Stonegate Mortgage (SGM) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		25,784,456

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 40,527	$ 45,382
Restricted cash	42,180	4,482
Mortgage loans held for sale, at fair value	838,854	1,048,347
Servicing advances	10,015	11,193
Derivative assets	20,678	12,560
Mortgage servicing rights, at fair value	201,661	204,216
Property and equipment, net	23,794	17,047
Loans eligible for repurchase from GNMA	100,052	109,397
Warehouse lending receivables	139,117	85,431
Goodwill and other intangible assets, net	7,024	7,390
Subordinated loan receivable	30,000	30,000
Other assets	26,776	21,106
Total assets	1,480,678	1,596,551
Liabilities
Secured borrowings - mortgage loans	525,884	592,798
Secured borrowings - mortgage servicing rights	86,558	75,970
Secured borrowings - eligible GNMA loan repurchases	35,017	0
Mortgage repurchase borrowings	395,002	472,045
Warehouse lines of credit	988	1,374
Operating lines of credit	8,000	2,000
Accounts payable and accrued expenses	38,516	28,350
Derivative liabilities	14,797	9,044
Reserve for mortgage repurchases and indemnifications	5,286	4,967
Contingent earn-out liabilities	1,496	3,005
Liability for loans eligible for repurchase from GNMA	100,052	109,397
Deferred income tax liabilities, net	1,349	11,831
Other liabilities	6,902	5,695
Total liabilities	$ 1,219,847	$ 1,316,476
Commitments and contingencies
Stockholders’ equity
Common stock, par value $0.01, shares authorized – 100,000,000; shares issued and outstanding: 25,784,456 and 25,780,973	$ 264	$ 264
Additional paid-in capital	270,628	267,083
Retained earnings	(10,061)	12,728
Total stockholders’ equity	260,831	280,075
Total liabilities and stockholders’ equity	$ 1,480,678	$ 1,596,551

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 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	25,784,456	25,780,973
Common Stock, Shares, Outstanding	25,784,456	25,780,973

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Gains on mortgage loans held for sale, net	$ 40,290	$ 44,031	$ 144,465	$ 119,303
Changes in mortgage servicing rights valuation	(28,088)	(4,796)	(34,525)	(23,439)
Payoffs and principal amortization of mortgage servicing rights	(9,215)	(6,941)	(34,303)	(14,319)
Loan origination and other loan fees	7,999	7,752	22,067	19,560
Loan servicing fees	14,051	12,350	41,001	32,315
Interest and other income	9,867	10,658	27,961	25,652
Total revenues	34,904	63,054	166,666	159,072
Expenses
Salaries, commissions and benefits	40,605	37,644	121,502	106,206
General and administrative expense	11,101	9,044	29,086	26,691
Interest expense	7,957	7,984	24,661	18,153
Occupancy, equipment and communication	5,834	4,540	17,628	13,444
Provision for mortgage repurchases and indemnifications - change in estimate	66	801	589	1,706
Depreciation and amortization expense	2,841	1,395	6,468	3,671
Total expenses	68,404	61,408	199,934	169,871
(Loss) income before income tax (benefit) expense	(33,500)	1,646	(33,268)	(10,799)
Income tax (benefit) expense	(10,696)	3,325	(10,479)	(1,504)
Net loss attributable to common stockholders	$ (22,804)	$ (1,679)	$ (22,789)	$ (9,295)
Loss per share
Basic (in usd per share)	$ (0.88)	$ (0.07)	$ (0.88)	$ (0.36)
Diluted (in usd per share)	$ (0.88)	$ (0.07)	$ (0.88)	$ (0.36)

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 loss	(9,295)					(9,295)
Stock-based compensation expense	2,555				2,555
Balance (shares) at Sep. 30, 2014		0	25,769
Balance at Sep. 30, 2014	300,761	$ 0	$ 264	0	266,385	34,112
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 loss	(22,789)					(22,789)
Stock-based compensation expense	3,545				3,545
Issuance of common stock (shares)			3
Issuance of common stock	0
Balance (shares) at Sep. 30, 2015		0	25,784
Balance at Sep. 30, 2015	$ 260,831	$ 0	$ 264	$ 0	$ 270,628	$ (10,061)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (22,789)	$ (9,295)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	6,468	3,671
Losses on disposal and impairment of long lived assets	1,511	222
Gains on mortgage loans held for sale, net	(121,904)	(119,303)
Changes in mortgage servicing rights valuation	34,525	23,439
Payoffs and principal amortization of mortgage servicing rights	34,303	14,319
Provision for reserve for mortgage repurchases and indemnifications - change in estimate	589	1,706
Stock-based compensation expense	3,545	2,555
Deferred income tax expense	(10,479)	(1,504)
Change in fair value of contingent earn-out liabilities	36	(217)
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	11,043,439	8,812,481
Originations and purchases of mortgage loans held for sale	(10,800,239)	(9,266,719)
Repurchases and indemnifications of previously sold loans	(41,169)	(13,521)
Changes in operating assets and liabilities:
Restricted cash	(37,698)	(320)
Servicing advances	1,178	(1,015)
Warehouse lending receivables	(53,686)	(47,742)
Other assets	(2,601)	(2,007)
Accounts payable and accrued expenses	7,800	3,425
Other liabilities	1,207	0
Due to related parties	0	(608)
Net cash provided by (used in) operating activities	43,630	(600,433)
Investing activities
Net proceeds from sale of mortgage servicing rights	58,891	21,541
Subordinated loan receivable	0	(29,428)
Purchases of property and equipment	(11,039)	(5,067)
Capitalized long-lived assets	(1,858)	0
Purchases in a business combination, net of cash acquired	0	(258)
Purchase of mortgage servicing rights	(86)	(1,811)
Net cash provided by (used in) investing activities	45,908	(15,023)
Financing activities
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	28,342,728	29,760,288
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	(28,445,867)	(29,127,592)
Proceeds from borrowings under mortgage funding arrangements - MSRs	20,500	0
Repayments of borrowings under mortgage funding arrangements - MSRs	(9,911)	0
Payments of contingent earn-out liabilities not exceeding original fair value estimate	(1,139)	(450)
Payments of debt issuance costs	(704)	(1,146)
Net cash (used in) provided by financing activities	(94,393)	631,100
Change in cash and cash equivalents	(4,855)	15,644
Cash and cash equivalents at beginning of period	45,382	43,104
Cash and cash equivalents at end of period	40,527	58,748
Supplemental Cash Flow Information:
Cash paid for interest	25,191	17,376
Cash paid for taxes	$ 589	$ 66

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 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. The Company operates in three segments: Originations, Servicing and Financing. 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	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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. Recent Accounting Developments: ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date " was issued in August 2015. This update extends the effective date of ASU 2014-09 by one year. The new guidance will be effective for the Company beginning on January 1, 2018. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements. ASU No. 2015-16 "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments" was issued in September 2015. This update requires that an acquirer 1) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, 2) record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts calculated as if the accounting had been completed at the acquisition date, and 3) present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by the line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The new guidance will be effective for the Company beginning on January 1, 2016. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.

Loss Per Share

Loss Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Loss Per Share	Loss Per Share The following is a reconciliation of net loss attributable to common stockholders and a table summarizing the basic and diluted loss per share calculations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net loss: Net loss attributable to common stockholders $ (22,804 ) $ (1,679 ) $ (22,789 ) $ (9,295 ) Weighted average shares outstanding (in thousands) : Denominator for basic loss per share – weighted average common shares outstanding 25,782 25,769 25,782 25,769 Effect of dilutive shares—employee and director stock options, restricted stock units, warrants and convertible preferred stock — — — — Denominator for diluted loss per share 25,782 25,769 25,782 25,769 Loss per share: Basic $ (0.88 ) $ (0.07 ) $ (0.88 ) $ (0.36 ) Diluted $ (0.88 ) $ (0.07 ) $ (0.88 ) $ (0.36 ) During the three and nine months ended September 30, 2015 , weighted average shares of 1,556 and 1,558 , respectively, were excluded from the denominator for diluted loss per share because the shares (which related to stock options, restricted stock units and stock warrants) were anti-dilutive. During the three and nine months ended September 30, 2014 , weighted average shares of 1,780 and 1,838 , respectively, were excluded from the denominator for diluted loss per share because the shares (which related to stock options, restricted stock units and stock warrants) were anti-dilutive.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 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. Based on certain qualitative and quantitative assessments, the Company has noted no circumstances which would result in any impairment of this amount as of September 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 earn-out 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 September 30, 2015 , the Company estimated the fair value of the remaining earn-out to be approximately $180 .

