Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 06, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PMT | ' |
Entity Registrant Name | 'PennyMac Mortgage Investment Trust | ' |
Entity Central Index Key | '0001464423 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 70,453,582 |
PENNYMAC_MORTGAGE_INVESTMENT_T
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash | $100,064 | $33,756 |
Short-term investments | 80,936 | 39,017 |
Mortgage-backed securities at fair value | 204,914 | ' |
Agency debt security at fair value | 12,578 | ' |
Mortgage loans acquired for sale at fair value (includes $731,717 and $972,079 pledged to secure mortgage loans acquired for sale under agreements to repurchase) | 737,114 | 975,184 |
Mortgage loans at fair value (includes $1,774,101 and $956,583 pledged to secure repurchase agreements) | 1,848,656 | 1,189,971 |
Mortgage loans at fair value held by variable interest entity (includes $501,417 collateralized mortgage loans at fair value held by variable interest entity sold under agreement to repurchase and asset-backed secured financing at fair value) | 536,776 | ' |
Mortgage loans under forward purchase agreements at fair value (includes $228,086 pledged to secure borrowings under forward purchase agreements) | 228,086 | ' |
Derivative assets | 18,415 | 23,706 |
Real estate acquired in settlement of loans (includes $67,870 and $23,834 pledged to secure real estate acquired in settlement of loans sold under agreements to repurchase) | 99,693 | 88,078 |
Real estate acquired in settlement of loans under forward purchase agreements, pledged to secure forward purchase agreements | 3,509 | ' |
Mortgage servicing rights at lower of amortized cost or fair value | 258,678 | 125,430 |
Mortgage servicing rights at fair value | 10,997 | 1,346 |
Excess servicing spread purchased from PennyMac Financial Services, Inc. | 2,857 | ' |
Principal and interest collections receivable | 22,918 | 29,204 |
Principal and interest collections receivable under forward purchase agreements | 9,817 | ' |
Interest receivable | 6,022 | 3,029 |
Servicing advances | 43,741 | 32,191 |
Due from PennyMac Financial Services, Inc. | 113 | 4,829 |
Other assets | 23,347 | 13,922 |
Total assets | 4,249,231 | 2,559,663 |
Assets sold under agreements to repurchase: | ' | ' |
Securities | 196,032 | ' |
Mortgage loans acquired for sale at fair value | 670,311 | 894,906 |
Mortgage loans at fair value | 797,715 | 353,805 |
Mortgage loans at fair value held by variable interest entity | 293,772 | ' |
Real estate acquired in settlement of loans | 22,228 | 7,391 |
Borrowings under forward purchase agreements | 229,841 | ' |
Asset-backed secured financing at fair value | 170,008 | ' |
Exchangeable senior notes | 250,000 | ' |
Derivative liabilities | 5,898 | 967 |
Accounts payable and accrued liabilities | 34,649 | 48,285 |
Due to PennyMac Financial Services, Inc. | 20,030 | 12,216 |
Income taxes payable | 54,840 | 36,316 |
Liability for losses under representations and warranties | 9,142 | 4,441 |
Total liabilities | 2,754,466 | 1,358,327 |
Commitments and contingencies | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common shares of beneficial interest-authorized, 500,000,000 common shares of $0.01 par value; issued and outstanding, 70,453,326 and 58,904,456 common shares, respectively | 705 | 589 |
Additional paid-in capital | 1,383,082 | 1,129,858 |
Retained earnings | 110,978 | 70,889 |
Total shareholders' equity | 1,494,765 | 1,201,336 |
Total liabilities and shareholders' equity | $4,249,231 | $2,559,663 |
PENNYMAC_MORTGAGE_INVESTMENT_T1
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Mortgage loans acquired for sale at fair value, pledged to secure mortgage loans acquired for sale sold under agreements to repurchase | $731,717 | $972,079 |
Mortgage loans at fair value, pledged to secure mortgage loans sold under agreements to repurchase | 1,774,101 | 956,583 |
Mortgage loans at fair value held by variable interest entity, collateralized mortgage loans at fair value held by variable interest entity sold under agreement to repurchase and asset-backed secured financing at fair value | 501,417 | ' |
Mortgage loans under forward purchase agreements at fair value, pledged to secure borrowings under forward purchase agreements | 228,086 | ' |
Real estate acquired in settlement of loans, pledged to secure real estate acquired in settlement of loans sold under agreements to repurchase | $67,870 | $23,834 |
Common shares, authorized | 500,000,000 | 500,000,000 |
Common shares, par value | $0.01 | $0.01 |
Common shares, issued | 70,453,326 | 70,453,326 |
Common shares, outstanding | 58,904,456 | 58,904,456 |
PENNYMAC_MORTGAGE_INVESTMENT_T2
PENNYMAC MORTGAGE INVESTMENT TRUST AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net Investment Income | ' | ' | ' | ' |
Net gain on mortgage loans acquired for sale | $11,031 | $49,793 | $84,748 | $81,210 |
Loan origination fees | 4,559 | 2,836 | 14,784 | 4,880 |
Net interest income: | ' | ' | ' | ' |
Interest income | 35,278 | 19,730 | 78,950 | 52,157 |
Interest expense | 19,497 | 8,282 | 44,877 | 21,659 |
Total, Net interest income (expense) | 15,781 | 11,448 | 34,073 | 30,498 |
Net gain (loss) on investments: | ' | ' | ' | ' |
Mortgage-backed securities | 493 | -451 | 493 | 612 |
Agency debt security | 578 | ' | 578 | ' |
Mortgage loans | 47,986 | 26,512 | 158,800 | 64,929 |
Excess servicing spread | 29 | ' | 29 | ' |
Total net gain (loss) on investments | 49,086 | 26,061 | 159,900 | 65,541 |
Net loan servicing fees | 6,659 | -511 | 20,562 | -1,169 |
Results of real estate acquired in settlement of loans | -2,295 | 1,288 | -7,477 | 7,576 |
Other | 1,241 | -1 | 2,841 | 56 |
Net investment income | 86,062 | 90,914 | 309,431 | 188,592 |
Expenses | ' | ' | ' | ' |
Loan fulfillment fees | 18,327 | 17,258 | 68,625 | 31,097 |
Loan servicing fees | 10,738 | 4,600 | 27,251 | 13,163 |
Management fees | 8,539 | 3,672 | 23,486 | 7,964 |
Professional services | 2,149 | 1,693 | 5,872 | 3,321 |
Compensation | 2,292 | 1,997 | 5,819 | 5,042 |
Other | 7,955 | 2,725 | 18,472 | 6,486 |
Total expenses | 50,000 | 31,945 | 149,525 | 67,073 |
Income before provision for income taxes | 36,062 | 58,969 | 159,906 | 121,519 |
(Benefit) provision for income taxes | -3,639 | 18,585 | 12,412 | 32,508 |
Net income | $39,701 | $40,384 | $147,494 | $89,011 |
Earnings per share | ' | ' | ' | ' |
Basic | $0.61 | $0.81 | $2.40 | $2.29 |
Diluted | $0.57 | $0.81 | $2.29 | $2.29 |
Weighted-average shares outstanding | ' | ' | ' | ' |
Basic | 64,405 | 49,078 | 60,809 | 38,398 |
Diluted | 73,121 | 49,463 | 65,898 | 38,712 |
Dividends declared per share | $0.57 | $0.55 | $1.71 | $1.65 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] |
In Thousands, except Share data | ||||
Balance, Amount at Dec. 31, 2011 | $546,017 | $284 | $518,272 | $27,461 |
Balance, Shares at Dec. 31, 2011 | ' | 28,404,554 | ' | ' |
Net income | 89,011 | ' | ' | 89,011 |
Share-based compensation, Amount | 3,576 | 2 | 3,574 | ' |
Share-based compensation, Shares | ' | 162,734 | ' | ' |
Cash dividends | -61,245 | ' | ' | -61,245 |
Proceeds from offerings of common shares | 608,184 | 303 | 607,881 | ' |
Proceeds from offerings of common shares, shares | ' | 30,336,393 | ' | ' |
Underwriting and offering costs | -1,340 | ' | -1,340 | ' |
Balance, Amount at Sep. 30, 2012 | 1,184,203 | 589 | 1,128,387 | 55,227 |
Balance, Shares at Sep. 30, 2012 | ' | 58,903,681 | ' | ' |
Balance, Amount at Dec. 31, 2012 | 1,201,336 | 589 | 1,129,858 | 70,889 |
Balance, Shares at Dec. 31, 2012 | ' | 58,904,456 | ' | ' |
Net income | 147,494 | ' | ' | 147,494 |
Share-based compensation, Amount | 4,066 | 3 | 4,063 | ' |
Share-based compensation, Shares | ' | 248,870 | ' | ' |
Cash dividends | -107,405 | ' | ' | -107,405 |
Proceeds from offerings of common shares | 261,595 | 113 | 261,482 | ' |
Proceeds from offerings of common shares, shares | ' | 11,300,000 | ' | ' |
Underwriting and offering costs | -12,321 | ' | -12,321 | ' |
Balance, Amount at Sep. 30, 2013 | $1,494,765 | $705 | $1,383,082 | $110,978 |
Balance, Shares at Sep. 30, 2013 | ' | 70,453,326 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Dividends declared per share | $1.71 | $1.65 |
Retained earnings [Member] | ' | ' |
Dividends declared per share | $1.71 | $1.65 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $147,494 | $89,011 |
Adjustments to reconcile net income to net cash used by operating activities: | ' | ' |
Net gain on mortgage loans at fair value | -158,800 | -64,929 |
Net gain on mortgage-backed securities at fair value | -493 | -612 |
Accrual of unearned discounts on mortgage-backed securities at fair value and capitalization of interest and advances on mortgage loans at fair value | -25,017 | -16,558 |
Net gain on mortgage loans acquired for sale at fair value | -84,748 | -81,210 |
Net gain on excess servicing spread | -29 | ' |
Change in fair value of Agency debt security | -578 | ' |
Change in fair value, amortization and impairment of mortgage servicing rights | 17,200 | 7,456 |
Amortization of credit facility commitment fees and debt issuance costs | 6,280 | 2,002 |
Accrual of costs related to forward purchase agreements | 3,420 | 3,421 |
Share-based compensation expense | 4,066 | 3,576 |
Purchases of mortgage loans acquired for sale at fair value | -25,996,695 | -11,967,678 |
Sales of mortgage loans acquired for sale at fair value to nonaffiliates | 13,229,726 | 6,254,411 |
Sales of mortgage loans acquired for sale to PennyMac Financial Services, Inc. | 12,429,698 | 5,108,340 |
Decrease (increase) in principal and interest collections receivable | 6,286 | -21,352 |
(Increase) decrease in principal and interest collections receivable under forward purchase agreements | -9,817 | 5,299 |
Increase in interest receivable | -2,993 | -833 |
Decrease (increase) in due from PennyMac Financial Services, Inc. | 4,716 | -1,657 |
Increase in other assets | -18,999 | -10,356 |
(Decrease) increase in accounts payable and accrued liabilities | -12,434 | 16,257 |
Increase (decrease) in payable to PennyMac Financial Services, Inc. | 8,414 | -2,354 |
Increase in income taxes payable | 18,524 | 23,163 |
Net cash used by operating activities | -432,165 | -662,179 |
Cash flows from investing activities | ' | ' |
Net increase in short-term investments | -41,919 | -8,003 |
Purchase of Agency debt security | -12,000 | ' |
Purchase of excess servicing spread from PennyMac Financial Services, Inc. | -2,828 | ' |
Maturity of United States Treasury security | ' | 50,000 |
Purchases of mortgage-backed securities at fair value | -199,558 | -112,211 |
Repayments of mortgage-backed securities at fair value | ' | 165,949 |
Sales of mortgage-back securities at fair value | ' | 23,218 |
Purchases of mortgage loans at fair value | -779,015 | -411,368 |
Repayments of mortgage loans at fair value | 193,914 | 128,116 |
Repayments of mortgage loans under forward purchase agreements at fair value | 8,000 | 14,292 |
Purchase of real estate acquired in settlement of loans | -82 | -48 |
Sales of real estate acquired in settlement of loans | 98,103 | 104,367 |
Sales of real estate acquired in settlement of loans under forward purchase agreements | 65 | 9,912 |
Purchases of mortgage servicing rights | -1,881 | -23 |
Sales of mortgage servicing rights | ' | 104 |
Increase in margin deposits and restricted cash | -22,314 | -18,776 |
Net cash used by investing activities | -759,515 | -54,471 |
Cash flows from financing activities | ' | ' |
Sales of securities under agreements to repurchase | 196,032 | 752,343 |
Repurchases of securities sold under agreements to repurchase | ' | -867,836 |
Sales of mortgage loans acquired for sale at fair value under agreements to repurchase | 24,190,931 | 11,018,768 |
Repurchase of mortgage loans acquired for sale at fair value under agreements to repurchase | -24,415,526 | -10,475,974 |
Sales of mortgage loans at fair value and held by variable interest entity under agreements to repurchase | 1,428,255 | 267,074 |
Repurchases of mortgage loans at fair value and held by variable interest entity sold under agreements to repurchase | -665,432 | -295,111 |
Repayments of note payable secured by mortgage loans at fair value | ' | -2,044 |
Sales of real estate acquired in settlement of loans financed under agreement to repurchase | 12,271 | 10,753 |
Repurchases of real estate acquired in settlement of loans financed under agreement to repurchase | -22,575 | -26,532 |
Repayments of borrowings under forward purchase agreements | -18,618 | -157,166 |
Proceeds from asset-backed secured financing | 170,008 | ' |
Payment of underwriting fees payable | -1,802 | ' |
Issuance of exchangeable senior notes | 250,000 | ' |
Payment of exchangeable senior notes issuance costs | -7,425 | ' |
Proceeds from issuance of common shares | 261,595 | 608,184 |
Payment of common share underwriting and offering costs | -12,321 | -1,340 |
Payments of dividends | -107,405 | -61,245 |
Net cash provided by financing activities | 1,257,988 | 769,874 |
Net increase in cash | 66,308 | 53,224 |
Cash at beginning of period | 33,756 | 14,589 |
Cash at end of period | $100,064 | $67,813 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Organization and Basis of Presentation | ' | ||||||||||||||||||||||||
Note 1—Organization and Basis of Presentation | |||||||||||||||||||||||||
PennyMac Mortgage Investment Trust (“PMT” or the “Company”) was organized in Maryland on May 18, 2009, and commenced operations on August 4, 2009, when it completed its initial offerings of common shares of beneficial interest (“shares”). The Company is a specialty finance company, which, through its subsidiaries (all of which are wholly-owned), invests primarily in residential mortgage loans and mortgage-related assets. | |||||||||||||||||||||||||
The Company operates in two segments: correspondent lending and investment activities: | |||||||||||||||||||||||||
• | The correspondent lending segment represents the Company’s operations aimed at serving as an intermediary between mortgage lenders and the capital markets by purchasing, pooling and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage backed securities (“MBS”), using the services of PNMAC Capital Management, LLC (“PCM” or the “Manager”) and PennyMac Loan Services, LLC (“PLS” or the “Servicer”), subsidiaries of PennyMac Financial Services, Inc. | ||||||||||||||||||||||||
Most of the loans the Company has acquired in its correspondent lending activities have been eligible for sale to government-sponsored entities such as the Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”) or through government agencies such as the Government National Mortgage Association (“Ginnie Mae”). Fannie Mae, Freddie Mac and Ginnie Mae are each referred to as an “Agency” and, collectively, as the “Agencies.” | |||||||||||||||||||||||||
• | The investment activities segment represents the Company’s investments mortgage-related assets, including in distressed mortgage loans, real estate acquired in settlement of loans (“REO”), MBS and mortgage servicing rights (“MSRs”). The Company seeks to maximize the value of the distressed mortgage loans that it acquires through proprietary loan modification programs, special servicing or other initiatives focused on keeping borrowers in their homes. Where this is not possible, such as in the case of many nonperforming mortgage loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner, including through the use of resolution alternatives to foreclosure. | ||||||||||||||||||||||||
The Company is externally managed by PCM, an investment adviser registered with the Securities and Exchange Commission (the “SEC”) that specializes in and focuses on residential mortgage loans. Under the terms of a management agreement, PCM is paid a management fee with a base component and a performance incentive component. Determination of the amount of management fees is discussed in Note 3—Transactions with Related Parties. | |||||||||||||||||||||||||
The Company believes that it qualifies, and has elected to be taxed, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), beginning with its taxable period ended on December 31, 2009. To maintain its tax status as a REIT, the Company has to distribute at least 90% of its taxable income in the form of qualifying distributions to shareholders. | |||||||||||||||||||||||||
The Company conducts substantially all of its operations and makes substantially all of its investments through its subsidiary, PennyMac Operating Partnership, L.P. (the “Operating Partnership”), and the Operating Partnership’s subsidiaries. A subsidiary of the Company is the sole general partner, and the Company is the sole limited partner, of the Operating Partnership. | |||||||||||||||||||||||||
The accompanying consolidated financial statements have been prepared in compliance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the SEC’s instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, these financial statements and notes do not include all of the information required by U.S. GAAP for complete financial statements. The interim consolidated information should be read together with the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 (the “Annual Report”). | |||||||||||||||||||||||||
The Company enters into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are trusts that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions. In a securitization transaction, the Company transfers mortgage loans on its balance sheet to an SPE, which then issues to investors various forms of interests in those assets. In a securitization transaction, the Company typically receives cash and/or interests in an SPE in exchange for the assets the Company transfers. | |||||||||||||||||||||||||
SPEs are generally considered variable interest entities (VIEs). A VIE is an entity having either a total equity investment that is insufficient to finance its activities without additional subordinated financial support or whose equity investors lack the ability to control the entity’s activities. Variable interests are investments or other interests that will absorb portions of a VIE’s expected losses or receive portions of the VIE’s expected residual returns. | |||||||||||||||||||||||||
The Company is a variable interest holder in certain VIEs. The Company consolidates the assets and liabilities of VIEs of which the Company is the primary beneficiary. The primary beneficiary is the party that has both the power to direct the activities that most significantly impact the VIE and a variable interest that could potentially be significant to the VIE. To determine whether a variable interest the Company holds could potentially be significant to the VIE, the Company considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE. The Company assesses whether it is the primary beneficiary of a VIE on an ongoing basis. | |||||||||||||||||||||||||
At present, the Company only consolidates a VIE that it established as a statutory trust for the purpose of effecting securitizations of mortgage loans. For financial reporting purposes, the underlying loans and securities owned by the consolidated VIE are shown under Mortgage loans at fair value held by variable interest entity on the Company’s consolidated balance sheets. The securities issued to third parties by the consolidated VIE are shown as secured borrowings under Asset-backed secured financing on the Company’s consolidated balance sheets. The Company includes the interest income earned on the loans owned at the VIE and interest expense attributable to the asset-backed securities issued by the VIE on its consolidated income statements. | |||||||||||||||||||||||||
As disclosed in Note 2—Concentration of Risks, the Company also consolidates certain assets held by a third-party VIE. | |||||||||||||||||||||||||
Preparation of financial statements in compliance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results will likely differ from those estimates. | |||||||||||||||||||||||||
In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the periods ended September 30, 2013 are not necessarily indicative of the results for the year ending December 31, 2013. | |||||||||||||||||||||||||
Reclassification of previously presented balances | |||||||||||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current presentation. Specifically: | |||||||||||||||||||||||||
• | Interest expense is presented along with Interest income as a new caption of Net interest income is to better reflect the Company’s results due to growth in its portfolio of interest-earning assets. This reclassification results in the presentation of Net interest income, a reduction in Net investment income and a decrease in Expenses. | ||||||||||||||||||||||||
• | Loan servicing fees payable to PennyMac Financial Services, Inc. is presented without the inclusion of expenses payable to nonaffiliates. Previously, Loan servicing expense included amounts payable to PennyMac Financial Services, Inc. and to nonaffiliates. Amounts payable to nonaffiliates have been reclassified to Other expenses. | ||||||||||||||||||||||||
Following is a summary of the reclassifications for the periods presented: | |||||||||||||||||||||||||
As reported | As previously reported | Reclassification | |||||||||||||||||||||||
Quarter | Nine months | Quarter | Nine months | Quarter | Nine months | ||||||||||||||||||||
ended | ended | ended | ended | ended | ended | ||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net interest income (new caption): | |||||||||||||||||||||||||
Interest income | $ | 19,730 | $ | 52,157 | $ | 19,730 | $ | 52,157 | $ | — | $ | — | |||||||||||||
Interest expense | 8,282 | 21,659 | 8,282 | 21,659 | |||||||||||||||||||||
$ | 11,448 | $ | 30,498 | $ | 8,282 | $ | 21,659 | ||||||||||||||||||
Net investment income | $ | 90,914 | $ | 188,592 | $ | 99,196 | $ | 210,251 | $ | (8,282 | ) | $ | (21,659 | ) | |||||||||||
Expenses: | |||||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | 8,282 | $ | 21,659 | $ | (8,282 | ) | $ | (21,659 | ) | |||||||||||
Loan servicing fees payable to PennyMac Financial Services, Inc. | 4,600 | 13,163 | 5,208 | 15,180 | (608 | ) | (2,017 | ) | |||||||||||||||||
Other | 2,725 | 6,486 | 2,117 | 4,469 | 608 | 2,017 | |||||||||||||||||||
Total expenses | $ | 31,945 | $ | 67,073 | $ | 40,227 | $ | 88,732 | ($ | 8,282 | ) | $ | (21,659 | ) | |||||||||||
These reclassifications did not change previously reported income before provision for income taxes, tax (benefit) provision, net income, reported consolidated balance sheet amounts, including shareholders’ equity, or consolidated cash flows. |
Concentration_of_Risks
Concentration of Risks | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||||||||||
Concentration of Risks | ' | ||||||||||||||||
Note 2—Concentration of Risks | |||||||||||||||||
As discussed in Note 1—Organization and Basis of Presentation above, PMT’s operations and investing activities are centered in mortgage-related assets, a substantial portion of which are distressed at acquisition. Because of the Company’s investment strategy, many of the mortgage loans in its targeted asset class are purchased at discounts reflecting their distressed state or perceived higher risk of default, as well as a greater likelihood of collateral documentation deficiencies. Before acquiring loans or other assets, PCM validates key information provided by the sellers that is necessary to determine the value of the acquired asset. | |||||||||||||||||
Because of the Company’s investment focus, PMT is exposed, to a greater extent than traditional mortgage investors, to the risks that borrowers may be in economic distress and/or may have become unemployed, bankrupt or otherwise unable or unwilling to make payments when due, and to the effects of fluctuations in the residential real estate market on the performance of its investments. Factors influencing these risks include, but are not limited to: | |||||||||||||||||
• | changes in the overall economy and unemployment rates and residential real estate values in the markets where the properties securing the Company’s mortgage loans are located; | ||||||||||||||||
• | PCM’s ability to identify and the Company’s loan servicers’ ability to execute optimal resolutions of problem mortgage loans; | ||||||||||||||||
• | the accuracy of valuation information obtained during the Company’s due diligence activities; | ||||||||||||||||
• | PCM’s ability to effectively model, and to develop appropriate model assumptions that properly anticipate, future outcomes; | ||||||||||||||||
• | the level of government support for problem loan resolution and the effect of current and future proposed and enacted legislative and regulatory changes on the Company’s ability to effect cures or resolutions to distressed loans; and | ||||||||||||||||
• | regulatory, judicial and legislative support of the foreclosure process, and the resulting effect on the Company’s ability to acquire and liquidate the real estate securing its portfolio of distressed mortgage loans in a timely manner or at all. | ||||||||||||||||
Due to these uncertainties, there can be no assurance that risk management activities identified and executed on PMT’s behalf will prevent significant losses arising from the Company’s investments in real estate-related assets. | |||||||||||||||||
A substantial portion of the distressed loans purchased by the Company has been acquired from or through one or more subsidiaries of Citigroup Inc. The following tables present the fair value of mortgage loans and REO purchased (including purchases under forward purchase agreements) for the Company’s investment portfolio, and the portion thereof representing assets purchased from or through one or more subsidiaries of Citigroup Inc., for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Investment portfolio purchases: | |||||||||||||||||
Loans | $ | 580,822 | $ | 150,778 | $ | 1,024,404 | $ | 412,438 | |||||||||
REO | 3,597 | — | 3,686 | 296 | |||||||||||||
$ | 584,419 | $ | 150,778 | $ | 1,028,090 | $ | 412,734 | ||||||||||
Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.: | |||||||||||||||||
Loans | $ | — | $ | 150,778 | $ | 443,183 | $ | 411,373 | |||||||||
REO | 3,597 | — | 3,686 | 248 | |||||||||||||
$ | 3,597 | $ | 150,778 | $ | 446,869 | $ | 411,621 | ||||||||||
On July 12, 2011, December 20, 2011, June 14, 2013 and June 28, 2013, the Company entered into forward purchase agreements with Citigroup Global Markets Realty Corp. (“CGM”), a subsidiary of Citigroup Inc., to purchase certain nonperforming residential mortgage loans and residential real property acquired in settlement of loans (collectively, the “CGM Assets”). The CGM Assets were acquired by CGM from unaffiliated money center banks. The commitment under the forward purchase agreement dated July 12, 2011 was settled during the quarter ended June 30, 2012. The commitment under the forward purchase agreement dated December 20, 2011 was settled during the quarter ended September 30, 2012. The commitments under the forward purchase agreements dated June 14, 2013 and June 28, 2013 have not yet been settled and have maturity dates of June 16, 2014 and June 30, 2014, respectively. | |||||||||||||||||
The CGM Assets are included on the Company’s consolidated balance sheet as Mortgage loans under forward purchase agreements at fair value and Real estate acquired in settlement of loans under forward purchase agreements and the related liabilities are included as Borrowings under forward purchase agreements. The CGM Assets are held by CGM within a separate trust entity deemed a VIE. The Company’s interests in the CGM Assets are deemed to be contractually segregated from all other interests in the trust. When assets are contractually segregated, they are often referred to as a “silo.” For these transactions, the silo consists of the CGM Assets and its related liability. The Company directs all of the activities that drive the economic results of the CGM Assets. All of the changes in the fair value and cash flows of the CGM Assets are attributable solely to the Company, and such cash flows can only be used to settle the related liability. | |||||||||||||||||
As a result of consolidating the silo, the Company’s consolidated statements of income and cash flows for the periods presented include the following amounts related to the silo: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Statement of income: | |||||||||||||||||
Net gain on mortgage loans | $ | 8,378 | $ | 105 | $ | 7,688 | $ | 9,293 | |||||||||
Interest income on mortgage loans | $ | 1,196 | $ | 146 | $ | 1,457 | $ | 996 | |||||||||
Results of REO | $ | (41 | ) | $ | (4 | ) | $ | (41 | ) | $ | 1,870 | ||||||
Interest expense | $ | 1,763 | $ | 100 | $ | 2,013 | $ | 2,396 | |||||||||
Loan servicing fees | $ | — | $ | 51 | $ | — | $ | 1,011 | |||||||||
Statement of cash flows: | |||||||||||||||||
Repayments of mortgage loans | $ | 8,000 | $ | 252 | $ | 8,000 | $ | 14,292 | |||||||||
Sales of REO | $ | 65 | $ | — | $ | 65 | $ | 9,912 | |||||||||
Repayments of borrowings under forward purchase agreements | $ | (18,618 | ) | $ | (16,859 | ) | $ | (18,618 | ) | $ | (157,166 | ) | |||||
The Company has no other variable interests in the trust entity or other exposure to the creditors of the trust entity that could expose the Company to loss. |
Transactions_with_Related_Part
Transactions with Related Parties | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Transactions with Related Parties | ' | ||||||||||||||||
Note 3—Transactions with Related Parties | |||||||||||||||||
Management Fees | |||||||||||||||||
Before February 1, 2013, under a management agreement, PMT paid PCM a base management fee which was calculated at 1.5% per year of shareholders’ equity. The management agreement also provided for a performance incentive. The performance incentive fee was calculated at 20% per year of the amount by which “core earnings,” on a rolling four-quarter basis and before the incentive fee, exceeded an 8% “hurdle rate” as defined in the management agreement. The Company did not pay a performance incentive fee before February 1, 2013. | |||||||||||||||||
Effective February 1, 2013, the management agreement was amended to provide that: | |||||||||||||||||
• | The base management fee is calculated quarterly and is equal to the sum of (i) 1.5% per year of shareholders’ equity up to $2 billion, (ii) 1.375% per year of shareholders’ equity in excess of $2 billion and up to $5 billion, and (iii) 1.25% per year of shareholders’ equity in excess of $5 billion. | ||||||||||||||||
• | The performance incentive fee is calculated at a defined annualized percentage of the amount by which “net income,” on a rolling four-quarter basis and before deducting the incentive fee, exceeds certain levels of return on “equity.” | ||||||||||||||||
The performance incentive fee is calculated quarterly and is equal to: (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark. | |||||||||||||||||
For the purpose of determining the amount of the performance incentive fee: | |||||||||||||||||
“Net income” is defined as net income or loss computed in accordance with U.S. GAAP and certain other non-cash charges determined after discussions between the Company’s Manager and our independent trustees and after approval by a majority of PMT’s independent trustees. | |||||||||||||||||
“Equity” is the weighted average of the issue price per common share of all of PMT’s public offerings, multiplied by the weighted average number of common shares outstanding (including restricted share units) in the four-quarter period. | |||||||||||||||||
The “high watermark” starts at zero and is adjusted quarterly. The quarterly adjustment reflects the amount by which the net income (stated as a percentage of return on equity) in that quarter exceeds or falls short of the lesser of 8% and the Fannie Mae MBS yield (the target yield) for such quarter. If the net income is lower than the target yield, the high watermark is increased by the difference. If the net income is higher than the target yield, the high watermark is reduced by the difference. Each time a performance incentive fee is earned, the high watermark returns to zero. As a result, the threshold amounts required for PMT’s Manager to earn a performance incentive fee are adjusted cumulatively based on the performance of our net income over (or under) the target yield, until the net income in excess of the target yield exceeds the then-current cumulative high watermark amount, and a performance incentive fee is earned. | |||||||||||||||||
The base management fee and the performance incentive fee are both payable quarterly in arrears. The performance incentive fee may be paid in cash or in PMT’s common shares (subject to a limit of no more than 50% paid in common shares), at the Company’s option. | |||||||||||||||||
Following is a summary of the base management and performance incentive fees recorded by the Company for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Base management fee | $ | 5,104 | $ | 3,672 | $ | 14,043 | $ | 7,964 | |||||||||
Performance incentive fee | 3,435 | — | 9,443 | — | |||||||||||||
Total management fee incurred during the period | $ | 8,539 | $ | 3,672 | $ | 23,486 | $ | 7,964 | |||||||||
In the event of termination, PCM may be entitled to a termination fee in certain circumstances. The termination fee is equal to three times the sum of (a) the average annual base management fee, and (b) the average annual (or, if the period is than 24 months, annualized) performance incentive fee earned by PCM, in each case during the 24-month period before termination. | |||||||||||||||||
Mortgage Loan Servicing | |||||||||||||||||
The Company, through its Operating Partnership, has a loan servicing agreement with PLS. Before February 1, 2013, the servicing fee rates were based on the risk characteristics of the mortgage loans serviced and total servicing compensation was established at levels that management believed were competitive with those charged by other servicers or specialty servicers, as applicable. | |||||||||||||||||
• | Servicing fee rates for nonperforming loans ranged between 50 and 100 basis points per year on the unpaid principal balance of the mortgage loans serviced on the Company’s behalf. PLS was also entitled to certain customary market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees and late charges, as well as interest on funds on deposit in custodial accounts. In the event PLS either effected a refinancing of a loan on the Company’s behalf and not through a third party lender and the resulting loan was readily saleable, or originated a loan to facilitate the disposition of real estate that the Company had acquired in settlement of a loan, PLS was entitled to receive from the Company market-based fees and compensation. | ||||||||||||||||
• | For mortgage loans serviced by the Company as a result of acquisitions and sales with servicing rights retained in connection with the Company’s correspondent lending business, PLS was entitled to base subservicing fees and other customary market-based fees and charges as described above. | ||||||||||||||||
Effective February 1, 2013, the servicing agreement was amended to provide for servicing fees payable to PLS that changed from being based on a percentage of the loan’s unpaid principal balance to fixed per-loan monthly amounts based on the delinquency, bankruptcy and/or foreclosure status of the serviced loan or the REO. PLS also remains entitled to market-based fees and charges including boarding and deboarding, liquidation and disposition fees, assumption, modification and origination fees and late charges relating to loans it services for the Company. | |||||||||||||||||
• | The base servicing fees for distressed whole loans are calculated based on a monthly per-loan dollar amount, with the actual dollar amount for each loan based on the delinquency, bankruptcy and/or foreclosure status of such loan or the related underlying real estate. Presently, the base servicing fees for distressed whole loans range from $30 per month for current loans up to $125 per month for loans that are severely delinquent and in foreclosure. | ||||||||||||||||
• | The base servicing fees for non-distressed loans subserviced by PLS on the Company’s behalf are also calculated through a monthly per-loan dollar amount, with the actual dollar amount for each loan based on whether the mortgage loan is a fixed-rate or adjustable-rate loan. The base servicing fees for loans subserviced on the Company’s behalf are $7.50 per month for fixed-rate loans and $8.50 per month for adjustable rate mortgage loans. To the extent that these loans become delinquent, PLS is entitled to an additional servicing fee per loan falling within a range of $10 to $75 per month based on the delinquency, bankruptcy and foreclosure status of the loan or the related underlying real estate. PLS is also entitled to customary ancillary income and certain market-based fees and charges, including boarding and deboarding fees, liquidation and disposition fees, assumption, modification and origination fees. | ||||||||||||||||
• | PLS is required to provide a range of services and activities significantly greater in scope than the services provided in connection with a customary servicing arrangement because the Company does not have any employees or infrastructure. For these services, PLS receives a supplemental fee of $25 per month for each distressed whole loan and $3.25 per month for each subserviced loan. PLS is entitled to reimbursement for all customary, good faith reasonable and necessary out-of-pocket expenses incurred in performance of its servicing obligations. | ||||||||||||||||
• | PLS, on behalf of PMT, currently participates in the Home Affordable Modification Program (“HAMP”) of the U.S. Department of the Treasury and U.S. Department of Housing and Urban Development (“HUD”) (and other similar mortgage loan modification programs). HAMP establishes standard loan modification guidelines for “at risk” homeowners and provides incentive payments to certain participants, including loan servicers, for achieving modifications and successfully remaining in the program. The loan servicing agreement entitles PLS to retain any incentive payments made to it and to which it is entitled under HAMP; provided, however, that with respect to any such incentive payments paid to PLS under HAMP in connection with a mortgage loan modification for which the Company previously paid PLS a modification fee, PLS shall reimburse the Company an amount equal to the incentive payments. | ||||||||||||||||
Following is a summary of mortgage loan servicing fees payable to PLS for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Loan servicing fees to PLS: | |||||||||||||||||
Base | $ | 7,139 | $ | 3,518 | $ | 19,005 | $ | 9,656 | |||||||||
Activity-based | 3,599 | 1,082 | 8,246 | 3,507 | |||||||||||||
$ | 10,738 | $ | 4,600 | $ | 27,251 | $ | 13,163 | ||||||||||
The term of the servicing agreement, as amended, expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the servicing agreement. | |||||||||||||||||
Correspondent Lending | |||||||||||||||||
Before February 1, 2013, the Company paid PLS a fulfillment fee of 50 basis points of the unpaid principal balance of mortgage loans sold to non-affiliates where the Company is approved or licensed to sell to such non-affiliate. Effective February 1, 2013, the mortgage banking and warehouse services agreement provides for a fulfillment fee paid to PLS based on the type of mortgage loan that the Company acquires. The fulfillment fee is equal to a percentage of the unpaid principal balance of mortgage loans purchased by the Company, with the addition of potential fee rate discounts applicable to the Company’s monthly purchase volume in excess of designated thresholds. PLS has also agreed to provide such services exclusively for the Company’s benefit, and PLS and its affiliates are prohibited from providing such services for any other third party. | |||||||||||||||||
PLS is entitled to a fulfillment fee based on the type of mortgage loan that the Company acquires and equal to a percentage of the unpaid principal balance of such mortgage loan. Presently, the applicable percentages are (i) 0.50% for conventional mortgage loans, (ii) 0.88% for loans sold in accordance with the Ginnie Mae Mortgage-Backed Securities Guide, (iii) 0.80% for the U.S. Department of the Treasury and HUD’s Home Affordable Refinance Program (“HARP”) mortgage loans with a loan-to-value ratio of 105% or less, (iv) 1.20% for HARP mortgage loans with a loan-to-value ratio of greater than 105%, and (v) 0.50% for all other mortgage loans not contemplated above; provided, however, that PLS may, in its sole discretion, reduce the amount of the applicable fulfillment fee and credit the amount of such reduction to the reimbursement otherwise due as described below. This reduction may only be credited to the reimbursement applicable to the month in which the related mortgage was funded. | |||||||||||||||||
At this time, the Company does not hold the Ginnie Mae approval required to issue securities guaranteed by Ginnie Mae MBS and act as a servicer. Accordingly, under the mortgage banking and warehouse services agreement, PLS currently purchases loans salable in accordance with the Ginnie Mae Mortgage-Backed Securities Guide “as is” and without recourse of any kind from the Company at our cost less an administrative fee plus accrued interest and a sourcing fee of three basis points. | |||||||||||||||||
In the event that the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $2.5 billion and less than $5 billion, PLS has agreed to discount the amount of such fulfillment fees by reimbursing PMT an amount equal to the product of (i) 0.025%, (ii) the amount of unpaid principal balance in excess of $2.5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PLS collected fulfillment fees in such month. In the event the Company purchases mortgage loans with an aggregate unpaid principal balance in any month greater than $5 billion, PLS has agreed to further discount the amount of fulfillment fees by reimbursing the Company an amount equal to the product of (i) 0.05%, (ii) the amount of unpaid principal balance in excess of $5 billion and (iii) the percentage of the aggregate unpaid principal balance relating to mortgage loans for which PLS collected fulfillment fees in such month. | |||||||||||||||||
In consideration for the mortgage banking services provided by PLS with respect to the Company’s acquisition of mortgage loans under PLS’s early purchase program, PLS is entitled to fees accruing (i) at a rate equal to $25,000 per year, and (ii) in the amount of $50 for each mortgage loan the Company acquires. In consideration for the warehouse services provided by PLS with respect to mortgage loans that the Company finances for its warehouse lending clients, with respect to each facility, PLS is entitled to fees accruing (i) at a rate equal to $25,000 per year, and (ii) in the amount of $50 for each mortgage loan that the Company finances thereunder. Where the Company has entered into both an early purchase agreement and a warehouse lending agreement with the same client, PLS shall only be entitled to one $25,000 per annum fee and, with respect to any mortgage loan that becomes subject to both such agreements, only one $50 per loan fee. | |||||||||||||||||
The term of our mortgage banking and warehouse services agreement expires on February 1, 2017, subject to automatic renewal for additional 18-month periods, unless terminated earlier in accordance with the terms of the agreement. | |||||||||||||||||
Following is a summary of correspondent lending activity between the Company and PLS for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Sourcing fees received | $ | 1,204 | $ | 747 | $ | 3,563 | $ | 1,448 | |||||||||
Fulfillment fees expense | $ | 18,327 | $ | 17,258 | $ | 68,625 | $ | 31,097 | |||||||||
Unpaid principal balance of loans fulfilled | $ | 3,681,771 | $ | 2,488,443 | $ | 12,792,482 | $ | 4,828,117 | |||||||||
Fair value of loans sold to PLS | $ | 4,147,535 | $ | 2,650,097 | $ | 12,429,698 | $ | 5,108,340 | |||||||||
At period end: | |||||||||||||||||
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS at period end | $ | 273,007 | $ | 194,055 | $ | 273,007 | $ | 194,055 | |||||||||
Investment Activities | |||||||||||||||||
Pursuant to the terms of a MSR recapture agreement, effective February 1, 2013, if PLS refinances through its retail lending business loans for which the Company previously held the MSRs, PLS is generally required to transfer and convey to one of the Company’s wholly-owned subsidiaries without cost to the Company, the MSRs with respect to new mortgage loans originated in those refinancings (or, under certain circumstances, other mortgage loans) that have an aggregate unpaid principal balance that is not less than 30% of the aggregate unpaid principal balance of all the loans so originated. Where the fair market value of the aggregate MSRs to be transferred for the applicable month is less than $200,000, PLS may, at its option, wire cash to PMT in an amount equal to such fair market value in lieu of transferring such MSRs. MSR recapture amounts are shown in Note 24—Net loan servicing fees. The MSR recapture agreement expires, unless terminated earlier in accordance with the agreement, on February 1, 2017, subject to automatic renewal for additional 18-month periods. | |||||||||||||||||
Pursuant to a master spread acquisition and MSR servicing agreement, effective February 1, 2013, PMT may acquire from PLS the rights to receive certain excess servicing spread arising from MSRs acquired by PLS, in which case PLS generally would be required to service or subservice the related mortgage loans. The terms of each transaction under the master spread acquisition and MSR servicing agreement will be subject to the terms of such agreement as modified and supplemented by the terms of a confirmation executed in connection with such transaction. | |||||||||||||||||
Other Transactions | |||||||||||||||||
In connection with the initial public offering of PMT’s common shares (“IPO”) on August 4, 2009, the Company entered into an agreement with PCM pursuant to which the Company agreed to reimburse PCM for the $2.9 million payment that it made to the IPO underwriters if the Company satisfied certain performance measures over a specified period of time (the “Conditional Reimbursement”). Effective February 1, 2013, the Company amended the terms of the reimbursement agreement to provide for the reimbursement of PCM of the Conditional Reimbursement if the Company is required to pay PCM performance incentive fees under the management agreement at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement of the Conditional Reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million and the maximum amount that may be reimbursed under the agreement is $2.9 million. During the quarter and nine months ended September 30, 2013, $388,000 and $601,000 was paid to PCM, respectively. | |||||||||||||||||
The reimbursement agreement also provides for the payment to the underwriters in such offering of the payment that the Company agreed to make to them at the time of the offering if the Company satisfied certain performance measures over a specified period of time. As PCM earns performance incentive fees under the management agreement, such underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. During the quarter and nine months ended September 30, 2013, $776,000 and $1.2 million was paid to the underwriters, respectively. | |||||||||||||||||
In the event the termination fee is payable to PCM under the management agreement and PCM and the underwriters have not received the full amount of the reimbursements and payments under the reimbursement agreement, such amount will be paid in full. The term of the reimbursement agreement expires on February 1, 2019. | |||||||||||||||||
The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Reimbursement of expenses incurred on PMT’s behalf | $ | 1,934 | $ | 555 | $ | 3,767 | $ | 2,420 | |||||||||
Reimbursement of common overhead incurred by PCM and its affiliates | 2,552 | 1,244 | 8,359 | 2,474 | |||||||||||||
$ | 4,486 | $ | 1,799 | $ | 12,126 | $ | 4,894 | ||||||||||
Payments and settlements during the period(1) | $ | 29,315 | $ | 12,239 | $ | 94,606 | $ | 28,896 | |||||||||
-1 | Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PCM and its affiliates. | ||||||||||||||||
Amounts due to affiliates are summarized below as of the dates presented: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Underwriting fees payable | $ | 2,131 | $ | 2,941 | |||||||||||||
Management fees | 8,539 | 4,499 | |||||||||||||||
Servicing fees | 5,152 | 3,670 | |||||||||||||||
Allocated expenses | 4,208 | 1,106 | |||||||||||||||
$ | 20,030 | $ | 12,216 | ||||||||||||||
Amounts due from affiliates totaling $113,000 and $4.8 million at September 30, 2013 and December 31, 2012, respectively, represent amounts receivable pursuant to loan sales to PLS and reimbursable expenses paid on the affiliates’ behalf by the Company. | |||||||||||||||||
PCM’s parent company and a subsidiary of PFSI, Private National Mortgage Acceptance Company, LLC, held 75,000 of the Company’s common shares of beneficial interest at both September 30, 2013 and December 31, 2012. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 4—Earnings Per Share | |||||||||||||||||
