Stonegate Mortgage (SGM) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	STONEGATE MORTGAGE CORP
Entity Central Index Key	1,454,389
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		25,854,022

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 22,494	$ 26,258
Restricted cash	2,776	1,500
Mortgage loans held for sale, at fair value	462,407	578,390
Servicing advances, net	25,593	24,364
Derivative assets	9,428	21,271
Mortgage servicing rights, at fair value	225,704	211,532
Property and equipment (net of accumulated depreciation and amortization of $24,172 and $21,830 at March 31, 2017 and December 31, 2016, respectively)	12,675	14,839
Loans eligible for repurchase from GNMA	123,888	118,748
Warehouse lending receivables	96,320	125,839
Goodwill and other intangible assets (net of accumulated amortization of $1,649 and $1,939 at March 31, 2017 and December 31, 2016, respectively)	6,326	6,416
Subordinated loan receivable	30,000	30,000
Other assets	14,145	17,585
Total assets	1,031,756	1,176,742
Liabilities
Secured borrowings - mortgage loans	219,718	277,789
Secured borrowings - mortgage servicing rights	69,898	56,898
Secured borrowings - eligible GNMA loan repurchases	22,327	24,738
Mortgage repurchase borrowings	290,487	371,534
Warehouse lines of credit	0	170
Operating lines of credit	9,834	9,928
Accounts payable and accrued expenses	15,352	23,657
Derivative liabilities	5,147	4,536
Reserve for mortgage repurchases and indemnifications	5,517	5,533
Liability for loans eligible for repurchase from GNMA	123,888	118,748
Deferred income tax liabilities, net	2,266	2,458
Other liabilities	11,349	20,804
Total liabilities	775,783	916,793
Commitments and contingencies - Note 13
Stockholders’ equity
Common stock, par value $0.01, shares authorized – 100,000,000; shares issued: 25,988,457 and outstanding: 25,854,022 at March 31, 2017; shares issued: 25,988,457 and outstanding: 25,854,022 at December 31, 2016	266	266
Additional paid-in capital	272,641	272,307
Accumulated deficit	(16,934)	(12,624)
Total stockholders’ equity	255,973	259,949
Total liabilities and stockholders’ equity	$ 1,031,756	$ 1,176,742

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation and amortization, property and equipment	$ 24,172	$ 21,830
Accumulated amortization, goodwill and other intangible assets	$ 1,649	$ 1,939
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	25,988,457	25,988,457
Common Stock, Shares, Outstanding	25,854,022	25,854,022

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Gains on mortgage loans held for sale, net	$ 18,125	$ 23,122
Changes in mortgage servicing rights valuation	(1,229)	(35,720)
Payoffs and principal amortization of mortgage servicing rights	(5,508)	(7,249)
Loan origination and other loan fees	3,412	4,462
Loan servicing fees	12,338	13,446
Interest and other income	5,457	6,915
Total revenues	32,595	4,976
Expenses
Salaries, commissions and benefits	19,790	23,226
General and administrative expense	6,312	7,014
Interest expense	4,553	7,249
Occupancy, equipment and communication	3,894	4,247
Depreciation and amortization expense	2,547	2,546
Total expenses	37,096	44,282
(Loss) before income taxes	(4,501)	(39,306)
Income tax (benefit)	(191)	(1,783)
Net (loss)	$ (4,310)	$ (37,523)
Loss per share
Basic (in dollars per share)	$ (0.17)	$ (1.45)
Diluted (in dollars per share)	$ (0.16)	$ (1.45)

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	Accumulated deficit
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	(37,523)			(37,523)
Stock-based compensation expense	306		306
Issuance of common stock (shares)		22
Balance (shares) at Mar. 31, 2016		25,818
Balance at Mar. 31, 2016	224,411	$ 264	271,212	(47,065)
Balance (shares) at Dec. 31, 2016		25,854
Balance at Dec. 31, 2016	259,949	$ 266	272,307	(12,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,310)			(4,310)
Stock-based compensation expense	334		334
Balance (shares) at Mar. 31, 2017		25,854
Balance at Mar. 31, 2017	$ 255,973	$ 266	$ 272,641	$ (16,934)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net (loss)	$ (4,310)	$ (37,523)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	2,547	2,546
Loss on disposal and impairment of long lived assets	218	17
Amortization of debt issuance facility fees	272	419
Gains on mortgage loans held for sale, net	(18,125)	(23,122)
Changes in mortgage servicing rights valuation	1,229	35,720
Payoffs and principal amortization of mortgage servicing rights	5,508	7,249
Stock-based compensation expense	334	306
Income tax benefit	(191)	(1,783)
Proceeds from sales and principal payments of mortgage loans held for sale	1,683,700	1,969,049
Originations and purchases of mortgage loans held for sale	(1,554,994)	(2,011,187)
Repurchases and indemnifications of previously sold loans	(4,065)	(6,977)
Repurchases of eligible GNMA loans	0	(2,207)
Principal payments on eligible GNMA loans	482	2,087
Changes in operating assets and liabilities:
Restricted cash	(1,276)	(982)
Servicing advances	(1,530)	2,193
Warehouse lending receivables	29,519	16,453
Other assets	2,334	2,588
Accounts payable and accrued expenses	(7,975)	640
Other liabilities	(9,454)	(1,245)
Net cash provided by (used in) operating activities	124,223	(45,759)
Investing activities
Net proceeds from sale of mortgage servicing rights	1,644	5,879
Proceeds from sale of property and equipment	0	11
Purchases of property and equipment	(380)	(887)
Capitalized long-lived assets	(9)	(258)
Net cash provided by investing activities	1,255	4,745
Financing activities
Proceeds from borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	2,408,349	3,061,839
Repayments of borrowings under mortgage funding arrangements - mortgage loans and operating lines of credit	(2,550,143)	(3,038,564)
Proceeds from borrowings under mortgage funding arrangements - MSRs	19,000	30,000
Repayments of borrowings under mortgage funding arrangements - MSRs	(6,000)	(15,000)
Payments of contingent earn-out liabilities not exceeding original fair value estimate	0	(273)
Payments of debt issuance costs	(448)	15
Net cash (used in) provided by financing activities	(129,242)	38,017
Change in cash and cash equivalents	(3,764)	(2,997)
Cash and cash equivalents at beginning of period	26,258	32,463
Cash and cash equivalents at end of period	22,494	29,466
Supplemental cash flow information:
Cash paid for interest	4,440	7,043
Cash paid for taxes	$ 16	$ 81

Organization and Operations

Organization and Operations	3 Months Ended
	Mar. 31, 2017
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. Proposed Merger with Home Point Financial Corporation On January 26, 2017, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Home Point Financial Corporation, a New Jersey Corporation (“Home Point Financial”) and Longhorn Merger Sub, Inc. an Ohio corporation and wholly owned subsidiary of Home Point Financial (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company as the surviving entity (the “Merger”). Under the terms of the Merger Agreement, our stockholders will receive $8.00 per share.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016 , 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, 2016 and for the three months ended March 31, 2017 and 2016 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017 . 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, 2016 included in its 2016 Annual Report on Form 10-K. 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 mortgage 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.

(Loss) Per Share

(Loss) Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
(Loss) Per Share	(Loss) Per Share The following is a reconciliation of net (loss) and a table summarizing the basic and diluted (loss) per share calculations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Numerator: Net (loss) $ (4,310 ) $ (37,523 ) Denominator: Weighted average shares outstanding (in thousands) Weighted average shares outstanding - Basic 25,988 25,804 Weighted average shares outstanding - Diluted 26,149 25,804 Basic (loss) per share $ (0.17 ) $ (1.45 ) Diluted (loss) per share $ (0.16 ) $ (1.45 ) During the three months ended March 31, 2017 and 2016, weighted average shares of 666 and 617 , 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	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The Company does not designate any of its derivative instruments as hedges for accounting purposes. The following summarizes the Company’s outstanding derivative instruments as of March 31, 2017 and December 31, 2016 : March 31, 2017: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 888,640 Derivative assets/liabilities $ 9,073 $ (45 ) MBS forward sales contracts 1,233,425 MBS forward purchase contracts 358,801 Total MBS forward trades 1,592,226 Derivative assets/liabilities 355 (5,102 ) Total derivative financial instruments $ 2,480,866 $ 9,428 $ (5,147 ) December 31, 2016: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 800,168 Derivative assets/liabilities $ 7,035 $ (1,672 ) MBS forward sales contracts 1,473,514 MBS forward purchase contracts 491,600 Total MBS forward trades 1,965,114 Derivative assets/liabilities 14,236 (2,864 ) Total derivative financial instruments $ 2,765,282 $ 21,271 $ (4,536 ) 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 months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Interest rate lock commitments $ 3,666 $ 6,659 MBS forward trades 1 (2,769 ) (7,597 ) Net derivative gains (losses) $ 897 $ (938 ) 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 March 31, 2017 and December 31, 2016 , counterparties held $1,776 and $0 , 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 $2,972 and a net credit gain position of $11,372 at March 31, 2017 and December 31, 2016 , respectively, to those counterparties. For the three months ended March 31, 2017 and 2016 , the Company incurred no credit losses due to non-performance of any of its counterparties.

Mortgage Loans Held for Sale, a

Mortgage Loans Held for Sale, at Fair Value	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Mortgage Loans Held for Sale, at Fair Value	Mortgage Loans Held for Sale, at Fair Value The following summarizes mortgage loans held for sale at fair value as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Conventional 1 $ 152,226 $ 199,350 Government insured 2 295,716 355,131 Non-agency/Other 14,465 23,909 Total mortgage loans held for sale, at fair value $ 462,407 $ 578,390 1 Conventional includes FNMA and FHLMC mortgage loans, as well as mortgage loans to various housing agencies. 2 Government insured includes GNMA mortgage loans. GNMA portfolio balance is made up of Federal Housing Administration ("FHA"), Veterans Affairs ("VA"), and United States Department of Agriculture ("USDA") home loans, as well as mortgage loans to various housing agencies. Under certain of the Company’s mortgage funding arrangements (including secured borrowings and warehouse lines of credit), the Company is required to pledge mortgage loans as collateral to secure borrowings. The mortgage loans pledged as collateral must equal at least 100% of the related outstanding borrowings under the mortgage funding arrangements. The outstanding borrowings are monitored and the Company is required to deliver additional collateral if the amount of the outstanding borrowings exceeds the fair value of the pledged mortgage loans. As of March 31, 2017 , the Company had pledged $436,397 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $26,010 of mortgage loans held for sale funded with the Company’s excess cash. As of December 31, 2016 , the Company had pledged $548,392 in fair value of mortgage loans held for sale as collateral to secure debt under its mortgage funding arrangements, with the remaining $29,998 of mortgage loans held for sale funded with the Company's excess cash. The mortgage loans held as collateral by the respective lenders are restricted solely to satisfy the Company’s borrowings under those mortgage funding arrangements. Refer to Note 10 “Debt” for additional information related to the Company’s outstanding borrowings as of March 31, 2017 and December 31, 2016 . 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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 438,338 $ 422,868 $ 548,794 $ 538,331 90 or more days delinquent 1 24,069 25,021 29,596 30,217 Total $ 462,407 $ 447,889 $ 578,390 $ 568,548 1 Includes $19,712 and $20,311 in fair value and related UPB, respectively, of eligible loans repurchased out of GNMA pools, as described in Note 7 - Fair Value Measurements, as of March 31, 2017 , and $20,868 and $21,472 in fair value and related UPB, respectively, of eligible loans repurchased out of GNMA pools, as of December 31, 2016 .

