Stonegate Mortgage (SGM) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 04, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	STONEGATE MORTGAGE CORP
Entity Central Index Key	1,454,389
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		25,782,190

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 48,538	$ 45,382
Restricted cash	500	4,482
Mortgage loans held for sale, at fair value	987,409	1,048,347
Servicing advances	8,791	11,193
Derivative assets	29,048	12,560
Mortgage servicing rights, at fair value	209,343	204,216
Property and equipment, net	22,078	17,047
Loans eligible for repurchase from GNMA	111,765	109,397
Warehouse lending receivables	154,422	85,431
Goodwill and other intangible assets, net	7,146	7,390
Subordinated loan receivable	30,000	30,000
Other assets	29,625	21,106
Total assets	1,638,665	1,596,551
Liabilities
Secured borrowings - mortgage loans	536,455	592,798
Mortgage repurchase borrowings	544,125	472,045
Warehouse lines of credit	1,947	1,374
Secured borrowings - mortgage servicing rights	80,058	75,970
Operating lines of credit	5,000	2,000
Accounts payable and accrued expenses	38,561	28,350
Derivative liabilities	4,876	9,044
Reserve for mortgage repurchases and indemnifications	5,289	4,967
Contingent earn-out liabilities	1,769	3,005
Liability for loans eligible for repurchase from GNMA	111,765	109,397
Deferred income tax liabilities, net	12,046	11,831
Other liabilities	15,039	5,695
Total liabilities	$ 1,356,930	$ 1,316,476
Commitments and contingencies
Stockholders’ equity
Common stock, par value $0.01, shares authorized – 100,000,000; shares issued and outstanding: 25,782,190 and 25,780,973	$ 264	$ 264
Additional paid-in capital	268,728	267,083
Retained earnings	12,743	12,728
Total stockholders’ equity	281,735	280,075
Total liabilities and stockholders’ equity	$ 1,638,665	$ 1,596,551

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	25,782,190	25,780,973
Common Stock, Shares, Outstanding	25,782,190	25,780,973

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Gains on mortgage loans held for sale, net	$ 51,334	$ 46,548	$ 104,175	$ 75,179
Losses on sales of mortgage servicing rights	(3,068)	0	(2,869)	0
Changes in mortgage servicing rights valuation	20,821	(10,713)	(3,568)	(18,644)
Payoffs and principal amortization of mortgage servicing rights	(11,322)	(4,651)	(25,088)	(7,378)
Loan origination and other loan fees	7,724	6,731	14,068	11,808
Loan servicing fees	12,611	10,790	26,950	19,965
Interest and other income	9,343	8,918	18,094	14,994
Total revenues	87,443	57,623	131,762	95,924
Expenses
Salaries, commissions and benefits	42,919	35,144	80,867	68,563
General and administrative expense	9,569	9,346	18,015	17,647
Interest expense	8,295	6,263	16,704	10,075
Occupancy, equipment and communication	5,933	4,762	11,794	8,904
Provision for mortgage repurchases and indemnifications - change in estimate	437	509	523	904
Depreciation and amortization expense	1,846	1,193	3,627	2,276
Total expenses	68,999	57,217	131,530	108,369
Income (loss) before income tax expense (benefit)	18,444	406	232	(12,445)
Income tax expense (benefit)	7,310	138	217	(4,829)
Net income (loss) attributable to common stockholders	$ 11,134	$ 268	$ 15	$ (7,616)
Income (loss) per share
Basic (in usd per share)	$ 0.43	$ 0.01	$ 0	$ (0.30)
Diluted (in usd per share)	$ 0.43	$ 0.01	$ 0	$ (0.30)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings
Balance (shares) at Dec. 31, 2013		0	25,769
Balance at Dec. 31, 2013	$ 307,501	$ 0	$ 264	$ 0	$ 263,830	$ 43,407
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(7,616)					(7,616)
Stock-based compensation expense	1,770				1,770
Balance (shares) at Jun. 30, 2014		0	25,769
Balance at Jun. 30, 2014	301,655	$ 0	$ 264	0	265,600	35,791
Balance (shares) at Dec. 31, 2014		0	25,781
Balance at Dec. 31, 2014	280,075	$ 0	$ 264	0	267,083	12,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	15					15
Stock-based compensation expense	1,645				1,645
Issuance of common stock (shares)			1
Issuance of common stock	0
Balance (shares) at Jun. 30, 2015		0	25,782
Balance at Jun. 30, 2015	$ 281,735	$ 0	$ 264	$ 0	$ 268,728	$ 12,743

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income (loss)	$ 15	$ (7,616)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization expense	3,627	2,276
Losses on disposal and impairment of long lived assets	322	223
Gains on mortgage loans held for sale, net	(89,756)	(75,179)
Losses on sale of mortgage servicing rights	2,869	0
Changes in mortgage servicing rights valuation	3,568	18,644
Payoffs and principal amortization of mortgage servicing rights	25,088	7,378
Provision for reserve for mortgage repurchases and indemnifications - change in estimate	523	904
Stock-based compensation expense	1,645	1,770
Deferred income tax benefit (expense)	217	(4,829)
Change in fair value of contingent earn-out liabilities	34	(142)
Payments of contingent earn-out liabilities in excess of original fair value estimate	(406)	0
Proceeds from sales and principal payments of mortgage loans held for sale	7,007,654	5,291,372
Originations and purchases of mortgage loans held for sale	(6,919,039)	(5,729,310)
Repurchases and indemnifications of previously sold loans	(25,167)	(486)
Changes in operating assets and liabilities:
Restricted cash	3,982	(9,229)
Servicing advances	2,402	265
Warehouse lending receivables	(68,991)	(40,052)
Other assets	(1,480)	(4,025)
Accounts payable and accrued expenses	7,795	2,116
Other liabilities	9,345	1,837
Due to related parties	0	(608)
Net cash used in operating activities	(35,753)	(544,691)
Investing activities
Net proceeds from sale of mortgage servicing rights	40,455	0
Subordinated loan receivable	0	(9,000)
Purchases of property and equipment	(8,426)	(2,629)
Purchases in a business combination, net of cash acquired	0	(258)
Purchase of mortgage servicing rights	(86)	(1,685)
Net cash provided by (used in) investing activities	31,943	(13,572)
Financing activities
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	11,821,470	18,057,080
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	(11,817,052)	(17,516,703)
Proceeds from borrowings under mortgage funding arrangements - MSRs	14,000	0
Repayments of borrowings under mortgage funding arrangements - MSRs	(9,912)	0
Payments of contingent earn-out liabilities not exceeding original fair value estimate	(864)	(68)
Payments of debt issuance costs	(676)	0
Net cash provided by financing activities	6,966	540,309
Change in cash and cash equivalents	3,156	(17,954)
Cash and cash equivalents at beginning of period	45,382	43,104
Cash and cash equivalents at end of period	48,538	25,150
Supplemental Cash Flow Information:
Cash paid for interest	16,492	9,174
Cash paid for taxes	$ 574	$ 60

Organization and Operations

Organization and Operations	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Operations	Organization and Operations References to the terms “we”, “our”, “us”, “Stonegate” or the “Company” used throughout these Notes to Unaudited Consolidated Financial Statements refer to Stonegate Mortgage Corporation and, unless the context otherwise requires, its wholly-owned subsidiaries. The Company was initially incorporated in the State of Indiana in January 2005. As a result of an acquisition and subsequent merger with Swain Mortgage Company ("Swain") in 2009, the Company is now an Ohio corporation. The Company’s headquarters is in Indianapolis, Indiana. The Company is a leading, non-bank mortgage company focused on originating, financing, and servicing U.S. residential mortgage loans that operates as an intermediary between residential mortgage borrowers and the ultimate investors of these mortgages. The Company’s integrated and scalable residential mortgage banking platform includes a diversified origination business which includes a retail branch network, a direct to consumer call center and a network of third party originators consisting of mortgage brokers, mortgage bankers and financial institutions (banks and credit unions). The Company predominantly sells mortgage loans to the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), the Federal Home Loan Mortgage Corporation (“Freddie Mac” or “FHLMC”), financial institution secondary market investors and the Government National Mortgage Association (“Ginnie Mae” or “GNMA”) as pools of mortgage backed securities (“MBS”). Both FNMA and FHLMC are considered government-sponsored enterprises ("GSEs"), for which the Company may perform servicing of U.S. residential mortgage loans. The Company also provides warehouse financing through its NattyMac, LLC subsidiary to third party correspondent lenders. The Company’s principal sources of revenue include (i) gains on sales of mortgage loans from loan securitizations and whole loan sales and fee income from originations, (ii) fee income from loan servicing, and (iii) fee and net interest and other income from its financing facilities and warehouse lending business. Since the date of the Company’s initial public offering, the Company has continued its development of internal management reporting. Such development has resulted in changes in the information that is provided to the Company’s chief operating decision maker. Accordingly, during the quarter ended September 30, 2014, management re-evaluated this information in relation to its definition of its operating segments. As a result of this new information provided to the chief operating decision maker, management has concluded that its Mortgage Banking operations should be disclosed as three segments: Originations, Servicing and Financing. Prior period segment disclosures have been restated to conform to the current period presentation of segment disclosures - see Note 15, "Segment Information". This determination is based on the Company’s current organizational structure, which reflects the manner in which the chief operating decision maker evaluates the performance of the business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The accompanying unaudited consolidated financial statements include the accounts of Stonegate and its subsidiaries and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Company has omitted certain financial disclosures that would substantially duplicate the disclosures in its audited consolidated financial statements as of and for the year ended December 31, 2014 , unless the information contained in those disclosures materially changed or is required by GAAP. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair presentation of the consolidated financial statements as of and for the three and six months ended June 30, 2015 and 2014 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2015 . These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014 included in its 2014 Annual Report on Form 10-K. In the normal course of business, companies in the mortgage banking industry encounter certain economic and regulatory risks. Economic risks include interest rate risk and credit risk. In an interest rate cycle in which rates decline over an extended period of time, the Company's mortgage origination activities’ results of operations could be positively impacted by higher loan origination volumes and gain on sale margins. In contrast, the Company's results of operations of its mortgage servicing activities could decline due to higher actual and projected loan prepayments related to its loan servicing portfolio. In an interest rate cycle in which rates rise over an extended period of time, the Company's mortgage origination activities' results of operations could be negatively impacted and its mortgage servicing activities’ results of operations could be positively impacted. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments during the period in which loans are being held for sale. The Company manages these various risks through a variety of policies and procedures, such as the hedging of the loans held for sale and interest rate lock commitments using forward sales of MBS, such as To Be Announced (“TBA”) securities, designed to quantify and mitigate the operational and financial risk to the Company to the extent possible. Specifically, the Company engages in hedging of interest rate risk of its mortgage loans held for sale and interest rate lock commitments with the use of TBA securities. The Company sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, the Company is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, collateral and regulatory compliance. To the extent that the Company does not comply with such representations, the Company may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. The Company performs due diligence prior to funding mortgage loans as part of its loan underwriting process, whereby the Company analyzes credit, collateral and compliance risk of all loans in an effort to ensure the mortgage loans meet the investors’ standards. However, if a loan is repurchased, the Company could incur a loss as part of recording such loan at fair value, which may be less than the amount paid to purchase the loan. In addition, if loans pay off within a specified time frame, the Company may be required to refund a portion of the sales proceeds to the investors. The Company’s business requires substantial cash to support its operating activities. As a result, the Company is dependent on its lines of credit and other financing facilities in order to fund its continued operations. If the Company’s principal lenders decided to terminate or not to renew any of these credit facilities with the Company, the loss of borrowing capacity would have a material adverse impact on the Company’s financial statements unless the Company found a suitable alternative source of financing.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following is a reconciliation of net income (loss) attributable to common stockholders and a table summarizing the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss): Net income (loss) attributable to common stockholders $ 11,134 $ 268 $ 15 $ (7,616 ) Weighted average shares outstanding (in thousands) : Denominator for basic earnings (loss) per share – weighted average common shares outstanding 25,782 25,769 25,781 25,769 Effect of dilutive shares—employee and director stock options, restricted stock units, warrants and convertible preferred stock — — — — Denominator for diluted earnings (loss) per share 25,782 25,769 25,781 25,769 Earnings (loss) per share: Basic $ 0.43 $ 0.01 $ — $ (0.30 ) Diluted $ 0.43 $ 0.01 $ — $ (0.30 ) During the three and six months ended June 30, 2015 , weighted average shares of 1,555 and 1,558 , respectively, were excluded from the denominator for diluted earnings per share because the shares (which related to stock options, restricted stock units and stock warrants) were anti-dilutive. During both the three and six months ended June 30, 2014 , weighted average shares of 1,867 were excluded from the denominator for diluted (loss) earnings per share because the shares (which related to stock options, restricted stock units and stock warrants) were anti-dilutive.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combinations	Business Combinations Acquisition of Medallion Mortgage Company On February 4, 2014, in the continuing effort to expand retail originations, the Company completed its acquisition of Medallion Mortgage Company ("Medallion"), a residential mortgage originator based in southern California. Medallion serviced customers with an extensive portfolio of residential real estate loan programs and had 10 offices along the southern and central coast of California, Utah and a new operations center in Ventura, California. In the acquisition of Medallion, the Company agreed to purchase certain assets, assume certain liabilities and offer employment to certain employees. The acquisition of Medallion was accounted for as a business combination. The following table summarizes the total consideration transferred to acquire Medallion and the fair values of the assets acquired and liabilities assumed on the acquisition date: Consideration: Cash consideration $ 258 Fair value of contingent consideration 603 Total consideration 861 Fair value of net assets acquired: Property and equipment 190 Other assets 94 Accounts payable and accrued expenses (50 ) Total fair value of net assets acquired 234 Goodwill $ 627 Acquisition-related expenses 1 $ 49 1 Legal and miscellaneous expenses classified as general and administrative expenses. The excess of the aggregate consideration transferred over the fair value of the identified net assets acquired resulted in tax-deductible goodwill of $627 at the time of acquisition. Goodwill recognized from the acquisition of Medallion primarily relates to the expected future growth of Medallion's business. The Company has noted no circumstances which would result in any impairment of this amount as of June 30, 2015 . As part of the acquisition of Medallion, the Company agreed to pay Medallion's seller a contingent consideration, which payment is contingent upon Medallion achieving certain predetermined minimum mortgage loan origination goals during the two year period following the acquisition date (the "earn-out"). If such goals are met by Medallion, the Company will pay the seller two annual payments equal to a multiple of the actual total mortgage loan volume of Medallion. The earn-out is uncapped in amount. The fair value of the earn-out was estimated to be approximately $603 as of the acquisition date and was estimated using a calibrated Monte-Carlo simulation. The fair value was primarily based on (i) the Company’s estimate of the mortgage loan origination volume of Medallion over the two year earnout period, (ii) an asset volatility factor of 16.90% and (iii) a discount rate of 6.05% . The first of the two potential earn-out payments was determined to be $200 and was paid in April 2015. As of June 30, 2015 , the Company estimated the fair value of the remaining earn-out to be approximately $200 .