Long-lived Assets Held for Sale

Long-lived Assets Held for Sale and Disposed of Other Than by Sale	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Long-lived Assets Held for Sale and Disposed of Other than Sale	Long-lived Assets Held for Sale and Disposed of Other Than by Sale On October 5, 2015, the Company entered into a definitive agreement with an unrelated third party to sell certain assets associated with several retail branches within its Originations segment, which closed on October 29, 2015. This sale consisted primarily of property and equipment and security deposits related to these branches. The total related assets, approximating $443 at both September 30, 2015 and December 31, 2014, have been classified as held for sale as of September 30, 2015 and are included within "Property and equipment, net" on the Company's consolidated balance sheets, respectively. The Company determined that all criteria for the held for sale classification had been met as of this date. There are no liabilities associated with these assets for the periods presented on the Company's consolidated balance sheets, respectively. In connection with the sale, the Company is entitled to a contingent consideration, which payment is contingent upon the buyer's ability to close mortgage loans in the pipeline but unlocked by the Company prior to the sale date. If such loans are closed by the buyer, the Company will receive from the buyer two annual payments equal to a multiple of this actual total mortgage loan volume of the buyer. Due to the uncertainty regarding the amount and timing of these payments, the Company considers this payment a gain contingency and has not recognized any amounts in its unaudited consolidated financial statements as of September 30, 2015. Additionally as of September 30, 2015, the Company has decided to dispose of certain other retail branches, or components of it Originations segment, other than by sale. The Company completed the closure of seven of its retail branch locations as of September 30, 2015 and estimates it will close 47 locations in the fourth quarter of 2015. Impairment charges, based on estimated future recoverable amounts related to the associated assets, approximated $1,145 for both the three and nine months ended September 30, 2015. Additionally, the Company incurred early termination contractual charges of $ 46 and $ 365 for the three and nine months ended September 30, 2015, respectively. Both the impairment charges and early termination contractual charges are recognized within "General and administrative expenses" on the consolidated statements of operations, respectively. The Company expects to close additional retail branches during the fourth quarter 2015 for which it expects to incur additional impairment, severance, early termination contractual charges and other such expenses. The Company expects to incur up to $2,200 of these expenses beginning in the fourth quarter 2015. Because of these planned disposals, management determined it necessary to perform a goodwill impairment test as of September 30, 2015. Based on the Company’s analysis, the estimated fair value of the retail reporting unit exceeded its carrying value and no goodwill impairment was recorded. The Company has determined that the combination of retail branches and their related assets held for sale, along with the seven retail branches closed as of September 30, 2015, did not meet the quantitative thresholds to require presentation and disclosure as discontinued operations. However, the Company expects such thresholds will be met at its fiscal yearend.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, 2015: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,751,701 Derivative assets/liabilities $ 20,414 $ (132 ) MBS forward sales contracts 2,428,443 MBS forward purchase contracts 826,900 Total MBS forward trades 3,255,343 Derivative assets/liabilities 264 (14,665 ) Total derivative financial instruments $ 5,007,044 $ 20,678 $ (14,797 ) 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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest rate lock commitments $ 6,538 $ (8,558 ) $ 8,079 $ 12,099 MBS forward trades (24,829 ) 14,760 (5,714 ) (17,414 ) Net derivative gains (losses) (18,291 ) 6,202 2,365 (5,315 ) Gains (losses) from changes in estimated fair value of mortgage loans held for sale 1 7,587 (10,209 ) (3,385 ) 16,532 $ (10,704 ) $ (4,007 ) $ (1,020 ) $ 11,217 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, a portion of which include netting arrangements whereby the counterparties are entitled to settle their positions on a net basis. However, with respect to this portion of its derivatives, the Company presents such amounts on a gross basis as show in the table above. In certain circumstances, the Company is required to provide certain derivative counterparties collateral against derivative financial instruments. As of September 30, 2015 and December 31, 2014 , counterparties held $6,663 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 loss position of $7,739 and a net credit loss position of $4,562 at September 30, 2015 and December 31, 2014 , respectively, to those counterparties. For the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Conventional 1 $ 314,762 $ 507,297 Government insured 2 454,714 444,955 Non-agency/Other 69,378 96,095 Total mortgage loans held for sale, at fair value $ 838,854 $ 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 September 30, 2015 , the Company had pledged $782,757 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $56,097 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 12 “Debt” for additional information related to the Company’s outstanding borrowings as of September 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 832,858 $ 819,537 $ 1,044,005 $ 1,025,374 90 or more days delinquent 5,996 6,996 4,342 5,342 Total $ 838,854 $ 826,533 $ 1,048,347 $ 1,030,716

Mortgage Servicing Rights

Mortgage Servicing Rights	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): September 30, 2015 December 31, 2014 FNMA $ 5,112,205 $ 5,797,883 GNMA: FHA 4,850,133 5,365,627 VA 3,218,178 2,652,678 USDA 856,433 974,501 FHLMC 4,065,604 3,500,321 Other Investors 62,472 45,735 Total mortgage servicing portfolio $ 18,165,025 $ 18,336,745 MSRs balance $ 201,661 $ 204,216 MSRs balance as a percentage of total mortgage servicing portfolio 1.11 % 1.11 % A summary of the changes in the balance of MSRs for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 209,343 $ 217,493 $ 204,216 $ 170,294 MSRs originated in connection with loan sales 45,334 45,115 126,459 116,650 MSRs sold and derecognized (15,700 ) (22,044 ) (63,128 ) (22,044 ) Purchased MSRs — 126 86 1,811 Changes in valuation inputs and assumptions 1 (28,101 ) (5,954 ) (31,669 ) (24,597 ) Actual portfolio runoff (payoffs and principal amortization) (9,215 ) (6,941 ) (34,303 ) (14,319 ) Balance at end of period $ 201,661 $ 227,795 $ 201,661 $ 227,795 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations The Company realized $13 and $1,158 related to gains on the sale of MSRs for the three months ended September 30, 2015 and 2014 , respectively. For the nine months ended September 30, 2015 and 2014 , the Company realized a loss of $2,856 and a gain of $1,158 related to its MSRs sales, respectively. 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 and September 30, 2015, in separate transactions, the Company completed sales of MSRs with an underlying UPB of $1.9 billion and $1.5 billion , respectively, in GNMA loans to an unrelated party. These pools 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. Also on September 30, 2015, the Company entered into a flow sale agreement for the sale of MSRs in GNMA loans to an unrelated party. The sales will occur monthly during the covered period, from September 2015 through December 2015. The first of these four sales was completed on September 30, 2015, with an underlying UPB of $225 . The characteristics of the pools sold are similar to those associated with the Company's current GNMA production. The Company performs temporary sub-servicing activities with respect to the pools of underlying loans described above through the established loan file transfer dates of each sale for a fee, during which time the Company is entitled to certain other ancillary income amounts. The Company uses the proceeds to reinvest back into newly originated MSRs through its origination platform. Each of these MSRs sale transactions met the criteria for derecognition as of their respective sale dates, allowing for the MSRs assets to be derecognized and a gain or loss to be recorded at the time of derecognition, based on the respective fair values as of the closing dates. The recognized gains or losses were recorded net of direct transaction expenses and estimated protection provisions. The following table sets forth information related to outstanding loans sold as of September 30, 2015 and December 31, 2014 for which the Company has continuing involvement: September 30, 2015 December 31, 2014 Total unpaid principal balance $ 18,165,025 $ 18,336,745 Loans 30-89 days delinquent $ 288,886 $ 379,881 Loans delinquent 90 or more days or in foreclosure 1 $ 123,524 $ 127,751 1 Includes GNMA mortgage loans eligible for repurchase, for which the right to repurchase is recorded in the consolidated balance sheet, which are government-insured, of $100,052 and $109,397 , respectively, as of September 30, 2015 and December 31, 2014 . The key weighted average assumptions (or range of assumptions), based on market participant inputs for the industry, used in determining the fair value of the Company’s MSRs as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 14.1% 13.9% GNMA: FHA 11.6% 11.2% VA 9.0% 10.1% USDA 10.9% 11.8% FHLMC 12.2% 13.1% Other Investors 13.0% 12.4% Cost of servicing (per loan) $87 $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 delinquency 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 delinquency rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 FNMA 3.97% 3.93% GNMA: FHA 6.47% 6.42% VA 6.42% 6.31% USDA 6.44% 6.29% FHLMC 3.90% 3.80% Other Investors 6.33% 6.14% The delinquency rates represent the Company’s estimate of the loans that will eventually enter delinquency 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 delinquencies 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 September 30, 2015 and December 31, 2014 : September 30, 2015 % of Average Portfolio December 31, 2014 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (8,732 ) 4 % $ (8,345 ) 4 % Impact of discount rate + 2% $ (16,764 ) 8 % $ (16,063 ) 8 % Impact of discount rate + 3% $ (24,172 ) 12 % $ (23,222 ) 11 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,903 ) 3 % $ (5,445 ) 3 % Impact of prepayment speed * 110% $ (11,574 ) 6 % $ (10,668 ) 5 % Impact of prepayment speed * 120% $ (22,273 ) 11 % $ (20,508 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,392 ) 1 % $ (1,529 ) 1 % Impact of cost of servicing * 110% $ (2,784 ) 1 % $ (3,058 ) 1 % Impact of cost of servicing * 120% $ (5,567 ) 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. 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 September 30, 2015 , the Company had pledged $201,153 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 12 “Debt” for additional information related to the Company’s outstanding borrowings as of September 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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contractual servicing fees $ 13,370 $ 11,860 $ 38,740 $ 31,025 Late fees 681 490 2,261 1,290 Loan servicing fees $ 14,051 $ 12,350 $ 41,001 $ 32,315 Servicing fees as a percentage of average portfolio (annualized) 0.31 % 0.29 % 0.46 % 0.42 %

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following summarizes other assets as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Receivables from servicing sales, interest and loan related payments, net $ 17,716 $ 13,059 Prepaid expenses 5,753 5,109 Real estate owned, net 1 1,860 1,242 Deposits 1,007 1,340 Miscellaneous 440 356 Total other assets $ 26,776 $ 21,106 1 Real estate owned assets are reflected at their net realizable value.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 30, 2015 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 785,847 $ 53,007 $ 838,854 Derivative assets (IRLCs) — 20,414 — 20,414 Derivative assets (MBS forward trades) — 264 — 264 MSRs — — 201,661 201,661 Total assets $ — $ 806,525 $ 254,668 $ 1,061,193 Liabilities: Derivative liabilities (IRLCs) $ — $ 132 $ — $ 132 Derivative liabilities (MBS forward trades) — 14,665 — 14,665 Contingent earn-out liability — — 1,496 1,496 Total liabilities $ — $ 14,797 $ 1,496 $ 16,293 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 nine months ended September 30, 2015 is as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Balance at beginning of period $ 40,788 $ — Changes in fair value recognized in earnings (964 ) (884 ) Purchases 15,873 27,757 Sales (5,618 ) (5,618 ) Issuances — — Settlements (4,725 ) (9,792 ) Transfers into Level 3 1 7,653 41,544 Transfers out of Level 3 — — Balance at end of period $ 53,007 $ 53,007 1 On an ongoing basis, transfers into Level 3 represent mortgage loans held for sale deemed unsaleable in the current period. MSRs Refer to Note 8, "Mortgage Servicing Rights", for a reconciliation of the beginning and ending balances during the three and nine months ended September 30, 2015 and 2014 . Refer to Note 11, "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 nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 1,769 $ 4,184 $ 3,005 $ 3,791 Changes in fair value recognized in earnings 1 3 (75 ) 36 (217 ) Purchases 2 — — — 603 Sales — — — — Issuances — — — — Settlements (276 ) (382 ) (1,545 ) (450 ) Transfers into Level 3 — — — — Transfers out of Level 3 — (1,330 ) (1,330 ) Balance at end of period $ 1,496 $ 2,397 $ 1,496 $ 2,397 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 September 30, 2015 using the same method as at acquisition date. For the three and nine months ended September 30, 2015 , the Company adjusted its earn-out liability for NattyMac by an increase of $23 and $107 , 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 September 30, 2015 . For the three and nine months ended September 30, 2015 , the Company decreased its earn-out liability for Medallion by $20 and $71 , respectively. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, these items 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 September 30, 2015 and December 31, 2014 , all financial instruments were either recorded at fair value or the carrying value approximated fair value. For assets and liabilities 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.

