Stonegate Mortgage (SGM) 10-Q 4 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 01, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		25,854,022

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 23,221	$ 32,463
Restricted cash	5,660	4,045
Mortgage loans held for sale, at fair value	828,713	645,696
Servicing advances, net	21,703	19,374
Derivative assets	18,958	12,160
Mortgage servicing rights, at fair value	148,164	199,637
Property and equipment (net of accumulated depreciation and amortization of $19,400 and $12,558 at September 30, 2016 and December 31, 2015, respectively)	16,664	22,923
Loans eligible for repurchase from GNMA	99,342	80,794
Warehouse lending receivables	167,885	199,215
Goodwill and other intangible assets (net of accumulated amortization of $1,817 and $1,453 at September 30, 2016 and December 31, 2015, respectively)	6,538	6,902
Subordinated loan receivable	30,000	30,000
Other assets	24,973	27,417
Total assets	1,391,821	1,280,626
Liabilities
Secured borrowings - mortgage loans	326,462	492,799
Secured borrowings - mortgage servicing rights	57,649	77,069
Secured borrowings - eligible GNMA loan repurchases	27,832	37,615
Mortgage repurchase borrowings	589,164	279,421
Warehouse lines of credit	975	1,306
Operating lines of credit	9,969	5,000
Accounts payable and accrued expenses	26,160	23,544
Derivative liabilities	7,061	2,517
Reserve for mortgage repurchases and indemnifications	6,680	5,536
Liability for loans eligible for repurchase from GNMA	99,342	80,794
Deferred income tax liabilities, net	795	2,364
Other liabilities	16,145	11,033
Total liabilities	1,168,234	1,018,998
Commitments and contingencies - Note 14
Stockholders’ equity
Common stock, par value $0.01, shares authorized – 100,000,000; shares issued: 25,973,455 and outstanding: 25,839,020 at September 30, 2016; shares issued: 25,845,566 and outstanding: 25,796,193 at December 31, 2015	265	264
Additional paid-in capital	271,965	270,906
Accumulated deficit	(48,643)	(9,542)
Total stockholders’ equity	223,587	261,628
Total liabilities and stockholders’ equity	$ 1,391,821	$ 1,280,626

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization, property and equipment	$ 19,400	$ 12,588
Accumulated amortization, goodwill and other intangible assets	$ 1,817	$ 1,453
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares, Issued	25,973,455	25,864,475
Common Stock, Shares, Outstanding	25,845,566	25,796,193

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Gains on mortgage loans held for sale, net	$ 41,239	$ 32,874	$ 92,674	$ 119,095
Changes in mortgage servicing rights valuation	4,918	(28,088)	(48,729)	(34,525)
Payoffs and principal amortization of mortgage servicing rights	(8,592)	(9,215)	(25,988)	(34,303)
Loan origination and other loan fees	6,013	6,718	15,948	18,530
Loan servicing fees	11,184	14,051	38,342	41,001
Interest and other income	11,515	9,217	25,500	26,125
Total revenues	66,277	25,557	97,747	135,923
Expenses
Salaries, commissions and benefits	25,880	31,851	72,657	93,836
General and administrative expense	11,576	8,921	25,057	24,939
Interest expense	6,488	7,508	20,561	23,358
Occupancy, equipment and communication	4,230	4,175	12,528	12,441
Depreciation and amortization expense	2,247	2,397	7,518	5,779
Total expenses	50,421	54,852	138,321	160,353
Income (loss) before income taxes	15,856	(29,295)	(40,574)	(24,430)
Income tax expense (benefit)	282	(9,105)	(1,473)	(7,265)
Income (loss) from continuing operations, net of tax	15,574	(20,190)	(39,101)	(17,165)
(Loss) from discontinued operations, net of tax	0	(2,614)	0	(5,624)
Net income (loss) attributable to common stockholders	$ 15,574	$ (22,804)	$ (39,101)	$ (22,789)
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	$ 0.60	$ (0.78)	$ (1.51)	$ (0.66)
From discontinued operations (in dollars per share)	0	(0.10)	0	(0.22)
Total basic earnings (loss) per share (in dollars per share)	0.60	(0.88)	(1.51)	(0.88)
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	0.60	(0.78)	(1.51)	(0.66)
From discontinued operations (in dollars per share)	0	(0.10)	0	(0.22)
Total diluted earnings (loss) per share (in dollars per share)	$ 0.60	$ (0.88)	$ (1.51)	$ (0.88)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings/(accumulated deficit)
Balance (shares) at Dec. 31, 2014		25,781
Balance at Dec. 31, 2014	$ 280,075	$ 264	$ 267,083	$ 12,728
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(22,789)			(22,789)
Stock-based compensation expense	3,545		3,545
Issuance of common stock (shares)		3
Balance (shares) at Sep. 30, 2015		25,784
Balance at Sep. 30, 2015	260,831	$ 264	270,628	(10,061)
Balance (shares) at Dec. 31, 2015		25,796
Balance at Dec. 31, 2015	261,628	$ 264	270,906	(9,542)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(39,101)			(39,101)
Stock-based compensation expense	1,059		1,059
Issuance of common stock (shares)		43
Issuance of common stock	1	$ 1
Balance (shares) at Sep. 30, 2016		25,839
Balance at Sep. 30, 2016	$ 223,587	$ 265	$ 271,965	$ (48,643)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating activities
Net income (loss)	$ (39,101)	$ (22,789)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	7,518	6,468
Loss on disposal and impairment of long lived assets	179	1,511
Amortization of debt issuance facility fees	1,124	0
Gains on mortgage loans held for sale, net	(92,674)	(121,904)
Changes in mortgage servicing rights valuation	48,729	34,525
Payoffs and principal amortization of mortgage servicing rights	25,988	34,303
Provision for reserve for mortgage repurchases and indemnifications - change in estimate	0	589
Stock-based compensation expense	1,059	3,545
Income tax benefit	(1,473)	(10,479)
Change in fair value of contingent earn-out liabilities	0	36
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	6,975,934	11,043,439
Originations and purchases of mortgage loans held for sale	(7,129,185)	(10,800,239)
Repurchases and indemnifications of previously sold loans	(19,263)	(41,169)
Repurchases of eligible GNMA loans	(2,207)	0
Principal payments on eligible GNMA loans	3,600	0
Impairment of loans	4,233	0
Changes in operating assets and liabilities:
Restricted cash	(1,615)	(37,698)
Servicing advances	2,282	1,178
Warehouse lending receivables	31,330	(53,686)
Other assets	(5,947)	(2,601)
Accounts payable and accrued expenses	2,477	7,800
Other liabilities	5,504	1,207
Net cash (used in) provided by operating activities	(181,508)	43,630
Investing activities
Net proceeds from sale of mortgage servicing rights	55,382	58,891
Proceeds from sale of property and equipment	117	0
Purchases of property and equipment	(1,072)	(11,039)
Capitalized long-lived assets	(530)	(1,858)
Purchase of mortgage servicing rights	0	(86)
Net cash provided by investing activities	53,897	45,908
Financing activities
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	11,143,764	15,203,612
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	(11,005,258)	(15,306,751)
Proceeds from borrowings under mortgage funding arrangements - MSRs	61,500	20,500
Repayments of borrowings under mortgage funding arrangements - MSRs	(80,920)	(9,911)
Payments of contingent earn-out liabilities not exceeding original fair value estimate	(391)	(1,139)
Payments of debt issuance costs	(327)	(704)
Net proceeds from issuance of common stock	1	0
Net cash provided by (used in) financing activities	118,369	(94,393)
Change in cash and cash equivalents	(9,242)	(4,855)
Cash and cash equivalents at beginning of period	32,463	45,382
Cash and cash equivalents at end of period	23,221	40,527
Supplemental cash flow information:
Cash paid for interest	20,492	25,191
Cash paid for taxes	$ 228	$ 589