Basic earnings per share is determined using net income divided by the weighted-average common shares outstanding during the period. Diluted earnings per share is determined by dividing net income attributable to common shareholders, which adds back to net income the interest expense, net of applicable income taxes, on exchangeable senior notes for periods presented, by the weighted-average common shares outstanding, assuming all potentially dilutive common shares were issued. In periods in which the Company records a loss, potentially dilutive common shares are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive. | |||||||||||||||||
The Company grants restricted share units which entitle the recipients to receive dividend equivalents during the vesting period on a basis equivalent to the dividends paid to holders of common shares. For purposes of calculating earnings per share, unvested share-based compensation awards containing non-forfeitable rights to receive dividends or dividend equivalents (collectively, “dividends”) are classified as “participating securities” and are included in the basic earnings per share calculation using the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to each class of common shares and participating securities, based on their respective rights to receive dividends. | |||||||||||||||||
The following table summarizes the basic and diluted earnings per share calculations: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Basic earnings per share: | |||||||||||||||||
Net income | $ | 39,701 | $ | 40,384 | $ | 147,494 | $ | 89,011 | |||||||||
Effect of participating securities—share-based compensation instruments | (374 | ) | (528 | ) | (1,656 | ) | (947 | ) | |||||||||
Net income attributable to common shareholders | $ | 39,327 | $ | 39,856 | $ | 145,838 | $ | 88,064 | |||||||||
Weighted-average shares outstanding | 64,405 | 49,078 | 60,809 | 38,398 | |||||||||||||
Basic earnings per share | $ | 0.61 | $ | 0.81 | $ | 2.4 | $ | 2.29 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Net income | $ | 39,701 | $ | 40,384 | $ | 147,494 | $ | 89,011 | |||||||||
Interest on exchangeable senior notes, net of income taxes | 2,075 | — | 3,457 | — | |||||||||||||
Net income available to diluted shareholders | $ | 41,776 | $ | 40,384 | $ | 150,951 | $ | 89,011 | |||||||||
Weighted-average shares outstanding | 64,405 | 49,078 | 60,809 | 38,398 | |||||||||||||
Dilutive potential common shares: | |||||||||||||||||
Shares issuable pursuant to conversion of exchangeable senior notes | 8,379 | — | 4,726 | — | |||||||||||||
Shares issuable under share-based compensation plan | 337 | 385 | 363 | 314 | |||||||||||||
Diluted weighted-average number of common shares outstanding | 73,121 | 49,463 | 65,898 | 38,712 | |||||||||||||
Diluted earnings per common share | $ | 0.57 | $ | 0.81 | $ | 2.29 | $ | 2.29 |
Loan_Sales_and_Variable_Intere
Loan Sales and Variable Interest Entities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Loan Sales and Variable Interest Entities | ' | ||||||||||||||||
Note 5—Loan Sales and Variable Interest Entities | |||||||||||||||||
As described in Note 1—Organization and Basis of Presentation, the Company is a variable interest holder in various SPEs. The Company has segregated its involvement with VIEs between those VIEs which are consolidated and those VIEs for which the Company does not consolidate. | |||||||||||||||||
Unconsolidated VIEs with Continuing Involvement | |||||||||||||||||
The Company purchases and sells mortgage loans into the secondary mortgage market without recourse for credit losses. However, the Company maintains continuing involvement with the loans in the form of servicing arrangements and liability under representations and warranties it makes to purchasers and insurers of the loans. The Company determined that it is not the primary beneficiary of the VIEs as the Company does not have the power to direct the activities that will have the most significant economic impact on the entities and/or does not hold a variable interest that could potentially be significant to the VIE. | |||||||||||||||||
The following table summarizes cash flows between the Company and transferees upon sale of loans in transactions where the Company maintains continuing involvement with the mortgage loans as well as unpaid principal balance information at period end: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash flows: | |||||||||||||||||
Proceeds from sales | $ | 4,185,247 | $ | 3,573,762 | $ | 13,229,726 | $ | 6,254,411 | |||||||||
Service fees received | $ | 26,204 | $ | 3,933 | $ | 64,881 | $ | 6,294 | |||||||||
Period-end information: | |||||||||||||||||
Unpaid principal balance of loans outstanding | $ | 23,717,643 | $ | 6,064,614 | |||||||||||||
Delinquencies: | |||||||||||||||||
30-89 days | $ | 50,746 | $ | 19,508 | |||||||||||||
90 or more days or in foreclosure or bankruptcy | $ | 8,104 | $ | — | |||||||||||||
Consolidated VIEs | |||||||||||||||||
On September 30, 2013, the Company completed a securitization transaction in which a wholly-owned SPE issued $537.0 million in offered certificates backed by fixed rate prime jumbo mortgage loans of PMT Loan Trust 2013-J1, at a 3.9% weighted yield. The Company retained $366.8 million of those certificates. | |||||||||||||||||
The Company evaluated the securitization trust and determined that the entity is a VIE of which one of the consolidated subsidiaries is the primary beneficiary; therefore, the Company consolidated the entity. The Company is deemed to be the primary beneficiary of the VIE because the Company is part of a related party group that has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the Company retains the obligation to absorb losses and the right to receive benefits that are potentially significant to the VIE. The Company’s power stems from PLS, an affiliate, in its role as servicer of the mortgage loans, directing the activities of the trust that most significantly impact the trust’s economic performance. The Company’s retained subordinated and residual interest trust certificates expose the Company to potentially significant losses and potentially significant returns. | |||||||||||||||||
The asset-backed securities are backed by the expected cash flows from the securitized mortgage loans. Cash inflows from these mortgage loans are distributed to investors and service providers in accordance with the contractual priority of payments and, as such, most of these inflows must be directed first to service and repay the trust senior notes or certificates. After these senior obligations are settled, substantially all cash inflows will be directed to the subordinated notes until fully repaid and, thereafter, to the residual interest that the Company owns in the trust. | |||||||||||||||||
The Company retains interests in the securitization transaction, including senior and subordinated securities issued by the VIE and residual interests. The Company retains credit risk in the securitization because the Company’s retained interests includes the most subordinated interests in the securitized assets, which are the first to absorb credit losses on the securitized assets. The Company expects that any credit losses in the pools of securitized assets will likely be limited to the Company’s subordinated and residual retained interests. The Company has no obligation to repurchase or replace qualified securitized assets that subsequently become delinquent or are otherwise in default other than pursuant breaches of representations and warranties. | |||||||||||||||||
Consolidation of the VIE results in the securitization transaction being accounted for as an on-balance sheet secured financing. The securitized mortgage loans remain on the consolidated balance sheets of the Company along with the certificates issued to nonaffiliates by the VIE. The certificates are secured solely by the assets of the VIE and not by any other assets of the Company. The assets of the VIE are the only source of funds for repayment on the notes. The following table presents a summary of the assets and liabilities of the VIE. Intercompany balances have been eliminated for purposes of this presentation. | |||||||||||||||||
Assets and Liabilities of Consolidated VIE at September 30, 2013 | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Mortgage loans at fair value held by variable interest entity | $ | 536,776 | $ | — | |||||||||||||
Interest receivable | 1,702 | — | |||||||||||||||
Total | $ | 538,478 | $ | — | |||||||||||||
Liabilities | |||||||||||||||||
Asset-backed secured financing | $ | 170,008 | $ | — | |||||||||||||
Interest payable | 492 | — | |||||||||||||||
Total | $ | 170,500 | $ | — | |||||||||||||
In addition, the Company consolidates the assets and liabilities related to the CGM assets as disclosed in Note 2. |
Netting_of_Financial_Instrumen
Netting of Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Netting of Financial Instruments | ' | ||||||||||||||||||||||||||||||||
Note 6—Netting of Financial Instruments | |||||||||||||||||||||||||||||||||
The Company uses derivative instruments to manage exposure to interest rate risk created by the commitments it makes to correspondent lenders to purchase loans at specified interest rates, also called interest rate lock commitments (“IRLCs”), mortgage loans acquired for sale at fair value, MBS, and MSRs. All derivative financial instruments are recorded on the balance sheet at fair value. The Company has elected to net derivative asset and liability positions, and cash collateral obtained (or posted) by (or to) its counterparties when subject to a master netting arrangement. In the event of default, all counterparties are subject to legally enforceable master netting agreements. The derivatives that are not subject to a master netting arrangement are IRLCs. As of September 30, 2013 and December 31, 2012, the Company did not enter into reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following table. | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross | Gross | Net | Gross | Gross | Net | ||||||||||||||||||||||||||||
amounts | amounts | amounts | amounts | amounts | amounts | ||||||||||||||||||||||||||||
of | offset | of assets | of | offset | of assets | ||||||||||||||||||||||||||||
recognized | in the | presented | recognized | in the | presented | ||||||||||||||||||||||||||||
assets | balance | in the | assets | balance | in the | ||||||||||||||||||||||||||||
sheet | balance | sheet | balance | ||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
MBS put options | $ | 36 | $ | — | $ | 36 | $ | 977 | $ | — | $ | 977 | |||||||||||||||||||||
Forward purchase contracts | 26,086 | — | 26,086 | 2,617 | — | 2,617 | |||||||||||||||||||||||||||
Forward sale contracts | 2 | — | 2 | 3,458 | — | 3,458 | |||||||||||||||||||||||||||
Netting | — | (19,185 | ) | (19,185 | ) | — | (2,825 | ) | (2,825 | ) | |||||||||||||||||||||||
Total derivatives, subject to a master netting arrangement | 26,124 | (19,185 | ) | 6,939 | 7,052 | (2,825 | ) | 4,227 | |||||||||||||||||||||||||
Total derivatives, not subject to a master netting arrangement | 11,476 | — | 11,476 | 19,479 | — | 19,479 | |||||||||||||||||||||||||||
$ | 37,600 | $ | (19,185 | ) | $ | 18,415 | $ | 26,531 | $ | (2,825 | ) | $ | 23,706 | ||||||||||||||||||||
Derivative Assets and Collateral Held by Counterparty | |||||||||||||||||||||||||||||||||
The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for netting. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross amounts not | Gross amounts not | ||||||||||||||||||||||||||||||||
offset in the balance | offset in the balance | ||||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
Net | Financial | Cash | Net | Net | Financial | Cash | Net | ||||||||||||||||||||||||||
amount | instruments | collateral | amount | amount | instruments | collateral | amount | ||||||||||||||||||||||||||
of assets | received | of assets | received | ||||||||||||||||||||||||||||||
in the | in the | ||||||||||||||||||||||||||||||||
balance | balance | ||||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 11,476 | $ | — | $ | — | $ | 11,476 | $ | 19,479 | — | — | $ | 19,479 | |||||||||||||||||||
Bank of America, N.A. | — | — | — | — | 1,219 | — | — | 1,219 | |||||||||||||||||||||||||
Daiwa Capital Markets | 2,376 | — | — | 2,376 | — | — | — | — | |||||||||||||||||||||||||
Barclays | — | — | — | — | 15 | — | — | 15 | |||||||||||||||||||||||||
Citibank | — | — | — | — | 1,009 | — | — | 1,009 | |||||||||||||||||||||||||
Goldman Sachs | 1,246 | — | — | 1,246 | — | — | — | — | |||||||||||||||||||||||||
Jefferies & Co | — | — | — | — | 21 | — | — | 21 | |||||||||||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | — | — | — | — | 820 | — | — | 820 | |||||||||||||||||||||||||
Morgan Stanley Bank, N.A. | — | — | — | — | 316 | — | — | 316 | |||||||||||||||||||||||||
Wells Fargo | — | — | — | — | 99 | — | — | 99 | |||||||||||||||||||||||||
Cantor Fitzgerald LP | 924 | — | — | 924 | 581 | — | — | 581 | |||||||||||||||||||||||||
Other | 2,393 | — | — | 2,393 | 147 | — | — | 147 | |||||||||||||||||||||||||
$ | 18,415 | $ | — | $ | — | $ | 18,415 | $ | 23,706 | $ | — | $ | — | $ | 23,706 | ||||||||||||||||||
Offsetting of Derivative Liabilities and Financial Liabilities | |||||||||||||||||||||||||||||||||
Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. Assets sold under agreements to repurchase do not qualify for offset. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross | Gross | Net | Gross | Gross | Net | ||||||||||||||||||||||||||||
amounts | amounts | amounts | amounts | amounts | amounts | ||||||||||||||||||||||||||||
of | offset | of liabilities | of | offset | of liabilities | ||||||||||||||||||||||||||||
recognized | in the | presented | recognized | in the | presented | ||||||||||||||||||||||||||||
liabilities | balance | in the | liabilities | balance | in the | ||||||||||||||||||||||||||||
sheet | balance | sheet | balance | ||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Forward purchase contracts | $ | 2 | $ | — | $ | 2 | $ | 1,741 | $ | — | $ | 1,741 | |||||||||||||||||||||
Forward sale contracts | 49,108 | — | 49,108 | 4,520 | — | 4,520 | |||||||||||||||||||||||||||
Netting | — | (43,242 | ) | (43,242 | ) | — | (5,294 | ) | (5,294 | ) | |||||||||||||||||||||||
Total derivatives, subject to a master netting arrangement | 49,110 | (43,242 | ) | 5,868 | 6,261 | (5,294 | ) | 967 | |||||||||||||||||||||||||
Total derivatives, not subject to a master netting arrangement | 30 | — | 30 | — | — | — | |||||||||||||||||||||||||||
Total derivatives | 49,140 | (43,242 | ) | 5,898 | 6,261 | (5,294 | ) | 967 | |||||||||||||||||||||||||
Assets sold under agreements to repurchase: | |||||||||||||||||||||||||||||||||
Securities | 196,032 | — | 196,032 | — | — | — | |||||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | 670,311 | — | 670,311 | 894,906 | — | 894,906 | |||||||||||||||||||||||||||
Mortgage loans at fair value | 1,091,487 | — | 1,091,487 | 353,805 | — | 353,805 | |||||||||||||||||||||||||||
Real estate acquired in settlement of loans | 22,228 | — | 22,228 | 7,391 | — | 7,391 | |||||||||||||||||||||||||||
Total assets sold under agreements to repurchase | 1,980,058 | — | 1,980,058 | 1,256,102 | — | 1,256,102 | |||||||||||||||||||||||||||
$ | 2,029,198 | $ | (43,242 | ) | $ | 1,985,956 | $ | 1,262,363 | $ | (5,294 | ) | $ | 1,257,069 | ||||||||||||||||||||
Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty | |||||||||||||||||||||||||||||||||
The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for offset. All assets sold under agreements to repurchase have sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross amounts | Gross amounts | ||||||||||||||||||||||||||||||||
not offset in the | not offset in the | ||||||||||||||||||||||||||||||||
consolidated | consolidated | ||||||||||||||||||||||||||||||||
balance sheet | balance sheet | ||||||||||||||||||||||||||||||||
Net liabilities | Financial | Cash | Net | Net liabilities | Financial | Cash | Net | ||||||||||||||||||||||||||
in the | instruments | collateral | amount | in the | instruments | collateral | amount | ||||||||||||||||||||||||||
balance | pledged | balance | pledged | ||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Citibank | $ | 727,702 | $ | (727,208 | ) | $ | — | $ | 494 | $ | 474,625 | $ | (474,625 | ) | $ | — | $ | — | |||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | 613,085 | (612,811 | ) | — | 274 | 243,525 | (243,525 | ) | — | — | |||||||||||||||||||||||
Bank of America, N.A. | 487,174 | (484,664 | ) | — | 2,510 | 256,711 | (256,711 | ) | — | — | |||||||||||||||||||||||
Daiwa Capital Markets | 99,758 | (99,758 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Morgan Stanley Bank, N.A. | 41,376 | (40,923 | ) | — | 453 | 155,321 | (155,321 | ) | — | — | |||||||||||||||||||||||
Bank of NY Mellon | 14,768 | (14,694 | ) | — | 74 | — | — | — | — | ||||||||||||||||||||||||
Wells Fargo Bank, N.A. | 142 | — | — | 142 | 47,140 | (47,140 | ) | — | — | ||||||||||||||||||||||||
Barclays | 60 | — | — | 60 | 79,253 | (78,780 | ) | — | 473 | ||||||||||||||||||||||||
Interest rate lock commitments | 30 | — | — | 30 | — | — | — | — | |||||||||||||||||||||||||
Other | 1,861 | — | — | 1,861 | 494 | — | — | 494 | |||||||||||||||||||||||||
$ | 1,985,956 | $ | (1,980,058 | ) | $ | — | $ | 5,898 | $ | 1,257,069 | $ | (1,256,102 | ) | $ | — | $ | 967 | ||||||||||||||||
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||
Note 7—Fair Value | |||||||||||||||||||||||||||||
The Company’s consolidated financial statements include assets and liabilities that are measured based on their estimated fair values. The application of fair value estimates may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability and whether management has elected to carry the item at its estimated fair value as discussed in the following paragraphs. | |||||||||||||||||||||||||||||
Fair Value Accounting Elections | |||||||||||||||||||||||||||||
Management identified all of its non-cash financial assets, including short-term investments, MBS, excess servicing spread, Agency debt securities, mortgage loans, and excess servicing spread, as well as its MSRs relating to loans with initial interest rates of more than 4.5% that were acquired as a result of its correspondent lending operations, to be accounted for at estimated fair value so such changes in fair value will be reflected in income as they occur and more timely reflect the results of the Company’s performance. | |||||||||||||||||||||||||||||
For MSRs relating to mortgage loans with initial interest rates of less than or equal to 4.5% that were acquired as a result of the Company’s correspondent lending operations, management concluded that such assets present different risks to the Company than MSRs relating to mortgage loans with initial interest rates of more than 4.5% and therefore require a different risk management approach. Management’s risk management efforts relating to these assets are aimed at moderating the effects of non-interest rate risks on fair value, such as the effect of changes in home prices on the assets’ values. Management has identified these assets for accounting at the lower of amortized cost or fair value. | |||||||||||||||||||||||||||||
The Company’s risk management efforts in connection with MSRs relating to mortgage loans with initial interest rates of more than 4.5% are generally aimed at moderating the effects of changes in interest rates on the assets’ values. At times during the nine-month period ended September 30, 2013, a portion of the IRLCs, the fair value of which typically increases when prepayment speeds increase, were used to mitigate the effect of changes in fair value of the servicing assets, which typically decreases as prepayment speeds increase. | |||||||||||||||||||||||||||||
For loans sold under agreements to repurchase, REO financed through agreements to repurchase and borrowings under forward purchase agreements, management has determined that historical cost accounting is more appropriate because under this method debt issuance costs are amortized over the term of the debt, thereby matching the debt issuance cost to the periods benefiting from the usage of the debt. | |||||||||||||||||||||||||||||
Financial Statement Items Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||
Following is a summary of financial statement items that are measured at estimated fair value on a recurring basis: | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | 80,936 | $ | — | $ | — | $ | 80,936 | |||||||||||||||||||||
Mortgage-backed securities at fair value | — | 204,914 | — | 204,914 | |||||||||||||||||||||||||
Excess servicing spread purchased from PennyMac Financial Services, Inc. | — | — | 2,857 | 2,857 | |||||||||||||||||||||||||
Agency debt securities | — | — | 12,578 | 12,578 | |||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | 737,114 | — | 737,114 | |||||||||||||||||||||||||
Mortgage loans at fair value | — | — | 1,848,656 | 1,848,656 | |||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity | — | 536,776 | — | 536,776 | |||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | — | — | 228,086 | 228,086 | |||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | 10,997 | 10,997 | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 11,476 | 11,476 | |||||||||||||||||||||||||
MBS put options | — | 36 | — | 36 | |||||||||||||||||||||||||
Forward purchase contracts | — | 26,086 | — | 26,086 | |||||||||||||||||||||||||
Forward sales contracts | — | 2 | — | 2 | |||||||||||||||||||||||||
Total derivative assets before netting | — | 26,124 | 11,476 | 37,600 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (19,185 | ) | ||||||||||||||||||||||||
Total derivative assets | — | 26,124 | 11,476 | 18,415 | |||||||||||||||||||||||||
$ | 80,936 | $ | 1,504,928 | $ | 2,114,650 | $ | 3,681,329 | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Asset-backed secured financing | — | 170,008 | — | 170,008 | |||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 30 | 30 | |||||||||||||||||||||||||
Forward purchase contracts | — | 2 | — | 2 | |||||||||||||||||||||||||
Forward sales contracts | — | 49,108 | — | 49,108 | |||||||||||||||||||||||||
Total derivative liabilities before netting | — | 49,110 | 30 | 49,140 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (43,242 | ) | ||||||||||||||||||||||||
Total derivative liabilities | — | 49,110 | 30 | 5,898 | |||||||||||||||||||||||||
Total liabilities | $ | — | $ | 219,118 | $ | 30 | $ | 175,906 | |||||||||||||||||||||
-1 | Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement. | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | 39,017 | $ | — | $ | — | $ | 39,017 | |||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | 975,184 | — | 975,184 | |||||||||||||||||||||||||
Mortgage loans at fair value | — | — | 1,189,971 | 1,189,971 | |||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | 1,346 | 1,346 | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 19,479 | 19,479 | |||||||||||||||||||||||||
MBS put options | — | 977 | — | 977 | |||||||||||||||||||||||||
Forward purchase contracts | — | 2,617 | — | 2,617 | |||||||||||||||||||||||||
Forward sales contracts | — | 3,458 | — | 3,458 | |||||||||||||||||||||||||
Total derivative assets before netting | — | 7,052 | 19,479 | 26,531 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (2,825 | ) | ||||||||||||||||||||||||
Total derivative assets | — | 7,052 | 19,479 | 23,706 | |||||||||||||||||||||||||
$ | 39,017 | $ | 982,236 | $ | 1,210,796 | $ | 2,229,224 | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Forward purchase contracts | — | 1,741 | — | 1,741 | |||||||||||||||||||||||||
Forward sales contracts | — | 4,520 | — | 4,520 | |||||||||||||||||||||||||
Total derivative liabilities before netting | — | 6,261 | — | 6,261 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (5,294 | ) | ||||||||||||||||||||||||
Total derivative liabilities | $ | — | $ | 6,261 | $ | — | $ | 967 | |||||||||||||||||||||
-1 | Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement. | ||||||||||||||||||||||||||||
The Company’s MBS, Agency debt, excess servicing spread purchased from PennyMac Financial Services, Inc., mortgage loans at fair value, mortgage loans held by VIE, mortgage loans under forward purchase agreements, MSRs, IRLCs and securities sold under agreements to repurchase were measured using Level 3 inputs on a recurring basis. The following is a summary of changes in those items for the periods presented: | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Agency | Excess | Mortgage | Mortgage | Mortgage | Interest | Total | |||||||||||||||||||||||
Debt | servicing | loans at fair | loans under | servicing | rate lock | ||||||||||||||||||||||||
spread | value | forward | rights | commitments(1) | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | — | $ | — | $ | 1,309,765 | $ | 242,531 | $ | 1,827 | $ | (16,967 | ) | $ | 1,537,156 | ||||||||||||||
Purchases | 12,000 | 2,828 | 579,260 | 1,710 | 1,696 | — | 597,494 | ||||||||||||||||||||||
Repayments | — | — | (59,404 | ) | (8,000 | ) | — | — | (67,404 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | — | 16,299 | 16,299 | ||||||||||||||||||||||
Capitalization of interest | — | — | 13,203 | — | — | — | 13,203 | ||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | — | 7,939 | — | 7,939 | ||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | — | 18,732 | 69 | — | — | 18,801 | ||||||||||||||||||||||
Other factors | 578 | 29 | 20,876 | 8,309 | (465 | ) | 4,841 | 34,168 | |||||||||||||||||||||
578 | 29 | 39,608 | 8,378 | (465 | ) | 4,841 | 52,969 | ||||||||||||||||||||||
Transfers of mortgage loans under forward agreements | — | — | 13,018 | (13,018 | ) | — | — | — | |||||||||||||||||||||
Transfers of mortgage loans to REO | — | — | (46,794 | ) | — | — | — | (46,794 | ) | ||||||||||||||||||||
Transfers of mortgage loans under forward agreements to REO under forward purchase agreements | — | — | — | (3,515 | ) | — | — | (3,515 | ) | ||||||||||||||||||||
Transfers of interest rate lock commitments to mortgage loans acquired for sale | — | — | — | — | — | 7,273 | 7,273 | ||||||||||||||||||||||
Balance, September 30, 2013 | $ | 12,578 | $ | 2,857 | $ | 1,848,656 | $ | 228,086 | $ | 10,997 | $ | 11,446 | $ | 2,114,620 | |||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2013 | $ | 578 | $ | 29 | $ | 33,062 | $ | 6,949 | $ | (465 | ) | $ | 11,446 | $ | 51,599 | ||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2013 | $ | 578 | $ | 29 | $ | 151,111 | $ | 7,688 | $ | 11,446 | |||||||||||||||||||
-1 | For the purpose of this table, the interest rate lock asset and liability positions are shown net. | ||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Mortgage- | Mortgage | Mortgage | Mortgage | Interest | Total | ||||||||||||||||||||||||
backed | loans at fair | loans under | servicing | rate lock | |||||||||||||||||||||||||
securities | value | forward | rights | commitments | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, June 30, 2012 | $ | 53,161 | $ | 969,954 | $ | 16,881 | $ | 1,285 | $ | 12,934 | $ | 1,054,215 | |||||||||||||||||
Purchases | — | 150,773 | 5 | — | — | 150,778 | |||||||||||||||||||||||
Repayments | (998 | ) | (43,552 | ) | (252 | ) | — | — | (44,802 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | 105,850 | 105,850 | |||||||||||||||||||||||
Capitalization of interest | — | 3,399 | — | — | — | 3,399 | |||||||||||||||||||||||
Sales | (52,133 | ) | — | — | — | — | (52,133 | ) | |||||||||||||||||||||
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | — | — | — | — | — | — | |||||||||||||||||||||||
Accrual of unearned discounts | — | — | — | — | — | — | |||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | 363 | — | 363 | |||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | 3,262 | — | — | — | 3,262 | |||||||||||||||||||||||
Other factors | (30 | ) | 23,145 | 105 | (126 | ) | — | 23,094 | |||||||||||||||||||||
(30 | ) | 26,407 | 105 | (126 | ) | — | 26,356 | ||||||||||||||||||||||
Transfer of mortgage loans to REO | — | (33,754 | ) | — | — | — | (33,754 | ) | |||||||||||||||||||||
Transfer to mortgage loans acquired for sale | — | — | — | — | (78,748 | ) | (78,748 | ) | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements | — | — | — | — | — | — | |||||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans | — | 16,739 | (16,739 | ) | — | — | — | ||||||||||||||||||||||
Balance, September 30, 2012 | $ | — | $ | 1,089,966 | $ | — | $ | 1,522 | $ | 40,036 | $ | 1,131,524 | |||||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2012 | $ | — | $ | 16,187 | $ | — | $ | (126 | ) | $ | 40,036 | ||||||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2012 | $ | — | $ | 86,734 | $ | — | $ | 40,036 | |||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Agency | Excess | Mortgage | Mortgage | Mortgage | Interest | Total | |||||||||||||||||||||||
Debt | servicing | loans at fair | loans under | servicing | rate lock | ||||||||||||||||||||||||
spread | value | forward | rights | commitments(1) | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | — | $ | — | $ | 1,189,971 | $ | — | $ | 1,346 | $ | 19,479 | $ | 1,210,796 | |||||||||||||||
Purchases | 12,000 | 2,828 | 779,746 | 245,020 | 1,881 | — | 1,041,475 | ||||||||||||||||||||||
Repayments | — | — | (194,645 | ) | (8,000 | ) | — | — | (202,645 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | — | 71,195 | 71,195 | ||||||||||||||||||||||
Capitalization of interest | — | — | 25,017 | — | — | — | 25,017 | ||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | — | 8,043 | — | 8,043 | ||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | — | 31,176 | 69 | — | — | 31,245 | ||||||||||||||||||||||
Other factors | 578 | 29 | 119,935 | 7,619 | (273 | ) | (25,831 | ) | 102,057 | ||||||||||||||||||||
578 | 29 | 151,111 | 7,688 | (273 | ) | (25,831 | ) | 133,302 | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans | — | — | 13,018 | (13,018 | ) | — | — | — | |||||||||||||||||||||
Transfers of mortgage loans to REO | — | — | (115,562 | ) | — | — | — | (115,562 | ) | ||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | — | — | — | (3,604 | ) | — | — | (3,604 | ) | ||||||||||||||||||||
Transfers of interest rate lock commitments to mortgage loans acquired for sale | — | — | — | — | — | (53,397 | ) | (53,397 | ) | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 12,578 | $ | 2,857 | $ | 1,848,656 | $ | 228,086 | $ | 10,997 | $ | 11,446 | $ | 2,114,620 | |||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2013 | $ | 578 | 29 | $ | 102,843 | $ | 6,106 | $ | (273 | ) | $ | 11,446 | $ | 120,729 | |||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2013 | $ | 578 | $ | 29 | $ | 151,111 | $ | 7,688 | $ | 11,446 | |||||||||||||||||||
-1 | For the purpose of this table, the interest rate lock asset and liability positions are shown net. | ||||||||||||||||||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||||||||||||
Mortgage- | Mortgage | Mortgage | Mortgage | Interest | Total | ||||||||||||||||||||||||
backed | loans at fair | loans under | servicing | rate lock | |||||||||||||||||||||||||
securities | value | forward | rights | commitments | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 72,813 | $ | 696,266 | $ | 129,310 | $ | 749 | $ | 5,772 | $ | 904,910 | |||||||||||||||||
Purchases | — | 411,368 | 1,076 | 20 | — | 412,464 | |||||||||||||||||||||||
Repayments | (21,888 | ) | (128,116 | ) | (14,293 | ) | — | — | (164,297 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | 132,188 | 132,188 | |||||||||||||||||||||||
Sales | (52,133 | ) | — | — | (79 | ) | — | (52,212 | ) | ||||||||||||||||||||
Accrual of unearned discounts | 363 | — | — | — | — | 363 | |||||||||||||||||||||||
Capitalization of interest | — | 16,415 | — | — | — | 16,415 | |||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | 1,451 | — | 1,451 | |||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | 19,193 | — | — | — | 19,193 | |||||||||||||||||||||||
Other factors | 845 | 36,349 | 9,293 | (619 | ) | — | 45,868 | ||||||||||||||||||||||
845 | 55,542 | 9,293 | (619 | ) | — | 65,061 | |||||||||||||||||||||||
Transfer of mortgage loans to REO | — | (79,440 | ) | — | — | — | (79,440 | ) | |||||||||||||||||||||
Transfer from mortgage loans acquired for sale | — | 18 | — | — | — | 18 | |||||||||||||||||||||||
Transfer to mortgage loans acquired for sale | — | — | — | — | (97,924 | ) | (97,924 | ) | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreement | — | — | (7,473 | ) | — | — | (7,473 | ) | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans | — | 117,913 | (117,913 | ) | — | — | — | ||||||||||||||||||||||
Balance, September 30, 2012 | $ | — | $ | 1,089,966 | $ | — | $ | 1,522 | $ | 40,036 | $ | 1,131,524 | |||||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2012 | $ | — | $ | 32,809 | $ | — | $ | (619 | ) | $ | 40,036 | $ | 72,226 | ||||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2012 | $ | — | $ | 86,734 | $ | — | $ | 40,036 | |||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||
sold under | |||||||||||||||||||||||||||||
agreements to | |||||||||||||||||||||||||||||
repurchase | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 115,493 | |||||||||||||||||||||||||||
Changes in fair value included in income | — | ||||||||||||||||||||||||||||
Sales | 752,343 | ||||||||||||||||||||||||||||
Repurchases | (867,836 | ) | |||||||||||||||||||||||||||
Balance, September 30, 2012 | $ | — | |||||||||||||||||||||||||||
Changes in fair value recognized during the period relating to liabilities still outstanding at September 30, 2012 | $ | — | |||||||||||||||||||||||||||
Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value): | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Fair value | Principal | Difference | |||||||||||||||||||||||||||
amount due | |||||||||||||||||||||||||||||
upon maturity | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans acquired for sale: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 737,114 | $ | 706,116 | $ | 30,998 | |||||||||||||||||||||||
90 or more days delinquent(1) | — | — | — | ||||||||||||||||||||||||||
737,114 | 706,116 | 30,998 | |||||||||||||||||||||||||||
Mortgage loans and mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 548,145 | 831,817 | (283,672 | ) | ||||||||||||||||||||||||
90 or more days delinquent(1) | 1,528,597 | 2,509,403 | (980,806 | ) | |||||||||||||||||||||||||
2,076,742 | 3,341,220 | (1,264,478 | ) | ||||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 536,776 | 550,462 | (13,686 | ) | ||||||||||||||||||||||||
90 or more days delinquent(1) | — | — | — | ||||||||||||||||||||||||||
536,776 | 550,462 | (13,686 | ) | ||||||||||||||||||||||||||
$ | 3,350,632 | $ | 4,597,798 | $ | (1,247,166 | ) | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Fair value | Principal | Difference | |||||||||||||||||||||||||||
amount due | |||||||||||||||||||||||||||||
upon maturity | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans acquired for sale: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 975,184 | $ | 931,787 | $ | 43,397 | |||||||||||||||||||||||
90 or more days delinquent(1) | — | — | — | ||||||||||||||||||||||||||
975,184 | 931,787 | 43,397 | |||||||||||||||||||||||||||
Mortgage loans and mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 404,016 | 640,722 | (236,706 | ) | ||||||||||||||||||||||||
90 or more days delinquent(1) | 785,955 | 1,483,311 | (697,356 | ) | |||||||||||||||||||||||||
1,189,971 | 2,124,033 | (934,062 | ) | ||||||||||||||||||||||||||
$ | 2,165,155 | $ | 3,055,820 | $ | (890,665 | ) | |||||||||||||||||||||||
-1 | Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed. | ||||||||||||||||||||||||||||
Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: | |||||||||||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Quarter ended September 30, 2013 | |||||||||||||||||||||||||||||
Net gain | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
(loss) on | interest | (loss) on | servicing | ||||||||||||||||||||||||||
investments | income | mortgage | income | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | 5,356 | — | — | — | 5,356 | ||||||||||||||||||||||||
Excess servicing spread | 29 | — | — | — | 29 | ||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | (14,519 | ) | — | (14,519 | ) | ||||||||||||||||||||||
Mortgage loans at fair value | 39,608 | — | — | — | 39,608 | ||||||||||||||||||||||||
Agency debt securities | 578 | — | — | — | 578 | ||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity | — | — | — | — | — | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 8,378 | — | — | — | 8,378 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | (465 | ) | (465 | ) | ||||||||||||||||||||||
$ | 53,949 | $ | — | $ | (14,519 | ) | $ | (465 | ) | $ | 38,965 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Asset-backed secured financing | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Quarter ended September 30, 2012 | |||||||||||||||||||||||||||||
Net gain | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
(loss) on | Interest | (loss) on | servicing | ||||||||||||||||||||||||||
investments | income | mortgage | income | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | (451 | ) | (91 | ) | — | — | (542 | ) | |||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | 49,793 | — | 49,793 | ||||||||||||||||||||||||
Mortgage loans at fair value | 26,407 | — | — | — | 26,407 | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 105 | — | — | — | 105 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | (126 | ) | (126 | ) | ||||||||||||||||||||||
$ | 26,061 | $ | (91 | ) | $ | 49,793 | $ | (126 | ) | $ | 75,637 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Net gain on | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
investments | Interest | on | servicing | ||||||||||||||||||||||||||
income | mortgage | income | |||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | 5,356 | — | — | — | 5,356 | ||||||||||||||||||||||||
Excess servicing spread | 29 | — | — | — | 29 | ||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | (46,699 | ) | — | (46,699 | ) | ||||||||||||||||||||||
Mortgage loans at fair value | 151,111 | — | — | — | 151,111 | ||||||||||||||||||||||||
Agency debt securities | 578 | — | — | — | 578 | ||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity | — | — | — | — | — | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 7,689 | — | — | — | 7,689 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | — | — | ||||||||||||||||||||||||
$ | 164,763 | $ | — | $ | (46,699 | ) | $ | — | $ | 118,064 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Asset-backed secured financing | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Net gain on | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
investments | Interest | on | servicing | ||||||||||||||||||||||||||
income | mortgage | income | |||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | 612 | 142 | — | — | 754 | ||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | 81,210 | — | 81,210 | ||||||||||||||||||||||||
Mortgage loans at fair value | 55,636 | — | — | — | 55,636 | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 9,293 | — | — | — | 9,293 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | (619 | ) | (619 | ) | ||||||||||||||||||||||
$ | 65,541 | $ | 142 | $ | 81,210 | $ | (619 | ) | $ | 146,274 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Financial Statement Items Measured at Fair Value on a Nonrecurring Basis | |||||||||||||||||||||||||||||
Following is a summary of financial statement items that are measured at estimated fair value on a nonrecurring basis: | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Real estate asset acquired in settlement of loans | $ | — | $ | — | $ | 83,932 | $ | 83,932 | |||||||||||||||||||||
Real estate asset acquired in settlement of loans under forward purchase agreements | — | — | 2,435 | 2,435 | |||||||||||||||||||||||||
Mortgage servicing assets at lower of amortized cost or fair value | — | — | 176,813 | 176,813 | |||||||||||||||||||||||||
$ | — | $ | — | $ | 263,180 | $ | 263,180 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Real estate asset acquired in settlement of loans | $ | — | $ | — | $ | 56,156 | $ | 56,156 | |||||||||||||||||||||
Mortgage servicing rights at lower of amortized cost or fair value | — | — | 86,215 | 86,215 | |||||||||||||||||||||||||
$ | — | $ | — | $ | 142,371 | $ | 142,371 | ||||||||||||||||||||||
The following table summarizes the total gains (losses) on assets measured at estimated fair values on a nonrecurring basis: | |||||||||||||||||||||||||||||
Net gains (losses) recognized during the period | |||||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate asset acquired in settlement of loans | $ | (4,554 | ) | $ | (3,849 | ) | $ | (8,191 | ) | $ | (6,876 | ) | |||||||||||||||||
Real estate asset acquired in settlement of loans under forward purchase agreements | (29 | ) | — | (29 | ) | — | |||||||||||||||||||||||
Mortgage servicing assets at lower of amortized cost or fair value | (212 | ) | (2,881 | ) | 3,495 | (4,505 | ) | ||||||||||||||||||||||
$ | (4,795 | ) | $ | (6,730 | ) | $ | (4,725 | ) | $ | (11,381 | ) | ||||||||||||||||||
Real Estate Acquired in Settlement of Loans | |||||||||||||||||||||||||||||
The Company measures its investment in REO at the respective properties’ estimated fair values less cost to sell on a nonrecurring basis. The initial carrying value of the REO is established as the lesser of (a) either the fair value of the loan at the date of transfer or the purchase price of the property, as applicable, and (b) the fair value of the real estate less the estimated cost to sell as of the date of transfer. REO may be subsequently revalued due to the Company receiving greater access to the property, the property being held for an extended period or management receiving indications that the property’s value may not be supported by developing market conditions. Any subsequent change in fair value to a level that is less than or equal to the value at which the property was initially recorded is recognized in Results of real estate acquired in settlement of loans in the consolidated statements of income. | |||||||||||||||||||||||||||||
Mortgage Servicing Rights at Lower of Amortized Cost or Fair Value | |||||||||||||||||||||||||||||
The Company evaluates its MSRs at lower of amortized cost or fair value for impairment with reference to the assets’ fair value. For purposes of performing its MSR impairment evaluation, the Company stratifies its MSRs at lower of amortized cost or fair value based on the interest rates borne by the mortgage loans underlying the MSRs. Mortgage loans are grouped into note rate pools of 50 basis point ranges for fixed-rate mortgage loans with note rates between 3% and 4.5% and a single pool for note rates below 3%. MSRs relating to adjustable rate mortgage loans with initial interest rates of 4.5% or less are evaluated in a single pool. If the fair value of MSRs in any of the note rate pools is below the amortized cost of the MSRs for that pool reduced by the existing valuation allowance, those MSRs are impaired. | |||||||||||||||||||||||||||||
When MSRs are impaired, the impairment is recognized in current-period income and the carrying value of the MSRs is adjusted using a valuation allowance. If the value of the MSRs subsequently increases, the increase of value is recognized in current period earnings only to the extent of the valuation allowance for the respective stratum. | |||||||||||||||||||||||||||||
Management periodically reviews the various impairment strata to determine whether the value of the impaired MSRs in a given stratum is likely to recover. When management deems recovery of the value to be unlikely in the foreseeable future, a write-down of the cost of the MSRs for that stratum to its estimated fair value is charged to the valuation allowance. | |||||||||||||||||||||||||||||
Fair Value of Financial Instruments Carried at Amortized Cost | |||||||||||||||||||||||||||||
The Company’s cash balances as well as certain of its borrowings are carried at amortized cost. | |||||||||||||||||||||||||||||
Management has concluded that the estimated fair values of Cash, Mortgage loans acquired for sale at fair value sold under agreements to repurchase, Mortgage loans at fair value sold under agreements to repurchase, Real estate acquired in settlement of loans financed under agreements to repurchase Borrowings under forward purchase agreements and approximate the agreements’ carrying values due to the immediate realizability of cash at its carrying amount and to the borrowing agreements’ short terms and variable interest rates. | |||||||||||||||||||||||||||||
As discussed in Note 22, the Company issued Exchangeable Senior Notes, which are carried at amortized cost. The fair value of the Exchangeable Senior Notes at September 30, 2013 was $238.4 million. The fair value of the Exchangeable Senior Notes is estimated using broker indication of value. The Company has classified this financial instrument as a “Level 3” financial statement item as of September 30, 2013 due to the lack of current market activity and the reliance on the broker’s quote to estimate the instrument’s fair value. | |||||||||||||||||||||||||||||
Cash is measured using Level 1 inputs. The Company’s borrowings carried at amortized cost do not have active markets or observable inputs and the fair value is measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment or estimation. The Company has classified these financial instruments as “Level 3” financial statement items as of September 30, 2013 due to the lack of current market activity and the Company’s reliance on unobservable inputs to estimate these instruments’ fair value. | |||||||||||||||||||||||||||||
Valuation Techniques and Assumptions | |||||||||||||||||||||||||||||
Most of the Company’s assets are carried at fair value with changes in fair value recognized in current period income. A substantial portion of those assets are “Level 3” financial statement items which require the use of significant unobservable inputs in the estimation of the assets’ values. Unobservable inputs reflect the Company’s own assumptions about the factors that market participants use in pricing an asset or liability, and are based on the best information available under the circumstances. | |||||||||||||||||||||||||||||
PCM has assigned the responsibility for estimating the fair values of “Level 3” financial statement items to its Financial Analysis and Valuation group (the “FAV group”), which is responsible for valuing and monitoring the Company’s investment portfolios and maintenance of its valuation policies and procedures. | |||||||||||||||||||||||||||||
The FAV group reports to PCM’s valuation committee, which oversees and approves the valuations. The valuation committee includes the chief executive, financial, operating, credit, and asset/liability management officers of PCM. The FAV group monitors the models used for valuation of the Company’s “Level 3” financial statement items, including the models’ performance versus actual results and reports those results to the valuation committee. The results developed in the FAV group’s monitoring activities are used to calibrate subsequent projections used for valuation. | |||||||||||||||||||||||||||||
The FAV group is responsible for reporting to PCM’s valuation committee on a monthly basis on the changes in the valuation of the portfolio, including major factors affecting the valuation and any changes in model methods and assumptions. To assess the reasonableness of its valuations, the FAV group presents an analysis of the effect on the valuation of each of the changes to the significant inputs to the models. | |||||||||||||||||||||||||||||
The following describes the valuation techniques and assumptions used in estimating the fair values of Level 2 and Level 3 financial statement items: | |||||||||||||||||||||||||||||
Mortgage-Backed Securities and Agency Debt Securities | |||||||||||||||||||||||||||||
MBS values are presently determined based on whether the securities are issued by one of the Agencies as discussed below: | |||||||||||||||||||||||||||||
• | Agency MBS are categorized as “Level 2” financial statement items. Fair value of Agency MBS are estimated based on quoted market prices for similar securities. | ||||||||||||||||||||||||||||
• | Agency debt security and Non-Agency MBS are categorized as “Level 3” financial statement items. Fair value of Agency debt securities and non-Agency MBS is estimated using broker indications of value. For indications of value received, the FAV group and a separate Capital Markets group review the price indications provided by non-affiliate brokers for completeness, accuracy and consistency across all similar MBS managed by PCM. Bond-level analytics such as yield, weighted average life and projected prepayment and default speeds of the underlying collateral are computed. The reasonableness of the brokers’ indications of value and of changes in value from period to period is evaluated in light of the analytical review performed and considering market conditions. The review of the FAV group is reported to PCM’s valuation committee as part of its review and approval of monthly valuation results. PCM has not adjusted, and does not intend to adjust, its fair value estimates to amounts different than the brokers’ indications of value. | ||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s Agency issued debt and non-Agency MBS are discount rates, prepayment speeds, default speeds and expected future losses (or “collateral remaining loss percentage”). Significant changes in any of those inputs in isolation could result in a significant change in fair value measurement. Changes in these assumptions are not directly correlated, as they may be separately affected by changes in collateral characteristics and performance, servicer behavior, legal and regulatory actions, economic and housing market data and market sentiment. | |||||||||||||||||||||||||||||
