Stonegate Mortgage (SGM) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		25,817,744

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 29,466	$ 32,463
Restricted cash	5,027	4,045
Mortgage loans held for sale, at fair value	697,694	645,696
Servicing advances, net	17,745	19,374
Derivative assets	17,681	12,160
Mortgage servicing rights, at fair value	171,676	199,637
Property and equipment, net	21,052	22,923
Loans eligible for repurchase from GNMA	84,006	80,794
Warehouse lending receivables	182,762	199,215
Goodwill and other intangible assets, net	6,781	6,902
Subordinated loan receivable	30,000	30,000
Other assets	22,934	27,417
Total assets	1,286,824	1,280,626
Liabilities
Secured borrowings - mortgage loans	412,750	492,799
Secured borrowings - mortgage servicing rights	92,069	77,069
Secured borrowings - eligible GNMA loan repurchases	36,227	37,615
Mortgage repurchase borrowings	384,560	279,421
Warehouse lines of credit	883	1,306
Operating lines of credit	4,997	5,000
Accounts payable and accrued expenses	21,874	23,544
Derivative liabilities	8,976	2,517
Reserve for mortgage repurchases and indemnifications	5,798	5,536
Liability for loans eligible for repurchase from GNMA	84,006	80,794
Deferred income tax liabilities, net	758	2,364
Other liabilities	9,515	11,033
Total liabilities	$ 1,062,413	$ 1,018,998
Commitments and contingencies - Note 15
Stockholders’ equity
Common stock, par value $0.01, shares authorized – 100,000,000; shares issued: 25,867,117 and outstanding: 25,817,744 at March 31, 2016; shares issued: 25,845,566 and outstanding: 25,796,193 at December 31, 2015	$ 264	$ 264
Additional paid-in capital	271,212	270,906
Retained earnings	(47,065)	(9,542)
Total stockholders’ equity	224,411	261,628
Total liabilities and stockholders’ equity	$ 1,286,824	$ 1,280,626

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	25,867,117	25,845,566
Common Stock, Shares, Outstanding	25,817,744	25,796,193

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Gains on mortgage loans held for sale, net	$ 23,122	$ 45,001
Changes in mortgage servicing rights valuation	(35,720)	(24,190)
Payoffs and principal amortization of mortgage servicing rights	(7,249)	(13,766)
Loan origination and other loan fees	4,462	5,347
Loan servicing fees	13,446	14,339
Interest and other income	6,915	8,189
Total revenues	4,976	34,920
Expenses
Salaries, commissions and benefits	23,226	29,438
General and administrative expense	7,014	7,402
Interest expense	7,249	8,024
Occupancy, equipment and communication	4,247	4,225
Depreciation and amortization expense	2,546	1,710
Total expenses	44,282	50,799
Loss before income tax benefit	(39,306)	(15,879)
Income tax benefit	(1,783)	(6,326)
Loss from continuing operations, net of tax	(37,523)	(9,553)
Loss from discontinued operations, net of tax	0	(1,566)
Net loss attributable to common stockholders	$ (37,523)	$ (11,119)
Basic loss per share:
From continuing operations (in dollars per share)	$ (1.45)	$ (0.37)
From discontinued operations (in dollars per share)	0	(0.06)
Total basic loss per share (in dollars per share)	(1.45)	(0.43)
Diluted loss per share:
From continuing operations (in dollars per share)	(1.45)	(0.37)
From discontinued operations (in dollars per share)	0	(0.06)
Total diluted loss per share (in dollars per share)	$ (1.45)	$ (0.43)

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, 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	(11,119)					(11,119)
Stock-based compensation expense	822				822
Balance (shares) at Mar. 31, 2015		0	25,781
Balance at Mar. 31, 2015	269,778	$ 0	$ 264	0	267,905	1,609
Balance (shares) at Dec. 31, 2015		0	25,796
Balance at Dec. 31, 2015	261,628	$ 0	$ 264	0	270,906	(9,542)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(37,523)					(37,523)
Stock-based compensation expense	306				306
Issuance of common stock (shares)			22
Issuance of common stock	0
Balance (shares) at Mar. 31, 2016		0	25,818
Balance at Mar. 31, 2016	$ 224,411	$ 0	$ 264	$ 0	$ 271,212	$ (47,065)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net loss	$ (37,523)	$ (11,119)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,546	1,781
Loss on disposal and impairment of long lived assets	17	6
Amortization of debt issuance facility fees	419	0
Gains on mortgage loans held for sale, net	(23,122)	(44,820)
Changes in mortgage servicing rights valuation	35,720	24,190
Payoffs and principal amortization of mortgage servicing rights	7,249	13,766
Provision for reserve for mortgage repurchases and indemnifications - change in estimate	0	86
Stock-based compensation expense	306	822
Income tax benefit	(1,783)	(7,096)
Change in fair value of contingent earn-out liabilities	0	24
Payments of contingent earn-out liabilities in excess of original fair value estimate	0	(406)
Proceeds from sales and principal payments of mortgage loans held for sale	1,969,049	3,151,393
Originations and purchases of mortgage loans held for sale	(2,011,187)	(3,050,249)
Repurchases and indemnifications of previously sold loans	(6,977)	(10,748)
Repurchases of eligible GNMA loans	(2,207)	0
Principal payments on eligible GNMA loans	2,087	0
Changes in operating assets and liabilities:
Restricted cash	(982)	1,436
Servicing advances	2,193	862
Warehouse lending receivables	16,453	(79,031)
Other assets	2,588	(736)
Accounts payable and accrued expenses	640	2,701
Other liabilities	(1,245)	1,106
Net cash used in operating activities	(45,759)	(6,032)
Investing activities
Net proceeds from sale of mortgage servicing rights	5,879	28,439
Proceeds from sale of property and equipment	11	0
Purchases of property and equipment	(887)	(3,242)
Capitalized long-lived assets	(258)	0
Purchase of mortgage servicing rights	0	(86)
Net cash provided by investing activities	4,745	25,111
Financing activities
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	3,061,839	4,562,392
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	(3,038,564)	(4,568,850)
Proceeds from borrowings under mortgage funding arrangements - MSRs	30,000	5,000
Repayments of borrowings under mortgage funding arrangements - MSRs	(15,000)	(9,912)
Payments of contingent earn-out liabilities not exceeding original fair value estimate	(273)	(468)
Payments of debt issuance costs	15	(132)
Net cash (used in) provided by financing activities	38,017	(11,970)
Change in cash and cash equivalents	(2,997)	7,109
Cash and cash equivalents at beginning of period	32,463	45,382
Cash and cash equivalents at end of period	29,466	52,491
Supplemental Cash Flow Information:
Cash paid for interest	7,043	8,840
Cash paid for taxes	$ 81	$ 68

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2016
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	3 Months Ended
	Mar. 31, 2016
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, 2015 , 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 December 31, 2015 and for the three months ended March 31, 2016 and 2015 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016 . 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, 2015 included in its 2015 Annual Report on Form 10-K. During 2015, the Company decided to dispose of certain retail branches, or components of its Originations segment, and the assets associated with them, either through sale or disposal other than by sale. The Company has determined that the disposal of these retail branches met the criteria for presentation and disclosure as discontinued operations. Additional lines of detail in the Consolidated Statements of Operations have been presented to reflect the remaining operations of the Company. In addition, certain prior period amounts have been reclassified to conform to the current period presentation on the Consolidated Statements of Operations and within the Notes to Consolidated Financial Statements. Discontinued operation amounts for the three months ended March 31, 2016 are immaterial and are therefore not being presented separately. During 2015, the Company identified immaterial errors in its previously issued Consolidated Statements of Cash Flows. These immaterial errors impacted the line items “Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit” and “Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit” in an exact offsetting manner, such that the subtotal “Net cash provided by financing activities” was not misstated. For the three months ended March 31, 2015 , the offsetting misstatement was a decrease of $817,164 . 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. 2014-15, "Presentation of Financial Statements - Going Concern (Topic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" was issued in August 2014. This update is intended to define management's responsibility to evaluate whether there is a substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosure. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" was issued in February 2015. This update affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments in this update affect the following areas: 1) limited partnerships and similar legal entities, 2) evaluating fees paid to a decision maker or a service provider as a variable interest, 3) the effect of fee arrangements on the primary beneficiary determination, 4) the effect of related parties on the primary beneficiary determination, and 5) certain investment funds. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2015-03 "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" was issued in April 2015. This update is to simplify presentation of debt issuance costs and requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2015-05 "Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement" was issued in April 2015. This update provides guidance to customers about whether a cloud computing arrangement includes a software license and how to account for it. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its 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 was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2016-01 "Financial Instruments - Overall (Subtopic 825-10): Recognition and measurement of financial assets and financial liabilities" was issued in January 2016. The amendments in this update require an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available for sale debt securities in combination with other deferred tax assets. The update provides an election to subsequently measure certain non-marketable equity investments at cost less any impairment and adjusted for certain observable price changes. The update also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. 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 2016-02, "Leases (Topic 842)" was issued in February 2016. This update amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will require companies to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The new guidance will be effective for the Company beginning on January 1, 2019 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-05, "Derivatives and Hedging (Topic 815)" was issued in March 2016. This update relates to "Novation," replacing one of the parties to a derivative financial instrument with a new party. The issue is whether this change results in a requirement to dedesignate that hedging relationship and therefore discontinue the application of hedge accounting. The amendments apply to hedging instruments under Topic 815. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-06, "Derivatives and Hedging (Topic 815)" was issued in March 2016. The amendments in this update clarify the requirements for assessing whether contingent call (put) options that accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-07, "Investments-Equity Method and Joint Ventures" was issued March 2016. The amendments in this Update affect all entities that have an investment that becomes qualified for the equity method of accounting as a result in the increase in the level of ownership interest. The amendments eliminates requirements for the investor to adjust the financials retroactively for previous periods. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-08, "Revenue from Contracts with Customers" was issued March 2016. This amendment is related to Updates 2014-09 and 2015-14. This amendment affects entities with transactions within the scope of Topic 606. The core principal of Topic 606 is that an entity should recognize revenue to depict the transfer of goods and services to customers in an amount that reflects consideration that the entity expects to receive. The amendment clarifies the implementation guidance on principal vs. agent considerations. The new guidance will be effective for the Company beginning on January 1, 2018 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-09, "Compensation-Stock Compensation (Topic 718)" was issued March 2016. The amendments in this Update affect all entities that issue share-based payment awards to their employees. The amendments simplify the accounting in various aspects for these type of transactions: i.e. Accounting for Income Taxes, Excess tax benefits on the Statements of Cash Flows, Forfeitures, Employee taxes and Intrinsic Value. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-10, "Revenue from Contracts with Customers" was issued April 2016. This amendment is related to Updates 2014-09 and 2015-14, and 2016-08 below This amendment affects entities with transactions within the scope of Topic 606. The core principal of Topic 606 is that an entity should recognize revenue to depict the transfer of goods and services to customers in an amount that reflects consideration that the entity expects to receive. The amendment clarifies the implementation guidance on identifying performance obligations and the licensing provisions of the guidance. The new guidance will be effective for the Company beginning on January 1, 2018 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations In 2015, the Company made the decision to dispose of certain retail branches, or components of its Originations segment, either by sale or closure to better manage the expenses associated with retail originations. The Company completed the closure of sixty-two of its retail branches as of December 31, 2015. Under the new guidance of Accounting Standards Update ("ASU") No. 2014-08, the Company determined that the disposal of these retail branches represented a major strategic shift in its operations and, therefore, should be presented and disclosed as discontinued operations. There were no new additional discontinued operations during the first quarter of 2016, however, transactions related to the 2015 discontinued operations are reflected below. The results of 2015 discontinued operations are summarized below: Three Months Ended March 31, 2015 Total revenues $ 9,399 Total expenses 11,732 Income before income taxes (2,333 ) Income tax expense (767 ) Income from discontinued operations, net of tax $ (1,566 ) Total expenses for the three months ended March 31, 2015 includes salaries, commissions and benefits expense of $8,510 , general and administrative expense of $1,130 and occupancy, equipment and communication expense of $1,636 . Cash flows from discontinued operations related to depreciation expense and capital expenditures were $71 and $182 for the three months ended March 31, 2015 , respectively. A total of $2,900 in mortgage loans held for sale, at fair value, and related debt from discontinued operations is included on the Company's March 31, 2016 balance sheet.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Net loss: Loss from continuing operations, net of tax $ (37,523 ) $ (9,553 ) Loss from discontinued operations, net of tax $ — $ (1,566 ) Net loss attributable to common stockholders $ (37,523 ) $ (11,119 ) Weighted average shares outstanding (in thousands) : Denominator for basic loss per share – weighted average common shares outstanding 25,804 25,781 Denominator for diluted loss per share 25,804 25,781 Basic loss per share: From continuing operations $ (1.45 ) $ (0.37 ) From discontinued operations $ — $ (0.06 ) Total loss attributable to common stockholders $ (1.45 ) $ (0.43 ) Diluted loss per share: From continuing operations $ (1.45 ) $ (0.37 ) From discontinued operations $ — $ (0.06 ) Total loss attributable to common stockholders $ (1.45 ) $ (0.43 ) During the three months ended March 31, 2016 and 2015 , weighted average shares of 617 and 1,563 , 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.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, 2016: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,431,631 Derivative assets/liabilities $ 16,999 $ (77 ) MBS forward sales contracts 1,741,218 MBS forward purchase contracts 494,800 Total MBS forward trades 2,236,018 Derivative assets/liabilities 682 (8,899 ) Total derivative financial instruments $ 3,667,649 $ 17,681 $ (8,976 ) December 31, 2015: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,169,768 Derivative assets/liabilities $ 10,596 $ (334 ) MBS forward sales contracts 1,705,995 MBS forward purchase contracts 522,800 Total MBS forward trades 2,228,795 Derivative assets/liabilities 1,564 (2,183 ) Total derivative financial instruments $ 3,398,563 $ 12,160 $ (2,517 ) 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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Interest rate lock commitments $ 6,659 $ 16,102 MBS forward trades (7,597 ) (2,004 ) Net derivative (losses) gains (938 ) 14,098 Gains from changes in estimated fair value of mortgage loans held for sale 1 4,353 88 $ 3,415 $ 14,186 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 March 31, 2016 and December 31, 2015 , counterparties held $5,027 and $4,045 , 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 $3,190 and a net credit gain position of $3,426 at March 31, 2016 and December 31, 2015 , respectively, to those counterparties. For the three months ended March 31, 2016 and 2015 , 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	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Conventional 1 $ 214,375 $ 230,438 Government insured 2 442,013 357,442 Non-agency/Other 41,306 57,816 Total mortgage loans held for sale, at fair value $ 697,694 $ 645,696 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 March 31, 2016 , the Company had pledged $651,657 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $46,037 of mortgage loans held for sale funded with the Company’s excess cash. As of December 31, 2015 , the Company had pledged $611,926 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $33,770 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 11 “Debt” for additional information related to the Company’s outstanding borrowings as of March 31, 2016 and December 31, 2015 . 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 656,431 $ 647,517 $ 603,778 $ 601,499 90 or more days delinquent 1 41,263 43,092 41,918 42,918 Total $ 697,694 $ 690,609 $ 645,696 $ 644,417 1 Includes $31,231 and $31,962 in fair value and related UPB, respectively, of eligible loans repurchased out of GNMA pools, as described in Note 8 - Fair Value Measurements, as of March 31, 2016 , and $34,540 and $35,547 in fair value and related UPB, respectively, of eligible loans repurchased out of GNMA pools, as of December 31, 2015 .