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company does not designate any of its derivative instruments as hedges for accounting purposes. The following summarizes the Company’s outstanding derivative instruments as of June 30, 2015 and December 31, 2014 : June 30, 2015: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 2,081,614 Derivative assets/liabilities $ 15,983 $ (2,238 ) MBS forward sales contracts 2,743,904 MBS forward purchase contracts 658,800 Total MBS forward trades 3,402,704 Derivative assets/liabilities 13,065 (2,638 ) Total derivative financial instruments $ 5,484,318 $ 29,048 $ (4,876 ) December 31, 2014: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,211,675 Derivative assets/liabilities $ 12,300 $ (96 ) MBS forward sales contracts 1,860,768 MBS forward purchase contracts 457,481 Total MBS forward trades 2,318,249 Derivative assets/liabilities 260 (8,948 ) Total derivative financial instruments $ 3,529,924 $ 12,560 $ (9,044 ) The following summarizes the effect of the Company’s derivative financial instruments and related changes in estimated fair value of mortgage loans held for sale on its consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest rate lock commitments $ (14,562 ) $ 10,815 $ 1,541 $ 20,657 MBS forward trades 21,120 (18,456 ) 19,116 (32,174 ) Net derivative gains (losses) 6,558 (7,641 ) 20,657 (11,517 ) Gains (losses) from changes in estimated fair value of mortgage loans held for sale 1 (11,060 ) 17,111 (10,972 ) 26,741 $ (4,502 ) $ 9,470 $ 9,685 $ 15,224 1 Mortgage loans held for sale are carried at estimated fair value pursuant to the fair value option. Gains from changes in estimated fair values are included within “gains on mortgage loans held for sale, net” on the Company’s consolidated statements of operations. This information is presented here due to its correlation with the changes in value of our derivative financial instruments. The Company has exposure to credit loss in the event of contractual non-performance by its trading counterparties and counterparties to the over-the-counter derivative financial instruments that the Company uses in its interest rate risk management activities. The Company manages this credit risk by selecting only counterparties that the Company believes to be financially strong, spreading the credit risk among many such counterparties, by placing contractual limits on the amount of unsecured credit extended to any single counterparty and by entering into netting agreements with the counterparties, as appropriate. The Company has entered into agreements with derivative counterparties, which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. In certain circumstances, the Company is required to provide certain derivative counterparties collateral against derivative financial instruments. As of June 30, 2015 and December 31, 2014 , counterparties held none and $4,482 , respectively, of the Company’s cash and cash equivalents in margin accounts as collateral (which is classified as "Restricted cash" on the Company's consolidated balance sheets), after which the Company was in a net credit gain position of $10,428 and a net credit loss position of $4,562 at June 30, 2015 and December 31, 2014 , respectively, to those counterparties. For the six months ended June 30, 2015 and 2014 , the Company incurred no credit losses due to non-performance of any of its counterparties.

Mortgage Loans Held for Sale, a

Mortgage Loans Held for Sale, at Fair Value	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Mortgage Loans Held for Sale, at Fair Value	Mortgage Loans Held for Sale, at Fair Value The following summarizes mortgage loans held for sale at fair value as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Conventional 1 $ 335,469 $ 507,297 Government insured 2 565,363 444,955 Non-agency/Other 86,577 96,095 Total mortgage loans held for sale, at fair value $ 987,409 $ 1,048,347 1 Conventional includes FNMA and FHLMC mortgage loans, as well as mortgage loans to various housing agencies. 2 Government insured includes GNMA mortgage loans. GNMA portfolio balance is made up of Federal Housing Administration ("FHA"), Veterans Affairs ("VA"), and United States Department of Agriculture ("USDA") home loans, as well as mortgage loans to various housing agencies. Under certain of the Company’s mortgage funding arrangements (including secured borrowings and warehouse lines of credit), the Company is required to pledge mortgage loans as collateral to secure borrowings. The mortgage loans pledged as collateral must equal at least 100% of the related outstanding borrowings under the mortgage funding arrangements. The outstanding borrowings are monitored and the Company is required to deliver additional collateral if the amount of the outstanding borrowings exceeds the fair value of the pledged mortgage loans. As of June 30, 2015 , the Company had pledged $928,105 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $59,304 of mortgage loans held for sale funded with the Company’s excess cash. As of December 31, 2014 , the Company had pledged $981,015 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $67,332 of mortgage loans held for sale funded with the Company's excess cash. The mortgage loans held as collateral by the respective lenders are restricted solely to satisfy the Company’s borrowings under those mortgage funding arrangements. Refer to Note 10 “Debt” for additional information related to the Company’s outstanding borrowings as of June 30, 2015 and December 31, 2014 . The following are the fair values and related UPB due upon maturity for loans held for sale accounted under the fair value method as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 981,891 $ 975,448 $ 1,044,005 $ 1,025,374 90 or more days delinquent 5,518 6,518 4,342 5,342 Total $ 987,409 $ 981,966 $ 1,048,347 $ 1,030,716

Mortgage Servicing Rights

Mortgage Servicing Rights	6 Months Ended
	Jun. 30, 2015
Transfers and Servicing [Abstract]
Mortgage Servicing Rights	Mortgage Servicing Rights The Company sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. Upon sale, the MSRs are capitalized as an asset, which represents the current fair value of the future net cash flows that are expected to be realized for performing servicing activities. The Company may also purchase MSRs directly from third parties. The Company’s total mortgage servicing portfolio as of June 30, 2015 and December 31, 2014 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): June 30, 2015 December 31, 2014 FNMA $ 4,659,391 $ 5,797,883 GNMA: FHA 5,168,907 5,365,627 VA 2,967,064 2,652,678 USDA 900,440 974,501 FHLMC 3,490,671 3,500,321 Other Investors 57,831 45,735 Total mortgage servicing portfolio $ 17,244,304 $ 18,336,745 MSRs balance $ 209,343 $ 204,216 MSRs balance as a percentage of total mortgage servicing portfolio 1.21 % 1.11 % A summary of the changes in the balance of MSRs for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 170,580 $ 192,470 $ 204,216 $ 170,294 MSRs originated in connection with loan sales 46,541 40,323 81,124 71,535 MSRs sold and derecognized (17,277 ) — (47,427 ) — Purchased MSRs — 64 86 1,686 Changes in valuation inputs and assumptions 1 20,821 (10,713 ) (3,568 ) (18,644 ) Actual portfolio runoff (payoffs and principal amortization) (11,322 ) (4,651 ) (25,088 ) (7,378 ) Balance at end of period $ 209,343 $ 217,493 $ 209,343 $ 217,493 1 Refer to Note 9, "Transfers and Servicing of Financial Assets" for a discussion of inputs and assumptions, including range of discount rates, prepayment speeds and cost of servicing. On March 31, 2015, the Company completed a sale of MSRs with an underlying unpaid principal balance of $2.7 billion in FNMA and FHLMC loans to an unrelated party. This pool of MSRs was somewhat geographically focused, had average mortgage interest rates that were different than current mortgage rates, and did not include any GNMA MSRs, which have a different historical performance than FNMA and FHLMC MSRs. On April 30, 2015, in a separate transaction, the Company completed a sale of MSRs with an underlying UPB of $1.9 billion in GNMA loans to an unrelated party. This pool of MSRs had average mortgage interest rates that were higher than the current GNMA mortgage interest rates and did not include any FNMA or FHLMC MSRs, which have a different historical performance than GNMA MSRs. Thus, the characteristics of each sold pool do not represent the characteristics of the Company’s MSRs portfolio as a whole. The Company performs temporary sub-servicing activities with respect to both pools of underlying loans described above through the established loan file transfer dates of each sale, the second quarter and third quarter, respectively, for a fee, during which time the Company is entitled to certain other ancillary income amounts. The Company used the proceeds to reinvest back into newly originated MSRs through its origination platform. There are various protection provisions for which an estimated A liability in the amount of $1,700 has been established for the various protection provisions included in the transactions, the majority of which relates to the reimbursement of purchase price related to estimated prepayments. Each of these MSRs sale transactions met the criteria for derecognition, allowing for the MSRs assets to be derecognized and a gain or loss to be recorded at the time of derecognition. The recognized gains or losses were recorded net of direct transaction expenses and estimated protection provisions. Under certain of the Company's secured borrowing arrangements, the Company is required to pledge mortgage servicing rights as collateral to the secured borrowings. As of June 30, 2015 , the Company had pledged $208,805 in fair value of mortgage servicing rights as collateral to secure debt under certain of its secured borrowing arrangements. As of December 31, 2014 , $203,811 in fair value of mortgage servicing rights were pledged as collateral to the Company's secured borrowing arrangements. Refer to Note 10 “Debt” for additional information related to the Company’s outstanding borrowings as of June 30, 2015 and December 31, 2014 . The following is a summary of the components of loan servicing fees as reported in the Company’s consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Contractual servicing fees $ 11,842 $ 10,399 $ 25,370 $ 19,165 Late fees 769 391 1,580 800 Loan servicing fees $ 12,611 $ 10,790 $ 26,950 $ 19,965 Servicing fees as a percentage of average portfolio (annualized) 0.30 % 0.28 % 0.31 % 0.28 %

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company uses fair value measurements in fair value disclosures and to record certain assets and liabilities at fair value on a recurring basis, such as MSRs, derivatives and loans held for sale; or on a nonrecurring basis, such as when measuring intangible assets and long-lived assets. The Company has elected fair value accounting for loans held for sale to more closely align the Company’s accounting with its interest rate risk strategies without having to apply the operational complexities of hedge accounting. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level Input: Input Definition: Level 1 Unadjusted, quoted prices in active markets for identical assets or liabilities. Level 2 Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others. Level 3 Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity), unobservable inputs may be used. Unobservable inputs reflect the Company's own assumptions about the factors that market participants would use in pricing the asset or liability, and are based on the best information available in the circumstances. An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. While the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial statement items could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such items existed, or had such items been liquidated, and those differences could be material to the consolidated financial statements. Management incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. The Company uses discounted cash flow techniques to estimate fair value. These techniques incorporate forecasting of expected cash flows discounted at appropriate market discount rates that are intended to reflect the lack of liquidity in the market. The following describes the methods used in estimating the fair values of certain financial statement items: Mortgage Loans Held for Sale: The majority of the Company's mortgage loans held for sale at fair value are saleable into the secondary mortgage markets and their fair values are estimated using observable quoted market or contracted prices or market price equivalents, which would be used by other market participants. The fair values of a portion of the loans are estimated using a discounted cash flow analysis with significant unobservable inputs, such as prepayment speeds, default rates, the spread between bid and ask prices and loss severities. Derivative Financial Instruments: The Company estimates the fair value of interest rate lock commitments based on the value of the underlying mortgage loan, quoted MBS prices and estimates of the fair value of the MSRs, and an estimate of the probability that the mortgage loan will fund within the terms of the interest rate lock commitment. The Company estimates the fair value of forward sales commitments based on quoted MBS prices. Mortgage Servicing Rights: The Company uses a discounted cash flow approach to estimate the fair value of MSRs. This approach consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of value. The Company obtains valuations from an independent third party on a monthly basis, to support the reasonableness of the fair value estimate generated by the internal model. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees and escrow earnings. In valuing the fair value of MSRs, the Company uses a forward yield curve as an input which will impact pre-pay estimates and the value of escrows as compared to a static forward yield curve. The Company believes that the use of the forward yield curve better represents fair value of MSRs because the forward yield curve is the market’s expectation of future interest rates based on its expectation of inflation and other economic conditions. The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 947,621 $ 39,788 $ 987,409 Derivative assets (IRLCs) — 15,983 — 15,983 Derivative assets (MBS forward trades) — 13,065 — 13,065 MSRs — — 209,343 209,343 Total assets $ — $ 976,669 $ 249,131 $ 1,225,800 Liabilities: Derivative liabilities (IRLCs) $ — $ 2,238 $ — $ 2,238 Derivative liabilities (MBS forward trades) — 2,638 — 2,638 Contingent earn-out liability — — 1,769 1,769 Total liabilities $ — $ 4,876 $ 1,769 $ 6,645 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 1,048,347 $ — $ 1,048,347 Derivative assets (IRLCs) — 12,300 — 12,300 Derivative assets (MBS forward trades) — 260 — 260 MSRs — — 204,216 204,216 Total assets $ — $ 1,060,907 $ 204,216 $ 1,265,123 Liabilities: Derivative liabilities (IRLCs) $ — $ 96 $ — $ 96 Derivative liabilities (MBS forward trades) — 8,948 — 8,948 Contingent earn-out liability 722 — 2,283 3,005 Total liabilities $ 722 $ 9,044 $ 2,283 $ 12,049 Mortgage Loans Held for Sale A reconciliation of the beginning and ending balances of the Company’s mortgage loans held for sale measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2015 is as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Balance at beginning of period $ — $ — Changes in fair value recognized in earnings — — Purchases 27,887 27,887 Sales — — Issuances — — Settlements — — Transfers into Level 3 11,901 11,901 Transfers out of Level 3 — — Balance at end of period $ 39,788 $ 39,788 MSRs Refer to Note 7, "Mortgage Servicing Rights", for a reconciliation of the beginning and ending balances during the three and six months ended June 30, 2015 and 2014 . Refer to Note 9, "Transfers and Servicing of Financial Assets" for a discussion of significant observable inputs related to the Company's MSRs and relative ranges of those used in determining their fair value. Contingent Earn-out Liability Contingent earn-out liabilities resulted from the Company’s acquisitions of NattyMac in August 2012, Crossline in December 2013 and Medallion in February 2014. See Note 4, “Business Combinations,” to our audited consolidated financial statements as of and for the year ended December 31, 2014 , included in our 2014 Annual Report on Form 10-K for additional information related to these contingent earn-out liabilities. A reconciliation of the beginning and ending balances of the Company’s contingent earn-out liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 2,155 $ 4,411 $ 3,005 $ 3,791 Changes in fair value recognized in earnings 1 10 (184 ) 34 (142 ) Purchases 2 — — — 603 Sales — — — — Issuances — — — — Settlements (396 ) (43 ) (1,270 ) (68 ) Transfers into Level 3 — — — — Transfers out of Level 3 — — — Balance at end of period $ 1,769 $ 4,184 $ 1,769 $ 4,184 1 Recognized in the consolidated statements of operations within “General and administrative expense”. 2 Represents the Company’s acquisition of Medallion during February 2014. The Company estimated the fair value of its NattyMac earn-out as of June 30, 2015 using the same method as at acquisition date. For the three and six months ended June 30, 2015 , the Company adjusted its earn-out liability for NattyMac by an increase of $61 and $85 , respectively, primarily due to the estimated timing of mortgage loan fundings from the NattyMac warehousing business. The Company estimated the fair value of its Medallion earn-out using forecasted information that it believes approximates the fair value of the liability as of June 30, 2015 . For the three and six months ended June 30, 2015 , the Company decreased its earn-out liability for Medallion by $51 . Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. As disclosed in Note 4, "Business Combinations," we completed our acquisition of Medallion on February 4, 2014. The values of the net assets acquired in the acquisition of Medallion and resulting goodwill were recorded at fair value using Level 3 inputs. Refer to Note 4, "Business Combinations," for further information regarding the methodology and key assumptions used in the acquisition date fair value estimates. Fair Value of Other Financial Instruments As of June 30, 2015 and December 31, 2014 , all financial instruments were either recorded at fair value or the carrying value approximated fair value. For financial instruments that were not recorded at fair value, such as cash, restricted cash, servicing advances, subordinated loan receivable, short-term secured borrowings, warehouse and operating lines of credit, accounts payable and accrued expenses, their carrying values approximated fair value due to the short-term nature of such instruments. For our long-term secured borrowings not recorded at fair value, the carrying value approximated fair value due to the collateralization of such borrowings and given the interest rate adjusts over time based on market conditions.