Organization and Operations

Organization and Operations	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of presentation: 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 Quarterly Report on 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 and nine months ended September 30, 2016 and 2015 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 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 and notes as of and for the year ended December 31, 2015 included in its 2015 Annual Report on Form 10-K. Prior period reclassifications: During 2015, the Company disposed 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 and has been reclassified as such in our results of operations. Discontinued operation amounts for the three and nine months ended September 30, 2016 are immaterial and are therefore not being presented separately. 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 Unaudited Notes to Consolidated Financial Statements. Refer to Note 3 "Discontinued Operations" for additional information related to the Company's discontinued operations as of September 30, 2016 and 2015 . Immaterial error corrections: 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 nine months ended September 30, 2015 , the offsetting misstatement was a decrease of $13,139,116 . Risks and uncertainties: 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: During 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)" , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. During 2015, the FASB voted to delay the effective date one year. ASU 2014-09 is now effective for annual and interim periods for fiscal years beginning after December 15, 2017, though companies have an option of adopting the standard for fiscal years beginning after December 15, 2016. During 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations" , ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" and ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" . The amendments in ASU's 2016-08, 2016-10 and 2016-12 do not change the core principle of ASU 2014-09 but instead clarify the implementation guidance on principle versus agent considerations, identify performance obligations and the licensing implementation guidance, and provide narrow-scope improvements, respectively. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" was issued June 2016. This update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit. The amendments replace the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of information to estimate credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The new guidance will be effective for the Company beginning on January 1, 2020 and early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ,” was issued in August 2016. The amendments in this update clarify how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The new guidance will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" was issued in October 2016. This update requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. The new guidance will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. A modified retrospective approach with a cumulative-effect adjustment directly to retained earnings at the beginning of the period of adoption is required. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-17, "Consolidation (Topic 810): Interests Held through Related Parties that are Under Common Control" was issued in October 2016. This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity ("VIE") should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The new guidance will be effective for the Company beginning on January 1, 2017 and early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations As discussed in Note 2, during 2015, the Company disposed 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 to better manage the expenses associated with retail originations. During 2015, the Company completed the closure of 62 of its retail branches and sale of an additional 14 retail branches. The Company determined that the disposal of these retail branches met the criteria for being reported as discontinued operations under ASU No. 2014-08, and has been reclassified as such in our results of operations. There were no additional material amounts classified as discontinued operations during the three and nine months ended September 30, 2016. The following table provides the components of loss from discontinued operations, net of tax for the three and nine months ended September 30, 2015: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Total revenues $ 9,347 $ 30,743 Total expenses 13,552 39,581 Loss before income taxes (4,205 ) (8,838 ) Income tax benefit (1,591 ) (3,214 ) Loss from discontinued operations, net of tax $ (2,614 ) $ (5,624 ) Total expenses for the three and nine months ended September 30, 2015 includes salaries, commissions and benefits expense of $8,754 and $27,636 , general and administrative expense of $1,142 and $3,662 and occupancy, equipment and communication expense of $1,659 and $5,187 . Cash flows from discontinued operations related to depreciation expense and capital expenditures were $444 and $566 for the three months ended September 30, 2015 , respectively. Cash flows from discontinued operations related to depreciation expense and capital expenditures were $689 and $1,131 for the nine months ended September 30, 2015 , respectively.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Earnings (Loss) Per Share The following is a reconciliation of net income (loss) attributable to common stockholders and a table summarizing the basic and diluted earnings (loss) per share calculations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Net income (loss) Income (loss) from continuing operations, net of tax $ 15,574 $ (20,190 ) $ (39,101 ) $ (17,165 ) Income (loss) from discontinued operations, net of tax — (2,614 ) — (5,624 ) Net income (loss) attributable to common stockholders $ 15,574 $ (22,804 ) $ (39,101 ) $ (22,789 ) Denominator: Weighted average shares outstanding (in thousands) Weighted average shares outstanding - Basic 25,937 25,782 25,901 25,782 Weighted average shares outstanding - Diluted 25,937 25,782 25,901 25,782 Basic earnings (loss) per share: From continuing operations $ 0.60 $ (0.78 ) $ (1.51 ) $ (0.66 ) From discontinued operations — (0.10 ) — (0.22 ) Total earnings (loss) attributable to common stockholders $ 0.60 $ (0.88 ) $ (1.51 ) $ (0.88 ) Diluted earnings (loss) per share: From continuing operations $ 0.60 $ (0.78 ) $ (1.51 ) $ (0.66 ) From discontinued operations — (0.10 ) — (0.22 ) Total earnings (loss) attributable to common stockholders $ 0.60 $ (0.88 ) $ (1.51 ) $ (0.88 ) During the three and nine months ended September 30, 2016 , weighted average shares of 920 and 762 , respectively, were excluded from the denominator for diluted loss per share as the shares (which related to stock options, restricted stock units and stock warrants) were anti-dilutive. During the three and nine months ended September 30, 2015, weighted average shares of 1,556 and 1,558 , respectively, were excluded from the denominator for diluted earnings (loss) per share as the shares (which related to stock options, restricted stock units and stock warrants) were anti-dilutive.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 : September 30, 2016: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,682,955 Derivative assets/liabilities $ 18,144 $ (62 ) MBS forward sales contracts 1,705,270 MBS forward purchase contracts 489,200 Total MBS forward trades 2,194,470 Derivative assets/liabilities 814 (6,999 ) Total derivative financial instruments $ 3,877,425 $ 18,958 $ (7,061 ) 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 net gains (losses) recognized by the Company on its derivative financial instruments, which are included in "Gains on mortgage loans held for sale, net" on its consolidated statements of operations, for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest rate lock commitments $ (945 ) $ 6,538 $ 7,820 $ 8,079 MBS forward trades 1 (9,412 ) (30,668 ) (47,372 ) (20,007 ) Net derivative gains (losses) $ (10,357 ) $ (24,130 ) $ (39,552 ) $ (11,928 ) 1 Amount includes pair-off settlements . 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 shown in the table above. In certain circumstances, the Company is required to provide certain derivative counterparties collateral against derivative financial instruments. As of September 30, 2016 and December 31, 2015 , counterparties held $3,660 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 $2,525 and a net credit gain position of $3,426 at September 30, 2016 and December 31, 2015 , respectively, to those counterparties. For the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Conventional 1 $ 317,368 $ 230,438 Government insured 2 493,656 357,442 Non-agency/Other 17,689 57,816 Total mortgage loans held for sale, at fair value $ 828,713 $ 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 September 30, 2016 , the Company had pledged $776,549 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $52,164 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 September 30, 2016 and December 31, 2015 . The following are the fair values and related unpaid principal balance ("UPB") due upon maturity for loans held for sale accounted under the fair value method as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 798,791 $ 766,808 $ 603,778 $ 588,189 90 or more days delinquent 1 29,922 30,806 41,918 42,918 Total $ 828,713 $ 797,614 $ 645,696 $ 631,107 1 Includes $23,159 and $23,909 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 September 30, 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	9 Months Ended
	Sep. 30, 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’s total mortgage servicing portfolio as of September 30, 2016 and December 31, 2015 is summarized as follows (based on the UPB of the underlying mortgage loans): September 30, 2016 December 31, 2015 FNMA $ 3,501,218 $ 5,468,904 GNMA: FHA 4,303,629 3,990,276 VA 3,071,577 2,731,822 USDA 802,602 805,783 FHLMC 2,647,807 4,449,796 Other Investors 90,078 74,150 Total mortgage servicing portfolio $ 14,416,911 $ 17,520,731 MSRs balance $ 148,164 $ 199,637 MSRs balance as a percentage of total mortgage servicing portfolio 1.03 % 1.14 % A summary of the changes in the balance of MSRs for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance at beginning of period $ 132,813 $ 209,343 $ 199,637 $ 204,216 MSRs originated in connection with loan sales 27,765 45,334 76,496 126,459 MSRs sold and derecognized (10,302 ) (15,700 ) (47,780 ) (63,128 ) Purchased MSRs — — — 86 Changes in valuation inputs and assumptions 1 6,480 (28,101 ) (54,201 ) (31,669 ) Actual portfolio runoff (payoffs and principal amortization) (8,592 ) (9,215 ) (25,988 ) (34,303 ) Balance at end of period $ 148,164 $ 201,661 $ 148,164 $ 201,661 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations The Company realized $1,562 related to losses on the sale of MSRs and $13 related to gains on the sale of MSRs for the three months ended September 30, 2016 and 2015 , respectively. The Company realized $5,472 related to gains on the sale of MSRs and $2,856 related to losses on the sale of MSRs for the nine months ended September 30, 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 occurred 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. On June 30, 2016, the Company completed a bulk sale of MSRs with an underlying unpaid principal balance of $5.06 billion in FNMA and FHLMC loans to an unrelated party. This pool of MSRs had average mortgage interest rates that were higher than current mortgage rates, and did not include any GNMA MSRs, which have a different historical performance than FNMA and FHLMC MSRs. On September 30, 2016, the Company completed a bulk sale of MSRs with an underlying unpaid principal balance of $1.20 billion in GNMA loans to an unrelated party. This pool of MSRs had average mortgage interest rates that were higher than current mortgage rates, and did not include any FNMA and FHLMC MSRs, which have a different historical performance than GNMA MSRs. 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 sale dates. The recognized gains or losses were recorded net of direct transaction expenses and estimated protection provisions. The following table sets forth information related to outstanding loans sold as of September 30, 2016 and December 31, 2015 for which the Company has continuing involvement: September 30, 2016 December 31, 2015 Total unpaid principal balance $ 14,416,911 $ 17,520,731 Loans 30-89 days delinquent $ 306,061 $ 307,736 Loans delinquent 90 or more days or in foreclosure $ 136,158 $ 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 September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 15.9 % 13.0 % GNMA: FHA 12.3 % 11.5 % VA 12.7 % 8.8 % USDA 13.1 % 10.5 % FHLMC 13.7 % 11.6 % Other Investors 18.8 % 12.4 % Cost of servicing (per loan) $ 89 $ 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 expected life of the loans underlying the MSRs, thereby reducing the 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 lifetime delinquency rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 FNMA 3.99% 4.01% GNMA: FHA 6.48% 6.58% VA 6.40% 6.52% USDA 6.44% 6.53% FHLMC 3.94% 3.94% Other Investors 6.42% 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 September 30, 2016 and December 31, 2015 : September 30, 2016 % of Average Portfolio December 31, 2015 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (5,661 ) 4 % $ (8,578 ) 4 % Impact of discount rate + 2% $ (10,908 ) 7 % $ (16,470 ) 8 % Impact of discount rate + 3% $ (15,785 ) 11 % $ (23,753 ) 12 % Prepayment speeds: Impact of prepayment speed * 105% $ (4,289 ) 3 % $ (5,502 ) 3 % Impact of prepayment speed * 110% $ (8,398 ) 6 % $ (10,792 ) 5 % Impact of prepayment speed * 120% $ (16,117 ) 11 % $ (20,778 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,063 ) 1 % $ (1,365 ) 1 % Impact of cost of servicing * 110% $ (2,126 ) 1 % $ (2,731 ) 1 % Impact of cost of servicing * 120% $ (4,251 ) 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 September 30, 2016 and December 31, 2015 , the Company had pledged $147,650 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 September 30, 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Contractual servicing fees $ 10,492 $ 13,370 $ 36,248 $ 38,740 Late fees 692 681 2,094 2,261 Loan servicing fees $ 11,184 $ 14,051 $ 38,342 $ 41,001 Servicing fees as a percentage of average portfolio (annualized) 0.31 % 0.31 % 0.31 % 0.31 %

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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. Changes in fair value of the Company's mortgage loans held for sale are recognized through "Gains on mortgage loans held for sale, net" on its consolidated statements of operations. 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, which are considered Level 2. With respect to its interest rate lock commitments ("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. Changes in fair value of the Company's derivative financial instruments are recognized through "Gains on mortgage loans held for sale, net" on its consolidated statements of operations. 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. Changes in fair value of the Company's mortgage servicing rights are recognized through "Changes in mortgage servicing rights valuation" on its consolidated statements of operations. 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 consolidated 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 saleable, 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. Changes in fair value of the Company's loans eligible for repurchase from GNMA are recognized between "Loans eligible for repurchase from GNMA" and "Liability for loans eligible for repurchase from GNMA" on its consolidated balance sheets. The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 746,335 $ — $ 746,335 Mortgage loans held for sale - non-saleable to GSEs — — 55,664 55,664 Mortgage loans held for sale - repurchased GNMA loans — — 26,714 26,714 Derivative assets (IRLCs) — — 18,144 18,144 Derivative assets (MBS forward trades) — 814 — 814 MSRs — — 148,164 148,164 Loans eligible for repurchase from GNMA — — 99,342 99,342 Total assets $ — $ 747,149 $ 348,028 $ 1,095,177 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 62 $ 62 Derivative liabilities (MBS forward trades) — 6,999 — 6,999 Liability for loans eligible for repurchase from GNMA — — 99,342 99,342 Total liabilities $ — $ 6,999 $ 99,404 $ 106,403 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 nine months ended September 30, 2016 and the year ended December 31, 2015 are as follows: Nine Months Ended September 30, 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 Change in fair value 1,234 339 7,548 (272 ) (3,307 ) (3,307 ) Purchases 18,415 2,207 — — — — Sales (22,885 ) (4,988 ) — — (2,207 ) (2,207 ) Settlements (28,170 ) (3,701 ) — — 24,062 24,062 Transfers into Level 3 1 28,271 — — — — — Transfers out of Level 3 2 — (4,479 ) — — — — Balance at end of period $ 55,664 $ 26,714 $ 18,144 $ 62 $ 99,342 $ 99,342 1 On an ongoing basis, for Mortgage Loans Held for Sale - non-saleable to GSEs measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. 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 Change in fair value (5,580 ) (1,089 ) — — (2,314 ) (2,314 ) Purchases 45,688 40,209 — — — — Sales (5,581 ) (1,560 ) — — (40,209 ) (40,209 ) 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 - non-saleable to GSEs 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, purchases represent those sales 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 2015 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 level 3 balances for the period ending September 30, 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.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following summarizes other assets as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Receivables from MSRs sales, interest and loan related payments, net $ 19,954 $ 18,739 Prepaid expenses 2,773 5,990 Real estate owned, net 1 1,398 1,446 Deposits 525 801 Miscellaneous 323 441 Total other assets $ 24,973 $ 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	9 Months Ended
	Sep. 30, 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 September 30, 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 nine months ended September 30, 2016 and 2015 relating to loan sales in which the Company has continuing involvement: Nine Months Ended September 30, 2016 2015 Proceeds from new loan sales 1 $ 6,726,941 $ 9,981,686 Proceeds from loan servicing fees $ 38,342 $ 41,001 1 Represents proceeds from sales and excludes payments received from borrowers.