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): March 31, 2016 December 31, 2015 FNMA $ 5,703,362 $ 5,468,904 GNMA: FHA 4,061,421 3,990,276 VA 2,836,470 2,731,822 USDA 845,792 805,783 FHLMC 4,529,691 4,449,796 Other Investors 91,041 74,150 Total mortgage servicing portfolio $ 18,067,777 $ 17,520,731 MSRs balance $ 171,676 $ 199,637 MSRs balance as a percentage of total mortgage servicing portfolio 0.95 % 1.14 % A summary of the changes in the balance of MSRs for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 199,637 $ 204,216 MSRs originated in connection with loan sales 21,146 34,583 MSRs sold and derecognized (6,243 ) (30,150 ) Purchased MSRs — 86 Changes in valuation inputs and assumptions 1 (35,615 ) (24,389 ) Actual portfolio runoff (payoffs and principal amortization) (7,249 ) (13,766 ) Balance at end of period $ 171,676 $ 170,580 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations The Company realized $105 related to losses on the sale of MSRs and $199 related to gains on the sale of MSRs for the three months ended March 31, 2016 and 2015 , respectively. In 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 April 2016. 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 March 31, 2016 and December 31, 2015 for which the Company has continuing involvement: March 31, 2016 December 31, 2015 Total unpaid principal balance $ 18,067,777 $ 17,520,731 Loans 30-89 days delinquent $ 243,129 $ 307,736 Loans delinquent 90 or more days or in foreclosure $ 117,484 $ 114,298 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 March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 16.8 % 13.0 % GNMA: FHA 12.8 % 11.5 % VA 11.0 % 8.8 % USDA 13.6 % 10.5 % FHLMC 15.1 % 11.6 % Other Investors 15.8 % 12.4 % Cost of servicing (per loan) $ 86 $ 85 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 March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 FNMA 4.00% 4.01% GNMA: FHA 6.56% 6.58% VA 6.50% 6.52% USDA 6.48% 6.53% FHLMC 3.95% 3.94% Other Investors 6.31% 6.37% 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 March 31, 2016 and December 31, 2015 : March 31, 2016 % of Average Portfolio December 31, 2015 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (6,956 ) 4 % $ (8,578 ) 4 % Impact of discount rate + 2% $ (13,377 ) 8 % $ (16,470 ) 8 % Impact of discount rate + 3% $ (19,321 ) 11 % $ (23,753 ) 12 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,821 ) 3 % $ (5,502 ) 3 % Impact of prepayment speed * 110% $ (11,392 ) 7 % $ (10,792 ) 5 % Impact of prepayment speed * 120% $ (21,842 ) 13 % $ (20,778 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,244 ) 1 % $ (1,365 ) 1 % Impact of cost of servicing * 110% $ (2,488 ) 1 % $ (2,731 ) 1 % Impact of cost of servicing * 120% $ (4,976 ) 3 % $ (5,462 ) 3 % As the table demonstrates, the Company’s methodology for estimating the fair value of MSRs is 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 March 31, 2016 and December 31, 2015 , the Company had pledged $171,073 and $199,007 , respectively, in fair value of mortgage servicing rights as collateral to secure debt under certain of its secured borrowing arrangements. Refer to Note 11 “Debt” for additional information related to the Company’s outstanding borrowings as of March 31, 2016 and December 31, 2015 . 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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Contractual servicing fees $ 12,705 $ 13,529 Late fees 741 810 Loan servicing fees $ 13,446 $ 14,339 Servicing fees as a percentage of average portfolio (annualized) 0.30 % 0.31 %

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 mortgage loans held for sale, derivative financial instruments, MSRs and loans eligible for repurchase from GNMA, 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. These saleable loans are considered Level 2. A smaller portion of the Company's mortgage loans held for sale consist of 1) loans deemed non-saleable prior to sale to the GSEs; 2) loans repurchased from the GSEs that have subsequently been deemed to be non-saleable to GSEs when certain representations and warranties are breached; and 3) loans actually repurchased from GNMA securities pursuant to the Company's unilateral right, as servicer, to repurchase such GNMA loans it had previously sold. The fair values of the loans deemed non-saleable to the GSEs 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, which are identified as Level 3 inputs. Loans repurchased from GNMA pools are estimated in the manner described in the Loans Eligible for Repurchase from GNMA discussion below. These loans are also considered Level 3. 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, 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, net of commission expenses. The Company estimates the fair value of forward sales commitments based on quoted MBS prices. With respect to its IRLCs, management determined that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. 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. Therefore, the Company classifies MSRs as Level 3. 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 flat rate environment. 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. Loans Eligible for Repurchase from GNMA: The Company uses a liquidation based discounted cash flow analysis to estimate the fair value of the assets and liabilities on the balance sheet for certain delinquent government guaranteed or insured mortgage loans from GNMA guaranteed pools in its servicing portfolio. Therefore, the Company classifies loans from GNMA as Level 3. The Company's right to purchase such loans arises as the result of the borrower's failure to make payments for at least 90 days preceding the month of repurchase by the Company and provides an alternative to the Company's obligation to continue advancing principal and interest at the coupon rate of the related GNMA security. The key assumptions used in the discounted cash flow analysis include the Company's historical ability to make the GNMA loan salable, by becoming current either through the borrower's performance or through completion of a modification of the loan's terms, and the Company's historical ability to receive insurance reimbursements for related claims filed. The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 603,542 $ — $ 603,542 Mortgage loans held for sale - non-saleable to GSEs — — 59,207 59,207 Mortgage loans held for sale - repurchased GNMA loans — — 34,945 34,945 Derivative assets (IRLCs) — — 16,999 16,999 Derivative assets (MBS forward trades) — 682 — 682 MSRs — — 171,676 171,676 Loans eligible for repurchase from GNMA $ — $ — $ 84,006 84,006 Total assets $ — $ 604,224 $ 366,833 $ 971,057 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 77 $ 77 Derivative liabilities (MBS forward trades) — 8,899 — 8,899 Liability for loans eligible for repurchase from GNMA — — 84,006 84,006 Total liabilities $ — $ 8,899 $ 84,083 $ 92,982 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 549,561 $ — $ 549,561 Mortgage loans held for sale - non-saleable to GSEs — — 58,799 58,799 Mortgage loans held for sale - repurchased GNMA loans — — 37,336 37,336 Derivative assets (IRLCs) — — 10,596 10,596 Derivative assets (MBS forward trades) — 1,564 — 1,564 MSRs — — 199,637 199,637 Loans eligible for repurchase from GNMA — — 80,794 80,794 Total assets $ — $ 551,125 $ 387,162 $ 938,287 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 334 $ 334 Derivative liabilities (MBS forward trades) — 2,183 — 2,183 Liability for loans eligible for repurchase from GNMA — — 80,794 80,794 Total liabilities $ — $ 2,183 $ 81,128 $ 83,311 A reconciliation of the beginning and ending balances of the Company’s assets and liabilities classified within Level 3 of the valuation hierarchy for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows: Three Months Ended March 31, 2016 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 Changes in fair value recognized in earnings 1,095 357 6,403 (257 ) (346 ) (346 ) Purchases 6,673 2,208 — — — — Sales (9,985 ) (1,784 ) — — (2,207 ) (2,207 ) Issuances — — — — — — Settlements (5,051 ) (2,087 ) — — 5,765 5,765 Transfers into Level 3 1 7,676 — — — Transfers out of Level 3 2 — (1,085 ) — — — — Balance at end of period $ 59,207 $ 34,945 $ 16,999 $ 77 $ 84,006 $ 84,006 1 On an ongoing basis, for Mortgage Loans Held for Sale - measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. For Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers into Level 3 represent those purchased out of Loans Eligible for Repurchase from GNMA, and the related liability, in the current period. For the Company's Derivative Financial Instruments, transfers into Level 3 represent interest rate lock commitments. Management determined in the current period that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. Transfers between levels are deemed to have occurred on the last day of the quarter in which a change in classification is determined. 2 On an ongoing basis, for Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers out of Level 3 represent those which the Company has made saleable. Year Ended December 31, 2015 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ — $ — $ — $ — $ 109,397 $ 109,397 Changes in fair value recognized in earnings (5,580 ) (1,089 ) — — (2,314 ) (2,314 ) Purchases 45,688 40,209 — — — — Sales (5,581 ) (1,560 ) — — (40,209 ) (40,209 ) Issuances — — — — — — Settlements (19,750 ) (1,204 ) — — 13,920 13,920 Transfers into Level 3 1 45,308 1,286 10,596 334 — — Transfers out of Level 3 2 (1,286 ) (306 ) — — — — Balance at end of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 1 On an ongoing basis, for Mortgage Loans Held for Sale - measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. For Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers into Level 3 represent those purchased out of Loans Eligible for Repurchase from GNMA and the related liability, in the current period. For the Company's Derivative Financial Instruments, transfers into Level 3 represent interest rate lock commitments. Management determined in the current period that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. Transfers between levels are deemed to have occurred on the last day of the quarter in which a change in classification is determined. 2 On an ongoing basis, for Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers out of Level 3 represent those which the Company has made saleable. Refer to Note 7, "Mortgage Servicing Rights", for a reconciliation of the beginning and ending balances for the period ending March 31, 2016 , as well as a discussion of significant observable inputs related to the Company's MSRs and relative ranges of those used in determining their fair value. Fair Value of Other Financial Instruments As of March 31, 2016 and December 31, 2015 , 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.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following summarizes other assets as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Receivables from servicing sales, interest and loan related payments, net $ 16,449 $ 18,739 Prepaid expenses 4,451 5,990 Real estate owned, net 1 1,033 1,446 Deposits 560 801 Miscellaneous 441 441 Total other assets $ 22,934 $ 27,417 1 Real estate owned assets are reflected at their net realizable value.