Transfers and Servicing of Fina

Transfers and Servicing of Financial Assets	6 Months Ended
	Jun. 30, 2015
Transfers and Servicing [Abstract]
Transfers and Servicing of Financial Assets	Transfers and Servicing of Financial Assets Residential mortgage loans are primarily sold to FNMA or FHLMC or transferred into pools of GNMA MBS. The Company has continuing involvement in mortgage loans sold through servicing arrangements and the liability for loan indemnifications and repurchases under the representations and warranties it makes to the investors and insurers of the loans it sells. The Company is exposed to interest rate risk through its continuing involvement with mortgage loans sold, including the MSRs, as the value of the asset fluctuates as changes in interest rates impact borrower prepayment. The Company also sells non-agency residential mortgage loans to non-GSE third parties generally without retaining the servicing rights to such loans. All loans are sold on a non-recourse basis; however, certain representations and warranties have been made that are customary for loan sale transactions, including eligibility characteristics of the mortgage loans and underwriting responsibilities, in connection with the sales of these assets. In order to facilitate the origination and sale of mortgage loans held for sale, the Company entered into various agreements with warehouse lenders. Such agreements are in the form of loan participations and repurchase agreements with banks and other financial institutions. Mortgage loans held for sale are considered sold when the Company surrenders control over the financial assets and such financial assets are legally isolated from the Company in the event of bankruptcy. For loan participations and repurchase agreements that meet the sale criteria, the transferred financial assets are derecognized from the balance sheet and a gain or loss is recognized upon sale. If the sale criteria are not met, the transfer is recorded as a secured borrowing in which the assets remain on the balance sheet and the proceeds from the transaction are recognized as a liability. From time to time, the Company may sell loans whereby the underlying risks and cash flows of the mortgage loan have been transferred to a third party through the issuance of participating interests. The terms and conditions of these interests are governed by the participation agreements. The Company will receive a marketing fee paid by the participating entity upon completion of the sale. In addition, the Company will also subservice the underlying mortgage loans to the participation agreement for the period that the participating interests are outstanding. As of June 30, 2015 and December 31, 2014 , all transfers pursuant to our mortgage funding arrangements are accounted for by the Company as secured borrowings. The following table sets forth information regarding cash flows for the six months ended June 30, 2015 and 2014 relating to loan sales in which the Company has continuing involvement: Six Months Ended June 30, 2015 2014 Proceeds from new loan sales 1 $ 20,611 $ 5,332 Proceeds from loan servicing fees $ 25,510 $ 19,965 Cash inflows from servicing advances $ 2,402 $ 265 Cash outflows from repurchases and indemnifications of previously sold loans $ 25,167 $ 6,178 1 Represents the proceeds from mortgage loans or pools of mortgage loans sold, net of the related repayments of borrowings under the Company's mortgage funding arrangements used to fund the related mortgage loans prior to sale as well as the cost to retain the servicing rights. The following table sets forth information related to outstanding loans sold as of June 30, 2015 and December 31, 2014 for which the Company has continuing involvement: June 30, 2015 December 31, 2014 Total unpaid principal balance $ 17,244,304 $ 18,336,745 Loans 30-89 days delinquent $ 298,466 $ 379,881 Loans delinquent 90 or more days or in foreclosure 1 $ 134,857 $ 127,751 1 Includes GNMA mortgage loans eligible for repurchase and recorded on the consolidated balance sheet, which are government-insured, of $111,765 and $109,397 , respectively, as of June 30, 2015 and December 31, 2014 . The key weighted average assumptions (or range of assumptions) used in determining the fair value of the Company’s MSRs as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 12.1% 13.9% GNMA: FHA 10.6% 11.2% VA 9.4% 10.1% USDA 11.1% 11.8% FHLMC 10.5% 13.1% Other Investors 11.3% 12.4% Cost of servicing (per loan) $85 $83 MSRs are generally subject to loss in value when mortgage rates decrease. Decreasing mortgage rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing MSRs value. Reductions in the value of MSRs affect income through changes in fair value. These factors have been considered in the estimated prepayment speed assumptions used to determine the fair value of the Company’s MSRs. In addition to the assumptions provided above, the Company uses assumptions for default rates in determining the fair value of MSRs. These assumptions are based primarily on internal estimates, and the Company also obtains third party data, where applicable, to assess the reasonableness of its internal assumptions. The Company's assumptions for default rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 FNMA 3.98% 3.93% GNMA: FHA 6.49% 6.42% VA 6.41% 6.31% USDA 6.46% 6.29% FHLMC 3.91% 3.80% Other Investors 6.34% 6.14% The default rates represent the Company’s estimate of the loans that will eventually enter foreclosure proceedings over the entire term of the portfolio’s life. These assumptions affect the future cost to service loans, future revenue earned from the portfolio, and future assumed foreclosure losses. Because the Company’s portfolio is generally comprised of recent vintages, actual future defaults may differ from the Company’s assumptions. The hypothetical effect of an adverse change in these key assumptions would result in a decrease in the fair values of MSRs as follows as of June 30, 2015 and December 31, 2014 : June 30, 2015 % of Average Portfolio December 31, 2014 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (9,499 ) 5 % $ (8,345 ) 4 % Impact of discount rate + 2% $ (18,215 ) 9 % $ (16,063 ) 8 % Impact of discount rate + 3% $ (26,236 ) 13 % $ (23,222 ) 11 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,729 ) 3 % $ (5,445 ) 3 % Impact of prepayment speed * 110% $ (11,257 ) 5 % $ (10,668 ) 5 % Impact of prepayment speed * 120% $ (21,757 ) 10 % $ (20,508 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,474 ) 1 % $ (1,529 ) 1 % Impact of cost of servicing * 110% $ (2,947 ) 1 % $ (3,058 ) 1 % Impact of cost of servicing * 120% $ (5,895 ) 3 % $ (6,116 ) 3 % As the table demonstrates, the Company’s methodology for estimating the fair value of MSRs is highly sensitive to changes in assumptions. For example, actual prepayment experience may differ and any difference may have a material effect on MSRs fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may indicate higher prepayments; however, this may be partially offset by lower prepayments due to other factors such as a borrower’s diminished opportunity to refinance), which may magnify or counteract the sensitivities. Thus, any measurement of MSRs fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Borrowings outstanding as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans $ 536,455 3.97% 1 $ 592,798 3.97% Mortgage repurchase borrowings 544,125 2.23% 472,045 2.23% Warehouse lines of credit 1,947 4.25% 1,374 4.25% Secured borrowings - mortgage servicing rights 80,058 5.11% 75,970 5.49% Operating lines of credit 5,000 4.00% 2,000 4.00% Total mortgage funding arrangements $ 1,167,585 $ 1,144,187 1 The Company’s costs for secured borrowings on mortgage loans are shown in the table above based on the average underlying mortgage rates. These costs are reduced by earnings and fees specific to each of the secured borrowing facilities. The Company maintains mortgage loan participation, repurchase and warehouse lines of credit arrangements listed above (collectively referred to as “mortgage funding arrangements”) with various financial institutions, primarily to fund the origination of mortgage loans. As of June 30, 2015 , the Company held mortgage funding arrangements with four separate financial institutions and a total maximum borrowing capacity of $1,942,000 , including the operating lines of credit. Except for our operating lines of credit, each mortgage funding arrangement is collateralized by the underlying mortgage loans. Separately, the Company had two mortgage funding arrangements for the funding of MSRs, each of which is collateralized by the MSRs pledged to the respective facilities. The following tables summarize the amounts outstanding, interest rates and maturity dates under the Company’s various mortgage funding arrangements as of June 30, 2015 and December 31, 2014 : As of June 30, 2015: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 307,596 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2015 6 Merchants Bank of Indiana - NattyMac Funding 228,859 — 3 LIBOR plus applicable margin March 2016 Total secured borrowings - mortgage loans 536,455 600,000 Barclays Bank PLC 122,865 400,000 LIBOR plus applicable margin December 2015 Bank of America, N.A. 346,290 700,000 5 LIBOR plus applicable margin June 2016 Wells Fargo 74,970 200,000 LIBOR plus applicable margin January 2016 Total mortgage repurchase borrowings 544,125 1,300,000 Merchants Bank of Indiana - Warehouse Line of Credit 1,947 2,000 Prime plus 1.00% July 2015 6 Total warehouse lines of credit 1,947 2,000 Barclays Bank PLC - MSRs Secured 45,058 — 4 LIBOR plus applicable margin December 2015 Merchants Bank of Indiana - MSRs Secured 35,000 35,000 LIBOR plus applicable margin June 2017 Total secured borrowings - MSRs 80,058 35,000 Total 1,162,585 1,937,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $5,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. At June 30, 2015, the aggregate maximum borrowing capacity was $600,000 . 3 The maximum borrowing capacity is a sublimit of the Merchants Participation Agreement maximum borrowing capacity of $600,000 referred to in Note 2 above. 4 Governed by the Barclays Bank PLC maximum borrowing capacity of $400,000 , with a sub-limit of $100,000 . 5 The Bank of America maximum borrowing includes $400,000 of mortgage repurchase and $300,000 of mortgage gestation repurchase facilities. 6 Extended on July 30, 2015 to a maturity date of July 31, 2016. As of December 31, 2014: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 273,341 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2015 Merchants Bank of Indiana - NattyMac Funding 319,457 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2015 7 Total secured borrowings - mortgage loans 592,798 600,000 Barclays Bank PLC 224,444 400,000 LIBOR plus applicable margin December 2015 Bank of America, N.A. 247,601 600,000 6 LIBOR plus applicable margin May 2015 Total mortgage repurchase borrowings 472,045 1,000,000 Merchants Bank of Indiana - Warehouse Line of Credit 1,374 2,000 Prime plus 1.00% July 2015 Total warehouse lines of credit 1,374 2,000 Barclays Bank PLC - MSRs Secured 45,970 — 4 LIBOR plus applicable margin December 2015 Merchants Bank of Indiana - MSRs Secured 30,000 30,000 5 LIBOR plus applicable margin June 2017 Total secured borrowings - MSRs $ 75,970 $ 30,000 Total $ 1,142,187 $ 1,632,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $2,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. During the year ended December 31, 2014, the most the aggregate maximum borrowing capacity was constrained approximated $500,000 . At December 31, 2014, the aggregate maximum borrowing capacity was $600,000 . 3 The maximum borrowing capacity is a sublimit of the Merchants Participation Agreement maximum borrowing capacity of $600,000 referred to in Note 2 above. 4 Governed by the Barclays Bank PLC maximum borrowing capacity of $400,000 , with a sub-limit of $100,000 . 5 Based on GNMA MSRs pledged to Merchants Bank of Indiana. Subsequent to year end, such capacity was raised to $35,000 . 6 The Bank of America maximum borrowing includes $400,000 of mortgage repurchase and $200,000 of mortgage gestation repurchase facilities. 7 Agreement automatically renews 90 days prior to maturity if no termination notice given by either party. No notice was received or given at the 90 day mark and this line was extended to a maturity date of March 2016. The Company intends to renew the mortgage funding arrangements when they mature and has no reason to believe the Company will be unable to do so. On January 29, 2015, the Company signed a Mortgage Repurchase Agreement with Wells Fargo with a maximum borrowing capacity of $200,000 . The borrowing facility is comparable to the repurchase facilities that the Company has in place with other financial institutions, and is designed to finance newly originated conventional, government and jumbo residential mortgages originated or purchased by the Company. The facility is uncommitted and matures on January 30, 2016. The Company reviews and monitors its operating lines of credit during the quarter and amends the borrowing capacity and maturity date throughout the quarter based on current operations. The Company has concluded that on a consolidated basis it has a variable interest in NMF resulting from any potential interest it may earn from the 49% NMF earnings participation. The Company has further concluded that it is not considered the primary beneficiary of its variable interest in NMF based on the fact that it does not have the power to direct the activities of NMF that most significantly impact NMF’s economic performance. NMF has the final authority over its operating policies. If at any time in the future the Company claims the right to the common capital stock of NMF in a default scenario as described above, the primary beneficiary conclusion may change.