Debt

Debt	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Debt	Debt Borrowings outstanding as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans 1 $ 326,708 3 3.88% $ 492,799 4.16% Secured borrowings - eligible GNMA loan repurchases 2 27,832 3.18% 37,615 3.17% Mortgage repurchase borrowings 589,164 2.31% 279,421 2.47% Warehouse lines of credit 975 4.25% 1,306 4.25% Secured borrowings - mortgage servicing rights 57,649 4.84% 77,069 5.58% Operating lines of credit 9,969 4.00% 5,000 4.00% Total mortgage funding arrangements and operating lines of credit $ 1,012,297 $ 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. 3 Does not include the impact of unamortized debt issuance costs, which totaled $246 at September 30, 2016. The Company maintains mortgage loan participation, warehouse lines of credit, repurchase and other credit arrangements listed above (collectively referred to as “mortgage funding arrangements”) with various financial institutions, primarily to fund the origination and purchase of mortgage loans. As of September 30, 2016 , the Company held mortgage funding arrangements with six separate financial institutions and a total maximum borrowing capacity of $1,652,000 , 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 September 30, 2016 and December 31, 2015 : As of September 30, 2016: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 105,070 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2017 Merchants Bank of Indiana - NattyMac Funding 221,638 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 326,708 600,000 Guaranty Bank 27,832 50,000 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 27,832 50,000 Barclays Bank PLC 129,855 300,000 LIBOR plus applicable margin December 2016 Bank of America, N.A. 301,135 425,000 5 LIBOR plus applicable margin June 2017 EverBank 62,243 125,000 LIBOR plus applicable margin November 2016 Wells Fargo 95,931 140,000 LIBOR plus applicable margin January 2017 Total mortgage repurchase borrowings 589,164 990,000 Merchants Bank of Indiana - Warehouse Line of Credit 975 2,000 Prime plus 1.00% July 2017 Total warehouse lines of credit 975 2,000 Barclays Bank PLC - MSRs Secured 11,879 — 4 LIBOR plus applicable margin December 2016 EverBank - MSRs Secured 45,770 — 8 LIBOR plus applicable margin November 2016 Total secured borrowings - MSRs 57,649 — Total $ 1,002,328 $ 1,642,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $10,000 as of September 30, 2016. 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the nine months ended September 30, 2016 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At September 30, 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 MSR sub-limit of $60,000 . 5 The Bank of America maximum borrowing includes $200,000 of mortgage repurchase and $225,000 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 MSR sub-limit 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 2016 EverBank - MSRs Secured 18,090 — 6 LIBOR plus applicable margin November 2016 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 as of December 31, 2015. 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 decrease the MSR sublimit from $70,000 to $60,000 . On October 24, 2016, the Company amended this facility to extend the maturity date to January 7, 2017. On June 3, 2016, the Company amended its mortgage repurchase financing agreement with Bank of America, N.A. to extend the maturity date to July 8, 2016. On July 8, 2016, the Company amended its mortgage repurchase financing agreement with Bank of America, N.A. to extend the maturity date to August 5, 2016. On August 3, 2016, the Company renewed and amended its mortgage repurchase financing agreement with Bank of America, N.A. to extend the maturity date to August 2, 2017. The renewed agreement has a repurchase facility size of $200,000 and a gestation facility size of $225,000 . The repurchase and gestation facility sizes were $250,000 and $300,000 , respectively, prior to the renewal. On July 29, 2016, the Company amended its master participation agreement, warehouse and security agreement and operating line of credit facilities with Merchants to extend their maturity dates to July 31, 2017. On June 17, 2016, the Company amended its operating line of credit agreement with Merchants to temporarily increase the maximum borrowing capacity from $5,000 to $10,000 through August 31, 2016, which was extended on August 30, 2016 through November 15, 2016 when it will revert back to $5,000 . As of September 30, 2016, the Company was in breach of certain debt covenants with respect to the master repurchase and master loan purchase and servicing agreements with Barclays and Guaranty Bank, respectively, due to failure to reporting certain loss mitigation data to HUD timely, leading to the Company's Tier II rating being lowered temporarily to Tier III during the current reporting period. The Company has corrected the reporting submission failure and anticipate that such rating will return to Tier II for the fourth quarter reporting period. The Company obtained waivers of this breach until the downgrade to Tier III can be remediated. The waivers are effective for only this event of default with respect to the Barclays agreement through the maturity date of the debt agreement and effective through March 31, 2017 for the Guaranty Bank agreement. The Company does not anticipate that the breach will have a material effect on the Company's financial condition or the Company's ability to utilize these funding sources going forward. 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 September 30, 2016 and December 31, 2015 , the Company was in compliance with the covenants contained in these agreements, except as discussed above. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance at beginning of period $ 6,301 $ 5,289 $ 5,536 $ 4,967 Provision for mortgage repurchases and indemnifications - new loan sales 1 736 859 1,992 2,555 Provision for mortgage repurchases and indemnifications - change in estimate 2 — 66 — 589 Losses on repurchases and indemnifications (357 ) (928 ) (848 ) (2,825 ) Balance at end of period $ 6,680 $ 5,286 $ 6,680 $ 5,286 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 recorded at the time of loan sale. Because of the inherent uncertainties involved in the various estimates and assumptions used by the Company in determining the mortgage repurchase and indemnifications liability, there is a reasonable possibility that future losses may be in excess of the recorded liability. In assessing the adequacy of the reserve, management evaluates various factors including actual losses on repurchases and indemnifications during the period, historical loss experience, known delinquent and other problem loans, delinquency trends in the portfolio of sold loans and economic trends and conditions in the industry. The Company considers the liability to be appropriate at each balance sheet date.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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 expense (benefit) from continuing operations to the income tax expense (benefit) from continuing operations recorded on the Company's consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 $ % $ % $ % $ % Statutory federal income tax (benefit) expense $ 5,703 35.0 % $ (10,254 ) 35.0 % $ (14,113 ) 35.0 % $ (8,551 ) 35.0 % State income tax benefit, net of federal tax benefit 748 4.6 % (1,342 ) 4.6 % (965 ) 2.4 % (1,318 ) 5.4 % Non-deductible expenses 31 0.2 % 8 — % 93 (0.2 )% 119 (0.5 )% Valuation allowance (6,216 ) (38.2 )% 2,645 (9.0 )% 13,221 (32.8 )% 2,645 (10.8 )% Uncertain tax positions (149 ) (0.9 )% — — % (171 ) 0.4 % — — % State tax rate adjustment to state deferred (70 ) (0.4 )% (168 ) 0.5 % 224 (0.5 )% (168 ) 0.7 % Other 235 1.5 % 6 — % 238 (0.7 )% 8 (0.1 )% Total income tax expense (benefit) $ 282 1.8 % $ (9,105 ) 31.1 % $ (1,473 ) 3.6 % $ (7,265 ) 29.7 % During the nine months ended September 30, 2016 and 2015, the Company recognized an income tax benefit of $1,473 and $7,265 , respectively, which represented effective tax rates of 3.6% and 29.7% , respectively. The income tax benefit for the nine months ended September 30, 2015 included the impact of establishing a $2,645 valuation allowance to offset our deferred tax assets, as discussed below, 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. During the nine months ended September 30, 2016, we increased the valuation allowance by $13,221 . During the three months ended September 30, 2016 and 2015 , the Company recognized an income tax expense of $282 and an income tax benefit of $9,105 , respectively, which represented effective tax rates of 1.8% and 31.1% , respectively. The income tax expense for the three months ended September 30, 2016 included the reversal of $6,216 of the valuation allowance, as discussed below, as compared to the establishment of the valuation allowance of $2,645 during the three months ended September 30, 2015 . We continue to reflect a valuation allowance of $14,775 at September 30, 2016 . Reversal of the valuation allowance is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards. As of September 30, 2016 , the Company had federal and state net operating loss carryforwards of $163,507 and $126,369 , 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	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments to Extend Credit The Company enters into IRLCs with customers who have applied for residential mortgage loans and meet certain credit and underwriting criteria. These commitments expose the Company to market risk if interest rates change and the loan is not economically hedged or committed to an investor. The Company is also exposed to credit loss if the loan is originated and not sold to an investor and the customer does not perform. The collateral upon extension of credit typically consists of a first deed of trust in the mortgagor’s residential property. Commitments to originate loans do not necessarily reflect future cash requirements as some commitments are expected to expire without being drawn upon. Total commitments to originate loans as of September 30, 2016 and December 31, 2015 approximated $1,682,955 and $1,169,768 , respectively, in estimated principal loan amount. The related fair value of these commitments is recognized in the consolidated balance sheet within either “Derivative assets" or "Derivative liabilities". Litigation The Company is subject to various legal proceedings arising out of the ordinary course of business. As of September 30, 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 reached a settlement with the title company during the quarter ended September 30, 2016. The Company received cash consideration in connection with this settlement, which was recognized in "Interest and other income" on its consolidated statements of operations. During the quarter ended September 30, 2016, the Company also recorded an impairment of the purchased loans in substantially the same amount as the settlement income recognized. This impairment was recorded in "General and administrative expense" on its consolidated statements of operations, and represented the carrying value of the purchased loans at the time of the settlement. As a result of recording the settlement income and the impairment for substantially the same amount, there was an immaterial impact to the Company's overall consolidated statements of operations.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation On June 29, 2016, the Company adopted the 2016 Omnibus Incentive Plan (the "2016 Plan") for employees and consultants. The 2016 Plan does not contain any material substantive differences from the 2013 Omnibus Incentive Compensation Plan (the "2013 Plan"), which is discussed in Note 20, “Stock-Based Compensation,” of 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, other than the shares available for issuance. Upon adoption on June 29, 2016, a total of 200,000 shares of the Company's common stock were reserved and available for issuance under the 2016 Plan. As of September 30, 2016, 104,418 shares and 100,000 shares were available for future grants under the 2013 Plan and 2016 Plan, respectively. Additionally, on June 29, 2016, the Company amended the 2013 Non-Employee Director Plan to increase the number of shares available for issuance by 200,000 shares to 304,812 shares. As of September 30, 2016, 123,133 shares were available for future grants under this plan. Stock Options A summary of stock option activity for the nine months ended September 30, 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 (53,740 ) 15.69 Outstanding at September 30, 2016 307,854 $ 13.37 6.2 $ 62 Exercisable at September 30, 2016 256,265 $ 12.44 6.2 $ 62 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 nine months ended September 30, 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 418,379 4.90 Vested (108,980 ) 6.39 Forfeited (11,737 ) 17.04 Nonvested at September 30, 2016 392,292 $ 5.19 During the nine months ended September 30, 2016 , the Company recognized total stock-based compensation expense related to stock options and restricted stock units of $1,059 .