Transfers and Servicing of Fina

Transfers and Servicing of Financial Assets	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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 three months ended March 31, 2016 and 2015 relating to loan sales in which the Company has continuing involvement: Three Months Ended March 31, 2016 2015 Proceeds from new loan sales 1 $ 1,905,376 $ 2,927,917 Proceeds from loan servicing fees $ 13,446 $ 13,676 Cash outflows from servicing advances $ 2,193 $ 862 Cash outflows from repurchases and indemnifications of previously sold loans $ 6,977 $ 10,748 Cash outflows from repurchases of eligible GNMA loans 2 $ 2,207 $ — 1 Represents proceeds from sales and excludes payments received from borrowers. 2 Represents loans repurchased 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).

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Borrowings outstanding as of March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans $ 412,750 4.18% 1 $ 492,799 4.16% Secured borrowings - eligible GNMA loan repurchases 36,227 3.18% 2 37,615 3.17% Mortgage repurchase borrowings 384,560 2.15% 279,421 2.47% Warehouse lines of credit 883 4.25% 1,306 4.25% Secured borrowings - mortgage servicing rights 92,069 5.27% 77,069 5.58% Operating lines of credit 4,997 4.00% 5,000 4.00% Total mortgage funding arrangements and operating lines of credit $ 931,486 $ 893,210 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 March 31, 2016 , the Company held mortgage funding arrangements with six separate financial institutions and a total maximum borrowing capacity of $1,772,000 , 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 March 31, 2016 and December 31, 2015 : As of March 31, 2016: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 114,044 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2016 Merchants Bank of Indiana - NattyMac Funding 298,706 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 412,750 600,000 Guaranty Bank 36,227 50,000 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 36,227 50,000 Barclays Bank PLC 48,607 300,000 LIBOR plus applicable margin December 2016 Bank of America, N.A. 218,014 550,000 5 LIBOR plus applicable margin June 2016 EverBank 51,279 125,000 LIBOR plus applicable margin November 2016 Wells Fargo 66,660 140,000 LIBOR plus applicable margin January 2017 Total mortgage repurchase borrowings 384,560 1,115,000 Merchants Bank of Indiana - Warehouse Line of Credit 883 2,000 Prime plus 1.00% July 2016 Total warehouse lines of credit 883 2,000 Barclays Bank PLC - MSRs Secured 51,479 — 4 LIBOR plus applicable margin December 2016 EverBank - MSRs Secured 40,590 — 8 LIBOR plus applicable margin November 2016 Total secured borrowings - MSRs 92,069 — Total 926,489 1,767,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $5,000 . 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the three months ended March 31, 2016 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At March 31, 2016 , 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 $300,000 , with a sub-limit of $60,000 . 5 The Bank of America maximum borrowing includes $250,000 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. 8 Governed by the EverBank maximum borrowing capacity of $125,000 , with a sublimit of $60,000 . As of December 31, 2015: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 169,589 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2016 Merchants Bank of Indiana - NattyMac Funding 323,210 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 492,799 600,000 Guaranty Bank 37,615 50,000 Coupon rate of underlying loans, less debenture rate 7 N/A 8 Total secured borrowings - eligible GNMA loan repurchases 37,615 50,000 Barclays Bank PLC 45,956 300,000 LIBOR plus applicable margin December 2016 Bank of America, N.A. 184,804 700,000 4 LIBOR plus applicable margin June 2016 EverBank — 150,000 LIBOR plus applicable margin November 2016 Wells Fargo Bank N.A. 48,661 140,000 LIBOR plus applicable margin January 2017 Total mortgage repurchase borrowings 279,421 1,290,000 Merchants Bank of Indiana - Warehouse Line of Credit 1,306 2,000 Prime plus 1.00% July 2016 Total warehouse lines of credit 1,306 2,000 Barclays Bank PLC - MSRs Secured 58,979 — 5 LIBOR plus applicable margin December 2015 EverBank - MSRs Secured 18,090 — 6 LIBOR plus applicable margin June 2017 Total secured borrowings - MSRs $ 77,069 $ — Total $ 888,210 $ 1,942,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $5,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. During the year ended December 31, 2015, the lowest amount to which the aggregate maximum borrowing capacity was limited approximated $550,000 . The highest amount to which it was expanded approximated $700,000 . At December 31, 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 The Bank of America maximum borrowing includes $400,000 of mortgage repurchase and $300,000 of mortgage gestation repurchase facilities. 5 Governed by the Barclays Bank PLC maximum borrowing capacity of $300,000 , with a sub-limit of $60,000 . 6 Governed by the EverBank maximum borrowing capacity of $150,000 , with a sub-limit of $70,000 . 7 Borrowing carries an interest rate of the coupon rate of the underlying mortgage loans, less the debenture rate funded by Guaranty Bank. 8 Borrowing matures no later than four years from the date of most recent purchase from GNMA pools. On February 29, 2016, the Company amended its mortgage repurchase financing with Bank of America, N.A. to decrease the amount available under the line from $400,000 to $300,000 and on March 31, 2016, the Company amended its mortgage repurchase financing with Bank of America, N.A. to decrease the amount available under the line from $300,000 to $250,000 , decreasing the maximum borrowing capacity of the mortgage funding arrangements with Bank of America from $700,000 to $550,000 . On March 1, 2016, the Company amended its mortgage repurchase financing with EverBank to decrease the amount available under the line from $150,000 to $125,000 , and decreasing the MSR sublimit from $70,000 to $60,000 . 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 above mortgage funding and operating lines of credit agreements contain covenants which include certain customary financial requirements, including maintenance of minimum tangible net worth, maximum debt to tangible net worth ratio, minimum liquidity, minimum current ratio, minimum profitability and limitations on additional debt and transactions with affiliates, as defined in the respective agreement. As of March 31, 2016 and December 31, 2015 , the Company was in compliance with the covenants contained in these agreements. 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.

Reserve for Mortgage Repurchase

Reserve for Mortgage Repurchases and Indemnifications	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 5,536 $ 4,967 Provision for mortgage repurchases and indemnifications - new loan sales 1 565 764 Provision for mortgage repurchases and indemnifications - change in estimate 2 — 86 Losses on repurchases and indemnifications (303 ) (940 ) Balance at end of period $ 5,798 $ 4,877 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	3 Months Ended
	Mar. 31, 2016
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 benefit from continuing operations to the income tax benefit from continuing operations recorded on the Company's consolidated statements of operations for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 $ % $ % Statutory federal income tax (benefit) expense $ (13,667 ) 35.0 % $ (5,596 ) 35.0 % State income tax benefit, net of federal tax benefit (1,430 ) 3.7 % (784 ) 4.9 % Non-deductible expenses 41 (0.1 )% 54 (0.3 )% Valuation allowance 13,070 (33.5 )% — — % Uncertain tax positions 18 — % — — % State tax rate adjustment to state deferred 294 (0.8 )% — — % Other (109 ) 0.3 % — — % Total income tax benefit $ (1,783 ) 4.6 % $ (6,326 ) 39.6 % During the three months ended March 31, 2016 and 2015 , the Company recognized an income tax benefit of $1,783 and $6,326 , respectively, which represented effective tax rates of 4.6% and 39.6% , respectively. The income tax benefits for the three months ended March 31, 2016 includes the impact of recording a $13,070 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, not subject to reversing deferred tax liabilities, will not be realized. Additionally, the increase in benefit and decrease in effective tax rates in the current period is due to adjustments to state net deferred tax liabilities based on an decreased state effective tax rate. As of March 31, 2016 , the Company had federal and state net operating loss carryforwards of $188,898 and $160,411 , respectively. The Company's federal and state net operating loss carryforwards are available to offset future taxable income and expire from 2029 through 2035 .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 approximated $1,431,631 and $1,169,768 , 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 March 31, 2016 , 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	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 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, 2015 361,594 $ 13.72 Granted — N/A Exercised — N/A Forfeited or expired (45,915 ) $ 15.97 Outstanding at March 31, 2016 315,679 $ 13.39 7.1 $ 180 Exercisable at March 31, 2016 212,502 $ 11.15 6.9 $ 180 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 20, “Stock-Based Compensation,” to its audited consolidated financial statements as of and for the year ended December 31, 2015 , included in its 2015 Annual Report on Form 10-K. Restricted Stock Units A summary of the nonvested restricted stock unit activity for the three months ended March 31, 2016 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2015 94,630 $ 9.37 Granted — $ — Vested (32,895 ) 8.44 Forfeited — $ — Nonvested at March 31, 2016 61,735 $ 9.87 During the three months ended March 31, 2016 , the Company recognized total stock-based compensation expense related to stock options and restricted stock units of $306 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 December 31, 2015 Originations $ 705,873 $ 647,287 Servicing 321,889 353,097 Financing 215,509 232,061 Other 1 43,553 48,181 Total $ 1,286,824 $ 1,280,626 1 Includes intersegment eliminations and assets not allocated to the three reportable segments. Three Months Ended March 31, 2016 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 22,487 $ 572 $ — $ 63 $ 23,122 Changes in mortgage servicing rights valuation — (35,720 ) — — (35,720 ) Payoffs and principal amortization of mortgage servicing rights — (7,249 ) — — (7,249 ) Loan origination and other loan fees 4,131 — 325 6 4,462 Loan servicing fees — 13,446 — — 13,446 Interest and other income 4,900 105 1,898 12 6,915 Total revenues $ 31,518 $ (28,846 ) $ 2,223 $ 81 $ 4,976 Expenses Salaries, commissions and benefits 14,585 1,753 471 6,417 23,226 General and administrative 2,704 479 155 3,676 7,014 Interest expense 4,225 1,077 776 1,171 7,249 Occupancy, equipment and communication 1,895 444 53 1,855 4,247 Depreciation and amortization 1,949 123 98 376 2,546 Corporate allocations 5,723 932 125 (6,780 ) — Total expenses $ 31,081 $ 4,808 $ 1,678 $ 6,715 $ 44,282 Income (loss) from continuing operations before taxes $ 437 $ (33,654 ) $ 545 $ (6,634 ) $ (39,306 ) 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 March 31, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 45,001 $ — $ — $ — $ 45,001 Changes in mortgage servicing rights valuation — (24,190 ) — — (24,190 ) Payoffs and principal amortization of mortgage servicing rights — (13,766 ) — — (13,766 ) Loan origination and other loan fees 5,073 — 274 — 5,347 Loan servicing fees — 14,339 — — 14,339 Interest and other income 6,366 — 1,734 89 8,189 Total revenues $ 56,440 $ (23,617 ) $ 2,008 $ 89 $ 34,920 Expenses Salaries, commissions and benefits 19,591 2,116 519 7,212 29,438 General and administrative 2,714 441 135 4,112 7,402 Interest expense 4,362 1,524 1,002 1,136 8,024 Occupancy, equipment and communication 1,712 482 58 1,973 4,225 Depreciation and amortization 285 35 101 1,289 1,710 Corporate allocations 7,346 1,003 78 (8,427 ) — Total expenses $ 36,010 $ 5,601 $ 1,893 $ 7,295 $ 50,799 Income (loss) from continuing operations before taxes $ 20,430 $ (29,218 ) $ 115 $ (7,206 ) $ (15,879 ) 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.

