 | ' | 164,000 | ' |
Unrealized gains (losses) still held | $164,000 | ' | ' | ' |
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, 2014 |
Securitized mortgage borrowings backed by real estate | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -5,346,791 |
Securitized mortgage borrowings backed by real estate | DCF | Minimum | ' |
Unobservable input | ' |
Default rates (as a percent) | 0.60% |
Loss severities (as a percent) | 7.00% |
Securitized mortgage borrowings backed by real estate | DCF | Maximum | ' |
Unobservable input | ' |
Default rates (as a percent) | 12.50% |
Loss severities (as a percent) | 61.20% |
Derivative liabilities, net, securitized trusts | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -6,567 |
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) | 3.60% |
Long-term debt | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -18,040 |
Unobservable input | ' |
Discount rates (as a percent) | 23.50% |
Lease Liability | DCF | ' |
Valuation techniques | ' |
Estimated fair value of liabilities | -1,705 |
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 | 90 |
Investment securities available-for-sale backed by real estate | DCF | Minimum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 3.40% |
Investment securities available-for-sale backed by real estate | DCF | Maximum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 25.00% |
Securitized mortgage collateral backed by real estate | DCF | ' |
Valuation techniques | ' |
Estimated fair value of assets | 5,350,474 |
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) | 29.50% |
Mortgage servicing rights | DCF | ' |
Valuation techniques | ' |
Estimated fair value of assets | 13,568 |
Mortgage servicing rights | DCF | Minimum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 10.50% |
Prepayment rates (as a percent) | 2.90% |
Mortgage servicing rights | DCF | Maximum | ' |
Unobservable input | ' |
Discount rates (as a percent) | 11.50% |
Prepayment rates (as a percent) | 14.50% |
Interest rate lock commitments (IRLCs) | Market pricing | ' |
Valuation techniques | ' |
Estimated fair value of assets | 2,316 |
Interest rate lock commitments (IRLCs) | Market pricing | Minimum | ' |
Unobservable input | ' |
Pull-through rate (as a percent) | 42.00% |
Interest rate lock commitments (IRLCs) | 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 | 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jul. 31, 2013 | Jan. 31, 2013 | Jun. 30, 2012 | Dec. 31, 2010 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | |
AmeriHome | AmeriHome | AmeriHome | AmeriHome | AmeriHome | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | Recurring Fair Value Measurements | ||||||
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 | 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 | 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 | 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 | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | Derivative liabilities, net | 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 | 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 | |||||||||||||||
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 | 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 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 | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | Hedging Instruments | 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 | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Gain on sale of loans, net | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | Interest rate lock commitments (IRLCs) | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,000 | $16,000 | $46,000 | $62,000 | $6,000 | $8,000 | $19,000 | $27,000 | $11,000 | $8,000 | $27,000 | $35,000 | ($6,472,000) | $16,488,000 | $331,878,000 | $276,368,000 | $21,312,000 | $5,963,000 | $42,268,000 | $27,115,000 | ($27,784,000) | $10,525,000 | $289,610,000 | $249,253,000 | $1,205,000 | ($93,000) | ($4,928,000) | $2,973,000 | $1,205,000 | ($93,000) | ($4,928,000) | $2,973,000 | $111,000 | $111,000 | $2,294,000 | $5,326,000 | $5,103,000 | ($345,000) | $2,294,000 | $5,326,000 | $5,103,000 | ($345,000) | ($757,000) | $3,503,000 | $1,414,000 | ($167,000) | ($757,000) | $3,503,000 | $1,414,000 | ($167,000) | ' | ' | ' |