Following is a quantitative summary of key inputs used by the FAV group to evaluate the reasonableness of the fair value of Level 3 Agency debt security: | |||||||||||||||||||||||||||||
Security Class | Key Inputs(1) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Agency debt securities | Discount rate | 9.06 | % | — | |||||||||||||||||||||||||
Prepayment speed(2) | 5.8 | % | — | ||||||||||||||||||||||||||
Default speed(3) | 0.2 | % | — | ||||||||||||||||||||||||||
Collateral remaining loss percentage(4) | 0.32 | % | — | ||||||||||||||||||||||||||
-1 | Key inputs are those used to evaluate broker indications of value. | ||||||||||||||||||||||||||||
-2 | Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). | ||||||||||||||||||||||||||||
-3 | Default speed is measured using Life Constant Default Rate (“CDR”). | ||||||||||||||||||||||||||||
-4 | The projected future losses on the loans in the collateral groups paying to each bond expressed as a percentage of the current balance of the loans. | ||||||||||||||||||||||||||||
Mortgage Loans | |||||||||||||||||||||||||||||
Fair value of mortgage loans is estimated based on whether the mortgage loans are saleable into active markets: | |||||||||||||||||||||||||||||
• | Mortgage loans that are saleable into active markets, comprised of the Company’s mortgage loans acquired for sale at fair value, are categorized as “Level 2” financial statement items and their fair values are estimated using their quoted market or contracted price or market price equivalent. For mortgage loans at fair value held by variable interest entity, the values of all of the individual securities issued by the securitization trust are used to derive a price for the mortgage loans. | ||||||||||||||||||||||||||||
• | Loans that are not saleable into active markets, comprised of the Company’s mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value, are categorized as “Level 3” financial statement items and their fair values are estimated using a discounted cash flow approach. Inputs to the discounted cash flow model include current interest rates, loan amount, payment status and property type, and forecasts of future interest rates, home prices, prepayment speeds, default speeds, loss severities and discount rates. The valuation process includes the computation by stratum of loan population and a review for reasonableness of various measures such as weighted average life, projected prepayment and default speeds, and projected default and loss percentages. The FAV group computes the effect on the valuation of changes in input variables such as interest rates, home prices, and delinquency status to assess the reasonableness of changes in the loan valuation. The results of the estimates of fair value of “Level 3” mortgage loans are reported to PCM’s valuation committee as part of its review and approval of monthly valuation results. | ||||||||||||||||||||||||||||
Changes in fair value attributable to changes in instrument-specific credit risk are measured by the change in the respective loan’s delinquency status at period-end from the later of the beginning of the period or acquisition date. | |||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value are discount rate, home price projections, voluntary prepayment speeds and default speeds. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Increases in home price projections are generally accompanied by an increase in voluntary prepayment speeds. | |||||||||||||||||||||||||||||
Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value: | |||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Mortgage loans at fair value | |||||||||||||||||||||||||||||
Discount rate | 8.6% - 15.6% | 8.8% - 20.7% | |||||||||||||||||||||||||||
-11.80% | -13.10% | ||||||||||||||||||||||||||||
Twelve-month projected housing price index change | 2.9% - 5.0% | 0.4% - 1.5% | |||||||||||||||||||||||||||
-3.70% | -1.10% | ||||||||||||||||||||||||||||
Prepayment speed(1) | 0.0% - 4.4% | 0.4% - 4.4% | |||||||||||||||||||||||||||
-2.40% | -2.20% | ||||||||||||||||||||||||||||
Total prepayment speed(2) | 0.2% - 35.5% | 5.9% - 31.2% | |||||||||||||||||||||||||||
-23.50% | -20.60% | ||||||||||||||||||||||||||||
Mortgage loans under forward purchase agreements | |||||||||||||||||||||||||||||
Discount rate | 9.5% - 13.5% | — | |||||||||||||||||||||||||||
-11.90% | — | ||||||||||||||||||||||||||||
Twelve-month projected housing price index change | 3.2% - 4.3% | — | |||||||||||||||||||||||||||
-3.90% | — | ||||||||||||||||||||||||||||
Prepayment speed(1) | 1.2% - 2.8% | — | |||||||||||||||||||||||||||
-2.10% | — | ||||||||||||||||||||||||||||
Total prepayment speed(2) | 13.5% - 29.5% | — | |||||||||||||||||||||||||||
-22.90% | |||||||||||||||||||||||||||||
-1 | Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). | ||||||||||||||||||||||||||||
-2 | Total prepayment speed is measured using Life Total CPR. | ||||||||||||||||||||||||||||
Excess Servicing Spread Purchased from PennyMac Financial Services, Inc. | |||||||||||||||||||||||||||||
The Company categorizes excess servicing spread as a “Level 3” financial statement item. The Company uses a discounted cash flow approach to estimate the fair value of excess servicing spread. The key assumptions used in the estimation of the fair value of excess servicing spread include prepayment speed and discount rate. Significant changes to those inputs in isolation could result in a significant change in the excess servicing spread fair value measurement. Changes in these key assumptions are not necessarily directly related. | |||||||||||||||||||||||||||||
Excess servicing spread is generally subject to loss in value when interest rates decrease. Decreasing mortgage rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the excess servicing spread, thereby reducing excess servicing spread value. Reductions in the value of excess servicing spread investments affect income primarily through change in fair value. | |||||||||||||||||||||||||||||
Interest income for excess servicing spread is accrued using the interest method, based upon the expected income from the excess servicing spread through the expected life of the underlying mortgages. Changes to expected cash flows result in a change in fair value which is recorded in Net gain (loss) on investments. | |||||||||||||||||||||||||||||
Following are the key inputs used in determining the fair value of excess servicing spread: | |||||||||||||||||||||||||||||
Key Inputs | September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Pricing spread | 6.80% | — | |||||||||||||||||||||||||||
Average life | 6.7 | — | |||||||||||||||||||||||||||
Prepayment speed | 9.10% | — | |||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||
The Company estimates the fair value of IRLCs based on quoted Agency MBS prices, its estimate of the fair value of the MSRs it expects to receive in the sale of the loans and the probability that the mortgage loan will fund or be purchased as a percentage of the commitments it has made (the “pull-through rate”). The Company categorized IRLCs as a “Level 3” financial statement item. | |||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s IRLCs are the pull-through rate and the MSR component of the Company’s estimate of the value of the mortgage loans it has committed to purchase. Significant changes in the pull-through rate and the MSR component of the IRLCs, in isolation, could result in a significant change in fair value measurement. The financial effects of changes in these assumptions are generally inversely correlated as increasing interest rates have a positive effect on the fair value of the MSR component of IRLC value, but increase the pull-through rate for loans that have decreased in fair value in comparison to the agreed-upon purchase price. | |||||||||||||||||||||||||||||
Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Key Inputs | Range | ||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Pull-through rate | 48.8% - 98.0% | 44.2% - 98.0% | |||||||||||||||||||||||||||
-83.50% | -80.60% | ||||||||||||||||||||||||||||
MSR value expressed as: | |||||||||||||||||||||||||||||
Servicing fee multiple | 0.9 - 5.1 | 1.8 - 4.8 | |||||||||||||||||||||||||||
-3.7 | -4.5 | ||||||||||||||||||||||||||||
Percentage of unpaid principal balance | 0.2% - 1.3% | 0.4% - 1.2% | |||||||||||||||||||||||||||
-0.90% | -1.10% | ||||||||||||||||||||||||||||
The Company estimates the fair value of commitments to sell loans based on quoted MBS prices. The Company estimates the fair value of the interest rate options and futures it purchases and sells based on observed interest rate volatilities in the MBS market. | |||||||||||||||||||||||||||||
Real Estate Acquired in Settlement of Loans | |||||||||||||||||||||||||||||
REO is measured based on its fair value on a nonrecurring basis and is categorized as a “Level 3” financial statement item. Fair value of REO is estimated by using a current estimate of value from a broker’s price opinion or a full appraisal, or the price given in a current contract of sale. | |||||||||||||||||||||||||||||
REO values are reviewed by PCM’s staff appraisers when the Company obtains multiple indications of value and there is a significant discrepancy between the values received. PCM’s staff appraisers will attempt to resolve the discrepancy between the indications of value. In circumstances where the appraisers are not able to generate adequate data to support a value conclusion, the staff appraisers will order an additional appraisal to resolve the property’s value. | |||||||||||||||||||||||||||||
Mortgage Servicing Rights | |||||||||||||||||||||||||||||
MSRs are categorized as “Level 3” financial statement items. The Company uses a discounted cash flow approach to estimate the fair value of MSRs. The key assumptions used in the estimation of the fair value of MSRs include prepayment and default rates of the underlying loans, the applicable discount rate, and cost to service loans. The key assumptions used in the Company’s discounted cash flow model are based on market factors which management believes are consistent with assumptions and data used by market participants valuing similar MSRs. The results of the estimates of fair value of MSRs are reported to PCM’s valuation committee as part of their review and approval of monthly valuation results. | |||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Company’s MSRs are pricing spreads, prepayment speeds (or life) and annual per-loan cost of servicing. Significant changes to any of those inputs in isolation could result in a significant change in the MSR fair value measurement. Changes in these key assumptions are not necessarily directly related. | |||||||||||||||||||||||||||||
MSRs are generally subject to loss in value when mortgage rates decrease. Decreasing mortgage rates normally encourage increased mortgage refinancing activity. Increased refinancing activity reduces the life of the loans underlying the MSRs, thereby reducing MSR value. Reductions in the value of MSRs affect income primarily through change in fair value and impairment charges. For MSRs backed by mortgage loans with historically low interest rates, factors other than interest rates (such as housing price changes) take on increasing influence on prepayment behavior of the underlying mortgage loans. | |||||||||||||||||||||||||||||
Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: | |||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||||||||
Unpaid principal balance of underlying loans | $3,404,274 | $707,891 | $3,400,928 | $50,178 | |||||||||||||||||||||||||
Average servicing fee rate (in basis points) | 25 | 25 | 26 | 28 | |||||||||||||||||||||||||
Pricing spread(1) | 5.4% - 13.9% | 7.4% - 9.6% | 7.5% - 7.5% | 7.5% - 13.5% | |||||||||||||||||||||||||
-6.30% | -8.00% | -7.50% | -7.60% | ||||||||||||||||||||||||||
Life (in years) | 2.9 - 6.9 | 3.8 - 6.9 | 6.4 - 6.4 | 3.2 - 6.4 | |||||||||||||||||||||||||
-6.3 | -6.8 | -6.4 | -6.3 | ||||||||||||||||||||||||||
Annual total prepayment speed(2) | 8.5% - 15.6% | 8.8% - 20.7% | 8.9% - 9.4% | 8.9% - 27.1% | |||||||||||||||||||||||||
-8.90% | -9.80% | -9.10% | -9.50% | ||||||||||||||||||||||||||
Annual per-loan cost of servicing | $68 - $68 | $68 - $68 | $68 - $68 | $68 - $140 | |||||||||||||||||||||||||
($68) | ($68) | ($68) | ($69) | ||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||||||||
Unpaid principal balance of underlying loans | $12,247,940 | $717,877 | $5,905,828 | $156,211 | |||||||||||||||||||||||||
Average servicing fee rate (in basis points) | 26 | 25 | 25 | 26 | |||||||||||||||||||||||||
Pricing spread(1) | 5.4% - 14.4% | 7.4% - 14.4% | 7.5% - 22.8% | 7.5% - 14.6% | |||||||||||||||||||||||||
-6.60% | -8.00% | -7.70% | -8.10% | ||||||||||||||||||||||||||
Life (in years) | 2.6 - 6.9 | 2.8 - 6.9 | 2.5 - 6.7 | 2.5 - 6.7 | |||||||||||||||||||||||||
-6.4 | -6.8 | -6.4 | -6.2 | ||||||||||||||||||||||||||
Annual total prepayment speed(2) | 8.5% - 23.6% | 8.8% -27.0% | 7.8% - 36.9% | 7.8% - 36.9% | |||||||||||||||||||||||||
-9.00% | -10.00% | -8.90% | -10.40% | ||||||||||||||||||||||||||
Annual per-loan cost of servicing | $68 - $140 | $68 - $68 | $68 - $140 | $68 - $140 | |||||||||||||||||||||||||
($68) | ($68) | ($68) | ($75) | ||||||||||||||||||||||||||
-1 | Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans. | ||||||||||||||||||||||||||||
-2 | Prepayment speed is measured using Life Total CPR. | ||||||||||||||||||||||||||||
Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the estimated fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable): | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||||||||
(unpaid principal balance and effect on value amounts in thousands) | |||||||||||||||||||||||||||||
Carrying value | $258,678 | $10,997 | $125,430 | $1,346 | |||||||||||||||||||||||||
Unpaid principal balance of underlying loans | $22,681,068 | $1,036,575 | $11,986,957 | $181,783 | |||||||||||||||||||||||||
Weighted average servicing fee rate (in basis points) | 26 | 25 | 26 | 27 | |||||||||||||||||||||||||
Weighted average coupon rate | 3.66% | 4.67% | 3.70% | 4.79% | |||||||||||||||||||||||||
Pricing spread(1) | 5.35% - 18.55% | 6.4% - 14.4% | 7.5% - 16.5% | 7.5% - 16.5% | |||||||||||||||||||||||||
-6.10% | -8.10% | -7.70% | -7.70% | ||||||||||||||||||||||||||
Effect on value of 5% adverse change | ($4,654) | ($180) | ($2,052) | ($21) | |||||||||||||||||||||||||
Effect on value of 10% adverse change | ($9,166) | ($354) | ($4,041) | ($40) | |||||||||||||||||||||||||
Effect on value of 20% adverse change | ($17,786) | ($688) | ($7,845) | ($78) | |||||||||||||||||||||||||
Weighted average life (in years) | 2.8 - 6.9 | 3.3 - 6.9 | 1.7 - 6.3 | 1.4 - 6.3 | |||||||||||||||||||||||||
-6.4 | -6.8 | -6.3 | -6 | ||||||||||||||||||||||||||
Prepayment speed(2) | 8.6% - 30.6% | 8.8% - 26.5% | 10.3% - 47.8% | 10.3% - 65.9% | |||||||||||||||||||||||||
-9.10% | -10% | -10.30% | -13.20% | ||||||||||||||||||||||||||
Effect on value of 5% adverse change | ($5,922) | ($261) | ($3,026) | ($52) | |||||||||||||||||||||||||
Effect on value of 10% adverse change | ($11,639) | ($512) | ($5,937) | ($100) | |||||||||||||||||||||||||
Effect on value of 20% adverse change | ($22,497) | ($986) | ($11,436) | ($190) | |||||||||||||||||||||||||
Annual per-loan cost of servicing | $68 - $140 | $68 - $140 | $68 - $140 | $68 - $140 | |||||||||||||||||||||||||
($68) | ($69) | ($68) | ($74) | ||||||||||||||||||||||||||
Effect on value of 5% adverse change | ($1,621) | ($69) | ($778) | ($12) | |||||||||||||||||||||||||
Effect on value of 10% adverse change | ($3,242) | ($138) | ($1,556) | ($24) | |||||||||||||||||||||||||
Effect on value of 20% adverse change | ($6,483) | ($276) | ($3,112) | ($48) | |||||||||||||||||||||||||
-1 | Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans and purchased MSRs not backed by pools of distressed mortgage loans. | ||||||||||||||||||||||||||||
-2 | Prepayment speed is measured using Life Total CPR. | ||||||||||||||||||||||||||||
The preceding sensitivity analyses are limited in that they were performed at a particular point in time; only contemplate the movements in the indicated variables; do not incorporate changes in the variables in relation to other variables; are subject to the accuracy of various models and assumptions used; and do not incorporate other factors that would affect the Company’s overall financial performance in such scenarios, including operational adjustments made by management to account for changing circumstances. For these reasons, the preceding estimates should not be viewed as an earnings forecast. | |||||||||||||||||||||||||||||
Securities Sold Under Agreements to Repurchase | |||||||||||||||||||||||||||||
Fair value of securities sold under agreements to repurchase is based on the accrued cost of the agreements, which approximates the agreements’ fair values, due to the agreements’ short maturities. |
ShortTerm_Investments
Short-Term Investments | 9 Months Ended |
Sep. 30, 2013 | |
Cash And Cash Equivalents [Abstract] | ' |
Short-Term Investments | ' |
Note 8—Short-Term Investments | |
The Company’s short-term investments are comprised of money market accounts and unrestricted balances maintained in excess of minimum required amounts as deposited with U.S. commercial banks. |
Mortgage_Loans_Acquired_for_Sa
Mortgage Loans Acquired for Sale at Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Mortgage Loans On Real Estate [Abstract] | ' | ||||||||||||||||
Mortgage Loans Acquired for Sale at Fair Value | ' | ||||||||||||||||
Note 9—Mortgage Loans Acquired for Sale at Fair Value | |||||||||||||||||
Mortgage loans acquired for sale at fair value is comprised of recently originated mortgage loans purchased by the Company for resale. Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Fair | Unpaid | Fair | Unpaid | ||||||||||||||
value | principal | value | principal | ||||||||||||||
balance | balance | ||||||||||||||||
Loan Type | (in thousands) | ||||||||||||||||
Government insured or guaranteed | $ | 273,007 | $ | 260,388 | $ | 153,326 | $ | 144,619 | |||||||||
Conventional: | |||||||||||||||||
Agency-eligible | 430,527 | 411,785 | 820,492 | 785,830 | |||||||||||||
Jumbo loans | 33,580 | 33,944 | 1,366 | 1,338 | |||||||||||||
$ | 737,114 | $ | 706,117 | $ | 975,184 | $ | 931,787 | ||||||||||
Loans pledged to secure loans sold under agreements to repurchase | $ | 731,717 | $ | 972,079 | |||||||||||||
The Company is not approved by Ginnie Mae as an issuer of Ginnie Mae-guaranteed securities which are backed by government-insured or guaranteed mortgage loans. As discussed in Note 3—Transactions with Related Parties, the Company transfers government insured or guaranteed mortgage loans that it purchases from correspondent lenders to PLS, which is a Ginnie Mae-approved issuer, and earns a sourcing fee of three basis points on the unpaid principal balance plus accrued interest of each such loan. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
Note 10—Derivative Financial Instruments | |||||||||||||||||||||||||
The Company is exposed to price risk relative to its mortgage loans acquired for sale as well as to the IRLCs it issues to correspondent lenders. The Company bears price risk from the time an IRLC is issued to a correspondent lender to the time the purchased mortgage loan is sold. During this period, the Company is exposed to losses if mortgage interest rates increase, because the value of the purchase commitment or mortgage loan acquired for sale decreases. | |||||||||||||||||||||||||
The Company engages in interest rate risk management activities in an effort to reduce the variability of earnings caused by changes in interest rates. To manage this price risk resulting from interest rate risk, the Company uses derivative financial instruments acquired with the intention of moderating the risk that changes in market interest rates will result in unfavorable changes in the value of the Company’s IRLCs and inventory of mortgage loans acquired for sale. | |||||||||||||||||||||||||
The Company is also exposed to risk relative to the fair value of its MSRs. The Company is exposed to loss in value of its MSRs when interest rates decrease. Beginning in the fourth quarter of 2012, the Company included MSRs in its hedging activities, and did so for a portion of 2013. | |||||||||||||||||||||||||
During the third quarter of 2013, the Company entered into Eurodollar futures, which settle daily, to economically hedge net fair value changes of a portion of fixed-rate mortgage loans at fair value held by variable interest entity and MBS securities at fair value and the related variable LIBOR rate repurchase agreement liabilities. The Company uses the Eurodollar futures with the intention of moderating the risk of rising market rates that will result in unfavorable changes in the value of the Company’s fixed-rate assets and economic performance of its variable LIBOR rate repurchase agreement liabilities. | |||||||||||||||||||||||||
The Company does not use derivative financial instruments for purposes other than in support of its risk management activities. The Company records all derivative financial instruments at fair value and records changes in fair value in current period income. | |||||||||||||||||||||||||
The Company had the following derivative assets and liabilities and related margin deposits recorded within the Derivative assets and Derivative liabilities on the consolidated balance sheets: | |||||||||||||||||||||||||
September 30, 2013 | December 31 2012 | ||||||||||||||||||||||||
Fair value | Fair value | ||||||||||||||||||||||||
Instrument | Notional | Derivative | Derivative | Notional | Derivative | Derivative | |||||||||||||||||||
amount | assets | liabilities | amount | assets | liabilities | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Free-standing derivatives (economic hedges): | |||||||||||||||||||||||||
Interest rate lock commitments | 641,971 | $ | 11,476 | $ | 30 | 1,694,739 | $ | 19,479 | $ | — | |||||||||||||||
Forward purchase contracts | 2,334,589 | 26,086 | 2 | 2,206,539 | 2,617 | 1,741 | |||||||||||||||||||
Forward sales contracts | 3,323,843 | 2 | 49,108 | 4,266,983 | 3,458 | 4,520 | |||||||||||||||||||
MBS put options | 130,000 | 36 | — | 495,000 | 977 | — | |||||||||||||||||||
MBS call options | — | — | — | — | — | — | |||||||||||||||||||
Eurodollar futures | 9,964,000 | — | — | — | — | — | |||||||||||||||||||
Treasury futures | 75,000 | — | — | — | — | — | |||||||||||||||||||
Options on Eurodollar futures | 2,200,000 | — | — | — | — | — | |||||||||||||||||||
Total derivative instruments before netting | 37,600 | 49,140 | 26,531 | 6,261 | |||||||||||||||||||||
Netting | (19,185 | ) | (43,242 | ) | (2,825 | ) | (5,294 | ) | |||||||||||||||||
Total | $ | 18,415 | $ | 5,898 | $ | 23,706 | $ | 967 | |||||||||||||||||
Margin deposits with derivatives counterparties | $ | 25,311 | $ | 2,469 | |||||||||||||||||||||
The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s IRLCs and inventory of mortgage loans acquired for sale: | |||||||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Quarter ended September 30, 2013 | |||||||||||||||||||||||||
MBS put options | 460,000 | 180,000 | (510,000 | ) | 130,000 | ||||||||||||||||||||
MBS call options | 725,000 | 300,000 | (1,025,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 5,411,784 | 18,214,008 | (21,291,203 | ) | 2,334,589 | ||||||||||||||||||||
Forward sales contracts | 7,728,066 | 21,440,627 | (25,844,850 | ) | 3,323,843 | ||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||
MBS put options | 495,000 | 3,205,000 | (3,570,000 | ) | 130,000 | ||||||||||||||||||||
MBS call options | — | 2,200,000 | (2,200,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 2,206,539 | 45,301,457 | (45,173,407 | ) | 2,334,589 | ||||||||||||||||||||
Forward sales contracts | 4,266,983 | 58,817,165 | (59,760,305 | ) | 3,323,843 | ||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Quarter ended September 30, 2012 | |||||||||||||||||||||||||
MBS put options | 245,000 | 980,000 | (700,000 | ) | 525,000 | ||||||||||||||||||||
MBS call options | 35,000 | 30,000 | (65,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 829,407 | 7,780,756 | (5,876,257 | ) | 2,733,906 | ||||||||||||||||||||
Forward sales contracts | 2,133,971 | 13,150,113 | (10,097,143 | ) | 5,186,941 | ||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||
MBS put options | 28,000 | 1,412,500 | (915,500 | ) | 525,000 | ||||||||||||||||||||
MBS call options | 5,000 | 180,000 | (185,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 398,400 | 11,927,458 | (9,591,952 | ) | 2,733,906 | ||||||||||||||||||||
Forward sales contracts | 756,691 | 21,381,612 | (16,951,362 | ) | 5,186,941 | ||||||||||||||||||||
The Company recorded net gains (losses) on derivative financial instruments used to hedge the Company’s IRLCs and inventory of mortgage loans totaling $3.1 million and $(46.1) million for the quarters ended September 30, 2013 and 2012, respectively. The Company recorded net gains (losses) on derivative financial instruments used to hedge the Company’s IRLCs and inventory of mortgage loans totaling $143.2 million and $(62.5) million for the nine months ended September 30, 2013 and 2012, respectively. Derivative gains and losses are included in Net gains on mortgage loans acquired for sale in the Company’s consolidated statements of income. | |||||||||||||||||||||||||
The Company recorded net losses on derivative financial instruments used as economic hedges of MSRs totaling $0 and $2.0 million for the quarter and nine months ended September 30, 2013. The derivative losses are included in Net loan servicing fees in the Company’s consolidated statements of income. The Company had no similar economic hedges in place for the quarter and nine months ended September 30, 2012. | |||||||||||||||||||||||||
The following table summarizes the notional of amount activity for derivative contracts used to hedge the Company’s investment activities related to its MBS securities and mortgage loans at fair value held by variable interest entity: | |||||||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Quarter ended September 30, 2013 | |||||||||||||||||||||||||
Eurodollar futures | — | 19,152,000 | (9,188,000 | ) | 9,964,000 | ||||||||||||||||||||
Treasury futures | — | 75,000 | — | 75,000 | |||||||||||||||||||||
Options on Eurodollar futures | — | 2,200,000 | — | 2,200,000 | |||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||
Eurodollar futures | — | 19,152,000 | (9,188,000 | ) | 9,964,000 | ||||||||||||||||||||
Treasury futures | — | 75,000 | — | 75,000 | |||||||||||||||||||||
Options on Eurodollar futures | — | 2,200,000 | — | 2,200,000 | |||||||||||||||||||||
The Company recorded net losses on derivative financial instruments used to hedge the net change in fair value of fixed-rate assets and its variable LIBOR rate repurchase agreement liabilities. The Company recorded net losses on derivative financial instruments used as economic hedges of $12.1 million for the quarter ended September 30, 2013. The derivative losses are included in Net gain on mortgage loans acquired for sale and Net gain on mortgage-backed securities in the Company’s consolidated statements of income. The Company had no similar economic hedges in place for the quarter and nine months ended September 30, 2012. |
Mortgage_Loans_at_Fair_Value
Mortgage Loans at Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Mortgage Loans at Fair Value | ' | ||||||||||||||||
Note 11—Mortgage Loans at Fair Value | |||||||||||||||||
Mortgage loans at fair value are comprised of mortgage loans that are not acquired for sale and may be sold at a later date pursuant to a management determination that such a sale represents the most advantageous liquidation strategy for the identified loan. | |||||||||||||||||
Following is a summary of the distribution of the Company’s mortgage loans at fair value: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Loan Type | Fair value | Unpaid | Fair value | Unpaid | |||||||||||||
principal | principal | ||||||||||||||||
balance | balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Nonperforming loans | $ | 1,344,259 | $ | 2,223,064 | $ | 785,955 | $ | 1,483,311 | |||||||||
Performing loans: | |||||||||||||||||
Fixed | 262,010 | 399,310 | 201,212 | 322,005 | |||||||||||||
ARM/hybrid | 143,955 | 192,389 | 134,196 | 195,381 | |||||||||||||
Interest rate step-up | 98,287 | 168,072 | 68,475 | 123,117 | |||||||||||||
Balloon | 145 | 215 | 133 | 219 | |||||||||||||
504,397 | 759,986 | 404,016 | 640,722 | ||||||||||||||
$ | 1,848,656 | $ | 2,983,050 | $ | 1,189,971 | $ | 2,124,033 | ||||||||||
Mortgage loans at fair value pledged to secure borrowings at period end: | |||||||||||||||||
Sales of loans under agreements to repurchase | $ | 1,772,788 | $ | 947,522 | |||||||||||||
Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans | $ | 1,313 | $ | 1,538 | |||||||||||||
Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value: | |||||||||||||||||
Concentration | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Portion of mortgage loans originated between 2005 and 2007 | 71% | 77% | |||||||||||||||
Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100% | 61% | 68% | |||||||||||||||
Percentage of mortgage loans secured by California real estate | 25% | 18% | |||||||||||||||
Additional states contributing 5% or more of mortgage loans | New York | New York | |||||||||||||||
Florida | Florida | ||||||||||||||||
New Jersey | New Jersey |
Mortgage_Loans_at_Fair_Value_H
Mortgage Loans at Fair Value Held by Variable Interest Entity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Mortgage Loans at Fair Value Held by Variable Interest Entity | ' | ||||||||||||||||
Note 12— Mortgage loans at fair value held by variable interest entity | |||||||||||||||||
Following is a summary of the distribution of the Company’s mortgage loans at fair value held by variable interest entity: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Loan Type | Fair value | Unpaid | Fair value | Unpaid | |||||||||||||
principal | principal | ||||||||||||||||
balance | balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Nonperforming loans | $ | — | $ | — | $ | — | $ | — | |||||||||
Performing loans: | |||||||||||||||||
Jumbo Fixed | 536,776 | 550,462 | — | — | |||||||||||||
536,776 | 550,462 | — | — | ||||||||||||||
$ | 536,776 | $ | 550,462 | $ | — | $ | — | ||||||||||
Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value held by variable interest entity: | |||||||||||||||||
States Comprising more than 5.00% of unpaid principal balance | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
California | 57% | — | |||||||||||||||
Washington | 8% | — | |||||||||||||||
Texas | 6% | — | |||||||||||||||
Virginia | 6% | — | |||||||||||||||
Other | 24% | — |
Mortgage_Loans_Under_Forward_P
Mortgage Loans Under Forward Purchase Agreements at Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Mortgage Loans Under Forward Purchase Agreements at Fair Value | ' | ||||||||||||||||
Note 13—Mortgage Loans Under Forward Purchase Agreements at Fair Value | |||||||||||||||||
Mortgage loans under forward purchase agreements at fair value are comprised of mortgage loans not acquired for resale. Such loans may be sold at a later date pursuant to a management determination that such a sale represents the most advantageous liquidation strategy for the identified loan. Following is a summary of the distribution of the Company’s mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Loan Type | Fair value | Unpaid | Fair value | Unpaid | |||||||||||||
principal | principal | ||||||||||||||||
balance | balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Nonperforming loans | $ | 184,338 | $ | 286,339 | $ | — | $ | — | |||||||||
Performing loans: | |||||||||||||||||
Fixed | 21,592 | 34,275 | — | — | |||||||||||||
ARM/hybrid | 22,156 | 37,557 | — | — | |||||||||||||
43,748 | 71,832 | — | — | ||||||||||||||
$ | 228,086 | $ | 358,171 | $ | — | $ | — | ||||||||||
Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||
Concentration | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Portion of mortgage loans originated between 2005 and 2007 | 73% | — | |||||||||||||||
Percentage of fair value of mortgage loans with unpaid-principal-balance-to current-property-value in excess of 100% | 57% | — | |||||||||||||||
Percentage of mortgage loans secured by California real estate | 24% | — | |||||||||||||||
Additional states contributing 5% or more of mortgage loans | New Jersey | ||||||||||||||||
Washington | |||||||||||||||||
New York | |||||||||||||||||
Maryland | |||||||||||||||||
At September 30, 2013, the entire balance of mortgage loans under forward purchase agreements was subject to borrowings under forward purchase agreements. | |||||||||||||||||
Real_Estate_Acquired_in_Settle
Real Estate Acquired in Settlement of Loans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Real Estate Acquired in Settlement of Loans | ' | ||||||||||||||||
Note 14—Real Estate Acquired in Settlement of Loans | |||||||||||||||||
Following is a summary of the activity in REO for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 88,682 | $ | 89,121 | $ | 88,078 | $ | 80,570 | |||||||||
Purchases | 82 | — | 82 | 48 | |||||||||||||
Transfers from mortgage loans at fair value and advances | 48,154 | 33,962 | 116,957 | 82,404 | |||||||||||||
Transfers from REO under forward purchase agreements | 114 | 786 | 114 | 21,819 | |||||||||||||
Results of REO: | |||||||||||||||||
Valuation adjustments, net | (5,012 | ) | (3,954 | ) | (16,079 | ) | (8,824 | ) | |||||||||
Gain on sale, net | 2,759 | 5,246 | 8,644 | 14,530 | |||||||||||||
(2,253 | ) | 1,292 | (7,435 | ) | 5,706 | ||||||||||||
Sale proceeds | (35,086 | ) | (38,981 | ) | (98,103 | ) | (104,367 | ) | |||||||||
Balance at period end | $ | 99,693 | $ | 86,180 | $ | 99,693 | $ | 86,180 | |||||||||
At period end: | |||||||||||||||||
REO pledged to secure agreements to repurchase | $ | 17,074 | $ | 10,118 | $ | 17,074 | $ | 10,118 | |||||||||
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties | $ | 50,796 | $ | 23,060 | $ | 50,796 | $ | 23,060 | |||||||||
Real_Estate_Acquired_in_Settle1
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements | ' | ||||||||||||||||
Note 15—Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements | |||||||||||||||||
Following is a summary of the activity in REO under forward purchase agreements for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 89 | $ | 797 | $ | — | $ | 22,979 | |||||||||
Purchases | — | — | — | 248 | |||||||||||||
Transfers from (to) mortgage loans under forward purchase agreements at fair value and servicing advances | 3,640 | (10 | ) | 3,729 | 6,633 | ||||||||||||
Transfers to REO | (114 | ) | (786 | ) | (114 | ) | (21,819 | ) | |||||||||
Results of REO under forward purchase agreements: | |||||||||||||||||
Valuation adjustments, net | (31 | ) | (1 | ) | (31 | ) | (449 | ) | |||||||||
(Loss) gain on sale, net | (10 | ) | (3 | ) | (10 | ) | 2,319 | ||||||||||
(41 | ) | (4 | ) | (41 | ) | 1,870 | |||||||||||
Sale proceeds | (65 | ) | 3 | (65 | ) | (9,911 | ) | ||||||||||
Balance at period end | $ | 3,509 | $ | — | $ | 3,509 | $ | — | |||||||||
At September 30, 2013, the entire balance of real estate acquired in settlement of loans under forward purchase agreements was held under forward purchase agreements. |
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Mortgage Servicing Rights | ' | ||||||||||||||||
Note 16—Mortgage Servicing Rights | |||||||||||||||||
Carried at Fair Value: | |||||||||||||||||
Following is a summary of MSRs carried at fair value for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 1,827 | $ | 1,285 | $ | 1,346 | $ | 749 | |||||||||
Additions: | |||||||||||||||||
Purchases | 1,696 | — | 1,881 | 20 | |||||||||||||
MSRs resulting from loan sales | 7,939 | 363 | 8,043 | 1,451 | |||||||||||||
Total additions | 9,635 | 363 | 9,924 | 1,471 | |||||||||||||
Change in fair value: | |||||||||||||||||
Due to changes in valuation inputs or assumptions used in valuation model(1) | (366 | ) | (62 | ) | (64 | ) | (543 | ) | |||||||||
Other changes in fair value(2) | (99 | ) | (64 | ) | (209 | ) | (76 | ) | |||||||||
(465 | ) | (126 | ) | (273 | ) | (619 | ) | ||||||||||
Sales | — | — | — | (79 | ) | ||||||||||||
Balance at period end | $ | 10,997 | $ | 1,522 | $ | 10,997 | $ | 1,522 | |||||||||
-1 | Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||||||||||||||
-2 | Represents changes due to realization of expected cash flows. | ||||||||||||||||
Carried at Lower of Amortized Cost or Fair Value: | |||||||||||||||||
Following is a summary of MSRs carried at amortized cost for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Mortgage Servicing Rights: | |||||||||||||||||
Balance at beginning of period | $ | 228,912 | $ | 33,171 | $ | 132,977 | $ | 5,282 | |||||||||
MSRs resulting from loan sales | 41,018 | 36,397 | 148,186 | 65,198 | |||||||||||||
Purchases | — | 6 | — | 15 | |||||||||||||
Sales | — | — | — | (19 | ) | ||||||||||||
Amortization | (7,201 | ) | (1,437 | ) | (18,433 | ) | (2,339 | ) | |||||||||
Application of valuation allowance to write down MSRs with other-than temporary impairment | — | — | — | — | |||||||||||||
Balance before valuation allowance at period end | 262,729 | 68,137 | 262,730 | 68,137 | |||||||||||||
Valuation Allowance for Impairment of Mortgage Servicing Rights: | |||||||||||||||||
Balance at beginning of period | (3,839 | ) | (1,624 | ) | (7,547 | ) | — | ||||||||||
(Additions) Reversals | (212 | ) | (2,881 | ) | 3,495 | (4,505 | ) | ||||||||||
Application of valuation allowance to write down MSRs with other-than temporary impairment | — | — | — | — | |||||||||||||
Balance at period end | (4,051 | ) | (4,505 | ) | (4,052 | ) | (4,505 | ) | |||||||||
Mortgage Servicing Rights, net | $ | 258,678 | $ | 63,632 | $ | 258,678 | $ | 63,632 | |||||||||
Estimated fair value of MSRs at period end | $ | 277,711 | $ | 63,678 | $ | 277,711 | $ | 63,678 | |||||||||
The following table summarizes the Company’s estimate of amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its September 30, 2013 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management. | |||||||||||||||||
12-month period ending September 30, | Estimated MSR | ||||||||||||||||
amortization | |||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 27,644 | |||||||||||||||
2015 | 26,477 | ||||||||||||||||
2016 | 24,675 | ||||||||||||||||
2017 | 23,164 | ||||||||||||||||
2018 | 21,480 | ||||||||||||||||
Thereafter | 139,289 | ||||||||||||||||
Total | $ | 262,729 | |||||||||||||||
Servicing fees relating to MSRs are recorded in Net loan servicing fees on the consolidated statements of income and are summarized below for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Contractual servicing fees | $ | 13,687 | $ | 3,934 | $ | 34,158 | $ | 6,342 | |||||||||
Securities_Sold_Under_Agreemen
Securities Sold Under Agreements to Repurchase at Fair Value | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Securities Sold Under Agreements to Repurchase at Fair Value | ' | ||||||||||||||||
Note 17—Securities Sold Under Agreements to Repurchase at Fair Value | |||||||||||||||||
Following is a summary of financial information relating to securities sold under agreements to repurchase at fair value as of and for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 196,032 | $ | — | $ | 196,032 | $ | — | |||||||||
Weighted-average interest rate | 0.45 | % | 0 | % | 0.45 | % | 0 | % | |||||||||
Fair value of securities securing agreements to repurchase | $ | 217,492 | $ | — | $ | 217,492 | $ | — | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate | 0.64 | % | 0.51 | % | 0.64 | % | 0.64 | % | |||||||||
Average balance of securities sold under agreements to repurchase | $ | 38,788 | $ | 75,787 | $ | 13,071 | $ | 99,595 | |||||||||
Total interest expense | $ | 63 | $ | 100 | $ | 63 | $ | 488 | |||||||||
Maximum daily amount outstanding | $ | 196,032 | $ | 157,333 | $ | 196,032 | $ | 160,334 | |||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s securities sold under agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Facility Maturity | |||||||||||||||
risk | |||||||||||||||||
(in thousands) | |||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 10,256 | October 16, 2013 | ||||||||||||||
Daiwa | $ | 7,570 | 23-Oct-13 | ||||||||||||||
Bank of America, N.A. | $ | 3,771 | 9-Oct-13 |
Mortgage_Loans_Acquired_for_Sa1
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase | ' | ||||||||||||||||
Note 18—Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase | |||||||||||||||||
Following is a summary of financial information relating to mortgage loans acquired for sale sold under agreements to repurchase: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 670,311 | $ | 755,471 | $ | 670,311 | $ | 755,471 | |||||||||
Unused amount(1) | $ | 990,583 | $ | 244,529 | $ | 990,583 | $ | 244,529 | |||||||||
Weighted-average interest rate | 2.08 | % | 2.61 | % | 2.08 | % | 2.61 | % | |||||||||
Fair value of mortgage loans acquired for sale securing agreements to repurchase | $ | 731,717 | $ | 846,856 | $ | 731,717 | $ | 846,856 | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate(2) | 2.06 | % | 2.42 | % | 2.12 | % | 2.29 | % | |||||||||
Average balance of loans sold under agreements to repurchase | $ | 1,121,828 | $ | 462,137 | $ | 955,410 | $ | 294,857 | |||||||||
Total interest expense | $ | 7,898 | $ | 3,947 | $ | 20,724 | $ | 7,221 | |||||||||
Maximum daily amount outstanding | $ | 1,423,750 | $ | 755,502 | $ | 1,489,070 | $ | 755,502 | |||||||||
-1 | The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold. | ||||||||||||||||
-2 | Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $1.9 million and $5.0 million during the quarter and nine months ended September 30, 2013, respectively, and $1.1 million and $2.1 million during the quarter and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: | |||||||||||||||||
Remaining maturity at September 30, 2013 | Balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Within 30 days | $ | 56,482 | |||||||||||||||
Over 30 to 90 days | 591,307 | ||||||||||||||||
Over 90 days to 180 days | 22,522 | ||||||||||||||||
Over 180 days to 1 year | — | ||||||||||||||||
$ | 670,311 | ||||||||||||||||
Weighted average maturity (in months) | 2.5 | ||||||||||||||||
The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the mortgage loans securing those agreements decreases. The Company had $3.0 million and $4.1 million on deposit with its loan repurchase agreement counterparties at September 30, 2013 and December 31, 2012, respectively. Margin deposits are included in Other assets in the consolidated balance sheets. | |||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s mortgage loans acquired for sale sold under agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Weighted-average | Facility maturity | ||||||||||||||
risk | repurchase agreement | ||||||||||||||||
maturity | |||||||||||||||||
(in thousands) | |||||||||||||||||
Citibank | $ | 8,181 | October 31, 2019 | July 24, 2014 | |||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 31,427 | December 25, 2013 | October 31, 2014(1) | |||||||||||||
Bank of America, N.A. | $ | 20,495 | 21-Dec-13 | 2-Jan-14 | |||||||||||||
Morgan Stanley Bank, N.A. | $ | 2,972 | November 25, 2013 | November 19, 2013 | |||||||||||||
-1 | The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination. |
Mortgage_Loans_at_Fair_Value_S
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase | ' | ||||||||||||||||
Note 19—Mortgage Loans at Fair Value Sold Under Agreements to Repurchase | |||||||||||||||||
Following is a summary of financial information relating to mortgage loans and mortgage loans at fair value held by variable interest entity sold under agreements to repurchase: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 1,091,487 | $ | 274,185 | $ | 1,091,487 | $ | 274,185 | |||||||||
Unused amount(1) | $ | 287,163 | $ | 375,815 | $ | 287,163 | $ | 375,815 | |||||||||
Weighted-average interest rate | 4.11 | % | 3.88 | % | 4.11 | % | 3.88 | % | |||||||||
Fair value of mortgage loans at fair value and REO securing agreements to repurchase | $ | 2,116,823 | $ | 986,678 | $ | 2,116,823 | $ | 986,678 | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate(2) | 3.11 | % | 4.46 | % | 3.27 | % | 4.36 | % | |||||||||
Average balance of loans sold under agreements to repurchase | $ | 578,514 | $ | 333,216 | $ | 478,739 | $ | 313,726 | |||||||||
Total interest expense | $ | 5,216 | $ | 3,800 | $ | 13,559 | $ | 10,411 | |||||||||
Maximum daily amount outstanding | $ | 1,091,487 | $ | 439,976 | $ | 1,091,487 | $ | 439,976 | |||||||||
-1 | The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold. | ||||||||||||||||
-2 | Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $625,000 and $1.7 million during the quarter and nine months ended September 30, 2013, respectively, and $439,000 and $1.0 million during the quarter and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Following is a summary of maturities of repurchase agreements by maturity date: | |||||||||||||||||
Remaining Maturity at September 30, 2013 | Balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Within 30 days | $ | — | |||||||||||||||
Over 30 to 90 days | 293,772 | ||||||||||||||||
Over 90 days to 180 days | — | ||||||||||||||||
Over 180 days to 1 year | 797,715 | ||||||||||||||||
$ | 1,091,487 | ||||||||||||||||
Weighted average maturity (in months) | 8.3 | ||||||||||||||||
The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the loans securing those agreements decreases. The Company had no margin deposits as of September 30, 2013 and as of December 31, 2012, the Company had $379,000 on deposit with its loan repurchase agreement counterparties. Margin deposits are included in Other assets in the consolidated balance sheets. | |||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s mortgage loans at fair value sold under agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Facility Maturity | |||||||||||||||
risk | |||||||||||||||||
(in thousands) | |||||||||||||||||
Citibank, N.A. | $ | 663,953 | July 24, 2014 | ||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 336,254 | October 31, 2014(1) | ||||||||||||||
Bank of America, N.A. | $ | 24,566 | October 30, 2013 | ||||||||||||||
-1 | The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination. |
Real_Estate_Acquired_in_Settle2
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase | ' | ||||||||||||||||
Note 20—Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase | |||||||||||||||||
Following is a summary of financial information relating to REO financed under agreements to repurchase: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 22,228 | $ | 11,715 | $ | 22,228 | $ | 11,715 | |||||||||
Unused amount(1) | $ | — | $ | 88,285 | $ | — | $ | 88,285 | |||||||||
Weighted-average interest rate | 3.68 | % | 3.96 | % | 3.68 | % | 3.96 | % | |||||||||
Fair value of loans and REO held in a consolidated subsidiary whose stock is pledged to secure agreements to repurchase | $ | 50,796 | $ | 24,148 | $ | 50,796 | $ | 24,148 | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate(2) | 3.78 | % | 4.25 | % | 3.9 | % | 4.21 | % | |||||||||
Average balance of REO sold under agreements to repurchase | $ | 16,720 | $ | 15,461 | $ | 9,058 | $ | 19,139 | |||||||||
Total interest expense | $ | 286 | $ | 293 | $ | 269 | $ | 989 | |||||||||
Maximum daily amount outstanding | $ | 23,867 | $ | 19,909 | $ | 23,867 | $ | 27,494 | |||||||||
-1 | The amount the Company is able to borrow under repurchase agreements is subject to a sublimit of the commitment amount available pursuant to the repurchase facility for mortgage loans at fair value. The facility is tied to the fair value of unencumbered REO eligible for contribution to a subsidiary, the stock of which is pledged to secure those agreements, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral so contributed. | ||||||||||||||||
-2 | Weighted-average interest rate during the period excludes the effect of amortization of debt issuance costs of $125,000 and $375,000 during the quarter and nine months ended September 30, 2013, respectively, and $41,667 and $41,667 during the quarter and nine months ended September 30, 2012, respectively. | ||||||||||||||||
The Company is subject to margin calls during the period the agreements are outstanding and therefore may be required to repay a portion of the borrowings before the respective agreements mature if the value (as determined by the applicable lender) of the REOs decreases. The Company had no margin deposits as of September 30, 2013 and December 31, 2012. | |||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s REO held in a consolidated subsidiary, whose stock is pledged to secure agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Facility Maturity | |||||||||||||||
risk | |||||||||||||||||
(in thousands) | |||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 29,857 | October 31, 2014(1) | ||||||||||||||
-1 | The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination. |
AssetBacked_Secured_Financing
Asset-Backed Secured Financing | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Asset-Backed Secured Financing | ' | ||||||||||||||||
Note 21—Asset-backed secured financing | |||||||||||||||||
Following is a summary of financial information relating to the asset-backed secured financing: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 170,008 | $ | — | $ | 170,008 | $ | — | |||||||||
Weighted-average interest rate | 3.5 | % | — | 3.5 | % | — | |||||||||||
During the period: | |||||||||||||||||
Average balance | $ | 1,853 | $ | — | $ | 625 | $ | — | |||||||||