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): March 31, 2017 December 31, 2016 FNMA $ 4,257,467 $ 4,046,750 GNMA: FHA 5,254,358 4,875,867 VA 3,719,141 3,475,218 USDA 949,393 883,696 FHLMC 3,149,380 2,917,616 Other Investors 86,420 87,692 Total mortgage servicing portfolio $ 17,416,159 $ 16,286,839 MSRs balance $ 225,704 $ 211,532 MSRs balance as a percentage of total mortgage servicing portfolio 1.30 % 1.30 % A summary of the changes in the balance of MSRs for the three months ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 211,532 $ 199,637 MSRs originated in connection with loan sales 20,930 21,146 MSRs sold and derecognized — (6,243 ) Changes in valuation inputs and assumptions 1 (1,250 ) (35,615 ) Actual portfolio runoff (payoffs and principal amortization) (5,508 ) (7,249 ) Balance at end of period $ 225,704 $ 171,676 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations. The Company realized $21 related to gains on the sale of MSRs and $105 related to losses on the sale of MSRs for the three months ended March 31, 2017 and 2016 , respectively. 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 March 31, 2017 and December 31, 2016 for which the Company has continuing involvement through servicing agreements: March 31, 2017 December 31, 2016 Total unpaid principal balance $ 17,416,159 $ 16,286,839 Loans 30-89 days delinquent $ 283,395 $ 358,300 Loans delinquent 90 or more days or in foreclosure $ 167,162 $ 160,706 The key weighted average assumptions (or range of assumptions), based on market participant inputs for the industry, used in determining the fair value of the Company’s MSRs as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 9.9 % 10.1 % GNMA: FHA 9.9 % 9.6 % VA 9.9 % 9.6 % USDA 10.3 % 9.9 % FHLMC 9.1 % 9.2 % Other Investors 10.8 % 11.1 % Cost of servicing (per loan) $ 90 $ 91 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 March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 FNMA 4.07% 4.05% GNMA: FHA 6.53% 6.52% VA 6.49% 6.46% USDA 6.52% 6.51% FHLMC 4.03% 4.01% Other Investors 6.63% 6.61% The delinquency rates represent the Company’s estimate of the loans that will eventually enter delinquency over the entire term of the portfolio’s life. These assumptions affect the future cost to service loans, future revenue earned from the portfolio, and future assumed foreclosure losses. Because the Company’s portfolio is generally comprised of recent vintages, actual future delinquencies may differ from the Company’s assumptions. The hypothetical effect of an adverse change in these key assumptions would result in a decrease in the fair values of MSRs as follows as of March 31, 2017 and December 31, 2016 : March 31, 2017 % of Average Portfolio December 31, 2016 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (9,563 ) 4 % $ (9,027 ) 4 % Impact of discount rate + 2% $ (18,383 ) 8 % $ (17,351 ) 8 % Impact of discount rate + 3% $ (26,538 ) 12 % $ (25,045 ) 12 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,102 ) 2 % $ (4,744 ) 2 % Impact of prepayment speed * 110% $ (10,021 ) 4 % $ (9,322 ) 4 % Impact of prepayment speed * 120% $ (19,348 ) 9 % $ (18,010 ) 9 % Cost of servicing: Impact of cost of servicing * 105% $ (1,487 ) 1 % $ (1,415 ) 1 % Impact of cost of servicing * 110% $ (2,975 ) 1 % $ (2,830 ) 1 % Impact of cost of servicing * 120% $ (5,950 ) 3 % $ (5,660 ) 3 % As the table demonstrates, the Company’s methodology for estimating the fair value of MSRs is sensitive to changes in assumptions. For example, actual prepayment experience may differ and any difference may have a material effect on MSRs fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may indicate higher prepayments; however, this may be partially offset by lower prepayments due to other factors such as a borrower’s diminished opportunity to refinance), which may magnify or counteract the sensitivities. Thus, any measurement of MSRs fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time. Under certain of the Company's secured borrowing arrangements, the Company is required to pledge mortgage servicing rights as collateral to the secured borrowings. As of March 31, 2017 and December 31, 2016 , the Company had pledged $224,919 and $210,734 , respectively, in fair value of mortgage servicing rights as collateral to secure debt under certain of its secured borrowing arrangements. However, the financial institutions would be limited to selling the pledged MSRs to the amount needed to satisfy their respective debt, including any accrued but unpaid interest and fees, as applicable. As of March 31, 2017 and December 31, 2016 , the outstanding borrowings secured by MSRs were $69,898 and $56,898 , respectively. Refer to Note 10 “Debt” for additional information related to the Company’s outstanding borrowings as of March 31, 2017 and December 31, 2016 . The following is a summary of the components of loan servicing fees as reported in the Company’s consolidated statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Contractual servicing fees $ 11,708 $ 12,705 Late fees 630 741 Loan servicing fees $ 12,338 $ 13,446 Servicing fees as a percentage of average portfolio (annualized) 0.29 % 0.30 %

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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; 3) loans repurchased from the GSE in our loan modification program; and 4) loans repurchased from GNMA securities pursuant to our unilateral right, as servicer, to repurchase such GNMA loans we have previously sold. The fair values of these loans are estimated using a discounted cash flow analysis with significant unobservable inputs, such as prepayment speeds, default rates, the spread between bid and ask prices and loss severities, which are identified as Level 3 inputs. 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 salable, by becoming current either through the borrower's performance or through completion of a modification of the loan's terms, and the Company's historical ability to receive insurance reimbursements for related claims filed. 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 March 31, 2017 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale - saleable to GSEs $ — $ 397,377 $ — $ 397,377 Mortgage loans held for sale - non-saleable to GSEs — — 41,714 41,714 Mortgage loans held for sale - repurchased GNMA loans — — 23,316 23,316 Derivative assets (IRLCs) — — 9,073 9,073 Derivative assets (MBS forward trades) — 355 — 355 MSRs — — 225,704 225,704 Loans eligible for repurchase from GNMA — — 123,888 123,888 Total assets $ — $ 397,732 $ 423,695 $ 821,427 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 45 $ 45 Derivative liabilities (MBS forward trades) — 5,102 — 5,102 Liability for loans eligible for repurchase from GNMA — — 123,888 123,888 Total liabilities $ — $ 5,102 $ 123,933 $ 129,035 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale - saleable to GSEs $ — $ 503,300 $ — $ 503,300 Mortgage loans held for sale - non-saleable to GSEs — — 49,346 49,346 Mortgage loans held for sale - repurchased GNMA loans — — 25,744 25,744 Derivative assets (IRLCs) — — 7,035 7,035 Derivative assets (MBS forward trades) — 14,236 — 14,236 MSRs — — 211,532 211,532 Loans eligible for repurchase from GNMA — — 118,748 118,748 Total assets $ — $ 517,536 $ 412,405 $ 929,941 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 1,672 $ 1,672 Derivative liabilities (MBS forward trades) — 2,864 — 2,864 Liability for loans eligible for repurchase from GNMA — — 118,748 118,748 Total liabilities $ — $ 2,864 $ 120,420 $ 123,284 A reconciliation of the beginning and ending balances of the Company’s assets and liabilities classified within Level 3 of the valuation hierarchy for the three months ended March 31, 2017 and the year ended December 31, 2016 are as follows: Three Months Ended March 31, 2017 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 $ 49,346 $ 25,744 $ 7,035 $ 1,672 $ 118,748 $ 118,748 Change in fair value 157 77 2,038 (1,627 ) (4,771 ) (4,771 ) Purchases 6,830 — — — — — Sales (12,015 ) (1,530 ) — — — — Settlements (2,758 ) (482 ) — — 9,911 9,911 Transfers into Level 3 1 154 — — — — — Transfers out of Level 3 2 — (493 ) — — — — Balance at end of period $ 41,714 $ 23,316 $ 9,073 $ 45 $ 123,888 $ 123,888 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 moved to real estate owned ("REO"). Year Ended December 31, 2016 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 Change in fair value 1,413 412 (3,561 ) 1,338 (4,606 ) (4,606 ) Purchases 34,327 2,207 — — — — Sales (38,847 ) (7,774 ) — — (2,207 ) (2,207 ) Settlements (35,311 ) (4,545 ) — — 44,767 44,767 Transfers into Level 3 1 31,081 — — — — — Transfers out of Level 3 2 (2,116 ) (1,892 ) — — — — Balance at end of period $ 49,346 $ 25,744 $ 7,035 $ 1,672 $ 118,748 $ 118,748 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 moved to REO. Refer to Note 6, "Mortgage Servicing Rights", for a reconciliation of the beginning and ending level 3 balances for the period ending March 31, 2017 , 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	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following summarizes other assets as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Receivables from MSRs sales, interest and loan related payments, net $ 8,776 $ 11,748 Prepaid expenses 3,825 4,411 Real estate owned, net 1 1,123 1,005 Deposits 421 421 Total other assets $ 14,145 $ 17,585 1 Real estate owned assets are reflected at their net realizable value.