Transfers and Servicing of Fina

Transfers and Servicing of Financial Assets	9 Months Ended
	Sep. 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. 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 September 30, 2015 and December 31, 2014 , all transfers pursuant to our mortgage funding arrangements (the collective term for the Company's mortgage loan participation, warehouse lines of credit, repurchase and other credit arrangements) are accounted for by the Company as secured borrowings. The following table sets forth information regarding cash flows for the nine months ended September 30, 2015 and 2014 relating to loan sales in which the Company has continuing involvement: Nine Months Ended September 30, 2015 2014 Proceeds from new loan sales 1 $ 33,505 $ 10,716 Proceeds from loan servicing fees $ 39,058 $ 31,329 Cash outflows from servicing advances $ 1,202 $ 1,015 Cash outflows from repurchases and indemnifications of previously sold loans $ 11,065 $ 13,521 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.

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Borrowings outstanding as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans $ 525,884 4.02% 1 $ 592,798 3.97% Secured borrowings - eligible GNMA loan repurchases 35,017 —% 2 — —% Mortgage repurchase borrowings 395,002 2.24% 472,045 2.23% Warehouse lines of credit 988 4.25% 1,374 4.25% Secured borrowings - mortgage servicing rights 86,558 5.14% 75,970 5.49% Operating lines of credit 8,000 4.00% 2,000 4.00% Total mortgage funding arrangements $ 1,051,449 $ 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. 2 The Company's costs for financing GNMA loan repurchases under this funding arrangement (remittance rate) is based on a borrowing rate over and above the debenture rate, which is set on each loan by HUD at a required spread to the constant maturity ten -year treasury at that point in time. The Company maintains mortgage loan participation, warehouse lines of credit, repurchase and other credit arrangements listed above (collectively referred to as “mortgage funding arrangements”) with various financial institutions, primarily to fund the origination and purchase of mortgage loans. As of September 30, 2015 , the Company held mortgage funding arrangements with five separate financial institutions and a total maximum borrowing capacity of $1,980,017 , including the operating lines of credit and funding arrangement for GNMA loan repurchases. 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 September 30, 2015 and December 31, 2014 : As of September 30, 2015: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 238,486 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2016 Merchants Bank of Indiana - NattyMac Funding 287,398 — 3 LIBOR plus applicable margin March 2016 Total secured borrowings - mortgage loans 525,884 600,000 Guaranty Bank 35,017 35,017 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 35,017 35,017 Barclays Bank PLC 69,676 400,000 LIBOR plus applicable margin December 2015 Bank of America, N.A. 239,467 700,000 5 LIBOR plus applicable margin June 2016 Wells Fargo 85,859 200,000 LIBOR plus applicable margin January 2016 Total mortgage repurchase borrowings 395,002 1,300,000 Merchants Bank of Indiana - Warehouse Line of Credit 988 2,000 Prime plus 1.00% July 2016 Total warehouse lines of credit 988 2,000 Barclays Bank PLC - MSRs Secured 51,558 — 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 86,558 35,000 Total 1,043,449 1,972,017 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $8,000 . 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the nine months ended September 30, 2015 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At September 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 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 Borrowing carries an interest rate of the coupon rate of the underlying mortgage loans, less the debenture rate funded by Guaranty Bank. 7 Borrowing matures no later than four years from the date of most recent purchase from GNMA pools. 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 limit or expand the aggregate maximum borrowing capacity. During the year ended December 31, 2014, the most the aggregate maximum borrowing capacity was limited 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 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. On September 11, 2015, the Company entered into a Master Loan Purchase and Servicing Agreement with Guaranty Bank, which has an operating line of credit secured by certain FHA mortgage loans repurchased from GNMA pools. These loans have been repurchased, or will be, by the Company out of GNMA pools in connection with its unilateral right, as servicer, to repurchase such GNMA loans it has previously sold (generally loans that are more than 90 days past due). The borrowing matures no later than four years from the date of purchase from GNMA pools and carries an interest rate of coupon rate of the mortgage loans, less the debenture rate funded by Guaranty Bank. The first funding under the agreement occurred on September 30, 2015; however, these funds were not utilized for the loan repurchase until October 1, 2015. As the funds are specifically for the repurchase of eligible loans from GNMA, the funds are reflected as restricted cash on the consolidated balance sheets until such repurchases are made. 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 NattyMac Funding ("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	9 Months Ended
	Sep. 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-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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 5,289 $ 4,787 $ 4,967 $ 3,709 Provision for mortgage repurchases and indemnifications - new loan sales 1 859 742 2,555 1,775 Provision for mortgage repurchases and indemnifications - change in estimate 2 66 801 589 1,706 Losses on repurchases and indemnifications (928 ) (889 ) (2,825 ) (1,749 ) Balance at end of period $ 5,286 $ 5,441 $ 5,286 $ 5,441 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 $ % $ % $ % $ % Statutory federal income tax (benefit) expense $ (11,726 ) 35.0 % $ 576 35.0 % $ (11,644 ) 35.0 % $ (3,780 ) 35.0 % State income tax (benefit) expense, net of federal tax (benefit) expense (1,503 ) 4.5 % 69 4.2 % (1,480 ) 4.5 % (449 ) 4.2 % Non-deductible expenses 49 (0.2 )% (28 ) (1.7 )% 160 (0.5 )% 187 (1.7 )% Provision to return adjustments — — % 659 40.0 % — — % 659 (6.1 )% Adjustment to state net deferred tax liabilities (168 ) 0.5 % 1,889 114.4 % (168 ) 0.5 % 1,889 (17.4 )% YTD impact of change in effective tax rate — — % 170 10.2 % — — % — — % Valuation allowance 2,645 (7.9 )% — — % 2,645 (8.0 )% — — % Other 7 — % (10 ) (0.1 )% 8 — % (10 ) (0.1 )% Total income tax (benefit) expense $ (10,696 ) 31.9 % $ 3,325 202.0 % $ (10,479 ) 31.5 % $ (1,504 ) 13.9 % During the three months ended September 30, 2015 and 2014 , the Company recognized an income tax benefit and expense of $10,696 and $3,325 , respectively, which represented effective tax rates of 31.9% and 202.0% , respectively. During the nine months ended September 30, 2015 and 2014 , the Company recognized income tax benefits of $10,479 and $1,504 , respectively, which represented effective tax rates of 31.5% and 13.9% , respectively. The income tax benefits for the three and nine months ended September 30, 2015 includes the impact of establishing a $2,645 valuation allowance to offset our deferred tax assets, as we determined that it is more likely than not that a portion of our deferred tax assets will not be realized (see additional discussion below). Additionally, the increase in benefit and decrease in effective tax rates in the current periods are due to adjustments to state net deferred tax liabilities based on an increased state effective tax rate and provision to tax return adjustments, both of which were recorded as discrete items during the three months ended September 30, 2014 . As of September 30, 2015 , the Company had federal and state net operating loss carryforwards of $177,756 and $145,139 , respectively. The Company's federal and state net operating loss carryforwards are available to offset future taxable income and expire from 2027 through 2034 . During the three months ended September 30, 2015 , the Company entered into a three year cumulative loss position. As a result of the cumulative loss position and changes in the Company's level of activity in various states, the Company has recorded a federal valuation allowance in the amount of $1,171 and a state valuation allowance of $1,474 as of September 30, 2015 . In future periods, the allowance could be adjusted if sufficient evidence exists indicating that it is more likely than not that a portion or all of these deferred tax assets will or will not be realized.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 approximated $1,751,701 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 September 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	9 Months Ended
	Sep. 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 nine months ended September 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 (294,434 ) $ 18.00 Outstanding at September 30, 2015 1,110,772 $ 16.61 7.6 $ 319 Exercisable at September 30, 2015 961,679 $ 16.49 7.5 $ 319 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 nine months ended September 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 151,843 $ 8.82 Vested (65,462 ) 9.74 Forfeited — N/A Nonvested at September 30, 2015 120,303 $ 10.34 During the nine months ended September 30, 2015 , the Company recognized total stock-based compensation expense related to stock options and restricted stock units of $3,545 .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	Segment Information The Company's organizational structure is currently comprised of three operating segments: Originations, Servicing and Financing. This determination is based on the Company's current organizational structure, which reflects how the chief operation decision maker evaluates the performance of the business and focuses primarily on the services performed. 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 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 September 30, 2015 December 31, 2014 Originations $ 897,066 $ 1,199,727 Servicing 358,185 223,058 Financing 172,780 118,593 Other 1 52,647 55,173 Total $ 1,480,678 $ 1,596,551 1 Includes intersegment eliminations and assets not allocated to the three reportable segments. Three Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 40,329 $ — $ — $ (39 ) $ 40,290 Changes in mortgage servicing rights valuation — (28,088 ) — — (28,088 ) Payoffs and principal amortization of mortgage servicing rights — (9,215 ) — — (9,215 ) Loan origination and other loan fees 7,689 — 310 — 7,999 Loan servicing fees — 14,051 — — 14,051 Interest and other income 7,991 — 1,854 22 9,867 Total revenues 56,009 (23,252 ) 2,164 (17 ) 34,904 Expenses Salaries, commissions and benefits 29,791 2,153 486 8,175 40,605 General and administrative 6,218 460 180 4,243 11,101 Interest expense 5,520 1,526 778 133 7,957 Occupancy, equipment and communication 3,568 490 71 1,705 5,834 Provision for mortgage repurchases and indemnifications 66 — — — 66 Depreciation and amortization 2,171 155 105 410 2,841 Corporate allocations 6,458 895 98 (7,450 ) — Total expenses 53,792 5,679 1,718 7,216 68,404 Income (loss) before taxes $ 2,217 $ (28,931 ) $ 446 $ (7,233 ) $ (33,500 ) 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 September 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 44,031 $ — $ — $ — $ 44,031 Changes in mortgage servicing rights valuation — (4,796 ) — — (4,796 ) Payoffs and principal amortization of mortgage servicing rights — (6,941 ) — — (6,941 ) Loan origination and other loan fees 7,696 — 72 (16 ) 7,752 Loan servicing fees — 12,350 — — 12,350 Interest and other income 9,890 — 759 9 10,658 Total revenues 61,617 613 831 (7 ) 63,054 Expenses Salaries, commissions and benefits 29,141 1,685 465 6,353 37,644 General and administrative 3,499 344 179 5,022 9,044 Interest expense 6,711 369 — 904 7,984 Occupancy, equipment and communication 2,891 528 53 1,068 4,540 Provision for mortgage repurchases and indemnifications 801 — — — 801 Depreciation and amortization 417 32 103 843 1,395 Corporate allocations 6,781 844 52 (7,677 ) — Total expenses 50,241 3,802 852 6,513 61,408 Income (loss) before taxes $ 11,376 $ (3,189 ) $ (21 ) $ (6,520 ) $ 1,646 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. Nine Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 144,456 $ — $ — $ 9 $ 144,465 Changes in mortgage servicing rights valuation — (34,525 ) — — (34,525 ) Payoffs and principal amortization of mortgage servicing rights — (34,303 ) — — (34,303 ) Loan origination and other loan fees 21,180 — 887 — 22,067 Loan servicing fees — 41,001 — — 41,001 Interest and other income 22,554 — 5,282 125 27,961 Total revenues 188,190 (27,827 ) 6,169 134 166,666 Expenses Salaries, commissions and benefits 90,704 6,554 1,582 22,662 121,502 General and administrative 14,346 1,738 485 12,517 29,086 Interest expense 16,005 5,830 2,438 388 24,661 Occupancy, equipment and communication 10,759 1,478 189 5,202 17,628 Provision for mortgage repurchases and indemnifications 589 — — — 589 Depreciation and amortization 4,678 354 308 1,128 6,468 Corporate allocations 19,742 2,735 249 (22,726 ) — Total expenses 156,823 18,689 5,251 19,171 199,934 Income (loss) before taxes $ 31,367 $ (46,516 ) $ 918 $ (19,037 ) $ (33,268 ) 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. Nine Months Ended September 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 119,289 $ — $ — $ 14 $ 119,303 Changes in mortgage servicing rights valuation — (23,439 ) — — (23,439 ) Payoffs and principal amortization of mortgage servicing rights — (14,319 ) — — (14,319 ) Loan origination and other loan fees 19,325 — 303 (68 ) 19,560 Loan servicing fees — 32,315 — — 32,315 Interest and other income 24,398 — 1,575 (321 ) 25,652 Total revenues 163,012 (5,443 ) 1,878 (375 ) 159,072 Expenses Salaries, commissions and benefits 82,733 4,265 1,253 17,955 106,206 General and administrative 9,695 1,025 452 15,519 26,691 Interest expense 16,841 623 — 689 18,153 Occupancy, equipment and communication 7,879 1,333 150 4,082 13,444 Provision for mortgage repurchases and indemnifications 1,706 — — — 1,706 Depreciation and amortization 878 43 286 2,464 3,671 Corporate allocations 19,698 2,402 116 (22,216 ) — Total expenses 139,430 9,691 2,257 18,493 169,871 Income (loss) before taxes $ 23,582 $ (15,134 ) (379 ) $ (18,868 ) $ (10,799 ) 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	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Capital Stock	Capital Stock During the nine months ended September 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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2015, using the restricted cash monies collateralizing its outstanding borrowings under the Guaranty Bank arrangement as of September 30, 2015, the Company purchased delinquent FHA-insured loans with a UPB of $35.2 million from GNMA guaranteed securitizations under the terms of a conditional repurchase option whereby, as servicer, the Company has the right, but not the obligation, to repurchase delinquent loans at par plus delinquent interest (the GNMA early buy-out program). On October 5, 2015, the Company entered into a definitive agreement with an unrelated third party to sell certain components of its Originations segment, which closed October 29, 2015. Estimated proceeds from the sale were approximately $300 . Refer to Note 5, "Long-lived Assets Held for Sale and Disposed of Other Than by Sale" for further discussion.