Change in fair value of liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -36,603,000 | -73,044,000 | -467,989,000 | -452,092,000 | -64,502,000 | -58,241,000 | -177,629,000 | -190,490,000 | 27,899,000 | -14,803,000 | -290,360,000 | -261,602,000 | 1,000 | 1,000 | 13,000 | 323,000 | -413,000 | 705,000 | 13,000 | 323,000 | -413,000 | 705,000 | -485,000 | -567,000 | -2,169,000 | -2,235,000 | -485,000 | -642,000 | -1,745,000 | -1,782,000 | 75,000 | -424,000 | -453,000 | 841,000 | -9,180,000 | -1,244,000 | -3,464,000 | 841,000 | -9,180,000 | -1,244,000 | -3,464,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42,357,000 | -57,228,000 | -138,302,000 | -178,083,000 | 21,318,000 | 5,971,000 | 42,287,000 | 27,142,000 | -64,987,000 | -58,883,000 | -179,374,000 | -192,272,000 | 139,000 | -3,947,000 | -1,136,000 | -11,609,000 | 75,000 | -424,000 | -453,000 | -1,205,000 | -93,000 | -4,928,000 | 3,085,000 | 2,378,000 | -351,000 | 5,273,000 | -3,976,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Changes in the fair value of derivative instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,800,000 | 3,500,000 | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments from the securitization trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,500,000 | 3,900,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in the fair value of trust assets, excluding REO | 139,000 | -3,947,000 | -1,136,000 | -11,609,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of net trust assets, excluding REO | ' | ' | 2,786,000 | -6,641,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,800,000 | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal balance of securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000,000 |
Estimated fair value of securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,400,000,000 |
Difference between aggregate unpaid principal balance and fair value of securitized mortgage collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 |
Unpaid principal balance of loans 90 days or more past due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 |
Estimated fair value of loans 90 days or more past due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 |
Difference between aggregate unpaid principal balances and fair value of mortgage loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000,000 |
Securitized mortgage borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding principal balance of securitized mortgage borrowings | 1,247,732,000 | ' | 1,247,732,000 | ' | 3,128,646,000 | ' | ' | ' | ' | 87,693,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,800,000,000 |
Bond losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,200,000,000 |
Estimated fair value of securitized mortgage borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,300,000,000 |
Difference between aggregate unpaid principal balances and fair value of securitized mortgage borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000,000 |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt unpaid principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,500,000 | ' |
Estimated fair value of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' |
Difference between aggregate unpaid principal balances and fair value of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,500,000 | ' |
Derivative assets and liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional balance of derivative assets and liabilities, securitized trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,800,000 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
IMH common stock issued for settlement | ' | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Impac Mortgage Corp. | ' | ' | ' | ' |
Derivative assets and liabilities - lending | ' | ' | ' | ' |
Maximum percentage of ownership interest in acquiree for which warrants were issued | ' | ' | 9.90% | ' |
Expiration term of warrants after the termination of the | ' | ' | '60 days | ' |
Maximum book value at exercise date based off of the net income multiplier of acquiree for the following 12 months which is added to determine exercise price of the warrant | ' | ' | 0.2 | ' |
Percentage to receive regulatory approval for sale of warrant | ' | ' | 9.90% | ' |
Period within which holder of the warrant is to be paid redemption price in cash | ' | ' | '30 days | ' |
Derivative liabilities | TBA's | ' | ' | ' | ' |
Derivative assets and liabilities - lending | ' | ' | ' | ' |
Derivative liabilities, Notional Balance | $285,797 | $210,192 | $285,797 | $210,192 |
Total Gains (Losses) | -1,595 | -2,071 | -9,823 | 14,282 |
Derivative assets | IRLCs | ' | ' | ' | ' |
Derivative assets and liabilities - lending | ' | ' | ' | ' |
Derivative liabilities, Notional Balance | 208,433 | 200,484 | 208,433 | 200,484 |
Total Gains (Losses) | ($757) | $3,503 | $1,414 | ($167) |
Fair_Value_of_Financial_Instru8
Fair Value of Financial Instruments (Details 7) (Nonrecurring Fair Value Measurements, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Total Gains (Losses) | ' | ' | ' | ' |
Additional impairment write-downs attributable to higher expected loss severities on properties held | ($47) | $3,645 | $8,977 | $9,175 |
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments | 11 | -54 | -617 | -130 |
Discontinued operations | ' | ' | ' | ' |
Total Gains (Losses) | ' | ' | ' | ' |
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments | 11 | -54 | -617 | -130 |
Continuing operations | ' | ' | ' | ' |
Total Gains (Losses) | ' | ' | ' | ' |
Gains (losses) resulting from recovery (impairment write-downs) of the net realizable value | 47 | 3,600 | 9,000 | 9,200 |