Reserve for Mortgage Repurchase

Reserve for Mortgage Repurchases and Indemnifications	6 Months Ended
	Jun. 30, 2015
Valuation and Qualifying Accounts [Abstract]
Reserve for Mortgage Repurchases and Indemnifications	Reserve for Mortgage Repurchases and Indemnifications Representations and warranties are provided to investors and insurers on loans sold and are also assumed on purchased mortgage loans. In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss. In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator. Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations. The following is a summary of changes in the reserve for mortgage repurchases and indemnifications for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 4,877 $ 4,231 $ 4,967 $ 3,709 Provision for mortgage repurchases and indemnifications - new loan sales 1 932 556 1,696 1,034 Provision for mortgage repurchases and indemnifications - change in estimate 2 437 509 523 904 Losses on repurchases and indemnifications (957 ) (509 ) (1,897 ) (860 ) Balance at end of period $ 5,289 $ 4,787 $ 5,289 $ 4,787 1 Recognized as a reduction to "Gain on mortgage loans held for sale, net" in the consolidated statements of operations. 2 Accounts for change in estimate made subsequent to the initial reserve for new loan sales being made. Because of the inherent uncertainties involved in the various estimates and assumptions used by the Company in determining the mortgage repurchase and indemnifications liability, there is a reasonable possibility that future losses may be in excess of the recorded liability. In assessing the adequacy of the reserve, management evaluates various factors including actual losses on repurchases and indemnifications during the period, historical loss experience, known delinquent and other problem loans, delinquency trends in the portfolio of sold loans and economic trends and conditions in the industry. The Company considers the liability to be appropriate at each balance sheet date.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its quarterly tax provision pursuant to the guidelines in Accounting Standards Codification ("ASC") 740-270 "Income Taxes". Generally ASC 740-270 requires companies to estimate the annual effective tax rate for current year ordinary income. In calculating the effective tax rate, permanent differences between financial reporting and taxable income are factored into the calculation, but temporary differences are not. The estimated annual effective tax rate represents the best estimate of the tax provision in relation to the best estimate of pre-tax ordinary income or loss. The estimated annual effective tax rate is then applied to year-to-date ordinary income or loss to calculate the year-to-date interim tax provision. Due primarily to the unpredictable nature of the MSRs valuation and the impact this has on making a reliable estimate of the annual effective tax rate for interim reporting periods, the Company applies the actual year-to-date effective tax rate for the current period tax provision as a matter of policy. The following is a reconciliation of the expected statutory federal corporate income tax expense to the income tax expense recorded on the Company's consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 $ % $ % $ % $ % Statutory federal income tax expense (benefit) $ 6,456 35.0 % $ 142 35.0 % $ 82 35.0 % $ (4,355 ) 35.0 % State income tax expense (benefit), net of federal tax expense (benefit) 803 4.4 % 14 3.4 % 23 10.2 % (417 ) 3.4 % Non-deductible expenses 50 0.2 % 2 0.5 % 111 47.7 % (40 ) 0.3 % Provision to return adjustments — — % — — % — — % — — % Adjustment to state net deferred tax liabilities — — % — — % — — % — — % YTD impact of change in effective tax rate — — % (20 ) (4.9 )% — — % (20 ) 0.1 % Other 1 — % — — % 1 0.6 % 3 — % Total income tax expense (benefit) $ 7,310 39.6 % $ 138 34.0 % $ 217 93.5 % $ (4,829 ) 38.8 % During the three months ended June 30, 2015 and 2014 , the Company recognized an income tax expense of $7,310 and $138 , respectively, which represented effective tax rates of 39.6% and 34.0% , respectively. During the six months ended June 30, 2015 and 2014 , the Company recognized an income tax expense (benefit) of $217 and $(4,829) , respectively, which represented effective tax rates of 93.5% and 38.8% , respectively. While the tax effects of the Company's permanent differences have remained consistent, they result in a higher effective tax rate impact given the Company's pre-tax income position for the six months ended June 30, 2015 . As of June 30, 2015 , the Company had federal and state net operating loss carryforwards of $148,580 and $125,957 , respectively. The Company's federal and state net operating loss carryforwards are available to offset future taxable income and expire from 2027 through 2034 . Given the uncertainty around the Company’s ability to forecast book and taxable income due primarily to the unpredictable nature of the MSRs value impacted by changing interest rates, the Company has not relied on any projections of future taxable income to support the assertion that no valuation allowance is needed. It has relied solely on the reversal and timing of the reversal of its deferred tax liabilities, and, to the extent necessary, tax planning strategies. The Company anticipates the reversal of deferred tax liabilities will offset the future reversal of deferred tax assets. Accordingly, no valuation allowance has been established at June 30, 2015 and 2014 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments to Extend Credit The Company enters into interest rate lock commitments ("IRLCs") with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose the Company to market risk if interest rates change and the loan is not economically hedged or committed to an investor. The Company is also exposed to credit loss if the loan is originated and not sold to an investor and the customer does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor’s residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans as of June 30, 2015 and December 31, 2014 approximated $2,081,614 and $1,211,675 , respectively, in estimated principal loan amount. The related fair value of these commitments is recognized in the balance sheet within “Derivatives". Litigation The Company is subject to various legal proceedings arising out of the ordinary course of business. As of June 30, 2015 , there were no current or pending claims against the Company, which could have a material impact on the Company's statement of financial position, net income or cash flows. Any liabilities which are probable to occur and estimable have been recorded in the balance sheet. Regulatory Contingencies The Company is subject to periodic audits and examinations, both formal and informal in nature, from various federal and state agencies, including those made as part of regulatory oversight of our mortgage origination, servicing and financing activities. Such audits and examinations could result in additional actions, penalties or fines by state or federal governmental bodies, regulators or the courts with respect to our mortgage origination, servicing and financing activities, which may be applicable generally to the mortgage industry or to us in particular. During 2014, we received a report of examination from a state regulatory agency that certain fees that were charged to borrowers in connection with the origination of loans through our wholesale and retail channels were impermissible and must be refunded to such borrowers. The total amount of these fees is $417 . The Company disagrees with the findings in the report of examination and has communicated its reasoning as to why the related fees are permissible to the state regulatory agency. However, there can be no assurance that the state regulatory agency will agree with our position and that we will not be ultimately required to refund the fees to the related borrowers. Other Contingencies During 2013, the Company became aware that it had purchased certain refinancing loans, with a total principal amount of $5,163 , from a correspondent lender where the prior mortgage loan on the property securing the mortgage loan that was purchased from the correspondent was not satisfied and released by the correspondent’s title company at the time the loan from the correspondent was made. As part of the Company’s process in purchasing a mortgage loan from a correspondent, it generally requires that a closing protection letter be issued by the title insurer in favor of the borrower. A closing protection letter was obtained with respect to each of these purchased loans. As a result, the Company believes the borrower is insured against any liens prior to ours that were not identified in connection with the issuance of that closing protection letter. The Company believes that its procedures, including conducting a post-purchase audit, were effective in identifying the failure by the correspondent to obtain a release of the prior mortgage loan and that the Company’s practice of obtaining closing protection letters is appropriate to protect it in these situations. The Company has notified the affected borrowers and the relevant insurance carriers, and it expects that the title insurance obtained in connection with the refinancings will result in the loan having a first priority status. However, there can be no assurances that the prior mortgages will be fully satisfied from the title insurance claims.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Options A summary of stock option activity for the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 1,405,206 $ 16.90 Granted — N/A Exercised — N/A Forfeited or expired (14,877 ) $ 18.00 Outstanding at June 30, 2015 1,390,329 $ 16.89 7.8 $ 619 Exercisable at June 30, 2015 757,882 $ 16.12 7.7 $ 619 The Company uses the Black-Scholes option pricing model to estimate the fair value of stock options granted. For a more detailed discussion of the Company's stock-based compensation plan's fair value methodology, refer to Note 18, “Stock-Based Compensation,” to its audited consolidated financial statements as of and for the year ended December 31, 2014 , included in its 2014 Annual Report on Form 10-K. Restricted Stock Units A summary of the nonvested restricted stock unit activity for the six months ended June 30, 2015 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2014 33,922 $ 16.00 Granted 4,652 $ 10.75 Vested (1,217 ) 12.93 Forfeited — N/A Nonvested at June 30, 2015 37,357 $ 15.44

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information Since the date of the Company’s IPO, the Company has continued its development of internal management reporting. Such development has resulted in changes in the information that is provided to the Company’s chief operating decision maker. Accordingly, during the quarter ended September 30, 2014, management re-evaluated this information in relation to its definition of its operating segments. As a result of this new information provided to the chief operating decision maker, management has concluded that its Mortgage Banking operations should be disclosed as three segments: Originations, Servicing and Financing. Prior period segment disclosures have been restated to conform segment disclosures for the three and six months ended June 30, 2014 to those for the three and six months ended June 30, 2015 . The Originations segment primarily originates and sells residential mortgage loans, which conform to the underwriting guidelines of the GSEs and government agencies and non-agency whole loan investors. The Servicing segment includes loan administration, collection and default activities, including the collection and remittance of loan payments, responding to customer inquiries, collection of principal and interest payments, holding custodial funds for the payment of property taxes and insurance premiums, counseling delinquent mortgagors, modifying loans and supervising foreclosures on the Company’s property dispositions. The Financing segment includes warehouse-lending activities to correspondent customers by the Company’s NattyMac subsidiary, which commenced operations in July 2013. The Company's segments are based upon its organizational structure, which focuses primarily on the services performed. The accounting policies of each reportable segment are the same as those of the Company. Certain consolidated back-office operations, such as risk and compliance, human resources, information technology, business processes and marketing, are allocated to each individual segment. Expenses are allocated to individual segments based on the estimated value of services performed, including estimated utilization of square footage and corporate personnel. Financial highlights by segment are as follows: Total Assets June 30, 2015 December 31, 2014 Originations $ 1,157,182 $ 1,199,727 Servicing 229,603 223,058 Financing 187,907 118,593 Other 1 63,973 55,173 Total $ 1,638,665 $ 1,596,551 1 Includes intersegment eliminations and assets not allocated to the three reportable segments. Three Months Ended June 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 51,285 $ — $ — $ 49 $ 51,334 Losses on sale of mortgage servicing rights — (3,068 ) — — (3,068 ) Changes in mortgage servicing rights valuation — 20,821 — — 20,821 Payoffs and principal amortization of mortgage servicing rights — (11,322 ) — — (11,322 ) Loan origination and other loan fees 7,421 — 303 — 7,724 Loan servicing fees — 12,611 — — 12,611 Interest and other income 7,635 — 1,694 14 9,343 Total revenues 66,341 19,042 1,997 63 87,443 Expenses Salaries, commissions and benefits 32,801 2,285 574 7,259 42,919 General and administrative 4,380 837 173 4,179 9,569 Interest expense 5,738 1,772 657 128 8,295 Occupancy, equipment and communication 3,843 505 61 1,524 5,933 Provision for mortgage repurchases and indemnifications 437 — — — 437 Depreciation and amortization 1,269 99 102 376 1,846 Corporate allocations 6,125 858 75 (7,058 ) — Total expenses 54,593 6,356 1,642 6,408 68,999 Income (loss) before taxes $ 11,748 $ 12,686 $ 355 $ (6,345 ) $ 18,444 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments. Three Months Ended June 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 46,533 $ — $ — $ 15 $ 46,548 Changes in mortgage servicing rights valuation — (10,713 ) — — (10,713 ) Payoffs and principal amortization of mortgage servicing rights — (4,651 ) — — (4,651 ) Loan origination and other loan fees 6,593 — 169 (31 ) 6,731 Loan servicing fees — 10,790 — — 10,790 Interest and other income 8,586 — 392 (60 ) 8,918 Total revenues 61,712 (4,574 ) 561 (76 ) 57,623 Expenses Salaries, commissions and benefits 27,289 1,367 412 6,076 35,144 General and administrative 2,674 345 154 6,173 9,346 Interest expense 6,049 170 — 44 6,263 Occupancy, equipment and communication 2,711 420 86 1,545 4,762 Provision for mortgage repurchases and indemnifications 509 — — — 509 Depreciation and amortization 276 11 93 813 1,193 Corporate allocations 7,442 893 43 (8,378 ) — Total expenses 46,950 3,206 788 6,273 57,217 Income (loss) before taxes $ 14,762 $ (7,780 ) $ (227 ) $ (6,349 ) $ 406 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments. Six Months Ended June 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 104,126 $ — $ — $ 49 $ 104,175 Losses on sale of mortgage servicing rights — (2,869 ) — — (2,869 ) Changes in mortgage servicing rights valuation — (3,568 ) — — (3,568 ) Payoffs and principal amortization of mortgage servicing rights — (25,088 ) — — (25,088 ) Loan origination and other loan fees 13,491 — 577 — 14,068 Loan servicing fees — 26,950 — — 26,950 Interest and other income 14,564 — 3,428 102 18,094 Total revenues 132,181 (4,575 ) 4,005 151 131,762 Expenses Salaries, commissions and benefits 60,902 4,401 1,093 14,471 80,867 General and administrative 8,139 1,278 308 8,290 18,015 Interest expense 10,485 4,305 1,660 254 16,704 Occupancy, equipment and communication 7,191 987 119 3,497 11,794 Provision for mortgage repurchases and indemnifications 523 — — — 523 Depreciation and amortization 2,507 198 203 719 3,627 Corporate allocations 13,284 1,840 152 (15,276 ) — Total expenses 103,031 13,009 3,535 11,955 131,530 Income (loss) before taxes $ 29,150 $ (17,584 ) $ 470 $ (11,804 ) $ 232 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments. Six Months Ended June 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 75,164 $ — $ — $ 15 $ 75,179 Changes in mortgage servicing rights valuation — (18,644 ) — — (18,644 ) Payoffs and principal amortization of mortgage servicing rights — (7,378 ) — — (7,378 ) Loan origination and other loan fees 11,628 — 231 (51 ) 11,808 Loan servicing fees — 19,965 — — 19,965 Interest and other income 14,508 — 816 (330 ) 14,994 Total revenues 101,300 (6,057 ) 1,047 (366 ) 95,924 Expenses Salaries, commissions and benefits 53,591 2,580 788 11,604 68,563 General and administrative 6,195 681 273 10,498 17,647 Interest expense 10,032 258 — (215 ) 10,075 Occupancy, equipment and communication 4,988 805 97 3,014 8,904 Provision for mortgage repurchases and indemnifications 904 — — — 904 Depreciation and amortization 462 11 183 1,620 2,276 Corporate allocations 12,917 1,558 65 (14,540 ) — Total expenses 89,089 5,893 1,406 11,981 108,369 Income (loss) before taxes $ 12,211 $ (11,950 ) (359 ) $ (12,347 ) $ (12,445 ) 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Capital Stock	Capital Stock During the six months ended June 30, 2014 , the Company sold a portion of its investment in shares of preferred stock of a closely held entity for $200 , of which all of the proceeds from such sale were applied against the Company's outstanding balance on its operating line of credit with the same entity.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 30, 2015, the Company amended its master participation agreement, warehouse and security agreement and operating line of credit facilities with Merchants to extend their maturity dates to July 31, 2016. On July 30, 2015, the Company's Board of Directors were granted awards totaling 87,191 in restricted stock units, which will result in approximately $830 in expense for the Company prior to the last vesting date of the awards. The majority of these awards vested immediately upon grant.