Basis of Presentation and Sig26

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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.
Recent Accounting Developments	Recent Accounting Developments: ASU No. 2015-14 "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date " was issued in August 2015. This update extends the effective date of ASU 2014-09 by one year. The new guidance will be effective for the Company beginning on January 1, 2018. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements. ASU No. 2015-16 "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments" was issued in September 2015. This update requires that an acquirer 1) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, 2) record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts calculated as if the accounting had been completed at the acquisition date, and 3) present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current period earnings by the line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The new guidance will be effective for the Company beginning on January 1, 2016. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.
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.

Loss Per Share (Tables)

Loss Per Share (Tables)	9 Months Ended
	Sep. 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 loss attributable to common stockholders and a table summarizing the basic and diluted loss per share calculations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Net loss: Net loss attributable to common stockholders $ (22,804 ) $ (1,679 ) $ (22,789 ) $ (9,295 ) Weighted average shares outstanding (in thousands) : Denominator for basic loss per share – weighted average common shares outstanding 25,782 25,769 25,782 25,769 Effect of dilutive shares—employee and director stock options, restricted stock units, warrants and convertible preferred stock — — — — Denominator for diluted loss per share 25,782 25,769 25,782 25,769 Loss per share: Basic $ (0.88 ) $ (0.07 ) $ (0.88 ) $ (0.36 ) Diluted $ (0.88 ) $ (0.07 ) $ (0.88 ) $ (0.36 )

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 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 Instrume29

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, 2015: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,751,701 Derivative assets/liabilities $ 20,414 $ (132 ) MBS forward sales contracts 2,428,443 MBS forward purchase contracts 826,900 Total MBS forward trades 3,255,343 Derivative assets/liabilities 264 (14,665 ) Total derivative financial instruments $ 5,007,044 $ 20,678 $ (14,797 ) 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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Interest rate lock commitments $ 6,538 $ (8,558 ) $ 8,079 $ 12,099 MBS forward trades (24,829 ) 14,760 (5,714 ) (17,414 ) Net derivative gains (losses) (18,291 ) 6,202 2,365 (5,315 ) Gains (losses) from changes in estimated fair value of mortgage loans held for sale 1 7,587 (10,209 ) (3,385 ) 16,532 $ (10,704 ) $ (4,007 ) $ (1,020 ) $ 11,217 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,30

Mortgage Loans Held for Sale, at Fair Value (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Conventional 1 $ 314,762 $ 507,297 Government insured 2 454,714 444,955 Non-agency/Other 69,378 96,095 Total mortgage loans held for sale, at fair value $ 838,854 $ 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 September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 832,858 $ 819,537 $ 1,044,005 $ 1,025,374 90 or more days delinquent 5,996 6,996 4,342 5,342 Total $ 838,854 $ 826,533 $ 1,048,347 $ 1,030,716