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 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. Other/Eliminations 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. The accounting policies of each reportable segment are the same as those of the Company. Certain consolidated back-office operations, such as risk and compliance, human resources, information technology, business processes and marketing, are allocated to each individual segment. Expenses are allocated to individual segments based on the estimated value of services performed, including estimated utilization of square footage and corporate personnel. Financial highlights by segment are as follows: Total Assets September 30, 2016 December 31, 2015 Originations $ 844,336 $ 647,287 Servicing 313,560 353,097 Financing 200,355 232,061 Other/Eliminations 1 33,570 48,181 Total $ 1,391,821 $ 1,280,626 1 Includes intersegment eliminations and assets not allocated to the three reportable segments. Three Months Ended September 30, 2016 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 40,972 $ 291 $ — $ (24 ) $ 41,239 Changes in mortgage servicing rights valuation — 4,918 — — 4,918 Payoffs and principal amortization of mortgage servicing rights — (8,592 ) — — (8,592 ) Loan origination and other loan fees 5,522 — 488 3 6,013 Loan servicing fees — 11,184 — — 11,184 Interest and other income 5,259 178 1,878 4,200 11,515 Total revenues 51,753 7,979 2,366 4,179 66,277 Expenses Salaries, commissions and benefits 16,730 1,617 397 7,136 25,880 General and administrative 3,375 851 224 7,126 11,576 Interest expense 4,696 475 475 842 6,488 Occupancy, equipment and communication 2,009 380 62 1,779 4,230 Depreciation and amortization expense 1,680 145 101 321 2,247 Corporate allocations 5,521 876 124 (6,521 ) — Total expenses 34,011 4,344 1,383 10,683 50,421 Income (loss) from continuing operations before taxes $ 17,742 $ 3,635 $ 983 $ (6,504 ) $ 15,856 Three Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 32,913 $ — $ — $ (39 ) $ 32,874 Changes in mortgage servicing rights valuation — (28,088 ) — — (28,088 ) Payoffs and principal amortization of mortgage servicing rights — (9,215 ) — — (9,215 ) Loan origination and other loan fees 6,408 — 310 — 6,718 Loan servicing fees — 14,051 — — 14,051 Interest and other income 7,341 — 1,854 22 9,217 Total revenues 46,662 (23,252 ) 2,164 (17 ) 25,557 Expenses Salaries, commissions and benefits 21,037 2,153 486 8,175 31,851 General and administrative 4,038 460 180 4,243 8,921 Interest expense 5,071 1,526 778 133 7,508 Occupancy, equipment and communication 1,909 490 71 1,705 4,175 Depreciation and amortization expense 1,727 155 105 410 2,397 Corporate allocations 6,458 895 98 (7,451 ) — Total expenses 40,240 5,679 1,718 7,215 54,852 Income (loss) from continuing operations before taxes $ 6,422 $ (28,931 ) $ 446 $ (7,232 ) $ (29,295 ) Nine Months Ended September 30, 2016 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 91,652 $ 1,003 $ — $ 19 $ 92,674 Changes in mortgage servicing rights valuation — (48,729 ) — — (48,729 ) Payoffs and principal amortization of mortgage servicing rights — (25,988 ) — — (25,988 ) Loan origination and other loan fees 14,665 — 1,272 11 15,948 Loan servicing fees — 38,342 — — 38,342 Interest and other income 15,205 423 5,661 4,211 25,500 Total revenues 121,522 (34,949 ) 6,933 4,241 97,747 Expenses Salaries, commissions and benefits 47,096 5,012 1,303 19,246 72,657 General and administrative 9,217 1,983 632 13,225 25,057 Interest expense 13,181 2,424 1,710 3,246 20,561 Occupancy, equipment and communication 5,928 1,249 173 5,178 12,528 Depreciation and amortization expense 5,834 416 301 967 7,518 Corporate allocations 16,375 2,602 362 (19,339 ) — Total expenses 97,631 13,686 4,481 22,523 138,321 Income (loss) from continuing operations before taxes $ 23,891 $ (48,635 ) $ 2,452 $ (18,282 ) $ (40,574 ) Nine Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 119,085 $ — $ — $ 10 $ 119,095 Changes in mortgage servicing rights valuation — (34,525 ) — — (34,525 ) Payoffs and principal amortization of mortgage servicing rights — (34,303 ) — — (34,303 ) Loan origination and other loan fees 17,643 — 887 — 18,530 Loan servicing fees — 41,001 — — 41,001 Interest and other income 20,718 — 5,282 125 26,125 Total revenues 157,446 (27,827 ) 6,169 135 135,923 Expenses Salaries, commissions and benefits 63,038 6,554 1,582 22,662 93,836 General and administrative 10,199 1,738 485 12,517 24,939 Interest expense 14,702 5,830 2,438 388 23,358 Occupancy, equipment and communication 5,572 1,478 189 5,202 12,441 Depreciation and amortization expense 3,989 354 308 1,128 5,779 Corporate allocations 19,742 2,735 249 (22,726 ) — Total expenses 117,242 18,689 5,251 19,171 160,353 Income (loss) from continuing operations before taxes $ 40,204 $ (46,516 ) $ 918 $ (19,036 ) $ (24,430 )

Basis of Presentation and Sig23

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of presentation: 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 Quarterly Report on 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 and nine months ended September 30, 2016 and 2015 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three and nine months ended September 30, 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 and notes as of and for the year ended December 31, 2015 included in its 2015 Annual Report on Form 10-K. Prior period reclassifications: During 2015, the Company disposed 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 and has been reclassified as such in our results of operations. Discontinued operation amounts for the three and nine months ended September 30, 2016 are immaterial and are therefore not being presented separately. 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 Unaudited Notes to Consolidated Financial Statements. Refer to Note 3 "Discontinued Operations" for additional information related to the Company's discontinued operations as of September 30, 2016 and 2015 . Immaterial error corrections: 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 nine months ended September 30, 2015 , the offsetting misstatement was a decrease of $13,139,116 .
Risk and Uncertainties	Risks and uncertainties: 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: During 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)" , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. During 2015, the FASB voted to delay the effective date one year. ASU 2014-09 is now effective for annual and interim periods for fiscal years beginning after December 15, 2017, though companies have an option of adopting the standard for fiscal years beginning after December 15, 2016. During 2016, the FASB issued ASU 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations" , ASU 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing" and ASU 2016-12, "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" . The amendments in ASU's 2016-08, 2016-10 and 2016-12 do not change the core principle of ASU 2014-09 but instead clarify the implementation guidance on principle versus agent considerations, identify performance obligations and the licensing implementation guidance, and provide narrow-scope improvements, respectively. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated 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 early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" was issued June 2016. This update is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit. The amendments replace the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of information to estimate credit losses. Previously, when credit losses were measured under GAAP, an entity generally only considered past events and current conditions in measuring the incurred loss. The new guidance will be effective for the Company beginning on January 1, 2020 and early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-15, “ Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ,” was issued in August 2016. The amendments in this update clarify how companies present and classify certain cash receipts and cash payments in the statement of cash flows. The new guidance will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" was issued in October 2016. This update requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. The new guidance will be effective for the Company beginning on January 1, 2018 and early adoption is permitted. A modified retrospective approach with a cumulative-effect adjustment directly to retained earnings at the beginning of the period of adoption is required. The Company is evaluating the impact of the adoption of the new guidance on its consolidated financial statements. ASU 2016-17, "Consolidation (Topic 810): Interests Held through Related Parties that are Under Common Control" was issued in October 2016. This update amends the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity ("VIE") should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The new guidance will be effective for the Company beginning on January 1, 2017 and early adoption is permitted. The Company does not expect the adoption of the new guidance to have a material impact on its consolidated financial statements.
Fair Value Measurements	Fair Value Measurements The Company uses fair value measurements in fair value disclosures and to record certain assets and liabilities at fair value on a recurring basis, such as 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. Changes in fair value of the Company's mortgage loans held for sale are recognized through "Gains on mortgage loans held for sale, net" on its consolidated statements of operations. 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, which are considered Level 2. With respect to its interest rate lock commitments ("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. Changes in fair value of the Company's derivative financial instruments are recognized through "Gains on mortgage loans held for sale, net" on its consolidated statements of operations. 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. Changes in fair value of the Company's mortgage servicing rights are recognized through "Changes in mortgage servicing rights valuation" on its consolidated statements of operations. 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 consolidated 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 saleable, 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. Changes in fair value of the Company's loans eligible for repurchase from GNMA are recognized between "Loans eligible for repurchase from GNMA" and "Liability for loans eligible for repurchase from GNMA" on its consolidated balance sheets.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table provides the components of loss from discontinued operations, net of tax for the three and nine months ended September 30, 2015: Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Total revenues $ 9,347 $ 30,743 Total expenses 13,552 39,581 Loss before income taxes (4,205 ) (8,838 ) Income tax benefit (1,591 ) (3,214 ) Loss from discontinued operations, net of tax $ (2,614 ) $ (5,624 )

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 income (loss) attributable to common stockholders and a table summarizing the basic and diluted earnings (loss) per share calculations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Numerator: Net income (loss) Income (loss) from continuing operations, net of tax $ 15,574 $ (20,190 ) $ (39,101 ) $ (17,165 ) Income (loss) from discontinued operations, net of tax — (2,614 ) — (5,624 ) Net income (loss) attributable to common stockholders $ 15,574 $ (22,804 ) $ (39,101 ) $ (22,789 ) Denominator: Weighted average shares outstanding (in thousands) Weighted average shares outstanding - Basic 25,937 25,782 25,901 25,782 Weighted average shares outstanding - Diluted 25,937 25,782 25,901 25,782 Basic earnings (loss) per share: From continuing operations $ 0.60 $ (0.78 ) $ (1.51 ) $ (0.66 ) From discontinued operations — (0.10 ) — (0.22 ) Total earnings (loss) attributable to common stockholders $ 0.60 $ (0.88 ) $ (1.51 ) $ (0.88 ) Diluted earnings (loss) per share: From continuing operations $ 0.60 $ (0.78 ) $ (1.51 ) $ (0.66 ) From discontinued operations — (0.10 ) — (0.22 ) Total earnings (loss) attributable to common stockholders $ 0.60 $ (0.88 ) $ (1.51 ) $ (0.88 )

Derivative Financial Instrume26

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of outstanding derivative instruments	The following summarizes the Company’s outstanding derivative instruments as of September 30, 2016 and December 31, 2015 : September 30, 2016: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 1,682,955 Derivative assets/liabilities $ 18,144 $ (62 ) MBS forward sales contracts 1,705,270 MBS forward purchase contracts 489,200 Total MBS forward trades 2,194,470 Derivative assets/liabilities 814 (6,999 ) Total derivative financial instruments $ 3,877,425 $ 18,958 $ (7,061 ) 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 net gains (losses) recognized by the Company on its derivative financial instruments, which are included in "Gains on mortgage loans held for sale, net" on its consolidated statements of operations, for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Interest rate lock commitments $ (945 ) $ 6,538 $ 7,820 $ 8,079 MBS forward trades 1 (9,412 ) (30,668 ) (47,372 ) (20,007 ) Net derivative gains (losses) $ (10,357 ) $ (24,130 ) $ (39,552 ) $ (11,928 ) 1 Amount includes pair-off settlements .