Basis of Presentation and Sig23

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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, 2015 , 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 December 31, 2015 and for the three months ended March 31, 2016 and 2015 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016 . 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, 2015 included in its 2015 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. 2014-15, "Presentation of Financial Statements - Going Concern (Topic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" was issued in August 2014. This update is intended to define management's responsibility to evaluate whether there is a substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosure. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis" was issued in February 2015. This update affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. The amendments in this update affect the following areas: 1) limited partnerships and similar legal entities, 2) evaluating fees paid to a decision maker or a service provider as a variable interest, 3) the effect of fee arrangements on the primary beneficiary determination, 4) the effect of related parties on the primary beneficiary determination, and 5) certain investment funds. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2015-03 "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" was issued in April 2015. This update is to simplify presentation of debt issuance costs and requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2015-05 "Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): "Customer's Accounting for Fees Paid in a Cloud Computing Arrangement" was issued in April 2015. This update provides guidance to customers about whether a cloud computing arrangement includes a software license and how to account for it. The new guidance was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its 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 was effective for the Company beginning on January 1, 2016 and the adoption of the new guidance did not have a material impact on its financial statements. ASU No. 2016-01 "Financial Instruments - Overall (Subtopic 825-10): Recognition and measurement of financial assets and financial liabilities" was issued in January 2016. The amendments in this update require an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in other comprehensive income the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of available for sale debt securities in combination with other deferred tax assets. The update provides an election to subsequently measure certain non-marketable equity investments at cost less any impairment and adjusted for certain observable price changes. The update also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. 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 2016-02, "Leases (Topic 842)" was issued in February 2016. This update amends various aspects of existing guidance for leases and requires additional disclosures about leasing arrangements. It will require companies to recognize lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. Topic 842 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The new guidance will be effective for the Company beginning on January 1, 2019 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-05, "Derivatives and Hedging (Topic 815)" was issued in March 2016. This update relates to "Novation," replacing one of the parties to a derivative financial instrument with a new party. The issue is whether this change results in a requirement to dedesignate that hedging relationship and therefore discontinue the application of hedge accounting. The amendments apply to hedging instruments under Topic 815. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-06, "Derivatives and Hedging (Topic 815)" was issued in March 2016. The amendments in this update clarify the requirements for assessing whether contingent call (put) options that accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-07, "Investments-Equity Method and Joint Ventures" was issued March 2016. The amendments in this Update affect all entities that have an investment that becomes qualified for the equity method of accounting as a result in the increase in the level of ownership interest. The amendments eliminates requirements for the investor to adjust the financials retroactively for previous periods. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-08, "Revenue from Contracts with Customers" was issued March 2016. This amendment is related to Updates 2014-09 and 2015-14. This amendment affects entities with transactions within the scope of Topic 606. The core principal of Topic 606 is that an entity should recognize revenue to depict the transfer of goods and services to customers in an amount that reflects consideration that the entity expects to receive. The amendment clarifies the implementation guidance on principal vs. agent considerations. The new guidance will be effective for the Company beginning on January 1, 2018 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-09, "Compensation-Stock Compensation (Topic 718)" was issued March 2016. The amendments in this Update affect all entities that issue share-based payment awards to their employees. The amendments simplify the accounting in various aspects for these type of transactions: i.e. Accounting for Income Taxes, Excess tax benefits on the Statements of Cash Flows, Forfeitures, Employee taxes and Intrinsic Value. The new guidance will be effective for the Company beginning on January 1, 2017 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its financial statements. ASU 2016-10, "Revenue from Contracts with Customers" was issued April 2016. This amendment is related to Updates 2014-09 and 2015-14, and 2016-08 below This amendment affects entities with transactions within the scope of Topic 606. The core principal of Topic 606 is that an entity should recognize revenue to depict the transfer of goods and services to customers in an amount that reflects consideration that the entity expects to receive. The amendment clarifies the implementation guidance on identifying performance obligations and the licensing provisions of the guidance. The new guidance will be effective for the Company beginning on January 1, 2018 and earlier adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its 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 mortgage loans held for sale, derivative financial instruments, MSRs and loans eligible for repurchase from GNMA, 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. These saleable loans are considered Level 2. A smaller portion of the Company's mortgage loans held for sale consist of 1) loans deemed non-saleable prior to sale to the GSEs; 2) loans repurchased from the GSEs that have subsequently been deemed to be non-saleable to GSEs when certain representations and warranties are breached; and 3) loans actually repurchased from GNMA securities pursuant to the Company's unilateral right, as servicer, to repurchase such GNMA loans it had previously sold. The fair values of the loans deemed non-saleable to the GSEs 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, which are identified as Level 3 inputs. Loans repurchased from GNMA pools are estimated in the manner described in the Loans Eligible for Repurchase from GNMA discussion below. These loans are also considered Level 3. 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, 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, net of commission expenses. The Company estimates the fair value of forward sales commitments based on quoted MBS prices. With respect to its IRLCs, management determined that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. 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. Therefore, the Company classifies MSRs as Level 3. 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 flat rate environment. 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. Loans Eligible for Repurchase from GNMA: The Company uses a liquidation based discounted cash flow analysis to estimate the fair value of the assets and liabilities on the balance sheet for certain delinquent government guaranteed or insured mortgage loans from GNMA guaranteed pools in its servicing portfolio. Therefore, the Company classifies loans from GNMA as Level 3. The Company's right to purchase such loans arises as the result of the borrower's failure to make payments for at least 90 days preceding the month of repurchase by the Company and provides an alternative to the Company's obligation to continue advancing principal and interest at the coupon rate of the related GNMA security. The key assumptions used in the discounted cash flow analysis include the Company's historical ability to make the GNMA loan salable, by becoming current either through the borrower's performance or through completion of a modification of the loan's terms, and the Company's historical ability to receive insurance reimbursements for related claims filed.

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The results of 2015 discontinued operations are summarized below: Three Months Ended March 31, 2015 Total revenues $ 9,399 Total expenses 11,732 Income before income taxes (2,333 ) Income tax expense (767 ) Income from discontinued operations, net of tax $ (1,566 )

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Net loss: Loss from continuing operations, net of tax $ (37,523 ) $ (9,553 ) Loss from discontinued operations, net of tax $ — $ (1,566 ) Net loss attributable to common stockholders $ (37,523 ) $ (11,119 ) Weighted average shares outstanding (in thousands) : Denominator for basic loss per share – weighted average common shares outstanding 25,804 25,781 Denominator for diluted loss per share 25,804 25,781 Basic loss per share: From continuing operations $ (1.45 ) $ (0.37 ) From discontinued operations $ — $ (0.06 ) Total loss attributable to common stockholders $ (1.45 ) $ (0.43 ) Diluted loss per share: From continuing operations $ (1.45 ) $ (0.37 ) From discontinued operations $ — $ (0.06 ) Total loss attributable to common stockholders $ (1.45 ) $ (0.43 )

Derivative Financial Instrume26

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of outstanding derivative instruments	The following summarizes the Company’s outstanding derivative instruments as of March 31, 2016 and December 31, 2015 : March 31, 2016: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,431,631 Derivative assets/liabilities $ 16,999 $ (77 ) MBS forward sales contracts 1,741,218 MBS forward purchase contracts 494,800 Total MBS forward trades 2,236,018 Derivative assets/liabilities 682 (8,899 ) Total derivative financial instruments $ 3,667,649 $ 17,681 $ (8,976 ) December 31, 2015: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,169,768 Derivative assets/liabilities $ 10,596 $ (334 ) MBS forward sales contracts 1,705,995 MBS forward purchase contracts 522,800 Total MBS forward trades 2,228,795 Derivative assets/liabilities 1,564 (2,183 ) Total derivative financial instruments $ 3,398,563 $ 12,160 $ (2,517 )
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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Interest rate lock commitments $ 6,659 $ 16,102 MBS forward trades (7,597 ) (2,004 ) Net derivative (losses) gains (938 ) 14,098 Gains from changes in estimated fair value of mortgage loans held for sale 1 4,353 88 $ 3,415 $ 14,186 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,27

Mortgage Loans Held for Sale, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Conventional 1 $ 214,375 $ 230,438 Government insured 2 442,013 357,442 Non-agency/Other 41,306 57,816 Total mortgage loans held for sale, at fair value $ 697,694 $ 645,696 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 March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 656,431 $ 647,517 $ 603,778 $ 601,499 90 or more days delinquent 1 41,263 43,092 41,918 42,918 Total $ 697,694 $ 690,609 $ 645,696 $ 644,417