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2015
Transfers and Servicing [Abstract]
Summary of the total mortgage servicing portfolio	The Company’s total mortgage servicing portfolio as of September 30, 2015 and December 31, 2014 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): September 30, 2015 December 31, 2014 FNMA $ 5,112,205 $ 5,797,883 GNMA: FHA 4,850,133 5,365,627 VA 3,218,178 2,652,678 USDA 856,433 974,501 FHLMC 4,065,604 3,500,321 Other Investors 62,472 45,735 Total mortgage servicing portfolio $ 18,165,025 $ 18,336,745 MSRs balance $ 201,661 $ 204,216 MSRs balance as a percentage of total mortgage servicing portfolio 1.11 % 1.11 %
Summary of changes in the balance of MSRs	A summary of the changes in the balance of MSRs for the three and nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 209,343 $ 217,493 $ 204,216 $ 170,294 MSRs originated in connection with loan sales 45,334 45,115 126,459 116,650 MSRs sold and derecognized (15,700 ) (22,044 ) (63,128 ) (22,044 ) Purchased MSRs — 126 86 1,811 Changes in valuation inputs and assumptions 1 (28,101 ) (5,954 ) (31,669 ) (24,597 ) Actual portfolio runoff (payoffs and principal amortization) (9,215 ) (6,941 ) (34,303 ) (14,319 ) Balance at end of period $ 201,661 $ 227,795 $ 201,661 $ 227,795 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations The Company realized $13 and $1,158 related to gains on the sale of MSRs for the three months ended September 30, 2015 and 2014 , respectively. For the nine months ended September 30, 2015 and 2014 , the Company realized a loss of $2,856 and a gain of $1,158 related to its MSRs sales, respectively.
Information related to outstanding loans sold with continuing involvement	The following table sets forth information related to outstanding loans sold as of September 30, 2015 and December 31, 2014 for which the Company has continuing involvement: September 30, 2015 December 31, 2014 Total unpaid principal balance $ 18,165,025 $ 18,336,745 Loans 30-89 days delinquent $ 288,886 $ 379,881 Loans delinquent 90 or more days or in foreclosure 1 $ 123,524 $ 127,751 1 Includes GNMA mortgage loans eligible for repurchase, for which the right to repurchase is recorded in the consolidated balance sheet, which are government-insured, of $100,052 and $109,397 , respectively, as of September 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), based on market participant inputs for the industry, used in determining the fair value of the Company’s MSRs as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 14.1% 13.9% GNMA: FHA 11.6% 11.2% VA 9.0% 10.1% USDA 10.9% 11.8% FHLMC 12.2% 13.1% Other Investors 13.0% 12.4% Cost of servicing (per loan) $87 $83
Schedule of assumptions for default rates	The Company's assumptions for delinquency rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 FNMA 3.97% 3.93% GNMA: FHA 6.47% 6.42% VA 6.42% 6.31% USDA 6.44% 6.29% FHLMC 3.90% 3.80% Other Investors 6.33% 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 September 30, 2015 and December 31, 2014 : September 30, 2015 % of Average Portfolio December 31, 2014 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (8,732 ) 4 % $ (8,345 ) 4 % Impact of discount rate + 2% $ (16,764 ) 8 % $ (16,063 ) 8 % Impact of discount rate + 3% $ (24,172 ) 12 % $ (23,222 ) 11 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,903 ) 3 % $ (5,445 ) 3 % Impact of prepayment speed * 110% $ (11,574 ) 6 % $ (10,668 ) 5 % Impact of prepayment speed * 120% $ (22,273 ) 11 % $ (20,508 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,392 ) 1 % $ (1,529 ) 1 % Impact of cost of servicing * 110% $ (2,784 ) 1 % $ (3,058 ) 1 % Impact of cost of servicing * 120% $ (5,567 ) 3 % $ (6,116 ) 3 %
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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Contractual servicing fees $ 13,370 $ 11,860 $ 38,740 $ 31,025 Late fees 681 490 2,261 1,290 Loan servicing fees $ 14,051 $ 12,350 $ 41,001 $ 32,315 Servicing fees as a percentage of average portfolio (annualized) 0.31 % 0.29 % 0.46 % 0.42 %

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other assets	The following summarizes other assets as of September 30, 2015 and December 31, 2014 : September 30, 2015 December 31, 2014 Receivables from servicing sales, interest and loan related payments, net $ 17,716 $ 13,059 Prepaid expenses 5,753 5,109 Real estate owned, net 1 1,860 1,242 Deposits 1,007 1,340 Miscellaneous 440 356 Total other assets $ 26,776 $ 21,106 1 Real estate owned assets are reflected at their net realizable value.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 785,847 $ 53,007 $ 838,854 Derivative assets (IRLCs) — 20,414 — 20,414 Derivative assets (MBS forward trades) — 264 — 264 MSRs — — 201,661 201,661 Total assets $ — $ 806,525 $ 254,668 $ 1,061,193 Liabilities: Derivative liabilities (IRLCs) $ — $ 132 $ — $ 132 Derivative liabilities (MBS forward trades) — 14,665 — 14,665 Contingent earn-out liability — — 1,496 1,496 Total liabilities $ — $ 14,797 $ 1,496 $ 16,293 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
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 nine months ended September 30, 2015 is as follows: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Balance at beginning of period $ 40,788 $ — Changes in fair value recognized in earnings (964 ) (884 ) Purchases 15,873 27,757 Sales (5,618 ) (5,618 ) Issuances — — Settlements (4,725 ) (9,792 ) Transfers into Level 3 1 7,653 41,544 Transfers out of Level 3 — — Balance at end of period $ 53,007 $ 53,007 1 On an ongoing basis, transfers into Level 3 represent mortgage loans held for sale deemed unsaleable in the current period.
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 nine months ended September 30, 2015 and 2014 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 1,769 $ 4,184 $ 3,005 $ 3,791 Changes in fair value recognized in earnings 1 3 (75 ) 36 (217 ) Purchases 2 — — — 603 Sales — — — — Issuances — — — — Settlements (276 ) (382 ) (1,545 ) (450 ) Transfers into Level 3 — — — — Transfers out of Level 3 — (1,330 ) (1,330 ) Balance at end of period $ 1,496 $ 2,397 $ 1,496 $ 2,397 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 Fi34

Transfers and Servicing of Financial Assets (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 relating to loan sales in which the Company has continuing involvement: Nine Months Ended September 30, 2015 2014 Proceeds from new loan sales 1 $ 33,505 $ 10,716 Proceeds from loan servicing fees $ 39,058 $ 31,329 Cash outflows from servicing advances $ 1,202 $ 1,015 Cash outflows from repurchases and indemnifications of previously sold loans $ 11,065 $ 13,521 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.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Short-term borrowings outstanding	Borrowings outstanding as of September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 December 31, 2014 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans $ 525,884 4.02% 1 $ 592,798 3.97% Secured borrowings - eligible GNMA loan repurchases 35,017 —% 2 — —% Mortgage repurchase borrowings 395,002 2.24% 472,045 2.23% Warehouse lines of credit 988 4.25% 1,374 4.25% Secured borrowings - mortgage servicing rights 86,558 5.14% 75,970 5.49% Operating lines of credit 8,000 4.00% 2,000 4.00% Total mortgage funding arrangements $ 1,051,449 $ 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. 2 The Company's costs for financing GNMA loan repurchases under this funding arrangement (remittance rate) is based on a borrowing rate over and above the debenture rate, which is set on each loan by HUD at a required spread to the constant maturity ten -year treasury at that point in time.
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 September 30, 2015 and December 31, 2014 : As of September 30, 2015: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 238,486 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2016 Merchants Bank of Indiana - NattyMac Funding 287,398 — 3 LIBOR plus applicable margin March 2016 Total secured borrowings - mortgage loans 525,884 600,000 Guaranty Bank 35,017 35,017 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 35,017 35,017 Barclays Bank PLC 69,676 400,000 LIBOR plus applicable margin December 2015 Bank of America, N.A. 239,467 700,000 5 LIBOR plus applicable margin June 2016 Wells Fargo 85,859 200,000 LIBOR plus applicable margin January 2016 Total mortgage repurchase borrowings 395,002 1,300,000 Merchants Bank of Indiana - Warehouse Line of Credit 988 2,000 Prime plus 1.00% July 2016 Total warehouse lines of credit 988 2,000 Barclays Bank PLC - MSRs Secured 51,558 — 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 86,558 35,000 Total 1,043,449 1,972,017 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $8,000 . 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the nine months ended September 30, 2015 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At September 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 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 Borrowing carries an interest rate of the coupon rate of the underlying mortgage loans, less the debenture rate funded by Guaranty Bank. 7 Borrowing matures no later than four years from the date of most recent purchase from GNMA pools. 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 limit or expand the aggregate maximum borrowing capacity. During the year ended December 31, 2014, the most the aggregate maximum borrowing capacity was limited 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 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 Repurcha36

Reserve for Mortgage Repurchases and Indemnifications (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Balance at beginning of period $ 5,289 $ 4,787 $ 4,967 $ 3,709 Provision for mortgage repurchases and indemnifications - new loan sales 1 859 742 2,555 1,775 Provision for mortgage repurchases and indemnifications - change in estimate 2 66 801 589 1,706 Losses on repurchases and indemnifications (928 ) (889 ) (2,825 ) (1,749 ) Balance at end of period $ 5,286 $ 5,441 $ 5,286 $ 5,441 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 : Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 $ % $ % $ % $ % Statutory federal income tax (benefit) expense $ (11,726 ) 35.0 % $ 576 35.0 % $ (11,644 ) 35.0 % $ (3,780 ) 35.0 % State income tax (benefit) expense, net of federal tax (benefit) expense (1,503 ) 4.5 % 69 4.2 % (1,480 ) 4.5 % (449 ) 4.2 % Non-deductible expenses 49 (0.2 )% (28 ) (1.7 )% 160 (0.5 )% 187 (1.7 )% Provision to return adjustments — — % 659 40.0 % — — % 659 (6.1 )% Adjustment to state net deferred tax liabilities (168 ) 0.5 % 1,889 114.4 % (168 ) 0.5 % 1,889 (17.4 )% YTD impact of change in effective tax rate — — % 170 10.2 % — — % — — % Valuation allowance 2,645 (7.9 )% — — % 2,645 (8.0 )% — — % Other 7 — % (10 ) (0.1 )% 8 — % (10 ) (0.1 )% Total income tax (benefit) expense $ (10,696 ) 31.9 % $ 3,325 202.0 % $ (10,479 ) 31.5 % $ (1,504 ) 13.9 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 (294,434 ) $ 18.00 Outstanding at September 30, 2015 1,110,772 $ 16.61 7.6 $ 319 Exercisable at September 30, 2015 961,679 $ 16.49 7.5 $ 319
Summary of the nonvested restricted stock unit activity	A summary of the nonvested restricted stock unit activity for the nine months ended September 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 151,843 $ 8.82 Vested (65,462 ) 9.74 Forfeited — N/A Nonvested at September 30, 2015 120,303 $ 10.34 During the nine months ended September 30, 2015 , the Company recognized total stock-based compensation expense related to stock options and restricted stock units of $3,545 .