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The accompanying unaudited consolidated financial statements include the accounts of Stonegate and its subsidiaries and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The Company has omitted certain financial disclosures that would substantially duplicate the disclosures in its audited consolidated financial statements as of and for the year ended December 31, 2014 , unless the information contained in those disclosures materially changed or is required by GAAP. In the opinion of management, all adjustments, including normal recurring adjustments, necessary for a fair presentation of the consolidated financial statements as of and for the three and six months ended June 30, 2015 and 2014 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2015 . These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of and for the year ended December 31, 2014 included in its 2014 Annual Report on Form 10-K.
Concentration Risk and Credit Risk	In the normal course of business, companies in the mortgage banking industry encounter certain economic and regulatory risks. Economic risks include interest rate risk and credit risk. In an interest rate cycle in which rates decline over an extended period of time, the Company's mortgage origination activities’ results of operations could be positively impacted by higher loan origination volumes and gain on sale margins. In contrast, the Company's results of operations of its mortgage servicing activities could decline due to higher actual and projected loan prepayments related to its loan servicing portfolio. In an interest rate cycle in which rates rise over an extended period of time, the Company's mortgage origination activities' results of operations could be negatively impacted and its mortgage servicing activities’ results of operations could be positively impacted. Credit risk is the risk of default that may result from the borrowers’ inability or unwillingness to make contractually required payments during the period in which loans are being held for sale. The Company manages these various risks through a variety of policies and procedures, such as the hedging of the loans held for sale and interest rate lock commitments using forward sales of MBS, such as To Be Announced (“TBA”) securities, designed to quantify and mitigate the operational and financial risk to the Company to the extent possible. Specifically, the Company engages in hedging of interest rate risk of its mortgage loans held for sale and interest rate lock commitments with the use of TBA securities. The Company sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, the Company is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, collateral and regulatory compliance. To the extent that the Company does not comply with such representations, the Company may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. The Company performs due diligence prior to funding mortgage loans as part of its loan underwriting process, whereby the Company analyzes credit, collateral and compliance risk of all loans in an effort to ensure the mortgage loans meet the investors’ standards. However, if a loan is repurchased, the Company could incur a loss as part of recording such loan at fair value, which may be less than the amount paid to purchase the loan. In addition, if loans pay off within a specified time frame, the Company may be required to refund a portion of the sales proceeds to the investors. The Company’s business requires substantial cash to support its operating activities. As a result, the Company is dependent on its lines of credit and other financing facilities in order to fund its continued operations. If the Company’s principal lenders decided to terminate or not to renew any of these credit facilities with the Company, the loss of borrowing capacity would have a material adverse impact on the Company’s financial statements unless the Company found a suitable alternative source of financing.
Fair Value Measurements	Fair Value Measurements The Company uses fair value measurements in fair value disclosures and to record certain assets and liabilities at fair value on a recurring basis, such as MSRs, derivatives and loans held for sale; or on a nonrecurring basis, such as when measuring intangible assets and long-lived assets. The Company has elected fair value accounting for loans held for sale to more closely align the Company’s accounting with its interest rate risk strategies without having to apply the operational complexities of hedge accounting. The Company groups its assets and liabilities at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level Input: Input Definition: Level 1 Unadjusted, quoted prices in active markets for identical assets or liabilities. Level 2 Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing an asset or liability and are developed based on market data obtained from sources independent of the Company. These may include quoted prices for similar assets and liabilities, interest rates, prepayment speeds, credit risk and others. Level 3 Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity), unobservable inputs may be used. Unobservable inputs reflect the Company's own assumptions about the factors that market participants would use in pricing the asset or liability, and are based on the best information available in the circumstances. An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. While the Company believes its valuation methods are appropriate and consistent with those used by other market participants, the use of different methods or assumptions to estimate the fair value of certain financial statement items could result in a different estimate of fair value at the reporting date. Those estimated values may differ significantly from the values that would have been used had a readily available market for such items existed, or had such items been liquidated, and those differences could be material to the consolidated financial statements. Management incorporates lack of liquidity into its fair value estimates based on the type of asset or liability measured and the valuation method used. The Company uses discounted cash flow techniques to estimate fair value. These techniques incorporate forecasting of expected cash flows discounted at appropriate market discount rates that are intended to reflect the lack of liquidity in the market. The following describes the methods used in estimating the fair values of certain financial statement items: Mortgage Loans Held for Sale: The majority of the Company's mortgage loans held for sale at fair value are saleable into the secondary mortgage markets and their fair values are estimated using observable quoted market or contracted prices or market price equivalents, which would be used by other market participants. The fair values of a portion of the loans are estimated using a discounted cash flow analysis with significant unobservable inputs, such as prepayment speeds, default rates, the spread between bid and ask prices and loss severities. Derivative Financial Instruments: The Company estimates the fair value of interest rate lock commitments based on the value of the underlying mortgage loan, quoted MBS prices and estimates of the fair value of the MSRs, and an estimate of the probability that the mortgage loan will fund within the terms of the interest rate lock commitment. The Company estimates the fair value of forward sales commitments based on quoted MBS prices. Mortgage Servicing Rights: The Company uses a discounted cash flow approach to estimate the fair value of MSRs. This approach consists of projecting servicing cash flows discounted at a rate that management believes market participants would use in their determinations of value. The Company obtains valuations from an independent third party on a monthly basis, to support the reasonableness of the fair value estimate generated by the internal model. The key assumptions used in the estimation of the fair value of MSRs include prepayment speeds, discount rates, default rates, cost to service, contractual servicing fees and escrow earnings.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of net (loss) income to common shareholders and summary of the basic and diluted (loss) earnings per share	The following is a reconciliation of net income (loss) attributable to common stockholders and a table summarizing the basic and diluted earnings (loss) per share calculations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss): Net income (loss) attributable to common stockholders $ 11,134 $ 268 $ 15 $ (7,616 ) Weighted average shares outstanding (in thousands) : Denominator for basic earnings (loss) per share – weighted average common shares outstanding 25,782 25,769 25,781 25,769 Effect of dilutive shares—employee and director stock options, restricted stock units, warrants and convertible preferred stock — — — — Denominator for diluted earnings (loss) per share 25,782 25,769 25,781 25,769 Earnings (loss) per share: Basic $ 0.43 $ 0.01 $ — $ (0.30 ) Diluted $ 0.43 $ 0.01 $ — $ (0.30 )

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Summary of total consideration transferred and fair value of assets acquired	The following table summarizes the total consideration transferred to acquire Medallion and the fair values of the assets acquired and liabilities assumed on the acquisition date: Consideration: Cash consideration $ 258 Fair value of contingent consideration 603 Total consideration 861 Fair value of net assets acquired: Property and equipment 190 Other assets 94 Accounts payable and accrued expenses (50 ) Total fair value of net assets acquired 234 Goodwill $ 627 Acquisition-related expenses 1 $ 49 1 Legal and miscellaneous expenses classified as general and administrative expenses.

Derivative Financial Instrume27

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of outstanding derivative instruments	The following summarizes the Company’s outstanding derivative instruments as of June 30, 2015 and December 31, 2014 : June 30, 2015: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 2,081,614 Derivative assets/liabilities $ 15,983 $ (2,238 ) MBS forward sales contracts 2,743,904 MBS forward purchase contracts 658,800 Total MBS forward trades 3,402,704 Derivative assets/liabilities 13,065 (2,638 ) Total derivative financial instruments $ 5,484,318 $ 29,048 $ (4,876 ) December 31, 2014: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,211,675 Derivative assets/liabilities $ 12,300 $ (96 ) MBS forward sales contracts 1,860,768 MBS forward purchase contracts 457,481 Total MBS forward trades 2,318,249 Derivative assets/liabilities 260 (8,948 ) Total derivative financial instruments $ 3,529,924 $ 12,560 $ (9,044 )
Summary of the effect of derivative financial instruments on consolidated statements of income	The following summarizes the effect of the Company’s derivative financial instruments and related changes in estimated fair value of mortgage loans held for sale on its consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Interest rate lock commitments $ (14,562 ) $ 10,815 $ 1,541 $ 20,657 MBS forward trades 21,120 (18,456 ) 19,116 (32,174 ) Net derivative gains (losses) 6,558 (7,641 ) 20,657 (11,517 ) Gains (losses) from changes in estimated fair value of mortgage loans held for sale 1 (11,060 ) 17,111 (10,972 ) 26,741 $ (4,502 ) $ 9,470 $ 9,685 $ 15,224 1 Mortgage loans held for sale are carried at estimated fair value pursuant to the fair value option. Gains from changes in estimated fair values are included within “gains on mortgage loans held for sale, net” on the Company’s consolidated statements of operations. This information is presented here due to its correlation with the changes in value of our derivative financial instruments.

Mortgage Loans Held for Sale,28

Mortgage Loans Held for Sale, at Fair Value (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Schedule of mortgage loans held for sale at fair value	The following summarizes mortgage loans held for sale at fair value as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Conventional 1 $ 335,469 $ 507,297 Government insured 2 565,363 444,955 Non-agency/Other 86,577 96,095 Total mortgage loans held for sale, at fair value $ 987,409 $ 1,048,347 1 Conventional includes FNMA and FHLMC mortgage loans, as well as mortgage loans to various housing agencies. 2 Government insured includes GNMA mortgage loans. GNMA portfolio balance is made up of Federal Housing Administration ("FHA"), Veterans Affairs ("VA"), and United States Department of Agriculture ("USDA") home loans, as well as mortgage loans to various housing agencies.
Fair values and related UPB due upon maturity for loans held for sale accounted for under the fair value option	The following are the fair values and related UPB due upon maturity for loans held for sale accounted under the fair value method as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 981,891 $ 975,448 $ 1,044,005 $ 1,025,374 90 or more days delinquent 5,518 6,518 4,342 5,342 Total $ 987,409 $ 981,966 $ 1,048,347 $ 1,030,716

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2015
Transfers and Servicing [Abstract]
Summary of the total mortgage servicing portfolio	The Company’s total mortgage servicing portfolio as of June 30, 2015 and December 31, 2014 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): June 30, 2015 December 31, 2014 FNMA $ 4,659,391 $ 5,797,883 GNMA: FHA 5,168,907 5,365,627 VA 2,967,064 2,652,678 USDA 900,440 974,501 FHLMC 3,490,671 3,500,321 Other Investors 57,831 45,735 Total mortgage servicing portfolio $ 17,244,304 $ 18,336,745 MSRs balance $ 209,343 $ 204,216 MSRs balance as a percentage of total mortgage servicing portfolio 1.21 % 1.11 %
Summary of changes in the balance of MSRs	A summary of the changes in the balance of MSRs for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 170,580 $ 192,470 $ 204,216 $ 170,294 MSRs originated in connection with loan sales 46,541 40,323 81,124 71,535 MSRs sold and derecognized (17,277 ) — (47,427 ) — Purchased MSRs — 64 86 1,686 Changes in valuation inputs and assumptions 1 20,821 (10,713 ) (3,568 ) (18,644 ) Actual portfolio runoff (payoffs and principal amortization) (11,322 ) (4,651 ) (25,088 ) (7,378 ) Balance at end of period $ 209,343 $ 217,493 $ 209,343 $ 217,493 1 Refer to Note 9, "Transfers and Servicing of Financial Assets" for a discussion of inputs and assumptions, including range of discount rates, prepayment speeds and cost of servicing.
Summary of the components of loan servicing fees	The following is a summary of the components of loan servicing fees as reported in the Company’s consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Contractual servicing fees $ 11,842 $ 10,399 $ 25,370 $ 19,165 Late fees 769 391 1,580 800 Loan servicing fees $ 12,611 $ 10,790 $ 26,950 $ 19,965 Servicing fees as a percentage of average portfolio (annualized) 0.30 % 0.28 % 0.31 % 0.28 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Major categories of assets and liabilities measured at fair value on a recurring basis	The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of June 30, 2015 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 947,621 $ 39,788 $ 987,409 Derivative assets (IRLCs) — 15,983 — 15,983 Derivative assets (MBS forward trades) — 13,065 — 13,065 MSRs — — 209,343 209,343 Total assets $ — $ 976,669 $ 249,131 $ 1,225,800 Liabilities: Derivative liabilities (IRLCs) $ — $ 2,238 $ — $ 2,238 Derivative liabilities (MBS forward trades) — 2,638 — 2,638 Contingent earn-out liability — — 1,769 1,769 Total liabilities $ — $ 4,876 $ 1,769 $ 6,645 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 1,048,347 $ — $ 1,048,347 Derivative assets (IRLCs) — 12,300 — 12,300 Derivative assets (MBS forward trades) — 260 — 260 MSRs — — 204,216 204,216 Total assets $ — $ 1,060,907 $ 204,216 $ 1,265,123 Liabilities: Derivative liabilities (IRLCs) $ — $ 96 $ — $ 96 Derivative liabilities (MBS forward trades) — 8,948 — 8,948 Contingent earn-out liability 722 — 2,283 3,005 Total liabilities $ 722 $ 9,044 $ 2,283 $ 12,049
Fair values and related UPB due upon maturity for loans held for sale accounted for under the fair value option	The following are the fair values and related UPB due upon maturity for loans held for sale accounted under the fair value method as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 981,891 $ 975,448 $ 1,044,005 $ 1,025,374 90 or more days delinquent 5,518 6,518 4,342 5,342 Total $ 987,409 $ 981,966 $ 1,048,347 $ 1,030,716
Reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs	A reconciliation of the beginning and ending balances of the Company’s mortgage loans held for sale measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2015 is as follows: Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Balance at beginning of period $ — $ — Changes in fair value recognized in earnings — — Purchases 27,887 27,887 Sales — — Issuances — — Settlements — — Transfers into Level 3 11,901 11,901 Transfers out of Level 3 — — Balance at end of period $ 39,788 $ 39,788
Reconciliation of the beginning and ending balances of liabilities measured at fair value on a recurring basis using Level 3 inputs	A reconciliation of the beginning and ending balances of the Company’s contingent earn-out liabilities measured at fair value on a recurring basis using Level 3 inputs for the three and six months ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 2,155 $ 4,411 $ 3,005 $ 3,791 Changes in fair value recognized in earnings 1 10 (184 ) 34 (142 ) Purchases 2 — — — 603 Sales — — — — Issuances — — — — Settlements (396 ) (43 ) (1,270 ) (68 ) Transfers into Level 3 — — — — Transfers out of Level 3 — — — Balance at end of period $ 1,769 $ 4,184 $ 1,769 $ 4,184 1 Recognized in the consolidated statements of operations within “General and administrative expense”. 2 Represents the Company’s acquisition of Medallion during February 2014.

