Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Nationstar Mortgage Holdings Inc. | ' | ' |
Entity Central Index Key | '0001520566 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 90,324,847 | ' |
Entity Public Float | ' | ' | $792,739,884 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Cash and cash equivalents | $441,902,000 | $152,649,000 |
Restricted cash | 592,747,000 | 393,190,000 |
Accounts receivable | 5,636,482,000 | 3,043,606,000 |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 2,603,380,000 | 1,480,537,000 |
Mortgage loans held for investment, principally subject to nonrecourse debt - Legacy Assets, net of allowance for loan losses of $2,144 and $4,390 respectively | 211,050,000 | 238,907,000 |
Reverse mortgage interests | 1,434,506,000 | 750,273,000 |
Servicing Asset | 2,503,162,000 | 646,833,000 |
Receivables from affiliates | 8,861,000 | 12,604,000 |
Property and equipment, net of accumulated depreciation of $74,723 and $48,806, respectively | 119,185,000 | 75,026,000 |
Derivative Asset | 123,878,000 | 152,189,000 |
Real estate owned (REO), net | 45,632,000 | 10,467,000 |
Other assets | 360,397,000 | 192,933,000 |
Total assets | 14,026,689,000 | 7,126,143,000 |
Liabilities and equity | ' | ' |
Notes payable | 6,984,351,000 | 3,601,586,000 |
Unsecured senior notes | 2,444,062,000 | 1,062,635,000 |
Payables and accrued liabilities | 1,308,450,000 | 631,431,000 |
Derivative financial instruments | 8,526,000 | 20,026,000 |
Mortgage servicing liabilities | 82,521,000 | 83,238,000 |
Other nonrecourse debt | 2,208,881,000 | 969,545,000 |
Excess spread financing - fair value | 986,410,000 | 288,089,000 |
Total liabilities | 13,036,791,000 | 6,368,461,000 |
Commitments and contingencies – See Note 22 | 0 | 0 |
Preferred stock at $0.01 par value - 300,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock at $0.01 par value - 1,000,000 shares authorized, 90,330 shares and 90,480 shares issued at December 31, 2013 and December 31, 2012, respectively | 906,000 | 905,000 |
Additional paid-in-capital | 566,642,000 | 556,056,000 |
Retained earnings | 422,341,000 | 205,287,000 |
Treasury Stock, Value | 6,944,000 | ' |
Common shares held by subsidiary; 0 shares and 212 shares at cost, respectively | 0 | -4,566,000 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 1,963,000 | ' |
Total Nationstar Inc. stockholders' equity | 984,908,000 | 757,682,000 |
Stockholders' Equity Attributable to Noncontrolling Interest | 4,990,000 | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 989,898,000 | 757,682,000 |
Total liabilities and equity | $14,026,689,000 | $7,126,143,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Loans Held-for-sale, Fair Value Disclosure | $2,585,340 | $1,480,537 |
Allowance for loan losses of mortgage loans held for investment, subject to nonrecourse debt | 2,144 | 4,390 |
Total mortgage servicing rights at fair value | 2,488,283 | 635,860 |
Accumulated depreciation of property and equipment | $74,723 | $48,806 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 300,000,000 | 300,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares issued | 90,330,000 | 90,480,000 |
Common Stock, Shares outstanding | 90,330,000 | 90,480,000 |
Treasury Stock, Shares | 168,000 | 0 |
Common Shares Held by Subsidiary | 0 | 212,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Servicing fee income | $1,084,208 | $462,495 | $233,411 |
Other fee income | 300,014 | 34,656 | 35,294 |
Total fee income | 1,384,222 | 497,151 | 268,705 |
Gain on mortgage loans held for sale | 702,763 | 487,164 | 109,136 |
Total revenues | 2,086,985 | 984,315 | 377,841 |
Expenses and impairments: | ' | ' | ' |
Salaries, wages and benefits | 679,637 | 358,455 | 202,290 |
General and administrative | 678,480 | 201,587 | 82,183 |
Loss on foreclosed real estate and other | 13,316 | 5,217 | 10,370 |
Occupancy | 30,845 | 16,786 | 11,340 |
Total expenses and impairments | 1,402,278 | 582,045 | 306,183 |
Other income (expense): | ' | ' | ' |
Interest income | 197,220 | 71,586 | 66,802 |
Interest expense | -538,805 | -197,308 | -105,375 |
Contract termination fees | 0 | 15,600 | 0 |
Loss on equity method investments | 0 | -14,571 | -107 |
Gain/(loss) on interest rate swaps and caps | 3,132 | -994 | 298 |
Fair value changes in ABS securitizations | 0 | 0 | -12,389 |
Total other income (expense) | -338,453 | -125,687 | -50,771 |
Income before taxes | 346,254 | 276,583 | 20,887 |
Income tax expense | 129,200 | 71,296 | 0 |
Net income | 217,054 | 205,287 | 20,887 |
Other comprehensive income, net of tax: | ' | ' | ' |
Change in value of designated cash flow hedges net of tax of $1,183, $0, and $0, respectively | 1,963 | 0 | -1,071 |
Comprehensive income | $219,017 | $205,287 | $19,816 |
Earnings per share: | ' | ' | ' |
Basic earnings per share | $2.43 | $2.41 | $0.30 |
Diluted earnings per share | $2.40 | $2.40 | $0.30 |
Weighted average shares: | ' | ' | ' |
Basic (shares) | 89,415 | 85,328 | 70,000 |
Dilutive effect of stock awards (shares) | 853 | 196 | 0 |
Diluted (shares) | 90,268 | 85,524 | 70,000 |