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2016
Transfers and Servicing [Abstract]
Summary of the total mortgage servicing portfolio	The Company’s total mortgage servicing portfolio as of March 31, 2016 and December 31, 2015 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): March 31, 2016 December 31, 2015 FNMA $ 5,703,362 $ 5,468,904 GNMA: FHA 4,061,421 3,990,276 VA 2,836,470 2,731,822 USDA 845,792 805,783 FHLMC 4,529,691 4,449,796 Other Investors 91,041 74,150 Total mortgage servicing portfolio $ 18,067,777 $ 17,520,731 MSRs balance $ 171,676 $ 199,637 MSRs balance as a percentage of total mortgage servicing portfolio 0.95 % 1.14 %
Summary of changes in the balance of MSRs	A summary of the changes in the balance of MSRs for the three months ended March 31, 2016 and 2015 is as follows: Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 199,637 $ 204,216 MSRs originated in connection with loan sales 21,146 34,583 MSRs sold and derecognized (6,243 ) (30,150 ) Purchased MSRs — 86 Changes in valuation inputs and assumptions 1 (35,615 ) (24,389 ) Actual portfolio runoff (payoffs and principal amortization) (7,249 ) (13,766 ) Balance at end of period $ 171,676 $ 170,580 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations The Company realized $105 related to losses on the sale of MSRs and $199 related to gains on the sale of MSRs for the three months ended March 31, 2016 and 2015 , respectively.
Information related to outstanding loans sold with continuing involvement	The following table sets forth information related to outstanding loans sold as of March 31, 2016 and December 31, 2015 for which the Company has continuing involvement: March 31, 2016 December 31, 2015 Total unpaid principal balance $ 18,067,777 $ 17,520,731 Loans 30-89 days delinquent $ 243,129 $ 307,736 Loans delinquent 90 or more days or in foreclosure $ 117,484 $ 114,298
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 March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 16.8 % 13.0 % GNMA: FHA 12.8 % 11.5 % VA 11.0 % 8.8 % USDA 13.6 % 10.5 % FHLMC 15.1 % 11.6 % Other Investors 15.8 % 12.4 % Cost of servicing (per loan) $ 86 $ 85
Schedule of assumptions for default rates	The Company's assumptions for delinquency rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 FNMA 4.00% 4.01% GNMA: FHA 6.56% 6.58% VA 6.50% 6.52% USDA 6.48% 6.53% FHLMC 3.95% 3.94% Other Investors 6.31% 6.37%
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 March 31, 2016 and December 31, 2015 : March 31, 2016 % of Average Portfolio December 31, 2015 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (6,956 ) 4 % $ (8,578 ) 4 % Impact of discount rate + 2% $ (13,377 ) 8 % $ (16,470 ) 8 % Impact of discount rate + 3% $ (19,321 ) 11 % $ (23,753 ) 12 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,821 ) 3 % $ (5,502 ) 3 % Impact of prepayment speed * 110% $ (11,392 ) 7 % $ (10,792 ) 5 % Impact of prepayment speed * 120% $ (21,842 ) 13 % $ (20,778 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,244 ) 1 % $ (1,365 ) 1 % Impact of cost of servicing * 110% $ (2,488 ) 1 % $ (2,731 ) 1 % Impact of cost of servicing * 120% $ (4,976 ) 3 % $ (5,462 ) 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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Contractual servicing fees $ 12,705 $ 13,529 Late fees 741 810 Loan servicing fees $ 13,446 $ 14,339 Servicing fees as a percentage of average portfolio (annualized) 0.30 % 0.31 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 603,542 $ — $ 603,542 Mortgage loans held for sale - non-saleable to GSEs — — 59,207 59,207 Mortgage loans held for sale - repurchased GNMA loans — — 34,945 34,945 Derivative assets (IRLCs) — — 16,999 16,999 Derivative assets (MBS forward trades) — 682 — 682 MSRs — — 171,676 171,676 Loans eligible for repurchase from GNMA $ — $ — $ 84,006 84,006 Total assets $ — $ 604,224 $ 366,833 $ 971,057 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 77 $ 77 Derivative liabilities (MBS forward trades) — 8,899 — 8,899 Liability for loans eligible for repurchase from GNMA — — 84,006 84,006 Total liabilities $ — $ 8,899 $ 84,083 $ 92,982 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 549,561 $ — $ 549,561 Mortgage loans held for sale - non-saleable to GSEs — — 58,799 58,799 Mortgage loans held for sale - repurchased GNMA loans — — 37,336 37,336 Derivative assets (IRLCs) — — 10,596 10,596 Derivative assets (MBS forward trades) — 1,564 — 1,564 MSRs — — 199,637 199,637 Loans eligible for repurchase from GNMA — — 80,794 80,794 Total assets $ — $ 551,125 $ 387,162 $ 938,287 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 334 $ 334 Derivative liabilities (MBS forward trades) — 2,183 — 2,183 Liability for loans eligible for repurchase from GNMA — — 80,794 80,794 Total liabilities $ — $ 2,183 $ 81,128 $ 83,311
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 assets and liabilities classified within Level 3 of the valuation hierarchy for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows: Three Months Ended March 31, 2016 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 Changes in fair value recognized in earnings 1,095 357 6,403 (257 ) (346 ) (346 ) Purchases 6,673 2,208 — — — — Sales (9,985 ) (1,784 ) — — (2,207 ) (2,207 ) Issuances — — — — — — Settlements (5,051 ) (2,087 ) — — 5,765 5,765 Transfers into Level 3 1 7,676 — — — Transfers out of Level 3 2 — (1,085 ) — — — — Balance at end of period $ 59,207 $ 34,945 $ 16,999 $ 77 $ 84,006 $ 84,006 1 On an ongoing basis, for Mortgage Loans Held for Sale - measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. For Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers into Level 3 represent those purchased out of Loans Eligible for Repurchase from GNMA, and the related liability, in the current period. For the Company's Derivative Financial Instruments, transfers into Level 3 represent interest rate lock commitments. Management determined in the current period that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. Transfers between levels are deemed to have occurred on the last day of the quarter in which a change in classification is determined. 2 On an ongoing basis, for Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers out of Level 3 represent those which the Company has made saleable. Year Ended December 31, 2015 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ — $ — $ — $ — $ 109,397 $ 109,397 Changes in fair value recognized in earnings (5,580 ) (1,089 ) — — (2,314 ) (2,314 ) Purchases 45,688 40,209 — — — — Sales (5,581 ) (1,560 ) — — (40,209 ) (40,209 ) Issuances — — — — — — Settlements (19,750 ) (1,204 ) — — 13,920 13,920 Transfers into Level 3 1 45,308 1,286 10,596 334 — — Transfers out of Level 3 2 (1,286 ) (306 ) — — — — Balance at end of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 1 On an ongoing basis, for Mortgage Loans Held for Sale - measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. For Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers into Level 3 represent those purchased out of Loans Eligible for Repurchase from GNMA and the related liability, in the current period. For the Company's Derivative Financial Instruments, transfers into Level 3 represent interest rate lock commitments. Management determined in the current period that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. Transfers between levels are deemed to have occurred on the last day of the quarter in which a change in classification is determined. 2 On an ongoing basis, for Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers out of Level 3 represent those which the Company has made saleable.
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 assets and liabilities classified within Level 3 of the valuation hierarchy for the three months ended March 31, 2016 and the year ended December 31, 2015 are as follows: Three Months Ended March 31, 2016 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 Changes in fair value recognized in earnings 1,095 357 6,403 (257 ) (346 ) (346 ) Purchases 6,673 2,208 — — — — Sales (9,985 ) (1,784 ) — — (2,207 ) (2,207 ) Issuances — — — — — — Settlements (5,051 ) (2,087 ) — — 5,765 5,765 Transfers into Level 3 1 7,676 — — — Transfers out of Level 3 2 — (1,085 ) — — — — Balance at end of period $ 59,207 $ 34,945 $ 16,999 $ 77 $ 84,006 $ 84,006 1 On an ongoing basis, for Mortgage Loans Held for Sale - measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. For Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers into Level 3 represent those purchased out of Loans Eligible for Repurchase from GNMA, and the related liability, in the current period. For the Company's Derivative Financial Instruments, transfers into Level 3 represent interest rate lock commitments. Management determined in the current period that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. Transfers between levels are deemed to have occurred on the last day of the quarter in which a change in classification is determined. 2 On an ongoing basis, for Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers out of Level 3 represent those which the Company has made saleable. Year Ended December 31, 2015 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ — $ — $ — $ — $ 109,397 $ 109,397 Changes in fair value recognized in earnings (5,580 ) (1,089 ) — — (2,314 ) (2,314 ) Purchases 45,688 40,209 — — — — Sales (5,581 ) (1,560 ) — — (40,209 ) (40,209 ) Issuances — — — — — — Settlements (19,750 ) (1,204 ) — — 13,920 13,920 Transfers into Level 3 1 45,308 1,286 10,596 334 — — Transfers out of Level 3 2 (1,286 ) (306 ) — — — — Balance at end of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 1 On an ongoing basis, for Mortgage Loans Held for Sale - measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. For Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers into Level 3 represent those purchased out of Loans Eligible for Repurchase from GNMA and the related liability, in the current period. For the Company's Derivative Financial Instruments, transfers into Level 3 represent interest rate lock commitments. Management determined in the current period that a Level 3 classification was most appropriate based on the various significant unobservable inputs utilized in estimating the fair value of its IRLCs. Transfers between levels are deemed to have occurred on the last day of the quarter in which a change in classification is determined. 2 On an ongoing basis, for Mortgage Loans Held for Sale - Repurchased GNMA Loans, transfers out of Level 3 represent those which the Company has made saleable.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other assets	The following summarizes other assets as of March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 Receivables from servicing sales, interest and loan related payments, net $ 16,449 $ 18,739 Prepaid expenses 4,451 5,990 Real estate owned, net 1 1,033 1,446 Deposits 560 801 Miscellaneous 441 441 Total other assets $ 22,934 $ 27,417 1 Real estate owned assets are reflected at their net realizable value.

Transfers and Servicing of Fi31

Transfers and Servicing of Financial Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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 three months ended March 31, 2016 and 2015 relating to loan sales in which the Company has continuing involvement: Three Months Ended March 31, 2016 2015 Proceeds from new loan sales 1 $ 1,905,376 $ 2,927,917 Proceeds from loan servicing fees $ 13,446 $ 13,676 Cash outflows from servicing advances $ 2,193 $ 862 Cash outflows from repurchases and indemnifications of previously sold loans $ 6,977 $ 10,748 Cash outflows from repurchases of eligible GNMA loans 2 $ 2,207 $ — 1 Represents proceeds from sales and excludes payments received from borrowers. 2 Represents loans repurchased 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).