Maximum daily amount outstanding | $ | 170,008 | $ | — | $ | 170,008 | $ | — | |||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — |
Exchangeable_Senior_Notes
Exchangeable Senior Notes | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Exchangeable Senior Notes | ' | ||||||||||||||||
Note 22—Exchangeable Senior Notes | |||||||||||||||||
On April 30, 2013, PennyMac Corp. (“PMC”) issued in a private offering $250 million aggregate principal amount of its Exchangeable Senior Notes due 2020 (the “Notes”). The Notes bear interest at a rate of 5.375% per year, payable semiannually. The exchange rate initially equals 33.5149 common shares per $1,000 principal amount of the Notes (equivalent to an initial exchange price of approximately $29.84 per common share). The exchange rate is subject to adjustment upon the occurrence of certain events, but will not be adjusted for any accrued and unpaid interest. The Notes will mature May 1, 2020, unless repurchased or exchanged in accordance with their terms before such date. | |||||||||||||||||
The Notes are fully and unconditionally guaranteed by the Company and are exchangeable for the Company’s common shares at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. | |||||||||||||||||
The net proceeds from the Notes were used to fund the business and investment activities of the Company, including the acquisition of distressed mortgage loans or other investments; the funding of the continued growth of its correspondent lending business, including the purchase of jumbo loans; the repayment of other indebtedness; and general corporate purposes. | |||||||||||||||||
Following is financial information relating to the Notes: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 250,000 | $ | — | $ | 250,000 | $ | — | |||||||||
Weighted-average interest rate | 5.38 | % | — | 5.38 | % | — | |||||||||||
During the period: | |||||||||||||||||
Average balance | $ | 250,000 | $ | — | $ | 141,026 | $ | — | |||||||||
Maximum daily amount outstanding | $ | 250,000 | $ | — | $ | 250,000 | $ | — | |||||||||
Interest expense(1) | $ | 3,577 | $ | — | $ | 5,961 | $ | — | |||||||||
-1 | Total interest expense includes amortization of debt issuance costs of $218,000 and $362,000 during the quarter and nine months ended September 30, 2013. Unamortized debt issuance costs totaled $7.1 million at September 30, 2013. |
Borrowings_under_Forward_Purch
Borrowings under Forward Purchase Agreements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Borrowings under Forward Purchase Agreements | ' | ||||||||||||||||
Note 23—Borrowings under Forward Purchase Agreements | |||||||||||||||||
Following is a summary of financial information relating to borrowings under forward purchase agreements: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 229,841 | $ | — | $ | 229,841 | $ | — | |||||||||
Weighted-average interest rate | 3.03 | % | — | 3.03 | % | — | |||||||||||
Fair value of underlying loans and REO | $ | 231,595 | $ | — | $ | 231,595 | $ | — | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate | 2.96 | % | 4 | % | 2.97 | % | 4.01 | % | |||||||||
Average balance | $ | 232,722 | $ | 9,787 | $ | 89,459 | $ | 78,435 | |||||||||
Interest expense | $ | 1,762 | $ | 100 | $ | 2,013 | $ | 2,396 | |||||||||
Maximum daily amount outstanding | $ | 242,394 | $ | 16,693 | $ | 244,047 | $ | 152,428 |
Liability_for_Losses_under_Rep
Liability for Losses under Representations and Warranties | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Liability for Losses under Representations and Warranties | ' | ||||||||||||||||
Note 24—Liability for Losses Under Representations and Warranties | |||||||||||||||||
The Company’s agreements with Fannie Mae and Freddie Mac include representations and warranties related to the loans the Company sells to those Agencies. The representations and warranties require adherence to Agency origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. | |||||||||||||||||
In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer. In such cases, the Company bears any subsequent credit loss on the mortgage loans. The Company’s credit loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from the correspondent lender. | |||||||||||||||||
The Company records a provision for losses relating to the representations and warranties it makes as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of estimated future defaults, loan repurchase rates, the potential severity of loss in the event of defaults and the probability of reimbursement by the correspondent lenders. The Company establishes a liability at the time loans are sold and continually updates its liability estimate. | |||||||||||||||||
Following is a summary of the Company’s Liability for losses under representations and warranties in the consolidated balance sheets for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, beginning of period | $ | 7,668 | $ | 1,249 | $ | 4,441 | $ | 205 | |||||||||
Provisions for losses | 1,474 | 1,129 | 4,701 | 2,173 | |||||||||||||
Incurred losses | — | — | — | — | |||||||||||||
Balance, end of period | $ | 9,142 | $ | 2,378 | $ | 9,142 | $ | 2,378 | |||||||||
Following is a summary of the Company’s repurchase activity for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
During the period: | |||||||||||||||||
Unpaid balance of mortgage loans repurchased | $ | 5,687 | $ | 416 | $ | 6,895 | $ | 416 | |||||||||
Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders | $ | 967 | $ | — | $ | 1,891 | $ | — | |||||||||
At period end: | |||||||||||||||||
Unpaid balance of mortgage loans subject to pending claims for repurchase | $ | 9,415 | $ | 1,547 | $ | 9,415 | $ | 1,547 | |||||||||
Unpaid principal balance of mortgage loans subject to representations and warranties | $ | 23,531,815 | $ | 6,256,017 | $ | 23,531,815 | $ | 6,256,017 | |||||||||
The Company’s representations and warranties are generally not subject to stated limits of exposure. However, management believes that the current unpaid principal balance of loans sold by the Company to date represents the maximum exposure to repurchases related to representations and warranties. The level of the liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demand strategies, and other external conditions that will change over the lives of the underlying loans. However, management believes the amount and range of reasonably possible losses in relation to the recorded liability is not material to the Company’s financial condition or results of operations. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 25—Commitments and Contingencies | |||||
Litigation | |||||
From time to time, the Company may be involved in various proceedings, claims and legal actions arising in the ordinary course of business. As of September 30, 2013, the Company was not involved in any such proceedings, claims or legal actions that in management’s view would reasonably be likely to have a material adverse effect on the Company. | |||||
Mortgage Loan Commitments | |||||
The following table summarizes the Company’s outstanding contractual loan commitments: | |||||
September 30, | |||||
2013 | |||||
(in thousands) | |||||
Commitments to purchase mortgage loans: | |||||
Correspondent lending | $ | 641,971 | |||
Other mortgage loans | $ | 316,764 |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Note 26—Shareholders’ Equity | |
On August 13, 2013, the Company issued and sold 11,300,000 common shares in an underwritten public offering and received $249.4 million of proceeds, after estimated offering expenses. Proceeds from the issuance of these shares were used to fund the Company’s business and investment activities, including the acquisition of distressed mortgage loans and other investments; the funding of its correspondent lending business, including the purchase of jumbo loans; the repayment of indebtedness; and for general corporate purposes. | |
At September 30, 2013, the Company had approximately $197.5 million available for issuance under its ATM Equity Offering Sales AgreementSM. The Company has not sold any common shares under the ATM Equity OfferingSM Sales Agreement during the nine months ended September 30, 2013. | |
As more fully described in the Company’s Annual Report, certain of the underwriting costs incurred in the Company’s IPO were paid on PMT’s behalf by PCM and a portion of the underwriting discount was deferred by agreement with the underwriters of the offering. On February 1, 2013, the Company entered into an Amended and Restated Underwriting Fee Reimbursement Agreement (“Reimbursement Agreement”), by and among the Company, the Operating Partnership and PCM. The Reimbursement Agreement provides that, to the extent the Company is required to pay PCM performance incentive fees under the management agreement, the Company will reimburse PCM for underwriting costs it paid on the offering date at a rate of $10 in reimbursement for every $100 of performance incentive fees earned. The reimbursement is subject to a maximum reimbursement in any particular 12-month period of $1.0 million, and the maximum amount that may be reimbursed under the agreement is $2.9 million. During the quarter and nine months ended September 30, 2013, $388,000 and $601,000 was paid to PCM, respectively. | |
The Reimbursement Agreement also provides for the payment to the IPO underwriters of the amount that the Company agreed to make to them at the time of the IPO if the Company satisfied certain performance measures over a specified period of time. As PCM earns performance incentive fees under the management agreement, the IPO underwriters will be paid at a rate of $20 of payments for every $100 of performance incentive fees earned by PCM. The payment to the underwriters is subject to a maximum reimbursement in any particular 12-month period of $2.0 million and the maximum amount that may be paid under the agreement is $5.9 million. During the quarter and nine months ended September 30, 2013, $776,000 and $1.2 million was paid to the underwriters, respectively. The reimbursement agreement expires on February 1, 2019. Management has concluded that these amounts are likely to be paid and has recognized a liability for reimbursement to PCM and payment of the underwriting discount as a reduction of additional paid-in capital. |
Net_Gain_on_Mortgage_Loans_Acq
Net Gain on Mortgage Loans Acquired For Sale | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Net Gain on Mortgage Loans Acquired For Sale | ' | ||||||||||||||||
Note 27—Net Gain on Mortgage Loans Acquired For Sale | |||||||||||||||||
Net gain on mortgage loans acquired for sale is summarized below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash gain (loss): | |||||||||||||||||
Sales proceeds | $ | (108,960 | ) | $ | 10,360 | $ | (207,912 | ) | $ | 10,677 | |||||||
Hedging activities | 114,404 | (17,897 | ) | 160,109 | (28,720 | ) | |||||||||||
5,444 | (7,537 | ) | (47,803 | ) | (18,043 | ) | |||||||||||
Non cash gain: | |||||||||||||||||
Receipt of MSRs in loan sale transactions | 48,957 | 36,760 | 156,229 | 66,648 | |||||||||||||
Provision for losses relating to representations and warranties provided in loan sales | (1,474 | ) | (1,129 | ) | (4,701 | ) | (2,173 | ) | |||||||||
Change in fair value relating to loans and hedging derivatives held at period-end: | |||||||||||||||||
IRLCs | 28,413 | 27,102 | (8,033 | ) | 34,263 | ||||||||||||
Mortgage loans | 48,206 | 23,004 | 11,211 | 34,457 | |||||||||||||
Hedging derivatives | (118,515 | ) | (28,407 | ) | (22,155 | ) | (33,942 | ) | |||||||||
$ | 11,031 | $ | 49,793 | $ | 84,748 | $ | 81,210 | ||||||||||
Net_Interest_Income
Net Interest Income | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||||||
Net Interest Income | ' | ||||||||||||||||
Note 28—Net Interest Income | |||||||||||||||||
Net interest income is summarized for the periods presented below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Interest income: | |||||||||||||||||
Mortgage loans acquired for sale at fair value | 12,535 | 6,144 | 28,150 | 12,092 | |||||||||||||
Short-term investments | 252 | 13 | 340 | 32 | |||||||||||||
Mortgage-backed securities | 345 | 502 | 345 | 2,087 | |||||||||||||
Agency debt securities | 162 | — | 162 | — | |||||||||||||
Mortgage loans at fair value | 20,751 | 12,889 | 48,300 | 36,855 | |||||||||||||
Mortgage loans at fair value held by variable interest entity | — | — | — | — | |||||||||||||
Mortgage loans under forward purchase agreements | 1,197 | 146 | 1,457 | 996 | |||||||||||||
Excess servicing spread | — | — | — | — | |||||||||||||
Other | 36 | 36 | 196 | 95 | |||||||||||||
35,278 | 19,730 | 78,950 | 52,157 | ||||||||||||||
Interest expense | |||||||||||||||||
Assets sold under agreements to repurchase | 13,464 | 8,182 | 34,990 | 19,150 | |||||||||||||
Borrowings under forward purchase agreements | 1,762 | 100 | 2,013 | 2,396 | |||||||||||||
Asset-backed secured financing | — | — | — | — | |||||||||||||
Exchangeable senior notes | 3,577 | — | 5,961 | — | |||||||||||||
Note payable secured by mortgage loans at fair value | — | — | — | 113 | |||||||||||||
Other | 694 | — | 1,913 | — | |||||||||||||
19,497 | 8,282 | 44,877 | 21,659 | ||||||||||||||
Net interest income | $ | 15,781 | $ | 11,448 | $ | 34,073 | $ | 30,498 | |||||||||
Net_Loan_Servicing_Fees
Net Loan Servicing Fees | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Net Loan Servicing Fees | ' | ||||||||||||||||
Note 29—Net Loan Servicing Fees | |||||||||||||||||
Net loan servicing fees is summarized for the periods presented below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Servicing fees(1) | $ | 14,451 | $ | 3,933 | $ | 37,175 | $ | 6,294 | |||||||||
MSR recapture fee receivable from PLS | 86 | — | 586 | — | |||||||||||||
Effect of MSRs: | |||||||||||||||||
Amortization | (7,201 | ) | (1,437 | ) | (18,433 | ) | (2,339 | ) | |||||||||
(Provision for) reversal of impairment of MSRs carried at lower of amortized cost or fair value | (212 | ) | (2,881 | ) | 3,495 | (4,505 | ) | ||||||||||
Change in fair value of MSRs carried at fair value | (465 | ) | (126 | ) | (273 | ) | (619 | ) | |||||||||
Losses on hedging derivatives | — | — | (1,988 | ) | — | ||||||||||||
(7,878 | ) | (4,444 | ) | (17,199 | ) | (7,463 | ) | ||||||||||
Net loan servicing fees | $ | 6,659 | $ | (511 | ) | $ | 20,562 | $ | (1,169 | ) | |||||||
-1 | Includes contractually specified servicing and ancillary fees. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Plans | ' | ||||||||||||||||
Note 30—Share-Based Compensation Plans | |||||||||||||||||
The Company has adopted an equity incentive plan which provides for the issuance of equity based awards, including share options, restricted shares, restricted share units, unrestricted common share awards, LTIP units (a special class of partnership interests in the Operating Partnership) and other awards based on PMT’s shares that may be made by the Company directly to its officers and trustees, and the members, officers, trustees, directors and employees of PCM, PLS, or their affiliates and to PCM, PLS and other entities that provide services to PMT and the employees of such other entities. The equity incentive plan is administered by the Company’s compensation committee, pursuant to authority delegated by the board of trustees, which has the authority to make awards to the eligible participants referenced above, and to determine what form the awards will take, and the terms and conditions of the awards. | |||||||||||||||||
The Company’s equity incentive plan allows for grants of equity-based awards up to an aggregate of 8% of PMT’s issued and outstanding shares on a diluted basis at the time of the award. | |||||||||||||||||
The shares underlying award grants will again be available for award under the equity incentive plan if: | |||||||||||||||||
• | any shares subject to an award granted under the equity incentive plan are forfeited, cancelled, exchanged or surrendered; | ||||||||||||||||
• | an award terminates or expires without a distribution of shares to the participant; or | ||||||||||||||||
• | shares are surrendered or withheld by PMT as payment of either the exercise price of an award and/or withholding taxes for an award. | ||||||||||||||||
Restricted share units have been awarded to trustees and officers of the Company and to employees of PCM and PLS at no cost to the grantees. Such awards generally vest over a one- to four-year period. Each share option awarded under the equity incentive plan will have a term of no longer than ten years, and will have an exercise price that is no less than 100% of the fair value of the Company’s shares on the date of grant of the award. | |||||||||||||||||
The Company’s estimate of value included assumed grantee forfeiture rates of 15% per year, except for certain of PMT’s officers and its board of trustees, for which no turnover was assumed. | |||||||||||||||||
The table below summarizes restricted share unit activity and compensation expense for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of units: | |||||||||||||||||
Outstanding at beginning of period | 740,858 | 751,489 | 665,617 | 491,809 | |||||||||||||
Granted | 4,781 | — | 255,445 | 350,000 | |||||||||||||
Vested | (75,830 | ) | (74,077 | ) | (248,753 | ) | (161,726 | ) | |||||||||
Canceled | (3,681 | ) | (11,770 | ) | (6,181 | ) | (14,441 | ) | |||||||||
Outstanding at end of period | 666,128 | 665,642 | 666,128 | 665,642 | |||||||||||||
Weighted Average Grant Date Fair Value: | |||||||||||||||||
Outstanding at beginning of period | $ | 18.25 | $ | 14.96 | $ | 15.92 | $ | 12.57 | |||||||||
Granted | $ | 23.91 | $ | — | $ | 23.91 | $ | 18.91 | |||||||||
Vested | $ | 3.21 | $ | 6.1 | $ | 13.2 | $ | 12.15 | |||||||||
Expired or canceled | $ | 23.63 | $ | 17.11 | $ | 20.06 | $ | 16.91 | |||||||||
Outstanding at end of period | $ | 19.97 | $ | 15.92 | $ | 19.97 | $ | 15.92 | |||||||||
Compensation expense recorded during the period | $ | 1,970,000 | $ | 1,661,000 | $ | 5,003,000 | $ | 4,210,000 | |||||||||
Period end: | |||||||||||||||||
Units available for future awards(1) | 5,024,000 | 4,014,000 | 5,024,000 | 4,014,000 | |||||||||||||
Unamortized compensation cost | $ | 6,861,000 | $ | 6,823,000 | $ | 6,861,000 | $ | 6,823,000 | |||||||||
-1 | Based on shares outstanding as of September 30, 2013. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above. | ||||||||||||||||
As of September 30, 2013, 603,188 restricted share units with a weighted average grant date fair value of $22.80 per share unit are expected to vest over their average remaining vesting period of 30 months. The grant date fair values of share unit awards are based on the market value of the Company’s stock at the date of grant. |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||||||||||
Note 31—Income Taxes | |||||||||||||||||||||||||||||||||
The Company has elected to be taxed as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Internal Revenue Code. Therefore, PMT generally will not be subject to corporate federal or state income tax to the extent that qualifying distributions are made to shareholders and the Company meets REIT requirements including certain asset, income, distribution and share ownership tests. The Company believes that it has met the distribution requirements, as it has declared dividends sufficient to distribute substantially all of its taxable income. Taxable income will generally differ from net income. The primary differences between net income and the REIT taxable income (before deduction for qualifying distributions) are the taxable income of the taxable REIT subsidiary (“TRS”) after tax adjustments related to MSRs and the method of determining the income or loss related to valuation of the mortgage loans owned by the qualified REIT subsidiary (“QRS”). | |||||||||||||||||||||||||||||||||
In general, cash dividends declared by the Company will be considered ordinary income to the shareholders for income tax purposes. Some portion of the dividends may be characterized as capital gain distributions or a return of capital. | |||||||||||||||||||||||||||||||||
The Company had elected to treat two of its subsidiaries as TRSs. In the quarter ended September 30, 2012, the Company revoked the election to treat its wholly owned subsidiary that is the sole general partner of the Operating Partnership as a TRS. As a result, beginning September 1, 2012, one subsidiary, PMC, is treated as a TRS. Income from a TRS is only included as a component of REIT taxable income to the extent that the TRS makes dividend distributions of income to the REIT. No such dividend distributions have been made to date. A TRS is subject to corporate federal and state income tax. Accordingly, a provision for income taxes for PMC and, for the periods for which TRS treatment had been elected, the sole general partner of the Operating Partnership is included in the Consolidated Statements of Income. | |||||||||||||||||||||||||||||||||
The Company files U.S. federal and state income tax returns for both the REIT and TRSs. These federal income tax returns for 2010 and forward are subject to examination. The Company’s primary state income tax return for 2009 and forward are subject to examination. No returns are currently under examination. | |||||||||||||||||||||||||||||||||
The following table details the Company’s income tax expense (benefit) which relates primarily to the TRSs for the periods presented: | |||||||||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (benefit) expense: | |||||||||||||||||||||||||||||||||
Federal | $ | 3,505 | $ | 4,199 | $ | (7,241 | ) | $ | 7,005 | ||||||||||||||||||||||||
State | 1,753 | 1,459 | (1,202 | ) | 2,434 | ||||||||||||||||||||||||||||
Total current expense | 5,258 | 5,658 | (8,443 | ) | 9,439 | ||||||||||||||||||||||||||||
Deferred (benefit) expense: | |||||||||||||||||||||||||||||||||
Federal | (6,135 | ) | 9,594 | 16,456 | 17,122 | ||||||||||||||||||||||||||||
State | (2,762 | ) | 3,333 | 4,399 | 5,947 | ||||||||||||||||||||||||||||
Total deferred expense | (8,897 | ) | 12,927 | 20,855 | 23,069 | ||||||||||||||||||||||||||||
Total (benefit) provision for income taxes | $ | (3,639 | ) | $ | 18,585 | $ | 12,412 | $ | 32,508 | ||||||||||||||||||||||||
The provision for deferred income taxes for the quarters ended September 30, 2013 and September 30, 2012 primarily relates to MSRs the Company received pursuant to sales of mortgage loans with servicing rights retained and net operating loss carryforward as detailed below. | |||||||||||||||||||||||||||||||||
The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the periods presented: | |||||||||||||||||||||||||||||||||
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Federal income tax expense at statutory tax rate | $ | 12,622 | 35 | % | $ | 20,639 | 35 | % | $ | 55,967 | 35 | % | $ | 42,532 | 35 | % | |||||||||||||||||
Effect of non-taxable REIT income | (16,707 | ) | (46.3 | )% | (5,168 | ) | (8.8 | )% | (46,905 | ) | (29.3 | )% | (15,460 | ) | (12.7 | )% | |||||||||||||||||
State income taxes, net of federal benefit | (655 | ) | (1.9 | )% | 3,114 | 5.3 | % | 2,079 | 1.3 | % | 5,448 | 4.5 | % | ||||||||||||||||||||
Other | 1,101 | 3.1 | % | — | 0 | % | 1,271 | 0.8 | % | (12 | ) | 0 | % | ||||||||||||||||||||
Valuation allowance | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | |||||||||||||||||||||
Provision for income taxes | $ | (3,639 | ) | (10.1 | )% | $ | 18,585 | 31.5 | % | $ | 12,412 | 7.8 | % | $ | 32,508 | 26.8 | % | ||||||||||||||||
The Company’s components of the provision for deferred income taxes are as follows: | |||||||||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Real estate valuation loss | $ | (143 | ) | $ | (193 | ) | $ | 655 | $ | (869 | ) | ||||||||||||||||||||||
Mortgage servicing rights | 17,194 | 13,594 | 56,993 | 24,851 | |||||||||||||||||||||||||||||
Net operating loss carryforward | (25,283 | ) | — | (34,770 | ) | — | |||||||||||||||||||||||||||
Other | (665 | ) | (474 | ) | (2,023 | ) | (913 | ) | |||||||||||||||||||||||||
Valuation allowance | — | — | — | — | |||||||||||||||||||||||||||||
Total provision for deferred income taxes | $ | (8,897 | ) | $ | 12,927 | $ | 20,855 | $ | 23,069 | ||||||||||||||||||||||||
The components of income taxes payable are as follows: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Taxes currently receivable | $ | 7,706 | $ | 5,374 | |||||||||||||||||||||||||||||
Deferred income taxes payable | (62,546 | ) | (41,690 | ) | |||||||||||||||||||||||||||||
Income taxes payable | $ | (54,840 | ) | $ | (36,316 | ) | |||||||||||||||||||||||||||
The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||||||||||||||
REO valuation loss | $ | 7,744 | $ | 8,399 | |||||||||||||||||||||||||||||
Net operating loss carryforward | 34,770 | — | |||||||||||||||||||||||||||||||
Other | 3,889 | 1,867 | |||||||||||||||||||||||||||||||
Gross deferred tax assets | 46,403 | 10,266 | |||||||||||||||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | (108,949 | ) | (51,956 | ) | |||||||||||||||||||||||||||||
Gross deferred tax liabilities | (108,949 | ) | (51,956 | ) | |||||||||||||||||||||||||||||
Net deferred income tax liability | $ | (62,546 | ) | $ | (41,690 | ) | |||||||||||||||||||||||||||
The net deferred income tax liability is recorded in Income taxes payable in the consolidated balance sheets as of September 30, 2013 and December 31, 2012. | |||||||||||||||||||||||||||||||||
The Company recorded a deferred tax asset of $34.8 million during the nine months ended September 30, 2013, reflecting the benefit of net operating loss carryforwards that generally expire in 2033. | |||||||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the Company had no unrecognized tax benefits and does not anticipate any increase in unrecognized tax benefits. Should the accrual of any interest or penalties relative to unrecognized tax benefits be necessary, it is the Company’s policy to record such accruals in the Company’s income tax accounts. No such accruals existed at September 30, 2013 and December 31, 2012. |
Segments_and_Related_Informati
Segments and Related Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segments and Related Information | ' | ||||||||||||||||
Note 32—Segments and Related Information | |||||||||||||||||
The Company has two business segments: correspondent lending and investment activities. | |||||||||||||||||
• | The correspondent lending segment represents the Company’s operations aimed at serving as an intermediary between mortgage originators, particularly mortgage lenders, and the capital markets by purchasing, pooling and reselling the loans either directly or in the form of MBS, using the operations of the Manager and the Servicer. | ||||||||||||||||
• | The investment activities segment represents the Company’s investments in distressed mortgage loans, REO, MBS, Agency debt security, mortgage loans at fair value held by variable interest entity, excess servicing spread and MSRs. Management seeks to maximize the value of the mortgage loans acquired by the Company through proprietary loan modification programs, special servicing and other initiatives focused on keeping borrowers in their homes. Where this is not possible, such as in the case of many nonperforming mortgage loans, the Company seeks to effect property resolution in a timely, orderly and economically efficient manner. The Company also invests in mortgage-related securities and other mortgage-related real estate and financial assets. | ||||||||||||||||
Financial highlights by operating segment are summarized below: | |||||||||||||||||
Quarter ended September 30, 2013 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 11,031 | $ | — | $ | — | $ | 11,031 | |||||||||
Net gain on investments | — | 49,086 | — | 49,086 | |||||||||||||
Interest income | 12,536 | 25,316 | (2,574 | ) | 35,278 | ||||||||||||
Interest expense | (9,171 | ) | (12,900 | ) | 2,574 | (19,497 | ) | ||||||||||
3,365 | 12,416 | — | 15,781 | ||||||||||||||
Other | 4,490 | 5,674 | — | 10,164 | |||||||||||||
18,886 | 67,176 | — | 86,062 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc. | 18,968 | 18,636 | — | 37,604 | |||||||||||||
Other | 211 | 12,185 | — | 12,396 | |||||||||||||
19,179 | 30,821 | — | 50,000 | ||||||||||||||
Pre-tax income | $ | (293 | ) | $ | 36,355 | $ | — | $ | 36,062 | ||||||||
Total assets at period end | $ | 760,611 | $ | 3,490,632 | $ | (2,012 | ) | $ | 4,249,231 | ||||||||
Quarter ended September 30, 2012 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 49,793 | $ | — | $ | — | $ | 49,793 | |||||||||
Net gain on investments | — | 26,061 | — | 26,061 | |||||||||||||
Interest income | 6,159 | 13,586 | (15 | ) | 19,730 | ||||||||||||
Interest expense | (3,366 | ) | (4,931 | ) | 15 | (8,282 | ) | ||||||||||
2,793 | 8,655 | — | 11,448 | ||||||||||||||
Other | 2,837 | 775 | — | 3,612 | |||||||||||||
55,423 | 35,491 | — | 90,914 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc. | 17,847 | 7,683 | — | 25,530 | |||||||||||||
Other | 772 | 5,643 | — | 6,415 | |||||||||||||
18,619 | 13,326 | — | 31,945 | ||||||||||||||
Pre-tax net income | $ | 36,804 | $ | 22,165 | $ | — | $ | 58,969 | |||||||||
Total assets at period end | $ | 911,998 | $ | 1,425,887 | $ | (9,160 | ) | $ | 2,328,725 | ||||||||
Nine months ended September 30, 2013 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 84,748 | $ | — | $ | — | $ | 84,748 | |||||||||
Net gain on investments | — | 159,900 | — | 159,900 | |||||||||||||
Interest income | 28,151 | 55,168 | (4,369 | ) | 78,950 | ||||||||||||
Interest expense | (22,354 | ) | (26,892 | ) | 4,369 | (44,877 | ) | ||||||||||
5,797 | 28,276 | — | 34,073 | ||||||||||||||
Other | 14,715 | 15,995 | — | 30,710 | |||||||||||||
105,260 | 204,171 | — | 309,431 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 67,138 | 48,940 | 3,284 | (1) | 119,362 | ||||||||||||
Other | 485 | 29,678 | — | 30,163 | |||||||||||||
67,623 | 78,618 | 3,284 | 149,525 | ||||||||||||||
Pre-tax income | $ | 37,637 | $ | 125,553 | $ | (3,284 | ) | $ | 159,906 | ||||||||
Total assets at period end | $ | 760,611 | $ | 3,490,632 | $ | (2,012 | ) | $ | 4,249,231 | ||||||||
-1 | Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013. | ||||||||||||||||
Nine months ended September 30, 2012 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 81,210 | $ | — | $ | — | $ | 81,210 | |||||||||
Net gain on investments | — | 65,541 | — | 65,541 | |||||||||||||
Interest income | 12,129 | 40,116 | (88 | ) | 52,157 | ||||||||||||
Interest expense | (5,998 | ) | (15,749 | ) | 88 | (21,659 | ) | ||||||||||
6,131 | 24,367 | — | 30,498 | ||||||||||||||
Other | 4,880 | 6,463 | — | 11,343 | |||||||||||||
92,221 | 96,371 | — | 188,592 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 32,100 | 20,124 | — | 52,224 | |||||||||||||
Other | 596 | 14,253 | — | 14,849 | |||||||||||||
32,696 | 34,377 | — | 67,073 | ||||||||||||||
Pre-tax net income | $ | 59,525 | $ | 61,994 | $ | — | $ | 121,519 | |||||||||
Total assets at period end | $ | 911,998 | $ | 1,425,887 | $ | (9,160 | ) | $ | 2,328,725 | ||||||||
The accounting policies of the reportable segments are the same as those described in Note 3—Significant Accounting Policies to the Company’s Annual Report. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental Cash Flow Information | ' | ||||||||
Note 33—Supplemental Cash Flow Information | |||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Cash paid for interest | $ | 58,290 | $ | 21,952 | |||||
Income tax (refund) payment | $ | (6,137 | ) | $ | 9,345 | ||||
Non-cash investing activities: | |||||||||
Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity | $ | 536,776 | $ | — | |||||
Transfer of mortgage loans to REO | $ | 116,957 | $ | 82,404 | |||||
Transfer of mortgage loans acquired for sale to mortgage loans at fair value | $ | — | $ | 18 | |||||
Purchase of mortgage loans financed through forward purchase agreements | $ | 245,389 | $ | 1,070 | |||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans, at fair value | $ | 13,018 | $ | 117,913 | |||||
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements | $ | 3,604 | $ | 6,633 | |||||
Receipt of MSRs as proceeds from sales of loans | $ | 156,229 | $ | 66,648 | |||||
Purchase of REO financed through forward purchase agreements | $ | 3,604 | $ | 248 | |||||
Transfer of REO under forward purchase agreements to REO | $ | 114 | $ | 21,819 | |||||
Non-cash financing activities: | |||||||||
Purchase of mortgage loans financed through forward purchase agreements | $ | 245,389 | $ | 1,070 | |||||
Purchase of REO financed through forward purchase agreements | $ | 3,604 | $ | 248 | |||||
Transfer of note payable secured by mortgage loans to mortgage loans sold under agreements to repurchase | $ | — | $ | 26,573 | |||||
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase | $ | 25,141 | $ | — |
Regulatory_Net_Worth_Requireme
Regulatory Net Worth Requirement | 9 Months Ended |
Sep. 30, 2013 | |
Mortgage Banking [Abstract] | ' |
Regulatory Net Worth Requirement | ' |
Note 34—Regulatory Net Worth Requirement | |
PMC is a seller-servicer for Fannie Mae and Freddie Mac. To retain its status as an approved seller-servicer, PMC is required to meet Fannie Mae’s and Freddie Mac’s capital standards, which require PMC to maintain a minimum net worth of $2.5 million for both Agencies. Management believes PMC complies with Fannie Mae’s and Freddie Mac’s net worth requirement as of September 30, 2013. |
Subsequent_Events
Subsequent Events | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Subsequent Events [Abstract] | ' | |||
Subsequent Events | ' | |||
Note 35—Subsequent Events | ||||
Management has evaluated all events and transactions through the date the Company issued these consolidated financial statements. During this period: | ||||
• | On September 25, 2013, PCM committed to purchase on the Company’s behalf a pool of nonperforming mortgage loans with an aggregate UPB of $563 million. The pending transaction is subject to continuing due diligence and customary closing conditions. There can be no assurance that the committed amounts will ultimately be acquired or that the transaction will be completed at all. | |||
• | On November 6, 2013, the Company and PLS closed the acquisition of a $62 million co-investment in excess servicing spread from a $10.3 billion UPB portfolio of Fannie Mae MSRs purchased by PLS from a third party. | |||
• | On September 15, 2013, PLS entered into a letter of intent with a third party to purchase a $10.7 billion UPB portfolio of Ginnie Mae MSRs. The Company and PLS intend to enter into an agreement relating to the acquisition of approximately $86 million of excess servicing spread from this MSR portfolio. The MSR acquisition by PLS and the Company’s purchase of excess servicing spread are subject to the negotiation and execution of definitive documentation, continuing due diligence and customary closing conditions and approvals. There can be no assurance that the committed amounts will ultimately be acquired or that the transactions will be completed at all. | |||
• | On November 4, 2013, the Company’s board of trustees declared a cash dividend of $0.57 per share payable on November 29, 2013 to holders of record of the Company’s common shares as of November 15, 2013. | |||
• | All agreements to repurchase assets that matured between September 30, 2013 and the date of this Report were extended or renewed. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Summary of Reclassifications of Previously Presented Balances | ' | ||||||||||||||||||||||||
Following is a summary of the reclassifications for the periods presented: | |||||||||||||||||||||||||
As reported | As previously reported | Reclassification | |||||||||||||||||||||||
Quarter | Nine months | Quarter | Nine months | Quarter | Nine months | ||||||||||||||||||||
ended | ended | ended | ended | ended | ended | ||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||
2012 | 2012 | 2012 | 2012 | 2012 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Net interest income (new caption): | |||||||||||||||||||||||||
Interest income | $ | 19,730 | $ | 52,157 | $ | 19,730 | $ | 52,157 | $ | — | $ | — | |||||||||||||
Interest expense | 8,282 | 21,659 | 8,282 | 21,659 | |||||||||||||||||||||
$ | 11,448 | $ | 30,498 | $ | 8,282 | $ | 21,659 | ||||||||||||||||||
Net investment income | $ | 90,914 | $ | 188,592 | $ | 99,196 | $ | 210,251 | $ | (8,282 | ) | $ | (21,659 | ) | |||||||||||
Expenses: | |||||||||||||||||||||||||
Interest expense | $ | — | $ | — | $ | 8,282 | $ | 21,659 | $ | (8,282 | ) | $ | (21,659 | ) | |||||||||||
Loan servicing fees payable to PennyMac Financial Services, Inc. | 4,600 | 13,163 | 5,208 | 15,180 | (608 | ) | (2,017 | ) | |||||||||||||||||
Other | 2,725 | 6,486 | 2,117 | 4,469 | 608 | 2,017 | |||||||||||||||||||
Total expenses | $ | 31,945 | $ | 67,073 | $ | 40,227 | $ | 88,732 | ($ | 8,282 | ) | $ | (21,659 | ) |
Concentration_of_Risks_Tables
Concentration of Risks (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Risks And Uncertainties [Abstract] | ' | ||||||||||||||||
Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) for Investment Portfolio and Portion Representing Assets Purchased | ' | ||||||||||||||||
The following tables present the fair value of mortgage loans and REO purchased (including purchases under forward purchase agreements) for the Company’s investment portfolio, and the portion thereof representing assets purchased from or through one or more subsidiaries of Citigroup Inc., for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Investment portfolio purchases: | |||||||||||||||||
Loans | $ | 580,822 | $ | 150,778 | $ | 1,024,404 | $ | 412,438 | |||||||||
REO | 3,597 | — | 3,686 | 296 | |||||||||||||
$ | 584,419 | $ | 150,778 | $ | 1,028,090 | $ | 412,734 | ||||||||||
Investment portfolio purchases above through one or more subsidiaries of Citigroup Inc.: | |||||||||||||||||
Loans | $ | — | $ | 150,778 | $ | 443,183 | $ | 411,373 | |||||||||
REO | 3,597 | — | 3,686 | 248 | |||||||||||||
$ | 3,597 | $ | 150,778 | $ | 446,869 | $ | 411,621 | ||||||||||
Consolidated Statements of Income and Cash Flows | ' | ||||||||||||||||
As a result of consolidating the silo, the Company’s consolidated statements of income and cash flows for the periods presented include the following amounts related to the silo: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Statement of income: | |||||||||||||||||
Net gain on mortgage loans | $ | 8,378 | $ | 105 | $ | 7,688 | $ | 9,293 | |||||||||
Interest income on mortgage loans | $ | 1,196 | $ | 146 | $ | 1,457 | $ | 996 | |||||||||
Results of REO | $ | (41 | ) | $ | (4 | ) | $ | (41 | ) | $ | 1,870 | ||||||
Interest expense | $ | 1,763 | $ | 100 | $ | 2,013 | $ | 2,396 | |||||||||
Loan servicing fees | $ | — | $ | 51 | $ | — | $ | 1,011 | |||||||||
Statement of cash flows: | |||||||||||||||||
Repayments of mortgage loans | $ | 8,000 | $ | 252 | $ | 8,000 | $ | 14,292 | |||||||||
Sales of REO | $ | 65 | $ | — | $ | 65 | $ | 9,912 | |||||||||
Repayments of borrowings under forward purchase agreements | $ | (18,618 | ) | $ | (16,859 | ) | $ | (18,618 | ) | $ | (157,166 | ) |
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Summary of Management Fee Expense and Related Liability | ' | ||||||||||||||||
Following is a summary of the base management and performance incentive fees recorded by the Company for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Base management fee | $ | 5,104 | $ | 3,672 | $ | 14,043 | $ | 7,964 | |||||||||
Performance incentive fee | 3,435 | — | 9,443 | — | |||||||||||||
Total management fee incurred during the period | $ | 8,539 | $ | 3,672 | $ | 23,486 | $ | 7,964 | |||||||||
Summary of Mortgage Loan Servicing Fees Payable | ' | ||||||||||||||||
Following is a summary of mortgage loan servicing fees payable to PLS for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Loan servicing fees to PLS: | |||||||||||||||||
Base | $ | 7,139 | $ | 3,518 | $ | 19,005 | $ | 9,656 | |||||||||
Activity-based | 3,599 | 1,082 | 8,246 | 3,507 | |||||||||||||
$ | 10,738 | $ | 4,600 | $ | 27,251 | $ | 13,163 | ||||||||||
Summary of Corresponding Lending Activity | ' | ||||||||||||||||
Following is a summary of correspondent lending activity between the Company and PLS for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Sourcing fees received | $ | 1,204 | $ | 747 | $ | 3,563 | $ | 1,448 | |||||||||
Fulfillment fees expense | $ | 18,327 | $ | 17,258 | $ | 68,625 | $ | 31,097 | |||||||||
Unpaid principal balance of loans fulfilled | $ | 3,681,771 | $ | 2,488,443 | $ | 12,792,482 | $ | 4,828,117 | |||||||||
Fair value of loans sold to PLS | $ | 4,147,535 | $ | 2,650,097 | $ | 12,429,698 | $ | 5,108,340 | |||||||||
At period end: | |||||||||||||||||
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS at period end | $ | 273,007 | $ | 194,055 | $ | 273,007 | $ | 194,055 | |||||||||
Summary of Expenses | ' | ||||||||||||||||
The Company reimburses PCM and its affiliates for other expenses, including common overhead expenses incurred on its behalf by PCM and its affiliates, in accordance with the terms of its management agreement as summarized below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Reimbursement of expenses incurred on PMT’s behalf | $ | 1,934 | $ | 555 | $ | 3,767 | $ | 2,420 | |||||||||
Reimbursement of common overhead incurred by PCM and its affiliates | 2,552 | 1,244 | 8,359 | 2,474 | |||||||||||||
$ | 4,486 | $ | 1,799 | $ | 12,126 | $ | 4,894 | ||||||||||
Payments and settlements during the period(1) | $ | 29,315 | $ | 12,239 | $ | 94,606 | $ | 28,896 | |||||||||
-1 | Payments and settlements include payments for management fees and correspondent lending activities itemized in the preceding tables and netting settlements made pursuant to master netting agreements between the Company and PCM and its affiliates. | ||||||||||||||||
Summary of Amounts Due to Affiliates | ' | ||||||||||||||||
Amounts due to affiliates are summarized below as of the dates presented: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Underwriting fees payable | $ | 2,131 | $ | 2,941 | |||||||||||||
Management fees | 8,539 | 4,499 | |||||||||||||||
Servicing fees | 5,152 | 3,670 | |||||||||||||||
Allocated expenses | 4,208 | 1,106 | |||||||||||||||
$ | 20,030 | $ | 12,216 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Summary of Basic and Diluted Earnings per Share | ' | ||||||||||||||||
The following table summarizes the basic and diluted earnings per share calculations: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||
Basic earnings per share: | |||||||||||||||||
Net income | $ | 39,701 | $ | 40,384 | $ | 147,494 | $ | 89,011 | |||||||||
Effect of participating securities—share-based compensation instruments | (374 | ) | (528 | ) | (1,656 | ) | (947 | ) | |||||||||
Net income attributable to common shareholders | $ | 39,327 | $ | 39,856 | $ | 145,838 | $ | 88,064 | |||||||||
Weighted-average shares outstanding | 64,405 | 49,078 | 60,809 | 38,398 | |||||||||||||
Basic earnings per share | $ | 0.61 | $ | 0.81 | $ | 2.4 | $ | 2.29 | |||||||||
Diluted earnings per share: | |||||||||||||||||
Net income | $ | 39,701 | $ | 40,384 | $ | 147,494 | $ | 89,011 | |||||||||
Interest on exchangeable senior notes, net of income taxes | 2,075 | — | 3,457 | — | |||||||||||||
Net income available to diluted shareholders | $ | 41,776 | $ | 40,384 | $ | 150,951 | $ | 89,011 | |||||||||
Weighted-average shares outstanding | 64,405 | 49,078 | 60,809 | 38,398 | |||||||||||||
Dilutive potential common shares: | |||||||||||||||||
Shares issuable pursuant to conversion of exchangeable senior notes | 8,379 | — | 4,726 | — | |||||||||||||
Shares issuable under share-based compensation plan | 337 | 385 | 363 | 314 | |||||||||||||
Diluted weighted-average number of common shares outstanding | 73,121 | 49,463 | 65,898 | 38,712 | |||||||||||||
Diluted earnings per common share | $ | 0.57 | $ | 0.81 | $ | 2.29 | $ | 2.29 |
Loan_Sales_and_Variable_Intere1
Loan Sales and Variable Interest Entities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Cash Flows Between Company and Transferees Upon Sale of Loans in Transactions | ' | ||||||||||||||||
The following table summarizes cash flows between the Company and transferees upon sale of loans in transactions where the Company maintains continuing involvement with the mortgage loans as well as unpaid principal balance information at period end: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash flows: | |||||||||||||||||
Proceeds from sales | $ | 4,185,247 | $ | 3,573,762 | $ | 13,229,726 | $ | 6,254,411 | |||||||||
Service fees received | $ | 26,204 | $ | 3,933 | $ | 64,881 | $ | 6,294 | |||||||||
Period-end information: | |||||||||||||||||
Unpaid principal balance of loans outstanding | $ | 23,717,643 | $ | 6,064,614 | |||||||||||||
Delinquencies: | |||||||||||||||||
30-89 days | $ | 50,746 | $ | 19,508 | |||||||||||||
90 or more days or in foreclosure or bankruptcy | $ | 8,104 | $ | — | |||||||||||||
Assets and Liabilities of Consolidated VIE | ' | ||||||||||||||||
Assets and Liabilities of Consolidated VIE at September 30, 2013 | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
($ in thousands) | |||||||||||||||||
Assets | |||||||||||||||||
Mortgage loans at fair value held by variable interest entity | $ | 536,776 | $ | — | |||||||||||||
Interest receivable | 1,702 | — | |||||||||||||||
Total | $ | 538,478 | $ | — | |||||||||||||
Liabilities | |||||||||||||||||
Asset-backed secured financing | $ | 170,008 | $ | — | |||||||||||||
Interest payable | 492 | — | |||||||||||||||
Total | $ | 170,500 | $ | — | |||||||||||||
Netting_of_Financial_Instrumen1
Netting of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Offsetting of Derivative Assets | ' | ||||||||||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company did not enter into reverse repurchase agreements or securities lending transactions that are required to be disclosed in the following table. | |||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross | Gross | Net | Gross | Gross | Net | ||||||||||||||||||||||||||||
amounts | amounts | amounts | amounts | amounts | amounts | ||||||||||||||||||||||||||||
of | offset | of assets | of | offset | of assets | ||||||||||||||||||||||||||||
recognized | in the | presented | recognized | in the | presented | ||||||||||||||||||||||||||||
assets | balance | in the | assets | balance | in the | ||||||||||||||||||||||||||||
sheet | balance | sheet | balance | ||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
MBS put options | $ | 36 | $ | — | $ | 36 | $ | 977 | $ | — | $ | 977 | |||||||||||||||||||||
Forward purchase contracts | 26,086 | — | 26,086 | 2,617 | — | 2,617 | |||||||||||||||||||||||||||
Forward sale contracts | 2 | — | 2 | 3,458 | — | 3,458 | |||||||||||||||||||||||||||
Netting | — | (19,185 | ) | (19,185 | ) | — | (2,825 | ) | (2,825 | ) | |||||||||||||||||||||||
Total derivatives, subject to a master netting arrangement | 26,124 | (19,185 | ) | 6,939 | 7,052 | (2,825 | ) | 4,227 | |||||||||||||||||||||||||
Total derivatives, not subject to a master netting arrangement | 11,476 | — | 11,476 | 19,479 | — | 19,479 | |||||||||||||||||||||||||||
$ | 37,600 | $ | (19,185 | ) | $ | 18,415 | $ | 26,531 | $ | (2,825 | ) | $ | 23,706 | ||||||||||||||||||||
Summary of Derivative Assets and Collateral Held by Counterparty | ' | ||||||||||||||||||||||||||||||||
Derivative Assets and Collateral Held by Counterparty | |||||||||||||||||||||||||||||||||
The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for netting. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross amounts not | Gross amounts not | ||||||||||||||||||||||||||||||||
offset in the balance | offset in the balance | ||||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
Net | Financial | Cash | Net | Net | Financial | Cash | Net | ||||||||||||||||||||||||||
amount | instruments | collateral | amount | amount | instruments | collateral | amount | ||||||||||||||||||||||||||
of assets | received | of assets | received | ||||||||||||||||||||||||||||||
in the | in the | ||||||||||||||||||||||||||||||||
balance | balance | ||||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Interest rate lock commitments | $ | 11,476 | $ | — | $ | — | $ | 11,476 | $ | 19,479 | — | — | $ | 19,479 | |||||||||||||||||||
Bank of America, N.A. | — | — | — | — | 1,219 | — | — | 1,219 | |||||||||||||||||||||||||
Daiwa Capital Markets | 2,376 | — | — | 2,376 | — | — | — | — | |||||||||||||||||||||||||
Barclays | — | — | — | — | 15 | — | — | 15 | |||||||||||||||||||||||||
Citibank | — | — | — | — | 1,009 | — | — | 1,009 | |||||||||||||||||||||||||
Goldman Sachs | 1,246 | — | — | 1,246 | — | — | — | — | |||||||||||||||||||||||||
Jefferies & Co | — | — | — | — | 21 | — | — | 21 | |||||||||||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | — | — | — | — | 820 | — | — | 820 | |||||||||||||||||||||||||
Morgan Stanley Bank, N.A. | — | — | — | — | 316 | — | — | 316 | |||||||||||||||||||||||||
Wells Fargo | — | — | — | — | 99 | — | — | 99 | |||||||||||||||||||||||||
Cantor Fitzgerald LP | 924 | — | — | 924 | 581 | — | — | 581 | |||||||||||||||||||||||||
Other | 2,393 | — | — | 2,393 | 147 | — | — | 147 | |||||||||||||||||||||||||
$ | 18,415 | $ | — | $ | — | $ | 18,415 | $ | 23,706 | $ | — | $ | — | $ | 23,706 | ||||||||||||||||||
Schedule of Offsetting of Derivative Liabilities and Financial Liabilities | ' | ||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities and Financial Liabilities | |||||||||||||||||||||||||||||||||
Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. As discussed above, all derivatives with the exception of IRLCs are subject to master netting arrangements. Assets sold under agreements to repurchase do not qualify for offset. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross | Gross | Net | Gross | Gross | Net | ||||||||||||||||||||||||||||