Transfers and Servicing of Fina

Transfers and Servicing of Financial Assets	3 Months Ended
	Mar. 31, 2017
Transfers and Servicing [Abstract]
Transfers and Servicing of Financial Assets	Transfers and Servicing of Financial Assets Residential mortgage loans are primarily sold to FNMA or FHLMC or transferred into pools of GNMA MBS. The Company has continuing involvement in mortgage loans sold through servicing arrangements and the liability for loan indemnifications and repurchases under the representations and warranties it makes to the investors and insurers of the loans it sells. The Company is exposed to interest rate risk through its continuing involvement with mortgage loans sold, including the MSRs, as the value of the asset fluctuates as changes in interest rates impact borrower prepayment. The Company also sells non-agency residential mortgage loans to non-GSE third parties generally without retaining the servicing rights to such loans. All loans are sold on a non-recourse basis; however, certain representations and warranties have been made that are customary for loan sale transactions, including eligibility characteristics of the mortgage loans and underwriting responsibilities, in connection with the sales of these assets. In order to facilitate the origination and sale of mortgage loans held for sale, the Company entered into various agreements with warehouse lenders. Such agreements are in the form of loan participations and repurchase agreements with banks and other financial institutions. Mortgage loans held for sale are considered sold when the Company surrenders control over the financial assets and such financial assets are legally isolated from the Company in the event of bankruptcy. If the sale criteria are not met, the transfer is recorded as a secured borrowing in which the assets remain on the balance sheet and the proceeds from the transaction are recognized as a liability. From time to time, the Company may sell loans whereby the underlying risks and cash flows of the mortgage loan have been transferred to a third party through the issuance of participating interests. The terms and conditions of these interests are governed by the participation agreements. The Company will receive a marketing fee paid by the participating entity upon completion of the sale. In addition, the Company will also subservice the underlying mortgage loans to the participation agreement for the period that the participating interests are outstanding. As of March 31, 2017 and December 31, 2016 , all transfers pursuant to our mortgage funding arrangements (the collective term for the Company's mortgage loan participation, warehouse lines of credit, repurchase and other credit arrangements) are accounted for by the Company as secured borrowings. The following table sets forth information regarding cash flows for the three months ended March 31, 2017 and 2016 relating to loan sales in which the Company has continuing involvement: Three Months Ended March 31, 2017 2016 Proceeds from new loan sales 1 $ 1,630,935 $ 1,905,376 1 Represents proceeds from sales and excludes payments received from borrowers.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Borrowings outstanding as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans 1 $ 219,718 4.14% $ 277,789 3.94% Secured borrowings - mortgage servicing rights 69,898 5.72% 56,898 5.17% Secured borrowings - eligible GNMA loan repurchases 2 22,327 3.18% 24,738 3.18% Mortgage repurchase borrowings 290,487 2.68% 371,534 2.55% Warehouse lines of credit — —% 170 4.25% Operating lines of credit 9,834 4.00% 9,928 4.00% Total mortgage funding arrangements and operating lines of credit $ 612,264 $ 741,057 1 The Company’s costs for secured borrowings on mortgage loans are shown in the table above based on the average underlying mortgage rates. These costs are reduced by earnings and fees specific to each of the secured borrowing facilities. 2 The Company's costs for financing GNMA loan repurchases under this funding arrangement (remittance rate) is based on a borrowing rate over and above the debenture rate, which is set on each loan by HUD at a required spread to the constant maturity ten -year treasury at that point in time. The Company maintains mortgage loan participation, warehouse lines of credit, repurchase and other credit arrangements listed above (collectively referred to as “mortgage funding arrangements”) with various financial institutions, primarily to fund the origination and purchase of mortgage loans. As of March 31, 2017 , the Company held mortgage funding arrangements with six separate financial institutions and a total maximum borrowing capacity of $1,577,000 , including the operating lines of credit and funding arrangement for GNMA loan repurchases. Except for our operating lines of credit, each mortgage funding arrangement is collateralized by the underlying mortgage loans. Separately, the Company had two mortgage funding arrangements for the funding of MSRs, each of which is collateralized by the MSRs pledged to the respective facilities. The following tables summarize the amounts outstanding, interest rates and maturity dates under the Company’s various mortgage funding arrangements as of March 31, 2017 and December 31, 2016 : As of March 31, 2017: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 9,777 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2017 Merchants Bank of Indiana - NattyMac Funding 209,941 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2018 Total secured borrowings - mortgage loans 219,718 600,000 Guaranty Bank 22,327 50,000 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 22,327 50,000 Barclays Bank PLC — 225,000 LIBOR plus applicable margin July 2017 Bank of America, N.A. 199,344 425,000 5 LIBOR plus applicable margin August 2017 EverBank 31,841 125,000 LIBOR plus applicable margin January 2018 Wells Fargo Bank N.A. 59,302 140,000 LIBOR plus applicable margin January 2018 Total mortgage repurchase borrowings 290,487 915,000 Merchants Bank of Indiana - Warehouse Line of Credit — 2,000 Prime plus 1.00% July 2017 Total warehouse lines of credit — 2,000 Barclays Bank PLC - MSRs Secured 34,128 — 4 LIBOR plus applicable margin July 2017 EverBank - MSRs Secured 35,770 — 8 LIBOR plus applicable margin January 2018 Total secured borrowings - MSRs 69,898 — Total $ 602,430 $ 1,567,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $10,000 . 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the three months ended March 31, 2017 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At March 31, 2017 , 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 $225,000 , with a MSR sub-limit of $45,000 . 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, 2016: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 105,189 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2017 Merchants Bank of Indiana - NattyMac Funding 172,600 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 277,789 600,000 Guaranty Bank 24,738 50,000 Coupon rate of underlying loans, less debenture rate 7 N/A 8 Total secured borrowings - eligible GNMA loan repurchases 24,738 50,000 Barclays Bank PLC 64,691 300,000 LIBOR plus applicable margin February 2017 11 Bank of America, N.A. 214,969 425,000 4 LIBOR plus applicable margin August 2017 EverBank 35,734 125,000 LIBOR plus applicable margin January 2017 9 Wells Fargo Bank N.A. 56,140 140,000 LIBOR plus applicable margin January 2017 10 Total mortgage repurchase borrowings 371,534 990,000 Merchants Bank of Indiana - Warehouse Line of Credit 170 2,000 Prime plus 1.00% July 2017 Total warehouse lines of credit 170 2,000 Barclays Bank PLC - MSRs Secured 15,128 — 5 LIBOR plus applicable margin February 2017 11 EverBank - MSRs Secured 41,770 — 6 LIBOR plus applicable margin January 2017 9 Total secured borrowings - MSRs 56,898 — Total $ 731,129 $ 1,642,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $10,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. During the year ended December 31, 2015, the lowest amount to which the aggregate maximum borrowing capacity was limited approximated $550,000 . The highest amount to which it was expanded approximated $700,000 . At December 31, 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 The Bank of America maximum borrowing includes $200,000 of mortgage repurchase and $225,000 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 $125,000 , with a sub-limit of $60,000 . 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. 9 On January 6, 2017 the Company amended its mortgage repurchase financing agreement with EverBank to extend the maturity date to January 5, 2018. 10 On January 18, 2017 the Company amended its mortgage repurchase agreement with Wells Fargo Bank N.A. to extend the maturity date to January 30, 2018. 11 On February 21, 2017 the Company amended its agreements with Barclays Bank to extend the maturity date to July 31, 2017. 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 December 31, 2016, the Company renewed its operating line of credit agreement with Merchants at $10,000 through its maturity date of July 31, 2017. On January 6, 2017 the Company amended its mortgage repurchase financing agreement with EverBank to extend the maturity date to January 5, 2018. On January 18, 2017 the Company amended its mortgage repurchase agreement with Wells Fargo Bank N.A. to extend the maturity date to January 30, 2018. On February 21, 2017 the Company amended its agreements with Barclays Bank to extend the maturity date to July 31, 2017. The above mortgage funding and operating lines of credit agreements contain covenants which include certain customary financial requirements, including maintenance of minimum tangible net worth, maximum debt to tangible net worth ratio, minimum liquidity, minimum current ratio, minimum profitability and limitations on additional debt and transactions with affiliates, as defined in the respective agreement. As of March 31, 2017 and December 31, 2016 , the Company was in compliance with the covenants contained in these agreements. The Company intends to renew the mortgage funding arrangements when they mature and has no reason to believe the Company will be unable to do so.

Reserve for Mortgage Repurchase

Reserve for Mortgage Repurchases and Indemnifications	3 Months Ended
	Mar. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Reserve for Mortgage Repurchases and Indemnifications	Reserve for Mortgage Repurchases and Indemnifications Representations and warranties are provided to investors and insurers on loans sold and are also assumed on purchased mortgage loans. In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss. In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator. Repurchase-related reserves are maintained for probable losses related to repurchase and indemnification obligations. The following is a summary of changes in the reserve for mortgage repurchases and indemnifications for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 5,533 $ 5,536 Provision for mortgage repurchases and indemnifications - new loan sales 1 392 565 Losses on repurchases and indemnifications (408 ) (303 ) Balance at end of period $ 5,517 $ 5,798 1 Recognized as a reduction to "Gain on mortgage loans held for sale, net" in the consolidated statements of operations. 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. As part of our ongoing risk management and monitoring activities, we continuously evaluate and make necessary enhancements to our methodology and assumptions to estimate the losses inherent from our repurchase and indemnification exposure. Such changes generally reflect changes in key assumptions, such as the level of loan sales, the party to whom the loans are sold, the expectation of severity of loss on repurchases and indemnifications, our success rate at appealing repurchase demands and our ability to recover any losses from third parties. We believe the analysis used to evaluate future expected repurchase exposure is appropriate and our period-end repurchase reserve balance is adequate.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its quarterly tax provision pursuant to the guidelines in Accounting Standards Codification ("ASC") 740-270 "Income Taxes". Generally ASC 740-270 requires companies to estimate the annual effective tax rate for current year ordinary income. In calculating the effective tax rate, permanent differences between financial reporting and taxable income are factored into the calculation, but temporary differences are not. The estimated annual effective tax rate represents the best estimate of the tax provision in relation to the best estimate of pre-tax ordinary income or loss. The estimated annual effective tax rate is then applied to year-to-date ordinary income or loss to calculate the year-to-date interim tax provision. Due primarily to the unpredictable nature of the MSRs valuation and the impact this has on making a reliable estimate of the annual effective tax rate for interim reporting periods, the Company applies the actual year-to-date effective tax rate for the current period tax provision as a matter of policy. The following is a reconciliation of the expected statutory federal corporate income tax (benefit) to the income tax (benefit) recorded on the Company's consolidated statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 $ % $ % Statutory federal income tax benefit $ (1,575 ) 35.0 % $ (13,667 ) 35.0 % State income tax benefit, net of federal tax benefit (152 ) 3.4 % (1,430 ) 3.7 % Non-deductible expenses 15 (0.4 )% 41 (0.1 )% Valuation allowance 1,513 (33.6 )% 13,070 (33.5 )% Uncertain tax positions 6 (0.1 )% 18 — % State tax rate adjustment to state deferred — — % 294 (0.8 )% Other 2 (0.1 )% (109 ) 0.3 % Total income tax (benefit) $ (191 ) 4.2 % $ (1,783 ) 4.6 % During the three months ended March 31, 2017 and 2016, the Company recognized an income tax benefit of $191 and $1,783 , respectively, which represented effective tax rates of 4.2% and 4.6% , respectively. The income tax benefit included a federal and state valuation allowance of $1,513 and $13,070 for the three months ended March 31, 2017 and 2016, respectively, 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. The federal and state valuation allowance balance as of March 31, 2017 is $2,409 . As of March 31, 2017, the Company had total company federal and state net operating loss carryforwards of $206,392 and $168,593 , respectively. The majority of the Company's federal and state net operating loss carryforwards are available to offset future taxable income and expiring from 2029 to 2036. As of March 31, 2016, the Company had total company federal and state net operating loss carryforwards of $188,898 and $160,411 , respectively. During the year ended December 31, 2015, the Company entered into a four-year cumulative loss position. As a result of the cumulative loss position and changes in the Company's level of activity in various states, the Company has recorded a federal and state valuation allowance of $1,513 and $13,070 for the three months ended March 31, 2017 and 2016, respectively. In future periods, the allowance could be adjusted if sufficient evidence exists indicating that it is more likely than not that a portion or all of these deferred tax assets will or will not be realized. ASC 740-10, Income Taxes, requires financial statement recognition of the impact of a tax position if a position is more likely than not of being sustained on audit, based on the technical merits of the position. As of March 31, 2017, the Company accrued a liability for uncertain tax positions of $6 against the Company’s state NOL carryforward balances. The following is a reconciliation of the ASC 740-10 unrecognized tax positions: Three Months Ended March 31, 2017 2016 Balance at the beginning of year $ 254 $ 583 Increases for tax positions of prior years 6 18 Balance at end of year $ 260 $ 601 As of March 31, 2017, the Company had $260 of gross unrecognized tax benefits which, if recognized, would affect our effective tax rate. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain of our uncertain tax positions will increase or decrease during the next 12 months; however, we do not expect the change to have a significant effect on our results of operations, financial condition or cash flows. The Company is subject to U.S. federal income tax as well as income tax of multiple states and local jurisdictions. With a few insignificant exceptions, we are no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years prior to 2012.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016 approximated $888,640 and $800,168 , 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 March 31, 2017 , 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 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 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	3 Months Ended
	Mar. 31, 2017
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, 2016 , included in its 2016 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 March 31, 2017, 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 March 31, 2017, 123,133 shares were available for future grants under this plan. Stock Options A summary of stock option activity for the three months ended March 31, 2017 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, 2016 307,854 $ 13.37 Granted — N/A Exercised — N/A Forfeited or expired — N/A Outstanding at March 31, 2017 307,854 $ 13.37 5.7 $ 405 Exercisable at March 31, 2017 256,265 $ 12.44 5.7 $ 405 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, 2016 , included in its 2016 Annual Report on Form 10-K. Restricted Stock Units A summary of the nonvested restricted stock unit activity for the three months ended March 31, 2017 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2016 377,290 $ 5.16 Granted — N/A Vested — N/A Forfeited — N/A Nonvested at March 31, 2017 377,290 $ 5.16 During the three months ended March 31, 2017 , the Company recognized total stock-based compensation expense related to stock options and restricted stock units of $334 .