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Short-term borrowings outstanding	Borrowings outstanding as of March 31, 2016 and December 31, 2015 are as follows: March 31, 2016 December 31, 2015 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans $ 412,750 4.18% 1 $ 492,799 4.16% Secured borrowings - eligible GNMA loan repurchases 36,227 3.18% 2 37,615 3.17% Mortgage repurchase borrowings 384,560 2.15% 279,421 2.47% Warehouse lines of credit 883 4.25% 1,306 4.25% Secured borrowings - mortgage servicing rights 92,069 5.27% 77,069 5.58% Operating lines of credit 4,997 4.00% 5,000 4.00% Total mortgage funding arrangements and operating lines of credit $ 931,486 $ 893,210 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 March 31, 2016 and December 31, 2015 : As of March 31, 2016: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 114,044 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2016 Merchants Bank of Indiana - NattyMac Funding 298,706 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 412,750 600,000 Guaranty Bank 36,227 50,000 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 36,227 50,000 Barclays Bank PLC 48,607 300,000 LIBOR plus applicable margin December 2016 Bank of America, N.A. 218,014 550,000 5 LIBOR plus applicable margin June 2016 EverBank 51,279 125,000 LIBOR plus applicable margin November 2016 Wells Fargo 66,660 140,000 LIBOR plus applicable margin January 2017 Total mortgage repurchase borrowings 384,560 1,115,000 Merchants Bank of Indiana - Warehouse Line of Credit 883 2,000 Prime plus 1.00% July 2016 Total warehouse lines of credit 883 2,000 Barclays Bank PLC - MSRs Secured 51,479 — 4 LIBOR plus applicable margin December 2016 EverBank - MSRs Secured 40,590 — 8 LIBOR plus applicable margin November 2016 Total secured borrowings - MSRs 92,069 — Total 926,489 1,767,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $5,000 . 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the three months ended March 31, 2016 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At March 31, 2016 , 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 $300,000 , with a sub-limit of $60,000 . 5 The Bank of America maximum borrowing includes $250,000 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. 8 Governed by the EverBank maximum borrowing capacity of $125,000 , with a sublimit of $60,000 . As of December 31, 2015: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 169,589 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2016 Merchants Bank of Indiana - NattyMac Funding 323,210 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 492,799 600,000 Guaranty Bank 37,615 50,000 Coupon rate of underlying loans, less debenture rate 7 N/A 8 Total secured borrowings - eligible GNMA loan repurchases 37,615 50,000 Barclays Bank PLC 45,956 300,000 LIBOR plus applicable margin December 2016 Bank of America, N.A. 184,804 700,000 4 LIBOR plus applicable margin June 2016 EverBank — 150,000 LIBOR plus applicable margin November 2016 Wells Fargo Bank N.A. 48,661 140,000 LIBOR plus applicable margin January 2017 Total mortgage repurchase borrowings 279,421 1,290,000 Merchants Bank of Indiana - Warehouse Line of Credit 1,306 2,000 Prime plus 1.00% July 2016 Total warehouse lines of credit 1,306 2,000 Barclays Bank PLC - MSRs Secured 58,979 — 5 LIBOR plus applicable margin December 2015 EverBank - MSRs Secured 18,090 — 6 LIBOR plus applicable margin June 2017 Total secured borrowings - MSRs $ 77,069 $ — Total $ 888,210 $ 1,942,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $5,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. During the year ended December 31, 2015, the lowest amount to which the aggregate maximum borrowing capacity was limited approximated $550,000 . The highest amount to which it was expanded approximated $700,000 . At December 31, 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 The Bank of America maximum borrowing includes $400,000 of mortgage repurchase and $300,000 of mortgage gestation repurchase facilities. 5 Governed by the Barclays Bank PLC maximum borrowing capacity of $300,000 , with a sub-limit of $60,000 . 6 Governed by the EverBank maximum borrowing capacity of $150,000 , with a sub-limit of $70,000 . 7 Borrowing carries an interest rate of the coupon rate of the underlying mortgage loans, less the debenture rate funded by Guaranty Bank. 8 Borrowing matures no later than four years from the date of most recent purchase from GNMA pools.

Reserve for Mortgage Repurcha33

Reserve for Mortgage Repurchases and Indemnifications (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Balance at beginning of period $ 5,536 $ 4,967 Provision for mortgage repurchases and indemnifications - new loan sales 1 565 764 Provision for mortgage repurchases and indemnifications - change in estimate 2 — 86 Losses on repurchases and indemnifications (303 ) (940 ) Balance at end of period $ 5,798 $ 4,877 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)	3 Months Ended
	Mar. 31, 2016
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 benefit from continuing operations to the income tax benefit from continuing operations recorded on the Company's consolidated statements of operations for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 $ % $ % Statutory federal income tax (benefit) expense $ (13,667 ) 35.0 % $ (5,596 ) 35.0 % State income tax benefit, net of federal tax benefit (1,430 ) 3.7 % (784 ) 4.9 % Non-deductible expenses 41 (0.1 )% 54 (0.3 )% Valuation allowance 13,070 (33.5 )% — — % Uncertain tax positions 18 — % — — % State tax rate adjustment to state deferred 294 (0.8 )% — — % Other (109 ) 0.3 % — — % Total income tax benefit $ (1,783 ) 4.6 % $ (6,326 ) 39.6 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
A summary of stock option activity	A summary of stock option activity for the three months ended March 31, 2016 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, 2015 361,594 $ 13.72 Granted — N/A Exercised — N/A Forfeited or expired (45,915 ) $ 15.97 Outstanding at March 31, 2016 315,679 $ 13.39 7.1 $ 180 Exercisable at March 31, 2016 212,502 $ 11.15 6.9 $ 180
Summary of the nonvested restricted stock unit activity	A summary of the nonvested restricted stock unit activity for the three months ended March 31, 2016 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2015 94,630 $ 9.37 Granted — $ — Vested (32,895 ) 8.44 Forfeited — $ — Nonvested at March 31, 2016 61,735 $ 9.87

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reconciliation of assets from segment to consolidated	Financial highlights by segment are as follows: Total Assets March 31, 2016 December 31, 2015 Originations $ 705,873 $ 647,287 Servicing 321,889 353,097 Financing 215,509 232,061 Other 1 43,553 48,181 Total $ 1,286,824 $ 1,280,626 1 Includes intersegment eliminations and assets not allocated to the three reportable segments.
Major components of revenues by product/service	Three Months Ended March 31, 2016 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 22,487 $ 572 $ — $ 63 $ 23,122 Changes in mortgage servicing rights valuation — (35,720 ) — — (35,720 ) Payoffs and principal amortization of mortgage servicing rights — (7,249 ) — — (7,249 ) Loan origination and other loan fees 4,131 — 325 6 4,462 Loan servicing fees — 13,446 — — 13,446 Interest and other income 4,900 105 1,898 12 6,915 Total revenues $ 31,518 $ (28,846 ) $ 2,223 $ 81 $ 4,976 Expenses Salaries, commissions and benefits 14,585 1,753 471 6,417 23,226 General and administrative 2,704 479 155 3,676 7,014 Interest expense 4,225 1,077 776 1,171 7,249 Occupancy, equipment and communication 1,895 444 53 1,855 4,247 Depreciation and amortization 1,949 123 98 376 2,546 Corporate allocations 5,723 932 125 (6,780 ) — Total expenses $ 31,081 $ 4,808 $ 1,678 $ 6,715 $ 44,282 Income (loss) from continuing operations before taxes $ 437 $ (33,654 ) $ 545 $ (6,634 ) $ (39,306 ) 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 March 31, 2015 Originations Servicing Financing Other/Eliminations 1 Consolidated Revenues Gains on mortgage loans held for sale, net $ 45,001 $ — $ — $ — $ 45,001 Changes in mortgage servicing rights valuation — (24,190 ) — — (24,190 ) Payoffs and principal amortization of mortgage servicing rights — (13,766 ) — — (13,766 ) Loan origination and other loan fees 5,073 — 274 — 5,347 Loan servicing fees — 14,339 — — 14,339 Interest and other income 6,366 — 1,734 89 8,189 Total revenues $ 56,440 $ (23,617 ) $ 2,008 $ 89 $ 34,920 Expenses Salaries, commissions and benefits 19,591 2,116 519 7,212 29,438 General and administrative 2,714 441 135 4,112 7,402 Interest expense 4,362 1,524 1,002 1,136 8,024 Occupancy, equipment and communication 1,712 482 58 1,973 4,225 Depreciation and amortization 285 35 101 1,289 1,710 Corporate allocations 7,346 1,003 78 (8,427 ) — Total expenses $ 36,010 $ 5,601 $ 1,893 $ 7,295 $ 50,799 Income (loss) from continuing operations before taxes $ 20,430 $ (29,218 ) $ 115 $ (7,206 ) $ (15,879 ) 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	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3	3

Basis of Presentation and Sig38

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	$ (3,061,839)	$ (4,562,392)
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	$ (3,038,564)	(4,568,850)
Offsetting Misstatements
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit		817,164
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit		$ 817,164

Discontinued Operations - Resul

Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Total revenues		$ 9,399
Total expenses		11,732
Income before income taxes		(2,333)
Income tax expense		(767)
Income from discontinued operations, net of tax	$ 0	$ (1,566)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015branch
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of retail branch locations disposed of | branch			62
Total expenses	$ 11,732
Depreciation depreciation	71
Capital expenditures	182
Mortgage loans held for sale, at fair value		$ 2,900
Salaries, Commissions, and Benefit Expense
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total expenses	8,510
General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total expenses	1,130
Occupancy, Equipment, and Communication Expense
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total expenses	$ 1,636

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
	Mar. 31, 2016	Mar. 31, 2015
Net loss:
Loss from continuing operations, net of tax	$ (37,523)	$ (9,553)
Loss from discontinued operations, net of tax	0	(1,566)
Net loss attributable to common stockholders	$ (37,523)	$ (11,119)
Weighted average shares outstanding:
Denominator for basic loss per share – weighted average common shares outstanding	25,804	25,781
Denominator for diluted loss per share (in shares)	25,804	25,781
Basic loss per share:
From continuing operations (in dollars per share)	$ (1.45)	$ (0.37)
From discontinued operations (in dollars per share)	0	(0.06)
Total basic loss per share (in dollars per share)	(1.45)	(0.43)
Diluted loss per share:
From continuing operations (in dollars per share)	(1.45)	(0.37)
From discontinued operations (in dollars per share)	0	(0.06)
Total diluted loss per share (in dollars per share)	$ (1.45)	$ (0.43)

Loss Per Share - Anti-dilutive

Loss Per Share - Anti-dilutive securities excluded from the EPS calculation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
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)	617	1,563

Derivative Financial Instrume43

Derivative Financial Instruments - Summary of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair Value - Asset	$ 17,681	$ 12,160
Fair Value - (Liability)	(8,976)	(2,517)
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional	3,667,649	3,398,563
Fair Value - Asset	17,681	12,160
Fair Value - (Liability)	(8,976)	(2,517)
Not designated as hedging instrument | Interest rate contract | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional	1,431,631	1,169,768
Fair Value - Asset	16,999	10,596
Fair Value - (Liability)	(77)	(334)
Not designated as hedging instrument | Price risk derivative | MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Notional	1,741,218	1,705,995
Not designated as hedging instrument | Price risk derivative | MBS forward purchase contracts
Derivatives, Fair Value [Line Items]
Notional	494,800	522,800
Not designated as hedging instrument | Price risk derivative | MBS forward trades
Derivatives, Fair Value [Line Items]
Notional	2,236,018	2,228,795
Fair Value - Asset	682	1,564
Fair Value - (Liability)	$ (8,899)	$ (2,183)

Derivative Financial Instrume44

Derivative Financial Instruments - Effect of derivatives on statements of income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gains on derivatives, net and changes in estimated fair value of mortgage loans held for sale	$ 3,415	$ 14,186
Not designated as hedging instrument | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative (losses) gains	(938)	14,098
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 (losses) gains	6,659	16,102
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 (losses) gains	(7,597)	(2,004)
Mortgages held-for-sale | Gains on mortgage loans held for sale
Derivative Instruments, Gain (Loss) [Line Items]
Gains from changes in estimated fair value of mortgage loans held for sale	$ 4,353	$ 88

Derivative Financial Instrume45

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	$ 8,976,000		$ 2,517,000
Certain counterparties
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	3,190,000		3,426,000
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	$ 5,027,000		$ 4,045,000

Mortgage Loans Held for Sale,46

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 697,694	$ 645,696
Fair value of mortgages pledged as collateral	651,657	611,926
Mortgage loans held for sale funded with excess cash	$ 46,037	33,770
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	$ 214,375	230,438
Government insured
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	442,013	357,442
Non-agency/Other
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 41,306	$ 57,816

Mortgage Loans Held for Sale,47

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	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Current through 89 days delinquent - Fair Value	$ 656,431	$ 603,778
90 or more days delinquent - Fair Value	41,263	41,918
Total - Fair Value	697,694	645,696
Current through 89 days delinquent - UPB	647,517	601,499
90 or more days delinquent - UPB	43,092	42,918
Total - UPB	690,609	644,417
Eligible GNMA Loan Repurchases
Fair Value, Option, Quantitative Disclosures [Line Items]
90 or more days delinquent - Fair Value	31,231	34,540
90 or more days delinquent - UPB	$ 31,962	$ 35,547