amounts | amounts | amounts | amounts | amounts | amounts | ||||||||||||||||||||||||||||
of | offset | of liabilities | of | offset | of liabilities | ||||||||||||||||||||||||||||
recognized | in the | presented | recognized | in the | presented | ||||||||||||||||||||||||||||
liabilities | balance | in the | liabilities | balance | in the | ||||||||||||||||||||||||||||
sheet | balance | sheet | balance | ||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||||||||||
Forward purchase contracts | $ | 2 | $ | — | $ | 2 | $ | 1,741 | $ | — | $ | 1,741 | |||||||||||||||||||||
Forward sale contracts | 49,108 | — | 49,108 | 4,520 | — | 4,520 | |||||||||||||||||||||||||||
Netting | — | (43,242 | ) | (43,242 | ) | — | (5,294 | ) | (5,294 | ) | |||||||||||||||||||||||
Total derivatives, subject to a master netting arrangement | 49,110 | (43,242 | ) | 5,868 | 6,261 | (5,294 | ) | 967 | |||||||||||||||||||||||||
Total derivatives, not subject to a master netting arrangement | 30 | — | 30 | — | — | — | |||||||||||||||||||||||||||
Total derivatives | 49,140 | (43,242 | ) | 5,898 | 6,261 | (5,294 | ) | 967 | |||||||||||||||||||||||||
Assets sold under agreements to repurchase: | |||||||||||||||||||||||||||||||||
Securities | 196,032 | — | 196,032 | — | — | — | |||||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | 670,311 | — | 670,311 | 894,906 | — | 894,906 | |||||||||||||||||||||||||||
Mortgage loans at fair value | 1,091,487 | — | 1,091,487 | 353,805 | — | 353,805 | |||||||||||||||||||||||||||
Real estate acquired in settlement of loans | 22,228 | — | 22,228 | 7,391 | — | 7,391 | |||||||||||||||||||||||||||
Total assets sold under agreements to repurchase | 1,980,058 | — | 1,980,058 | 1,256,102 | — | 1,256,102 | |||||||||||||||||||||||||||
$ | 2,029,198 | $ | (43,242 | ) | $ | 1,985,956 | $ | 1,262,363 | $ | (5,294 | ) | $ | 1,257,069 | ||||||||||||||||||||
Summary of Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty | ' | ||||||||||||||||||||||||||||||||
Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty | |||||||||||||||||||||||||||||||||
The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for offset. All assets sold under agreements to repurchase have sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet. | |||||||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||||
Gross amounts | Gross amounts | ||||||||||||||||||||||||||||||||
not offset in the | not offset in the | ||||||||||||||||||||||||||||||||
consolidated | consolidated | ||||||||||||||||||||||||||||||||
balance sheet | balance sheet | ||||||||||||||||||||||||||||||||
Net liabilities | Financial | Cash | Net | Net liabilities | Financial | Cash | Net | ||||||||||||||||||||||||||
in the | instruments | collateral | amount | in the | instruments | collateral | amount | ||||||||||||||||||||||||||
balance | pledged | balance | pledged | ||||||||||||||||||||||||||||||
sheet | sheet | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Citibank | $ | 727,702 | $ | (727,208 | ) | $ | — | $ | 494 | $ | 474,625 | $ | (474,625 | ) | $ | — | $ | — | |||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | 613,085 | (612,811 | ) | — | 274 | 243,525 | (243,525 | ) | — | — | |||||||||||||||||||||||
Bank of America, N.A. | 487,174 | (484,664 | ) | — | 2,510 | 256,711 | (256,711 | ) | — | — | |||||||||||||||||||||||
Daiwa Capital Markets | 99,758 | (99,758 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Morgan Stanley Bank, N.A. | 41,376 | (40,923 | ) | — | 453 | 155,321 | (155,321 | ) | — | — | |||||||||||||||||||||||
Bank of NY Mellon | 14,768 | (14,694 | ) | — | 74 | — | — | — | — | ||||||||||||||||||||||||
Wells Fargo Bank, N.A. | 142 | — | — | 142 | 47,140 | (47,140 | ) | — | — | ||||||||||||||||||||||||
Barclays | 60 | — | — | 60 | 79,253 | (78,780 | ) | — | 473 | ||||||||||||||||||||||||
Interest rate lock commitments | 30 | — | — | 30 | — | — | — | — | |||||||||||||||||||||||||
Other | 1,861 | — | — | 1,861 | 494 | — | — | 494 | |||||||||||||||||||||||||
$ | 1,985,956 | $ | (1,980,058 | ) | $ | — | $ | 5,898 | $ | 1,257,069 | $ | (1,256,102 | ) | $ | — | $ | 967 | ||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||
Summary of Financial Statement Items Measured at Estimated Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||
Following is a summary of financial statement items that are measured at estimated fair value on a recurring basis: | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | 80,936 | $ | — | $ | — | $ | 80,936 | |||||||||||||||||||||
Mortgage-backed securities at fair value | — | 204,914 | — | 204,914 | |||||||||||||||||||||||||
Excess servicing spread purchased from PennyMac Financial Services, Inc. | — | — | 2,857 | 2,857 | |||||||||||||||||||||||||
Agency debt securities | — | — | 12,578 | 12,578 | |||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | 737,114 | — | 737,114 | |||||||||||||||||||||||||
Mortgage loans at fair value | — | — | 1,848,656 | 1,848,656 | |||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity | — | 536,776 | — | 536,776 | |||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | — | — | 228,086 | 228,086 | |||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | 10,997 | 10,997 | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 11,476 | 11,476 | |||||||||||||||||||||||||
MBS put options | — | 36 | — | 36 | |||||||||||||||||||||||||
Forward purchase contracts | — | 26,086 | — | 26,086 | |||||||||||||||||||||||||
Forward sales contracts | — | 2 | — | 2 | |||||||||||||||||||||||||
Total derivative assets before netting | — | 26,124 | 11,476 | 37,600 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (19,185 | ) | ||||||||||||||||||||||||
Total derivative assets | — | 26,124 | 11,476 | 18,415 | |||||||||||||||||||||||||
$ | 80,936 | $ | 1,504,928 | $ | 2,114,650 | $ | 3,681,329 | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Asset-backed secured financing | — | 170,008 | — | 170,008 | |||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 30 | 30 | |||||||||||||||||||||||||
Forward purchase contracts | — | 2 | — | 2 | |||||||||||||||||||||||||
Forward sales contracts | — | 49,108 | — | 49,108 | |||||||||||||||||||||||||
Total derivative liabilities before netting | — | 49,110 | 30 | 49,140 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (43,242 | ) | ||||||||||||||||||||||||
Total derivative liabilities | — | 49,110 | 30 | 5,898 | |||||||||||||||||||||||||
Total liabilities | $ | — | $ | 219,118 | $ | 30 | $ | 175,906 | |||||||||||||||||||||
-1 | Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement. | ||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | 39,017 | $ | — | $ | — | $ | 39,017 | |||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | 975,184 | — | 975,184 | |||||||||||||||||||||||||
Mortgage loans at fair value | — | — | 1,189,971 | 1,189,971 | |||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | 1,346 | 1,346 | |||||||||||||||||||||||||
Derivative assets: | |||||||||||||||||||||||||||||
Interest rate lock commitments | — | — | 19,479 | 19,479 | |||||||||||||||||||||||||
MBS put options | — | 977 | — | 977 | |||||||||||||||||||||||||
Forward purchase contracts | — | 2,617 | — | 2,617 | |||||||||||||||||||||||||
Forward sales contracts | — | 3,458 | — | 3,458 | |||||||||||||||||||||||||
Total derivative assets before netting | — | 7,052 | 19,479 | 26,531 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (2,825 | ) | ||||||||||||||||||||||||
Total derivative assets | — | 7,052 | 19,479 | 23,706 | |||||||||||||||||||||||||
$ | 39,017 | $ | 982,236 | $ | 1,210,796 | $ | 2,229,224 | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||||||||||||
Forward purchase contracts | — | 1,741 | — | 1,741 | |||||||||||||||||||||||||
Forward sales contracts | — | 4,520 | — | 4,520 | |||||||||||||||||||||||||
Total derivative liabilities before netting | — | 6,261 | — | 6,261 | |||||||||||||||||||||||||
Netting(1) | — | — | — | (5,294 | ) | ||||||||||||||||||||||||
Total derivative liabilities | $ | — | $ | 6,261 | $ | — | $ | 967 | |||||||||||||||||||||
-1 | Derivatives are reported net of cash collateral received and paid and, to the extent that the criteria of the accounting guidance covering the offsetting of amounts related to certain contracts are met, positions with the same counterparty are netted as part of a legally enforceable master netting agreement. | ||||||||||||||||||||||||||||
Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis | ' | ||||||||||||||||||||||||||||
The Company’s MBS, Agency debt, excess servicing spread purchased from PennyMac Financial Services, Inc., mortgage loans at fair value, mortgage loans held by VIE, mortgage loans under forward purchase agreements, MSRs, IRLCs and securities sold under agreements to repurchase were measured using Level 3 inputs on a recurring basis. The following is a summary of changes in those items for the periods presented: | |||||||||||||||||||||||||||||
Three months ended September 30, 2013 | |||||||||||||||||||||||||||||
Agency | Excess | Mortgage | Mortgage | Mortgage | Interest | Total | |||||||||||||||||||||||
Debt | servicing | loans at fair | loans under | servicing | rate lock | ||||||||||||||||||||||||
spread | value | forward | rights | commitments(1) | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, June 30, 2013 | $ | — | $ | — | $ | 1,309,765 | $ | 242,531 | $ | 1,827 | $ | (16,967 | ) | $ | 1,537,156 | ||||||||||||||
Purchases | 12,000 | 2,828 | 579,260 | 1,710 | 1,696 | — | 597,494 | ||||||||||||||||||||||
Repayments | — | — | (59,404 | ) | (8,000 | ) | — | — | (67,404 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | — | 16,299 | 16,299 | ||||||||||||||||||||||
Capitalization of interest | — | — | 13,203 | — | — | — | 13,203 | ||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | — | 7,939 | — | 7,939 | ||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | — | 18,732 | 69 | — | — | 18,801 | ||||||||||||||||||||||
Other factors | 578 | 29 | 20,876 | 8,309 | (465 | ) | 4,841 | 34,168 | |||||||||||||||||||||
578 | 29 | 39,608 | 8,378 | (465 | ) | 4,841 | 52,969 | ||||||||||||||||||||||
Transfers of mortgage loans under forward agreements | — | — | 13,018 | (13,018 | ) | — | — | — | |||||||||||||||||||||
Transfers of mortgage loans to REO | — | — | (46,794 | ) | — | — | — | (46,794 | ) | ||||||||||||||||||||
Transfers of mortgage loans under forward agreements to REO under forward purchase agreements | — | — | — | (3,515 | ) | — | — | (3,515 | ) | ||||||||||||||||||||
Transfers of interest rate lock commitments to mortgage loans acquired for sale | — | — | — | — | — | 7,273 | 7,273 | ||||||||||||||||||||||
Balance, September 30, 2013 | $ | 12,578 | $ | 2,857 | $ | 1,848,656 | $ | 228,086 | $ | 10,997 | $ | 11,446 | $ | 2,114,620 | |||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2013 | $ | 578 | $ | 29 | $ | 33,062 | $ | 6,949 | $ | (465 | ) | $ | 11,446 | $ | 51,599 | ||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2013 | $ | 578 | $ | 29 | $ | 151,111 | $ | 7,688 | $ | 11,446 | |||||||||||||||||||
-1 | For the purpose of this table, the interest rate lock asset and liability positions are shown net. | ||||||||||||||||||||||||||||
Three months ended September 30, 2012 | |||||||||||||||||||||||||||||
Mortgage- | Mortgage | Mortgage | Mortgage | Interest | Total | ||||||||||||||||||||||||
backed | loans at fair | loans under | servicing | rate lock | |||||||||||||||||||||||||
securities | value | forward | rights | commitments | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, June 30, 2012 | $ | 53,161 | $ | 969,954 | $ | 16,881 | $ | 1,285 | $ | 12,934 | $ | 1,054,215 | |||||||||||||||||
Purchases | — | 150,773 | 5 | — | — | 150,778 | |||||||||||||||||||||||
Repayments | (998 | ) | (43,552 | ) | (252 | ) | — | — | (44,802 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | 105,850 | 105,850 | |||||||||||||||||||||||
Capitalization of interest | — | 3,399 | — | — | — | 3,399 | |||||||||||||||||||||||
Sales | (52,133 | ) | — | — | — | — | (52,133 | ) | |||||||||||||||||||||
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | — | — | — | — | — | — | |||||||||||||||||||||||
Accrual of unearned discounts | — | — | — | — | — | — | |||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | 363 | — | 363 | |||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | 3,262 | — | — | — | 3,262 | |||||||||||||||||||||||
Other factors | (30 | ) | 23,145 | 105 | (126 | ) | — | 23,094 | |||||||||||||||||||||
(30 | ) | 26,407 | 105 | (126 | ) | — | 26,356 | ||||||||||||||||||||||
Transfer of mortgage loans to REO | — | (33,754 | ) | — | — | — | (33,754 | ) | |||||||||||||||||||||
Transfer to mortgage loans acquired for sale | — | — | — | — | (78,748 | ) | (78,748 | ) | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements | — | — | — | — | — | — | |||||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans | — | 16,739 | (16,739 | ) | — | — | — | ||||||||||||||||||||||
Balance, September 30, 2012 | $ | — | $ | 1,089,966 | $ | — | $ | 1,522 | $ | 40,036 | $ | 1,131,524 | |||||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2012 | $ | — | $ | 16,187 | $ | — | $ | (126 | ) | $ | 40,036 | ||||||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2012 | $ | — | $ | 86,734 | $ | — | $ | 40,036 | |||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Agency | Excess | Mortgage | Mortgage | Mortgage | Interest | Total | |||||||||||||||||||||||
Debt | servicing | loans at fair | loans under | servicing | rate lock | ||||||||||||||||||||||||
spread | value | forward | rights | commitments(1) | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, December 31, 2012 | $ | — | $ | — | $ | 1,189,971 | $ | — | $ | 1,346 | $ | 19,479 | $ | 1,210,796 | |||||||||||||||
Purchases | 12,000 | 2,828 | 779,746 | 245,020 | 1,881 | — | 1,041,475 | ||||||||||||||||||||||
Repayments | — | — | (194,645 | ) | (8,000 | ) | — | — | (202,645 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | — | 71,195 | 71,195 | ||||||||||||||||||||||
Capitalization of interest | — | — | 25,017 | — | — | — | 25,017 | ||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | — | 8,043 | — | 8,043 | ||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | — | 31,176 | 69 | — | — | 31,245 | ||||||||||||||||||||||
Other factors | 578 | 29 | 119,935 | 7,619 | (273 | ) | (25,831 | ) | 102,057 | ||||||||||||||||||||
578 | 29 | 151,111 | 7,688 | (273 | ) | (25,831 | ) | 133,302 | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans | — | — | 13,018 | (13,018 | ) | — | — | — | |||||||||||||||||||||
Transfers of mortgage loans to REO | — | — | (115,562 | ) | — | — | — | (115,562 | ) | ||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | — | — | — | (3,604 | ) | — | — | (3,604 | ) | ||||||||||||||||||||
Transfers of interest rate lock commitments to mortgage loans acquired for sale | — | — | — | — | — | (53,397 | ) | (53,397 | ) | ||||||||||||||||||||
Balance, September 30, 2013 | $ | 12,578 | $ | 2,857 | $ | 1,848,656 | $ | 228,086 | $ | 10,997 | $ | 11,446 | $ | 2,114,620 | |||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2013 | $ | 578 | 29 | $ | 102,843 | $ | 6,106 | $ | (273 | ) | $ | 11,446 | $ | 120,729 | |||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2013 | $ | 578 | $ | 29 | $ | 151,111 | $ | 7,688 | $ | 11,446 | |||||||||||||||||||
-1 | For the purpose of this table, the interest rate lock asset and liability positions are shown net. | ||||||||||||||||||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||||||||||||
Mortgage- | Mortgage | Mortgage | Mortgage | Interest | Total | ||||||||||||||||||||||||
backed | loans at fair | loans under | servicing | rate lock | |||||||||||||||||||||||||
securities | value | forward | rights | commitments | |||||||||||||||||||||||||
purchase | |||||||||||||||||||||||||||||
agreements | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 72,813 | $ | 696,266 | $ | 129,310 | $ | 749 | $ | 5,772 | $ | 904,910 | |||||||||||||||||
Purchases | — | 411,368 | 1,076 | 20 | — | 412,464 | |||||||||||||||||||||||
Repayments | (21,888 | ) | (128,116 | ) | (14,293 | ) | — | — | (164,297 | ) | |||||||||||||||||||
Interest rate lock commitments issued, net | — | — | — | — | 132,188 | 132,188 | |||||||||||||||||||||||
Sales | (52,133 | ) | — | — | (79 | ) | — | (52,212 | ) | ||||||||||||||||||||
Accrual of unearned discounts | 363 | — | — | — | — | 363 | |||||||||||||||||||||||
Capitalization of interest | — | 16,415 | — | — | — | 16,415 | |||||||||||||||||||||||
Servicing received as proceeds from sales of mortgage loans | — | — | — | 1,451 | — | 1,451 | |||||||||||||||||||||||
Changes in fair value included in income arising from: | |||||||||||||||||||||||||||||
Changes in instrument-specific credit risk | — | 19,193 | — | — | — | 19,193 | |||||||||||||||||||||||
Other factors | 845 | 36,349 | 9,293 | (619 | ) | — | 45,868 | ||||||||||||||||||||||
845 | 55,542 | 9,293 | (619 | ) | — | 65,061 | |||||||||||||||||||||||
Transfer of mortgage loans to REO | — | (79,440 | ) | — | — | — | (79,440 | ) | |||||||||||||||||||||
Transfer from mortgage loans acquired for sale | — | 18 | — | — | — | 18 | |||||||||||||||||||||||
Transfer to mortgage loans acquired for sale | — | — | — | — | (97,924 | ) | (97,924 | ) | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreement | — | — | (7,473 | ) | — | — | (7,473 | ) | |||||||||||||||||||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans | — | 117,913 | (117,913 | ) | — | — | — | ||||||||||||||||||||||
Balance, September 30, 2012 | $ | — | $ | 1,089,966 | $ | — | $ | 1,522 | $ | 40,036 | $ | 1,131,524 | |||||||||||||||||
Changes in fair value recognized during the period relating to assets still held at September 30, 2012 | $ | — | $ | 32,809 | $ | — | $ | (619 | ) | $ | 40,036 | $ | 72,226 | ||||||||||||||||
Accumulated changes in fair value relating to assets still held at September 30, 2012 | $ | — | $ | 86,734 | $ | — | $ | 40,036 | |||||||||||||||||||||
Securities | |||||||||||||||||||||||||||||
sold under | |||||||||||||||||||||||||||||
agreements to | |||||||||||||||||||||||||||||
repurchase | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 115,493 | |||||||||||||||||||||||||||
Changes in fair value included in income | — | ||||||||||||||||||||||||||||
Sales | 752,343 | ||||||||||||||||||||||||||||
Repurchases | (867,836 | ) | |||||||||||||||||||||||||||
Balance, September 30, 2012 | $ | — | |||||||||||||||||||||||||||
Changes in fair value recognized during the period relating to liabilities still outstanding at September 30, 2012 | $ | — | |||||||||||||||||||||||||||
Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option | ' | ||||||||||||||||||||||||||||
Following are the fair values and related principal amounts due upon maturity of mortgage loans accounted for under the fair value option (including mortgage loans acquired for sale, mortgage loans at fair value and mortgage loans under forward purchase agreements at fair value): | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Fair value | Principal | Difference | |||||||||||||||||||||||||||
amount due | |||||||||||||||||||||||||||||
upon maturity | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans acquired for sale: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 737,114 | $ | 706,116 | $ | 30,998 | |||||||||||||||||||||||
90 or more days delinquent(1) | — | — | — | ||||||||||||||||||||||||||
737,114 | 706,116 | 30,998 | |||||||||||||||||||||||||||
Mortgage loans and mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 548,145 | 831,817 | (283,672 | ) | ||||||||||||||||||||||||
90 or more days delinquent(1) | 1,528,597 | 2,509,403 | (980,806 | ) | |||||||||||||||||||||||||
2,076,742 | 3,341,220 | (1,264,478 | ) | ||||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 536,776 | 550,462 | (13,686 | ) | ||||||||||||||||||||||||
90 or more days delinquent(1) | — | — | — | ||||||||||||||||||||||||||
536,776 | 550,462 | (13,686 | ) | ||||||||||||||||||||||||||
$ | 3,350,632 | $ | 4,597,798 | $ | (1,247,166 | ) | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Fair value | Principal | Difference | |||||||||||||||||||||||||||
amount due | |||||||||||||||||||||||||||||
upon maturity | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage loans acquired for sale: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 975,184 | $ | 931,787 | $ | 43,397 | |||||||||||||||||||||||
90 or more days delinquent(1) | — | — | — | ||||||||||||||||||||||||||
975,184 | 931,787 | 43,397 | |||||||||||||||||||||||||||
Mortgage loans and mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||||||||||||||
Current through 89 days delinquent | $ | 404,016 | 640,722 | (236,706 | ) | ||||||||||||||||||||||||
90 or more days delinquent(1) | 785,955 | 1,483,311 | (697,356 | ) | |||||||||||||||||||||||||
1,189,971 | 2,124,033 | (934,062 | ) | ||||||||||||||||||||||||||
$ | 2,165,155 | $ | 3,055,820 | $ | (890,665 | ) | |||||||||||||||||||||||
-1 | Loans delinquent 90 or more days are placed on nonaccrual status and previously accrued interest is reversed. | ||||||||||||||||||||||||||||
Summary of Changes in Fair Value Included in Current Period Income | ' | ||||||||||||||||||||||||||||
Following are the changes in fair value included in current period income by consolidated statement of income line item for financial statement items accounted for under the fair value option: | |||||||||||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Quarter ended September 30, 2013 | |||||||||||||||||||||||||||||
Net gain | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
(loss) on | interest | (loss) on | servicing | ||||||||||||||||||||||||||
investments | income | mortgage | income | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | 5,356 | — | — | — | 5,356 | ||||||||||||||||||||||||
Excess servicing spread | 29 | — | — | — | 29 | ||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | (14,519 | ) | — | (14,519 | ) | ||||||||||||||||||||||
Mortgage loans at fair value | 39,608 | — | — | — | 39,608 | ||||||||||||||||||||||||
Agency debt securities | 578 | — | — | — | 578 | ||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity | — | — | — | — | — | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 8,378 | — | — | — | 8,378 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | (465 | ) | (465 | ) | ||||||||||||||||||||||
$ | 53,949 | $ | — | $ | (14,519 | ) | $ | (465 | ) | $ | 38,965 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Asset-backed secured financing | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Quarter ended September 30, 2012 | |||||||||||||||||||||||||||||
Net gain | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
(loss) on | Interest | (loss) on | servicing | ||||||||||||||||||||||||||
investments | income | mortgage | income | ||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | (451 | ) | (91 | ) | — | — | (542 | ) | |||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | 49,793 | — | 49,793 | ||||||||||||||||||||||||
Mortgage loans at fair value | 26,407 | — | — | — | 26,407 | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 105 | — | — | — | 105 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | (126 | ) | (126 | ) | ||||||||||||||||||||||
$ | 26,061 | $ | (91 | ) | $ | 49,793 | $ | (126 | ) | $ | 75,637 | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||||||
Net gain on | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
investments | Interest | on | servicing | ||||||||||||||||||||||||||
income | mortgage | income | |||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | 5,356 | — | — | — | 5,356 | ||||||||||||||||||||||||
Excess servicing spread | 29 | — | — | — | 29 | ||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | (46,699 | ) | — | (46,699 | ) | ||||||||||||||||||||||
Mortgage loans at fair value | 151,111 | — | — | — | 151,111 | ||||||||||||||||||||||||
Agency debt securities | 578 | — | — | — | 578 | ||||||||||||||||||||||||
Mortgage loans at fair value held by variable interest entity | — | — | — | — | — | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 7,689 | — | — | — | 7,689 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | — | — | ||||||||||||||||||||||||
$ | 164,763 | $ | — | $ | (46,699 | ) | $ | — | $ | 118,064 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Asset-backed secured financing | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Changes in fair value included in current period income | |||||||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||||||
Net gain on | Net | Net gain | Net loan | Total | |||||||||||||||||||||||||
investments | Interest | on | servicing | ||||||||||||||||||||||||||
income | mortgage | income | |||||||||||||||||||||||||||
loans | |||||||||||||||||||||||||||||
acquired | |||||||||||||||||||||||||||||
for sale | |||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Short-term investments | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Mortgage-backed securities at fair value | 612 | 142 | — | — | 754 | ||||||||||||||||||||||||
Mortgage loans acquired for sale at fair value | — | — | 81,210 | — | 81,210 | ||||||||||||||||||||||||
Mortgage loans at fair value | 55,636 | — | — | — | 55,636 | ||||||||||||||||||||||||
Mortgage loans under forward purchase agreements at fair value | 9,293 | — | — | — | 9,293 | ||||||||||||||||||||||||
Mortgage servicing rights at fair value | — | — | — | (619 | ) | (619 | ) | ||||||||||||||||||||||
$ | 65,541 | $ | 142 | $ | 81,210 | $ | (619 | ) | $ | 146,274 | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Securities sold under agreements to repurchase at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Summary of Financial Statement Items Measured at Estimated Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||||||||||
Following is a summary of financial statement items that are measured at estimated fair value on a nonrecurring basis: | |||||||||||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Real estate asset acquired in settlement of loans | $ | — | $ | — | $ | 83,932 | $ | 83,932 | |||||||||||||||||||||
Real estate asset acquired in settlement of loans under forward purchase agreements | — | — | 2,435 | 2,435 | |||||||||||||||||||||||||
Mortgage servicing assets at lower of amortized cost or fair value | — | — | 176,813 | 176,813 | |||||||||||||||||||||||||
$ | — | $ | — | $ | 263,180 | $ | 263,180 | ||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Real estate asset acquired in settlement of loans | $ | — | $ | — | $ | 56,156 | $ | 56,156 | |||||||||||||||||||||
Mortgage servicing rights at lower of amortized cost or fair value | — | — | 86,215 | 86,215 | |||||||||||||||||||||||||
$ | — | $ | — | $ | 142,371 | $ | 142,371 | ||||||||||||||||||||||
Summary of Total Gains (Losses) on Assets Measured at Estimated Fair Values on Nonrecurring Basis | ' | ||||||||||||||||||||||||||||
The following table summarizes the total gains (losses) on assets measured at estimated fair values on a nonrecurring basis: | |||||||||||||||||||||||||||||
Net gains (losses) recognized during the period | |||||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Real estate asset acquired in settlement of loans | $ | (4,554 | ) | $ | (3,849 | ) | $ | (8,191 | ) | $ | (6,876 | ) | |||||||||||||||||
Real estate asset acquired in settlement of loans under forward purchase agreements | (29 | ) | — | (29 | ) | — | |||||||||||||||||||||||
Mortgage servicing assets at lower of amortized cost or fair value | (212 | ) | (2,881 | ) | 3,495 | (4,505 | ) | ||||||||||||||||||||||
$ | (4,795 | ) | $ | (6,730 | ) | $ | (4,725 | ) | $ | (11,381 | ) | ||||||||||||||||||
Quantitative Summary of Key Inputs Used by FAV Group to Evaluate Reasonableness of Fair Value of MBS | ' | ||||||||||||||||||||||||||||
Following is a quantitative summary of key inputs used by the FAV group to evaluate the reasonableness of the fair value of Level 3 Agency debt security: | |||||||||||||||||||||||||||||
Security Class | Key Inputs(1) | September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||
Agency debt securities | Discount rate | 9.06 | % | — | |||||||||||||||||||||||||
Prepayment speed(2) | 5.8 | % | — | ||||||||||||||||||||||||||
Default speed(3) | 0.2 | % | — | ||||||||||||||||||||||||||
Collateral remaining loss percentage(4) | 0.32 | % | — | ||||||||||||||||||||||||||
-1 | Key inputs are those used to evaluate broker indications of value. | ||||||||||||||||||||||||||||
-2 | Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). | ||||||||||||||||||||||||||||
-3 | Default speed is measured using Life Constant Default Rate (“CDR”). | ||||||||||||||||||||||||||||
-4 | The projected future losses on the loans in the collateral groups paying to each bond expressed as a percentage of the current balance of the loans. | ||||||||||||||||||||||||||||
Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value | ' | ||||||||||||||||||||||||||||
Following is a quantitative summary of key inputs used in the valuation of mortgage loans at fair value: | |||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Mortgage loans at fair value | |||||||||||||||||||||||||||||
Discount rate | 8.6% - 15.6% | 8.8% - 20.7% | |||||||||||||||||||||||||||
-11.80% | -13.10% | ||||||||||||||||||||||||||||
Twelve-month projected housing price index change | 2.9% - 5.0% | 0.4% - 1.5% | |||||||||||||||||||||||||||
-3.70% | -1.10% | ||||||||||||||||||||||||||||
Prepayment speed(1) | 0.0% - 4.4% | 0.4% - 4.4% | |||||||||||||||||||||||||||
-2.40% | -2.20% | ||||||||||||||||||||||||||||
Total prepayment speed(2) | 0.2% - 35.5% | 5.9% - 31.2% | |||||||||||||||||||||||||||
-23.50% | -20.60% | ||||||||||||||||||||||||||||
Mortgage loans under forward purchase agreements | |||||||||||||||||||||||||||||
Discount rate | 9.5% - 13.5% | — | |||||||||||||||||||||||||||
-11.90% | — | ||||||||||||||||||||||||||||
Twelve-month projected housing price index change | 3.2% - 4.3% | — | |||||||||||||||||||||||||||
-3.90% | — | ||||||||||||||||||||||||||||
Prepayment speed(1) | 1.2% - 2.8% | — | |||||||||||||||||||||||||||
-2.10% | — | ||||||||||||||||||||||||||||
Total prepayment speed(2) | 13.5% - 29.5% | — | |||||||||||||||||||||||||||
-22.90% | |||||||||||||||||||||||||||||
-1 | Prepayment speed is measured using Life Voluntary Conditional Prepayment Rate (“CPR”). | ||||||||||||||||||||||||||||
-2 | Total prepayment speed is measured using Life Total CPR. | ||||||||||||||||||||||||||||
Summary of Key Inputs Used in Determining Fair Value of Excess Servicing Spread | ' | ||||||||||||||||||||||||||||
Following are the key inputs used in determining the fair value of excess servicing spread: | |||||||||||||||||||||||||||||
Key Inputs | September 30, | December 31, | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Pricing spread | 6.80% | — | |||||||||||||||||||||||||||
Average life | 6.7 | — | |||||||||||||||||||||||||||
Prepayment speed | 9.10% | — | |||||||||||||||||||||||||||
Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments | ' | ||||||||||||||||||||||||||||
Following is a quantitative summary of key unobservable inputs used in the valuation of IRLCs: | |||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Key Inputs | Range | ||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Pull-through rate | 48.8% - 98.0% | 44.2% - 98.0% | |||||||||||||||||||||||||||
-83.50% | -80.60% | ||||||||||||||||||||||||||||
MSR value expressed as: | |||||||||||||||||||||||||||||
Servicing fee multiple | 0.9 - 5.1 | 1.8 - 4.8 | |||||||||||||||||||||||||||
-3.7 | -4.5 | ||||||||||||||||||||||||||||
Percentage of unpaid principal balance | 0.2% - 1.3% | 0.4% - 1.2% | |||||||||||||||||||||||||||
-0.90% | -1.10% | ||||||||||||||||||||||||||||
Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition | ' | ||||||||||||||||||||||||||||
Following are the key inputs used in determining the fair value of MSRs at the time of initial recognition: | |||||||||||||||||||||||||||||
Quarter ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||||||||
Unpaid principal balance of underlying loans | $3,404,274 | $707,891 | $3,400,928 | $50,178 | |||||||||||||||||||||||||
Average servicing fee rate (in basis points) | 25 | 25 | 26 | 28 | |||||||||||||||||||||||||
Pricing spread(1) | 5.4% - 13.9% | 7.4% - 9.6% | 7.5% - 7.5% | 7.5% - 13.5% | |||||||||||||||||||||||||
-6.30% | -8.00% | -7.50% | -7.60% | ||||||||||||||||||||||||||
Life (in years) | 2.9 - 6.9 | 3.8 - 6.9 | 6.4 - 6.4 | 3.2 - 6.4 | |||||||||||||||||||||||||
-6.3 | -6.8 | -6.4 | -6.3 | ||||||||||||||||||||||||||
Annual total prepayment speed(2) | 8.5% - 15.6% | 8.8% - 20.7% | 8.9% - 9.4% | 8.9% - 27.1% | |||||||||||||||||||||||||
-8.90% | -9.80% | -9.10% | -9.50% | ||||||||||||||||||||||||||
Annual per-loan cost of servicing | $68 - $68 | $68 - $68 | $68 - $68 | $68 - $140 | |||||||||||||||||||||||||
($68) | ($68) | ($68) | ($69) | ||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||||||||
Unpaid principal balance of underlying loans | $12,247,940 | $717,877 | $5,905,828 | $156,211 | |||||||||||||||||||||||||
Average servicing fee rate (in basis points) | 26 | 25 | 25 | 26 | |||||||||||||||||||||||||
Pricing spread(1) | 5.4% - 14.4% | 7.4% - 14.4% | 7.5% - 22.8% | 7.5% - 14.6% | |||||||||||||||||||||||||
-6.60% | -8.00% | -7.70% | -8.10% | ||||||||||||||||||||||||||
Life (in years) | 2.6 - 6.9 | 2.8 - 6.9 | 2.5 - 6.7 | 2.5 - 6.7 | |||||||||||||||||||||||||
-6.4 | -6.8 | -6.4 | -6.2 | ||||||||||||||||||||||||||
Annual total prepayment speed(2) | 8.5% - 23.6% | 8.8% -27.0% | 7.8% - 36.9% | 7.8% - 36.9% | |||||||||||||||||||||||||
-9.00% | -10.00% | -8.90% | -10.40% | ||||||||||||||||||||||||||
Annual per-loan cost of servicing | $68 - $140 | $68 - $68 | $68 - $140 | $68 - $140 | |||||||||||||||||||||||||
($68) | ($68) | ($68) | ($75) | ||||||||||||||||||||||||||
-1 | Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans. | ||||||||||||||||||||||||||||
-2 | Prepayment speed is measured using Life Total CPR. | ||||||||||||||||||||||||||||
Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of the Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Assumptions | ' | ||||||||||||||||||||||||||||
Following is a quantitative summary of key inputs used in the valuation of MSRs as of the dates presented, and the effect on the estimated fair value from adverse changes in those assumptions (weighted averages are based upon unpaid principal balance or fair value where applicable): | |||||||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||
Range | |||||||||||||||||||||||||||||
(Weighted average) | |||||||||||||||||||||||||||||
Key Inputs | Amortized cost | Fair value | Amortized cost | Fair value | |||||||||||||||||||||||||
(unpaid principal balance and effect on value amounts in thousands) | |||||||||||||||||||||||||||||
Carrying value | $258,678 | $10,997 | $125,430 | $1,346 | |||||||||||||||||||||||||
Unpaid principal balance of underlying loans | $22,681,068 | $1,036,575 | $11,986,957 | $181,783 | |||||||||||||||||||||||||
Weighted average servicing fee rate (in basis points) | 26 | 25 | 26 | 27 | |||||||||||||||||||||||||
Weighted average coupon rate | 3.66% | 4.67% | 3.70% | 4.79% | |||||||||||||||||||||||||
Pricing spread(1) | 5.35% - 18.55% | 6.4% - 14.4% | 7.5% - 16.5% | 7.5% - 16.5% | |||||||||||||||||||||||||
-6.10% | -8.10% | -7.70% | -7.70% | ||||||||||||||||||||||||||
Effect on value of 5% adverse change | ($4,654) | ($180) | ($2,052) | ($21) | |||||||||||||||||||||||||
Effect on value of 10% adverse change | ($9,166) | ($354) | ($4,041) | ($40) | |||||||||||||||||||||||||
Effect on value of 20% adverse change | ($17,786) | ($688) | ($7,845) | ($78) | |||||||||||||||||||||||||
Weighted average life (in years) | 2.8 - 6.9 | 3.3 - 6.9 | 1.7 - 6.3 | 1.4 - 6.3 | |||||||||||||||||||||||||
-6.4 | -6.8 | -6.3 | -6 | ||||||||||||||||||||||||||
Prepayment speed(2) | 8.6% - 30.6% | 8.8% - 26.5% | 10.3% - 47.8% | 10.3% - 65.9% | |||||||||||||||||||||||||
-9.10% | -10% | -10.30% | -13.20% | ||||||||||||||||||||||||||
Effect on value of 5% adverse change | ($5,922) | ($261) | ($3,026) | ($52) | |||||||||||||||||||||||||
Effect on value of 10% adverse change | ($11,639) | ($512) | ($5,937) | ($100) | |||||||||||||||||||||||||
Effect on value of 20% adverse change | ($22,497) | ($986) | ($11,436) | ($190) | |||||||||||||||||||||||||
Annual per-loan cost of servicing | $68 - $140 | $68 - $140 | $68 - $140 | $68 - $140 | |||||||||||||||||||||||||
($68) | ($69) | ($68) | ($74) | ||||||||||||||||||||||||||
Effect on value of 5% adverse change | ($1,621) | ($69) | ($778) | ($12) | |||||||||||||||||||||||||
Effect on value of 10% adverse change | ($3,242) | ($138) | ($1,556) | ($24) | |||||||||||||||||||||||||
Effect on value of 20% adverse change | ($6,483) | ($276) | ($3,112) | ($48) | |||||||||||||||||||||||||
-1 | Pricing spread represents a margin that is applied to a reference interest rate’s forward rate curve to develop periodic discount rates. The Company applies a pricing spread to the United States Dollar LIBOR curve for purposes of discounting cash flows relating to MSRs acquired as proceeds from the sale of mortgage loans and purchased MSRs not backed by pools of distressed mortgage loans. | ||||||||||||||||||||||||||||
-2 | Prepayment speed is measured using Life Total CPR. |
Mortgage_Loans_Acquired_for_Sa2
Mortgage Loans Acquired for Sale at Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Mortgage Loans On Real Estate [Abstract] | ' | ||||||||||||||||
Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value | ' | ||||||||||||||||
Following is a summary of the distribution of the Company’s mortgage loans acquired for sale at fair value: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Fair | Unpaid | Fair | Unpaid | ||||||||||||||
value | principal | value | principal | ||||||||||||||
balance | balance | ||||||||||||||||
Loan Type | (in thousands) | ||||||||||||||||
Government insured or guaranteed | $ | 273,007 | $ | 260,388 | $ | 153,326 | $ | 144,619 | |||||||||
Conventional: | |||||||||||||||||
Agency-eligible | 430,527 | 411,785 | 820,492 | 785,830 | |||||||||||||
Jumbo loans | 33,580 | 33,944 | 1,366 | 1,338 | |||||||||||||
$ | 737,114 | $ | 706,117 | $ | 975,184 | $ | 931,787 | ||||||||||
Loans pledged to secure loans sold under agreements to repurchase | $ | 731,717 | $ | 972,079 | |||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivative Assets and Liabilities and Related Margin Deposits Recorded within Derivative Assets and Derivative Liabilities | ' | ||||||||||||||||||||||||
The Company had the following derivative assets and liabilities and related margin deposits recorded within the Derivative assets and Derivative liabilities on the consolidated balance sheets: | |||||||||||||||||||||||||
September 30, 2013 | December 31 2012 | ||||||||||||||||||||||||
Fair value | Fair value | ||||||||||||||||||||||||
Instrument | Notional | Derivative | Derivative | Notional | Derivative | Derivative | |||||||||||||||||||
amount | assets | liabilities | amount | assets | liabilities | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||
Free-standing derivatives (economic hedges): | |||||||||||||||||||||||||
Interest rate lock commitments | 641,971 | $ | 11,476 | $ | 30 | 1,694,739 | $ | 19,479 | $ | — | |||||||||||||||
Forward purchase contracts | 2,334,589 | 26,086 | 2 | 2,206,539 | 2,617 | 1,741 | |||||||||||||||||||
Forward sales contracts | 3,323,843 | 2 | 49,108 | 4,266,983 | 3,458 | 4,520 | |||||||||||||||||||
MBS put options | 130,000 | 36 | — | 495,000 | 977 | — | |||||||||||||||||||
MBS call options | — | — | — | — | — | — | |||||||||||||||||||
Eurodollar futures | 9,964,000 | — | — | — | — | — | |||||||||||||||||||
Treasury futures | 75,000 | — | — | — | — | — | |||||||||||||||||||
Options on Eurodollar futures | 2,200,000 | — | — | — | — | — | |||||||||||||||||||
Total derivative instruments before netting | 37,600 | 49,140 | 26,531 | 6,261 | |||||||||||||||||||||
Netting | (19,185 | ) | (43,242 | ) | (2,825 | ) | (5,294 | ) | |||||||||||||||||
Total | $ | 18,415 | $ | 5,898 | $ | 23,706 | $ | 967 | |||||||||||||||||
Margin deposits with derivatives counterparties | $ | 25,311 | $ | 2,469 | |||||||||||||||||||||
Summary of Activity in Notional Amount of Derivative Contracts | ' | ||||||||||||||||||||||||
The following table summarizes the notional amount activity for derivative contracts used to hedge the Company’s IRLCs and inventory of mortgage loans acquired for sale: | |||||||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Quarter ended September 30, 2013 | |||||||||||||||||||||||||
MBS put options | 460,000 | 180,000 | (510,000 | ) | 130,000 | ||||||||||||||||||||
MBS call options | 725,000 | 300,000 | (1,025,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 5,411,784 | 18,214,008 | (21,291,203 | ) | 2,334,589 | ||||||||||||||||||||
Forward sales contracts | 7,728,066 | 21,440,627 | (25,844,850 | ) | 3,323,843 | ||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||
MBS put options | 495,000 | 3,205,000 | (3,570,000 | ) | 130,000 | ||||||||||||||||||||
MBS call options | — | 2,200,000 | (2,200,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 2,206,539 | 45,301,457 | (45,173,407 | ) | 2,334,589 | ||||||||||||||||||||
Forward sales contracts | 4,266,983 | 58,817,165 | (59,760,305 | ) | 3,323,843 | ||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Quarter ended September 30, 2012 | |||||||||||||||||||||||||
MBS put options | 245,000 | 980,000 | (700,000 | ) | 525,000 | ||||||||||||||||||||
MBS call options | 35,000 | 30,000 | (65,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 829,407 | 7,780,756 | (5,876,257 | ) | 2,733,906 | ||||||||||||||||||||
Forward sales contracts | 2,133,971 | 13,150,113 | (10,097,143 | ) | 5,186,941 | ||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine months ended September 30, 2012 | |||||||||||||||||||||||||
MBS put options | 28,000 | 1,412,500 | (915,500 | ) | 525,000 | ||||||||||||||||||||
MBS call options | 5,000 | 180,000 | (185,000 | ) | — | ||||||||||||||||||||
Forward purchase contracts | 398,400 | 11,927,458 | (9,591,952 | ) | 2,733,906 | ||||||||||||||||||||
Forward sales contracts | 756,691 | 21,381,612 | (16,951,362 | ) | 5,186,941 | ||||||||||||||||||||
Mortgage loans held by VIE [Member] | ' | ||||||||||||||||||||||||
Summary of Activity in Notional Amount of Derivative Contracts | ' | ||||||||||||||||||||||||
The following table summarizes the notional of amount activity for derivative contracts used to hedge the Company’s investment activities related to its MBS securities and mortgage loans at fair value held by variable interest entity: | |||||||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Quarter ended September 30, 2013 | |||||||||||||||||||||||||
Eurodollar futures | — | 19,152,000 | (9,188,000 | ) | 9,964,000 | ||||||||||||||||||||
Treasury futures | — | 75,000 | — | 75,000 | |||||||||||||||||||||
Options on Eurodollar futures | — | 2,200,000 | — | 2,200,000 | |||||||||||||||||||||
Period/Instrument | Balance, | Additions | Dispositions/ | Balance, | |||||||||||||||||||||
beginning | expirations | end | |||||||||||||||||||||||
of period | of period | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Nine months ended September 30, 2013 | |||||||||||||||||||||||||
Eurodollar futures | — | 19,152,000 | (9,188,000 | ) | 9,964,000 | ||||||||||||||||||||
Treasury futures | — | 75,000 | — | 75,000 | |||||||||||||||||||||
Options on Eurodollar futures | — | 2,200,000 | — | 2,200,000 |
Mortgage_Loans_at_Fair_Value_T
Mortgage Loans at Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Distribution of Company's Mortgage Loans at Fair Value | ' | ||||||||||||||||
Following is a summary of the distribution of the Company’s mortgage loans at fair value: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Loan Type | Fair value | Unpaid | Fair value | Unpaid | |||||||||||||
principal | principal | ||||||||||||||||
balance | balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Nonperforming loans | $ | 1,344,259 | $ | 2,223,064 | $ | 785,955 | $ | 1,483,311 | |||||||||
Performing loans: | |||||||||||||||||
Fixed | 262,010 | 399,310 | 201,212 | 322,005 | |||||||||||||
ARM/hybrid | 143,955 | 192,389 | 134,196 | 195,381 | |||||||||||||
Interest rate step-up | 98,287 | 168,072 | 68,475 | 123,117 | |||||||||||||
Balloon | 145 | 215 | 133 | 219 | |||||||||||||
504,397 | 759,986 | 404,016 | 640,722 | ||||||||||||||
$ | 1,848,656 | $ | 2,983,050 | $ | 1,189,971 | $ | 2,124,033 | ||||||||||
Mortgage loans at fair value pledged to secure borrowings at period end: | |||||||||||||||||
Sales of loans under agreements to repurchase | $ | 1,772,788 | $ | 947,522 | |||||||||||||
Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans | $ | 1,313 | $ | 1,538 | |||||||||||||
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value | ' | ||||||||||||||||
Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value: | |||||||||||||||||
Concentration | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Portion of mortgage loans originated between 2005 and 2007 | 71% | 77% | |||||||||||||||
Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100% | 61% | 68% | |||||||||||||||
Percentage of mortgage loans secured by California real estate | 25% | 18% | |||||||||||||||
Additional states contributing 5% or more of mortgage loans | New York | New York | |||||||||||||||
Florida | Florida | ||||||||||||||||
New Jersey | New Jersey |
Mortgage_Loans_at_Fair_Value_H1
Mortgage Loans at Fair Value Held by Variable Interest Entity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Distribution of Company's Mortgage Loans at Fair Value Held by Variable Interest Entity | ' | ||||||||||||||||
Following is a summary of the distribution of the Company’s mortgage loans at fair value held by variable interest entity: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Loan Type | Fair value | Unpaid | Fair value | Unpaid | |||||||||||||
principal | principal | ||||||||||||||||
balance | balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Nonperforming loans | $ | — | $ | — | $ | — | $ | — | |||||||||
Performing loans: | |||||||||||||||||
Jumbo Fixed | 536,776 | 550,462 | — | — | |||||||||||||
536,776 | 550,462 | — | — | ||||||||||||||
$ | 536,776 | $ | 550,462 | $ | — | $ | — | ||||||||||
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value Held by Variable Interest Entity | ' | ||||||||||||||||
Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans at fair value held by variable interest entity: | |||||||||||||||||
States Comprising more than 5.00% of unpaid principal balance | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
California | 57% | — | |||||||||||||||
Washington | 8% | — | |||||||||||||||
Texas | 6% | — | |||||||||||||||
Virginia | 6% | — | |||||||||||||||
Other | 24% | — |
Mortgage_Loans_Under_Forward_P1
Mortgage Loans Under Forward Purchase Agreements at Fair Value (Tables) (Forward Purchasers [Member]) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Forward Purchasers [Member] | ' | ||||||||||||||||
Summary of Distribution of Company's Mortgage Loans Under Forward Purchase Agreements at Fair Value | ' | ||||||||||||||||
Following is a summary of the distribution of the Company’s mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||
Loan Type | Fair value | Unpaid | Fair value | Unpaid | |||||||||||||
principal | principal | ||||||||||||||||
balance | balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Nonperforming loans | $ | 184,338 | $ | 286,339 | $ | — | $ | — | |||||||||
Performing loans: | |||||||||||||||||
Fixed | 21,592 | 34,275 | — | — | |||||||||||||
ARM/hybrid | 22,156 | 37,557 | — | — | |||||||||||||
43,748 | 71,832 | — | — | ||||||||||||||
$ | 228,086 | $ | 358,171 | $ | — | $ | — | ||||||||||
Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value | ' | ||||||||||||||||
Following is a summary of certain concentrations of credit risk in the portfolio of mortgage loans under forward purchase agreements at fair value: | |||||||||||||||||
Concentration | September 30, | December 31, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Portion of mortgage loans originated between 2005 and 2007 | 73% | — | |||||||||||||||
Percentage of fair value of mortgage loans with unpaid-principal-balance-to current-property-value in excess of 100% | 57% | — | |||||||||||||||
Percentage of mortgage loans secured by California real estate | 24% | — | |||||||||||||||
Additional states contributing 5% or more of mortgage loans | New Jersey | ||||||||||||||||
Washington | |||||||||||||||||
New York | |||||||||||||||||
Maryland |
Real_Estate_Acquired_in_Settle3
Real Estate Acquired in Settlement of Loans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||
Summary of Activity in REO | ' | ||||||||||||||||
Following is a summary of the activity in REO for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 88,682 | $ | 89,121 | $ | 88,078 | $ | 80,570 | |||||||||
Purchases | 82 | — | 82 | 48 | |||||||||||||
Transfers from mortgage loans at fair value and advances | 48,154 | 33,962 | 116,957 | 82,404 | |||||||||||||
Transfers from REO under forward purchase agreements | 114 | 786 | 114 | 21,819 | |||||||||||||
Results of REO: | |||||||||||||||||
Valuation adjustments, net | (5,012 | ) | (3,954 | ) | (16,079 | ) | (8,824 | ) | |||||||||
Gain on sale, net | 2,759 | 5,246 | 8,644 | 14,530 | |||||||||||||
(2,253 | ) | 1,292 | (7,435 | ) | 5,706 | ||||||||||||
Sale proceeds | (35,086 | ) | (38,981 | ) | (98,103 | ) | (104,367 | ) | |||||||||
Balance at period end | $ | 99,693 | $ | 86,180 | $ | 99,693 | $ | 86,180 | |||||||||
At period end: | |||||||||||||||||
REO pledged to secure agreements to repurchase | $ | 17,074 | $ | 10,118 | $ | 17,074 | $ | 10,118 | |||||||||
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties | $ | 50,796 | $ | 23,060 | $ | 50,796 | $ | 23,060 | |||||||||
Real_Estate_Acquired_in_Settle4