Level 2 | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
REO | ' | ' | 1,686 | 4,398 |
Level 3 | ' | ' | ' | ' |
Fair Value of Financial Instruments | ' | ' | ' | ' |
Lease liability | ' | ' | ($1,705) | ($1,723) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 |
AmeriHome | AmeriHome | AmeriHome | AmeriHome | AmeriHome | AmeriHome | |||||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State income tax expense (benefit) | ' | ' | ' | ' | $307 | $1,400 | ' | ($9) | ' | $131 |
Additional acquired interest | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' |
Income tax (benefit) expense from continuing operations | $307 | ($9) | $1,405 | ($1,065) | ' | ' | ' | ' | ($1,200) | ' |
Reconciliation_of_Loss_Per_Sha2
Reconciliation of Loss Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator for basic earnings (loss) per share: | ' | ' | ' | ' |
Loss from continuing operations | ($465) | ($4,671) | ($2,403) | ($2,281) |
Net earnings attributable to noncontrolling interest | ' | ' | ' | -136 |
Loss from continuing operations attributable to IMH | -465 | -4,671 | -2,403 | -2,417 |
Loss from discontinued operations | -736 | -277 | -1,682 | -2,051 |
Net loss attributable to common stockholders | -1,201 | -4,948 | -4,085 | -4,468 |
Numerator for diluted earnings (loss) per share: | ' | ' | ' | ' |
Loss from continuing operations attributable to IMH | -465 | -4,671 | -2,403 | -2,417 |
Loss from continuing operations attributable to IMH plus interest expense attributable to convertible notes | -465 | -4,671 | -2,403 | -2,417 |
Loss from discontinued operations | -736 | -277 | -1,682 | -2,051 |
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes | ($1,201) | ($4,948) | ($4,085) | ($4,468) |
Denominator for basic earnings (loss) per share: | ' | ' | ' | ' |
Basic weighted average common shares outstanding during the year | 9,466 | 8,829 | 9,262 | 8,701 |
Denominator for diluted earnings (loss) per share: | ' | ' | ' | ' |
Basic weighted average common shares outstanding during the year | 9,466 | 8,829 | 9,262 | 8,701 |
Diluted weighted average common shares | 9,466 | 8,829 | 9,262 | 8,701 |
Earnings (loss) per common share - basic and diluted: | ' | ' | ' | ' |
Loss from continuing operations attributable to IMH (in dollars per share) | ($0.05) | ($0.53) | ($0.26) | ($0.28) |
Loss from discontinued operations (in dollars per share) | ($0.08) | ($0.03) | ($0.18) | ($0.24) |
Net loss per share available to common stockholders (in dollars per share) | ($0.13) | ($0.56) | ($0.44) | ($0.52) |
Stock options | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' |
Antidilutive stock options excluded from weighted average share calculations (in shares) | 2,900 | 816 | 2,900 | 816 |
Convertible Notes | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ' | ' | ' |
Antidilutive stock options excluded from weighted average share calculations (in shares) | 1,800 | ' | 1,800 | ' |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
item | |||||
Segment Reporting | ' | ' | ' | ' | ' |
Number of reporting segments | ' | ' | 3 | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Gain on sale of loans, net | $9,122 | $11,349 | $20,248 | $49,279 | ' |
Real estate services fees, net | 3,243 | 4,933 | 11,282 | 14,516 | ' |
Servicing income, net | 913 | 989 | 3,773 | 2,929 | ' |
(Loss) gain on mortgage servicing rights | -998 | -121 | -3,540 | 3,061 | ' |
Other revenue | 195 | -70 | 1,662 | 884 | ' |
Other income (expense) | 839 | -398 | 7,755 | -2,794 | ' |
Total expenses | -13,472 | -21,362 | -42,178 | -71,221 | ' |
Loss from continuing operations before income taxes | -158 | -4,680 | -998 | -3,346 | ' |
Income tax expense (benefit) from continuing operations | 307 | -9 | 1,405 | -1,065 | ' |
Loss from continuing operations | -465 | -4,671 | -2,403 | -2,281 | ' |
Loss from discontinued operations, net of tax | -736 | -277 | -1,682 | -2,051 | ' |
Net loss | -1,201 | -4,948 | -4,085 | -4,332 | ' |
Net earnings attributable to noncontrolling interest | ' | ' | ' | -136 | ' |
Net loss attributable to common stockholders | -1,201 | -4,948 | -4,085 | -4,468 | ' |
Total assets | 5,660,808 | ' | 5,660,808 | ' | 5,718,325 |
Discontinued Operations | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Total assets | 185 | ' | 185 | ' | 2,277 |
Corporate and other | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Other revenue | ' | -8 | ' | -20 | ' |
Other income (expense) | -405 | -405 | -1,212 | -700 | ' |
Total expenses | -3,126 | -3,442 | -10,695 | -8,945 | ' |
Loss from continuing operations before income taxes | -3,531 | -3,855 | -11,907 | -9,665 | ' |
Total assets | 3,732 | ' | 3,732 | ' | 5,644 |
Mortgage Lending | Operating segments | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Gain on sale of loans, net | 9,122 | 11,349 | 20,248 | 49,279 | ' |
Servicing income, net | 913 | 989 | 3,773 | 2,929 | ' |
(Loss) gain on mortgage servicing rights | -998 | -121 | -3,540 | 3,061 | ' |