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Reconciliation of assets from segment to consolidated	Financial highlights by segment are as follows: Total Assets September 30, 2015 December 31, 2014 Originations $ 897,066 $ 1,199,727 Servicing 358,185 223,058 Financing 172,780 118,593 Other 1 52,647 55,173 Total $ 1,480,678 $ 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 September 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 40,329 $ — $ — $ (39 ) $ 40,290 Changes in mortgage servicing rights valuation — (28,088 ) — — (28,088 ) Payoffs and principal amortization of mortgage servicing rights — (9,215 ) — — (9,215 ) Loan origination and other loan fees 7,689 — 310 — 7,999 Loan servicing fees — 14,051 — — 14,051 Interest and other income 7,991 — 1,854 22 9,867 Total revenues 56,009 (23,252 ) 2,164 (17 ) 34,904 Expenses Salaries, commissions and benefits 29,791 2,153 486 8,175 40,605 General and administrative 6,218 460 180 4,243 11,101 Interest expense 5,520 1,526 778 133 7,957 Occupancy, equipment and communication 3,568 490 71 1,705 5,834 Provision for mortgage repurchases and indemnifications 66 — — — 66 Depreciation and amortization 2,171 155 105 410 2,841 Corporate allocations 6,458 895 98 (7,450 ) — Total expenses 53,792 5,679 1,718 7,216 68,404 Income (loss) before taxes $ 2,217 $ (28,931 ) $ 446 $ (7,233 ) $ (33,500 ) 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 September 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 44,031 $ — $ — $ — $ 44,031 Changes in mortgage servicing rights valuation — (4,796 ) — — (4,796 ) Payoffs and principal amortization of mortgage servicing rights — (6,941 ) — — (6,941 ) Loan origination and other loan fees 7,696 — 72 (16 ) 7,752 Loan servicing fees — 12,350 — — 12,350 Interest and other income 9,890 — 759 9 10,658 Total revenues 61,617 613 831 (7 ) 63,054 Expenses Salaries, commissions and benefits 29,141 1,685 465 6,353 37,644 General and administrative 3,499 344 179 5,022 9,044 Interest expense 6,711 369 — 904 7,984 Occupancy, equipment and communication 2,891 528 53 1,068 4,540 Provision for mortgage repurchases and indemnifications 801 — — — 801 Depreciation and amortization 417 32 103 843 1,395 Corporate allocations 6,781 844 52 (7,677 ) — Total expenses 50,241 3,802 852 6,513 61,408 Income (loss) before taxes $ 11,376 $ (3,189 ) $ (21 ) $ (6,520 ) $ 1,646 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. Nine Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 144,456 $ — $ — $ 9 $ 144,465 Changes in mortgage servicing rights valuation — (34,525 ) — — (34,525 ) Payoffs and principal amortization of mortgage servicing rights — (34,303 ) — — (34,303 ) Loan origination and other loan fees 21,180 — 887 — 22,067 Loan servicing fees — 41,001 — — 41,001 Interest and other income 22,554 — 5,282 125 27,961 Total revenues 188,190 (27,827 ) 6,169 134 166,666 Expenses Salaries, commissions and benefits 90,704 6,554 1,582 22,662 121,502 General and administrative 14,346 1,738 485 12,517 29,086 Interest expense 16,005 5,830 2,438 388 24,661 Occupancy, equipment and communication 10,759 1,478 189 5,202 17,628 Provision for mortgage repurchases and indemnifications 589 — — — 589 Depreciation and amortization 4,678 354 308 1,128 6,468 Corporate allocations 19,742 2,735 249 (22,726 ) — Total expenses 156,823 18,689 5,251 19,171 199,934 Income (loss) before taxes $ 31,367 $ (46,516 ) $ 918 $ (19,037 ) $ (33,268 ) 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. Nine Months Ended September 30, 2014 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 119,289 $ — $ — $ 14 $ 119,303 Changes in mortgage servicing rights valuation — (23,439 ) — — (23,439 ) Payoffs and principal amortization of mortgage servicing rights — (14,319 ) — — (14,319 ) Loan origination and other loan fees 19,325 — 303 (68 ) 19,560 Loan servicing fees — 32,315 — — 32,315 Interest and other income 24,398 — 1,575 (321 ) 25,652 Total revenues 163,012 (5,443 ) 1,878 (375 ) 159,072 Expenses Salaries, commissions and benefits 82,733 4,265 1,253 17,955 106,206 General and administrative 9,695 1,025 452 15,519 26,691 Interest expense 16,841 623 — 689 18,153 Occupancy, equipment and communication 7,879 1,333 150 4,082 13,444 Provision for mortgage repurchases and indemnifications 1,706 — — — 1,706 Depreciation and amortization 878 43 286 2,464 3,671 Corporate allocations 19,698 2,402 116 (22,216 ) — Total expenses 139,430 9,691 2,257 18,493 169,871 Income (loss) before taxes $ 23,582 $ (15,134 ) (379 ) $ (18,868 ) $ (10,799 ) 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	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Reportable Segments	3	3

Loss Per Share - Reconciliation

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net loss:
Net loss attributable to common stockholders	$ (22,804)	$ (1,679)	$ (22,789)	$ (9,295)
Weighted average shares outstanding:
Denominator for basic loss per share – weighted average common shares outstanding	25,782	25,769	25,782	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 loss per share (in shares)	25,782	25,769	25,782	25,769
Loss per share:
Basic (in usd per share)	$ (0.88)	$ (0.07)	$ (0.88)	$ (0.36)
Diluted (in usd per share)	$ (0.88)	$ (0.07)	$ (0.88)	$ (0.36)

Loss Per Share - Anti-dilutive

Loss Per Share - Anti-dilutive securities excluded from the EPS calculation (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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)	1,556	1,780	1,558	1,838

Business Combinations - Conside

Business Combinations - Consideration transferred and fair value of assets acquired (Details) - USD ($) $ in Thousands	Feb. 04, 2014	Sep. 30, 2015	Sep. 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 ($)officepayment	Apr. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Contingent earn-out liabilities			$ 1,496	$ 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		$ 180
Asset volatility factor used	16.90%
Discount rate used	6.05%

Long-lived Assets Held for Sa45

Long-lived Assets Held for Sale and Disposed of Other Than by Sale - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)branch	Sep. 30, 2015USD ($)branch	Dec. 31, 2014USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total related assets to be disposed of	$ 443	$ 443	$ 443
Number of retail branch locations disposed of | branch	7	7
Number of additional locations to be closed in disposal | branch	47	47
Expected costs to be incurred	$ 2,200	$ 2,200
General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Asset impairment charges	1,145	1,145
Early termination fees	$ (46)	$ (365)

Derivative Financial Instrume46

Derivative Financial Instruments - Summary of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Fair Value - Asset	$ 20,678	$ 12,560
Fair Value - (Liability)	(14,797)	(9,044)
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional	5,007,044	3,529,924
Fair Value - Asset	20,678	12,560
Fair Value - (Liability)	(14,797)	(9,044)
Not designated as hedging instrument | Interest rate contract | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional	1,751,701	1,211,675
Fair Value - Asset	20,414	12,300
Fair Value - (Liability)	(132)	(96)
Not designated as hedging instrument | Price risk derivative | MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Notional	2,428,443	1,860,768
Not designated as hedging instrument | Price risk derivative | MBS forward purchase contracts
Derivatives, Fair Value [Line Items]
Notional	826,900	457,481
Not designated as hedging instrument | Price risk derivative | MBS forward trades
Derivatives, Fair Value [Line Items]
Notional	3,255,343	2,318,249
Fair Value - Asset	264	260
Fair Value - (Liability)	$ (14,665)	$ (8,948)

Derivative Financial Instrume47

Derivative Financial Instruments - Effect of derivatives on statements of income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 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	$ (10,704)	$ (4,007)	$ (1,020)	$ 11,217
Not designated as hedging instrument | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	(18,291)	6,202	2,365	(5,315)
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)	6,538	(8,558)	8,079	12,099
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)	(24,829)	14,760	(5,714)	(17,414)
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	$ 7,587	$ (10,209)	$ (3,385)	$ 16,532

Derivative Financial Instrume48

Derivative Financial Instruments - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	$ 14,797,000		$ 9,044,000
Certain counterparties
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	7,739,000		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	$ 6,663,000		$ 4,482,000

Mortgage Loans Held for Sale,49

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 838,854	$ 1,048,347
Fair value of mortgages pledged as collateral	782,757	981,015
Mortgage loans held for sale funded with excess cash	$ 56,097	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	$ 314,762	507,297
Government insured
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	454,714	444,955
Non-agency/Other
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 69,378	$ 96,095

Mortgage Loans Held for Sale,50

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	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Option, Quantitative Disclosures [Line Items]
Current through 89 days delinquent - Fair Value	$ 832,858	$ 1,044,005
90 or more days delinquent - Fair Value	5,996	4,342
Total - Fair Value	838,854	1,048,347
Current through 89 days delinquent - UPB	819,537	1,025,374
90 or more days delinquent - UPB	6,996	5,342
Total - UPB	$ 826,533	$ 1,030,716

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of mortgage servicing portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 18,165,025		$ 18,336,745
MSRs balance	$ 201,661		$ 204,216
MSRs balance as a percentage of total mortgage servicing portfolio	1.11%		1.11%
FNMA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 5,112,205		$ 5,797,883
FHA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	4,850,133		5,365,627
VA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	3,218,178		2,652,678
USDA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	856,433		974,501
FHLMC
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	4,065,604		3,500,321
Other Investors
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	62,472		45,735
Residential mortgage
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
MSRs balance	$ 201,661	$ 209,343	$ 204,216	$ 227,795	$ 217,493	$ 170,294