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 December 31, 2016 Originations $ 463,356 $ 589,938 Servicing 407,686 391,967 Financing 128,573 158,199 Other/Eliminations 1 32,141 36,638 Total $ 1,031,756 $ 1,176,742 1 Includes intersegment eliminations and assets not allocated to the three reportable segments. Three Months Ended March 31, 2017 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 17,902 $ 251 $ — $ (28 ) $ 18,125 Changes in mortgage servicing rights valuation — (1,229 ) — — (1,229 ) Payoffs and principal amortization of mortgage servicing rights — (5,508 ) — — (5,508 ) Loan origination and other loan fees 3,094 — 318 — 3,412 Loan servicing fees — 12,338 — — 12,338 Interest and other income 3,746 163 1,548 — 5,457 Total revenues 24,742 6,015 1,866 (28 ) 32,595 Expenses Salaries, commissions and benefits 11,989 1,513 455 5,833 19,790 General and administrative 2,587 775 234 2,716 6,312 Interest expense 3,586 (670 ) 719 918 4,553 Occupancy, equipment and communication 1,753 392 77 1,672 3,894 Depreciation and amortization expense 1,950 160 109 328 2,547 Corporate allocations 5,588 845 156 (6,589 ) — Total expenses 27,453 3,015 1,750 4,878 37,096 Income (loss) from continuing operations before taxes $ (2,711 ) $ 3,000 $ 116 $ (4,906 ) $ (4,501 ) Three Months Ended March 31, 2016 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 22,487 $ 572 $ — $ 63 $ 23,122 Changes in mortgage servicing rights valuation — (35,720 ) — — (35,720 ) Payoffs and principal amortization of mortgage servicing rights — (7,249 ) — — (7,249 ) Loan origination and other loan fees 4,131 — 325 6 4,462 Loan servicing fees — 13,446 — — 13,446 Interest and other income 4,900 105 1,898 12 6,915 Total revenues 31,518 (28,846 ) 2,223 81 4,976 Expenses Salaries, commissions and benefits 14,585 1,753 471 6,417 23,226 General and administrative 2,704 479 155 3,676 7,014 Interest expense 4,225 1,077 776 1,171 7,249 Occupancy, equipment and communication 1,895 444 53 1,855 4,247 Depreciation and amortization expense 1,949 123 98 376 2,546 Corporate allocations 5,723 932 125 (6,780 ) — Total expenses 31,081 4,808 1,678 6,715 44,282 Income (loss) from continuing operations before taxes $ 437 $ (33,654 ) $ 545 $ (6,634 ) $ (39,306 )

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 27, 2017, at a Special Meeting of Stockholders of the Company, the Company’s stockholders approved all proposals relating to the pending Merger with Home Point Financial Corporation, including the proposal to adopt the Merger Agreement, as such agreement may be amended from time to time. Approval by the Company’s stockholders is a condition to closing of the Merger. The Merger remains subject to certain other customary approvals and is expected to close by the end of the second quarter of 2017. On April 28, 2017, the Company completed a bulk sale of MSRs with an underlying unpaid principal balance of $1.2 billion in FNMA and FHLMC loans to Home Point Financial Corporation. This pool of MSRs had average mortgage interest rates that were lower than current mortgage rates, and did not include any GNMA MSRs, which have a different historical performance than FNMA and FHLMC MSRs.

Basis of Presentation and Sig23

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2016 , 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, 2016 and for the three months ended March 31, 2017 and 2016 have been recorded. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2017 . 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, 2016 included in its 2016 Annual Report on Form 10-K.
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 mortgage securities. The Company sells loans to investors without recourse. As such, the investors have assumed the risk of loss or default by the borrower. However, the Company is usually required by these investors to make certain standard representations and warranties relating to credit information, loan documentation, collateral and regulatory compliance. To the extent that the Company does not comply with such representations, the Company may be required to repurchase the loans or indemnify these investors for any losses from borrower defaults. The Company performs due diligence prior to funding mortgage loans as part of its loan underwriting process, whereby the Company analyzes credit, collateral and compliance risk of all loans in an effort to ensure the mortgage loans meet the investors’ standards. However, if a loan is repurchased, the Company could incur a loss as part of recording such loan at fair value, which may be less than the amount paid to purchase the loan. In addition, if loans pay off within a specified time frame, the Company may be required to refund a portion of the sales proceeds to the investors. The Company’s business requires substantial cash to support its operating activities. As a result, the Company is dependent on its lines of credit and other financing facilities in order to fund its continued operations. If the Company’s principal lenders decided to terminate or not to renew any of these credit facilities with the Company, the loss of borrowing capacity would have a material adverse impact on the Company’s financial statements unless the Company found a suitable alternative source of financing.
Fair Value Measurements	Fair Value Measurements The Company uses fair value measurements in fair value disclosures and to record certain assets and liabilities at fair value on a recurring basis, such as 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; 3) loans repurchased from the GSE in our loan modification program; and 4) loans repurchased from GNMA securities pursuant to our unilateral right, as servicer, to repurchase such GNMA loans we have previously sold. The fair values of these loans are estimated using a discounted cash flow analysis with significant unobservable inputs, such as prepayment speeds, default rates, the spread between bid and ask prices and loss severities, which are identified as Level 3 inputs. 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 salable, by becoming current either through the borrower's performance or through completion of a modification of the loan's terms, and the Company's historical ability to receive insurance reimbursements for related claims filed. 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.

(Loss) Per Share (Tables)

(Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of net (loss) income to common shareholders and summary of the basic and diluted (loss) earnings per share	The following is a reconciliation of net (loss) and a table summarizing the basic and diluted (loss) per share calculations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Numerator: Net (loss) $ (4,310 ) $ (37,523 ) Denominator: Weighted average shares outstanding (in thousands) Weighted average shares outstanding - Basic 25,988 25,804 Weighted average shares outstanding - Diluted 26,149 25,804 Basic (loss) per share $ (0.17 ) $ (1.45 ) Diluted (loss) per share $ (0.16 ) $ (1.45 )

Derivative Financial Instrume25

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of outstanding derivative instruments	The following summarizes the Company’s outstanding derivative instruments as of March 31, 2017 and December 31, 2016 : March 31, 2017: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 888,640 Derivative assets/liabilities $ 9,073 $ (45 ) MBS forward sales contracts 1,233,425 MBS forward purchase contracts 358,801 Total MBS forward trades 1,592,226 Derivative assets/liabilities 355 (5,102 ) Total derivative financial instruments $ 2,480,866 $ 9,428 $ (5,147 ) December 31, 2016: Fair Value Notional Balance Sheet Location Asset (Liability) Interest rate lock commitments $ 800,168 Derivative assets/liabilities $ 7,035 $ (1,672 ) MBS forward sales contracts 1,473,514 MBS forward purchase contracts 491,600 Total MBS forward trades 1,965,114 Derivative assets/liabilities 14,236 (2,864 ) Total derivative financial instruments $ 2,765,282 $ 21,271 $ (4,536 )
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 months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Interest rate lock commitments $ 3,666 $ 6,659 MBS forward trades 1 (2,769 ) (7,597 ) Net derivative gains (losses) $ 897 $ (938 ) 1 Amount includes pair-off settlements .

Mortgage Loans Held for Sale,26

Mortgage Loans Held for Sale, at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Schedule of mortgage loans held for sale at fair value	The following summarizes mortgage loans held for sale at fair value as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Conventional 1 $ 152,226 $ 199,350 Government insured 2 295,716 355,131 Non-agency/Other 14,465 23,909 Total mortgage loans held for sale, at fair value $ 462,407 $ 578,390 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 March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Fair Value UPB Fair Value UPB Current through 89 days delinquent $ 438,338 $ 422,868 $ 548,794 $ 538,331 90 or more days delinquent 1 24,069 25,021 29,596 30,217 Total $ 462,407 $ 447,889 $ 578,390 $ 568,548 1 Includes $19,712 and $20,311 in fair value and related UPB, respectively, of eligible loans repurchased out of GNMA pools, as described in Note 7 - Fair Value Measurements, as of March 31, 2017 , and $20,868 and $21,472 in fair value and related UPB, respectively, of eligible loans repurchased out of GNMA pools, as of December 31, 2016 .