Transfers and Servicing of Fi31

Transfers and Servicing of Financial Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Transfers and Servicing [Abstract]
Information regarding cash flows relating to loan sales with continuing involvement	The following table sets forth information regarding cash flows for the six months ended June 30, 2015 and 2014 relating to loan sales in which the Company has continuing involvement: Six Months Ended June 30, 2015 2014 Proceeds from new loan sales 1 $ 20,611 $ 5,332 Proceeds from loan servicing fees $ 25,510 $ 19,965 Cash inflows from servicing advances $ 2,402 $ 265 Cash outflows from repurchases and indemnifications of previously sold loans $ 25,167 $ 6,178 1 Represents the proceeds from mortgage loans or pools of mortgage loans sold, net of the related repayments of borrowings under the Company's mortgage funding arrangements used to fund the related mortgage loans prior to sale as well as the cost to retain the servicing rights.
Information related to outstanding loans sold with continuing involvement	The following table sets forth information related to outstanding loans sold as of June 30, 2015 and December 31, 2014 for which the Company has continuing involvement: June 30, 2015 December 31, 2014 Total unpaid principal balance $ 17,244,304 $ 18,336,745 Loans 30-89 days delinquent $ 298,466 $ 379,881 Loans delinquent 90 or more days or in foreclosure 1 $ 134,857 $ 127,751 1 Includes GNMA mortgage loans eligible for repurchase and recorded on the consolidated balance sheet, which are government-insured, of $111,765 and $109,397 , respectively, as of June 30, 2015 and December 31, 2014 .
Key assumptions used in determining the fair value of MSRs as of the balance sheet date	The key weighted average assumptions (or range of assumptions) used in determining the fair value of the Company’s MSRs as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 12.1% 13.9% GNMA: FHA 10.6% 11.2% VA 9.4% 10.1% USDA 11.1% 11.8% FHLMC 10.5% 13.1% Other Investors 11.3% 12.4% Cost of servicing (per loan) $85 $83
Schedule of assumptions for default rates	The Company's assumptions for default rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 FNMA 3.98% 3.93% GNMA: FHA 6.49% 6.42% VA 6.41% 6.31% USDA 6.46% 6.29% FHLMC 3.91% 3.80% Other Investors 6.34% 6.14%
Hypothetical effect of an adverse change in key assumptions	The hypothetical effect of an adverse change in these key assumptions would result in a decrease in the fair values of MSRs as follows as of June 30, 2015 and December 31, 2014 : June 30, 2015 % of Average Portfolio December 31, 2014 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (9,499 ) 5 % $ (8,345 ) 4 % Impact of discount rate + 2% $ (18,215 ) 9 % $ (16,063 ) 8 % Impact of discount rate + 3% $ (26,236 ) 13 % $ (23,222 ) 11 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,729 ) 3 % $ (5,445 ) 3 % Impact of prepayment speed * 110% $ (11,257 ) 5 % $ (10,668 ) 5 % Impact of prepayment speed * 120% $ (21,757 ) 10 % $ (20,508 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,474 ) 1 % $ (1,529 ) 1 % Impact of cost of servicing * 110% $ (2,947 ) 1 % $ (3,058 ) 1 % Impact of cost of servicing * 120% $ (5,895 ) 3 % $ (6,116 ) 3 %

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Short-term borrowings outstanding	Borrowings outstanding as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans $ 536,455 3.97% 1 $ 592,798 3.97% Mortgage repurchase borrowings 544,125 2.23% 472,045 2.23% Warehouse lines of credit 1,947 4.25% 1,374 4.25% Secured borrowings - mortgage servicing rights 80,058 5.11% 75,970 5.49% Operating lines of credit 5,000 4.00% 2,000 4.00% Total mortgage funding arrangements $ 1,167,585 $ 1,144,187 1 The Company’s costs for secured borrowings on mortgage loans are shown in the table above based on the average underlying mortgage rates. These costs are reduced by earnings and fees specific to each of the secured borrowing facilities.
Summary of the amounts outstanding, interest rates and maturity dates under the various mortgage funding arrangements	The following tables summarize the amounts outstanding, interest rates and maturity dates under the Company’s various mortgage funding arrangements as of June 30, 2015 and December 31, 2014 : As of June 30, 2015: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 307,596 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2015 6 Merchants Bank of Indiana - NattyMac Funding 228,859 — 3 LIBOR plus applicable margin March 2016 Total secured borrowings - mortgage loans 536,455 600,000 Barclays Bank PLC 122,865 400,000 LIBOR plus applicable margin December 2015 Bank of America, N.A. 346,290 700,000 5 LIBOR plus applicable margin June 2016 Wells Fargo 74,970 200,000 LIBOR plus applicable margin January 2016 Total mortgage repurchase borrowings 544,125 1,300,000 Merchants Bank of Indiana - Warehouse Line of Credit 1,947 2,000 Prime plus 1.00% July 2015 6 Total warehouse lines of credit 1,947 2,000 Barclays Bank PLC - MSRs Secured 45,058 — 4 LIBOR plus applicable margin December 2015 Merchants Bank of Indiana - MSRs Secured 35,000 35,000 LIBOR plus applicable margin June 2017 Total secured borrowings - MSRs 80,058 35,000 Total 1,162,585 1,937,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $5,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. At June 30, 2015, the aggregate maximum borrowing capacity was $600,000 . 3 The maximum borrowing capacity is a sublimit of the Merchants Participation Agreement maximum borrowing capacity of $600,000 referred to in Note 2 above. 4 Governed by the Barclays Bank PLC maximum borrowing capacity of $400,000 , with a sub-limit of $100,000 . 5 The Bank of America maximum borrowing includes $400,000 of mortgage repurchase and $300,000 of mortgage gestation repurchase facilities. 6 Extended on July 30, 2015 to a maturity date of July 31, 2016. As of December 31, 2014: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 273,341 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2015 Merchants Bank of Indiana - NattyMac Funding 319,457 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2015 7 Total secured borrowings - mortgage loans 592,798 600,000 Barclays Bank PLC 224,444 400,000 LIBOR plus applicable margin December 2015 Bank of America, N.A. 247,601 600,000 6 LIBOR plus applicable margin May 2015 Total mortgage repurchase borrowings 472,045 1,000,000 Merchants Bank of Indiana - Warehouse Line of Credit 1,374 2,000 Prime plus 1.00% July 2015 Total warehouse lines of credit 1,374 2,000 Barclays Bank PLC - MSRs Secured 45,970 — 4 LIBOR plus applicable margin December 2015 Merchants Bank of Indiana - MSRs Secured 30,000 30,000 5 LIBOR plus applicable margin June 2017 Total secured borrowings - MSRs $ 75,970 $ 30,000 Total $ 1,142,187 $ 1,632,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $2,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. During the year ended December 31, 2014, the most the aggregate maximum borrowing capacity was constrained approximated $500,000 . At December 31, 2014, the aggregate maximum borrowing capacity was $600,000 . 3 The maximum borrowing capacity is a sublimit of the Merchants Participation Agreement maximum borrowing capacity of $600,000 referred to in Note 2 above. 4 Governed by the Barclays Bank PLC maximum borrowing capacity of $400,000 , with a sub-limit of $100,000 . 5 Based on GNMA MSRs pledged to Merchants Bank of Indiana. Subsequent to year end, such capacity was raised to $35,000 . 6 The Bank of America maximum borrowing includes $400,000 of mortgage repurchase and $200,000 of mortgage gestation repurchase facilities. 7 Agreement automatically renews 90 days prior to maturity if no termination notice given by either party. No notice was received or given at the 90 day mark and this line was extended to a maturity date of March 2016.

Reserve for Mortgage Repurcha33

Reserve for Mortgage Repurchases and Indemnifications (Tables)	6 Months Ended
	Jun. 30, 2015
Valuation and Qualifying Accounts [Abstract]
Summary of changes in the reserve for mortgage repurchases and indemnifications	The following is a summary of changes in the reserve for mortgage repurchases and indemnifications for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance at beginning of period $ 4,877 $ 4,231 $ 4,967 $ 3,709 Provision for mortgage repurchases and indemnifications - new loan sales 1 932 556 1,696 1,034 Provision for mortgage repurchases and indemnifications - change in estimate 2 437 509 523 904 Losses on repurchases and indemnifications (957 ) (509 ) (1,897 ) (860 ) Balance at end of period $ 5,289 $ 4,787 $ 5,289 $ 4,787 1 Recognized as a reduction to "Gain on mortgage loans held for sale, net" in the consolidated statements of operations. 2 Accounts for change in estimate made subsequent to the initial reserve for new loan sales being made.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense to Expected Statutory Federal Corporate Income Tax	The following is a reconciliation of the expected statutory federal corporate income tax expense to the income tax expense recorded on the Company's consolidated statements of operations for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 $ % $ % $ % $ % Statutory federal income tax expense (benefit) $ 6,456 35.0 % $ 142 35.0 % $ 82 35.0 % $ (4,355 ) 35.0 % State income tax expense (benefit), net of federal tax expense (benefit) 803 4.4 % 14 3.4 % 23 10.2 % (417 ) 3.4 % Non-deductible expenses 50 0.2 % 2 0.5 % 111 47.7 % (40 ) 0.3 % Provision to return adjustments — — % — — % — — % — — % Adjustment to state net deferred tax liabilities — — % — — % — — % — — % YTD impact of change in effective tax rate — — % (20 ) (4.9 )% — — % (20 ) 0.1 % Other 1 — % — — % 1 0.6 % 3 — % Total income tax expense (benefit) $ 7,310 39.6 % $ 138 34.0 % $ 217 93.5 % $ (4,829 ) 38.8 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
A summary of stock option activity	A summary of stock option activity for the six months ended June 30, 2015 is as follows: Number of Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at December 31, 2014 1,405,206 $ 16.90 Granted — N/A Exercised — N/A Forfeited or expired (14,877 ) $ 18.00 Outstanding at June 30, 2015 1,390,329 $ 16.89 7.8 $ 619 Exercisable at June 30, 2015 757,882 $ 16.12 7.7 $ 619
Summary of the nonvested restricted stock unit activity	A summary of the nonvested restricted stock unit activity for the six months ended June 30, 2015 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2014 33,922 $ 16.00 Granted 4,652 $ 10.75 Vested (1,217 ) 12.93 Forfeited — N/A Nonvested at June 30, 2015 37,357 $ 15.44

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Reconciliation of assets from segment to consolidated	Financial highlights by segment are as follows: Total Assets June 30, 2015 December 31, 2014 Originations $ 1,157,182 $ 1,199,727 Servicing 229,603 223,058 Financing 187,907 118,593 Other 1 63,973 55,173 Total $ 1,638,665 $ 1,596,551 1 Includes intersegment eliminations and assets not allocated to the three reportable segments.
Major components of revenues by product/service	Three Months Ended June 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 51,285 $ — $ — $ 49 $ 51,334 Losses on sale of mortgage servicing rights — (3,068 ) — — (3,068 ) Changes in mortgage servicing rights valuation — 20,821 — — 20,821 Payoffs and principal amortization of mortgage servicing rights — (11,322 ) — — (11,322 ) Loan origination and other loan fees 7,421 — 303 — 7,724 Loan servicing fees — 12,611 — — 12,611 Interest and other income 7,635 — 1,694 14 9,343 Total revenues 66,341 19,042 1,997 63 87,443 Expenses Salaries, commissions and benefits 32,801 2,285 574 7,259 42,919 General and administrative 4,380 837 173 4,179 9,569 Interest expense 5,738 1,772 657 128 8,295 Occupancy, equipment and communication 3,843 505 61 1,524 5,933 Provision for mortgage repurchases and indemnifications 437 — — — 437 Depreciation and amortization 1,269 99 102 376 1,846 Corporate allocations 6,125 858 75 (7,058 ) — Total expenses 54,593 6,356 1,642 6,408 68,999 Income (loss) before taxes $ 11,748 $ 12,686 $ 355 $ (6,345 ) $ 18,444 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments. Three Months Ended June 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 46,533 $ — $ — $ 15 $ 46,548 Changes in mortgage servicing rights valuation — (10,713 ) — — (10,713 ) Payoffs and principal amortization of mortgage servicing rights — (4,651 ) — — (4,651 ) Loan origination and other loan fees 6,593 — 169 (31 ) 6,731 Loan servicing fees — 10,790 — — 10,790 Interest and other income 8,586 — 392 (60 ) 8,918 Total revenues 61,712 (4,574 ) 561 (76 ) 57,623 Expenses Salaries, commissions and benefits 27,289 1,367 412 6,076 35,144 General and administrative 2,674 345 154 6,173 9,346 Interest expense 6,049 170 — 44 6,263 Occupancy, equipment and communication 2,711 420 86 1,545 4,762 Provision for mortgage repurchases and indemnifications 509 — — — 509 Depreciation and amortization 276 11 93 813 1,193 Corporate allocations 7,442 893 43 (8,378 ) — Total expenses 46,950 3,206 788 6,273 57,217 Income (loss) before taxes $ 14,762 $ (7,780 ) $ (227 ) $ (6,349 ) $ 406 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments. Six Months Ended June 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 104,126 $ — $ — $ 49 $ 104,175 Losses on sale of mortgage servicing rights — (2,869 ) — — (2,869 ) Changes in mortgage servicing rights valuation — (3,568 ) — — (3,568 ) Payoffs and principal amortization of mortgage servicing rights — (25,088 ) — — (25,088 ) Loan origination and other loan fees 13,491 — 577 — 14,068 Loan servicing fees — 26,950 — — 26,950 Interest and other income 14,564 — 3,428 102 18,094 Total revenues 132,181 (4,575 ) 4,005 151 131,762 Expenses Salaries, commissions and benefits 60,902 4,401 1,093 14,471 80,867 General and administrative 8,139 1,278 308 8,290 18,015 Interest expense 10,485 4,305 1,660 254 16,704 Occupancy, equipment and communication 7,191 987 119 3,497 11,794 Provision for mortgage repurchases and indemnifications 523 — — — 523 Depreciation and amortization 2,507 198 203 719 3,627 Corporate allocations 13,284 1,840 152 (15,276 ) — Total expenses 103,031 13,009 3,535 11,955 131,530 Income (loss) before taxes $ 29,150 $ (17,584 ) $ 470 $ (11,804 ) $ 232 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments. Six Months Ended June 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 75,164 $ — $ — $ 15 $ 75,179 Changes in mortgage servicing rights valuation — (18,644 ) — — (18,644 ) Payoffs and principal amortization of mortgage servicing rights — (7,378 ) — — (7,378 ) Loan origination and other loan fees 11,628 — 231 (51 ) 11,808 Loan servicing fees — 19,965 — — 19,965 Interest and other income 14,508 — 816 (330 ) 14,994 Total revenues 101,300 (6,057 ) 1,047 (366 ) 95,924 Expenses Salaries, commissions and benefits 53,591 2,580 788 11,604 68,563 General and administrative 6,195 681 273 10,498 17,647 Interest expense 10,032 258 — (215 ) 10,075 Occupancy, equipment and communication 4,988 805 97 3,014 8,904 Provision for mortgage repurchases and indemnifications 904 — — — 904 Depreciation and amortization 462 11 183 1,620 2,276 Corporate allocations 12,917 1,558 65 (14,540 ) — Total expenses 89,089 5,893 1,406 11,981 108,369 Income (loss) before taxes $ 12,211 $ (11,950 ) (359 ) $ (12,347 ) $ (12,445 ) 1 Includes intersegment eliminations and certain corporate income and expenses not allocated to the three reportable segments, such as those related to our accounting, executive administration, finance, internal audit, investor relations and legal departments.