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Activity in REO Under Forward Purchase Agreements | ' | ||||||||||||||||
Following is a summary of the activity in REO under forward purchase agreements for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 89 | $ | 797 | $ | — | $ | 22,979 | |||||||||
Purchases | — | — | — | 248 | |||||||||||||
Transfers from (to) mortgage loans under forward purchase agreements at fair value and servicing advances | 3,640 | (10 | ) | 3,729 | 6,633 | ||||||||||||
Transfers to REO | (114 | ) | (786 | ) | (114 | ) | (21,819 | ) | |||||||||
Results of REO under forward purchase agreements: | |||||||||||||||||
Valuation adjustments, net | (31 | ) | (1 | ) | (31 | ) | (449 | ) | |||||||||
(Loss) gain on sale, net | (10 | ) | (3 | ) | (10 | ) | 2,319 | ||||||||||
(41 | ) | (4 | ) | (41 | ) | 1,870 | |||||||||||
Sale proceeds | (65 | ) | 3 | (65 | ) | (9,911 | ) | ||||||||||
Balance at period end | $ | 3,509 | $ | — | $ | 3,509 | $ | — | |||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of MSRs Carried at Fair Value | ' | ||||||||||||||||
Following is a summary of MSRs carried at fair value for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of period | $ | 1,827 | $ | 1,285 | $ | 1,346 | $ | 749 | |||||||||
Additions: | |||||||||||||||||
Purchases | 1,696 | — | 1,881 | 20 | |||||||||||||
MSRs resulting from loan sales | 7,939 | 363 | 8,043 | 1,451 | |||||||||||||
Total additions | 9,635 | 363 | 9,924 | 1,471 | |||||||||||||
Change in fair value: | |||||||||||||||||
Due to changes in valuation inputs or assumptions used in valuation model(1) | (366 | ) | (62 | ) | (64 | ) | (543 | ) | |||||||||
Other changes in fair value(2) | (99 | ) | (64 | ) | (209 | ) | (76 | ) | |||||||||
(465 | ) | (126 | ) | (273 | ) | (619 | ) | ||||||||||
Sales | — | — | — | (79 | ) | ||||||||||||
Balance at period end | $ | 10,997 | $ | 1,522 | $ | 10,997 | $ | 1,522 | |||||||||
-1 | Principally reflects changes in discount rates and prepayment speed assumptions, primarily due to changes in interest rates. | ||||||||||||||||
-2 | Represents changes due to realization of expected cash flows. | ||||||||||||||||
Summary of MSRs Carried at Lower of Amortized Cost or Fair Value | ' | ||||||||||||||||
Following is a summary of MSRs carried at amortized cost for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Mortgage Servicing Rights: | |||||||||||||||||
Balance at beginning of period | $ | 228,912 | $ | 33,171 | $ | 132,977 | $ | 5,282 | |||||||||
MSRs resulting from loan sales | 41,018 | 36,397 | 148,186 | 65,198 | |||||||||||||
Purchases | — | 6 | — | 15 | |||||||||||||
Sales | — | — | — | (19 | ) | ||||||||||||
Amortization | (7,201 | ) | (1,437 | ) | (18,433 | ) | (2,339 | ) | |||||||||
Application of valuation allowance to write down MSRs with other-than temporary impairment | — | — | — | — | |||||||||||||
Balance before valuation allowance at period end | 262,729 | 68,137 | 262,730 | 68,137 | |||||||||||||
Valuation Allowance for Impairment of Mortgage Servicing Rights: | |||||||||||||||||
Balance at beginning of period | (3,839 | ) | (1,624 | ) | (7,547 | ) | — | ||||||||||
(Additions) Reversals | (212 | ) | (2,881 | ) | 3,495 | (4,505 | ) | ||||||||||
Application of valuation allowance to write down MSRs with other-than temporary impairment | — | — | — | — | |||||||||||||
Balance at period end | (4,051 | ) | (4,505 | ) | (4,052 | ) | (4,505 | ) | |||||||||
Mortgage Servicing Rights, net | $ | 258,678 | $ | 63,632 | $ | 258,678 | $ | 63,632 | |||||||||
Estimated fair value of MSRs at period end | $ | 277,711 | $ | 63,678 | $ | 277,711 | $ | 63,678 | |||||||||
Summary of Company's Estimate of Amortization of Existing MSRs Carried at Amortized Cost | ' | ||||||||||||||||
The following table summarizes the Company’s estimate of amortization of its existing MSRs carried at amortized cost. This projection was developed using the assumptions made by management in its September 30, 2013 valuation of MSRs. The assumptions underlying the following estimate will change as market conditions and portfolio composition and behavior change, causing both actual and projected amortization levels to change over time. Therefore, the following estimates will change in a manner and amount not presently determinable by management. | |||||||||||||||||
12-month period ending September 30, | Estimated MSR | ||||||||||||||||
amortization | |||||||||||||||||
(in thousands) | |||||||||||||||||
2014 | $ | 27,644 | |||||||||||||||
2015 | 26,477 | ||||||||||||||||
2016 | 24,675 | ||||||||||||||||
2017 | 23,164 | ||||||||||||||||
2018 | 21,480 | ||||||||||||||||
Thereafter | 139,289 | ||||||||||||||||
Total | $ | 262,729 | |||||||||||||||
Net_Loan_Servicing_Fees_Tables
Net Loan Servicing Fees (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Net Loan Servicing Fees | ' | ||||||||||||||||
Net loan servicing fees is summarized for the periods presented below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Servicing fees(1) | $ | 14,451 | $ | 3,933 | $ | 37,175 | $ | 6,294 | |||||||||
MSR recapture fee receivable from PLS | 86 | — | 586 | — | |||||||||||||
Effect of MSRs: | |||||||||||||||||
Amortization | (7,201 | ) | (1,437 | ) | (18,433 | ) | (2,339 | ) | |||||||||
(Provision for) reversal of impairment of MSRs carried at lower of amortized cost or fair value | (212 | ) | (2,881 | ) | 3,495 | (4,505 | ) | ||||||||||
Change in fair value of MSRs carried at fair value | (465 | ) | (126 | ) | (273 | ) | (619 | ) | |||||||||
Losses on hedging derivatives | — | — | (1,988 | ) | — | ||||||||||||
(7,878 | ) | (4,444 | ) | (17,199 | ) | (7,463 | ) | ||||||||||
Net loan servicing fees | $ | 6,659 | $ | (511 | ) | $ | 20,562 | $ | (1,169 | ) | |||||||
-1 | Includes contractually specified servicing and ancillary fees. | ||||||||||||||||
Mortgage Service Rights [Member] | ' | ||||||||||||||||
Summary of Net Loan Servicing Fees | ' | ||||||||||||||||
Servicing fees relating to MSRs are recorded in Net loan servicing fees on the consolidated statements of income and are summarized below for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Contractual servicing fees | $ | 13,687 | $ | 3,934 | $ | 34,158 | $ | 6,342 | |||||||||
Securities_Sold_Under_Agreemen1
Securities Sold Under Agreements to Repurchase at Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to Securities Sold Under Agreements to Repurchase at Fair Value | ' | ||||||||||||||||
Following is a summary of financial information relating to securities sold under agreements to repurchase at fair value as of and for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 196,032 | $ | — | $ | 196,032 | $ | — | |||||||||
Weighted-average interest rate | 0.45 | % | 0 | % | 0.45 | % | 0 | % | |||||||||
Fair value of securities securing agreements to repurchase | $ | 217,492 | $ | — | $ | 217,492 | $ | — | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate | 0.64 | % | 0.51 | % | 0.64 | % | 0.64 | % | |||||||||
Average balance of securities sold under agreements to repurchase | $ | 38,788 | $ | 75,787 | $ | 13,071 | $ | 99,595 | |||||||||
Total interest expense | $ | 63 | $ | 100 | $ | 63 | $ | 488 | |||||||||
Maximum daily amount outstanding | $ | 196,032 | $ | 157,333 | $ | 196,032 | $ | 160,334 | |||||||||
Summary of Securities Sold Under Agreements to Repurchase by Counterparty | ' | ||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s securities sold under agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Facility Maturity | |||||||||||||||
risk | |||||||||||||||||
(in thousands) | |||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 10,256 | October 16, 2013 | ||||||||||||||
Daiwa | $ | 7,570 | 23-Oct-13 | ||||||||||||||
Bank of America, N.A. | $ | 3,771 | 9-Oct-13 |
Mortgage_Loans_Acquired_for_Sa3
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to Mortgage Loans | ' | ||||||||||||||||
Following is a summary of financial information relating to mortgage loans acquired for sale sold under agreements to repurchase: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 670,311 | $ | 755,471 | $ | 670,311 | $ | 755,471 | |||||||||
Unused amount(1) | $ | 990,583 | $ | 244,529 | $ | 990,583 | $ | 244,529 | |||||||||
Weighted-average interest rate | 2.08 | % | 2.61 | % | 2.08 | % | 2.61 | % | |||||||||
Fair value of mortgage loans acquired for sale securing agreements to repurchase | $ | 731,717 | $ | 846,856 | $ | 731,717 | $ | 846,856 | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate(2) | 2.06 | % | 2.42 | % | 2.12 | % | 2.29 | % | |||||||||
Average balance of loans sold under agreements to repurchase | $ | 1,121,828 | $ | 462,137 | $ | 955,410 | $ | 294,857 | |||||||||
Total interest expense | $ | 7,898 | $ | 3,947 | $ | 20,724 | $ | 7,221 | |||||||||
Maximum daily amount outstanding | $ | 1,423,750 | $ | 755,502 | $ | 1,489,070 | $ | 755,502 | |||||||||
-1 | The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold. | ||||||||||||||||
-2 | Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $1.9 million and $5.0 million during the quarter and nine months ended September 30, 2013, respectively, and $1.1 million and $2.1 million during the quarter and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Summary of Maturities of Outstanding Advances under Repurchase Agreements by Maturity Date | ' | ||||||||||||||||
Following is a summary of maturities of outstanding advances under repurchase agreements by maturity date: | |||||||||||||||||
Remaining maturity at September 30, 2013 | Balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Within 30 days | $ | 56,482 | |||||||||||||||
Over 30 to 90 days | 591,307 | ||||||||||||||||
Over 90 days to 180 days | 22,522 | ||||||||||||||||
Over 180 days to 1 year | — | ||||||||||||||||
$ | 670,311 | ||||||||||||||||
Weighted average maturity (in months) | 2.5 | ||||||||||||||||
Amount at Risk Relating to Loans Acquired for Sale Sold under Agreements to Repurchase by Counterparty | ' | ||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s mortgage loans acquired for sale sold under agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Weighted-average | Facility maturity | ||||||||||||||
risk | repurchase agreement | ||||||||||||||||
maturity | |||||||||||||||||
(in thousands) | |||||||||||||||||
Citibank | $ | 8,181 | October 31, 2019 | July 24, 2014 | |||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 31,427 | December 25, 2013 | October 31, 2014(1) | |||||||||||||
Bank of America, N.A. | $ | 20,495 | 21-Dec-13 | 2-Jan-14 | |||||||||||||
Morgan Stanley Bank, N.A. | $ | 2,972 | November 25, 2013 | November 19, 2013 | |||||||||||||
-1 | The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination. |
Mortgage_Loans_at_Fair_Value_S1
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to Mortgage Loans at Fair Value | ' | ||||||||||||||||
Following is a summary of financial information relating to mortgage loans and mortgage loans at fair value held by variable interest entity sold under agreements to repurchase: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 1,091,487 | $ | 274,185 | $ | 1,091,487 | $ | 274,185 | |||||||||
Unused amount(1) | $ | 287,163 | $ | 375,815 | $ | 287,163 | $ | 375,815 | |||||||||
Weighted-average interest rate | 4.11 | % | 3.88 | % | 4.11 | % | 3.88 | % | |||||||||
Fair value of mortgage loans at fair value and REO securing agreements to repurchase | $ | 2,116,823 | $ | 986,678 | $ | 2,116,823 | $ | 986,678 | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate(2) | 3.11 | % | 4.46 | % | 3.27 | % | 4.36 | % | |||||||||
Average balance of loans sold under agreements to repurchase | $ | 578,514 | $ | 333,216 | $ | 478,739 | $ | 313,726 | |||||||||
Total interest expense | $ | 5,216 | $ | 3,800 | $ | 13,559 | $ | 10,411 | |||||||||
Maximum daily amount outstanding | $ | 1,091,487 | $ | 439,976 | $ | 1,091,487 | $ | 439,976 | |||||||||
-1 | The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the collateral sold. | ||||||||||||||||
-2 | Weighted-average interest rate during the periods excludes the effect of amortization of debt issuance costs of $625,000 and $1.7 million during the quarter and nine months ended September 30, 2013, respectively, and $439,000 and $1.0 million during the quarter and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Summary of Maturities of Repurchase Agreements | ' | ||||||||||||||||
Following is a summary of maturities of repurchase agreements by maturity date: | |||||||||||||||||
Remaining Maturity at September 30, 2013 | Balance | ||||||||||||||||
(in thousands) | |||||||||||||||||
Within 30 days | $ | — | |||||||||||||||
Over 30 to 90 days | 293,772 | ||||||||||||||||
Over 90 days to 180 days | — | ||||||||||||||||
Over 180 days to 1 year | 797,715 | ||||||||||||||||
$ | 1,091,487 | ||||||||||||||||
Weighted average maturity (in months) | 8.3 | ||||||||||||||||
Summary of Amount of Risk Relating to Company's Mortgage Loans at Fair Value | ' | ||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s mortgage loans at fair value sold under agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Facility Maturity | |||||||||||||||
risk | |||||||||||||||||
(in thousands) | |||||||||||||||||
Citibank, N.A. | $ | 663,953 | July 24, 2014 | ||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 336,254 | October 31, 2014(1) | ||||||||||||||
Bank of America, N.A. | $ | 24,566 | October 30, 2013 | ||||||||||||||
-1 | The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination. |
Real_Estate_Acquired_in_Settle5
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to REO Financed under Agreements to Repurchase | ' | ||||||||||||||||
Following is a summary of financial information relating to REO financed under agreements to repurchase: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 22,228 | $ | 11,715 | $ | 22,228 | $ | 11,715 | |||||||||
Unused amount(1) | $ | — | $ | 88,285 | $ | — | $ | 88,285 | |||||||||
Weighted-average interest rate | 3.68 | % | 3.96 | % | 3.68 | % | 3.96 | % | |||||||||
Fair value of loans and REO held in a consolidated subsidiary whose stock is pledged to secure agreements to repurchase | $ | 50,796 | $ | 24,148 | $ | 50,796 | $ | 24,148 | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate(2) | 3.78 | % | 4.25 | % | 3.9 | % | 4.21 | % | |||||||||
Average balance of REO sold under agreements to repurchase | $ | 16,720 | $ | 15,461 | $ | 9,058 | $ | 19,139 | |||||||||
Total interest expense | $ | 286 | $ | 293 | $ | 269 | $ | 989 | |||||||||
Maximum daily amount outstanding | $ | 23,867 | $ | 19,909 | $ | 23,867 | $ | 27,494 | |||||||||
-1 | The amount the Company is able to borrow under repurchase agreements is subject to a sublimit of the commitment amount available pursuant to the repurchase facility for mortgage loans at fair value. The facility is tied to the fair value of unencumbered REO eligible for contribution to a subsidiary, the stock of which is pledged to secure those agreements, and the Company’s ability to fund the agreements’ margin requirements relating to the collateral so contributed. | ||||||||||||||||
-2 | Weighted-average interest rate during the period excludes the effect of amortization of debt issuance costs of $125,000 and $375,000 during the quarter and nine months ended September 30, 2013, respectively, and $41,667 and $41,667 during the quarter and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Summary of Amount of Risk Relating to Company's REO Held in Consolidated Subsidiary | ' | ||||||||||||||||
The amount at risk (the fair value of the assets pledged plus the related margin deposit, less the amount advanced by the counterparty and interest payable) relating to the Company’s REO held in a consolidated subsidiary, whose stock is pledged to secure agreements to repurchase is summarized by counterparty below as of September 30, 2013: | |||||||||||||||||
Counterparty | Amount at | Facility Maturity | |||||||||||||||
risk | |||||||||||||||||
(in thousands) | |||||||||||||||||
Credit Suisse First Boston Mortgage Capital LLC | $ | 29,857 | October 31, 2014(1) | ||||||||||||||
-1 | The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination. |
AssetBacked_Secured_Financing_
Asset-Backed Secured Financing (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to Asset-Backed Secured Financing | ' | ||||||||||||||||
Following is a summary of financial information relating to the asset-backed secured financing: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 170,008 | $ | — | $ | 170,008 | $ | — | |||||||||
Weighted-average interest rate | 3.5 | % | — | 3.5 | % | — | |||||||||||
During the period: | |||||||||||||||||
Average balance | $ | 1,853 | $ | — | $ | 625 | $ | — | |||||||||
Maximum daily amount outstanding | $ | 170,008 | $ | — | $ | 170,008 | $ | — | |||||||||
Interest expense | $ | — | $ | — | $ | — | $ | — |
Exchangeable_Senior_Notes_Tabl
Exchangeable Senior Notes (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Related to Notes | ' | ||||||||||||||||
Following is financial information relating to the Notes: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 250,000 | $ | — | $ | 250,000 | $ | — | |||||||||
Weighted-average interest rate | 5.38 | % | — | 5.38 | % | — | |||||||||||
During the period: | |||||||||||||||||
Average balance | $ | 250,000 | $ | — | $ | 141,026 | $ | — | |||||||||
Maximum daily amount outstanding | $ | 250,000 | $ | — | $ | 250,000 | $ | — | |||||||||
Interest expense(1) | $ | 3,577 | $ | — | $ | 5,961 | $ | — | |||||||||
-1 | Total interest expense includes amortization of debt issuance costs of $218,000 and $362,000 during the quarter and nine months ended September 30, 2013. Unamortized debt issuance costs totaled $7.1 million at September 30, 2013. |
Borrowings_under_Forward_Purch1
Borrowings under Forward Purchase Agreements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements | ' | ||||||||||||||||
Following is a summary of financial information relating to borrowings under forward purchase agreements: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||
Period end: | |||||||||||||||||
Balance | $ | 229,841 | $ | — | $ | 229,841 | $ | — | |||||||||
Weighted-average interest rate | 3.03 | % | — | 3.03 | % | — | |||||||||||
Fair value of underlying loans and REO | $ | 231,595 | $ | — | $ | 231,595 | $ | — | |||||||||
During the period: | |||||||||||||||||
Weighted-average interest rate | 2.96 | % | 4 | % | 2.97 | % | 4.01 | % | |||||||||
Average balance | $ | 232,722 | $ | 9,787 | $ | 89,459 | $ | 78,435 | |||||||||
Interest expense | $ | 1,762 | $ | 100 | $ | 2,013 | $ | 2,396 | |||||||||
Maximum daily amount outstanding | $ | 242,394 | $ | 16,693 | $ | 244,047 | $ | 152,428 |
Liability_for_Losses_under_Rep1
Liability for Losses under Representations and Warranties (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Companys Liability for Losses under Representations and Warranties | ' | ||||||||||||||||
Following is a summary of the Company’s Liability for losses under representations and warranties in the consolidated balance sheets for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance, beginning of period | $ | 7,668 | $ | 1,249 | $ | 4,441 | $ | 205 | |||||||||
Provisions for losses | 1,474 | 1,129 | 4,701 | 2,173 | |||||||||||||
Incurred losses | — | — | — | — | |||||||||||||
Balance, end of period | $ | 9,142 | $ | 2,378 | $ | 9,142 | $ | 2,378 | |||||||||
Summary of Companys Repurchase Activity | ' | ||||||||||||||||
Following is a summary of the Company’s repurchase activity for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
During the period: | |||||||||||||||||
Unpaid balance of mortgage loans repurchased | $ | 5,687 | $ | 416 | $ | 6,895 | $ | 416 | |||||||||
Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders | $ | 967 | $ | — | $ | 1,891 | $ | — | |||||||||
At period end: | |||||||||||||||||
Unpaid balance of mortgage loans subject to pending claims for repurchase | $ | 9,415 | $ | 1,547 | $ | 9,415 | $ | 1,547 | |||||||||
Unpaid principal balance of mortgage loans subject to representations and warranties | $ | 23,531,815 | $ | 6,256,017 | $ | 23,531,815 | $ | 6,256,017 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Company's Outstanding Contractual Loan Commitments | ' | ||||
The following table summarizes the Company’s outstanding contractual loan commitments: | |||||
September 30, | |||||
2013 | |||||
(in thousands) | |||||
Commitments to purchase mortgage loans: | |||||
Correspondent lending | $ | 641,971 | |||
Other mortgage loans | $ | 316,764 |
Net_Gain_on_Mortgage_Loans_Acq1
Net Gain on Mortgage Loans Acquired For Sale (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Net Gain on Mortgage Loans Acquired for Sale | ' | ||||||||||||||||
Net gain on mortgage loans acquired for sale is summarized below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Cash gain (loss): | |||||||||||||||||
Sales proceeds | $ | (108,960 | ) | $ | 10,360 | $ | (207,912 | ) | $ | 10,677 | |||||||
Hedging activities | 114,404 | (17,897 | ) | 160,109 | (28,720 | ) | |||||||||||
5,444 | (7,537 | ) | (47,803 | ) | (18,043 | ) | |||||||||||
Non cash gain: | |||||||||||||||||
Receipt of MSRs in loan sale transactions | 48,957 | 36,760 | 156,229 | 66,648 | |||||||||||||
Provision for losses relating to representations and warranties provided in loan sales | (1,474 | ) | (1,129 | ) | (4,701 | ) | (2,173 | ) | |||||||||
Change in fair value relating to loans and hedging derivatives held at period-end: | |||||||||||||||||
IRLCs | 28,413 | 27,102 | (8,033 | ) | 34,263 | ||||||||||||
Mortgage loans | 48,206 | 23,004 | 11,211 | 34,457 | |||||||||||||
Hedging derivatives | (118,515 | ) | (28,407 | ) | (22,155 | ) | (33,942 | ) | |||||||||
$ | 11,031 | $ | 49,793 | $ | 84,748 | $ | 81,210 | ||||||||||
Net_Interest_Income_Tables
Net Interest Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||||||
Summary of Net Interest Income | ' | ||||||||||||||||
Net interest income is summarized for the periods presented below: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Interest income: | |||||||||||||||||
Mortgage loans acquired for sale at fair value | 12,535 | 6,144 | 28,150 | 12,092 | |||||||||||||
Short-term investments | 252 | 13 | 340 | 32 | |||||||||||||
Mortgage-backed securities | 345 | 502 | 345 | 2,087 | |||||||||||||
Agency debt securities | 162 | — | 162 | — | |||||||||||||
Mortgage loans at fair value | 20,751 | 12,889 | 48,300 | 36,855 | |||||||||||||
Mortgage loans at fair value held by variable interest entity | — | — | — | — | |||||||||||||
Mortgage loans under forward purchase agreements | 1,197 | 146 | 1,457 | 996 | |||||||||||||
Excess servicing spread | — | — | — | — | |||||||||||||
Other | 36 | 36 | 196 | 95 | |||||||||||||
35,278 | 19,730 | 78,950 | 52,157 | ||||||||||||||
Interest expense | |||||||||||||||||
Assets sold under agreements to repurchase | 13,464 | 8,182 | 34,990 | 19,150 | |||||||||||||
Borrowings under forward purchase agreements | 1,762 | 100 | 2,013 | 2,396 | |||||||||||||
Asset-backed secured financing | — | — | — | — | |||||||||||||
Exchangeable senior notes | 3,577 | — | 5,961 | — | |||||||||||||
Note payable secured by mortgage loans at fair value | — | — | — | 113 | |||||||||||||
Other | 694 | — | 1,913 | — | |||||||||||||
19,497 | 8,282 | 44,877 | 21,659 | ||||||||||||||
Net interest income | $ | 15,781 | $ | 11,448 | $ | 34,073 | $ | 30,498 | |||||||||
ShareBased_Compensation_Plans_
Share-Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Restricted Share Unit Activity and Compensation Expense | ' | ||||||||||||||||
The table below summarizes restricted share unit activity and compensation expense for the periods presented: | |||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Number of units: | |||||||||||||||||
Outstanding at beginning of period | 740,858 | 751,489 | 665,617 | 491,809 | |||||||||||||
Granted | 4,781 | — | 255,445 | 350,000 | |||||||||||||
Vested | (75,830 | ) | (74,077 | ) | (248,753 | ) | (161,726 | ) | |||||||||
Canceled | (3,681 | ) | (11,770 | ) | (6,181 | ) | (14,441 | ) | |||||||||
Outstanding at end of period | 666,128 | 665,642 | 666,128 | 665,642 | |||||||||||||
Weighted Average Grant Date Fair Value: | |||||||||||||||||
Outstanding at beginning of period | $ | 18.25 | $ | 14.96 | $ | 15.92 | $ | 12.57 | |||||||||
Granted | $ | 23.91 | $ | — | $ | 23.91 | $ | 18.91 | |||||||||
Vested | $ | 3.21 | $ | 6.1 | $ | 13.2 | $ | 12.15 | |||||||||
Expired or canceled | $ | 23.63 | $ | 17.11 | $ | 20.06 | $ | 16.91 | |||||||||
Outstanding at end of period | $ | 19.97 | $ | 15.92 | $ | 19.97 | $ | 15.92 | |||||||||
Compensation expense recorded during the period | $ | 1,970,000 | $ | 1,661,000 | $ | 5,003,000 | $ | 4,210,000 | |||||||||
Period end: | |||||||||||||||||
Units available for future awards(1) | 5,024,000 | 4,014,000 | 5,024,000 | 4,014,000 | |||||||||||||
Unamortized compensation cost | $ | 6,861,000 | $ | 6,823,000 | $ | 6,861,000 | $ | 6,823,000 | |||||||||
-1 | Based on shares outstanding as of September 30, 2013. Total units available for future awards may be adjusted in accordance with the equity incentive plan based on future issuances of PMT’s shares as described above. |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Company's Income Tax Expense (Benefit) | ' | ||||||||||||||||||||||||||||||||
The following table details the Company’s income tax expense (benefit) which relates primarily to the TRSs for the periods presented: | |||||||||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Current (benefit) expense: | |||||||||||||||||||||||||||||||||
Federal | $ | 3,505 | $ | 4,199 | $ | (7,241 | ) | $ | 7,005 | ||||||||||||||||||||||||
State | 1,753 | 1,459 | (1,202 | ) | 2,434 | ||||||||||||||||||||||||||||
Total current expense | 5,258 | 5,658 | (8,443 | ) | 9,439 | ||||||||||||||||||||||||||||
Deferred (benefit) expense: | |||||||||||||||||||||||||||||||||
Federal | (6,135 | ) | 9,594 | 16,456 | 17,122 | ||||||||||||||||||||||||||||
State | (2,762 | ) | 3,333 | 4,399 | 5,947 | ||||||||||||||||||||||||||||
Total deferred expense | (8,897 | ) | 12,927 | 20,855 | 23,069 | ||||||||||||||||||||||||||||
Total (benefit) provision for income taxes | $ | (3,639 | ) | $ | 18,585 | $ | 12,412 | $ | 32,508 | ||||||||||||||||||||||||
Reconciliation of Company's Provision for Income Taxes | ' | ||||||||||||||||||||||||||||||||
The following table is a reconciliation of the Company’s provision for income taxes at statutory rates to the provision for income taxes at the Company’s effective rate for the periods presented: | |||||||||||||||||||||||||||||||||
Quarter ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Amount | Rate | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||
Federal income tax expense at statutory tax rate | $ | 12,622 | 35 | % | $ | 20,639 | 35 | % | $ | 55,967 | 35 | % | $ | 42,532 | 35 | % | |||||||||||||||||
Effect of non-taxable REIT income | (16,707 | ) | (46.3 | )% | (5,168 | ) | (8.8 | )% | (46,905 | ) | (29.3 | )% | (15,460 | ) | (12.7 | )% | |||||||||||||||||
State income taxes, net of federal benefit | (655 | ) | (1.9 | )% | 3,114 | 5.3 | % | 2,079 | 1.3 | % | 5,448 | 4.5 | % | ||||||||||||||||||||
Other | 1,101 | 3.1 | % | — | 0 | % | 1,271 | 0.8 | % | (12 | ) | 0 | % | ||||||||||||||||||||
Valuation allowance | — | 0 | % | — | 0 | % | — | 0 | % | — | 0 | % | |||||||||||||||||||||
Provision for income taxes | $ | (3,639 | ) | (10.1 | )% | $ | 18,585 | 31.5 | % | $ | 12,412 | 7.8 | % | $ | 32,508 | 26.8 | % | ||||||||||||||||
Components of Provision for Deferred Income Taxes | ' | ||||||||||||||||||||||||||||||||
The Company’s components of the provision for deferred income taxes are as follows: | |||||||||||||||||||||||||||||||||
Quarter ended | Nine months ended | ||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Real estate valuation loss | $ | (143 | ) | $ | (193 | ) | $ | 655 | $ | (869 | ) | ||||||||||||||||||||||
Mortgage servicing rights | 17,194 | 13,594 | 56,993 | 24,851 | |||||||||||||||||||||||||||||
Net operating loss carryforward | (25,283 | ) | — | (34,770 | ) | — | |||||||||||||||||||||||||||
Other | (665 | ) | (474 | ) | (2,023 | ) | (913 | ) | |||||||||||||||||||||||||
Valuation allowance | — | — | — | — | |||||||||||||||||||||||||||||
Total provision for deferred income taxes | $ | (8,897 | ) | $ | 12,927 | $ | 20,855 | $ | 23,069 | ||||||||||||||||||||||||
Components of Income Taxes Payable | ' | ||||||||||||||||||||||||||||||||
The components of income taxes payable are as follows: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Taxes currently receivable | $ | 7,706 | $ | 5,374 | |||||||||||||||||||||||||||||
Deferred income taxes payable | (62,546 | ) | (41,690 | ) | |||||||||||||||||||||||||||||
Income taxes payable | $ | (54,840 | ) | $ | (36,316 | ) | |||||||||||||||||||||||||||
Summary of Deferred Income Tax Assets and Liabilities | ' | ||||||||||||||||||||||||||||||||
The tax effects of temporary differences that gave rise to deferred income tax assets and liabilities are presented below: | |||||||||||||||||||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Deferred income tax assets: | |||||||||||||||||||||||||||||||||
REO valuation loss | $ | 7,744 | $ | 8,399 | |||||||||||||||||||||||||||||
Net operating loss carryforward | 34,770 | — | |||||||||||||||||||||||||||||||
Other | 3,889 | 1,867 | |||||||||||||||||||||||||||||||
Gross deferred tax assets | 46,403 | 10,266 | |||||||||||||||||||||||||||||||
Deferred income tax liabilities: | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | (108,949 | ) | (51,956 | ) | |||||||||||||||||||||||||||||
Gross deferred tax liabilities | (108,949 | ) | (51,956 | ) | |||||||||||||||||||||||||||||
Net deferred income tax liability | $ | (62,546 | ) | $ | (41,690 | ) | |||||||||||||||||||||||||||
Segments_and_Related_Informati1
Segments and Related Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Financial Highlights by Operating Segment | ' | ||||||||||||||||
Financial highlights by operating segment are summarized below: | |||||||||||||||||
Quarter ended September 30, 2013 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 11,031 | $ | — | $ | — | $ | 11,031 | |||||||||
Net gain on investments | — | 49,086 | — | 49,086 | |||||||||||||
Interest income | 12,536 | 25,316 | (2,574 | ) | 35,278 | ||||||||||||
Interest expense | (9,171 | ) | (12,900 | ) | 2,574 | (19,497 | ) | ||||||||||
3,365 | 12,416 | — | 15,781 | ||||||||||||||
Other | 4,490 | 5,674 | — | 10,164 | |||||||||||||
18,886 | 67,176 | — | 86,062 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc. | 18,968 | 18,636 | — | 37,604 | |||||||||||||
Other | 211 | 12,185 | — | 12,396 | |||||||||||||
19,179 | 30,821 | — | 50,000 | ||||||||||||||
Pre-tax income | $ | (293 | ) | $ | 36,355 | $ | — | $ | 36,062 | ||||||||
Total assets at period end | $ | 760,611 | $ | 3,490,632 | $ | (2,012 | ) | $ | 4,249,231 | ||||||||
Quarter ended September 30, 2012 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 49,793 | $ | — | $ | — | $ | 49,793 | |||||||||
Net gain on investments | — | 26,061 | — | 26,061 | |||||||||||||
Interest income | 6,159 | 13,586 | (15 | ) | 19,730 | ||||||||||||
Interest expense | (3,366 | ) | (4,931 | ) | 15 | (8,282 | ) | ||||||||||
2,793 | 8,655 | — | 11,448 | ||||||||||||||
Other | 2,837 | 775 | — | 3,612 | |||||||||||||
55,423 | 35,491 | — | 90,914 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc. | 17,847 | 7,683 | — | 25,530 | |||||||||||||
Other | 772 | 5,643 | — | 6,415 | |||||||||||||
18,619 | 13,326 | — | 31,945 | ||||||||||||||
Pre-tax net income | $ | 36,804 | $ | 22,165 | $ | — | $ | 58,969 | |||||||||
Total assets at period end | $ | 911,998 | $ | 1,425,887 | $ | (9,160 | ) | $ | 2,328,725 | ||||||||
Nine months ended September 30, 2013 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 84,748 | $ | — | $ | — | $ | 84,748 | |||||||||
Net gain on investments | — | 159,900 | — | 159,900 | |||||||||||||
Interest income | 28,151 | 55,168 | (4,369 | ) | 78,950 | ||||||||||||
Interest expense | (22,354 | ) | (26,892 | ) | 4,369 | (44,877 | ) | ||||||||||
5,797 | 28,276 | — | 34,073 | ||||||||||||||
Other | 14,715 | 15,995 | — | 30,710 | |||||||||||||
105,260 | 204,171 | — | 309,431 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 67,138 | 48,940 | 3,284 | (1) | 119,362 | ||||||||||||
Other | 485 | 29,678 | — | 30,163 | |||||||||||||
67,623 | 78,618 | 3,284 | 149,525 | ||||||||||||||
Pre-tax income | $ | 37,637 | $ | 125,553 | $ | (3,284 | ) | $ | 159,906 | ||||||||
Total assets at period end | $ | 760,611 | $ | 3,490,632 | $ | (2,012 | ) | $ | 4,249,231 | ||||||||
-1 | Corporate absorption of fulfillment fees for transition adjustment related to the amended and restated management agreement effective February 1, 2013. | ||||||||||||||||
Nine months ended September 30, 2012 | Correspondent | Investment | Intersegment | Total | |||||||||||||
lending | activities | elimination | |||||||||||||||
& other | |||||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
External | |||||||||||||||||
Net gain on mortgage loans acquired for sale | $ | 81,210 | $ | — | $ | — | $ | 81,210 | |||||||||
Net gain on investments | — | 65,541 | — | 65,541 | |||||||||||||
Interest income | 12,129 | 40,116 | (88 | ) | 52,157 | ||||||||||||
Interest expense | (5,998 | ) | (15,749 | ) | 88 | (21,659 | ) | ||||||||||
6,131 | 24,367 | — | 30,498 | ||||||||||||||
Other | 4,880 | 6,463 | — | 11,343 | |||||||||||||
92,221 | 96,371 | — | 188,592 | ||||||||||||||
Expenses: | |||||||||||||||||
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 32,100 | 20,124 | — | 52,224 | |||||||||||||
Other | 596 | 14,253 | — | 14,849 | |||||||||||||
32,696 | 34,377 | — | 67,073 | ||||||||||||||
Pre-tax net income | $ | 59,525 | $ | 61,994 | $ | — | $ | 121,519 | |||||||||
Total assets at period end | $ | 911,998 | $ | 1,425,887 | $ | (9,160 | ) | $ | 2,328,725 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Summary of Supplemental Cash Flow Information | ' | ||||||||
Nine months ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Cash paid for interest | $ | 58,290 | $ | 21,952 | |||||
Income tax (refund) payment | $ | (6,137 | ) | $ | 9,345 | ||||
Non-cash investing activities: | |||||||||
Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity | $ | 536,776 | $ | — | |||||
Transfer of mortgage loans to REO | $ | 116,957 | $ | 82,404 | |||||
Transfer of mortgage loans acquired for sale to mortgage loans at fair value | $ | — | $ | 18 | |||||
Purchase of mortgage loans financed through forward purchase agreements | $ | 245,389 | $ | 1,070 | |||||
Transfer of mortgage loans under forward purchase agreements to mortgage loans, at fair value | $ | 13,018 | $ | 117,913 | |||||
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements | $ | 3,604 | $ | 6,633 | |||||
Receipt of MSRs as proceeds from sales of loans | $ | 156,229 | $ | 66,648 | |||||
Purchase of REO financed through forward purchase agreements | $ | 3,604 | $ | 248 | |||||
Transfer of REO under forward purchase agreements to REO | $ | 114 | $ | 21,819 | |||||
Non-cash financing activities: | |||||||||
Purchase of mortgage loans financed through forward purchase agreements | $ | 245,389 | $ | 1,070 | |||||
Purchase of REO financed through forward purchase agreements | $ | 3,604 | $ | 248 | |||||
Transfer of note payable secured by mortgage loans to mortgage loans sold under agreements to repurchase | $ | — | $ | 26,573 | |||||
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase | $ | 25,141 | $ | — |
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | ' |
Number of business segment | 2 |
Percentage of taxable income for distributions | 90.00% |
Citigroup Global Markets Realty Corp [Member] | ' |
Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Line Items] | ' |
Number of consolidates VIE | 2 |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation - Summary of Reclassifications of Previously Presented Balances (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net interest income (new caption): | ' | ' | ' | ' |
Interest income | $35,278 | $19,730 | $78,950 | $52,157 |
Interest expense | 19,497 | 8,282 | 44,877 | 21,659 |
Net interest income | 15,781 | 11,448 | 34,073 | 30,498 |
Net investment income | 86,062 | 90,914 | 309,431 | 188,592 |
Expenses: | ' | ' | ' | ' |
Interest expense | 19,497 | 8,282 | 44,877 | 21,659 |
Loan servicing fees payable to PennyMac Financial Services, Inc. | 10,738 | 4,600 | 27,251 | 13,163 |
Other | 7,955 | 2,725 | 18,472 | 6,486 |
Total expenses | 50,000 | 31,945 | 149,525 | 67,073 |
As Reported [Member] | ' | ' | ' | ' |
Net interest income (new caption): | ' | ' | ' | ' |
Interest income | ' | 19,730 | ' | 52,157 |
Interest expense | ' | 8,282 | ' | 21,659 |
Net interest income | ' | 11,448 | ' | 30,498 |
Net investment income | ' | 90,914 | ' | 188,592 |
Expenses: | ' | ' | ' | ' |
Interest expense | ' | 8,282 | ' | 21,659 |
Loan servicing fees payable to PennyMac Financial Services, Inc. | ' | 4,600 | ' | 13,163 |
Other | ' | 2,725 | ' | 6,486 |
Total expenses | ' | 31,945 | ' | 67,073 |
As previously reported [Member] | ' | ' | ' | ' |
Net interest income (new caption): | ' | ' | ' | ' |
Interest income | ' | 19,730 | ' | 52,157 |
Interest expense | ' | 8,282 | ' | 21,659 |
Net investment income | ' | 99,196 | ' | 210,251 |
Expenses: | ' | ' | ' | ' |
Interest expense | ' | 8,282 | ' | 21,659 |
Loan servicing fees payable to PennyMac Financial Services, Inc. | ' | 5,208 | ' | 15,180 |
Other | ' | 2,117 | ' | 4,469 |
Total expenses | ' | 40,227 | ' | 88,732 |
Reclassification [Member] | ' | ' | ' | ' |
Net interest income (new caption): | ' | ' | ' | ' |
Interest expense | ' | 8,282 | ' | 21,659 |
Net interest income | ' | 8,282 | ' | 21,659 |
Net investment income | ' | -8,282 | ' | -21,659 |
Expenses: | ' | ' | ' | ' |
Interest expense | ' | 8,282 | ' | 21,659 |
Loan servicing fees payable to PennyMac Financial Services, Inc. | ' | -608 | ' | -2,017 |
Other | ' | 608 | ' | 2,017 |
Total expenses | ' | $8,282 | ' | ($21,659) |
Concentration_of_Risks_Fair_Va
Concentration of Risks - Fair Value of Mortgage Loans and REO Purchased (Including Purchases under Forward Purchase Agreements) for Investment Portfolio and Portion Representing Assets Purchased (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investment portfolio purchases: | ' | ' | ' | ' |
Investment portfolio purchases, Loans | $580,822 | $150,778 | $1,024,404 | $412,438 |
Investment portfolio purchases, REO | 3,597 | ' | 3,686 | 296 |
Investment portfolio purchases, total | 584,419 | 150,778 | 1,028,090 | 412,734 |
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc.: | ' | ' | ' | ' |
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. Loans | ' | 150,778 | 443,183 | 411,373 |
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. REO | 3,597 | ' | 3,686 | 248 |
Investment portfolio purchases above through one or more subsidiaries of Citigroup, Inc. total | $3,597 | $150,778 | $446,869 | $411,621 |
Concentration_of_Risks_Consoli
Concentration of Risks - Consolidated Statements of Income and Cash Flows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of income: | ' | ' | ' | ' |
Net gain on mortgage loans | $8,378 | $105 | $7,688 | $9,293 |
Interest income on mortgage loans | 1,196 | 146 | 1,457 | 996 |
Results of REO | -41 | -4 | -41 | 1,870 |
Interest expense | 1,763 | 100 | 2,013 | 2,396 |
Loan servicing fees | ' | 51 | ' | 1,011 |
Statement of cash flows: | ' | ' | ' | ' |
Repayments of mortgage loans | 8,000 | 252 | 8,000 | 14,292 |
Sales of REO | 65 | ' | 65 | 9,912 |
Repayments of borrowings under forward purchase agreements | ($18,618) | ($16,859) | ($18,618) | ($157,166) |
Transactions_with_Related_Part2
Transactions with Related Parties - Additional Information (Detail) (USD $) | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | Feb. 01, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Feb. 01, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Conventional mortgage loan [Member] | Ginnie Mae Mortgage-Backed Securities [Member] | Other mortgage loans [Member] | Whole loans [Member] | Delinquent and foreclosure [Member] | Subserviced loan [Member] | Fixed-Rate Mortgage Loans [Member] | Adjustable rate mortgage loans [Member] | Mortgage banking services [Member] | Warehouse services [Member] | Mortgage banking and warehouse services agreement [Member] | Mortgage servicing rights [Member] | Management [Member] | Management [Member] | Management [Member] | IPO underwriters [Member] | IPO underwriters [Member] | IPO underwriters [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | 1.5% per annum of stockholders equity [Member] | 1.5% per annum of stockholders equity [Member] | 1.375% per annum of stockholders equity [Member] | 1.375% per annum of stockholders equity [Member] | 1.375% per annum of stockholders equity [Member] | 1.25% per annum of stockholders equity [Member] | 1.25% per annum of stockholders equity [Member] | Net income exceeds 10% [Member] | Net income exceeds 10% [Member] | Net income exceeds 15% [Member] | Net income exceeds 15% [Member] | Net income exceeds 20% [Member] | Net income exceeds 20% [Member] | ||||
Subserviced loan [Member] | Subserviced loan [Member] | Home Affordable Refinance Program [Member] | Management [Member] | IPO underwriters [Member] | Home Affordable Refinance Program [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance incentive fee | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee annual rate | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | 1.38% | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' |
Hurdle rate | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base management fee shareholders' equity limit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000,000 | ' | $5,000,000,000 | $2,000,000,000 | ' | $5,000,000,000 | ' | ' | ' | ' | ' | ' |
Performance incentive fee description | 'The performance incentive fee is calculated quarterly and is equal to: (a) 10% of the amount by which net income for the quarter exceeds (i) an 8% return on equity plus the high watermark, up to (ii) a 12% return on equity; plus (b) 15% of the amount by which net income for the quarter exceeds (i) a 12% return on equity plus the high watermark, up to (ii) a 16% return on equity; plus (c) 20% of the amount by which net income for the quarter exceeds a 16% return on equity plus the high watermark. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net income for calculation of performance incentive fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | 15.00% | ' | 20.00% | ' |
Percentage of return on equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 8.00% | 16.00% | 12.00% | ' | 16.00% |
Percentage of change in net income due to quarterly adjustments | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of performance incentive fee paid in Company's common shares | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans at fair value minimum service fee rate paid to affiliate | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans at fair value maximum service fee rate paid to affiliate | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base servicing fees per month | ' | ' | ' | ' | ' | ' | 30 | 125 | ' | 7.5 | 8.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional servicing fees per loan per month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental fee received per month | ' | ' | ' | ' | ' | ' | 25 | ' | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Services agreement expiry date | 1-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-17 | 1-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewal period of servicing agreement | '18-month periods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18-months | '18-month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis point for fulfillment fee | 0.50% | ' | ' | 0.50% | 0.88% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' | ' | ' | 0.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan-to-value ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.00% | ' | ' | ' | 105.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income and sourcing fee | 0.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate unpaid principal balance of mortgage loans purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000,000 | ' | ' | ' | 2,500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of fulfillment fees agreed to reimburse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | ' | ' | ' | 0.03% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan fees per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan fees per loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of aggregate unpaid principal balance of loans | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum aggregate MSRs transferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PMT agreed to reimburse PCM for a payment | ' | 2,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate during reimbursement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'At a rate of $10 in reimbursement for every $100 of performance incentive fees earned | ' | ' | 'At a rate of $20 of payments for every $100 of performance incentive fees earned by PCM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum reimbursement amount for a year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum reimbursement amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance incentive fees payable | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of contingent underwriting fee to manager | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,000 | 601,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of contingent underwriting fees to underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 776,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of performance incentive fees for every targeted performance earned | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance incentive fees paid | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement agreement expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'February 1, 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts due from affiliates | $113,000 | ' | $4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares held by affiliate | 75,000 | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transactions_with_Related_Part3
Transactions with Related Parties - Summary of Management Fee Expense and Related Liability (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' |
Base management fee | $5,104 | $3,672 | $14,043 | $7,964 |
Performance incentive fee | 3,435 | ' | 9,443 | ' |
Total management fee incurred during the period | $8,539 | $3,672 | $23,486 | $7,964 |
Transactions_with_Related_Part4
Transactions with Related Parties - Summary of Mortgage Loan Servicing Fees Payable (Detail) (PLS [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' | ' | ' |
Loan servicing fees to PLS | $10,738 | $4,600 | $27,251 | $13,163 |
Base [Member] | ' | ' | ' | ' |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' | ' | ' |
Loan servicing fees to PLS | 7,139 | 3,518 | 19,005 | 9,656 |
Activity-based [Member] | ' | ' | ' | ' |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' | ' | ' |
Loan servicing fees to PLS | $3,599 | $1,082 | $8,246 | $3,507 |
Transactions_with_Related_Part5
Transactions with Related Parties - Summary of Corresponding Lending Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate [Abstract] | ' | ' | ' | ' |
Sourcing fees received | $1,204 | $747 | $3,563 | $1,448 |
Fulfillment fees expense | 18,327 | 17,258 | 68,625 | 31,097 |
Unpaid principal balance of loans fulfilled | 3,681,771 | 2,488,443 | 12,792,482 | 4,828,117 |
Fair value of loans sold to PLS | 4,147,535 | 2,650,097 | 12,429,698 | 5,108,340 |
At period end: | ' | ' | ' | ' |
Mortgage loans included in mortgage loans acquired for sale pending sale to PLS at period end | $273,007 | $194,055 | $273,007 | $194,055 |
Transactions_with_Related_Part6
Transactions with Related Parties - Summary of Expenses (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Related Party Transactions [Abstract] | ' | ' | ' | ' |
Reimbursement of expenses incurred on PMT's behalf | $1,934 | $555 | $3,767 | $2,420 |
Reimbursement of common overhead incurred by PCM and its affiliates | 2,552 | 1,244 | 8,359 | 2,474 |
Total expenses incurred in transaction with affiliates | 4,486 | 1,799 | 12,126 | 4,894 |
Payments and settlements during the period | $29,315 | $12,239 | $94,606 | $28,896 |
Transactions_with_Related_Part7
Transactions with Related Parties - Summary of Amounts Due to Affiliates (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Underwriting fees payable | $2,131 | $2,941 |
Management fees | 8,539 | 4,499 |
Servicing fees | 5,152 | 3,670 |
Allocated expenses | 4,208 | 1,106 |
Total expense due to affiliate | $20,030 | $12,216 |
Earnings_Per_Share_Summary_of_
Earnings Per Share - Summary of Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic earnings per share: | ' | ' | ' | ' |
Net income | $39,701 | $40,384 | $147,494 | $89,011 |
Effect of participating securities-share-based compensation instruments | -374 | -528 | -1,656 | -947 |
Net income attributable to common shareholders | 39,327 | 39,856 | 145,838 | 88,064 |
Weighted-average shares outstanding | 64,405 | 49,078 | 60,809 | 38,398 |
Basic earnings per share | $0.61 | $0.81 | $2.40 | $2.29 |
Diluted earnings per share: | ' | ' | ' | ' |
Net income | 39,701 | 40,384 | 147,494 | 89,011 |
Interest on exchangeable senior notes, net of income taxes | 2,075 | ' | 3,457 | ' |
Net income available to diluted shareholders | $41,776 | $40,384 | $150,951 | $89,011 |
Weighted-average shares outstanding | 64,405 | 49,078 | 60,809 | 38,398 |
Dilutive potential common shares: | ' | ' | ' | ' |
Shares issuable pursuant to conversion of exchangeable senior notes | 8,379 | ' | 4,726 | ' |
Shares issuable under share-based compensation plan | 337 | 385 | 363 | 314 |