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2017
Transfers and Servicing [Abstract]
Summary of the total mortgage servicing portfolio	The Company’s total mortgage servicing portfolio as of March 31, 2017 and December 31, 2016 is summarized as follows (based on the unpaid principal balance ("UPB") of the underlying mortgage loans): March 31, 2017 December 31, 2016 FNMA $ 4,257,467 $ 4,046,750 GNMA: FHA 5,254,358 4,875,867 VA 3,719,141 3,475,218 USDA 949,393 883,696 FHLMC 3,149,380 2,917,616 Other Investors 86,420 87,692 Total mortgage servicing portfolio $ 17,416,159 $ 16,286,839 MSRs balance $ 225,704 $ 211,532 MSRs balance as a percentage of total mortgage servicing portfolio 1.30 % 1.30 %
Summary of changes in the balance of MSRs	A summary of the changes in the balance of MSRs for the three months ended March 31, 2017 and 2016 is as follows: Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 211,532 $ 199,637 MSRs originated in connection with loan sales 20,930 21,146 MSRs sold and derecognized — (6,243 ) Changes in valuation inputs and assumptions 1 (1,250 ) (35,615 ) Actual portfolio runoff (payoffs and principal amortization) (5,508 ) (7,249 ) Balance at end of period $ 225,704 $ 171,676 1 Represents the unrealized portion of the "Changes in mortgage servicing rights valuation" on the Company's consolidated statements of operations. The Company realized $21 related to gains on the sale of MSRs and $105 related to losses on the sale of MSRs for the three months ended March 31, 2017 and 2016 , respectively.
Information related to outstanding loans sold with continuing involvement	The following table sets forth information related to outstanding loans sold as of March 31, 2017 and December 31, 2016 for which the Company has continuing involvement through servicing agreements: March 31, 2017 December 31, 2016 Total unpaid principal balance $ 17,416,159 $ 16,286,839 Loans 30-89 days delinquent $ 283,395 $ 358,300 Loans delinquent 90 or more days or in foreclosure $ 167,162 $ 160,706
Key assumptions used in determining the fair value of MSRs as of the balance sheet date	The key weighted average assumptions (or range of assumptions), based on market participant inputs for the industry, used in determining the fair value of the Company’s MSRs as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Discount rates 9.25% - 11.00% 9.25% - 11.00% Annual prepayment speeds (by investor type): FNMA 9.9 % 10.1 % GNMA: FHA 9.9 % 9.6 % VA 9.9 % 9.6 % USDA 10.3 % 9.9 % FHLMC 9.1 % 9.2 % Other Investors 10.8 % 11.1 % Cost of servicing (per loan) $ 90 $ 91
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 March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 FNMA 4.07% 4.05% GNMA: FHA 6.53% 6.52% VA 6.49% 6.46% USDA 6.52% 6.51% FHLMC 4.03% 4.01% Other Investors 6.63% 6.61%
Hypothetical effect of an adverse change in key assumptions	The hypothetical effect of an adverse change in these key assumptions would result in a decrease in the fair values of MSRs as follows as of March 31, 2017 and December 31, 2016 : March 31, 2017 % of Average Portfolio December 31, 2016 % of Average Portfolio Discount rates: Impact of discount rate + 1% $ (9,563 ) 4 % $ (9,027 ) 4 % Impact of discount rate + 2% $ (18,383 ) 8 % $ (17,351 ) 8 % Impact of discount rate + 3% $ (26,538 ) 12 % $ (25,045 ) 12 % Prepayment speeds: Impact of prepayment speed * 105% $ (5,102 ) 2 % $ (4,744 ) 2 % Impact of prepayment speed * 110% $ (10,021 ) 4 % $ (9,322 ) 4 % Impact of prepayment speed * 120% $ (19,348 ) 9 % $ (18,010 ) 9 % Cost of servicing: Impact of cost of servicing * 105% $ (1,487 ) 1 % $ (1,415 ) 1 % Impact of cost of servicing * 110% $ (2,975 ) 1 % $ (2,830 ) 1 % Impact of cost of servicing * 120% $ (5,950 ) 3 % $ (5,660 ) 3 %
Summary of the components of loan servicing fees	The following is a summary of the components of loan servicing fees as reported in the Company’s consolidated statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Contractual servicing fees $ 11,708 $ 12,705 Late fees 630 741 Loan servicing fees $ 12,338 $ 13,446 Servicing fees as a percentage of average portfolio (annualized) 0.29 % 0.30 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Major categories of assets and liabilities measured at fair value on a recurring basis	The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale - saleable to GSEs $ — $ 397,377 $ — $ 397,377 Mortgage loans held for sale - non-saleable to GSEs — — 41,714 41,714 Mortgage loans held for sale - repurchased GNMA loans — — 23,316 23,316 Derivative assets (IRLCs) — — 9,073 9,073 Derivative assets (MBS forward trades) — 355 — 355 MSRs — — 225,704 225,704 Loans eligible for repurchase from GNMA — — 123,888 123,888 Total assets $ — $ 397,732 $ 423,695 $ 821,427 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 45 $ 45 Derivative liabilities (MBS forward trades) — 5,102 — 5,102 Liability for loans eligible for repurchase from GNMA — — 123,888 123,888 Total liabilities $ — $ 5,102 $ 123,933 $ 129,035 The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 : Level 1 Level 2 Level 3 Total Assets: Mortgage loans held for sale - saleable to GSEs $ — $ 503,300 $ — $ 503,300 Mortgage loans held for sale - non-saleable to GSEs — — 49,346 49,346 Mortgage loans held for sale - repurchased GNMA loans — — 25,744 25,744 Derivative assets (IRLCs) — — 7,035 7,035 Derivative assets (MBS forward trades) — 14,236 — 14,236 MSRs — — 211,532 211,532 Loans eligible for repurchase from GNMA — — 118,748 118,748 Total assets $ — $ 517,536 $ 412,405 $ 929,941 Liabilities: Derivative liabilities (IRLCs) $ — $ — $ 1,672 $ 1,672 Derivative liabilities (MBS forward trades) — 2,864 — 2,864 Liability for loans eligible for repurchase from GNMA — — 118,748 118,748 Total liabilities $ — $ 2,864 $ 120,420 $ 123,284
Reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs	A reconciliation of the beginning and ending balances of the Company’s assets and liabilities classified within Level 3 of the valuation hierarchy for the three months ended March 31, 2017 and the year ended December 31, 2016 are as follows: Three Months Ended March 31, 2017 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 $ 49,346 $ 25,744 $ 7,035 $ 1,672 $ 118,748 $ 118,748 Change in fair value 157 77 2,038 (1,627 ) (4,771 ) (4,771 ) Purchases 6,830 — — — — — Sales (12,015 ) (1,530 ) — — — — Settlements (2,758 ) (482 ) — — 9,911 9,911 Transfers into Level 3 1 154 — — — — — Transfers out of Level 3 2 — (493 ) — — — — Balance at end of period $ 41,714 $ 23,316 $ 9,073 $ 45 $ 123,888 $ 123,888 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 moved to real estate owned ("REO"). Year Ended December 31, 2016 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 Change in fair value 1,413 412 (3,561 ) 1,338 (4,606 ) (4,606 ) Purchases 34,327 2,207 — — — — Sales (38,847 ) (7,774 ) — — (2,207 ) (2,207 ) Settlements (35,311 ) (4,545 ) — — 44,767 44,767 Transfers into Level 3 1 31,081 — — — — — Transfers out of Level 3 2 (2,116 ) (1,892 ) — — — — Balance at end of period $ 49,346 $ 25,744 $ 7,035 $ 1,672 $ 118,748 $ 118,748 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 moved to REO.
Reconciliation of the beginning and ending balances of liabilities measured at fair value on a recurring basis using Level 3 inputs	A reconciliation of the beginning and ending balances of the Company’s assets and liabilities classified within Level 3 of the valuation hierarchy for the three months ended March 31, 2017 and the year ended December 31, 2016 are as follows: Three Months Ended March 31, 2017 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 $ 49,346 $ 25,744 $ 7,035 $ 1,672 $ 118,748 $ 118,748 Change in fair value 157 77 2,038 (1,627 ) (4,771 ) (4,771 ) Purchases 6,830 — — — — — Sales (12,015 ) (1,530 ) — — — — Settlements (2,758 ) (482 ) — — 9,911 9,911 Transfers into Level 3 1 154 — — — — — Transfers out of Level 3 2 — (493 ) — — — — Balance at end of period $ 41,714 $ 23,316 $ 9,073 $ 45 $ 123,888 $ 123,888 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 moved to real estate owned ("REO"). Year Ended December 31, 2016 Mortgage Loans Held for Sale - non-saleable to GSEs Mortgage Loans Held for Sale - Repurchased GNMA Loans Derivative Assets Derivative Liabilities Loans eligible for repurchase from GNMA Liability for loans eligible for repurchase from GNMA Balance at beginning of period $ 58,799 $ 37,336 $ 10,596 $ 334 $ 80,794 $ 80,794 Change in fair value 1,413 412 (3,561 ) 1,338 (4,606 ) (4,606 ) Purchases 34,327 2,207 — — — — Sales (38,847 ) (7,774 ) — — (2,207 ) (2,207 ) Settlements (35,311 ) (4,545 ) — — 44,767 44,767 Transfers into Level 3 1 31,081 — — — — — Transfers out of Level 3 2 (2,116 ) (1,892 ) — — — — Balance at end of period $ 49,346 $ 25,744 $ 7,035 $ 1,672 $ 118,748 $ 118,748 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 moved to REO.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of other assets	The following summarizes other assets as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Receivables from MSRs sales, interest and loan related payments, net $ 8,776 $ 11,748 Prepaid expenses 3,825 4,411 Real estate owned, net 1 1,123 1,005 Deposits 421 421 Total other assets $ 14,145 $ 17,585 1 Real estate owned assets are reflected at their net realizable value.