Mortgage Loans Held for Sale,27

Mortgage Loans Held for Sale, at Fair Value (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Conventional 1 $ 317,368 $ 230,438 Government insured 2 493,656 357,442 Non-agency/Other 17,689 57,816 Total mortgage loans held for sale, at fair value $ 828,713 $ 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 unpaid principal balance ("UPB") due upon maturity for loans held for sale accounted under the fair value method as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 798,791 $ 766,808 $ 603,778 $ 588,189 90 or more days delinquent 1 29,922 30,806 41,918 42,918 Total $ 828,713 $ 797,614 $ 645,696 $ 631,107 1 Includes $23,159 and $23,909 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 September 30, 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 (Tabl

Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2016
Transfers and Servicing [Abstract]
Summary of the total mortgage servicing portfolio	The Company’s total mortgage servicing portfolio as of September 30, 2016 and December 31, 2015 is summarized as follows (based on the UPB of the underlying mortgage loans): September 30, 2016 December 31, 2015 FNMA $ 3,501,218 $ 5,468,904 GNMA: FHA 4,303,629 3,990,276 VA 3,071,577 2,731,822 USDA 802,602 805,783 FHLMC 2,647,807 4,449,796 Other Investors 90,078 74,150 Total mortgage servicing portfolio $ 14,416,911 $ 17,520,731 MSRs balance $ 148,164 $ 199,637 MSRs balance as a percentage of total mortgage servicing portfolio 1.03 % 1.14 %
Summary of changes in the balance of MSRs	A summary of the changes in the balance of MSRs for the three and nine months ended September 30, 2016 and 2015 is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance at beginning of period $ 132,813 $ 209,343 $ 199,637 $ 204,216 MSRs originated in connection with loan sales 27,765 45,334 76,496 126,459 MSRs sold and derecognized (10,302 ) (15,700 ) (47,780 ) (63,128 ) Purchased MSRs — — — 86 Changes in valuation inputs and assumptions 1 6,480 (28,101 ) (54,201 ) (31,669 ) Actual portfolio runoff (payoffs and principal amortization) (8,592 ) (9,215 ) (25,988 ) (34,303 ) Balance at end of period $ 148,164 $ 201,661 $ 148,164 $ 201,661 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations The Company realized $1,562 related to losses on the sale of MSRs and $13 related to gains on the sale of MSRs for the three months ended September 30, 2016 and 2015 , respectively. The Company realized $5,472 related to gains on the sale of MSRs and $2,856 related to losses on the sale of MSRs for the nine months ended September 30, 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 September 30, 2016 and December 31, 2015 for which the Company has continuing involvement: September 30, 2016 December 31, 2015 Total unpaid principal balance $ 14,416,911 $ 17,520,731 Loans 30-89 days delinquent $ 306,061 $ 307,736 Loans delinquent 90 or more days or in foreclosure $ 136,158 $ 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 September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 15.9 % 13.0 % GNMA: FHA 12.3 % 11.5 % VA 12.7 % 8.8 % USDA 13.1 % 10.5 % FHLMC 13.7 % 11.6 % Other Investors 18.8 % 12.4 % Cost of servicing (per loan) $ 89 $ 85
Schedule of assumptions for default rates	The Company's assumptions for lifetime delinquency rates for FNMA, GNMA, FHLMC and Other Investors mortgage loans as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 FNMA 3.99% 4.01% GNMA: FHA 6.48% 6.58% VA 6.40% 6.52% USDA 6.44% 6.53% FHLMC 3.94% 3.94% Other Investors 6.42% 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 September 30, 2016 and December 31, 2015 : September 30, 2016 % of Average Portfolio December 31, 2015 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (5,661 ) 4 % $ (8,578 ) 4 % Impact of discount rate + 2% $ (10,908 ) 7 % $ (16,470 ) 8 % Impact of discount rate + 3% $ (15,785 ) 11 % $ (23,753 ) 12 % Prepayment speeds: Impact of prepayment speed * 105% $ (4,289 ) 3 % $ (5,502 ) 3 % Impact of prepayment speed * 110% $ (8,398 ) 6 % $ (10,792 ) 5 % Impact of prepayment speed * 120% $ (16,117 ) 11 % $ (20,778 ) 10 % Cost of servicing: Impact of cost of servicing * 105% $ (1,063 ) 1 % $ (1,365 ) 1 % Impact of cost of servicing * 110% $ (2,126 ) 1 % $ (2,731 ) 1 % Impact of cost of servicing * 120% $ (4,251 ) 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Contractual servicing fees $ 10,492 $ 13,370 $ 36,248 $ 38,740 Late fees 692 681 2,094 2,261 Loan servicing fees $ 11,184 $ 14,051 $ 38,342 $ 41,001 Servicing fees as a percentage of average portfolio (annualized) 0.31 % 0.31 % 0.31 % 0.31 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale $ — $ 746,335 $ — $ 746,335 Mortgage loans held for sale - non-saleable to GSEs — — 55,664 55,664 Mortgage loans held for sale - repurchased GNMA loans — — 26,714 26,714 Derivative assets (IRLCs) — — 18,144 18,144 Derivative assets (MBS forward trades) — 814 — 814 MSRs — — 148,164 148,164 Loans eligible for repurchase from GNMA — — 99,342 99,342 Total assets $ — $ 747,149 $ 348,028 $ 1,095,177 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 62 $ 62 Derivative liabilities (MBS forward trades) — 6,999 — 6,999 Liability for loans eligible for repurchase from GNMA — — 99,342 99,342 Total liabilities $ — $ 6,999 $ 99,404 $ 106,403 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 nine months ended September 30, 2016 and the year ended December 31, 2015 are as follows: Nine Months Ended September 30, 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 Change in fair value 1,234 339 7,548 (272 ) (3,307 ) (3,307 ) Purchases 18,415 2,207 — — — — Sales (22,885 ) (4,988 ) — — (2,207 ) (2,207 ) Settlements (28,170 ) (3,701 ) — — 24,062 24,062 Transfers into Level 3 1 28,271 — — — — — Transfers out of Level 3 2 — (4,479 ) — — — — Balance at end of period $ 55,664 $ 26,714 $ 18,144 $ 62 $ 99,342 $ 99,342 1 On an ongoing basis, for Mortgage Loans Held for Sale - non-saleable to GSEs measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. 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 Change in fair value (5,580 ) (1,089 ) — — (2,314 ) (2,314 ) Purchases 45,688 40,209 — — — — Sales (5,581 ) (1,560 ) — — (40,209 ) (40,209 ) 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 - non-saleable to GSEs 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, purchases represent those sales 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 2015 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 nine months ended September 30, 2016 and the year ended December 31, 2015 are as follows: Nine Months Ended September 30, 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 Change in fair value 1,234 339 7,548 (272 ) (3,307 ) (3,307 ) Purchases 18,415 2,207 — — — — Sales (22,885 ) (4,988 ) — — (2,207 ) (2,207 ) Settlements (28,170 ) (3,701 ) — — 24,062 24,062 Transfers into Level 3 1 28,271 — — — — — Transfers out of Level 3 2 — (4,479 ) — — — — Balance at end of period $ 55,664 $ 26,714 $ 18,144 $ 62 $ 99,342 $ 99,342 1 On an ongoing basis, for Mortgage Loans Held for Sale - non-saleable to GSEs measured at fair value, transfers into Level 3 represent those deemed unsaleable to GSEs in the current period. 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 Change in fair value (5,580 ) (1,089 ) — — (2,314 ) (2,314 ) Purchases 45,688 40,209 — — — — Sales (5,581 ) (1,560 ) — — (40,209 ) (40,209 ) 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 - non-saleable to GSEs 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, purchases represent those sales 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 2015 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)	9 Months Ended
	Sep. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other assets	The following summarizes other assets as of September 30, 2016 and December 31, 2015 : September 30, 2016 December 31, 2015 Receivables from MSRs sales, interest and loan related payments, net $ 19,954 $ 18,739 Prepaid expenses 2,773 5,990 Real estate owned, net 1 1,398 1,446 Deposits 525 801 Miscellaneous 323 441 Total other assets $ 24,973 $ 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)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2016 and 2015 relating to loan sales in which the Company has continuing involvement: Nine Months Ended September 30, 2016 2015 Proceeds from new loan sales 1 $ 6,726,941 $ 9,981,686 Proceeds from loan servicing fees $ 38,342 $ 41,001 1 Represents proceeds from sales and excludes payments received from borrowers.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Short-term borrowings outstanding	Borrowings outstanding as of September 30, 2016 and December 31, 2015 are as follows: September 30, 2016 December 31, 2015 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans 1 $ 326,708 3 3.88% $ 492,799 4.16% Secured borrowings - eligible GNMA loan repurchases 2 27,832 3.18% 37,615 3.17% Mortgage repurchase borrowings 589,164 2.31% 279,421 2.47% Warehouse lines of credit 975 4.25% 1,306 4.25% Secured borrowings - mortgage servicing rights 57,649 4.84% 77,069 5.58% Operating lines of credit 9,969 4.00% 5,000 4.00% Total mortgage funding arrangements and operating lines of credit $ 1,012,297 $ 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. 3 Does not include the impact of unamortized debt issuance costs, which totaled $246 at September 30, 2016.
Summary of the amounts outstanding, interest rates and maturity dates under the various mortgage funding arrangements	The following tables summarize the amounts outstanding, interest rates and maturity dates under the Company’s various mortgage funding arrangements as of September 30, 2016 and December 31, 2015 : As of September 30, 2016: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 105,070 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2017 Merchants Bank of Indiana - NattyMac Funding 221,638 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 326,708 600,000 Guaranty Bank 27,832 50,000 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 27,832 50,000 Barclays Bank PLC 129,855 300,000 LIBOR plus applicable margin December 2016 Bank of America, N.A. 301,135 425,000 5 LIBOR plus applicable margin June 2017 EverBank 62,243 125,000 LIBOR plus applicable margin November 2016 Wells Fargo 95,931 140,000 LIBOR plus applicable margin January 2017 Total mortgage repurchase borrowings 589,164 990,000 Merchants Bank of Indiana - Warehouse Line of Credit 975 2,000 Prime plus 1.00% July 2017 Total warehouse lines of credit 975 2,000 Barclays Bank PLC - MSRs Secured 11,879 — 4 LIBOR plus applicable margin December 2016 EverBank - MSRs Secured 45,770 — 8 LIBOR plus applicable margin November 2016 Total secured borrowings - MSRs 57,649 — Total $ 1,002,328 $ 1,642,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $10,000 as of September 30, 2016. 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the nine months ended September 30, 2016 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At September 30, 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 MSR sub-limit of $60,000 . 5 The Bank of America maximum borrowing includes $200,000 of mortgage repurchase and $225,000 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 MSR sub-limit 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 2016 EverBank - MSRs Secured 18,090 — 6 LIBOR plus applicable margin November 2016 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 as of December 31, 2015. 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)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Balance at beginning of period $ 6,301 $ 5,289 $ 5,536 $ 4,967 Provision for mortgage repurchases and indemnifications - new loan sales 1 736 859 1,992 2,555 Provision for mortgage repurchases and indemnifications - change in estimate 2 — 66 — 589 Losses on repurchases and indemnifications (357 ) (928 ) (848 ) (2,825 ) Balance at end of period $ 6,680 $ 5,286 $ 6,680 $ 5,286 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 recorded at the time of loan sale.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 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 expense (benefit) from continuing operations to the income tax expense (benefit) from continuing operations recorded on the Company's consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 $ % $ % $ % $ % Statutory federal income tax (benefit) expense $ 5,703 35.0 % $ (10,254 ) 35.0 % $ (14,113 ) 35.0 % $ (8,551 ) 35.0 % State income tax benefit, net of federal tax benefit 748 4.6 % (1,342 ) 4.6 % (965 ) 2.4 % (1,318 ) 5.4 % Non-deductible expenses 31 0.2 % 8 — % 93 (0.2 )% 119 (0.5 )% Valuation allowance (6,216 ) (38.2 )% 2,645 (9.0 )% 13,221 (32.8 )% 2,645 (10.8 )% Uncertain tax positions (149 ) (0.9 )% — — % (171 ) 0.4 % — — % State tax rate adjustment to state deferred (70 ) (0.4 )% (168 ) 0.5 % 224 (0.5 )% (168 ) 0.7 % Other 235 1.5 % 6 — % 238 (0.7 )% 8 (0.1 )% Total income tax expense (benefit) $ 282 1.8 % $ (9,105 ) 31.1 % $ (1,473 ) 3.6 % $ (7,265 ) 29.7 %