Diluted weighted-average number of common shares outstanding | 73,121 | 49,463 | 65,898 | 38,712 |
Diluted earnings per common share | $0.57 | $0.81 | $2.29 | $2.29 |
Loan_Sales_and_Variable_Intere2
Loan Sales and Variable Interest Entities - Summary of Cash Flows Between Company and Transferees Upon Sale of Loans in Transactions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows: | ' | ' | ' | ' |
Proceeds from sales | $4,185,247 | $3,573,762 | $13,229,726 | $6,254,411 |
Service fees received | 26,204 | 3,933 | 64,881 | 6,294 |
Period-end information: | ' | ' | ' | ' |
Unpaid principal balance of loans outstanding | 23,717,643 | 6,064,614 | 23,717,643 | 6,064,614 |
Delinquencies: | ' | ' | ' | ' |
30-89 days | 50,746 | 19,508 | ' | ' |
90 or more days or in foreclosure or bankruptcy | $8,104 | ' | ' | ' |
Loan_Sales_and_Variable_Intere3
Loan Sales and Variable Interest Entities - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Statement Of Financial Position [Abstract] | ' |
Certificates issued | $537 |
Weighted yield | 3.90% |
Certificates retained | $366.80 |
Loan_Sales_and_Variable_Intere4
Loan Sales and Variable Interest Entities - Assets and Liabilities of Consolidated VIE (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Mortgage loans at fair value held by variable interest entity | $536,776 | ' |
Interest receivable | 6,022 | 3,029 |
Liabilities | ' | ' |
Asset-backed secured financing | 170,008 | ' |
Consolidated VIE [Member] | ' | ' |
Assets | ' | ' |
Mortgage loans at fair value held by variable interest entity | 536,776 | ' |
Interest receivable | 1,702 | ' |
Total | 538,478 | ' |
Liabilities | ' | ' |
Asset-backed secured financing | 170,008 | ' |
Interest payable | 492 | ' |
Total | $170,500 | ' |
Netting_of_Financial_Instrumen2
Netting of Financial Instruments - Summary of Offsetting of Derivative Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross amounts of recognized assets | $37,600 | $26,531 |
Gross amounts offset in the balance sheet | -19,185 | -2,825 |
Net amounts of assets presented in the balance sheet | 18,415 | 23,706 |
MBS put options [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized assets | 36 | 977 |
Net amounts of assets presented in the balance sheet | 36 | 977 |
Forward purchase contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized assets | 26,086 | 2,617 |
Net amounts of assets presented in the balance sheet | 26,086 | 2,617 |
Forward sales contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized assets | 2 | 3,458 |
Net amounts of assets presented in the balance sheet | 2 | 3,458 |
Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts offset in the balance sheet | -19,185 | -2,825 |
Net amounts of assets presented in the balance sheet | -19,185 | -2,825 |
Total derivatives, subject to a master netting arrangement [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized assets | 26,124 | 7,052 |
Gross amounts offset in the balance sheet | -19,185 | -2,825 |
Net amounts of assets presented in the balance sheet | 6,939 | 4,227 |
Total derivatives, not subject to a master netting arrangement [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized assets | 11,476 | 19,479 |
Net amounts of assets presented in the balance sheet | $11,476 | $19,479 |
Netting_of_Financial_Instrumen3
Netting of Financial Instruments - Summary of Derivative Assets and Collateral Held by Counterparty (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | $18,415 | $23,706 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | 18,415 | 23,706 |
Interest rate lock commitments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | 11,476 | 19,479 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | 11,476 | 19,479 |
Bank of America, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 1,219 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 1,219 |
Daiwa Capital Markets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | 2,376 | ' |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | 2,376 | ' |
Barclays [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 15 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 15 |
Citibank, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 1,009 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 1,009 |
Goldman Sachs [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | 1,246 | ' |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | 1,246 | ' |
Jefferies & Co [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 21 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 21 |
Credit Suisse First Boston Mortgage Capital LLC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 820 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 820 |
Morgan Stanley Bank, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 316 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 316 |
Wells Fargo [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | ' | 99 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | ' | 99 |
Cantor Fitzgerald LP [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | 924 | 581 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | 924 | 581 |
Other [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net amount of assets in the balance sheet | 2,393 | 147 |
Financial instruments | ' | ' |
Cash collateral received | ' | ' |
Net amount | $2,393 | $147 |
Netting_of_Financial_Instrumen4
Netting of Financial Instruments - Schedule of Offsetting of Derivative Liabilities and Financial Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | $2,029,198 | $1,262,363 |
Gross amounts offset in the balance sheet | -43,242 | -5,294 |
Net amounts of liabilities presented in the balance sheet | 1,985,956 | 1,257,069 |
Forward purchase contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 2 | 1,741 |
Net amounts of liabilities presented in the balance sheet | 2 | 1,741 |
Forward sales contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 49,108 | 4,520 |
Net amounts of liabilities presented in the balance sheet | 49,108 | 4,520 |
Netting [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts offset in the balance sheet | -43,242 | -5,294 |
Net amounts of liabilities presented in the balance sheet | -43,242 | -5,294 |
Total derivatives, subject to a master netting arrangement [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 49,110 | 6,261 |
Gross amounts offset in the balance sheet | -43,242 | -5,294 |
Net amounts of liabilities presented in the balance sheet | 5,868 | 967 |
Total derivatives, not subject to a master netting arrangement [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 30 | ' |
Net amounts of liabilities presented in the balance sheet | 30 | ' |
Total derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 49,140 | 6,261 |
Gross amounts offset in the balance sheet | -43,242 | -5,294 |
Net amounts of liabilities presented in the balance sheet | 5,898 | 967 |
Securities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 196,032 | ' |
Net amounts of liabilities presented in the balance sheet | 196,032 | ' |
Mortgage loans acquired for sale at fair value [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 670,311 | 894,906 |
Net amounts of liabilities presented in the balance sheet | 670,311 | 894,906 |
Mortgage loans at fair value [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 1,091,487 | 353,805 |
Net amounts of liabilities presented in the balance sheet | 1,091,487 | 353,805 |
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 22,228 | 7,391 |
Net amounts of liabilities presented in the balance sheet | 22,228 | 7,391 |
Securities Sold Under Agreements to Repurchase [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross amounts of recognized liabilities | 1,980,058 | 1,256,102 |
Net amounts of liabilities presented in the balance sheet | $1,980,058 | $1,256,102 |
Netting_of_Financial_Instrumen5
Netting of Financial Instruments - Summary of Derivative Liabilities, Financial Liabilities and Collateral Held by Counterparty (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | $1,985,956 | $1,257,069 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -1,980,058 | -1,256,102 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 5,898 | 967 |
Citibank, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 727,702 | 474,625 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -727,208 | -474,625 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 494 | ' |
Credit Suisse First Boston Mortgage Capital LLC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 613,085 | 243,525 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -612,811 | -243,525 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 274 | ' |
Bank of America, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 487,174 | 256,711 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -484,664 | -256,711 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 2,510 | ' |
Daiwa Capital Markets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 99,758 | ' |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -99,758 | ' |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Morgan Stanley Bank, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 41,376 | 155,321 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -40,923 | -155,321 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 453 | ' |
Bank of NY Mellon [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 14,768 | ' |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | -14,694 | ' |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 74 | ' |
Wells Fargo Bank, N.A. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 142 | 47,140 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | ' | -47,140 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 142 | ' |
Barclays Bank PLC [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 60 | 79,253 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | ' | -78,780 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 60 | 473 |
Interest rate lock commitments [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 30 | ' |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | 30 | ' |
Other [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Net liabilities in the balance sheet | 1,861 | 494 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | ' | ' |
Net amount | $1,861 | $494 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Fair Value Disclosures [Abstract] | ' |
Initial interest rates | 'More than 4.5% |
Interest rate | 4.50% |
Mortgage loans description | 'Note rate pools of 50 basis point ranges for fixed-rate mortgage loans |
Basis point for mortgage loan | 0.50% |
Fixed-rate mortgage loans, Minimum | 3.00% |
Fixed-rate mortgage loans, Maximum | 4.50% |
Fair value of Exchangeable Senior Notes | $238.40 |
Fair_Value_Summary_of_Financia
Fair Value - Summary of Financial Statement Items Measured at Estimated Fair Value on Recurring Basis (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Assets: | ' | ' | ' | ' | ' | ' |
Short-term investments | $80,936 | ' | $39,017 | ' | ' | ' |
Mortgage-backed securities at fair value | 204,914 | ' | ' | ' | ' | ' |
Excess servicing spread purchased from PennyMac Financial Services, Inc. | 2,857 | ' | ' | ' | ' | ' |
Agency debt securities | 12,578 | ' | ' | ' | ' | ' |
Mortgage loans acquired for sale at fair value | 737,114 | ' | 975,184 | ' | ' | ' |
Mortgage loans at fair value | 1,848,656 | ' | ' | ' | ' | ' |
Mortgage loans at fair value held by variable interest entity | 536,776 | ' | ' | ' | ' | ' |
Mortgage loans under forward purchase agreements at fair value | 228,086 | ' | ' | ' | ' | ' |
Mortgage servicing rights at fair value | 10,997 | 1,827 | 1,346 | 1,522 | 1,285 | 749 |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | 37,600 | ' | ' | ' | ' | ' |
Derivative asset, Netting | -19,185 | ' | ' | ' | ' | ' |
Gross derivative asset | 18,415 | ' | 23,706 | ' | ' | ' |
Total Assets | 3,681,329 | ' | ' | ' | ' | ' |
Total Assets | 3,681,329 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Asset-backed secured financing | 170,008 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Total derivative liabilities before netting | 49,140 | ' | ' | ' | ' | ' |
Derivative liabilities, Netting | -43,242 | ' | ' | ' | ' | ' |
Gross derivative liability | 5,898 | ' | 967 | ' | ' | ' |
Total liabilities | 175,906 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | 37,600 | ' | ' | ' | ' | ' |
Derivative asset, Netting | -19,185 | ' | ' | ' | ' | ' |
Gross derivative asset | 18,415 | ' | 23,706 | ' | ' | ' |
Total Assets | 3,681,329 | ' | ' | ' | ' | ' |
Recurring [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Short-term investments | ' | ' | 39,017 | ' | ' | ' |
Mortgage loans acquired for sale at fair value | ' | ' | 975,184 | ' | ' | ' |
Mortgage loans at fair value | ' | ' | 1,189,971 | ' | ' | ' |
Mortgage servicing rights at fair value | ' | ' | 1,346 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | ' | ' | 26,531 | ' | ' | ' |
Derivative asset, Netting | ' | ' | -2,825 | ' | ' | ' |
Gross derivative asset | ' | ' | 23,706 | ' | ' | ' |
Total Assets | ' | ' | 2,229,224 | ' | ' | ' |
Total Assets | ' | ' | 2,229,224 | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Total derivative liabilities before netting | ' | ' | 6,261 | ' | ' | ' |
Derivative liabilities, Netting | ' | ' | -5,294 | ' | ' | ' |
Gross derivative liability | ' | ' | 967 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | ' | ' | 26,531 | ' | ' | ' |
Derivative asset, Netting | ' | ' | -2,825 | ' | ' | ' |
Gross derivative asset | ' | ' | 23,706 | ' | ' | ' |
Total Assets | ' | ' | 2,229,224 | ' | ' | ' |
Interest rate lock commitments [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 11,476 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | 30 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 11,476 | ' | ' | ' | ' | ' |
Interest rate lock commitments [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 19,479 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 19,479 | ' | ' | ' |
MBS put options [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 36 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 36 | ' | ' | ' | ' | ' |
MBS put options [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 977 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 977 | ' | ' | ' |
Forward purchase contracts [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 26,086 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | 2 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 26,086 | ' | ' | ' | ' | ' |
Forward purchase contracts [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 2,617 | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | ' | ' | 1,741 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 2,617 | ' | ' | ' |
Forward sales contracts [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 2 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | 49,108 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 2 | ' | ' | ' | ' | ' |
Forward sales contracts [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 3,458 | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | ' | ' | 4,520 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 3,458 | ' | ' | ' |
Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Short-term investments | 80,936 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total Assets | 80,936 | ' | ' | ' | ' | ' |
Total Assets | 80,936 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total Assets | 80,936 | ' | ' | ' | ' | ' |
Level 1 [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Short-term investments | ' | ' | 39,017 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | 39,017 | ' | ' | ' |
Total Assets | ' | ' | 39,017 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total Assets | ' | ' | 39,017 | ' | ' | ' |
Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Mortgage-backed securities at fair value | 204,914 | ' | ' | ' | ' | ' |
Mortgage loans acquired for sale at fair value | 737,114 | ' | ' | ' | ' | ' |
Mortgage loans at fair value held by variable interest entity | 536,776 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | 26,124 | ' | ' | ' | ' | ' |
Gross derivative asset | 26,124 | ' | ' | ' | ' | ' |
Total Assets | 1,504,928 | ' | ' | ' | ' | ' |
Total Assets | 1,504,928 | ' | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Asset-backed secured financing | 170,008 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Total derivative liabilities before netting | 49,110 | ' | ' | ' | ' | ' |
Gross derivative liability | 49,110 | ' | ' | ' | ' | ' |
Total liabilities | 219,118 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | 26,124 | ' | ' | ' | ' | ' |
Gross derivative asset | 26,124 | ' | ' | ' | ' | ' |
Total Assets | 1,504,928 | ' | ' | ' | ' | ' |
Level 2 [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Mortgage loans acquired for sale at fair value | ' | ' | 975,184 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | ' | ' | 7,052 | ' | ' | ' |
Gross derivative asset | ' | ' | 7,052 | ' | ' | ' |
Total Assets | ' | ' | 982,236 | ' | ' | ' |
Total Assets | ' | ' | 982,236 | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Total derivative liabilities before netting | ' | ' | 6,261 | ' | ' | ' |
Gross derivative liability | ' | ' | 6,261 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | ' | ' | 7,052 | ' | ' | ' |
Gross derivative asset | ' | ' | 7,052 | ' | ' | ' |
Total Assets | ' | ' | 982,236 | ' | ' | ' |
Level 2 [Member] | MBS put options [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 36 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 36 | ' | ' | ' | ' | ' |
Level 2 [Member] | MBS put options [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 977 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 977 | ' | ' | ' |
Level 2 [Member] | Forward purchase contracts [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 26,086 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | 2 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 26,086 | ' | ' | ' | ' | ' |
Level 2 [Member] | Forward purchase contracts [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 2,617 | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | ' | ' | 1,741 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 2,617 | ' | ' | ' |
Level 2 [Member] | Forward sales contracts [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 2 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | 49,108 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 2 | ' | ' | ' | ' | ' |
Level 2 [Member] | Forward sales contracts [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 3,458 | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | ' | ' | 4,520 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 3,458 | ' | ' | ' |
Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Excess servicing spread purchased from PennyMac Financial Services, Inc. | 2,857 | ' | ' | ' | ' | ' |
Agency debt securities | 12,578 | ' | ' | ' | ' | ' |
Mortgage loans at fair value | 1,848,656 | ' | ' | ' | ' | ' |
Mortgage loans under forward purchase agreements at fair value | 228,086 | ' | ' | ' | ' | ' |
Mortgage servicing rights at fair value | 10,997 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | 11,476 | ' | ' | ' | ' | ' |
Gross derivative asset | 11,476 | ' | ' | ' | ' | ' |
Total Assets | 2,114,650 | ' | ' | ' | ' | ' |
Total Assets | 2,114,650 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Total derivative liabilities before netting | 30 | ' | ' | ' | ' | ' |
Gross derivative liability | 30 | ' | ' | ' | ' | ' |
Total liabilities | 30 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | 11,476 | ' | ' | ' | ' | ' |
Gross derivative asset | 11,476 | ' | ' | ' | ' | ' |
Total Assets | 2,114,650 | ' | ' | ' | ' | ' |
Level 3 [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Mortgage loans at fair value | ' | ' | 1,189,971 | ' | ' | ' |
Mortgage servicing rights at fair value | ' | ' | 1,346 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | ' | ' | 19,479 | ' | ' | ' |
Gross derivative asset | ' | ' | 19,479 | ' | ' | ' |
Total Assets | ' | ' | 1,210,796 | ' | ' | ' |
Total Assets | ' | ' | 1,210,796 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Total derivative assets before netting | ' | ' | 19,479 | ' | ' | ' |
Gross derivative asset | ' | ' | 19,479 | ' | ' | ' |
Total Assets | ' | ' | 1,210,796 | ' | ' | ' |
Level 3 [Member] | Interest rate lock commitments [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 11,476 | ' | ' | ' | ' | ' |
Derivative liabilities: | ' | ' | ' | ' | ' | ' |
Gross derivative liability | 30 | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | 11,476 | ' | ' | ' | ' | ' |
Level 3 [Member] | Interest rate lock commitments [Member] | Recurring [Member] | ' | ' | ' | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | 19,479 | ' | ' | ' |
Derivative assets: | ' | ' | ' | ' | ' | ' |
Gross derivative asset | ' | ' | $19,479 | ' | ' | ' |
Fair_Value_Summary_of_Changes_
Fair Value - Summary of Changes in Items Measured Using Level 3 Inputs on Recurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Assets: | ' | ' | ' | ' |
Beginning balance | $1,537,156 | $1,054,215 | $1,210,796 | $904,910 |
Purchases | 597,494 | 150,778 | 1,041,475 | 412,464 |
Repayments | -67,404 | -44,802 | -202,645 | -164,297 |
Interest rate lock commitments issued, net | 16,229 | 105,850 | 71,195 | 132,188 |
Capitalization of interest | 13,203 | 3,399 | 25,017 | 16,415 |
Sales | ' | -52,133 | ' | -52,212 |
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | ' | ' | ' | ' |
Accrual of unearned discounts | ' | ' | ' | 363 |
Servicing received as proceeds from sales of mortgage loans | 7,939 | 363 | 8,043 | 1,451 |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | 18,801 | 3,262 | 31,245 | 19,193 |
Other factors | 34,168 | 23,094 | 102,057 | 45,868 |
Total | 52,969 | 26,356 | 133,302 | 65,061 |
Transfer of mortgage loans to REO | -46,794 | -33,754 | -115,562 | -79,440 |
Transfer from mortgage loans acquired for sale | ' | ' | ' | 18 |
Transfer to mortgage loans acquired for sale | 7,273 | -78,748 | -53,397 | -97,924 |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | -3,515 | ' | -3,604 | -7,473 |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | ' | ' | ' | ' |
Ending balance | 2,114,620 | 1,131,524 | 2,114,620 | 1,131,524 |
Changes in fair value recognized during the period relating to assets still held | 51,599 | ' | 120,729 | 72,226 |
Agency Debt Securities [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Purchases | 12,000 | ' | 12,000 | ' |
Repayments | ' | ' | ' | ' |
Interest rate lock commitments issued, net | ' | ' | ' | ' |
Capitalization of interest | ' | ' | ' | ' |
Servicing received as proceeds from sales of mortgage loans | ' | ' | ' | ' |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | ' | ' | ' | ' |
Other factors | 578 | ' | 578 | ' |
Total | 578 | ' | 578 | ' |
Transfer of mortgage loans to REO | ' | ' | ' | ' |
Transfer to mortgage loans acquired for sale | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | ' | ' | ' | ' |
Ending balance | 12,578 | ' | 12,578 | ' |
Changes in fair value recognized during the period relating to assets still held | 578 | ' | 578 | ' |
Accumulated changes in fair value relating to assets still held | 578 | ' | 578 | ' |
Excess servicing spread [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' |
Purchases | 2,828 | ' | 2,828 | ' |
Repayments | ' | ' | ' | ' |
Interest rate lock commitments issued, net | ' | ' | ' | ' |
Capitalization of interest | ' | ' | ' | ' |
Servicing received as proceeds from sales of mortgage loans | ' | ' | ' | ' |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | ' | ' | ' | ' |
Other factors | 29 | ' | 29 | ' |
Total | 29 | ' | 29 | ' |
Transfer of mortgage loans to REO | ' | ' | ' | ' |
Transfer to mortgage loans acquired for sale | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | ' | ' | ' | ' |
Ending balance | 2,857 | ' | 2,857 | ' |
Changes in fair value recognized during the period relating to assets still held | 29 | ' | 29 | ' |
Accumulated changes in fair value relating to assets still held | 29 | ' | 29 | ' |
Mortgage loans at fair value [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | 1,309,765 | 969,954 | 1,189,971 | 696,266 |
Purchases | 579,260 | 150,773 | 779,746 | 411,368 |
Repayments | -59,404 | -43,552 | -194,645 | -128,116 |
Interest rate lock commitments issued, net | ' | ' | ' | ' |
Capitalization of interest | 13,203 | 3,399 | 25,017 | 16,415 |
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | ' | ' | ' | ' |
Servicing received as proceeds from sales of mortgage loans | ' | ' | ' | ' |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | 18,732 | 3,262 | 31,176 | 19,193 |
Other factors | 20,876 | 23,145 | 119,935 | 36,349 |
Total | 39,608 | 26,407 | 151,111 | 55,542 |
Transfer of mortgage loans to REO | -46,794 | -33,754 | -115,562 | -79,440 |
Transfer from mortgage loans acquired for sale | ' | ' | ' | 18 |
Transfer to mortgage loans acquired for sale | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | 13,018 | 16,739 | 13,018 | 117,913 |
Ending balance | 1,848,656 | 1,089,966 | 1,848,656 | 1,089,966 |
Changes in fair value recognized during the period relating to assets still held | 33,062 | 16,187 | 102,843 | 32,809 |
Accumulated changes in fair value relating to assets still held | 151,111 | 86,734 | 151,111 | 86,734 |
Mortgage loans under forward purchase agreements [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | 242,531 | 16,881 | ' | 129,310 |
Purchases | 1,710 | 5 | 245,020 | 1,076 |
Repayments | -8,000 | -252 | -8,000 | -14,293 |
Interest rate lock commitments issued, net | ' | ' | ' | ' |
Capitalization of interest | ' | ' | ' | ' |
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | ' | ' | ' | ' |
Servicing received as proceeds from sales of mortgage loans | ' | ' | ' | ' |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | 69 | ' | 69 | ' |
Other factors | 8,309 | 105 | 7,619 | 9,293 |
Total | 8,378 | 105 | 7,688 | 9,293 |
Transfer of mortgage loans to REO | ' | ' | ' | ' |
Transfer to mortgage loans acquired for sale | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | -3,515 | ' | -3,604 | -7,473 |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | -13,018 | -16,739 | -13,018 | -117,913 |
Ending balance | 228,086 | ' | 228,086 | ' |
Changes in fair value recognized during the period relating to assets still held | 6,949 | ' | 6,106 | ' |
Accumulated changes in fair value relating to assets still held | 7,688 | ' | 7,688 | ' |
Mortgage servicing rights [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | 1,827 | 1,285 | 1,346 | 749 |
Purchases | 1,696 | ' | 1,881 | 20 |
Repayments | ' | ' | ' | ' |
Interest rate lock commitments issued, net | ' | ' | ' | ' |
Capitalization of interest | ' | ' | ' | ' |
Sales | ' | ' | ' | -79 |
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | ' | ' | ' | ' |
Servicing received as proceeds from sales of mortgage loans | 7,939 | 363 | 8,043 | 1,451 |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | ' | ' | ' | ' |
Other factors | -465 | -126 | -273 | -619 |
Total | -465 | -126 | -273 | -619 |
Transfer of mortgage loans to REO | ' | ' | ' | ' |
Transfer to mortgage loans acquired for sale | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | ' | ' | ' | ' |
Ending balance | 10,997 | 1,522 | 10,997 | 1,522 |
Changes in fair value recognized during the period relating to assets still held | -465 | -126 | -273 | -619 |
Interest rate lock commitments [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | -16,967 | 12,934 | 19,479 | 5,772 |
Purchases | ' | ' | ' | ' |
Repayments | ' | ' | ' | ' |
Interest rate lock commitments issued, net | 16,229 | 105,850 | 71,195 | 132,188 |
Capitalization of interest | ' | ' | ' | ' |
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | ' | ' | ' | ' |
Servicing received as proceeds from sales of mortgage loans | ' | ' | ' | ' |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Changes in instrument-specific credit risk | ' | ' | ' | ' |
Other factors | 4,841 | ' | -25,831 | ' |
Total | 4,841 | ' | -25,831 | ' |
Transfer of mortgage loans to REO | ' | ' | ' | ' |
Transfer to mortgage loans acquired for sale | 7,273 | -78,748 | -53,397 | -97,924 |
Transfer of mortgage loans under forward purchase agreement to REO under forward purchase agreements | ' | ' | ' | ' |
Transfer of mortgage loans under forward purchase agreements to mortgage loans | ' | ' | ' | ' |
Ending balance | 11,446 | 40,036 | 11,446 | 40,036 |
Changes in fair value recognized during the period relating to assets still held | 11,446 | 40,036 | 11,446 | 40,036 |
Accumulated changes in fair value relating to assets still held | 11,446 | 40,036 | 11,446 | 40,036 |
Mortgage-backed securities [Member] | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' |
Beginning balance | ' | 53,161 | ' | 72,813 |
Repayments | ' | -998 | ' | -21,888 |
Sales | ' | -52,133 | ' | -52,133 |
Addition of unpaid interest, impound advances and fees to unpaid balance of mortgage loans | ' | ' | ' | ' |
Accrual of unearned discounts | ' | ' | ' | 363 |
Changes in fair value included in income arising from: | ' | ' | ' | ' |
Other factors | ' | -30 | ' | 845 |
Total | ' | -30 | ' | 845 |
Securities Sold Under Agreements to Repurchase [Member] | ' | ' | ' | ' |
Liabilities: | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 115,493 |
Changes in fair value included in income | ' | ' | ' | ' |
Sales | ' | ' | ' | 752,343 |
Repurchases | ' | ' | ' | -867,836 |
Changes in fair value recognized during the period relating to liabilities | ' | ' | ' | ' |
Fair_Value_Fair_Values_and_Rel
Fair Value - Fair Values and Related Principal Amounts Due upon Maturity of Mortgage Loans Accounted for Under Fair Value Option (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Fair value option loans held as assets, Total | $3,350,632 | $2,165,155 |
Mortgage loans on real estate principal amount of delinquent loans less than ninety days | 4,597,798 | 3,055,820 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total | -1,247,166 | -890,665 |
Mortgage loans acquired for sale [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Fair value option loans held as assets ninety days or less past due | 737,114 | 975,184 |
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due | ' | ' |
Fair value option loans held as assets, Total | 737,114 | 975,184 |
Mortgage loans on real estate principal amount of delinquent loans less than ninety days | 706,116 | 931,787 |
Unpaid principal balance of loans outstanding at period-end | 706,116 | 931,787 |
Fair value option loans held as assets ninety days or less past due aggregate difference | 30,998 | 43,397 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total | 30,998 | 43,397 |
Mortgage loans and mortgage loans under forward purchase agreements at fair value [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Fair value option loans held as assets ninety days or less past due | 548,145 | 404,016 |
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due | 1,528,597 | 785,955 |
Fair value option loans held as assets, Total | 2,076,742 | 1,189,971 |
Mortgage loans on real estate principal amount of delinquent loans less than ninety days | 831,817 | 640,722 |
Mortgage loans on real estate principal amount of delinquent loans | 2,509,403 | 1,483,311 |
Unpaid principal balance of loans outstanding at period-end | 3,341,220 | 2,124,033 |
Fair value option loans held as assets ninety days or less past due aggregate difference | -283,672 | -236,706 |
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference | -980,806 | -697,356 |
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total | -1,264,478 | -934,062 |
Mortgage loans held by VIE [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Fair value option loans held as assets ninety days or less past due | 536,776 | ' |
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due | ' | ' |
Fair value option loans held as assets, Total | 536,776 | ' |
Mortgage loans on real estate principal amount of delinquent loans less than ninety days | 550,462 | ' |
Mortgage loans on real estate principal amount of delinquent loans | ' | ' |
Unpaid principal balance of loans outstanding at period-end | 550,462 | ' |
Fair value option loans held as assets ninety days or less past due aggregate difference | -13,686 | ' |
Fair Value, Option, Loans Held as Assets, 90 Days or More Past Due, Aggregate Difference | ' | ' |
Fair Value, Option, Loans Held as Assets, Aggregate Difference, Total | ($13,686) | ' |
Fair_Value_Summary_of_Changes_1
Fair Value - Summary of Changes in Fair Value Included in Current Period Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | $49,086 | $26,061 | $159,900 | $65,541 |
Net gain (loss) on mortgage loans acquired for sale | 11,031 | 49,793 | 84,748 | 81,210 |
Short-term investments [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Mortgage-backed securities at fair value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | 5,356 | -451 | 5,356 | 612 |
Net Interest income | ' | -91 | ' | 142 |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | 5,356 | -542 | 5,356 | 754 |
Excess servicing spread [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | 29 | ' | 29 | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | 29 | ' | 29 | ' |
Mortgage loans acquired for sale at fair value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | -14,519 | 49,793 | -46,699 | 81,210 |
Net loan servicing income | ' | ' | ' | ' |
Total | -14,519 | 49,793 | -46,699 | 81,210 |
Mortgage loans at fair value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | 39,608 | 26,407 | 151,111 | 55,636 |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | 39,608 | 26,407 | 151,111 | 55,636 |
Agency debt securities [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | 578 | ' | 578 | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | 578 | ' | 578 | ' |
Mortgage loans held by VIE [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Mortgage loans under forward purchase agreements at fair value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | 8,378 | 105 | 7,689 | 9,293 |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | 8,378 | 105 | 7,689 | 9,293 |
Mortgage servicing rights at fair value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | -465 | -126 | ' | -619 |
Total | -465 | -126 | ' | -619 |
Assets, Total [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | 53,949 | 26,061 | 164,763 | 65,541 |
Net Interest income | ' | -91 | ' | 142 |
Net gain (loss) on mortgage loans acquired for sale | -14,519 | 49,793 | -46,699 | 81,210 |
Net loan servicing income | -465 | -126 | ' | -619 |
Total | 38,965 | 75,637 | 118,064 | 146,274 |
Asset-backed secured financing [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Securities sold under agreements to repurchase at fair value [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Liabilities, Total [Member] | ' | ' | ' | ' |
Fair Value Inputs Assets Liabilities Quantitative Information [Line Items] | ' | ' | ' | ' |
Net gain (loss) on investments | ' | ' | ' | ' |
Net Interest income | ' | ' | ' | ' |
Net gain (loss) on mortgage loans acquired for sale | ' | ' | ' | ' |
Net loan servicing income | ' | ' | ' | ' |
Total | ' | ' | ' | ' |
Fair_Value_Summary_of_Financia1
Fair Value - Summary of Financial Statement Items Measured at Estimated Fair Value on Nonrecurring Basis (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Real estate asset acquired in settlement of loans | $83,932 | $56,156 |
Real estate asset acquired in settlement of loans under forward purchase agreements | 2,435 | ' |
Mortgage servicing assets at lower of amortized cost or fair value | 176,813 | 86,215 |
Total Assets | 263,180 | 142,371 |
Real estate asset acquired in settlement of loans | 83,932 | 56,156 |
Mortgage servicing rights at lower of amortized cost or fair value | 176,813 | 86,215 |
Total Assets | 263,180 | 142,371 |
Level 3 [Member] | ' | ' |
Assets: | ' | ' |
Real estate asset acquired in settlement of loans | 83,932 | 56,156 |
Real estate asset acquired in settlement of loans under forward purchase agreements | 2,435 | ' |
Mortgage servicing assets at lower of amortized cost or fair value | 176,813 | 86,215 |
Total Assets | 263,180 | 142,371 |
Real estate asset acquired in settlement of loans | 83,932 | 56,156 |
Mortgage servicing rights at lower of amortized cost or fair value | 176,813 | 86,215 |
Total Assets | $263,180 | $142,371 |
Fair_Value_Summary_of_Total_Ga
Fair Value - Summary of Total Gains (Losses) on Assets Measured at Estimated Fair Values on Nonrecurring Basis (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Real estate asset acquired in settlement of loans | ($4,554) | ($3,849) | ($8,191) | ($6,876) |
Real estate asset acquired in settlement of loans under forward purchase agreements | -29 | ' | -29 | ' |
Mortgage servicing assets at lower of amortized cost or fair value | -212 | -2,881 | 3,495 | -4,505 |
Total assets, gains (losses) recognized | ($4,795) | ($6,730) | ($4,725) | ($11,381) |
Fair_Value_Quantitative_Summar
Fair Value - Quantitative Summary of Key Inputs Used by FAV Group to Evaluate Reasonableness of Fair Value of MBS (Detail) (Agency Debt Securities [Member]) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Agency Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 9.06% | ' |
Prepayment speed | 5.80% | ' |
Default speed | 0.20% | ' |
Collateral remaining loss percentage | 0.32% | ' |
Fair_Value_Quantitative_Summar1
Fair Value - Quantitative Summary of Key Inputs Used in Valuation of Mortgage Loans at Fair Value (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Minimum [Member] | Mortgage loans at fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 8.60% | 8.80% |
Twelve-month projected housing price index change | 2.90% | 0.40% |
Prepayment speed | 0.00% | 0.40% |
Total prepayment speed | 0.20% | 5.90% |
Minimum [Member] | Mortgage loans under forward purchase agreements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 9.50% | ' |
Twelve-month projected housing price index change | 3.20% | ' |
Prepayment speed | 1.20% | ' |
Total prepayment speed | 13.50% | ' |
Maximum [Member] | Mortgage loans at fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 15.60% | 20.70% |
Twelve-month projected housing price index change | 5.00% | 1.50% |
Prepayment speed | 4.40% | 4.40% |
Total prepayment speed | 35.50% | 31.20% |
Maximum [Member] | Mortgage loans under forward purchase agreements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 13.50% | ' |
Twelve-month projected housing price index change | 4.30% | ' |
Prepayment speed | 2.80% | ' |
Total prepayment speed | 29.50% | ' |
Weighted average [Member] | Mortgage loans at fair value [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 11.80% | 13.10% |
Twelve-month projected housing price index change | 3.70% | 1.10% |
Prepayment speed | 2.40% | 2.20% |
Total prepayment speed | 23.50% | 20.60% |
Weighted average [Member] | Mortgage loans under forward purchase agreements [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Discount rate | 11.90% | ' |
Twelve-month projected housing price index change | 3.90% | ' |
Prepayment speed | 2.10% | ' |
Total prepayment speed | 22.90% | ' |
Fair_Value_Summary_of_Key_Inpu
Fair Value - Summary of Key Inputs Used in Determining Fair Value of Excess Servicing Spread (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Fair Value Disclosures [Abstract] | ' | ' |
Pricing spread | 6.80% | ' |
Average life | '6 years 8 months 12 days | ' |
Prepayment speed | 9.10% | ' |
Fair_Value_Quantitative_Summar2
Fair Value - Quantitative Summary of Key Unobservable Inputs Used in Valuation of Interest Rate Lock Commitments (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Minimum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pull-through rate | 48.80% | 44.20% |
Servicing fee multiple | 0.90% | 1.80% |
Percentage of unpaid principal balance | 0.20% | 0.40% |
Maximum [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pull-through rate | 98.00% | 98.00% |
Servicing fee multiple | 5.10% | 4.80% |
Percentage of unpaid principal balance | 1.30% | 1.20% |
Weighted average [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Pull-through rate | 83.50% | 80.60% |
Servicing fee multiple | 3.70% | 4.50% |
Percentage of unpaid principal balance | 0.90% | 1.10% |
Fair_Value_Key_Assumptions_Use
Fair Value - Key Assumptions Used in Determining Fair Value of MSRs at Time of Initial Recognition (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Unpaid principal balance of underlying loans, Amortized cost | $3,404,274 | $3,400,928 | $12,247,940 | $5,905,828 | ' |
Unpaid principal balance of underlying loans, Fair value | 717,877 | 156,211 | 717,877 | 156,211 | 181,783,000 |
Average servicing fee rate, Amortized cost | 25.00% | 26.00% | 26.00% | 25.00% | 25.00% |
Unpaid principal balance of underlying loans, Fair value | 707,891 | 50,178 | ' | ' | ' |
Average servicing fee rate, Fair value input | 25.00% | 28.00% | 25.00% | 26.00% | 27.00% |
Fair value inputs pricing spread during period | ' | ' | 6.80% | ' | ' |
Fair value inputs weighted average life during period | ' | ' | '6 years 8 months 12 days | ' | ' |
Fair value inputs annual prepayment speed during period | ' | ' | 9.10% | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Amortized cost, Pricing spread during period | 5.40% | 7.50% | 5.40% | 7.50% | ' |
Amortized cost, Life (in years) | '2 years 10 months 24 days | '6 years 4 months 24 days | '2 years 7 months 6 days | '2 years 6 months | ' |
Amortized cost, Annual prepayment speed during period | 8.50% | 8.90% | 8.50% | 7.80% | ' |
Amortized cost, Annual per loan cost of servicing during period | 68,000 | 68,000 | 68,000 | 68,000 | ' |
Fair value inputs pricing spread during period | 7.40% | 7.50% | 7.40% | 7.50% | ' |
Fair value inputs weighted average life during period | '3 years 9 months 18 days | '3 years 2 months 12 days | '2 years 9 months 18 days | '2 years 6 months | ' |
Fair value inputs annual prepayment speed during period | 8.80% | 8.90% | 8.80% | 7.80% | ' |
Fair value inputs annual per loan cost of servicing during period | 68,000 | 68,000 | 68,000 | 68,000 | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Amortized cost, Pricing spread during period | 13.90% | 7.50% | 14.40% | 22.80% | ' |
Amortized cost, Life (in years) | '6 years 10 months 24 days | '6 years 4 months 24 days | '6 years 10 months 24 days | '6 years 8 months 12 days | ' |
Amortized cost, Annual prepayment speed during period | 15.60% | 9.40% | 23.60% | 36.90% | ' |
Amortized cost, Annual per loan cost of servicing during period | 68,000 | 68,000 | 140,000 | 140,000 | ' |
Fair value inputs pricing spread during period | 9.60% | 13.50% | 14.40% | 14.60% | ' |
Fair value inputs weighted average life during period | '6 years 10 months 24 days | '6 years 4 months 24 days | '6 years 10 months 24 days | '6 years 8 months 12 days | ' |
Fair value inputs annual prepayment speed during period | 20.70% | 27.10% | 27.00% | 36.90% | ' |
Fair value inputs annual per loan cost of servicing during period | 68,000 | 140,000 | 68,000 | 140,000 | ' |
Weighted average [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Amortized cost, Pricing spread during period | 6.30% | 7.50% | 6.60% | 7.70% | ' |
Amortized cost, Life (in years) | '6 years 3 months 18 days | '6 years 4 months 24 days | '6 years 4 months 24 days | '6 years 4 months 24 days | ' |
Amortized cost, Annual prepayment speed during period | 8.90% | 9.10% | 9.00% | 8.90% | ' |
Amortized cost, Annual per loan cost of servicing during period | 68,000 | 68,000 | 68,000 | 68,000 | ' |
Fair value inputs pricing spread during period | 8.00% | 7.60% | 8.00% | 8.10% | ' |
Fair value inputs weighted average life during period | '6 years 9 months 18 days | '6 years 3 months 18 days | '6 years 9 months 18 days | '6 years 2 months 12 days | ' |
Fair value inputs annual prepayment speed during period | 9.80% | 9.50% | 10.00% | 10.40% | ' |
Fair value inputs annual per loan cost of servicing during period | $68,000 | $69,000 | $68,000 | $75,000 | ' |
Fair_Value_Quantitative_Summar3
Fair Value - Quantitative Summary of Key Assumptions Used in Valuation of MSRs as of the Dates Presented, and Effect on Estimated Fair Value from Adverse Changes in Those Assumptions (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2011 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value, Amortized cost | $258,678,000 | $63,632,000 | $258,678,000 | $63,632,000 | $125,430,000 | ' | ' | ' |
Unpaid principal balance of underlying loans, Amortized cost | 22,681,068,000 | ' | 22,681,068,000 | ' | 11,986,957,000 | ' | ' | ' |
Average servicing fee rate, Amortized cost | 25.00% | 26.00% | 26.00% | 25.00% | 25.00% | ' | ' | ' |
Weighted average coupon rate, Amortized cost | ' | ' | 3.66% | ' | 3.70% | ' | ' | ' |
Balance at period end | 10,997,000 | 1,522,000 | 10,997,000 | 1,522,000 | 1,346,000 | 1,827,000 | 1,285,000 | 749,000 |
Unpaid principal balance of underlying loans, Fair value | 717,877 | 156,211 | 717,877 | 156,211 | 181,783,000 | ' | ' | ' |
Average servicing fee rate, Fair value input | 25.00% | 28.00% | 25.00% | 26.00% | 27.00% | ' | ' | ' |
Weighted average coupon rate, Fair value | ' | ' | 4.67% | ' | 4.79% | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost, Pricing spread | 5.35% | ' | 5.35% | ' | 7.50% | ' | ' | ' |
Amortized cost, Weighted average life (in years) | ' | ' | '2 years 10 months 24 days | ' | '1 year 8 months 12 days | ' | ' | ' |
Amortized cost, prepayment speed | 8.60% | ' | 8.60% | ' | 10.30% | ' | ' | ' |
Amortized cost, Annual per- loan cost of servicing | 68,000 | ' | 68,000 | ' | 68,000 | ' | ' | ' |
Fair value inputs, Pricing spread | 6.40% | ' | 6.40% | ' | 7.50% | ' | ' | ' |
Fair value inputs, Weighted average life (in years) | '3 years 3 months 18 days | ' | '3 years 3 months 18 days | ' | '1 year 4 months 24 days | ' | ' | ' |
Fair value inputs, Prepayment speed | 8.80% | ' | 8.80% | ' | 10.30% | ' | ' | ' |
Fair value inputs, Annual Per-loan cost of servicing | 68,000 | ' | 68,000 | ' | 68,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost, Pricing spread | 18.55% | ' | 18.55% | ' | 16.50% | ' | ' | ' |
Amortized cost, Weighted average life (in years) | ' | ' | '6 years 10 months 24 days | ' | '6 years 3 months 18 days | ' | ' | ' |
Amortized cost, prepayment speed | 30.60% | ' | 30.60% | ' | 47.80% | ' | ' | ' |
Amortized cost, Annual per- loan cost of servicing | 140,000 | ' | 140,000 | ' | 140,000 | ' | ' | ' |
Fair value inputs, Pricing spread | 14.40% | ' | 14.40% | ' | 16.50% | ' | ' | ' |
Fair value inputs, Weighted average life (in years) | '6 years 10 months 24 days | ' | '6 years 10 months 24 days | ' | '1 year 4 months 24 days | ' | ' | ' |
Fair value inputs, Prepayment speed | 26.50% | ' | 26.50% | ' | 65.90% | ' | ' | ' |
Fair value inputs, Annual Per-loan cost of servicing | 140,000 | ' | 140,000 | ' | 140,000 | ' | ' | ' |
Weighted average [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost, Pricing spread | 6.10% | ' | 6.10% | ' | 7.70% | ' | ' | ' |
Amortized cost, Weighted average life (in years) | ' | ' | '6 years 4 months 24 days | ' | '6 years 3 months 18 days | ' | ' | ' |
Amortized cost, prepayment speed | 9.10% | ' | 9.10% | ' | 10.30% | ' | ' | ' |
Amortized cost, Annual per- loan cost of servicing | 68,000 | ' | 68,000 | ' | 68,000 | ' | ' | ' |
Fair value inputs, Pricing spread | 8.10% | ' | 8.10% | ' | 7.70% | ' | ' | ' |
Fair value inputs, Weighted average life (in years) | '6 years 9 months 18 days | ' | '6 years 9 months 18 days | ' | '6 years | ' | ' | ' |
Fair value inputs, Prepayment speed | 10.00% | ' | 10.00% | ' | 13.20% | ' | ' | ' |
Fair value inputs, Annual Per-loan cost of servicing | 69,000 | ' | 69,000 | ' | 74,000 | ' | ' | ' |
Pricing spread [Member] | Effect on value of 5% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -4,654,000 | ' | -4,654,000 | ' | -2,052,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -180,000 | ' | -180,000 | ' | -21,000 | ' | ' | ' |
Pricing spread [Member] | Effect on value of 10% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -9,166,000 | ' | -9,166,000 | ' | -4,041,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -354,000 | ' | -354,000 | ' | -40,000 | ' | ' | ' |
Pricing spread [Member] | Effect on value of 20% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -17,786,000 | ' | -17,786,000 | ' | -7,845,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -688,000 | ' | -688,000 | ' | -78,000 | ' | ' | ' |
Prepayment speed [Member] | Effect on value of 5% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -5,922,000 | ' | -5,922,000 | ' | -3,026,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -261,000 | ' | -261,000 | ' | -52,000 | ' | ' | ' |
Prepayment speed [Member] | Effect on value of 10% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -11,639,000 | ' | -11,639,000 | ' | -5,937,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -512,000 | ' | -512,000 | ' | -100,000 | ' | ' | ' |
Prepayment speed [Member] | Effect on value of 20% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -22,497,000 | ' | -22,497,000 | ' | -11,436,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -986,000 | ' | -986,000 | ' | -190,000 | ' | ' | ' |
Cost of servicing [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value inputs, Annual Per-loan cost of servicing | -69,000 | ' | -69,000 | ' | -74,000 | ' | ' | ' |
Cost of servicing [Member] | Effect on value of 5% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -1,621,000 | ' | -1,621,000 | ' | -778,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -69,000 | ' | -69,000 | ' | -12,000 | ' | ' | ' |