Organization and Operations (De

Organization and Operations (Details) - segment	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	3	3

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of income attributable to common shareholders and computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income (loss):
Net income (loss) attributable to common stockholders	$ 11,134	$ 268	$ 15	$ (7,616)
Weighted average shares outstanding:
Denominator for basic earnings (loss) per share – weighted average common shares outstanding	25,782	25,769	25,781	25,769
Effect of dilutive shares—employee and director stock options, restricted stock units, warrants and convertible preferred stock	0	0	0	0
Denominator for diluted earnings (loss) per share (in shares)	25,782	25,769	25,781	25,769
Earnings (loss) per share:
Basic (in usd per share)	$ 0.43	$ 0.01	$ 0	$ (0.30)
Diluted (in usd per share)	$ 0.43	$ 0.01	$ 0	$ (0.30)

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Anti-dilutive securities excluded from the EPS calculation (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the calculation of EPS (in shares)	1,555	1,867	1,558	1,867

Business Combinations - Conside

Business Combinations - Consideration transferred and fair value of assets acquired (Details) - USD ($) $ in Thousands	Feb. 04, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Cash consideration		$ 0	$ 258
Medallion Mortgage Company
Business Acquisition [Line Items]
Cash consideration	$ 258
Fair value of contingent consideration	603
Total consideration	861
Property and equipment	190
Other assets	94
Accounts payable and accrued expenses	(50)
Total fair value of net assets acquired	234
Goodwill	627
Acquisition-related expenses	$ 49

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands	Feb. 04, 2014USD ($)officepayment	Apr. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Contingent earn-out liabilities			$ 1,769	$ 3,005
Medallion Mortgage Company
Business Acquisition [Line Items]
Number of offices | office	10
Goodwill	$ 627
Mortgage loan origination goals period	2 years
Number of annual payments | payment	2
Number of earn-out payments | payment	2
Estimated earn-out payment		$ 200
Earn-out liability | Medallion Mortgage Company
Business Acquisition [Line Items]
Contingent earn-out liabilities	$ 603		$ 200
Asset volatility factor used	16.90%
Discount rate used	6.05%

Derivative Financial Instrume42

Derivative Financial Instruments - Summary of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Fair Value - Asset	$ 29,048	$ 12,560
Fair Value - (Liability)	(4,876)	(9,044)
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional	5,484,318	3,529,924
Fair Value - Asset	29,048	12,560
Fair Value - (Liability)	(4,876)	(9,044)
Not designated as hedging instrument | Interest rate contract | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional	2,081,614	1,211,675
Fair Value - Asset	15,983	12,300
Fair Value - (Liability)	(2,238)	(96)
Not designated as hedging instrument | Price risk derivative | MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Notional	2,743,904	1,860,768
Not designated as hedging instrument | Price risk derivative | MBS forward purchase contracts
Derivatives, Fair Value [Line Items]
Notional	658,800	457,481
Not designated as hedging instrument | Price risk derivative | MBS forward trades
Derivatives, Fair Value [Line Items]
Notional	3,402,704	2,318,249
Fair Value - Asset	13,065	260
Fair Value - (Liability)	$ (2,638)	$ (8,948)

Derivative Financial Instrume43

Derivative Financial Instruments - Effect of derivatives on statements of income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives, net and changes in estimated fair value of mortgage loans held for sale	$ (4,502)	$ 9,470	$ 9,685	$ 15,224
Not designated as hedging instrument | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	6,558	(7,641)	20,657	(11,517)
Not designated as hedging instrument | Interest rate contract | Interest rate lock commitments | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	(14,562)	10,815	1,541	20,657
Not designated as hedging instrument | Price risk derivative | MBS forward trades | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	21,120	(18,456)	19,116	(32,174)
Mortgages held-for-sale | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) from changes in estimated fair value of mortgage loans held for sale	$ (11,060)	$ 17,111	$ (10,972)	$ 26,741

Derivative Financial Instrume44

Derivative Financial Instruments - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	$ 4,876,000		$ 9,044,000
Certain counterparties
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	10,428,000		4,562,000
Credit losses due to non-performance of counterparties	0	$ 0
Restricted cash | Certain counterparties
Offsetting Liabilities [Line Items]
Cash and cash equivalents held by counterparties as collateral	$ 0		$ 4,482,000

Mortgage Loans Held for Sale,45

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 987,409	$ 1,048,347
Fair value of mortgages pledged as collateral	928,105	981,015
Mortgage loans held for sale funded with excess cash	$ 59,304	67,332
Minimum
Mortgage Loans on Real Estate [Line Items]
Percentage of outstanding borrowings that must be covered by mortgages pledged as collateral	100.00%
Conventional
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 335,469	507,297
Government insured
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	565,363	444,955
Non-agency/Other
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 86,577	$ 96,095

Mortgage Loans Held for Sale,46

Mortgage Loans Held for Sale, at Fair Value - Loans Held for Sale Accounted under the Fair Value Option (Details) - Mortgages held-for-sale - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Current through 89 days delinquent - Fair Value	$ 981,891	$ 1,044,005
90 or more days delinquent - Fair Value	5,518	4,342
Total - Fair Value	987,409	1,048,347
Current through 89 days delinquent - UPB	975,448	1,025,374
90 or more days delinquent - UPB	6,518	5,342
Total - UPB	$ 981,966	$ 1,030,716

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of mortgage servicing portfolio (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 17,244,304		$ 18,336,745
MSRs balance	$ 209,343		$ 204,216
MSRs balance as a percentage of total mortgage servicing portfolio	1.21%		1.11%
FNMA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 4,659,391		$ 5,797,883
FHA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	5,168,907		5,365,627
VA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	2,967,064		2,652,678
USDA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	900,440		974,501
FHLMC
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	3,490,671		3,500,321
Other Investors
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	57,831		45,735
Residential mortgage
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
MSRs balance	$ 209,343	$ 170,580	$ 204,216	$ 217,493	$ 192,470	$ 170,294

Mortgage Servicing Rights - S48

Mortgage Servicing Rights - Summary of the changes in the balance of MSRs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Apr. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period			$ 204,216
Changes in valuation inputs and assumptions1	$ (20,821)	$ 10,713	3,568	$ 18,644
Balance at end of period	209,343		209,343
Residential mortgage
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	170,580	192,470	204,216	170,294
MSRs originated in connection with loan sales	46,541	40,323	81,124	71,535
MSRs sold and derecognized	(17,277)	0	(47,427)	0
Purchased MSRs	0	64	86	1,686
Changes in valuation inputs and assumptions1	20,821	(10,713)	(3,568)	(18,644)
Actual portfolio runoff (payoffs and principal amortization)	(11,322)	(4,651)	(25,088)	(7,378)
Balance at end of period	209,343	$ 217,493	209,343	$ 217,493
FNMA and FHLMC
Servicing Asset at Fair Value, Amount [Roll Forward]
Letter of intent						$ 2,700,000
GNMA
Servicing Asset at Fair Value, Amount [Roll Forward]
Letter of intent					$ 1,900,000
Minor protection provisions liability					$ 1,700
Fair Value of Mortgage Servicing Rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value of MSR pledged as collateral	$ 208,805		$ 208,805				$ 203,811

Mortgage Servicing Rights - Com

Mortgage Servicing Rights - Components of loan servicing fees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 11,842	$ 10,399	$ 25,370	$ 19,165
Late fees	769	391	1,580	800
Loan servicing fees	$ 12,611	$ 10,790	$ 26,950	$ 19,965
Servicing fees as a percentage of average portfolio (annualized)	0.30%	0.28%	0.31%	0.28%

Fair Value Measurements - Major

Fair Value Measurements - Major Categories of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Derivative assets	$ 29,048	$ 12,560
MSRs	209,343	204,216
Liabilities:
Derivative liabilities	4,876	9,044
Contingent earn-out liabilities	1,769	3,005
Measured on a recurring basis
Assets:
Mortgage loans held for sale	987,409	1,048,347
MSRs	209,343	204,216
Total assets	1,225,800	1,265,123
Liabilities:
Contingent earn-out liabilities	1,769	3,005
Total liabilities	6,645	12,049
Measured on a recurring basis | Interest rate contract | IRLCs
Assets:
Derivative assets	15,983	12,300
Liabilities:
Derivative liabilities	2,238	96
Measured on a recurring basis | Price risk derivative
Assets:
Derivative assets		260
Measured on a recurring basis | Price risk derivative | MBS forward trades
Assets:
Derivative assets	13,065
Liabilities:
Derivative liabilities	2,638	8,948
Measured on a recurring basis | Level 1
Assets:
Mortgage loans held for sale	0	0
MSRs	0	0
Total assets	0	0
Liabilities:
Contingent earn-out liabilities	0	722
Total liabilities	0	722
Measured on a recurring basis | Level 1 | Interest rate contract | IRLCs
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Measured on a recurring basis | Level 1 | Price risk derivative
Assets:
Derivative assets		0
Measured on a recurring basis | Level 1 | Price risk derivative | MBS forward trades
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities	0	0
Measured on a recurring basis | Level 2
Assets:
Mortgage loans held for sale	947,621	1,048,347
MSRs	0	0
Total assets	976,669	1,060,907
Liabilities:
Contingent earn-out liabilities	0	0
Total liabilities	4,876	9,044
Measured on a recurring basis | Level 2 | Interest rate contract | IRLCs
Assets:
Derivative assets	15,983	12,300
Liabilities:
Derivative liabilities	2,238	96
Measured on a recurring basis | Level 2 | Price risk derivative
Assets:
Derivative assets		260
Measured on a recurring basis | Level 2 | Price risk derivative | MBS forward trades
Assets:
Derivative assets	13,065
Liabilities:
Derivative liabilities	2,638	8,948
Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	39,788	0
MSRs	209,343	204,216
Total assets	249,131	204,216
Liabilities:
Contingent earn-out liabilities	1,769	2,283
Total liabilities	1,769	2,283
Measured on a recurring basis | Level 3 | Interest rate contract | IRLCs
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Measured on a recurring basis | Level 3 | Price risk derivative
Assets:
Derivative assets		0
Measured on a recurring basis | Level 3 | Price risk derivative | MBS forward trades
Assets:
Derivative assets	0
Liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation Assets Level 3 (Details) - Jun. 30, 2015 - Mortgages held-for-sale - USD ($) $ in Thousands	Total	Total
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 0	$ 0
Changes in fair value recognized in earnings	0	0
Purchases	27,887	27,887
Sales	0	0
Issuances	0	0
Settlements	0	0
Transfers into Level 3	11,901	11,901
Transfers out of Level 3	0	0
Balance at end of period	$ 39,788	$ 39,788

Fair Value Measurements - Rec52

Fair Value Measurements - Reconciliation Liabilities Level 3 (Details) - Contingent earn-out liability - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 2,155	$ 4,411	$ 3,005	$ 3,791
Changes in fair value recognized in earnings	10	(184)	34	(142)
Purchases	0	0	0	603
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(396)	(43)	(1,270)	(68)
Transfers into Level 3	0	0	$ 0	0
Transfers out of Level 3	0	0		0
Balance at end of period	$ 1,769	$ 4,184	$ 1,769	$ 4,184

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase (decrease) in fair value of contingent earn-out liabilities		$ 34	$ (142)
Earn-out liability | NattyMac, LLC
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase (decrease) in fair value of contingent earn-out liabilities	$ 61	85
Earn-out liability | Medallion Mortgage Company
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase (decrease) in fair value of contingent earn-out liabilities	$ (51)	$ (51)

Transfers and Servicing of Fi54

Transfers and Servicing of Financial Assets - Cash Flows Relating to Loan Sales with Continuing Involvement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Transfers and Servicing [Abstract]
Proceeds from new loan sales	$ 20,611	$ 5,332
Proceeds from loan servicing fees	25,510	19,965
Cash inflows from servicing advances	2,402	265
Cash outflows from repurchases and indemnifications of previously sold loans	$ 25,167	$ 6,178

Transfers and Servicing of Fi55

Transfers and Servicing of Financial Assets - Outstanding Loans Sold with Continuing Involvement (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Total unpaid principal balance	$ 17,244,304	$ 18,336,745
Loans 30-89 days delinquent	298,466	379,881
Loans delinquent 90 or more days or in foreclosure	134,857	127,751
GNMA
Servicing Assets at Fair Value [Line Items]
Loans delinquent 90 or more days or in foreclosure	$ 111,765	$ 109,397

Transfers and Servicing of Fi56

Transfers and Servicing of Financial Assets - Key Valuation Assumptions for MSRs on the Balance Sheet Dates (Details) - $ / loan	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Cost of servicing (in usd per loan)	85	83
Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rates	9.25%	9.25%
Maximum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Discount rates	11.00%	11.00%
FNMA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	12.10%	13.90%
FHA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	10.60%	11.20%
VA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	9.40%	10.10%
USDA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	11.10%	11.80%
FHLMC
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	10.50%	13.10%
Other Investors
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	11.30%	12.40%

Transfers and Servicing of Fi57

Transfers and Servicing of Financial Assets - Assumptions for Defaults Rates (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
FNMA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	3.98%	3.93%
FHA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	6.49%	6.42%
VA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	6.41%	6.31%
USDA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	6.46%	6.29%
FHLMC
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	3.91%	3.80%
Other Investors
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	6.34%	6.14%

Transfers and Servicing of Fi58

Transfers and Servicing of Financial Assets - Hypothetical Effect of an Adverse Change in Key Assumptions (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
Impact of discount rate plus 1%	$ (9,499)	$ (8,345)
Impact of discount rate 1%, Percentage of Average Portfolio	5.00%	4.00%
Impact of discount rate plus 2%	$ (18,215)	$ (16,063)
Impact of discount rate 2%, Percentage of Average Portfolio	9.00%	8.00%
Impact of discount rate plus 3%	$ (26,236)	$ (23,222)
Impact of discount rate 3%, Percentage of Average Portfolio	13.00%	11.00%
Impact of prepayment speed times 105%	$ (5,729)	$ (5,445)
Impact of prepayment speed times 105%, Percentage of Average Portfolio	3.00%	3.00%
Impact of prepayment speed times 110%	$ (11,257)	$ (10,668)
Impact of prepayment speed times 110%, Percentage of Average Portfolio	5.00%	5.00%
Impact of prepayment speed times 120%	$ (21,757)	$ (20,508)
Impact of prepayment speed times 120%, Percentage of Average Portfolio	10.00%	10.00%
Impact of cost of servicing times 105%	$ (1,474)	$ (1,529)
Impact of cost of servicing times 105%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 110%	$ (2,947)	$ (3,058)
Impact of cost of servicing times 110%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 120%	$ (5,895)	$ (6,116)
Impact of cost of servicing times 120%, Percentage of Average Portfolio	3.00%	3.00%