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
A summary of stock option activity	A summary of stock option activity for the nine months ended September 30, 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 (53,740 ) 15.69 Outstanding at September 30, 2016 307,854 $ 13.37 6.2 $ 62 Exercisable at September 30, 2016 256,265 $ 12.44 6.2 $ 62
Summary of the nonvested restricted stock unit activity	A summary of the nonvested restricted stock unit activity for the nine months ended September 30, 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 418,379 4.90 Vested (108,980 ) 6.39 Forfeited (11,737 ) 17.04 Nonvested at September 30, 2016 392,292 $ 5.19

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Reconciliation of assets from segment to consolidated	Financial highlights by segment are as follows: Total Assets September 30, 2016 December 31, 2015 Originations $ 844,336 $ 647,287 Servicing 313,560 353,097 Financing 200,355 232,061 Other/Eliminations 1 33,570 48,181 Total $ 1,391,821 $ 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 September 30, 2016 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 40,972 $ 291 $ — $ (24 ) $ 41,239 Changes in mortgage servicing rights valuation — 4,918 — — 4,918 Payoffs and principal amortization of mortgage servicing rights — (8,592 ) — — (8,592 ) Loan origination and other loan fees 5,522 — 488 3 6,013 Loan servicing fees — 11,184 — — 11,184 Interest and other income 5,259 178 1,878 4,200 11,515 Total revenues 51,753 7,979 2,366 4,179 66,277 Expenses Salaries, commissions and benefits 16,730 1,617 397 7,136 25,880 General and administrative 3,375 851 224 7,126 11,576 Interest expense 4,696 475 475 842 6,488 Occupancy, equipment and communication 2,009 380 62 1,779 4,230 Depreciation and amortization expense 1,680 145 101 321 2,247 Corporate allocations 5,521 876 124 (6,521 ) — Total expenses 34,011 4,344 1,383 10,683 50,421 Income (loss) from continuing operations before taxes $ 17,742 $ 3,635 $ 983 $ (6,504 ) $ 15,856 Three Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 32,913 $ — $ — $ (39 ) $ 32,874 Changes in mortgage servicing rights valuation — (28,088 ) — — (28,088 ) Payoffs and principal amortization of mortgage servicing rights — (9,215 ) — — (9,215 ) Loan origination and other loan fees 6,408 — 310 — 6,718 Loan servicing fees — 14,051 — — 14,051 Interest and other income 7,341 — 1,854 22 9,217 Total revenues 46,662 (23,252 ) 2,164 (17 ) 25,557 Expenses Salaries, commissions and benefits 21,037 2,153 486 8,175 31,851 General and administrative 4,038 460 180 4,243 8,921 Interest expense 5,071 1,526 778 133 7,508 Occupancy, equipment and communication 1,909 490 71 1,705 4,175 Depreciation and amortization expense 1,727 155 105 410 2,397 Corporate allocations 6,458 895 98 (7,451 ) — Total expenses 40,240 5,679 1,718 7,215 54,852 Income (loss) from continuing operations before taxes $ 6,422 $ (28,931 ) $ 446 $ (7,232 ) $ (29,295 ) Nine Months Ended September 30, 2016 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 91,652 $ 1,003 $ — $ 19 $ 92,674 Changes in mortgage servicing rights valuation — (48,729 ) — — (48,729 ) Payoffs and principal amortization of mortgage servicing rights — (25,988 ) — — (25,988 ) Loan origination and other loan fees 14,665 — 1,272 11 15,948 Loan servicing fees — 38,342 — — 38,342 Interest and other income 15,205 423 5,661 4,211 25,500 Total revenues 121,522 (34,949 ) 6,933 4,241 97,747 Expenses Salaries, commissions and benefits 47,096 5,012 1,303 19,246 72,657 General and administrative 9,217 1,983 632 13,225 25,057 Interest expense 13,181 2,424 1,710 3,246 20,561 Occupancy, equipment and communication 5,928 1,249 173 5,178 12,528 Depreciation and amortization expense 5,834 416 301 967 7,518 Corporate allocations 16,375 2,602 362 (19,339 ) — Total expenses 97,631 13,686 4,481 22,523 138,321 Income (loss) from continuing operations before taxes $ 23,891 $ (48,635 ) $ 2,452 $ (18,282 ) $ (40,574 ) Nine Months Ended September 30, 2015 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 119,085 $ — $ — $ 10 $ 119,095 Changes in mortgage servicing rights valuation — (34,525 ) — — (34,525 ) Payoffs and principal amortization of mortgage servicing rights — (34,303 ) — — (34,303 ) Loan origination and other loan fees 17,643 — 887 — 18,530 Loan servicing fees — 41,001 — — 41,001 Interest and other income 20,718 — 5,282 125 26,125 Total revenues 157,446 (27,827 ) 6,169 135 135,923 Expenses Salaries, commissions and benefits 63,038 6,554 1,582 22,662 93,836 General and administrative 10,199 1,738 485 12,517 24,939 Interest expense 14,702 5,830 2,438 388 23,358 Occupancy, equipment and communication 5,572 1,478 189 5,202 12,441 Depreciation and amortization expense 3,989 354 308 1,128 5,779 Corporate allocations 19,742 2,735 249 (22,726 ) — Total expenses 117,242 18,689 5,251 19,171 160,353 Income (loss) from continuing operations before taxes $ 40,204 $ (46,516 ) $ 918 $ (19,036 ) $ (24,430 )

Organization and Operations (De

Organization and Operations (Details)	9 Months Ended
	Sep. 30, 2016segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	3

Basis of Presentation and Sig38

Basis of Presentation and Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	$ (11,143,764)	$ (15,203,612)
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	$ (11,005,258)	(15,306,751)
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		13,139,116
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit		$ 13,139,116

Discontinued Operations - Resul

Discontinued Operations - Results of Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Total revenues		$ 9,347		$ 30,743
Total expenses		13,552		39,581
Loss before income taxes		(4,205)		(8,838)
Income tax benefit		(1,591)		(3,214)
Loss from discontinued operations, net of tax	$ 0	$ (2,614)	$ 0	$ (5,624)

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	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
Number of retail branch locations sold | branch			14
Total expenses	$ 13,552	$ 39,581
Depreciation depreciation	444	689
Capital expenditures	566	1,131
Salaries, Commissions, and Benefit Expense
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total expenses	8,754	27,636
General and Administrative Expenses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total expenses	1,142	3,662
Occupancy, Equipment, and Communication Expense
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total expenses	$ 1,659	$ 5,187

Earnings (Loss) Per Share - Rec

Earnings (Loss) Per Share - Reconciliation of income attributable to common shareholders and computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income (loss)
Income (loss) from continuing operations, net of tax	$ 15,574	$ (20,190)	$ (39,101)	$ (17,165)
(Loss) from discontinued operations, net of tax	0	(2,614)	0	(5,624)
Net income (loss) attributable to common stockholders	$ 15,574	$ (22,804)	$ (39,101)	$ (22,789)
Weighted average shares outstanding:
Weighted average shares outstanding - Basic (in shares)	25,937	25,782	25,901	25,782
Weighted average shares outstanding - Diluted (in shares)	25,937	25,782	25,901	25,782
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	$ 0.60	$ (0.78)	$ (1.51)	$ (0.66)
From discontinued operations (in dollars per share)	0	(0.10)	0	(0.22)
Total basic earnings (loss) per share (in dollars per share)	0.60	(0.88)	(1.51)	(0.88)
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	0.60	(0.78)	(1.51)	(0.66)
From discontinued operations (in dollars per share)	0	(0.10)	0	(0.22)
Total diluted earnings (loss) per share (in dollars per share)	$ 0.60	$ (0.88)	$ (1.51)	$ (0.88)

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Anti-dilutive securities excluded from the EPS calculation (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 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)	920	1,556	762	1,558

Derivative Financial Instrume43

Derivative Financial Instruments - Summary of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair Value - Asset	$ 18,958	$ 12,160
Fair Value - (Liability)	(7,061)	(2,517)
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional	3,877,425	3,398,563
Fair Value - Asset	18,958	12,160
Fair Value - (Liability)	(7,061)	(2,517)
Not designated as hedging instrument | Interest rate contract | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional	1,682,955	1,169,768
Fair Value - Asset	18,144	10,596
Fair Value - (Liability)	(62)	(334)
Not designated as hedging instrument | Price risk derivative | MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Notional	1,705,270	1,705,995
Not designated as hedging instrument | Price risk derivative | MBS forward purchase contracts
Derivatives, Fair Value [Line Items]
Notional	489,200	522,800
Not designated as hedging instrument | Price risk derivative | MBS forward trades
Derivatives, Fair Value [Line Items]
Notional	2,194,470	2,228,795
Fair Value - Asset	814	1,564
Fair Value - (Liability)	$ (6,999)	$ (2,183)