Transfers and Servicing of Fi30

Transfers and Servicing of Financial Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Transfers and Servicing [Abstract]
Information regarding cash flows relating to loan sales with continuing involvement	The following table sets forth information regarding cash flows for the three months ended March 31, 2017 and 2016 relating to loan sales in which the Company has continuing involvement: Three Months Ended March 31, 2017 2016 Proceeds from new loan sales 1 $ 1,630,935 $ 1,905,376 1 Represents proceeds from sales and excludes payments received from borrowers.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Short-term borrowings outstanding	Borrowings outstanding as of March 31, 2017 and December 31, 2016 are as follows: March 31, 2017 December 31, 2016 Amount Outstanding Weighted Average Interest Rate Amount Outstanding Weighted Average Interest Rate Secured borrowings - mortgage loans 1 $ 219,718 4.14% $ 277,789 3.94% Secured borrowings - mortgage servicing rights 69,898 5.72% 56,898 5.17% Secured borrowings - eligible GNMA loan repurchases 2 22,327 3.18% 24,738 3.18% Mortgage repurchase borrowings 290,487 2.68% 371,534 2.55% Warehouse lines of credit — —% 170 4.25% Operating lines of credit 9,834 4.00% 9,928 4.00% Total mortgage funding arrangements and operating lines of credit $ 612,264 $ 741,057 1 The Company’s costs for secured borrowings on mortgage loans are shown in the table above based on the average underlying mortgage rates. These costs are reduced by earnings and fees specific to each of the secured borrowing facilities. 2 The Company's costs for financing GNMA loan repurchases under this funding arrangement (remittance rate) is based on a borrowing rate over and above the debenture rate, which is set on each loan by HUD at a required spread to the constant maturity ten -year treasury at that point in time.
Summary of the amounts outstanding, interest rates and maturity dates under the various mortgage funding arrangements	The following tables summarize the amounts outstanding, interest rates and maturity dates under the Company’s various mortgage funding arrangements as of March 31, 2017 and December 31, 2016 : As of March 31, 2017: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 9,777 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2017 Merchants Bank of Indiana - NattyMac Funding 209,941 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2018 Total secured borrowings - mortgage loans 219,718 600,000 Guaranty Bank 22,327 50,000 Coupon rate of underlying loans, less debenture rate 6 N/A 7 Total secured borrowings - eligible GNMA loan repurchases 22,327 50,000 Barclays Bank PLC — 225,000 LIBOR plus applicable margin July 2017 Bank of America, N.A. 199,344 425,000 5 LIBOR plus applicable margin August 2017 EverBank 31,841 125,000 LIBOR plus applicable margin January 2018 Wells Fargo Bank N.A. 59,302 140,000 LIBOR plus applicable margin January 2018 Total mortgage repurchase borrowings 290,487 915,000 Merchants Bank of Indiana - Warehouse Line of Credit — 2,000 Prime plus 1.00% July 2017 Total warehouse lines of credit — 2,000 Barclays Bank PLC - MSRs Secured 34,128 — 4 LIBOR plus applicable margin July 2017 EverBank - MSRs Secured 35,770 — 8 LIBOR plus applicable margin January 2018 Total secured borrowings - MSRs 69,898 — Total $ 602,430 $ 1,567,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $10,000 . 2 Merchants Bank of Indiana will periodically limit or expand the aggregate maximum borrowing capacity. During the three months ended March 31, 2017 , the most the aggregate borrowing capacity was limited or expanded approximated $550,000 or $700,000 , respectively. At March 31, 2017 , 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 $225,000 , with a MSR sub-limit of $45,000 . 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, 2016: Mortgage Funding Arrangements 1 Amount Outstanding Maximum Borrowing Capacity Interest Rate Maturity Date Merchants Bank of Indiana - Participation Agreement $ 105,189 $ 600,000 2 Same as the underlying mortgage rates, less contractual service fee July 2017 Merchants Bank of Indiana - NattyMac Funding 172,600 — 3 Same as the underlying mortgage rates, less 49% of facility earnings March 2017 Total secured borrowings - mortgage loans 277,789 600,000 Guaranty Bank 24,738 50,000 Coupon rate of underlying loans, less debenture rate 7 N/A 8 Total secured borrowings - eligible GNMA loan repurchases 24,738 50,000 Barclays Bank PLC 64,691 300,000 LIBOR plus applicable margin February 2017 11 Bank of America, N.A. 214,969 425,000 4 LIBOR plus applicable margin August 2017 EverBank 35,734 125,000 LIBOR plus applicable margin January 2017 9 Wells Fargo Bank N.A. 56,140 140,000 LIBOR plus applicable margin January 2017 10 Total mortgage repurchase borrowings 371,534 990,000 Merchants Bank of Indiana - Warehouse Line of Credit 170 2,000 Prime plus 1.00% July 2017 Total warehouse lines of credit 170 2,000 Barclays Bank PLC - MSRs Secured 15,128 — 5 LIBOR plus applicable margin February 2017 11 EverBank - MSRs Secured 41,770 — 6 LIBOR plus applicable margin January 2017 9 Total secured borrowings - MSRs 56,898 — Total $ 731,129 $ 1,642,000 1 Does not include our operating lines of credit for which we have a maximum borrowing capacity of $10,000 . 2 Merchants Bank of Indiana will periodically constrain the aggregate maximum borrowing capacity. During the year ended December 31, 2015, the lowest amount to which the aggregate maximum borrowing capacity was limited approximated $550,000 . The highest amount to which it was expanded approximated $700,000 . At December 31, 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 The Bank of America maximum borrowing includes $200,000 of mortgage repurchase and $225,000 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 $125,000 , with a sub-limit of $60,000 . 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. 9 On January 6, 2017 the Company amended its mortgage repurchase financing agreement with EverBank to extend the maturity date to January 5, 2018. 10 On January 18, 2017 the Company amended its mortgage repurchase agreement with Wells Fargo Bank N.A. to extend the maturity date to January 30, 2018. 11 On February 21, 2017 the Company amended its agreements with Barclays Bank to extend the maturity date to July 31, 2017.

Reserve for Mortgage Repurcha32

Reserve for Mortgage Repurchases and Indemnifications (Tables)	3 Months Ended
	Mar. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Summary of changes in the reserve for mortgage repurchases and indemnifications	The following is a summary of changes in the reserve for mortgage repurchases and indemnifications for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 5,533 $ 5,536 Provision for mortgage repurchases and indemnifications - new loan sales 1 392 565 Losses on repurchases and indemnifications (408 ) (303 ) Balance at end of period $ 5,517 $ 5,798 1 Recognized as a reduction to "Gain on mortgage loans held for sale, net" in the consolidated statements of operations.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense to Expected Statutory Federal Corporate Income Tax	The following is a reconciliation of the expected statutory federal corporate income tax (benefit) to the income tax (benefit) recorded on the Company's consolidated statements of operations for the three months ended March 31, 2017 and 2016 : Three Months Ended March 31, 2017 2016 $ % $ % Statutory federal income tax benefit $ (1,575 ) 35.0 % $ (13,667 ) 35.0 % State income tax benefit, net of federal tax benefit (152 ) 3.4 % (1,430 ) 3.7 % Non-deductible expenses 15 (0.4 )% 41 (0.1 )% Valuation allowance 1,513 (33.6 )% 13,070 (33.5 )% Uncertain tax positions 6 (0.1 )% 18 — % State tax rate adjustment to state deferred — — % 294 (0.8 )% Other 2 (0.1 )% (109 ) 0.3 % Total income tax (benefit) $ (191 ) 4.2 % $ (1,783 ) 4.6 %
Schedule of Unrecognized Tax Positions	The following is a reconciliation of the ASC 740-10 unrecognized tax positions: Three Months Ended March 31, 2017 2016 Balance at the beginning of year $ 254 $ 583 Increases for tax positions of prior years 6 18 Balance at end of year $ 260 $ 601

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
A summary of stock option activity	A summary of stock option activity for the three months ended March 31, 2017 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, 2016 307,854 $ 13.37 Granted — N/A Exercised — N/A Forfeited or expired — N/A Outstanding at March 31, 2017 307,854 $ 13.37 5.7 $ 405 Exercisable at March 31, 2017 256,265 $ 12.44 5.7 $ 405
Summary of the nonvested restricted stock unit activity	A summary of the nonvested restricted stock unit activity for the three months ended March 31, 2017 is as follows: Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2016 377,290 $ 5.16 Granted — N/A Vested — N/A Forfeited — N/A Nonvested at March 31, 2017 377,290 $ 5.16

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Reconciliation of assets from segment to consolidated	Financial highlights by segment are as follows: Total Assets March 31, 2017 December 31, 2016 Originations $ 463,356 $ 589,938 Servicing 407,686 391,967 Financing 128,573 158,199 Other/Eliminations 1 32,141 36,638 Total $ 1,031,756 $ 1,176,742 1 Includes intersegment eliminations and assets not allocated to the three reportable segments.
Major components of revenues by product/service	Three Months Ended March 31, 2017 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 17,902 $ 251 $ — $ (28 ) $ 18,125 Changes in mortgage servicing rights valuation — (1,229 ) — — (1,229 ) Payoffs and principal amortization of mortgage servicing rights — (5,508 ) — — (5,508 ) Loan origination and other loan fees 3,094 — 318 — 3,412 Loan servicing fees — 12,338 — — 12,338 Interest and other income 3,746 163 1,548 — 5,457 Total revenues 24,742 6,015 1,866 (28 ) 32,595 Expenses Salaries, commissions and benefits 11,989 1,513 455 5,833 19,790 General and administrative 2,587 775 234 2,716 6,312 Interest expense 3,586 (670 ) 719 918 4,553 Occupancy, equipment and communication 1,753 392 77 1,672 3,894 Depreciation and amortization expense 1,950 160 109 328 2,547 Corporate allocations 5,588 845 156 (6,589 ) — Total expenses 27,453 3,015 1,750 4,878 37,096 Income (loss) from continuing operations before taxes $ (2,711 ) $ 3,000 $ 116 $ (4,906 ) $ (4,501 ) Three Months Ended March 31, 2016 Originations Servicing Financing Other/Eliminations Consolidated Revenues Gains on mortgage loans held for sale, net $ 22,487 $ 572 $ — $ 63 $ 23,122 Changes in mortgage servicing rights valuation — (35,720 ) — — (35,720 ) Payoffs and principal amortization of mortgage servicing rights — (7,249 ) — — (7,249 ) Loan origination and other loan fees 4,131 — 325 6 4,462 Loan servicing fees — 13,446 — — 13,446 Interest and other income 4,900 105 1,898 12 6,915 Total revenues 31,518 (28,846 ) 2,223 81 4,976 Expenses Salaries, commissions and benefits 14,585 1,753 471 6,417 23,226 General and administrative 2,704 479 155 3,676 7,014 Interest expense 4,225 1,077 776 1,171 7,249 Occupancy, equipment and communication 1,895 444 53 1,855 4,247 Depreciation and amortization expense 1,949 123 98 376 2,546 Corporate allocations 5,723 932 125 (6,780 ) — Total expenses 31,081 4,808 1,678 6,715 44,282 Income (loss) from continuing operations before taxes $ 437 $ (33,654 ) $ 545 $ (6,634 ) $ (39,306 )

Organization and Operations (De

Organization and Operations (Details)	3 Months Ended
	Mar. 31, 2017segment	Jan. 26, 2017$ / shares
Business Acquisition [Line Items]
Number of reportable segments | segment	3
Home Point Financial and Merger Sub
Business Acquisition [Line Items]
Merger, right to receive (in dollars per share) | $ / shares		$ 8

(Loss) Per Share - Reconciliati

(Loss) Per Share - Reconciliation of income attributable to common shareholders and computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net (loss)
Net (loss)	$ (4,310)	$ (37,523)
Weighted average shares outstanding:
Weighted average shares outstanding - Basic (in shares)	25,988	25,804
Weighted average shares outstanding - Diluted (in shares)	26,149	25,804
Basic (loss) per share (in dollars per share)	$ (0.17)	$ (1.45)
Diluted (loss) per share (in dollars per share)	$ (0.16)	$ (1.45)

(Loss) Per Share - Anti-dilutiv

(Loss) Per Share - Anti-dilutive securities excluded from the EPS calculation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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)	666	617

Derivative Financial Instrume39

Derivative Financial Instruments - Summary of outstanding derivative instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Fair Value - Asset	$ 9,428	$ 21,271
Fair Value - (Liability)	(5,147)	(4,536)
Not designated as hedging instrument
Derivatives, Fair Value [Line Items]
Notional	2,480,866	2,765,282
Fair Value - Asset	9,428	21,271
Fair Value - (Liability)	(5,147)	(4,536)
Not designated as hedging instrument | Interest rate contract | Interest rate lock commitments
Derivatives, Fair Value [Line Items]
Notional	888,640	800,168
Fair Value - Asset	9,073	7,035
Fair Value - (Liability)	(45)	(1,672)
Not designated as hedging instrument | Price risk derivative | MBS forward sales contracts
Derivatives, Fair Value [Line Items]
Notional	1,233,425	1,473,514
Not designated as hedging instrument | Price risk derivative | MBS forward purchase contracts
Derivatives, Fair Value [Line Items]
Notional	358,801	491,600
Not designated as hedging instrument | Price risk derivative | MBS forward trades
Derivatives, Fair Value [Line Items]
Notional	1,592,226	1,965,114
Fair Value - Asset	355	14,236
Fair Value - (Liability)	$ (5,102)	$ (2,864)

Derivative Financial Instrume40

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
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	$ 897	$ (938)
Interest rate contract | Interest rate lock commitments
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	3,666	6,659
Price risk derivative | MBS forward trades
Derivative Instruments, Gain (Loss) [Line Items]
Net derivative gains (losses)	$ (2,769)	$ (7,597)

Derivative Financial Instrume41

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	$ 5,147,000		$ 4,536,000
Net credit gain position with respect to counterparties	9,428,000		21,271,000
Certain counterparties
Offsetting Liabilities [Line Items]
Net credit loss position with respect to counterparties	2,972,000
Net credit gain position with respect to counterparties			11,372,000
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	$ 1,776,000		$ 0