Mortgage Servicing Rights - S52

Mortgage Servicing Rights - Summary of the changes in the balance of MSRs (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)sale	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)sale	Sep. 30, 2014USD ($)	Apr. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period			$ 204,216
Changes in valuation inputs and assumptions1	$ 28,088	$ 4,796	34,525	$ 23,439
Balance at end of period	201,661		201,661
Gain (loss) on sale of mortgage servicing rights	13	1,158	(2,856)	1,158
Residential mortgage
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	209,343	217,493	204,216	170,294
MSRs originated in connection with loan sales	45,334	45,115	126,459	116,650
MSRs sold and derecognized	(15,700)	(22,044)	(63,128)	(22,044)
Purchased MSRs	0	126	86	1,811
Changes in valuation inputs and assumptions1	(28,101)	(5,954)	(31,669)	(24,597)
Actual portfolio runoff (payoffs and principal amortization)	(9,215)	(6,941)	(34,303)	(14,319)
Balance at end of period	201,661	$ 227,795	201,661	$ 227,795
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	$ 1,500,000		$ 1,500,000		$ 1,900,000
Flow sale agreement for sale of MSR's, number of sales | sale	4		4
Sales of MSRs, underlying UPB	$ 225		$ 225
Fair Value of Mortgage Servicing Rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value of MSR pledged as collateral	$ 201,153		$ 201,153				$ 203,811

Mortgage Servicing Rights - Out

Mortgage Servicing Rights - Outstanding Loans Sold with Continuing Involvement (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Servicing Assets at Fair Value [Line Items]
Total unpaid principal balance	$ 18,165,025	$ 18,336,745
Loans 30-89 days delinquent	288,886	379,881
Loans delinquent 90 or more days or in foreclosure	123,524	127,751
Loans eligible for repurchase from GNMA	$ 100,052	109,397
GNMA
Servicing Assets at Fair Value [Line Items]
Loans delinquent 90 or more days or in foreclosure		$ 109,397

Mortgage Servicing Rights - Key

Mortgage Servicing Rights - Key Valuation Assumptions for MSRs on the Balance Sheet Dates (Details) - $ / loan	9 Months Ended	12 Months Ended
	Sep. 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)	87	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)	14.10%	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)	11.60%	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)	9.00%	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)	10.90%	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)	12.20%	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)	13.00%	12.40%

Mortgage Servicing Rights - As

Mortgage Servicing Rights - Assumptions for Defaults Rates (Details)	9 Months Ended	12 Months Ended
	Sep. 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	3.97%	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	6.47%	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	6.42%	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	6.44%	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	3.90%	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	6.33%	6.14%

Mortgage Servicing Rights - Hyp

Mortgage Servicing Rights - Hypothetical Effect of an Adverse Change in Key Assumptions (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Transfers and Servicing [Abstract]
Impact of discount rate plus 1%	$ (8,732)	$ (8,345)
Impact of discount rate 1%, Percentage of Average Portfolio	4.00%	4.00%
Impact of discount rate plus 2%	$ (16,764)	$ (16,063)
Impact of discount rate 2%, Percentage of Average Portfolio	8.00%	8.00%
Impact of discount rate plus 3%	$ (24,172)	$ (23,222)
Impact of discount rate 3%, Percentage of Average Portfolio	12.00%	11.00%
Impact of prepayment speed times 105%	$ (5,903)	$ (5,445)
Impact of prepayment speed times 105%, Percentage of Average Portfolio	3.00%	3.00%
Impact of prepayment speed times 110%	$ (11,574)	$ (10,668)
Impact of prepayment speed times 110%, Percentage of Average Portfolio	6.00%	5.00%
Impact of prepayment speed times 120%	$ (22,273)	$ (20,508)
Impact of prepayment speed times 120%, Percentage of Average Portfolio	11.00%	10.00%
Impact of cost of servicing times 105%	$ (1,392)	$ (1,529)
Impact of cost of servicing times 105%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 110%	$ (2,784)	$ (3,058)
Impact of cost of servicing times 110%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 120%	$ (5,567)	$ (6,116)
Impact of cost of servicing times 120%, Percentage of Average Portfolio	3.00%	3.00%

Mortgage Servicing Rights - Com

Mortgage Servicing Rights - Components of loan servicing fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 13,370	$ 11,860	$ 38,740	$ 31,025
Late fees	681	490	2,261	1,290
Loan servicing fees	$ 14,051	$ 12,350	$ 41,001	$ 32,315
Servicing fees as a percentage of average portfolio (annualized)	0.31%	0.29%	0.46%	0.42%

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables from servicing sales, interest and loan related payments, net	$ 17,716	$ 13,059
Prepaid expenses	5,753	5,109
Real estate owned, net	1,860	1,242
Deposits	1,007	1,340
Miscellaneous	440	356
Total other assets	$ 26,776	$ 21,106

Fair Value Measurements - Major

Fair Value Measurements - Major Categories of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets:
Derivative assets	$ 20,678	$ 12,560
MSRs	201,661	204,216
Liabilities:
Derivative liabilities	14,797	9,044
Contingent earn-out liabilities	1,496	3,005
Measured on a recurring basis
Assets:
Mortgage loans held for sale	838,854	1,048,347
MSRs	201,661	204,216
Total assets	1,061,193	1,265,123
Liabilities:
Contingent earn-out liabilities	1,496	3,005
Total liabilities	16,293	12,049
Measured on a recurring basis | Interest rate contract | IRLCs
Assets:
Derivative assets	20,414	12,300
Liabilities:
Derivative liabilities	132	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	264
Liabilities:
Derivative liabilities	14,665	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	785,847	1,048,347
MSRs	0	0
Total assets	806,525	1,060,907
Liabilities:
Contingent earn-out liabilities	0	0
Total liabilities	14,797	9,044
Measured on a recurring basis | Level 2 | Interest rate contract | IRLCs
Assets:
Derivative assets	20,414	12,300
Liabilities:
Derivative liabilities	132	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	264
Liabilities:
Derivative liabilities	14,665	8,948
Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	53,007	0
MSRs	201,661	204,216
Total assets	254,668	204,216
Liabilities:
Contingent earn-out liabilities	1,496	2,283
Total liabilities	1,496	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) - Mortgages held-for-sale - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 40,788	$ 0
Changes in fair value recognized in earnings	(964)	(884)
Purchases	15,873	27,757
Sales	(5,618)	(5,618)
Issuances	0	0
Settlements	(4,725)	(9,792)
Transfers into Level 3	7,653	41,544
Transfers out of Level 3	0	0
Balance at end of period	$ 53,007	$ 53,007

Fair Value Measurements - Rec61

Fair Value Measurements - Reconciliation Liabilities Level 3 (Details) - Contingent earn-out liability - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,769	$ 4,184	$ 3,005	$ 3,791
Changes in fair value recognized in earnings	3	(75)	36	(217)
Purchases	0	0	0	603
Sales	0	0	0	0
Issuances	0	0	0	0
Settlements	(276)	(382)	(1,545)	(450)
Transfers into Level 3	0	0	$ 0	0
Transfers out of Level 3	0	(1,330)		(1,330)
Balance at end of period	$ 1,496	$ 2,397	$ 1,496	$ 2,397

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase (decrease) in fair value of contingent earn-out liabilities		$ 36	$ (217)
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	$ 23	107
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	$ (20)	$ (71)

Transfers and Servicing of Fi63

Transfers and Servicing of Financial Assets - Cash Flows Relating to Loan Sales with Continuing Involvement (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Transfers and Servicing [Abstract]
Proceeds from new loan sales	$ 33,505	$ 10,716
Proceeds from loan servicing fees	39,058	31,329
Cash outflows from servicing advances	1,202	1,015
Cash outflows from repurchases and indemnifications of previously sold loans	$ 11,065	$ 13,521

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Short-term Debt [Line Items]
Amount Outstanding	$ 1,051,449	$ 1,144,187
Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 525,884	$ 592,798
Weighted Average Interest Rate	4.02%	3.97%
Mortgage repurchase borrowings
Short-term Debt [Line Items]
Amount Outstanding	$ 395,002	$ 472,045
Weighted Average Interest Rate	2.24%	2.23%
Warehouse lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 988	$ 1,374
Weighted Average Interest Rate	4.25%	4.25%
Secured borrowings - mortgage servicing rights
Short-term Debt [Line Items]
Amount Outstanding	$ 86,558	$ 75,970
Weighted Average Interest Rate	5.14%	5.49%
Operating lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 8,000	$ 2,000
Weighted Average Interest Rate	4.00%	4.00%
Eligible GNMA Loan Repurchases | Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 35,017	$ 0
Weighted Average Interest Rate	0.00%	0.00%

Debt - Mortgage Funding Arrange

Debt - Mortgage Funding Arrangements (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Line of Credit Facility [Line Items]
Amount Outstanding	$ 1,043,449,000	$ 1,142,187,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	1,972,017,000	1,632,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	1,980,017,000
Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	525,884,000	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	395,002,000	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	69,676,000	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	239,467,000	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	85,859,000
Line of credit maximum borrowing capacity	200,000,000
Secured borrowings - mortgage servicing rights
Line of Credit Facility [Line Items]
Amount Outstanding	86,558,000	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	51,558,000	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	$ 8,000,000	$ 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	$ 238,486,000	$ 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	550,000,000	500,000,000
Line of credit facility, maximum borrowing capacity, expansion during period	700,000,000
NattyMac Funding | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	287,398,000	319,457,000
Line of credit maximum borrowing capacity	0	$ 0
Interest income, percentage of earnings		49.00%
Debt Instrument, Renewal Term		90 days
Warehouse Line of Credit | Warehouse lines of credit
Line of Credit Facility [Line Items]
Amount Outstanding	988,000	$ 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	988,000	1,374,000
Line of credit maximum borrowing capacity	2,000,000	2,000,000
Mortgage repurchase borrowings | Secured borrowings - mortgage loans | Guaranty Bank
Line of Credit Facility [Line Items]
Amount Outstanding	35,017,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	35,017,000
Mortgage repurchase borrowings | Total secured borrowings - eligible GNMA loan repurchases | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Amount Outstanding	35,017,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	35,017,000
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)	Sep. 11, 2015	Sep. 30, 2015USD ($)arrangementlender	Jan. 29, 2015USD ($)
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		5
Line of credit maximum borrowing capacity		$ 1,980,017,000
Secured borrowings - mortgage loans | Eligible GNMA Loan Repurchases
Line of Credit Facility [Line Items]
Treasury term		10 years
Period for repurchase	90 days
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 Repurcha67