Derivative Financial Instrume44

Derivative Financial Instruments - Effect of derivatives on statements of income (Details) - Not designated as hedging instrument - Gains on mortgage loans held for sale - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	$ (10,357)	$ (24,130)	$ (39,552)	$ (11,928)
Interest rate contract | Interest rate lock commitments
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	(945)	6,538	7,820	8,079
Price risk derivative | MBS forward trades
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	$ (9,412)	$ (30,668)	$ (47,372)	$ (20,007)

Derivative Financial Instrume45

Derivative Financial Instruments - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	$ 7,061,000		$ 2,517,000
Net credit gain position with respect to counterparties	18,958,000		12,160,000
Certain counterparties
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	2,525,000
Net credit gain position with respect to counterparties			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	$ 3,660,000		$ 4,045,000

Mortgage Loans Held for Sale,46

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 828,713	$ 645,696
Fair value of mortgages pledged as collateral	776,549	611,926
Mortgage loans held for sale funded with excess cash	$ 52,164	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	$ 317,368	230,438
Government insured
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	493,656	357,442
Non-agency/Other
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 17,689	$ 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	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Option, Quantitative Disclosures [Line Items]
Current through 89 days delinquent - Fair Value	$ 798,791	$ 603,778
90 or more days delinquent - Fair Value	29,922	41,918
Total - Fair Value	828,713	645,696
Current through 89 days delinquent - UPB	766,808	588,189
90 or more days delinquent - UPB	30,806	42,918
Total - UPB	797,614	631,107
Eligible GNMA Loan Repurchases
Fair Value, Option, Quantitative Disclosures [Line Items]
90 or more days delinquent - Fair Value	23,159	34,540
90 or more days delinquent - UPB	$ 23,909	$ 35,547

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of mortgage servicing portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 14,416,911		$ 17,520,731
MSRs balance	$ 148,164		$ 199,637
MSRs balance as a percentage of total mortgage servicing portfolio	1.03%		1.14%
FNMA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 3,501,218		$ 5,468,904
FHA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	4,303,629		3,990,276
VA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	3,071,577		2,731,822
USDA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	802,602		805,783
FHLMC
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	2,647,807		4,449,796
Other Investors
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	90,078		74,150
Residential mortgage
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
MSRs balance	$ 148,164	$ 132,813	$ 199,637	$ 201,661	$ 209,343	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Dec. 31, 2015
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period			$ 199,637
Changes in valuation inputs and assumptions	$ 4,918	$ (28,088)	(48,729)	$ (34,525)
Balance at end of period	148,164		148,164
Gain (loss) on sale of mortgage servicing rights	1,562	13	5,472	(2,856)
Unpaid principal balance of MSRs sold	1,200,000		1,200,000		$ 5,060,000
Residential mortgage
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	132,813	209,343	199,637	204,216
MSRs originated in connection with loan sales	27,765	45,334	76,496	126,459
MSRs sold and derecognized	(10,302)	(15,700)	(47,780)	(63,128)
Purchased MSRs	0	0	0	86
Changes in valuation inputs and assumptions	6,480	(28,101)	(54,201)	(31,669)
Actual portfolio runoff (payoffs and principal amortization)	(8,592)	(9,215)	(25,988)	(34,303)
Balance at end of period	148,164	$ 201,661	148,164	$ 201,661
Fair Value of Mortgage Servicing Rights
Servicing Asset at Fair Value, Amount [Roll Forward]
Fair value of MSR pledged as collateral	$ 147,650		$ 147,650			$ 199,007

Mortgage Servicing Rights - Out

Mortgage Servicing Rights - Outstanding Loans Sold with Continuing Involvement (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Total unpaid principal balance	$ 14,416,911	$ 17,520,731
Loans 30-89 days delinquent	306,061	307,736
Loans delinquent 90 or more days or in foreclosure	$ 136,158	$ 114,298

Mortgage Servicing Rights - Key

Mortgage Servicing Rights - Key Valuation Assumptions for MSRs on the Balance Sheet Dates (Details) - $ / loan	9 Months Ended	12 Months Ended
	Sep. 30, 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)	89	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)	15.90%	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)	12.30%	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)	12.70%	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)	13.10%	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)	13.70%	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)	18.80%	12.40%

Mortgage Servicing Rights - Ass

Mortgage Servicing Rights - Assumptions for Defaults Rates (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 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	3.99%	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	6.48%	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	6.40%	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	6.44%	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	3.94%	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	6.42%	6.37%

Mortgage Servicing Rights - Hyp

Mortgage Servicing Rights - Hypothetical Effect of an Adverse Change in Key Assumptions (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Impact of discount rate plus 1%	$ (5,661)	$ (8,578)
Impact of discount rate plus 1%, Percentage of Average Portfolio	4.00%	4.00%
Impact of discount rate plus 2%	$ (10,908)	$ (16,470)
Impact of discount rate plus 2%, Percentage of Average Portfolio	7.00%	8.00%
Impact of discount rate plus 3%	$ (15,785)	$ (23,753)
Impact of discount rate plus 3%, Percentage of Average Portfolio	11.00%	12.00%
Impact of prepayment speed times 105%	$ (4,289)	$ (5,502)
Impact of prepayment speed times 105%, Percentage of Average Portfolio	3.00%	3.00%
Impact of prepayment speed times 110%	$ (8,398)	$ (10,792)
Impact of prepayment speed times 110%, Percentage of Average Portfolio	6.00%	5.00%
Impact of prepayment speed times 120%	$ (16,117)	$ (20,778)
Impact of prepayment speed times 120%, Percentage of Average Portfolio	11.00%	10.00%
Impact of cost of servicing times 105%	$ (1,063)	$ (1,365)
Impact of cost of servicing times 105%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 110%	$ (2,126)	$ (2,731)
Impact of cost of servicing times 110%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 120%	$ (4,251)	$ (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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 10,492	$ 13,370	$ 36,248	$ 38,740
Late fees	692	681	2,094	2,261
Loan servicing fees	$ 11,184	$ 14,051	$ 38,342	$ 41,001
Servicing fees as a percentage of average portfolio (annualized)	0.31%	0.31%	0.31%	0.31%

Fair Value Measurements - Major

Fair Value Measurements - Major Categories of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Assets:
Derivative assets	$ 18,958	$ 12,160
MSRs	148,164	199,637
Liabilities:
Derivative liabilities	7,061	2,517
Measured on a recurring basis
Assets:
Mortgage loans held for sale	746,335	549,561
MSRs	148,164	199,637
Loans eligible for repurchase from GNMA	99,342	80,794
Total assets	1,095,177	938,287
Liabilities:
Liability for loans eligible for repurchase from GNMA	99,342	80,794
Total liabilities	106,403	83,311
Measured on a recurring basis | Interest rate contract | IRLCs
Assets:
Derivative assets	18,144	10,596
Liabilities:
Derivative liabilities	62	334
Measured on a recurring basis | Price risk derivative | MBS forward trades
Assets:
Derivative assets	814	1,564
Liabilities:
Derivative liabilities	6,999	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	746,335	549,561
MSRs	0	0
Loans eligible for repurchase from GNMA	0	0
Total assets	747,149	551,125
Liabilities:
Liability for loans eligible for repurchase from GNMA	0	0
Total liabilities	6,999	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	814	1,564
Liabilities:
Derivative liabilities	6,999	2,183
Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	0	0
MSRs	148,164	199,637
Loans eligible for repurchase from GNMA	99,342	80,794
Total assets	348,028	387,162
Liabilities:
Liability for loans eligible for repurchase from GNMA	99,342	80,794
Total liabilities	99,404	81,128
Measured on a recurring basis | Level 3 | Interest rate contract | IRLCs
Assets:
Derivative assets	18,144	10,596
Liabilities:
Derivative liabilities	62	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	55,664	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	55,664	58,799
GNMA | Measured on a recurring basis
Assets:
Mortgage loans held for sale	26,714	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	$ 26,714	$ 37,336

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation Assets and Liabilities within Level 3 (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 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
Change in fair value	(272)	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	334
Transfers out of Level 3	0	0
Balance at end of period	62	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
Change in fair value	(3,307)	(2,314)
Purchases	0	0
Sales	(2,207)	(40,209)
Settlements	24,062	13,920
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	99,342	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
Change in fair value	1,234	(5,580)
Purchases	18,415	45,688
Sales	(22,885)	(5,581)
Settlements	(28,170)	(19,750)
Transfers into Level 3	28,271	45,308
Transfers out of Level 3	0	(1,286)
Balance at end of period	55,664	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
Change in fair value	339	(1,089)
Purchases	2,207	40,209
Sales	(4,988)	(1,560)
Settlements	(3,701)	(1,204)
Transfers into Level 3	0	1,286
Transfers out of Level 3	(4,479)	(306)
Balance at end of period	26,714	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
Change in fair value	7,548	0
Purchases	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	10,596
Transfers out of Level 3	0	0
Balance at end of period	18,144	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
Change in fair value	(3,307)	(2,314)
Purchases	0	0
Sales	(2,207)	(40,209)
Settlements	24,062	13,920
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	$ 99,342	$ 80,794

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables from MSRs sales, interest and loan related payments, net	$ 19,954	$ 18,739
Prepaid expenses	2,773	5,990
Real estate owned, net	1,398	1,446
Deposits	525	801
Miscellaneous	323	441
Total other assets	$ 24,973	$ 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	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Transfers and Servicing [Abstract]
Proceeds from new loan sales	$ 6,726,941	$ 9,981,686
Proceeds from loan servicing fees	$ 38,342	$ 41,001

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Short-term Debt [Line Items]
Amount Outstanding	$ 1,012,297	$ 893,210
Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 326,708	$ 492,799
Weighted Average Interest Rate (as a percent)	3.88%	4.16%
Mortgage repurchase borrowings
Short-term Debt [Line Items]
Amount Outstanding	$ 589,164	$ 279,421
Weighted Average Interest Rate (as a percent)	2.31%	2.47%
Warehouse lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 975	$ 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	$ 57,649	$ 77,069
Weighted Average Interest Rate (as a percent)	4.84%	5.58%
Operating lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 9,969	$ 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	$ 27,832	$ 37,615
Weighted Average Interest Rate (as a percent)	3.18%	3.17%
Unamortized debt issuance costs	$ 246