Mortgage Loans Held for Sale,42

Mortgage Loans Held for Sale, at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 462,407	$ 578,390
Fair value of mortgages pledged as collateral	436,397	548,392
Mortgage loans held for sale funded with excess cash	$ 26,010	29,998
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	$ 152,226	199,350
Government insured
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	295,716	355,131
Non-agency/Other
Mortgage Loans on Real Estate [Line Items]
Total mortgage loans held for sale, at fair value	$ 14,465	$ 23,909

Mortgage Loans Held for Sale,43

Mortgage Loans Held for Sale, at Fair Value - Loans Held for Sale Accounted under the Fair Value Option (Details) - Mortgages held-for-sale - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Option, Quantitative Disclosures [Line Items]
Current through 89 days delinquent - Fair Value	$ 438,338	$ 548,794
90 or more days delinquent - Fair Value	24,069	29,596
Total - Fair Value	462,407	578,390
Current through 89 days delinquent - UPB	422,868	538,331
90 or more days delinquent - UPB	25,021	30,217
Total - UPB	447,889	568,548
Eligible GNMA Loan Repurchases
Fair Value, Option, Quantitative Disclosures [Line Items]
90 or more days delinquent - Fair Value	19,712	20,868
90 or more days delinquent - UPB	$ 20,311	$ 21,472

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of mortgage servicing portfolio (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 17,416,159	$ 16,286,839
MSRs balance	$ 225,704	$ 211,532
MSRs balance as a percentage of total mortgage servicing portfolio	1.30%	1.30%
FNMA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	$ 4,257,467	$ 4,046,750
FHA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	5,254,358	4,875,867
VA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	3,719,141	3,475,218
USDA
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	949,393	883,696
FHLMC
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	3,149,380	2,917,616
Other Investors
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
Total mortgage servicing portfolio	86,420	87,692
Residential mortgage
Schedule of Servicing Assets at Fair Value and Amortized Cost [Line Items]
MSRs balance	$ 225,704	$ 211,532	$ 171,676	$ 199,637

Mortgage Servicing Rights - S45

Mortgage Servicing Rights - Summary of the changes in the balance of MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016	Jun. 30, 2016
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	$ 211,532
Changes in valuation inputs and assumptions	(1,229)	$ (35,720)
Balance at end of period	225,704
Gain (loss) on sale of mortgage servicing rights	21	(105)
Unpaid principal balance of MSRs sold			$ 1,200,000	$ 5,060,000
Residential mortgage
Servicing Asset at Fair Value, Amount [Roll Forward]
Balance at beginning of period	211,532	199,637
MSRs originated in connection with loan sales	20,930	21,146
MSRs sold and derecognized	0	(6,243)
Changes in valuation inputs and assumptions	(1,250)	(35,615)
Actual portfolio runoff (payoffs and principal amortization)	(5,508)	(7,249)
Balance at end of period	$ 225,704	$ 171,676

Mortgage Servicing Rights - Out

Mortgage Servicing Rights - Outstanding Loans Sold with Continuing Involvement (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Transfers and Servicing [Abstract]
Total unpaid principal balance	$ 17,416,159	$ 16,286,839
Loans 30-89 days delinquent	283,395	358,300
Loans delinquent 90 or more days or in foreclosure	$ 167,162	$ 160,706

Mortgage Servicing Rights - Key

Mortgage Servicing Rights - Key Valuation Assumptions for MSRs on the Balance Sheet Dates (Details) - $ / loan	3 Months Ended	12 Months Ended
	Mar. 31, 2017	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)	90	91
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)	9.90%	10.10%
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)	9.90%	9.60%
VA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	9.90%	9.60%
USDA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Annual prepayment speeds (by investor type)	10.30%	9.90%
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)	9.10%	9.20%
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)	10.80%	11.10%

Mortgage Servicing Rights - Ass

Mortgage Servicing Rights - Assumptions for Defaults Rates (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2015
FNMA
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for default rates	4.07%	4.05%
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	6.53%	6.52%
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	6.49%	6.46%
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	6.52%	6.51%
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	4.03%	4.01%
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	6.63%	6.61%

Mortgage Servicing Rights - Hyp

Mortgage Servicing Rights - Hypothetical Effect of an Adverse Change in Key Assumptions (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Transfers and Servicing [Abstract]
Impact of discount rate plus 1%	$ (9,563)	$ (9,027)
Impact of discount rate plus 1%, Percentage of Average Portfolio	4.00%	4.00%
Impact of discount rate plus 2%	$ (18,383)	$ (17,351)
Impact of discount rate plus 2%, Percentage of Average Portfolio	8.00%	8.00%
Impact of discount rate plus 3%	$ (26,538)	$ (25,045)
Impact of discount rate plus 3%, Percentage of Average Portfolio	12.00%	12.00%
Impact of prepayment speed times 105%	$ (5,102)	$ (4,744)
Impact of prepayment speed times 105%, Percentage of Average Portfolio	2.00%	2.00%
Impact of prepayment speed times 110%	$ (10,021)	$ (9,322)
Impact of prepayment speed times 110%, Percentage of Average Portfolio	4.00%	4.00%
Impact of prepayment speed times 120%	$ (19,348)	$ (18,010)
Impact of prepayment speed times 120%, Percentage of Average Portfolio	9.00%	9.00%
Impact of cost of servicing times 105%	$ (1,487)	$ (1,415)
Impact of cost of servicing times 105%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 110%	$ (2,975)	$ (2,830)
Impact of cost of servicing times 110%, Percentage of Average Portfolio	1.00%	1.00%
Impact of cost of servicing times 120%	$ (5,950)	$ (5,660)
Impact of cost of servicing times 120%, Percentage of Average Portfolio	3.00%	3.00%

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Secured borrowings - mortgage servicing rights	$ 69,898	$ 56,898
Mortgage Servicing Rights
Mortgage Loans on Real Estate [Line Items]
Fair value of mortgage servicing rights pledged	$ 224,919	$ 210,734

Mortgage Servicing Rights - Com

Mortgage Servicing Rights - Components of loan servicing fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Transfers and Servicing [Abstract]
Contractual servicing fees	$ 11,708	$ 12,705
Late fees	630	741
Loan servicing fees	$ 12,338	$ 13,446
Servicing fees as a percentage of average portfolio (annualized)	0.29%	0.30%

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	3 Months Ended
	Mar. 31, 2017
GNMA
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Loans eligible for repurchase, borrower default period	90 days

Fair Value Measurements - Major

Fair Value Measurements - Major Categories of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets:
Derivative assets	$ 9,428	$ 21,271
MSRs	225,704	211,532
Liabilities:
Derivative liabilities	5,147	4,536
Measured on a recurring basis
Assets:
MSRs	225,704	211,532
Loans eligible for repurchase from GNMA	123,888	118,748
Total assets	821,427	929,941
Liabilities:
Liability for loans eligible for repurchase from GNMA	123,888	118,748
Total liabilities	129,035	123,284
Measured on a recurring basis | Interest rate contract | IRLCs
Assets:
Derivative assets	9,073	7,035
Liabilities:
Derivative liabilities	45	1,672
Measured on a recurring basis | Price risk derivative | MBS forward trades
Assets:
Derivative assets	355	14,236
Liabilities:
Derivative liabilities	5,102	2,864
Measured on a recurring basis | Level 1
Assets:
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:
MSRs	0	0
Loans eligible for repurchase from GNMA	0	0
Total assets	397,732	517,536
Liabilities:
Liability for loans eligible for repurchase from GNMA	0	0
Total liabilities	5,102	2,864
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	355	14,236
Liabilities:
Derivative liabilities	5,102	2,864
Measured on a recurring basis | Level 3
Assets:
MSRs	225,704	211,532
Loans eligible for repurchase from GNMA	123,888	118,748
Total assets	423,695	412,405
Liabilities:
Liability for loans eligible for repurchase from GNMA	123,888	118,748
Total liabilities	123,933	120,420
Measured on a recurring basis | Level 3 | Interest rate contract | IRLCs
Assets:
Derivative assets	9,073	7,035
Liabilities:
Derivative liabilities	45	1,672
Measured on a recurring basis | Level 3 | Price risk derivative | MBS forward trades
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Saleable to GSE Loans | Measured on a recurring basis
Assets:
Mortgage loans held for sale	397,377	503,300
Saleable to GSE Loans | Measured on a recurring basis | Level 1
Assets:
Mortgage loans held for sale	0	0
Saleable to GSE Loans | Measured on a recurring basis | Level 2
Assets:
Mortgage loans held for sale	397,377	503,300
Saleable to GSE Loans | Measured on a recurring basis | Level 3
Assets:
Mortgage loans held for sale	0	0
Non-saleable to GSE Loans | Measured on a recurring basis
Assets:
Mortgage loans held for sale	41,714	49,346
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	41,714	49,346
GNMA | Measured on a recurring basis
Assets:
Mortgage loans held for sale	23,316	25,744
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	$ 23,316	$ 25,744

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation Assets and Liabilities within Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2015
Derivative Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 1,672
Change in fair value	(1,627)	$ 1,338
Purchases	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	45	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	118,748
Change in fair value	(4,771)	(4,606)
Purchases	0	0
Sales	0	(2,207)
Settlements	9,911	44,767
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	123,888	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	49,346
Change in fair value	157	1,413
Purchases	6,830	34,327
Sales	(12,015)	(38,847)
Settlements	(2,758)	(35,311)
Transfers into Level 3	154	31,081
Transfers out of Level 3	0	(2,116)
Balance at end of period	41,714	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	25,744
Change in fair value	77	412
Purchases	0	2,207
Sales	(1,530)	(7,774)
Settlements	(482)	(4,545)
Transfers into Level 3	0	0
Transfers out of Level 3	(493)	(1,892)
Balance at end of period	23,316	37,336
Derivative Assets
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	7,035
Change in fair value	2,038	(3,561)
Purchases	0	0
Sales	0	0
Settlements	0	0
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	9,073	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	118,748
Change in fair value	(4,771)	(4,606)
Purchases	0	0
Sales	0	(2,207)
Settlements	9,911	44,767
Transfers into Level 3	0	0
Transfers out of Level 3	0	0
Balance at end of period	$ 123,888	$ 80,794

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Receivables from MSRs sales, interest and loan related payments, net	$ 8,776	$ 11,748
Prepaid expenses	3,825	4,411
Real estate owned, net	1,123	1,005
Deposits	421	421
Total other assets	$ 14,145	$ 17,585

Transfers and Servicing of Fi56

Transfers and Servicing of Financial Assets - Cash Flows Relating to Loan Sales with Continuing Involvement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Transfers and Servicing [Abstract]
Proceeds from new loan sales	$ 1,630,935	$ 1,905,376