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Amount Outstanding	$ 1,167,585	$ 1,144,187
Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 536,455	$ 592,798
Weighted Average Interest Rate	3.97%	3.97%
Mortgage repurchase borrowings
Short-term Debt [Line Items]
Amount Outstanding	$ 544,125	$ 472,045
Weighted Average Interest Rate	2.23%	2.23%
Warehouse lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 1,947	$ 1,374
Weighted Average Interest Rate	4.25%	4.25%
Secured borrowings - mortgage servicing rights
Short-term Debt [Line Items]
Amount Outstanding	$ 80,058	$ 75,970
Weighted Average Interest Rate	5.11%	5.49%
Operating lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 5,000	$ 2,000
Weighted Average Interest Rate	4.00%	4.00%

Debt - Mortgage Funding Arrange

Debt - Mortgage Funding Arrangements (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Amount Outstanding	$ 1,162,585,000	$ 1,142,187,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	1,937,000,000	1,632,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	1,942,000,000
Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	536,455,000	592,798,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	600,000,000	600,000,000
Secured borrowings - mortgage loans | Barclays Bank PLC
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	400,000,000	400,000,000
Maximum borrowing capacity with a sub-limit	100,000,000	100,000,000
Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Amount Outstanding	544,125,000	472,045,000
Line of credit maximum borrowing capacity	1,300,000,000	1,000,000,000
Mortgage repurchase borrowings | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	122,865,000	224,444,000
Line of credit maximum borrowing capacity	400,000,000	400,000,000
Mortgage repurchase borrowings | Bank of America, N.A.
Line of Credit Facility [Line Items]
Amount Outstanding	346,290,000	247,601,000
Line of credit maximum borrowing capacity	700,000,000	600,000,000
Mortgage repurchase borrowings | Wells Fargo
Line of Credit Facility [Line Items]
Amount Outstanding	74,970,000
Line of credit maximum borrowing capacity	200,000,000
Secured borrowings - mortgage servicing rights
Line of Credit Facility [Line Items]
Amount Outstanding	80,058,000	75,970,000
Line of credit maximum borrowing capacity	35,000,000	30,000,000
Secured borrowings - mortgage servicing rights | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	45,058,000	45,970,000
Line of credit maximum borrowing capacity	0	0
Secured borrowings - mortgage servicing rights | Merchants Bancorp
Line of Credit Facility [Line Items]
Amount Outstanding	35,000,000	30,000,000
Line of credit maximum borrowing capacity	35,000,000	30,000,000
Line of credit
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 5,000,000	$ 2,000,000
Prime Rate | Warehouse lines of credit | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%	1.00%
Participation Agreement, Mature July 2015 | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	$ 307,596,000	$ 273,341,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	600,000,000	600,000,000
Line of credit, maximum borrowing capacity, constrainment during period		500,000,000
NattyMac Funding | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	228,859,000	319,457,000
Line of credit maximum borrowing capacity	0	$ 0
Debt Instrument, Renewal Term		90 days
Interest income, percentage of earnings		49.00%
Warehouse Line of Credit | Warehouse lines of credit
Line of Credit Facility [Line Items]
Amount Outstanding	1,947,000	$ 1,374,000
Line of credit maximum borrowing capacity	2,000,000	2,000,000
Warehouse Line of Credit | Warehouse lines of credit | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	1,947,000	1,374,000
Line of credit maximum borrowing capacity	2,000,000	2,000,000
Mortgage repurchase borrowings | Mortgage Repurchase | Bank of America, N.A.
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity		35,000,000
Maximum borrowing capacity	400,000,000	400,000,000
Mortgage repurchase borrowings | Mortgage Gestation Repurchase | Bank of America, N.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000	$ 200,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	6 Months Ended
	Jun. 30, 2015USD ($)lenderarrangement	Jan. 29, 2015USD ($)
Line of Credit Facility [Line Items]
Number of mortgage funding arrangement | arrangement	2
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Number of lenders | lender	4
Line of credit maximum borrowing capacity	$ 1,942,000,000
Mortgage repurchase borrowings | Mortgage Repurchase Agreement Maturing January 30 2016 [Member] | Wells Fargo
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 200,000,000
Merchants Bancorp
Line of Credit Facility [Line Items]
Interest income, percentage of earnings	49.00%

Reserve for Mortgage Repurcha62

Reserve for Mortgage Repurchases and Indemnifications - Rollforward (Details) - Reserve for mortgage repurchases and indemnifications - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 4,877	$ 4,231	$ 4,967	$ 3,709
Provision for mortgage repurchases and indemnifications - new loan sales	932	556	1,696	1,034
Provision for mortgage repurchases and indemnifications - change in estimate	437	509	523	904
Losses on repurchases and indemnifications	(957)	(509)	(1,897)	(860)
Balance at end of period	$ 5,289	$ 4,787	$ 5,289	$ 4,787

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 7,310,000	$ 138,000	$ 217,000	$ (4,829,000)
Effective tax rates	39.60%	34.00%	93.50%	38.80%
Deferred tax asset valuation allowance	$ 0	$ 0	$ 0	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	148,580,000		148,580,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 125,957,000		$ 125,957,000

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax expense (benefit), amount	$ 6,456	$ 142	$ 82	$ (4,355)
State income tax expense (benefit), net of federal tax expense (benefit), amount	803	14	23	(417)
Non-deductible expenses, amount	50	2	111	(40)
Provision to return adjustments, amount	0	0	0	0
Adjustment to state net deferred tax liabilities, amount	0	0	0	0
YTD impact of change in effective tax rate, amount	0	(20)	0	(20)
Other, amount	1	0	1	3
Total income tax expense (benefit), amount	$ 7,310	$ 138	$ 217	$ (4,829)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax expense (benefit), percent	35.00%	35.00%	35.00%	35.00%
State income tax expense (benefit), net of federal tax expense (benefit), percent	4.40%	3.40%	10.20%	3.40%
Non-deductible expenses, percent	0.20%	0.50%	47.70%	0.30%
Provision to return adjustments, percent	0.00%	0.00%	0.00%	0.00%
Adjustment to state net deferred tax liabilities, percent	0.00%	0.00%	0.00%	0.00%
YTD impact of change in effective tax rate, percent	0.00%	(4.90%)	0.00%	0.10%
Other, percent	0.00%	0.00%	0.60%	0.00%
Total income tax expense (benefit), percent	39.60%	34.00%	93.50%	38.80%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Total commitments to originate loans	$ 2,081,614	$ 1,211,675
Total principal amount of certain refinancing loans purchased	$ 17,244,304	18,336,745
Failure of correspondent to obtain a release from prior mortgage loan
Loss Contingencies [Line Items]
Total principal amount of certain refinancing loans purchased			$ 5,163
Pending litigation | Regulatory contingencies
Loss Contingencies [Line Items]
Fees to be refunded to borrowers		$ 417

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Jun. 30, 2015 - Stock options - USD ($) $ / shares in Units, $ in Thousands	Total
Number of Shares
Number of Shares, Outstanding - beginning balance	1,405,206
Number of Shares, Granted	0
Number of Shares, Exercised	0
Number of Shares, Forfeited or expired	(14,877)
Number of Shares, Outstanding - ending balance	1,390,329
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Outstanding - beginning balance (in usd per share)	$ 16.90
Weighted Average Exercise Price Per Share, Forfeited or Expired (in usd per share)	18
Weighted Average Exercise Price Per Share, Outstanding - ending balance (in usd per share)	$ 16.89
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life, Outstanding - ending balance	7 years 9 months 18 days
Aggregate Intrinsic Value, Outstanding - ending balance	$ 619
Number of Shares, Exercisable	757,882
Weighted Average Exercise Price Per Share, Exercisable (in usd per share)	$ 16.12
Weighted Average Remaining Contractual Life, Exercisable	7 years 8 months 12 days
Aggregate Intrinsic Value, Exercisable	$ 619

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock Units (RSUs) - $ / shares	Total
Restricted Stock Units
Nonvested beginning balance, RSU (in shares)	33,922
Granted, RSU (in shares)	4,652
Vested, RSU (in shares)	(1,217)
Forfeited, RSU (in shares)	0
Nonvested ending balance, RSU (in shares)	37,357
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested beginning balance, Weighted average grant date fair value per share (in usd per share)	$ 16
Granted, Weighted average grant date fair value per share (in usd per share)	10.75
Forfeited, Weighted average grant date fair value per share (in usd per share)	12.93
Nonvested ending balance, Weighted average grant date fair value per share (in usd per share)	$ 15.44

Segment Information - Assets by

Segment Information - Assets by Segments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)segment	Jun. 30, 2014segment	Dec. 31, 2014USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of Reportable Segments | segment	3	3
Assets	$ 1,638,665		$ 1,596,551
Operating Segments | Originations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	1,157,182		1,199,727
Operating Segments | Servicing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	229,603		223,058
Operating Segments | Financing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	187,907		118,593
Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 63,973		$ 55,173

Segment Information - Income (L

Segment Information - Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Gains on mortgage loans held for sale, net	$ 51,334	$ 46,548	$ 104,175	$ 75,179
Losses on sale of mortgage servicing rights	(3,068)	0	(2,869)	0
Changes in mortgage servicing rights valuation	20,821	(10,713)	(3,568)	(18,644)
Payoffs and principal amortization of mortgage servicing rights	(11,322)	(4,651)	(25,088)	(7,378)
Loan origination and other loan fees	7,724	6,731	14,068	11,808
Loan servicing fees	12,611	10,790	26,950	19,965
Interest and other income	9,343	8,918	18,094	14,994
Total revenues	87,443	57,623	131,762	95,924
Expenses
Salaries, commissions and benefits	42,919	35,144	80,867	68,563
General and administrative expense	9,569	9,346	18,015	17,647
Interest expense	8,295	6,263	16,704	10,075
Occupancy, equipment and communication	5,933	4,762	11,794	8,904
Provision for mortgage repurchases and indemnifications - change in estimate	437	509	523	904
Depreciation and amortization	1,846	1,193	3,627	2,276
Corporate allocations	0	0	0	0
Total expenses	68,999	57,217	131,530	108,369
Income (loss) before income tax expense (benefit)	18,444	406	232	(12,445)
Operating Segments | Originations
Revenues
Gains on mortgage loans held for sale, net	51,285	46,533	104,126	75,164
Losses on sale of mortgage servicing rights	0		0
Changes in mortgage servicing rights valuation	0	0	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0	0	0
Loan origination and other loan fees	7,421	6,593	13,491	11,628
Loan servicing fees	0	0	0	0
Interest and other income	7,635	8,586	14,564	14,508
Total revenues	66,341	61,712	132,181	101,300
Expenses
Salaries, commissions and benefits	32,801	27,289	60,902	53,591
General and administrative expense	4,380	2,674	8,139	6,195
Interest expense	5,738	6,049	10,485	10,032
Occupancy, equipment and communication	3,843	2,711	7,191	4,988
Provision for mortgage repurchases and indemnifications - change in estimate	437	509	523	904
Depreciation and amortization	1,269	276	2,507	462
Corporate allocations	6,125	7,442	13,284	12,917
Total expenses	54,593	46,950	103,031	89,089
Income (loss) before income tax expense (benefit)	11,748	14,762	29,150	12,211
Operating Segments | Servicing
Revenues
Gains on mortgage loans held for sale, net	0	0	0	0
Losses on sale of mortgage servicing rights	(3,068)		(2,869)
Changes in mortgage servicing rights valuation	20,821	(10,713)	(3,568)	(18,644)
Payoffs and principal amortization of mortgage servicing rights	(11,322)	(4,651)	(25,088)	(7,378)
Loan origination and other loan fees	0	0	0	0
Loan servicing fees	12,611	10,790	26,950	19,965
Interest and other income	0	0	0	0
Total revenues	19,042	(4,574)	(4,575)	(6,057)
Expenses
Salaries, commissions and benefits	2,285	1,367	4,401	2,580
General and administrative expense	837	345	1,278	681
Interest expense	1,772	170	4,305	258
Occupancy, equipment and communication	505	420	987	805
Provision for mortgage repurchases and indemnifications - change in estimate	0	0	0	0
Depreciation and amortization	99	11	198	11
Corporate allocations	858	893	1,840	1,558
Total expenses	6,356	3,206	13,009	5,893
Income (loss) before income tax expense (benefit)	12,686	(7,780)	(17,584)	(11,950)
Operating Segments | Financing
Revenues
Gains on mortgage loans held for sale, net	0	0	0	0
Losses on sale of mortgage servicing rights	0		0
Changes in mortgage servicing rights valuation	0	0	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0	0	0
Loan origination and other loan fees	303	169	577	231
Loan servicing fees	0	0	0	0
Interest and other income	1,694	392	3,428	816
Total revenues	1,997	561	4,005	1,047
Expenses
Salaries, commissions and benefits	574	412	1,093	788
General and administrative expense	173	154	308	273
Interest expense	657	0	1,660	0
Occupancy, equipment and communication	61	86	119	97
Provision for mortgage repurchases and indemnifications - change in estimate	0	0	0	0
Depreciation and amortization	102	93	203	183
Corporate allocations	75	43	152	65
Total expenses	1,642	788	3,535	1,406
Income (loss) before income tax expense (benefit)	355	(227)	470	(359)
Intersegment Eliminations
Revenues
Gains on mortgage loans held for sale, net	49	15	49	15
Losses on sale of mortgage servicing rights	0		0
Changes in mortgage servicing rights valuation	0	0	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0	0	0
Loan origination and other loan fees	0	(31)	0	(51)
Loan servicing fees	0	0	0	0
Interest and other income	14	(60)	102	(330)
Total revenues	63	(76)	151	(366)
Expenses
Salaries, commissions and benefits	7,259	6,076	14,471	11,604
General and administrative expense	4,179	6,173	8,290	10,498
Interest expense	128	44	254	(215)
Occupancy, equipment and communication	1,524	1,545	3,497	3,014
Provision for mortgage repurchases and indemnifications - change in estimate	0	0	0	0
Depreciation and amortization	376	813	719	1,620
Corporate allocations	(7,058)	(8,378)	(15,276)	(14,540)
Total expenses	6,408	6,273	11,955	11,981
Income (loss) before income tax expense (benefit)	$ (6,345)	$ (6,349)	$ (11,804)	$ (12,347)

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2014USD ($)
Equity [Abstract]
Proceeds from sale of investment in preferred stock of entity	$ 200

Subsequent Events (Details)

Subsequent Events (Details) - Restricted Stock Units (RSUs) - USD ($) $ in Thousands	Jul. 30, 2015	Jun. 30, 2015
Subsequent Event [Line Items]
Awards granted in period (in shares)		4,652
Board of Directors | Subsequent Event
Subsequent Event [Line Items]
Awards granted in period (in shares)	87,191
Share-based compensation expense	$ 830