Debt - Mortgage Funding Arrange

Debt - Mortgage Funding Arrangements (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015	Aug. 03, 2016	Jun. 03, 2016	Mar. 31, 2016	Mar. 01, 2016	Feb. 29, 2016
Line of Credit Facility [Line Items]
Amount Outstanding	$ 1,002,328,000	$ 888,210,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	1,642,000,000	1,942,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	1,652,000,000
Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	326,708,000	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	589,164,000	279,421,000
Line of credit maximum borrowing capacity	990,000,000	1,290,000,000
Mortgage repurchase borrowings | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	129,855,000	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	301,135,000	184,804,000
Line of credit maximum borrowing capacity	425,000,000	700,000,000	$ 200,000,000	$ 250,000,000	$ 550,000,000		$ 700,000,000
Mortgage repurchase borrowings | EverBank
Line of Credit Facility [Line Items]
Amount Outstanding	62,243,000	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	95,931,000	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	57,649,000	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	11,879,000	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	45,770,000	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 2017 | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	$ 105,070,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	600,000,000
Participation Agreement, Mature July 2016 | Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding		$ 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	221,638,000	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	$ 975,000	$ 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	975,000	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	27,832,000	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	27,832,000	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)	9 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)arrangementlender	Dec. 31, 2015USD ($)	Aug. 03, 2016USD ($)	Jun. 17, 2016USD ($)	Jun. 03, 2016USD ($)	Mar. 31, 2016USD ($)	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)	$ 1,642,000,000	$ 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	$ 1,652,000,000
Operating lines of credit
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	10,000,000
Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	990,000,000	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		$ 10,000,000
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	425,000,000	700,000,000	$ 200,000,000		$ 250,000,000	$ 550,000,000		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				$ 200,000,000		$ 300,000,000	$ 400,000,000
Mortgage repurchase borrowings | Mortgage Gestation Repurchase | Bank of America, N.A.
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity			$ 225,000,000		$ 300,000,000
Maximum borrowing capacity	$ 225,000,000	$ 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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 6,301	$ 5,289	$ 5,536	$ 4,967
Provision for mortgage repurchases and indemnifications - new loan sales	736	859	1,992	2,555
Provision for mortgage repurchases and indemnifications - change in estimate	0	66	0	589
Losses on repurchases and indemnifications	(357)	(928)	(848)	(2,825)
Balance at end of period	$ 6,680	$ 5,286	$ 6,680	$ 5,286

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 282	$ (9,105)	$ (1,473)	$ (7,265)
Effective tax rates (as a percent)	1.80%	31.10%	3.60%	29.70%
Change in valuation allowance	$ (6,216)	$ 2,645	$ 13,221	$ 2,645
Valuation allowance	14,775		14,775
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	163,507		163,507
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 126,369		$ 126,369

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax (benefit) expense	$ 5,703	$ (10,254)	$ (14,113)	$ (8,551)
State income tax benefit, net of federal tax benefit	748	(1,342)	(965)	(1,318)
Non-deductible expenses	31	8	93	119
Valuation allowance	(6,216)	2,645	13,221	2,645
Uncertain tax positions	(149)	0	(171)	0
State tax rate adjustment to state deferred	(70)	(168)	224	(168)
Other	235	6	238	8
Total income tax expense (benefit)	$ 282	$ (9,105)	$ (1,473)	$ (7,265)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax (benefit) expense, percent	35.00%	35.00%	35.00%	35.00%
State income tax benefit, net of federal tax benefit, percent	4.60%	4.60%	2.40%	5.40%
Non-deductible expenses, percent	0.20%	0.00%	(0.20%)	(0.50%)
Valuation allowance, percent	(38.20%)	(9.00%)	(32.80%)	(10.80%)
Uncertain tax positions, percent	(0.90%)	0.00%	0.40%	0.00%
State tax rate adjustment to state deferred, percent	(0.40%)	0.50%	(0.50%)	0.70%
Other, percent	1.50%	0.00%	(0.70%)	(0.10%)
Total income tax benefit, percent	1.80%	31.10%	3.60%	29.70%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Total commitments to originate loans	$ 1,682,955	$ 1,169,768
Total principal amount of certain refinancing loans purchased	$ 14,416,911	$ 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
Maximum | Pending litigation | Regulatory contingencies
Loss Contingencies [Line Items]
Fees to be refunded to borrowers			$ 417

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - shares	Jun. 29, 2016	Sep. 30, 2016
2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	200,000
Amended 2013 Non-Employee Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)	304,812
Common stock | 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		100,000
Common stock | 2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		104,418
Common stock | Amended 2013 Non-Employee Director Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)		123,133
Number of additional shares authorized (in shares)	200,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - Stock options $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 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	(53,740)
Number of Shares, Outstanding - ending balance	307,854
Number of Shares, Exercisable	256,265
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	15.69
Weighted Average Exercise Price Per Share, Outstanding - ending balance (in usd per share) | $ / shares	13.37
Weighted Average Exercise Price Per Share, Exercisable (in usd per share) | $ / shares	$ 12.44
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life, Outstanding - ending balance	6 years 2 months 12 days
Weighted Average Remaining Contractual Life, Exercisable	6 years 2 months 12 days
Aggregate Intrinsic Value, Outstanding - ending balance | $	$ 62
Aggregate Intrinsic Value, Exercisable | $	$ 62

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,059	$ 3,545
Restricted Stock Units (RSUs)
Restricted Stock Units
Nonvested beginning balance, RSU (in shares)	94,630
Granted, RSU (in shares)	418,379
Vested, RSU (in shares)	(108,980)
Forfeited, RSU (in shares)	(11,737)
Nonvested ending balance, RSU (in shares)	392,292
Weighted Average Grant Date Fair Value Per Share
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)	4.90
Vested, Weighted average grant date fair value per share (in usd per share)	6.39
Forfeited, Weighted average grant date fair value per share (in usd per share)	17.04
Nonvested ending balance, Weighted average grant date fair value per share (in usd per share)	$ 5.19
Additional paid-in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,059	$ 3,545

Segment Information - Assets by

Segment Information - Assets by Segments (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)segment	Dec. 31, 2015USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of operating segments | segment	3
Number of reportable segments | segment	3
Assets	$ 1,391,821	$ 1,280,626
Operating Segments | Originations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	844,336	647,287
Operating Segments | Servicing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	313,560	353,097
Operating Segments | Financing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	200,355	232,061
Other/Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 33,570	$ 48,181

Segment Information - Income (L

Segment Information - Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Gains on mortgage loans held for sale, net	$ 41,239	$ 32,874	$ 92,674	$ 119,095
Changes in mortgage servicing rights valuation	4,918	(28,088)	(48,729)	(34,525)
Payoffs and principal amortization of mortgage servicing rights	(8,592)	(9,215)	(25,988)	(34,303)
Loan origination and other loan fees	6,013	6,718	15,948	18,530
Loan servicing fees	11,184	14,051	38,342	41,001
Interest and other income	11,515	9,217	25,500	26,125
Total revenues	66,277	25,557	97,747	135,923
Expenses
Salaries, commissions and benefits	25,880	31,851	72,657	93,836
General and administrative expense	11,576	8,921	25,057	24,939
Interest expense	6,488	7,508	20,561	23,358
Occupancy, equipment and communication	4,230	4,175	12,528	12,441
Depreciation and amortization expense	2,247	2,397	7,518	5,779
Corporate allocations	0	0	0	0
Total expenses	50,421	54,852	138,321	160,353
Income (loss) before income taxes	15,856	(29,295)	(40,574)	(24,430)
Operating Segments | Originations
Revenues
Gains on mortgage loans held for sale, net	40,972	32,913	91,652	119,085
Changes in mortgage servicing rights valuation	0	0	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0	0	0
Loan origination and other loan fees	5,522	6,408	14,665	17,643
Loan servicing fees	0	0	0	0
Interest and other income	5,259	7,341	15,205	20,718
Total revenues	51,753	46,662	121,522	157,446
Expenses
Salaries, commissions and benefits	16,730	21,037	47,096	63,038
General and administrative expense	3,375	4,038	9,217	10,199
Interest expense	4,696	5,071	13,181	14,702
Occupancy, equipment and communication	2,009	1,909	5,928	5,572
Depreciation and amortization expense	1,680	1,727	5,834	3,989
Corporate allocations	5,521	6,458	16,375	19,742
Total expenses	34,011	40,240	97,631	117,242
Income (loss) before income taxes	17,742	6,422	23,891	40,204
Operating Segments | Servicing
Revenues
Gains on mortgage loans held for sale, net	291	0	1,003	0
Changes in mortgage servicing rights valuation	4,918	(28,088)	(48,729)	(34,525)
Payoffs and principal amortization of mortgage servicing rights	(8,592)	(9,215)	(25,988)	(34,303)
Loan origination and other loan fees	0	0	0	0
Loan servicing fees	11,184	14,051	38,342	41,001
Interest and other income	178	0	423	0
Total revenues	7,979	(23,252)	(34,949)	(27,827)
Expenses
Salaries, commissions and benefits	1,617	2,153	5,012	6,554
General and administrative expense	851	460	1,983	1,738
Interest expense	475	1,526	2,424	5,830
Occupancy, equipment and communication	380	490	1,249	1,478
Depreciation and amortization expense	145	155	416	354
Corporate allocations	876	895	2,602	2,735
Total expenses	4,344	5,679	13,686	18,689
Income (loss) before income taxes	3,635	(28,931)	(48,635)	(46,516)
Operating Segments | Financing
Revenues
Gains on mortgage loans held for sale, net	0	0	0	0
Changes in mortgage servicing rights valuation	0	0	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0	0	0
Loan origination and other loan fees	488	310	1,272	887
Loan servicing fees	0	0	0	0
Interest and other income	1,878	1,854	5,661	5,282
Total revenues	2,366	2,164	6,933	6,169
Expenses
Salaries, commissions and benefits	397	486	1,303	1,582
General and administrative expense	224	180	632	485
Interest expense	475	778	1,710	2,438
Occupancy, equipment and communication	62	71	173	189
Depreciation and amortization expense	101	105	301	308
Corporate allocations	124	98	362	249
Total expenses	1,383	1,718	4,481	5,251
Income (loss) before income taxes	983	446	2,452	918
Other/Eliminations
Revenues
Gains on mortgage loans held for sale, net	(24)	(39)	19	10
Changes in mortgage servicing rights valuation	0	0	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0	0	0
Loan origination and other loan fees	3	0	11	0
Loan servicing fees	0	0	0	0
Interest and other income	4,200	22	4,211	125
Total revenues	4,179	(17)	4,241	135
Expenses
Salaries, commissions and benefits	7,136	8,175	19,246	22,662
General and administrative expense	7,126	4,243	13,225	12,517
Interest expense	842	133	3,246	388
Occupancy, equipment and communication	1,779	1,705	5,178	5,202
Depreciation and amortization expense	321	410	967	1,128
Corporate allocations	(6,521)	(7,451)	(19,339)	(22,726)
Total expenses	10,683	7,215	22,523	19,171
Income (loss) before income taxes	$ (6,504)	$ (7,232)	$ (18,282)	$ (19,036)