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Short-term Debt [Line Items]
Amount Outstanding	$ 612,264	$ 741,057
Secured borrowings - mortgage loans
Short-term Debt [Line Items]
Amount Outstanding	$ 219,718	$ 277,789
Weighted Average Interest Rate (as a percent)	4.14%	3.94%
Secured borrowings - mortgage servicing rights
Short-term Debt [Line Items]
Amount Outstanding	$ 69,898	$ 56,898
Weighted Average Interest Rate (as a percent)	5.72%	5.17%
Mortgage repurchase borrowings
Short-term Debt [Line Items]
Amount Outstanding	$ 290,487	$ 371,534
Weighted Average Interest Rate (as a percent)	2.68%	2.55%
Warehouse lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 0	$ 170
Weighted Average Interest Rate (as a percent)	0.00%	4.25%
Operating lines of credit
Short-term Debt [Line Items]
Amount Outstanding	$ 9,834	$ 9,928
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	$ 22,327	$ 24,738
Weighted Average Interest Rate (as a percent)	3.18%	3.18%

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)lenderarrangement	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Aug. 03, 2016USD ($)	Jun. 03, 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)	$ 1,567,000,000	$ 1,642,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Number of lenders | lender	6
Line of credit maximum borrowing capacity	$ 1,577,000,000
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	915,000,000	990,000,000
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		10,000,000
Barclays Bank PLC | Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	225,000,000	300,000,000
Maximum borrowing capacity with a sub-limit	45,000,000	60,000,000
Barclays Bank PLC | Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	225,000,000	300,000,000
Bank of America, N.A. | Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	425,000,000	425,000,000		$ 200,000,000	$ 250,000,000
EverBank | Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	125,000,000	125,000,000
Maximum borrowing capacity with a sub-limit	60,000,000	60,000,000
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	200,000,000	200,000,000
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	$ 225,000,000

Debt - Mortgage Funding Arrange

Debt - Mortgage Funding Arrangements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2015	Dec. 31, 2016	Aug. 03, 2016	Jun. 03, 2016
Line of Credit Facility [Line Items]
Amount Outstanding	$ 602,430,000		$ 731,129,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	1,567,000,000		1,642,000,000
Secured borrowings - mortgage loans
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	1,577,000,000
Secured borrowings - mortgage loans | Merchants Bank of Indiana
Line of Credit Facility [Line Items]
Amount Outstanding	219,718,000		277,789,000
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	225,000,000		300,000,000
Mortgage repurchase borrowings
Line of Credit Facility [Line Items]
Amount Outstanding	290,487,000		371,534,000
Line of credit maximum borrowing capacity	915,000,000		990,000,000
Mortgage repurchase borrowings | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	0		64,691,000
Line of credit maximum borrowing capacity	225,000,000		300,000,000
Mortgage repurchase borrowings | Bank of America, N.A.
Line of Credit Facility [Line Items]
Amount Outstanding	199,344,000		214,969,000
Line of credit maximum borrowing capacity	425,000,000		425,000,000	$ 200,000,000	$ 250,000,000
Mortgage repurchase borrowings | EverBank
Line of Credit Facility [Line Items]
Amount Outstanding	31,841,000		35,734,000
Line of credit maximum borrowing capacity	125,000,000		125,000,000
Mortgage repurchase borrowings | Wells Fargo
Line of Credit Facility [Line Items]
Amount Outstanding	59,302,000		56,140,000
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	69,898,000		56,898,000
Line of credit maximum borrowing capacity	0		0
Secured borrowings - mortgage servicing rights | Barclays Bank PLC
Line of Credit Facility [Line Items]
Amount Outstanding	34,128,000		15,128,000
Line of credit maximum borrowing capacity	0		0
Secured borrowings - mortgage servicing rights | EverBank
Line of Credit Facility [Line Items]
Amount Outstanding	35,770,000		41,770,000
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	$ 9,777,000
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			105,189,000
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	209,941,000		172,600,000
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	$ 0		170,000
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	0		170,000
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	22,327,000		24,738,000
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	22,327,000		24,738,000
Line of credit, maximum borrowing capacity (excluding operating lines of credit)	$ 50,000,000		$ 50,000,000

Reserve for Mortgage Repurcha60

Reserve for Mortgage Repurchases and Indemnifications - Rollforward (Details) - Reserve for mortgage repurchases and indemnifications - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at beginning of period	$ 5,533	$ 5,536
Provision for mortgage repurchases and indemnifications - new loan sales	392	565
Losses on repurchases and indemnifications	(408)	(303)
Balance at end of period	$ 5,517	$ 5,798

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal income tax benefit	$ (1,575)	$ (13,667)
State income tax benefit, net of federal tax benefit	(152)	(1,430)
Non-deductible expenses	15	41
Valuation allowance	1,513	13,070
Uncertain tax positions	6	18
State tax rate adjustment to state deferred	0	294
Other	2	(109)
Total income tax (benefit)	$ (191)	$ (1,783)
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income tax (benefit) expense, percent	35.00%	35.00%
State income tax benefit, net of federal tax benefit, percent	3.40%	3.70%
Non-deductible expenses, percent	(0.40%)	(0.10%)
Valuation allowance, percent	(33.60%)	(33.50%)
Uncertain tax positions, percent	(0.10%)	0.00%
State tax rate adjustment to state deferred, percent	0.00%	(0.80%)
Other, percent	(0.10%)	0.30%
Total income tax benefit, percent	4.20%	4.60%

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Operating Loss Carryforwards [Line Items]
Income tax (benefit)	$ (191)	$ (1,783)
Effective tax rates (as a percent)	4.20%	4.60%
Change in valuation allowance	$ 1,513	$ 13,070
Valuation allowance	2,409
Uncertain tax positions	6	18
Unrecognized tax benefits	260	601	$ 254	$ 583
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	206,392	188,898
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 168,593	$ 160,411

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Positions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of year	$ 254	$ 583
Increases for tax positions of prior years	6	18
Balance at end of year	$ 260	$ 601

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2014	Dec. 31, 2013
Loss Contingencies [Line Items]
Total commitments to originate loans	$ 888,640	$ 800,168
Total principal amount of certain refinancing loans purchased	$ 17,416,159	$ 16,286,839
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	Mar. 31, 2017
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	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Number of Shares
Number of Shares, Outstanding - beginning balance	307,854
Number of Shares, Granted	0
Number of Shares, Exercised	0
Number of Shares, Forfeited or expired	0
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	$ 13.37
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	5 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable	5 years 8 months 12 days
Aggregate Intrinsic Value, Outstanding - ending balance | $	$ 405
Aggregate Intrinsic Value, Exercisable | $	$ 405

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted Average Grant Date Fair Value Per Share
Stock-based compensation expense	$ 334	$ 306
Restricted Stock Units (RSUs)
Restricted Stock Units
Nonvested beginning balance, RSU (in shares)	377,290
Granted, RSU (in shares)	0
Vested, RSU (in shares)	0
Forfeited, RSU (in shares)	0
Nonvested ending balance, RSU (in shares)	377,290
Weighted Average Grant Date Fair Value Per Share
Nonvested beginning balance, Weighted average grant date fair value per share (in usd per share)	$ 5.16
Nonvested ending balance, Weighted average grant date fair value per share (in usd per share)	$ 5.16
Additional paid-in capital
Weighted Average Grant Date Fair Value Per Share
Stock-based compensation expense	$ 334	$ 306

Segment Information - Assets by

Segment Information - Assets by Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)
Segment Reporting, Asset Reconciling Item [Line Items]
Number of operating segments | segment	3
Number of reportable segments | segment	3
Assets	$ 1,031,756	$ 1,176,742
Operating Segments | Originations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	463,356	589,938
Operating Segments | Servicing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	407,686	391,967
Operating Segments | Financing
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	128,573	158,199
Other/Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 32,141	$ 36,638

Segment Information - Income (L

Segment Information - Income (Loss) by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Gains on mortgage loans held for sale, net	$ 18,125	$ 23,122
Changes in mortgage servicing rights valuation	(1,229)	(35,720)
Payoffs and principal amortization of mortgage servicing rights	(5,508)	(7,249)
Loan origination and other loan fees	3,412	4,462
Loan servicing fees	12,338	13,446
Interest and other income	5,457	6,915
Total revenues	32,595	4,976
Expenses
Salaries, commissions and benefits	19,790	23,226
General and administrative expense	6,312	7,014
Interest expense	4,553	7,249
Occupancy, equipment and communication	3,894	4,247
Depreciation and amortization expense	2,547	2,546
Corporate allocations	0	0
Total expenses	37,096	44,282
(Loss) before income taxes	(4,501)	(39,306)
Operating Segments | Originations
Revenues
Gains on mortgage loans held for sale, net	17,902	22,487
Changes in mortgage servicing rights valuation	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0
Loan origination and other loan fees	3,094	4,131
Loan servicing fees	0	0
Interest and other income	3,746	4,900
Total revenues	24,742	31,518
Expenses
Salaries, commissions and benefits	11,989	14,585
General and administrative expense	2,587	2,704
Interest expense	3,586	4,225
Occupancy, equipment and communication	1,753	1,895
Depreciation and amortization expense	1,950	1,949
Corporate allocations	5,588	5,723
Total expenses	27,453	31,081
(Loss) before income taxes	(2,711)	437
Operating Segments | Servicing
Revenues
Gains on mortgage loans held for sale, net	251	572
Changes in mortgage servicing rights valuation	(1,229)	(35,720)
Payoffs and principal amortization of mortgage servicing rights	(5,508)	(7,249)
Loan origination and other loan fees	0	0
Loan servicing fees	12,338	13,446
Interest and other income	163	105
Total revenues	6,015	(28,846)
Expenses
Salaries, commissions and benefits	1,513	1,753
General and administrative expense	775	479
Interest expense	(670)	1,077
Occupancy, equipment and communication	392	444
Depreciation and amortization expense	160	123
Corporate allocations	845	932
Total expenses	3,015	4,808
(Loss) before income taxes	3,000	(33,654)
Operating Segments | Financing
Revenues
Gains on mortgage loans held for sale, net	0	0
Changes in mortgage servicing rights valuation	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0
Loan origination and other loan fees	318	325
Loan servicing fees	0	0
Interest and other income	1,548	1,898
Total revenues	1,866	2,223
Expenses
Salaries, commissions and benefits	455	471
General and administrative expense	234	155
Interest expense	719	776
Occupancy, equipment and communication	77	53
Depreciation and amortization expense	109	98
Corporate allocations	156	125
Total expenses	1,750	1,678
(Loss) before income taxes	116	545
Other/Eliminations
Revenues
Gains on mortgage loans held for sale, net	(28)	63
Changes in mortgage servicing rights valuation	0	0
Payoffs and principal amortization of mortgage servicing rights	0	0
Loan origination and other loan fees	0	6
Loan servicing fees	0	0
Interest and other income	0	12
Total revenues	(28)	81
Expenses
Salaries, commissions and benefits	5,833	6,417
General and administrative expense	2,716	3,676
Interest expense	918	1,171
Occupancy, equipment and communication	1,672	1,855
Depreciation and amortization expense	328	376
Corporate allocations	(6,589)	(6,780)
Total expenses	4,878	6,715
(Loss) before income taxes	$ (4,906)	$ (6,634)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Apr. 28, 2017	Sep. 30, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Unpaid principal balance of MSRs sold		$ 1,200	$ 5,060
Home Point Financial Corporation | Subsequent event
Subsequent Event [Line Items]
Unpaid principal balance of MSRs sold	$ 1,200