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of mortgage servicing portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 18,067,777	$ 17,520,731
MSRs balance	$ 171,676	$ 199,637
MSRs balance as a percentage of total mortgage servicing portfolio	0.95%	1.14%
FNMA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 5,703,362	$ 5,468,904
FHA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	4,061,421	3,990,276
VA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	2,836,470	2,731,822
USDA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	845,792	805,783
FHLMC
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	4,529,691	4,449,796
Other Investors
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	91,041	74,150
Residential mortgage
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
MSRs balance	$ 171,676	$ 199,637	$ 170,580	$ 204,216

Mortgage Servicing Rights - S49

Mortgage Servicing Rights - Summary of the changes in the balance of MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	$ 199,637
Changes in valuation inputs and assumptions1	35,720	$ 24,190
Balance at end of period	171,676
Gain (loss) on sale of mortgage servicing rights	(105)	199
Residential mortgage
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	199,637	204,216
MSRs originated in connection with loan sales	21,146	34,583
MSRs sold and derecognized	(6,243)	(30,150)
Purchased MSRs	0	86
Changes in valuation inputs and assumptions1	(35,615)	(24,389)
Actual portfolio runoff (payoffs and principal amortization)	(7,249)	(13,766)
Balance at end of period	171,676	$ 170,580
Fair Value of Mortgage Servicing Rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value of MSR pledged as collateral	$ 171,073		$ 199,007

Mortgage Servicing Rights - Out

Mortgage Servicing Rights - Outstanding Loans Sold with Continuing Involvement (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Total unpaid principal balance	$ 18,067,777	$ 17,520,731
Loans 30-89 days delinquent	243,129	307,736
Loans delinquent 90 or more days or in foreclosure	$ 117,484	$ 114,298

Mortgage Servicing Rights - Key

Mortgage Servicing Rights - Key Valuation Assumptions for MSRs on the Balance Sheet Dates (Details) - $ / loan	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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)	86	85
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)	16.80%	13.00%
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)	12.80%	11.50%
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)	11.00%	8.80%
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)	13.60%	10.50%
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)	15.10%	11.60%
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)	15.80%	12.40%

Mortgage Servicing Rights - As

Mortgage Servicing Rights - Assumptions for Defaults Rates (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
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	4.00%	4.01%
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	6.56%	6.58%
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	6.50%	6.52%
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	6.48%	6.53%
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	3.95%	3.94%
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	6.31%	6.37%

Mortgage Servicing Rights - Hyp

Mortgage Servicing Rights - Hypothetical Effect of an Adverse Change in Key Assumptions (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Impact of discount rate plus 1%	$ (6,956)	$ (8,578)
Impact of discount rate plus 1%, Percentage of Average Portfolio	4.00%	4.00%
Impact of discount rate plus 2%	$ (13,377)	$ (16,470)
Impact of discount rate plus 2%, Percentage of Average Portfolio	8.00%	8.00%
Impact of discount rate plus 3%	$ (19,321)	$ (23,753)
Impact of discount rate plus 3%, Percentage of Average Portfolio	11.00%	12.00%
Impact of prepayment speed times 105%	$ (5,821)	$ (5,502)
Impact of prepayment speed times 105%, Percentage of Average Portfolio	3.00%	3.00%
Impact of prepayment speed times 110%	$ (11,392)	$ (10,792)
Impact of prepayment speed times 110%, Percentage of Average Portfolio	7.00%	5.00%
Impact of prepayment speed times 120%	$ (21,842)	$ (20,778)
Impact of prepayment speed times 120%, Percentage of Average Portfolio	13.00%	10.00%
Impact of cost of servicing times 105%	$ (1,244)	$ (1,365)
Impact of cost of servicing times 105%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 110%	$ (2,488)	$ (2,731)
Impact of cost of servicing times 110%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 120%	$ (4,976)	$ (5,462)
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
	Mar. 31, 2016	Mar. 31, 2015
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 12,705	$ 13,529
Late fees	741	810
Loan servicing fees	$ 13,446	$ 14,339
Servicing fees as a percentage of average portfolio (annualized)	0.30%	0.31%

Fair Value Measurements - Major

Fair Value Measurements - Major Categories of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Derivative assets	$ 17,681	$ 12,160
MSRs	171,676	199,637
Liabilities:
Derivative liabilities	8,976	2,517
Measured on a recurring basis
Assets:
Mortgage loans held for sale	603,542	549,561
MSRs	171,676	199,637
Loans eligible for repurchase from GNMA	84,006	80,794
Total assets	971,057	938,287
Liabilities:
Liability for loans eligible for repurchase from GNMA	84,006	80,794
Total liabilities	92,982	83,311
Measured on a recurring basis | Interest rate contract | IRLCs
Assets:
Derivative assets	16,999	10,596
Liabilities:
Derivative liabilities	77	334
Measured on a recurring basis | Price risk derivative | MBS forward trades
Assets:
Derivative assets	682	1,564
Liabilities:
Derivative liabilities	8,899	2,183
Measured on a recurring basis | Level 1
Assets:
Mortgage loans held for sale	0	0
MSRs	0	0
Loans eligible for repurchase from GNMA	0	0
Total assets	0	0
Liabilities:
Liability for loans eligible for repurchase from GNMA	0	0
Total liabilities	0	0
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 | MBS forward trades
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Measured on a recurring basis | Level 2
Assets:
Mortgage loans held for sale	603,542	549,561
MSRs	0	0
Loans eligible for repurchase from GNMA	0	0
Total assets	604,224	551,125
Liabilities:
Liability for loans eligible for repurchase from GNMA	0	0
Total liabilities	8,899	2,183
Measured on a recurring basis | Level 2 | Interest rate contract | IRLCs
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Measured on a recurring basis | Level 2 | Price risk derivative | MBS forward trades
Assets:
Derivative assets	682	1,564
Liabilities:
Derivative liabilities	8,899	2,183
Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	0	0
MSRs	171,676	199,637
Loans eligible for repurchase from GNMA	84,006	80,794
Total assets	366,833	387,162
Liabilities:
Liability for loans eligible for repurchase from GNMA	84,006	80,794
Total liabilities	84,083	81,128
Measured on a recurring basis | Level 3 | Interest rate contract | IRLCs
Assets:
Derivative assets	16,999	10,596
Liabilities:
Derivative liabilities	77	334
Measured on a recurring basis | Level 3 | Price risk derivative | MBS forward trades
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Non-saleable to GSE Loans | Measured on a recurring basis
Assets:
Mortgage loans held for sale	59,207	58,799
Non-saleable to GSE Loans | Measured on a recurring basis | Level 1
Assets:
Mortgage loans held for sale	0	0
Non-saleable to GSE Loans | Measured on a recurring basis | Level 2
Assets:
Mortgage loans held for sale	0	0
Non-saleable to GSE Loans | Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	59,207	58,799
GNMA | Measured on a recurring basis
Assets:
Mortgage loans held for sale	34,945	37,336
GNMA | Measured on a recurring basis | Level 1
Assets:
Mortgage loans held for sale	0	0
GNMA | Measured on a recurring basis | Level 2
Assets:
Mortgage loans held for sale	0	0
GNMA | Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	$ 34,945	$ 37,336

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation Assets and Liabilities within Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Derivative Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 334	$ 0
Changes in fair value recognized in earnings	(257)	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	$ 0	0
Transfers into Level 3		334
Transfers out of Level 3	$ 0	0
Balance at end of period	77	334
Liability for loans eligible for repurchase from GNMA
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	80,794	109,397
Changes in fair value recognized in earnings	(346)	(2,314)
Purchases	0	0
Sales	(2,207)	(40,209)
Issuances	0	0
Settlements	5,765	13,920
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	84,006	80,794
Mortgage Loans Held for Sale - non-saleable to GSEs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	58,799	0
Changes in fair value recognized in earnings	1,095	(5,580)
Purchases	6,673	45,688
Sales	(9,985)	(5,581)
Issuances	0	0
Settlements	(5,051)	(19,750)
Transfers into Level 3	7,676	45,308
Transfers out of Level 3	0	(1,286)
Balance at end of period	59,207	58,799
Mortgage Loans Held for Sale - Repurchased GNMA Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	37,336	0
Changes in fair value recognized in earnings	357	(1,089)
Purchases	2,208	40,209
Sales	(1,784)	(1,560)
Issuances	0	0
Settlements	(2,087)	(1,204)
Transfers into Level 3	0	1,286
Transfers out of Level 3	(1,085)	(306)
Balance at end of period	34,945	37,336
Derivative Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	10,596	0
Changes in fair value recognized in earnings	6,403	0
Purchases	0	0
Sales	0	0
Issuances	0	0
Settlements	$ 0	0
Transfers into Level 3		10,596
Transfers out of Level 3	$ 0	0
Balance at end of period	16,999	10,596
Loans eligible for repurchase from GNMA
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	80,794	109,397
Changes in fair value recognized in earnings	(346)	(2,314)
Purchases	0	0
Sales	(2,207)	(40,209)
Issuances	0	0
Settlements	5,765	13,920
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	$ 84,006	$ 80,794

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended
	Mar. 31, 2016
GNMA
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans eligible for repurchase, borrower default period	90 days

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables from servicing sales, interest and loan related payments, net	$ 16,449	$ 18,739
Prepaid expenses	4,451	5,990
Real estate owned, net	1,033	1,446
Deposits	560	801
Miscellaneous	441	441
Total other assets	$ 22,934	$ 27,417

Transfers and Servicing of Fi59

Transfers and Servicing of Financial Assets - Cash Flows Relating to Loan Sales with Continuing Involvement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Transfers and Servicing [Abstract]
Proceeds from new loan sales	$ 1,905,376	$ 2,927,917
Proceeds from loan servicing fees	13,446	13,676
Cash outflows from servicing advances	2,193	862
Cash outflows from repurchases and indemnifications of previously sold loans	6,977	10,748
Cash outflows from repurchases of eligible GNMA loans	$ 2,207	$ 0

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Amount Outstanding	$ 931,486	$ 893,210
Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 412,750	$ 492,799
Weighted Average Interest Rate (as a percent)	4.18%	4.16%
Mortgage repurchase borrowings
Short-term Debt [Line Items]
Amount Outstanding	$ 384,560	$ 279,421
Weighted Average Interest Rate (as a percent)	2.15%	2.47%
Warehouse lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 883	$ 1,306
Weighted Average Interest Rate (as a percent)	4.25%	4.25%
Secured borrowings - mortgage servicing rights
Short-term Debt [Line Items]
Amount Outstanding	$ 92,069	$ 77,069
Weighted Average Interest Rate (as a percent)	5.27%	5.58%
Operating lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 4,997	$ 5,000
Weighted Average Interest Rate (as a percent)	4.00%	4.00%
Eligible GNMA Loan Repurchases | Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 36,227	$ 37,615
Weighted Average Interest Rate (as a percent)	3.18%	3.17%