Reserve for Mortgage Repurchases and Indemnifications - Rollforward (Details) - Reserve for mortgage repurchases and indemnifications - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 5,289	$ 4,787	$ 4,967	$ 3,709
Provision for mortgage repurchases and indemnifications - new loan sales	859	742	2,555	1,775
Provision for mortgage repurchases and indemnifications - change in estimate	66	801	589	1,706
Losses on repurchases and indemnifications	(928)	(889)	(2,825)	(1,749)
Balance at end of period	$ 5,286	$ 5,441	$ 5,286	$ 5,441

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Valuation Allowance [Line Items]
Income tax (benefit) expense	$ (10,696)	$ 3,325	$ (10,479)	$ (1,504)
Effective tax rates	31.90%	202.00%	31.50%	13.90%
Federal
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance	$ 1,474		$ 1,474
State
Valuation Allowance [Line Items]
Deferred tax asset valuation allowance	1,171		1,171
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	177,756		177,756
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 145,139		$ 145,139

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax (benefit) expense, amount	$ (11,726)	$ 576	$ (11,644)	$ (3,780)
State income tax (benefit) expense, net of federal tax (benefit) expense, amount	(1,503)	69	(1,480)	(449)
Non-deductible expenses, amount	49	(28)	160	187
Provision to return adjustments, amount	0	659	0	659
Adjustment to state net deferred tax liabilities, amount	(168)	1,889	(168)	1,889
YTD impact of change in effective tax rate, amount	0	170	0	0
Valuation allowance	2,645	0	2,645	0
Other, amount	7	(10)	8	(10)
Total income tax expense (benefit), amount	$ (10,696)	$ 3,325	$ (10,479)	$ (1,504)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax (benefit) expense, percent	35.00%	35.00%	35.00%	35.00%
State income tax(benefit) expense, net of federal tax (benefit) expense, percent	4.50%	4.20%	4.50%	4.20%
Non-deductible expenses, percent	(0.20%)	(1.70%)	(0.50%)	(1.70%)
Provision to return adjustments, percent	0.00%	40.00%	0.00%	(6.10%)
Adjustment to state net deferred tax liabilities, percent	0.50%	114.40%	0.50%	(17.40%)
YTD impact of change in effective tax rate, percent	0.00%	10.20%	0.00%	0.00%
Valuation allowance, percent	(7.90%)	0.00%	(8.00%)	0.00%
Other, percent	0.00%	(0.10%)	0.00%	(0.10%)
Total income tax expense (benefit), percent	31.90%	202.00%	31.50%	13.90%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Total commitments to originate loans	$ 1,751,701	$ 1,211,675
Total principal amount of certain refinancing loans purchased	$ 18,165,025	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) - Stock options $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
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	(294,434)
Number of Shares, Outstanding - ending balance	1,110,772
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Outstanding - beginning balance (in usd per share) | $ / shares	$ 16.90
Weighted Average Exercise Price Per Share, Forfeited or Expired (in usd per share) | $ / shares	18
Weighted Average Exercise Price Per Share, Outstanding - ending balance (in usd per share) | $ / shares	$ 16.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life, Outstanding - ending balance	7 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding - ending balance | $	$ 319
Number of Shares, Exercisable	961,679
Weighted Average Exercise Price Per Share, Exercisable (in usd per share) | $ / shares	$ 16.49
Weighted Average Remaining Contractual Life, Exercisable	7 years 6 months
Aggregate Intrinsic Value, Exercisable | $	$ 319

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,545	$ 2,555
Restricted Stock Units (RSUs)
Restricted Stock Units
Nonvested beginning balance, RSU (in shares)	33,922
Granted, RSU (in shares)	151,843
Vested, RSU (in shares)	(65,462)
Forfeited, RSU (in shares)	0
Nonvested ending balance, RSU (in shares)	120,303
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)	8.82
Forfeited, Weighted average grant date fair value per share (in usd per share)	9.74
Nonvested ending balance, Weighted average grant date fair value per share (in usd per share)	$ 10.34
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,545	$ 2,555

Segment Information - Assets by

Segment Information - Assets by Segments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)segment	Sep. 30, 2014segment	Dec. 31, 2014USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of Reportable Segments | segment	3	3
Assets	$ 1,480,678		$ 1,596,551
Operating Segments | Originations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	897,066		1,199,727
Operating Segments | Servicing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	358,185		223,058
Operating Segments | Financing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	172,780		118,593
Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 52,647		$ 55,173

Segment Information - Income (L

Segment Information - Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Gains on mortgage loans held for sale, net	$ 40,290	$ 44,031	$ 144,465	$ 119,303
Changes in mortgage servicing rights valuation	(28,088)	(4,796)	(34,525)	(23,439)
Payoffs and principal amortization of mortgage servicing rights	(9,215)	(6,941)	(34,303)	(14,319)
Loan origination and other loan fees	7,999	7,752	22,067	19,560
Loan servicing fees	14,051	12,350	41,001	32,315
Interest and other income	9,867	10,658	27,961	25,652
Total revenues	34,904	63,054	166,666	159,072
Expenses
Salaries, commissions and benefits	40,605	37,644	121,502	106,206
General and administrative expense	11,101	9,044	29,086	26,691
Interest expense	7,957	7,984	24,661	18,153
Occupancy, equipment and communication	5,834	4,540	17,628	13,444
Provision for mortgage repurchases and indemnifications - change in estimate	66	801	589	1,706
Depreciation and amortization	2,841	1,395	6,468	3,671
Corporate allocations	0	0	0	0
Total expenses	68,404	61,408	199,934	169,871
(Loss) income before income tax (benefit) expense	(33,500)	1,646	(33,268)	(10,799)
Operating Segments | Originations
Revenues
Gains on mortgage loans held for sale, net	40,329	44,031	144,456	119,289
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	7,689	7,696	21,180	19,325
Loan servicing fees	0	0	0	0
Interest and other income	7,991	9,890	22,554	24,398
Total revenues	56,009	61,617	188,190	163,012
Expenses
Salaries, commissions and benefits	29,791	29,141	90,704	82,733
General and administrative expense	6,218	3,499	14,346	9,695
Interest expense	5,520	6,711	16,005	16,841
Occupancy, equipment and communication	3,568	2,891	10,759	7,879
Provision for mortgage repurchases and indemnifications - change in estimate	66	801	589	1,706
Depreciation and amortization	2,171	417	4,678	878
Corporate allocations	6,458	6,781	19,742	19,698
Total expenses	53,792	50,241	156,823	139,430
(Loss) income before income tax (benefit) expense	2,217	11,376	31,367	23,582
Operating Segments | Servicing
Revenues
Gains on mortgage loans held for sale, net	0	0	0	0
Changes in mortgage servicing rights valuation	(28,088)	(4,796)	(34,525)	(23,439)
Payoffs and principal amortization of mortgage servicing rights	(9,215)	(6,941)	(34,303)	(14,319)
Loan origination and other loan fees	0	0	0	0
Loan servicing fees	14,051	12,350	41,001	32,315
Interest and other income	0	0	0	0
Total revenues	(23,252)	613	(27,827)	(5,443)
Expenses
Salaries, commissions and benefits	2,153	1,685	6,554	4,265
General and administrative expense	460	344	1,738	1,025
Interest expense	1,526	369	5,830	623
Occupancy, equipment and communication	490	528	1,478	1,333
Provision for mortgage repurchases and indemnifications - change in estimate	0	0	0	0
Depreciation and amortization	155	32	354	43
Corporate allocations	895	844	2,735	2,402
Total expenses	5,679	3,802	18,689	9,691
(Loss) income before income tax (benefit) expense	(28,931)	(3,189)	(46,516)	(15,134)
Operating Segments | Financing
Revenues
Gains on mortgage loans held for sale, net	0	0	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	310	72	887	303
Loan servicing fees	0	0	0	0
Interest and other income	1,854	759	5,282	1,575
Total revenues	2,164	831	6,169	1,878
Expenses
Salaries, commissions and benefits	486	465	1,582	1,253
General and administrative expense	180	179	485	452
Interest expense	778	0	2,438	0
Occupancy, equipment and communication	71	53	189	150
Provision for mortgage repurchases and indemnifications - change in estimate	0	0	0	0
Depreciation and amortization	105	103	308	286
Corporate allocations	98	52	249	116
Total expenses	1,718	852	5,251	2,257
(Loss) income before income tax (benefit) expense	446	(21)	918	(379)
Intersegment Eliminations
Revenues
Gains on mortgage loans held for sale, net	(39)	0	9	14
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	(16)	0	(68)
Loan servicing fees	0	0	0	0
Interest and other income	22	9	125	(321)
Total revenues	(17)	(7)	134	(375)
Expenses
Salaries, commissions and benefits	8,175	6,353	22,662	17,955
General and administrative expense	4,243	5,022	12,517	15,519
Interest expense	133	904	388	689
Occupancy, equipment and communication	1,705	1,068	5,202	4,082
Provision for mortgage repurchases and indemnifications - change in estimate	0	0	0	0
Depreciation and amortization	410	843	1,128	2,464
Corporate allocations	(7,450)	(7,677)	(22,726)	(22,216)
Total expenses	7,216	6,513	19,171	18,493
(Loss) income before income tax (benefit) expense	$ (7,233)	$ (6,520)	$ (19,037)	$ (18,868)

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2014USD ($)
Equity [Abstract]
Proceeds from sale of investment in preferred stock of entity	$ 200

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Thousands	Oct. 05, 2015	Oct. 31, 2015
Subsequent Event [Line Items]
Purchased delinquent FHA-insured loans		$ 35,200
Proceeds from sale	$ 300