Cost of servicing [Member] | Effect on value of 10% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -3,242,000 | ' | -3,242,000 | ' | -1,556,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | -138,000 | ' | -138,000 | ' | -24,000 | ' | ' | ' |
Cost of servicing [Member] | Effect on value of 20% adverse change [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost, Annual per- loan cost of servicing | -6,483,000 | ' | -6,483,000 | ' | -3,112,000 | ' | ' | ' |
Effect on value of percentage adverse change, Fair value input | ($276,000) | ' | ($276,000) | ' | ($48,000) | ' | ' | ' |
Mortgage_Loans_Acquired_for_Sa4
Mortgage Loans Acquired for Sale at Fair Value - Summary of Distribution of Company's Mortgage Loans Acquired for Sale at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage loans acquired for sale at fair value | $737,114 | $975,184 |
Mortgage loan acquired at unpaid principal balance | 706,117 | 931,787 |
Government insured or guaranteed [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage loans acquired for sale at fair value | 273,007 | 153,326 |
Mortgage loan acquired at unpaid principal balance | 260,388 | 144,619 |
Agency-eligible [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage loans acquired for sale at fair value | 430,527 | 820,492 |
Mortgage loan acquired at unpaid principal balance | 411,785 | 785,830 |
Jumbo loans [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortgage loans acquired for sale at fair value | 33,580 | 1,366 |
Mortgage loan acquired at unpaid principal balance | 33,944 | 1,338 |
Mortgage loans acquired for sale [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Loans pledged to secure loans sold under agreements to repurchase | $731,717 | $972,079 |
Mortgage_Loans_Acquired_for_Sa5
Mortgage Loans Acquired for Sale at Fair Value - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Sourcing fee on the unpaid principal balance | 0.03% |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Derivative Assets and Liabilities and Related Margin Deposits Recorded within Derivative Assets and Derivative Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets instruments before netting | $37,600 | $26,531 |
Derivative assets, Netting | -19,185 | -2,825 |
Derivative assets, Fair value, Total | 18,415 | 23,706 |
Total derivative liabilities instruments fair value before netting | 49,140 | 6,261 |
Derivative liabilities, Netting | -43,242 | -5,294 |
Derivative liabilities, Fair value, Total | 5,898 | 967 |
Margin deposits with derivatives counterparties | 25,311 | 2,469 |
Interest rate lock commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 641,971 | 1,694,739 |
Total derivative assets instruments before netting | 11,476 | 19,479 |
Total derivative liabilities instruments fair value before netting | 30 | ' |
Forward purchase contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 2,334,589 | 2,206,539 |
Total derivative assets instruments before netting | 26,086 | 2,617 |
Derivative assets, Fair value, Total | 26,086 | 2,617 |
Total derivative liabilities instruments fair value before netting | 2 | 1,741 |
Forward sales contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 3,323,843 | 4,266,983 |
Total derivative assets instruments before netting | 2 | 3,458 |
Derivative assets, Fair value, Total | 2 | 3,458 |
Total derivative liabilities instruments fair value before netting | 49,108 | 4,520 |
Eurodollar futures [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 9,964,000 | ' |
Total derivative assets instruments before netting | ' | ' |
Total derivative liabilities instruments fair value before netting | ' | ' |
Treasury futures [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 75,000 | ' |
Total derivative assets instruments before netting | ' | ' |
Total derivative liabilities instruments fair value before netting | ' | ' |
Options on Eurodollar futures [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 2,200,000 | ' |
Total derivative assets instruments before netting | ' | ' |
Total derivative liabilities instruments fair value before netting | ' | ' |
MBS put options [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional amount | 130,000 | 495,000 |
Total derivative assets instruments before netting | 36 | 977 |
Derivative assets, Fair value, Total | 36 | 977 |
Total derivative liabilities instruments fair value before netting | ' | ' |
MBS call options [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total derivative assets instruments before netting | ' | ' |
Total derivative liabilities instruments fair value before netting | ' | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of Activity in Notional Amount of Derivative Contracts (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Forward purchase contracts [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | $5,411,784 | $829,407 | $2,206,539 | $398,400 |
Additions | 18,214,008 | 7,780,756 | 45,301,457 | 11,927,458 |
Disposition/expirations | -21,291,203 | -5,876,257 | -45,173,407 | -9,591,952 |
Balance, end of period | 2,334,589 | 2,733,906 | 2,334,589 | 2,733,906 |
Forward sales contracts [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 7,728,066 | 2,133,971 | 4,266,983 | 756,691 |
Additions | 21,440,627 | 13,150,113 | 58,817,165 | 21,381,612 |
Disposition/expirations | -25,844,850 | -10,097,143 | -59,760,305 | -16,951,362 |
Balance, end of period | 3,323,843 | 5,186,941 | 3,323,843 | 5,186,941 |
Eurodollar futures [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, end of period | 9,964,000 | ' | 9,964,000 | ' |
Eurodollar futures [Member] | Mortgage loans held by VIE [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | ' |
Additions | 19,152,000 | ' | 19,152,000 | ' |
Disposition/expirations | -9,188,000 | ' | -9,188,000 | ' |
Balance, end of period | 9,964,000 | ' | 9,964,000 | ' |
Treasury futures [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, end of period | 75,000 | ' | 75,000 | ' |
Treasury futures [Member] | Mortgage loans held by VIE [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | ' |
Additions | 75,000 | ' | 75,000 | ' |
Disposition/expirations | ' | ' | ' | ' |
Balance, end of period | 75,000 | ' | 75,000 | ' |
Options on Eurodollar futures [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, end of period | 2,200,000 | ' | 2,200,000 | ' |
Options on Eurodollar futures [Member] | Mortgage loans held by VIE [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | ' |
Additions | 2,200,000 | ' | 2,200,000 | ' |
Disposition/expirations | ' | ' | ' | ' |
Balance, end of period | 2,200,000 | ' | 2,200,000 | ' |
Hedging derivatives [Member] | MBS put options [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 460,000 | 245,000 | 495,000 | 28,000 |
Additions | 180,000 | 980,000 | 3,205,000 | 1,412,500 |
Disposition/expirations | -510,000 | -700,000 | -3,570,000 | -915,500 |
Balance, end of period | 130,000 | 525,000 | 130,000 | 525,000 |
Hedging derivatives [Member] | MBS call options [Member] | ' | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Balance, beginning of period | 725,000 | 35,000 | ' | 5,000 |
Additions | 300,000 | 30,000 | 2,200,000 | 180,000 |
Disposition/expirations | -1,025,000 | -65,000 | -2,200,000 | -185,000 |
Balance, end of period | ' | ' | ' | ' |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net gains (losses) on derivative financial instruments used to hedge IRLCs and inventory of mortgage loans | $3.10 | ($46.10) | $143.20 | ($62.50) |
Mortgage Service Rights [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net losses on derivative financial instruments used as economic hedges | 0 | ' | 2 | ' |
LIBOR [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net losses on derivative financial instruments used as economic hedges | $12.10 | ' | ' | ' |
Mortgage_Loans_at_Fair_Value_S2
Mortgage Loans at Fair Value - Summary of Distribution of Company's Mortgage Loans at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | $1,848,656 | $1,189,971 |
Unpaid principal balance | 2,983,050 | 2,124,033 |
Sales of loans under agreements to repurchase | 1,772,788 | 947,522 |
Mortgage loans held in a consolidated subsidiary whose stock is pledged to secure financings of such loans | 1,313 | 1,538 |
Nonperforming loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 1,344,259 | 785,955 |
Unpaid principal balance | 2,223,064 | 1,483,311 |
Performing loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 504,397 | 404,016 |
Unpaid principal balance | 759,986 | 640,722 |
Performing loans [Member] | Fixed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 262,010 | 201,212 |
Unpaid principal balance | 399,310 | 322,005 |
Performing loans [Member] | ARM/hybrid [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 143,955 | 134,196 |
Unpaid principal balance | 192,389 | 195,381 |
Performing loans [Member] | Interest rate step-up [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 98,287 | 68,475 |
Unpaid principal balance | 168,072 | 123,117 |
Performing loans [Member] | Balloon [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 145 | 133 |
Unpaid principal balance | $215 | $219 |
Mortgage_Loans_at_Fair_Value_S3
Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | ' | ' |
Portion of mortgage loans originated between 2005 and 2007 | 71.00% | 77.00% |
Percentage of fair value of mortgage loans with unpaid-principal-balance-to-current-property-value in excess of 100% | 61.00% | 68.00% |
Additional states contributing 5% or more of mortgage loans | 'New York Florida New Jersey | 'New York Florida New Jersey |
California real estate [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of mortgage loans secured by California real estate | 25.00% | 18.00% |
Mortgage_Loans_at_Fair_Value_S4
Mortgage Loans at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Risks And Uncertainties [Abstract] | ' | ' |
Percentage of fair value of mortgage loans | 100.00% | 100.00% |
Percentage of contribution by states in mortgage loans | 5.00% | 5.00% |
Mortgage_Loans_at_Fair_Value_H2
Mortgage Loans at Fair Value Held by Variable Interest Entity - Summary of Distribution of Company's Mortgage Loans at Fair Value Held by Variable Interest Entity (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | $1,848,656 | $1,189,971 |
Unpaid principal balance | 2,983,050 | 2,124,033 |
Variable Interest Entity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 536,776 | ' |
Unpaid principal balance | 550,462 | ' |
Nonperforming loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 1,344,259 | 785,955 |
Unpaid principal balance | 2,223,064 | 1,483,311 |
Nonperforming loans [Member] | Variable Interest Entity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | ' | ' |
Unpaid principal balance | ' | ' |
Performing loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 504,397 | 404,016 |
Unpaid principal balance | 759,986 | 640,722 |
Performing loans [Member] | Variable Interest Entity [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 536,776 | ' |
Unpaid principal balance | 550,462 | ' |
Performing loans [Member] | Variable Interest Entity [Member] | Jumbo Fixed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 536,776 | ' |
Unpaid principal balance | $550,462 | ' |
Mortgage_Loans_at_Fair_Value_H3
Mortgage Loans at Fair Value Held by Variable Interest Entity - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value Held by Variable Interest Entity (Detail) (Variable Interest Entity [Member]) | Sep. 30, 2013 |
California [Member] | ' |
Concentration Risk [Line Items] | ' |
Additional states contributing 5% or more of mortgage loans | 57.00% |
Washington [Member] | ' |
Concentration Risk [Line Items] | ' |
Additional states contributing 5% or more of mortgage loans | 8.00% |
Texas [Member] | ' |
Concentration Risk [Line Items] | ' |
Additional states contributing 5% or more of mortgage loans | 6.00% |
Virginia [Member] | ' |
Concentration Risk [Line Items] | ' |
Additional states contributing 5% or more of mortgage loans | 6.00% |
Other [Member] | ' |
Concentration Risk [Line Items] | ' |
Additional states contributing 5% or more of mortgage loans | 24.00% |
Mortgage_Loans_at_Fair_Value_H4
Mortgage Loans at Fair Value Held by Variable Interest Entity - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value Held by Variable Interest Entity (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | ' | ' |
Percentage of contribution by other states in mortgage loans | 5.00% | 5.00% |
Variable Interest Entity [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Percentage of contribution by other states in mortgage loans | 5.00% | 5.00% |
Mortgage_Loans_Under_Forward_P2
Mortgage Loans Under Forward Purchase Agreements at Fair Value - Summary of Distribution of Company's Mortgage Loans Under Forward Purchase Agreements at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | $228,086 | ' |
Unpaid principal balance | 358,171 | ' |
Nonperforming loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 184,338 | ' |
Unpaid principal balance | 286,339 | ' |
Performing loans [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 43,748 | ' |
Unpaid principal balance | 71,832 | ' |
Performing loans [Member] | Fixed [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 21,592 | ' |
Unpaid principal balance | 34,275 | ' |
Performing loans [Member] | ARM/hybrid [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Fair value | 22,156 | ' |
Unpaid principal balance | $37,557 | ' |
Mortgage_Loans_Under_Forward_P3
Mortgage Loans Under Forward Purchase Agreements at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Risks And Uncertainties [Abstract] | ' | ' |
Portion of mortgage loans originated between 2005 and 2007 | 73.00% | ' |
Percentage of fair value of mortgage loans with unpaid-principal-balance-to current-property-value in excess of 100% | 57.00% | ' |
Percentage of mortgage loans secured by California real estate | 24.00% | ' |
Additional states contributing 5% or more of mortgage loans | 'New Jersey, Washington, New York, Maryland | ' |
Mortgage_Loans_Under_Forward_P4
Mortgage Loans Under Forward Purchase Agreements at Fair Value - Summary of Certain Concentrations of Credit Risk in Portfolio of Mortgage Loans at Fair Value (Parenthetical) (Detail) | Sep. 30, 2013 | Dec. 31, 2012 |
Risks And Uncertainties [Abstract] | ' | ' |
Percentage of fair value of mortgage loans | 100.00% | 100.00% |
Percentage of contribution by other states in mortgage loans | 5.00% | 5.00% |
Real_Estate_Acquired_in_Settle6
Real Estate Acquired in Settlement of Loans - Summary of Activity in REO (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Banking And Thrift [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $88,682 | $89,121 | $88,078 | $80,570 |
Purchases | 82 | ' | 82 | 48 |
Transfers from mortgage loans at fair value and advances | 48,154 | 33,962 | 116,957 | 82,404 |
Transfers from REO under forward purchase agreements | 114 | 786 | 114 | 21,819 |
Results of REO: | ' | ' | ' | ' |
Valuation adjustments, net | -5,012 | -3,954 | -16,079 | -8,824 |
Gain on sale, net | 2,759 | 5,246 | 8,644 | 14,530 |
Total gain | -2,253 | 1,292 | -7,435 | 5,706 |
Sale proceeds | -35,086 | -38,981 | -98,103 | -104,367 |
Balance at period end | 99,693 | 86,180 | 99,693 | 86,180 |
At period end: | ' | ' | ' | ' |
REO pledged to secure agreements to repurchase | 17,074 | 10,118 | 17,074 | 10,118 |
REO held in a consolidated subsidiary whose stock is pledged to secure financings of such properties | $50,796 | $23,060 | $50,796 | $23,060 |
Real_Estate_Acquired_in_Settle7
Real Estate Acquired in Settlement of Loans Under Forward Purchase Agreements - Summary of Activity in REO Under Forward Purchase Agreements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $89 | $797 | ' | $22,979 |
Purchases | ' | ' | ' | 248 |
Transfers from (to) mortgage loans under forward purchase agreements at fair value and servicing advances | 3,640 | -10 | 3,729 | 6,633 |
Transfers to REO | -114 | -786 | -114 | -21,819 |
Valuation adjustments, net | -31 | -1 | -31 | -449 |
(Loss) gain on sale, net | -10 | -3 | -10 | 2,319 |
Results of REO under forward purchase agreements | -41 | -4 | -41 | 1,870 |
Sale proceeds | -65 | 3 | -65 | -9,911 |
Balance at period end | $3,509 | ' | $3,509 | ' |
Mortgage_Servicing_Rights_Summ
Mortgage Servicing Rights - Summary of MSRs Carried at Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Servicing Asset At Fair Value Changes In Fair Value [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $1,827 | $1,285 | $1,346 | $749 |
Purchases | 1,696 | ' | 1,881 | 20 |
MSRs resulting from loan sales | 7,939 | 363 | 8,043 | 1,451 |
Total additions | 9,635 | 363 | 9,924 | 1,471 |
Due to changes in valuation inputs or assumptions used in valuation model | -366 | -62 | -64 | -543 |
Other changes in fair value | -99 | -64 | -209 | -76 |
Change in fair value, Total | -465 | -126 | -273 | -619 |
Sales | ' | ' | ' | -79 |
Balance at period end | $10,997 | $1,522 | $10,997 | $1,522 |
Mortgage_Servicing_Rights_Summ1
Mortgage Servicing Rights - Summary of MSRs Carried at Lower of Amortized Cost or Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Servicing Asset At Amortized Value Additional Disclosures [Abstract] | ' | ' | ' | ' | ' |
Balance before valuation allowance at beginning of period | $228,912 | $33,171 | $132,977 | $5,282 | ' |
MSRs resulting from loan sales | 41,018 | 36,397 | 148,186 | 65,198 | ' |
Purchases | ' | 6 | ' | 15 | ' |
Sales | ' | ' | ' | -19 | ' |
Amortization | -7,201 | -1,437 | -18,433 | -2,339 | ' |
Application of valuation allowance to write down MSRs with other-than temporary impairment | ' | ' | ' | ' | ' |
Balance before valuation allowance at period end | 262,730 | 68,137 | 262,730 | 68,137 | ' |
Balance at beginning of period | -3,839 | -1,624 | -7,547 | ' | ' |
(Additions) Reversals | -212 | -2,881 | 3,495 | -4,505 | ' |
Application of valuation allowance to write down MSRs with other-than temporary impairment | ' | ' | ' | ' | ' |
Balance at period end | -4,051 | -4,505 | -4,051 | -4,505 | ' |
Mortgage Servicing Rights, net | 258,678 | 63,632 | 258,678 | 63,632 | 125,430 |
Estimated fair value of MSRs at period end | $277,711 | $63,678 | $277,711 | $63,678 | ' |
Mortgage_Servicing_Rights_Summ2
Mortgage Servicing Rights - Summary of Company's Estimate of Amortization of Existing MSRs Carried at Amortized Cost (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Statement Of Financial Position [Abstract] | ' | ' | ' | ' | ' | ' |
2014 | $27,644 | ' | ' | ' | ' | ' |
2015 | 26,477 | ' | ' | ' | ' | ' |
2016 | 24,675 | ' | ' | ' | ' | ' |
2017 | 23,164 | ' | ' | ' | ' | ' |
2018 | 21,480 | ' | ' | ' | ' | ' |
Thereafter | 139,289 | ' | ' | ' | ' | ' |
Total | $262,730 | $228,912 | $132,977 | $68,137 | $33,171 | $5,282 |
Mortgage_Servicing_Rights_Summ3
Mortgage Servicing Rights - Summary of Net Loan Servicing Fees (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Transfers And Servicing [Abstract] | ' | ' | ' | ' |
Contractual servicing fees | $13,687 | $3,934 | $34,158 | $6,342 |
Securities_Sold_Under_Agreemen2
Securities Sold Under Agreements to Repurchase at Fair Value - Summary of Financial Information Relating to Securities Sold Under Agreements to Repurchase at Fair Value (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' |
Period end, Balance | $196,032 | ' | $196,032 | ' |
Weighted-average interest rate at end of period | 0.45% | 0.00% | 0.45% | 0.00% |
Fair value of securities securing agreements to repurchase | 217,492 | ' | 217,492 | ' |
Weighted-average interest rate during the period | 0.64% | 0.51% | 0.64% | 0.64% |
Average balance of securities sold under agreements to repurchase | 38,788 | 75,787 | 13,071 | 99,595 |
Total interest expense | 63 | 100 | 63 | 488 |
Maximum daily amount outstanding | $196,032 | $157,333 | $196,032 | $160,334 |
Securities_Sold_Under_Agreemen3
Securities Sold Under Agreements to Repurchase at Fair Value - Summary of Securities Sold Under Agreements to Repurchase by Counterparty (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Credit Suisse First Boston Mortgage Capital LLC [Member] | ' |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' |
Amount at risk | $31,427 |
Facility Maturity | 31-Oct-14 |
Credit Suisse First Boston Mortgage Capital LLC [Member] | Securities Sold Under Agreements to Repurchase [Member] | ' |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' |
Amount at risk | 10,256 |
Facility Maturity | 16-Oct-13 |
Daiwa Capital Markets [Member] | Securities Sold Under Agreements to Repurchase [Member] | ' |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' |
Amount at risk | 7,570 |
Facility Maturity | 23-Oct-13 |
Bank of America, N.A. [Member] | Securities Sold Under Agreements to Repurchase [Member] | ' |
Securities Sold Under Agreements To Repurchase And Other Short Term Borrowings [Line Items] | ' |
Amount at risk | $3,771 |
Facility Maturity | 9-Oct-13 |
Mortgage_Loans_Acquired_for_Sa6
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Period end: | ' | ' | ' | ' |
Balance | $670,311 | $755,471 | $670,311 | $755,471 |
Unused amount | 990,583 | 244,529 | 990,583 | 244,529 |
Weighted-average interest rate | 2.08% | 2.61% | 2.08% | 2.61% |
Fair value of mortgage loans acquired for sale securing agreements to repurchase | 731,717 | 846,856 | 731,717 | 846,856 |
During the period: | ' | ' | ' | ' |
Weighted-average interest rate | 2.06% | 2.42% | 2.12% | 2.29% |
Average balance of loans sold under agreements to repurchase | 1,121,828 | 462,137 | 955,410 | 294,857 |
Total interest expense | 7,898 | 3,947 | 20,724 | 7,221 |
Maximum daily amount outstanding | $1,489,070 | $755,502 | $1,489,070 | $755,502 |
Mortgage_Loans_Acquired_for_Sa7
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fees And Commissions Income [Line Items] | ' | ' | ' | ' |
Debt issuance costs | $1.90 | $1.10 | $5 | $2.10 |
Mortgage_Loans_Acquired_for_Sa8
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Summary of Maturities of Outstanding Advances under Repurchase Agreements by Maturity Date (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Maturities of repurchase agreements | $670,311 | $755,471 |
Weighted average maturity | '2 years 6 months | ' |
Within 30 days [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Maturities of repurchase agreements | 56,482 | ' |
Over 30 to 90 days [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Maturities of repurchase agreements | 591,307 | ' |
Over 90 days to 180 days [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Maturities of repurchase agreements | 22,522 | ' |
Over 180 days to 1 year [Member] | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' |
Maturities of repurchase agreements | ' | ' |
Mortgage_Loans_Acquired_for_Sa9
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Deposit with loan repurchase agreement counterparties | $3 | $4.10 |
Recovered_Sheet1
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Amount at Risk Relating to Loans Acquired for Sale Sold under Agreements to Repurchase by Counterparty (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Citibank, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | $8,181 |
Weighted-average repurchase agreement maturity | 31-Oct-19 |
Facility Maturity | 24-Jul-14 |
Credit Suisse First Boston Mortgage Capital LLC [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | 31,427 |
Weighted-average repurchase agreement maturity | 25-Dec-13 |
Facility Maturity | 31-Oct-14 |
Bank of America, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | 20,495 |
Weighted-average repurchase agreement maturity | 21-Dec-13 |
Facility Maturity | 2-Jan-14 |
Morgan Stanley Bank, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | $2,972 |
Weighted-average repurchase agreement maturity | 25-Nov-13 |
Facility Maturity | 19-Nov-13 |
Recovered_Sheet2
Mortgage Loans Acquired for Sale Sold Under Agreements to Repurchase - Amount at Risk Relating to Loans Acquired for Sale Sold under Agreements to Repurchase by Counterparty (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Rolling maturity date in days | '364 days |
Mortgage_Loans_at_Fair_Value_S5
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | ||
Period end: | ' | ' | ' | ' | ' | ' |
Balance | $797,715 | $353,805 | $1,091,487 | $274,185 | $1,091,487 | $274,185 |
Unused amount | ' | ' | 287,163 | 375,815 | 287,163 | 375,815 |
Weighted-average interest rate | ' | ' | 4.11% | 3.88% | 4.11% | 3.88% |
Fair value of mortgage loans at fair value and REO securing agreements to repurchase | ' | ' | 2,116,823 | 986,678 | 2,116,823 | 986,678 |
During the period: | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate during the period | ' | ' | 3.11% | 4.46% | 3.27% | 4.36% |
Average balance of loans sold under agreements to repurchase | ' | ' | 578,514 | 333,216 | 478,739 | 313,726 |
Total interest expense | ' | ' | 5,216 | 3,800 | 13,559 | 10,411 |
Maximum daily amount outstanding | ' | ' | $1,091,487 | $439,976 | $1,091,487 | $439,976 |
Mortgage_Loans_at_Fair_Value_S6
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Financial Information Relating to Mortgage Loans at Fair Value (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' |
Debt issuance costs | $1,900,000 | $1,100,000 | $5,000,000 | $2,100,000 |
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | ' | ' | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' |
Debt issuance costs | $625,000 | $439,000 | $1,700,000 | $1,000,000 |
Mortgage_Loans_at_Fair_Value_S7
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Maturities of Repurchase Agreements (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | |||
Within 30 days [Member] | Over 30 to 90 days [Member] | Over 90 days to 180 days [Member] | Over 180 days to 1 year [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans at fair value | $797,715 | $353,805 | $1,091,487 | $274,185 | ' | $293,772 | ' | $797,715 |
Weighted average maturity | '2 years 6 months | ' | '8 years 3 months 18 days | ' | ' | ' | ' | ' |
Mortgage_Loans_at_Fair_Value_S8
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Additional Information (Detail) (Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Deposit with loan repurchase agreement counterparties | ' | $379,000 |
Mortgage_Loans_at_Fair_Value_S9
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Amount of Risk Relating to Company's Mortgage Loans at Fair Value (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Citibank, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | $8,181 |
Facility Maturity | 24-Jul-14 |
Credit Suisse First Boston Mortgage Capital LLC [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | 31,427 |
Facility Maturity | 31-Oct-14 |
Bank of America, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | 20,495 |
Facility Maturity | 2-Jan-14 |
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Citibank, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | 663,953 |
Facility Maturity | 24-Jul-14 |
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Credit Suisse First Boston Mortgage Capital LLC [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | 336,254 |
Facility Maturity | 31-Oct-14 |
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase [Member] | Bank of America, N.A. [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | $24,566 |
Facility Maturity | 30-Oct-13 |
Recovered_Sheet3
Mortgage Loans at Fair Value Sold Under Agreements to Repurchase - Summary of Amount of Risk Relating to Company's Mortgage Loans at Fair Value (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Rolling maturity date in days | '364 days |
Real_Estate_Acquired_in_Settle8
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Financial Information Relating to REO Financed Under Agreements to Repurchase (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | ||
Period end: | ' | ' | ' | ' | ' | ' |
Balance | $22,228 | $7,391 | $22,228 | $11,715 | $22,228 | $11,715 |
Unused amount | ' | ' | ' | 88,285 | ' | 88,285 |
Weighted-average interest rate | ' | ' | 3.68% | 3.96% | 3.68% | 3.96% |
Fair value of loans and REO held in a consolidated subsidiary whose stock is pledged to secure agreements to repurchase | ' | ' | 50,796 | 24,148 | 50,796 | 24,148 |
During the period: | ' | ' | ' | ' | ' | ' |
Weighted-average interest rate | ' | ' | 3.78% | 4.25% | 3.90% | 4.21% |
Average balance of REO sold under agreements to repurchase | ' | ' | 16,720 | 15,461 | 9,058 | 19,139 |
Total interest expense | ' | ' | 286 | 293 | 269 | 989 |
Maximum daily amount outstanding | ' | ' | $23,867 | $19,909 | $23,867 | $27,494 |
Real_Estate_Acquired_in_Settle9
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Financial Information Relating to REO Financed Under Agreements to Repurchase (Parenthetical) (Detail) (Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | ' | ' | ' | ' |
Repurchase Agreement Counterparty [Line Items] | ' | ' | ' | ' |
Debt issuance costs | $125,000 | $41,667 | $375,000 | $41,667 |
Recovered_Sheet4
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Amount of Risk Relating to Company's REO Held in Consolidated Subsidiary (Detail) (Credit Suisse First Boston Mortgage Capital LLC [Member], USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | $31,427 |
Real Estate Acquired in Settlement of Loans Financed under Agreements to Repurchase [Member] | ' |
Repurchase Agreement Counterparty [Line Items] | ' |
Amount at risk | $29,857 |
Weighted-average repurchase agreement maturity | 31-Oct-14 |
Recovered_Sheet5
Real Estate Acquired in Settlement of Loans Financed Under Agreements to Repurchase - Summary of Amount of Risk Relating to Company's REO Held in Consolidated Subsidiary (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Rolling maturity date in days | '364 days |
AssetBacked_Secured_Financing_1
Asset-Backed Secured Financing - Summary of Financial Information Relating to Asset-Backed Secured Financing (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Period end: | ' | ' | ' | ' |
Balance | $170,008 | ' | $170,008 | ' |
During the period: | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' |
Asset-backed secured financing [Member] | ' | ' | ' | ' |
Period end: | ' | ' | ' | ' |
Balance | 170,008 | ' | 170,008 | ' |
Weighted-average interest rate | 3.50% | ' | 3.50% | ' |
During the period: | ' | ' | ' | ' |
Average balance | 1,853 | ' | 625 | ' |
Maximum daily amount outstanding | 170,008 | ' | 170,008 | ' |
Interest expense | ' | ' | ' | ' |
Exchangeable_Senior_Notes_Addi
Exchangeable Senior Notes - Additional Information (Detail) (Exchangeable Senior Notes due 2020 [Member], USD $) | 1 Months Ended |
Apr. 30, 2013 | |
Exchangeable Senior Notes due 2020 [Member] | ' |
Proforma Debt Instrument [Line Items] | ' |
Issuance of debt through private offering | $250,000,000 |
Percentage of interest on debt | 5.38% |
Number of shares exchanged per notes | 33.5149 |
Principal amount of the notes | $1,000 |
Exchange price per common share | $29.84 |
Maturity date of debt instrument | 1-May-20 |
Exchangeable_Senior_Notes_Summ
Exchangeable Senior Notes - Summary of Financial Information Related to Notes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Period end: | ' | ' | ' |
Balance | $250,000 | $250,000 | ' |
Weighted-average interest rate | 5.38% | 5.38% | ' |
During the period: | ' | ' | ' |
Average balance | 250,000 | 141,026 | ' |
Maximum daily amount outstanding | 250,000 | 250,000 | ' |
Interest expense | $3,577 | $5,961 | $113 |
Exchangeable_Senior_Notes_Summ1
Exchangeable Senior Notes - Summary of Financial Information Related to Notes (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' | ' |
Amortization of debt issuance costs | $218,000 | $362,000 |
Unamortized debt issuance costs | $7,100,000 | $7,100,000 |
Borrowings_under_Forward_Purch2
Borrowings under Forward Purchase Agreements - Summary of Financial Information Relating to Borrowings under Forward Purchase Agreements (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Period end: | ' | ' | ' | ' | ' |
Balance | $797,715 | ' | $797,715 | ' | $353,805 |
During the period: | ' | ' | ' | ' | ' |
Interest expense | 1,762 | 100 | 2,013 | 2,396 | ' |
Borrowings under forward purchase agreement [Member] | ' | ' | ' | ' | ' |
Period end: | ' | ' | ' | ' | ' |
Balance | 229,841 | ' | 229,841 | ' | ' |
Weighted-average interest rate | 3.03% | ' | 3.03% | ' | ' |
Fair value of underlying loans and REO | 231,595 | ' | 231,595 | ' | ' |
During the period: | ' | ' | ' | ' | ' |
Weighted-average interest rate | 2.96% | 4.00% | 2.97% | 4.01% | ' |
Average balance | 232,722 | 9,787 | 89,459 | 78,435 | ' |
Interest expense | 1,762 | 100 | 2,013 | 2,396 | ' |
Maximum daily amount outstanding | $242,394 | $16,693 | $244,047 | $152,428 | ' |
Liability_for_Losses_under_Rep2
Liability for Losses under Representations and Warranties - Summary of Companys Liability for Losses under Representations and Warranties (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Mortgage Banking [Abstract] | ' | ' | ' | ' |
Balance, beginning of period | $7,668 | $1,249 | $4,441 | $205 |
Provisions for losses | 1,474 | 1,129 | 4,701 | 2,173 |
Incurred losses | ' | ' | ' | ' |
Balance, end of period | $9,142 | $2,378 | $9,142 | $2,378 |
Liability_for_Losses_under_Rep3
Liability for Losses under Representations and Warranties - Summary of Companys Repurchase Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Uncategorized [Abstract] | ' | ' | ' | ' |
Unpaid balance of mortgage loans repurchased | $5,687 | $416 | $6,895 | $416 |
Unpaid principal balance of repurchased mortgage loans repurchased by correspondent lenders | 967 | ' | 1,891 | ' |
Unpaid balance of mortgage loans subject to pending claims for repurchase | 9,415 | 1,547 | 9,415 | 1,547 |
Unpaid principal balance of mortgage loans subject to representations and warranties | $23,531,815 | $6,256,017 | $23,531,815 | $6,256,017 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Company's Outstanding Contractual Loan Commitments (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Commitments to purchase mortgage loans: | ' |
Correspondent lending | $641,971 |
Other mortgage loans | $316,764 |
Shareholders_Equity_Additional
Shareholders Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 13, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Maximum [Member] | Management [Member] | Management [Member] | IPO underwriters [Member] | IPO underwriters [Member] | Initial Public Offering [Member] | Initial Public Offering [Member] | ||||
Maximum [Member] | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from offerings of common shares (in shares) | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from public offering of common shares | $249,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of common stock available for future issuance under sales Agreement | ' | 197,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursement paid for every $100 of performance incentive fees earned | ' | 10 | ' | ' | ' | ' | ' | 20 | 20 | ' |
Performance incentive fees earned | ' | 100 | ' | ' | ' | ' | ' | ' | 100 | ' |
Reimbursement payable in a 12-month period | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | 2,000,000 |
Underwriting cost paid | ' | ' | ' | 2,900,000 | ' | ' | ' | ' | ' | ' |
Payments of contingent underwriting fee to manager | ' | ' | ' | ' | 388,000 | 601,000 | ' | ' | ' | ' |
Amount paid by underwriters | ' | 2,131,000 | 2,941,000 | ' | ' | ' | ' | ' | 5,900,000 | ' |
Reimbursement agreement expiry date | ' | ' | ' | ' | ' | ' | ' | 'February 1, 2019 | 'February 1, 2019 | ' |
Payments of contingent underwriting fees to underwriters | ' | ' | ' | ' | ' | ' | $776,000 | $1,200,000 | ' | ' |
Net_Gain_on_Mortgage_Loans_Acq2
Net Gain on Mortgage Loans Acquired For Sale - Summary of Net Gain on Mortgage Loans Acquired for Sale (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash gain (loss): | ' | ' | ' | ' |
Sales proceeds | ($108,960) | $10,360 | ($207,912) | $10,677 |
Hedging activities | 114,404 | -17,897 | 160,109 | -28,720 |
Cash gain, net of effects of cash hedging, on sale of mortgage loans acquired for sale | 5,444 | -7,537 | -47,803 | -18,043 |
Non cash gain: | ' | ' | ' | ' |
Receipt of MSRs in loan sale transactions | 48,957 | 36,760 | 156,229 | 66,648 |
Provision for losses relating to representations and warranties provided in loan sales | -1,474 | -1,129 | -4,701 | -2,173 |
Change in fair value relating to loans and hedging derivatives held at period-end: | ' | ' | ' | ' |
IRLCs | 28,413 | 27,102 | -8,033 | 34,263 |
Mortgage loans | 48,206 | 23,004 | 11,211 | 34,457 |
Hedging derivatives | -118,515 | -28,407 | -22,155 | -33,942 |
Net gain on mortgage loans acquired for sale | $11,031 | $49,793 | $84,748 | $81,210 |
Net_Interest_Income_Summary_of
Net Interest Income - Summary of Net Interest Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest income: | ' | ' | ' | ' |
Mortgage loans acquired for sale at fair value | $12,535 | $6,144 | $28,150 | $12,092 |
Short-term investments | 252 | 13 | 340 | 32 |
Mortgage-backed securities | 345 | 502 | 345 | 2,087 |
Agency debt securities | 162 | ' | 162 | ' |
Mortgage loans at fair value | 20,751 | 12,889 | 48,300 | 36,855 |
Mortgage loans at fair value held by variable interest entity | ' | ' | ' | ' |
Mortgage loans under forward purchase agreements | 1,196 | 146 | 1,457 | 996 |
Excess servicing spread | ' | ' | ' | ' |
Other | 36 | 36 | 196 | 95 |
Interest income, total | 35,278 | 19,730 | 78,950 | 52,157 |
Interest expense | ' | ' | ' | ' |
Assets sold under agreements to repurchase | 63 | 100 | 63 | 488 |
Borrowings under forward purchase agreements | 1,762 | 100 | 2,013 | 2,396 |
Asset-backed secured financing | ' | ' | ' | ' |
Exchangeable senior notes | 3,577 | ' | 5,961 | ' |
Note payable secured by mortgage loans at fair value | 3,577 | ' | 5,961 | 113 |
Other | 694 | ' | 1,913 | ' |
Interest expense, total | 19,497 | 8,282 | 44,877 | 21,659 |
Net interest income | $15,781 | $11,448 | $34,073 | $30,498 |
Net_Loan_Servicing_Fees_Summar
Net Loan Servicing Fees - Summary of Net Loan Servicing Fees (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Servicing fees | $14,451 | $3,933 | $37,175 | $6,294 |
MSR recapture fee receivable from PLS | 86 | ' | 586 | ' |
Effect of MSRs: | ' | ' | ' | ' |
Amortization | -7,201 | -1,437 | -18,433 | -2,339 |
(Provision for) reversal of impairment of MSRs carried at lower of amortized cost or fair value | -212 | -2,881 | 3,495 | -4,505 |
Change in fair value of MSRs carried at fair value | -465 | -126 | -273 | -619 |
Losses on hedging derivatives | ' | ' | -1,988 | ' |
Total Effect of MSRs | -7,878 | -4,444 | -17,199 | -7,463 |
Net loan servicing fees | $6,659 | ($511) | $20,562 | ($1,169) |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Percentage of Company's issued and outstanding shares | 8.00% |
Estimated fair value of assumed guarantee forfeiture rate | 15.00% |
Number of share units outstanding expected to vest | 603,188 |
Weighted average grant date fair value of shares expected to vest | $22.80 |
Weighted average remaining vesting period of shares expected to vest | '30 months |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '1 year |
Percentage of minimum exercise price of fair value of company's shares on the date of grant award | 100.00% |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting period | '4 years |
Share option award under the equity incentive plan | '10 years |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans - Summary of Restricted Share Unit Activity and Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Number of units: | ' | ' | ' | ' |
Outstanding at beginning of period | 740,858 | 751,489 | 665,617 | 491,809 |
Granted | 4,781 | ' | 255,445 | 350,000 |
Vested | -75,830 | -74,077 | -248,753 | -161,726 |
Canceled | -3,681 | -11,770 | -6,181 | -14,441 |
Outstanding at end of period | 666,128 | 665,642 | 666,128 | 665,642 |
Weighted Average Grant Date Fair Value: | ' | ' | ' | ' |
Outstanding at beginning of period | $18.25 | $14.96 | $15.92 | $12.57 |
Granted | $23.91 | ' | $23.91 | $18.91 |
Vested | $3.21 | $6.10 | $13.20 | $12.15 |
Expired or canceled | $23.63 | $17.11 | $20.06 | $16.91 |
Outstanding at end of period | $19.97 | $15.92 | $19.97 | $15.92 |
Compensation expense recorded during the period | $1,970,000 | $1,661,000 | $4,066,000 | $3,576,000 |
Period end: | ' | ' | ' | ' |
Units available for future awards | 5,024,000 | 4,014,000 | 5,024,000 | 4,014,000 |
Unamortized compensation cost | $6,861,000 | $6,823,000 | $6,861,000 | $6,823,000 |
Income_Taxes_Summary_of_Compan
Income Taxes - Summary of Company's Income Tax Expense (Benefit) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Current (benefit) expense: | ' | ' | ' | ' |
Federal | $3,505 | $4,199 | ($7,241) | $7,005 |
State | 1,753 | 1,459 | -1,202 | 2,434 |
Total current expense | 5,258 | 5,658 | -8,443 | 9,439 |
Deferred (benefit) expense: | ' | ' | ' | ' |
Federal | -6,135 | 9,594 | 16,456 | 17,122 |
State | -2,762 | 3,333 | 4,399 | 5,947 |
Total deferred expense | -8,897 | 12,927 | 20,855 | 23,069 |
Provision for income taxes, Amount | ($3,639) | $18,585 | $12,412 | $32,508 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Company's Provision for Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Federal income tax expense at statutory tax rate, Amount | $12,622 | $20,639 | $55,967 | $42,532 |
Effect of non-taxable REIT income, Amount | -16,707 | -5,168 | -46,905 | -15,460 |
State income taxes, net of federal benefit, Amount | -655 | 3,114 | 2,079 | 5,448 |
Other, Amount | 1,101 | ' | 1,271 | -12 |
Valuation allowance, Amount | ' | ' | ' | ' |
Provision for income taxes, Amount | ($3,639) | $18,585 | $12,412 | $32,508 |
Federal income tax expense at statutory tax rate, Rate | 35.00% | 35.00% | 35.00% | 35.00% |
Effect of non-taxable REIT income, Rate | -46.30% | -8.80% | -29.30% | -12.70% |
State income taxes, net of federal benefit, Rate | -1.90% | 5.30% | 1.30% | 4.50% |
Other, Rate | 3.10% | 0.00% | 0.80% | 0.00% |
Valuation allowance, Rate | 0.00% | 0.00% | 0.00% | 0.00% |
Provision for income taxes, Rate | -10.10% | 31.50% | 7.80% | 26.80% |
Income_Taxes_Components_of_Pro
Income Taxes - Components of Provision for Deferred Income Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Real estate valuation loss | ($143) | ($193) | $655 | ($869) |
Mortgage servicing rights | 17,194 | 13,594 | 56,993 | 24,851 |
Net operating loss carryforward | -25,283 | ' | -34,770 | ' |
Other | -665 | -474 | -2,023 | -913 |
Valuation allowance | ' | ' | ' | ' |
Total provision for deferred income taxes | ($8,897) | $12,927 | $20,855 | $23,069 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Taxes Payable (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Taxes currently receivable | $7,706 | $5,374 |
Deferred income taxes payable | -62,546 | -41,690 |
Income taxes payable | ($54,840) | ($36,316) |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
REO valuation loss | $7,744 | $8,399 |
Net operating loss carryforward | 34,770 | ' |
Other | 3,889 | 1,867 |
Gross deferred tax assets | 46,403 | 10,266 |
Deferred income tax liabilities: | ' | ' |
Mortgage servicing rights | -108,949 | -51,956 |
Gross deferred tax liabilities | -108,949 | -51,956 |
Net deferred income tax liability | ($62,546) | ($41,690) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Deferred tax asset, net operating loss carryforwards | $34,770 |
Net operating loss carryforwards, expiration year | '2033 |
Segments_and_Related_Informati2
Segments and Related Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of business segment | 2 |
Segments_and_Related_Informati3
Segments and Related Information - Financial Highlights by Operating Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Revenues: | ' | ' | ' | ' | ' |
Net gain on mortgage loans acquired for sale | $11,031 | $49,793 | $84,748 | $81,210 | ' |
Net gain on investments | 49,086 | 26,061 | 159,900 | 65,541 | ' |
Interest income | 35,278 | 19,730 | 78,950 | 52,157 | ' |
Interest expense | -19,497 | -8,282 | -44,877 | -21,659 | ' |
Net interest income | 15,781 | 11,448 | 34,073 | 30,498 | ' |
Other | 10,164 | 3,612 | 30,710 | 11,343 | ' |
Net investment income | 86,062 | 90,914 | 309,431 | 188,592 | ' |
Expenses: | ' | ' | ' | ' | ' |
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 37,604 | 25,530 | 119,362 | 52,224 | ' |
Other | 12,396 | 6,415 | 30,163 | 14,849 | ' |
Total expenses | 50,000 | 31,945 | 149,525 | 67,073 | ' |
Pre-tax net income | 36,062 | 58,969 | 159,906 | 121,519 | ' |
Total assets at period end | 4,249,231 | 2,328,725 | 4,249,231 | 2,328,725 | 2,559,663 |
Intersegment elimination & other [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Net gain on mortgage loans acquired for sale | ' | ' | ' | ' | ' |
Net gain on investments | ' | ' | ' | ' | ' |
Interest income | -2,574 | -15 | -4,369 | -88 | ' |
Interest expense | 2,574 | 15 | 4,369 | 88 | ' |
Net interest income | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' |
Net investment income | ' | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' | ' |
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | ' | ' | 3,284 | ' | ' |
Other | ' | ' | ' | ' | ' |
Total expenses | ' | ' | 3,284 | ' | ' |
Pre-tax net income | ' | ' | -3,284 | ' | ' |
Total assets at period end | -2,012 | -9,160 | -2,012 | -9,160 | ' |
Correspondent lending [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Net gain on mortgage loans acquired for sale | 11,031 | 49,793 | 84,748 | 81,210 | ' |
Interest income | 12,536 | 6,159 | 28,151 | 12,129 | ' |
Interest expense | -9,171 | -3,366 | -22,354 | -5,998 | ' |
Net interest income | 3,365 | 2,793 | 5,797 | 6,131 | ' |
Other | 4,490 | 2,837 | 14,715 | 4,880 | ' |
Net investment income | 18,886 | 55,423 | 105,260 | 92,221 | ' |
Expenses: | ' | ' | ' | ' | ' |
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 18,968 | 17,847 | 67,138 | 32,100 | ' |
Other | 211 | 772 | 485 | 596 | ' |
Total expenses | 19,179 | 18,619 | 67,623 | 32,696 | ' |
Pre-tax net income | -293 | 36,804 | 37,637 | 59,525 | ' |
Total assets at period end | 760,611 | 911,998 | 760,611 | 911,998 | ' |
Investment activities [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Net gain on investments | 49,086 | 26,061 | 159,900 | 65,541 | ' |
Interest income | 25,316 | 13,586 | 55,168 | 40,116 | ' |
Interest expense | -12,900 | -4,931 | -26,892 | -15,749 | ' |
Net interest income | 12,416 | 8,655 | 28,276 | 24,367 | ' |
Other | 5,674 | 775 | 15,995 | 6,463 | ' |
Net investment income | 67,176 | 35,491 | 204,171 | 96,371 | ' |
Expenses: | ' | ' | ' | ' | ' |
Loan fulfillment, Servicing and Management fees payable to PennyMac Financial Services, Inc | 18,636 | 7,683 | 48,940 | 20,124 | ' |
Other | 12,185 | 5,643 | 29,678 | 14,253 | ' |
Total expenses | 30,821 | 13,326 | 78,618 | 34,377 | ' |
Pre-tax net income | 36,355 | 22,165 | 125,553 | 61,994 | ' |
Total assets at period end | $3,490,632 | $1,425,887 | $3,490,632 | $1,425,887 | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Summary of Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Additional Cash Flow Elements And Supplemental Cash Flow Information [Abstract] | ' | ' | ' | ' |
Cash paid for interest | ' | ' | $58,290 | $21,952 |
Income tax (refund) payment | ' | ' | -6,137 | 9,345 |
Non-cash investing activities: | ' | ' | ' | ' |
Transfer of mortgage loans acquired for sale at fair value to mortgage loans at fair value held by variable interest entity | 536,776 | ' | 536,776 | ' |
Transfer of mortgage loans to REO | ' | ' | 116,957 | 82,404 |
Transfer of mortgage loans acquired for sale to mortgage loans at fair value | ' | ' | ' | 18 |
Purchase of mortgage loans financed through forward purchase agreements | ' | ' | 245,389 | 1,070 |
Transfer of mortgage loans under forward purchase agreements to mortgage loans, at fair value | ' | ' | 13,018 | 117,913 |
Transfer of mortgage loans under forward purchase agreements to REO under forward purchase agreements | ' | ' | 3,604 | 6,633 |
Receipt of MSRs as proceeds from sales of loans | 48,957 | 36,760 | 156,229 | 66,648 |
Purchase of REO financed through forward purchase agreements | ' | ' | 3,604 | 248 |
Transfer of REO under forward purchase agreements to REO | ' | ' | 114 | 21,819 |
Non-cash financing activities: | ' | ' | ' | ' |
Purchase of mortgage loans financed through forward purchase agreements | ' | ' | 245,389 | 1,070 |
Purchase of REO financed through forward purchase agreements | ' | ' | 3,604 | 248 |
Transfer of note payable secured by mortgage loans to mortgage loans sold under agreements to repurchase | ' | ' | ' | 26,573 |
Transfer of mortgage loans at fair value financed through agreements to repurchase to REO financed under agreements to repurchase | ' | ' | $25,141 | ' |
Regulatory_Net_Worth_Requireme1
Regulatory Net Worth Requirement - Additional Information (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Mortgage Banking [Abstract] | ' |
Minimum net worth amount | $2.50 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 0 Months Ended | |||
Sep. 30, 2013 | Sep. 15, 2013 | Sep. 25, 2013 | Sep. 15, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | |
Ginnie Mae MSRs [Member] | Nonperforming Loans [Member] | Nonperforming Loans [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Ginnie Mae MSRs [Member] | Fannie Mae MSRs [Member] | Nonperforming Loans [Member] | ||||
Fannie Mae MSRs [Member] | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Aggregate unpaid principal balance of mortgage loans purchased | ' | ' | $563,000,000 | $10,700,000,000 | ' | $10,300,000,000 |
Excess servicing spread investment | $2,857,000 | $86,000,000 | ' | ' | $62,000,000 | ' |
Dividend declare date | 4-Nov-13 | ' | ' | ' | ' | ' |
Dividend declared per share | $0.57 | ' | ' | ' | ' | ' |
Dividend payable date | 29-Nov-13 | ' | ' | ' | ' | ' |