Debt - Mortgage Funding Arrange

Debt - Mortgage Funding Arrangements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 30, 2016	Mar. 01, 2016	Feb. 29, 2016
Line of Credit Facility [Line Items]
Amount Outstanding	$ 926,489,000	$ 888,210,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	1,767,000,000	1,942,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	1,772,000,000
Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	412,750,000	492,799,000
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	300,000,000	300,000,000
Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Amount Outstanding	384,560,000	279,421,000
Line of credit maximum borrowing capacity	1,115,000,000	1,290,000,000
Mortgage repurchase borrowings | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	48,607,000	45,956,000
Line of credit maximum borrowing capacity	300,000,000	300,000,000
Mortgage repurchase borrowings | Bank of America, N.A.
Line of Credit Facility [Line Items]
Amount Outstanding	218,014,000	184,804,000
Line of credit maximum borrowing capacity	550,000,000	700,000,000	$ 700,000,000
Mortgage repurchase borrowings | EverBank
Line of Credit Facility [Line Items]
Amount Outstanding	51,279,000	0
Line of credit maximum borrowing capacity	125,000,000	150,000,000		$ 125,000,000	$ 150,000,000
Mortgage repurchase borrowings | Wells Fargo
Line of Credit Facility [Line Items]
Amount Outstanding	66,660,000	48,661,000
Line of credit maximum borrowing capacity	140,000,000	140,000,000
Secured borrowings - mortgage servicing rights
Line of Credit Facility [Line Items]
Amount Outstanding	92,069,000	77,069,000
Line of credit maximum borrowing capacity	0	0
Secured borrowings - mortgage servicing rights | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	51,479,000	58,979,000
Line of credit maximum borrowing capacity	0	0
Secured borrowings - mortgage servicing rights | EverBank
Line of Credit Facility [Line Items]
Amount Outstanding	40,590,000	18,090,000
Line of credit maximum borrowing capacity	$ 0	$ 0
Prime Rate | Warehouse lines of credit | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	1.00%	1.00%
Participation Agreement, Mature July 2016 | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	$ 114,044,000	$ 169,589,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	600,000,000	600,000,000
NattyMac Funding | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	298,706,000	323,210,000
Line of credit maximum borrowing capacity	$ 0	$ 0
Interest income, percentage of earnings	49.00%	49.00%
Warehouse line of credit | Warehouse lines of credit
Line of Credit Facility [Line Items]
Amount Outstanding	$ 883,000	$ 1,306,000
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	883,000	1,306,000
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	36,227,000	37,615,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	50,000,000	50,000,000
Mortgage repurchase borrowings | Total secured borrowings - eligible GNMA loan repurchases | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Amount Outstanding	36,227,000	37,615,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	$ 50,000,000	$ 50,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)lenderarrangement	Dec. 31, 2015USD ($)	Mar. 30, 2016USD ($)	Mar. 01, 2016USD ($)	Feb. 29, 2016USD ($)	Feb. 28, 2016USD ($)
Line of Credit Facility [Line Items]
Number of mortgage funding arrangement | arrangement	2
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	$ 1,767,000,000	$ 1,942,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Number of lenders | lender	6
Line of credit maximum borrowing capacity	$ 1,772,000,000
Operating lines of credit
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	5,000,000
Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	1,115,000,000	1,290,000,000
Merchants Bank of Indiana | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	600,000,000	600,000,000
Merchants Bank of Indiana | Operating lines of credit
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity		5,000,000
Barclays Bank PLC | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	300,000,000	300,000,000
Maximum borrowing capacity with a sub-limit	60,000,000	60,000,000
Barclays Bank PLC | Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	300,000,000	300,000,000
EverBank | Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	125,000,000	150,000,000		$ 125,000,000	$ 150,000,000
Maximum borrowing capacity with a sub-limit	60,000,000	70,000,000		$ 60,000,000	70,000,000
Bank of America, N.A. | Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	550,000,000	700,000,000	$ 700,000,000
Participation Agreement, Mature July 2016 | Merchants Bank of Indiana | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity, constrainment during period	550,000,000	550,000,000
Line of credit facility, maximum borrowing capacity, expansion during period	700,000,000	700,000,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	$ 600,000,000	$ 600,000,000
Secured borrowings - mortgage loans | Eligible GNMA Loan Repurchases
Line of Credit Facility [Line Items]
Treasury term	10 years
Debt instrument, term	4 years	4 years
Mortgage repurchase borrowings | Eligible GNMA Loan Repurchases | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	$ 50,000,000	$ 50,000,000
Mortgage repurchase borrowings | Mortgage Repurchase | Bank of America, N.A.
Line of Credit Facility [Line Items]
Maximum borrowing capacity	250,000,000	400,000,000	$ 300,000,000		$ 300,000,000	$ 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	$ 300,000,000

Reserve for Mortgage Repurcha63

Reserve for Mortgage Repurchases and Indemnifications - Rollforward (Details) - Reserve for mortgage repurchases and indemnifications - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 5,536	$ 4,967
Provision for mortgage repurchases and indemnifications - new loan sales	565	764
Provision for mortgage repurchases and indemnifications - change in estimate	0	86
Losses on repurchases and indemnifications	(303)	(940)
Balance at end of period	$ 5,798	$ 4,877

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income tax benefit	$ (1,783)	$ (6,326)
Effective tax rates (as a percent)	4.60%	39.60%
Valuation allowance	$ 13,070	$ 0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	188,898
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 160,411

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax (benefit) expense	$ (13,667)	$ (5,596)
State income tax benefit, net of federal tax benefit	(1,430)	(784)
Non-deductible expenses	41	54
Valuation allowance	13,070	0
Uncertain tax positions	18	0
State tax rate adjustment to state deferred	294	0
Other	(109)	0
Total income tax benefit	$ (1,783)	$ (6,326)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax (benefit) expense, percent	35.00%	35.00%
State income tax benefit, net of federal tax (benefit) expense, percent	3.70%	4.90%
Non-deductible expenses, percent	(0.10%)	(0.30%)
Valuation allowance, percent	(33.50%)	0.00%
Uncertain tax position, percent	0.00%	0.00%
State tax rate adjustment to state deferred, percent	(0.80%)	0.00%
Other, percent	0.30%	0.00%
Total income tax benefit, percent	4.60%	39.60%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Total commitments to originate loans	$ 1,431,631	$ 1,169,768
Total principal amount of certain refinancing loans purchased	$ 18,067,777	$ 17,520,731
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	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Number of Shares
Number of Shares, Outstanding - beginning balance	361,594
Number of Shares, Granted	0
Number of Shares, Exercised	0
Number of Shares, Forfeited or expired	(45,915)
Number of Shares, Outstanding - ending balance	315,679
Weighted Average Exercise Price Per Share
Weighted Average Exercise Price Per Share, Outstanding - beginning balance (in usd per share) | $ / shares	$ 13.72
Weighted Average Exercise Price Per Share, Forfeited or Expired (in usd per share) | $ / shares	15.97
Weighted Average Exercise Price Per Share, Outstanding - ending balance (in usd per share) | $ / shares	$ 13.39
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life, Outstanding - ending balance	7 years 1 month 1 day
Aggregate Intrinsic Value, Outstanding - ending balance | $	$ 180
Number of Shares, Exercisable	212,502
Weighted Average Exercise Price Per Share, Exercisable (in usd per share) | $ / shares	$ 11.15
Weighted Average Remaining Contractual Life, Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Exercisable | $	$ 180

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 306	$ 822
Restricted Stock Units (RSUs)
Restricted Stock Units
Nonvested beginning balance, RSU (in shares)	94,630
Granted, RSU (in shares)	0
Vested, RSU (in shares)	(32,895)
Forfeited, RSU (in shares)	0
Nonvested ending balance, RSU (in shares)	61,735
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)	$ 9.37
Granted, Weighted average grant date fair value per share (in usd per share)	0
Vested, Weighted average grant date fair value per share (in usd per share)	8.44
Forfeited, Weighted average grant date fair value per share (in usd per share)	0
Nonvested ending balance, Weighted average grant date fair value per share (in usd per share)	$ 9.87
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 306	$ 822

Segment Information - Assets by

Segment Information - Assets by Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015segment	Dec. 31, 2015USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of reportable segments | segment	3	3
Assets	$ 1,286,824		$ 1,280,626
Operating Segments | Originations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	705,873		647,287
Operating Segments | Servicing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	321,889		353,097
Operating Segments | Financing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	215,509		232,061
Intersegment Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 43,553		$ 48,181

Segment Information - Income (L

Segment Information - Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Gains on mortgage loans held for sale, net	$ 23,122	$ 45,001
Changes in mortgage servicing rights valuation	(35,720)	(24,190)
Payoffs and principal amortization of mortgage servicing rights	(7,249)	(13,766)
Loan origination and other loan fees	4,462	5,347
Loan servicing fees	13,446	14,339
Interest and other income	6,915	8,189
Total revenues	4,976	34,920
Expenses
Salaries, commissions and benefits	23,226	29,438
General and administrative expense	7,014	7,402
Interest expense	7,249	8,024
Occupancy, equipment and communication	4,247	4,225
Depreciation and amortization	2,546	1,710
Corporate allocations	0	0
Total expenses	44,282	50,799
Loss before income tax benefit	(39,306)	(15,879)
Operating Segments | Originations
Revenues
Gains on mortgage loans held for sale, net	22,487	45,001
Changes in mortgage servicing rights valuation	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0
Loan origination and other loan fees	4,131	5,073
Loan servicing fees	0	0
Interest and other income	4,900	6,366
Total revenues	31,518	56,440
Expenses
Salaries, commissions and benefits	14,585	19,591
General and administrative expense	2,704	2,714
Interest expense	4,225	4,362
Occupancy, equipment and communication	1,895	1,712
Depreciation and amortization	1,949	285
Corporate allocations	5,723	7,346
Total expenses	31,081	36,010
Loss before income tax benefit	437	20,430
Operating Segments | Servicing
Revenues
Gains on mortgage loans held for sale, net	572	0
Changes in mortgage servicing rights valuation	(35,720)	(24,190)
Payoffs and principal amortization of mortgage servicing rights	(7,249)	(13,766)
Loan origination and other loan fees	0	0
Loan servicing fees	13,446	14,339
Interest and other income	105	0
Total revenues	(28,846)	(23,617)
Expenses
Salaries, commissions and benefits	1,753	2,116
General and administrative expense	479	441
Interest expense	1,077	1,524
Occupancy, equipment and communication	444	482
Depreciation and amortization	123	35
Corporate allocations	932	1,003
Total expenses	4,808	5,601
Loss before income tax benefit	(33,654)	(29,218)
Operating Segments | Financing
Revenues
Gains on mortgage loans held for sale, net	0	0
Changes in mortgage servicing rights valuation	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0
Loan origination and other loan fees	325	274
Loan servicing fees	0	0
Interest and other income	1,898	1,734
Total revenues	2,223	2,008
Expenses
Salaries, commissions and benefits	471	519
General and administrative expense	155	135
Interest expense	776	1,002
Occupancy, equipment and communication	53	58
Depreciation and amortization	98	101
Corporate allocations	125	78
Total expenses	1,678	1,893
Loss before income tax benefit	545	115
Intersegment Eliminations
Revenues
Gains on mortgage loans held for sale, net	63	0
Changes in mortgage servicing rights valuation	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0
Loan origination and other loan fees	6	0
Loan servicing fees	0	0
Interest and other income	12	89
Total revenues	81	89
Expenses
Salaries, commissions and benefits	6,417	7,212
General and administrative expense	3,676	4,112
Interest expense	1,171	1,136
Occupancy, equipment and communication	1,855	1,973
Depreciation and amortization	376	1,289
Corporate allocations	(6,780)	(8,427)
Total expenses	6,715	7,295
Loss before income tax benefit	$ (6,634)	$ (7,206)