Other revenue | 109 | 4 | 1,366 | 117 | ' |
Other income (expense) | 403 | 144 | 774 | -161 | ' |
Total expenses | -8,746 | -16,554 | -26,320 | -55,945 | ' |
Loss from continuing operations before income taxes | 803 | -4,189 | -3,699 | -720 | ' |
Total assets | 273,655 | ' | 273,655 | ' | 183,929 |
Real Estate Services | Operating segments | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Real estate services fees, net | 3,243 | 4,933 | 11,282 | 14,516 | ' |
Other income (expense) | -6 | 5 | -5 | 16 | ' |
Total expenses | -1,386 | -986 | -4,443 | -5,017 | ' |
Loss from continuing operations before income taxes | 1,851 | 3,952 | 6,834 | 9,515 | ' |
Total assets | 2,983 | ' | 2,983 | ' | 1,278 |
Long-term Mortgage Portfolio | Operating segments | ' | ' | ' | ' | ' |
Segment Reporting | ' | ' | ' | ' | ' |
Other revenue | 86 | -66 | 296 | 787 | ' |
Other income (expense) | 847 | -142 | 8,198 | -1,949 | ' |
Total expenses | -214 | -380 | -720 | -1,314 | ' |
Loss from continuing operations before income taxes | 719 | -588 | 7,774 | -2,476 | ' |
Total assets | $5,380,253 | ' | $5,380,253 | ' | $5,525,197 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies | ' | ' |
Outstanding balance of finance receivables | $4,300,000 | $0 |
Repurchase reserve | ' | ' |
Payment to settle repurchase claims related to discontinued operations | 5,300,000 | ' |
Repurchase reserve within discontinued operations | 901,000 | 5,500,000 |
Repurchase reserve within continuing operations | 4,200,000 | 4,000,000 |
Warehouse borrowings | ' | ' |
Commitments and Contingencies | ' | ' |
Approved warehouse lines | 315,000,000 | ' |
Warehouse borrowings | Non-affiliated customers | ' | ' |
Commitments and Contingencies | ' | ' |
Approved warehouse lines | $43,000,000 | ' |
Share_Based_Payments_Details
Share Based Payments (Details) (Stock options, USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Weighted average assumptions used in estimating fair value of options granted | ' | ' |
Risk-free interest rate, minimum (as a percent) | 1.08% | ' |
Risk-free interest rate, maximum (as a percent) | 1.79% | ' |
Expected volatility, minimum (as a percent) | 70.47% | ' |
Expected volatility, maximum (as a percent) | 75.93% | ' |
Expected dividend yield (as a percent) | 0.00% | ' |
Number of Shares | ' | ' |
Options outstanding at beginning of period (in shares) | 787,132 | ' |
Options granted (in shares) | 409,250 | 255,000 |
Options exercised (in shares) | -13,062 | ' |
Options forfeited / cancelled (in shares) | -81,523 | ' |
Options outstanding at end of period (in shares) | 1,101,797 | ' |
Options exercisable at end of period (in shares) | 464,308 | ' |
Weighted-Average Exercise Price | ' | ' |
Options outstanding at beginning of period (in dollars per share) | $9.07 | ' |
Options granted (in dollars per share) | $5.41 | ' |
Options exercised (in dollars per share) | $2.56 | ' |
Options forfeited / cancelled (in dollars per share) | $20.84 | ' |
Options outstanding at end of year (in dollars per share) | $6.92 | ' |
Options exercisable at end of period (in dollars per share) | $5.45 | ' |
Additional disclosure related to options | ' | ' |
Unrecognized compensation cost | $2,300,000 | ' |
Weighted-average period over which compensation cost is expected to be recognized | '2 years | ' |
Aggregate grant-date fair value of stock options granted | $1,400,000 | $1,800,000 |
Minimum | ' | ' |
Weighted average assumptions used in estimating fair value of options granted | ' | ' |
Expected lives (in years) | '3 years 5 months 23 days | ' |
Fair value per share (in dollars per share) | $2.69 | ' |
Maximum | ' | ' |
Weighted average assumptions used in estimating fair value of options granted | ' | ' |
Expected lives (in years) | '5 years 8 months 23 days | ' |
Fair value per share (in dollars per share) | $4.46 | ' |
Share_Based_Payments_Details_2
Share Based Payments (Details 2) (DSU, USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
DSU | ' |
Number of Shares | ' |
DSU's outstanding at beginning of period (in shares) | 72,000 |
DSU's granted (in shares) | 3,750 |
DSU's outstanding at end of period (in shares) | 75,750 |
Weighted-Average Grant Date Fair Value | ' |
DSU's outstanding at beginning of period (in dollars per share) | $8.80 |
DSU's granted (in dollars per share) | $5.39 |
DSU's outstanding at end of period (in dollars per share) | $8.63 |
Additional information regarding DSUs | ' |
Unrecognized compensation cost | $229 |
Weighted-average period over which compensation cost is expected to be recognized | '1 year 7 months 6 days |
Sale_of_AmeriHome_Details
Sale of AmeriHome (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
AmeriHome | AmeriHome | ||
Other revenue | |||
Sale of AmeriHome | ' | ' | ' |
Cash consideration received on sale of business | $10,200,000 | $10,200,000 | ' |
Gain on sale of business | 1,208,000 | ' | 1,200,000 |
Proceeds on sale of business used to reduce legacy repurchase liability | ' | $3,000,000 | ' |