Dividends declared per share | $0 | $0 | $0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Members' Units | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Retained Earnings | Treasury Stock [Member] | Common Shares Held By Subsidiary | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance at Dec. 31, 2010 | $256,372 | $0 | $255,301 | $0 | $1,071 | ' | ' | $0 | ' |
Balance, shares at Dec. 31, 2010 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit for stock grants issued | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 14,815 | ' | 14,815 | ' | ' | ' | ' | ' | ' |
Distributions to parent | 4,348 | ' | -4,348 | ' | ' | ' | ' | ' | ' |
Tax related share-based settlement of units by members | 5,346 | ' | -5,346 | ' | ' | ' | ' | ' | ' |
Net income | 20,887 | ' | 20,887 | ' | ' | ' | ' | ' | ' |
Change in value of cash flow hedge | -1,071 | ' | 0 | ' | -1,071 | ' | ' | ' | ' |
Balance at Dec. 31, 2011 | 281,309 | 0 | 281,309 | 0 | 0 | ' | ' | ' | 0 |
Balance, shares at Dec. 31, 2011 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 757,682 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from parent - FIF HE | 12,764 | ' | 12,764 | ' | ' | ' | ' | ' | ' |
LLC conversion of equity to common shares | 0 | 700 | -294,073 | 293,373 | ' | ' | ' | ' | ' |
LLC conversion of equity to common shares, shares | ' | 70,000,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock issuance | 246,700 | 192 | ' | 246,508 | ' | ' | ' | ' | ' |
Common stock issuance, shares | ' | 19,167,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued under incentive plan | 0 | 13 | ' | -13 | ' | ' | ' | ' | ' |
Net tax benefit for stock grants issued | 2,846 | ' | ' | 2,846 | ' | ' | ' | ' | ' |
Shares issued under incentive plan, shares | ' | 1,293,000 | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | 13,342 | ' | ' | 13,342 | ' | ' | ' | ' | ' |
Excess tax benefit from share-based compensation | 2,846 | ' | ' | ' | ' | ' | ' | ' | ' |
Tax related share-based settlement of units by members | 4,566 | ' | ' | ' | ' | ' | ' | -4,566 | ' |
Net income | 205,287 | ' | ' | ' | ' | 205,287 | ' | ' | ' |
Change in value of cash flow hedge | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 757,682 | 905 | 0 | 556,056 | 0 | 205,287 | ' | -4,566 | ' |
Balance, shares at Dec. 31, 2012 | ' | 90,460,000 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 4,990 | ' | ' | ' | ' | ' | ' | ' | 4,990 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 989,898 | ' | ' | ' | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions from parent - FIF HE | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
LLC conversion of equity to common shares | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
LLC conversion of equity to common shares, shares | ' | 82,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock issuance | 10,574 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under incentive plan | 4,579 | 3 | ' | -3 | ' | ' | ' | ' | ' |
Net tax benefit for stock grants issued | 4,579 | ' | ' | 4,579 | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | 10,574 | ' | ' | ' | ' | ' |
Treasury Stock, Value | -6,944 | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Shares, Retired | ' | -212,000 | ' | ' | ' | ' | ' | ' | ' |
Excess tax benefit from share-based compensation | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Noncontrolling Interests | 4,990 | ' | ' | ' | ' | ' | ' | ' | 4,990 |
Tax related share-based settlement of units by members | 6,944 | ' | ' | 0 | ' | ' | ' | 0 | ' |
Treasury Stock, Retired, Cost Method, Amount | ' | -2 | ' | -4,564 | ' | ' | ' | 4,566 | ' |
Net income | 217,054 | ' | ' | ' | ' | 217,054 | ' | ' | ' |
Change in value of cash flow hedge | 1,963 | ' | ' | ' | 1,963 | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | $984,908 | $906 | $0 | $566,642 | $1,963 | $422,341 | ($6,944) | $0 | ' |
Balance, shares at Dec. 31, 2013 | ' | 90,330,000 | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities | ' | ' | ' |
Net income/(loss) | $217,054 | $205,287 | $20,887 |
Adjustments to reconcile net income / (loss) to net cash used in operating activities: | ' | ' | ' |
Share-based compensation | 10,574 | 13,342 | 14,815 |
Gain on mortgage loans held for sale | -702,763 | -487,164 | -109,136 |
Loss on foreclosed real estate and other | 13,316 | 5,217 | 10,370 |
Loss on equity method investments | 0 | 14,571 | 107 |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | -6,080 | 994 | -2,331 |
Fair value changes in ABS securitizations | 0 | 0 | 12,389 |
Fair value changes in excess spread financing | 73,333 | 10,683 | 3,060 |
Depreciation and amortization | 26,615 | 9,620 | 4,063 |
Fair value changes in mortgage servicing rights | -59,101 | 63,122 | 39,000 |
Amortization of debt discount | 52,531 | ' | 8,289 |
Amortization (accretion) of premiums/discounts | 52,531 | 9,635 | 8,289 |
Mortgage loans originated and purchased, net of fees | -25,466,754 | -7,904,052 | -3,412,185 |
Proceeds on sale of and payments of mortgage loans held for sale | 25,018,375 | 7,197,722 | 3,403,437 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable, including servicing advances, net | -857,139 | -752,507 | -83,133 |
Net tax effect of stock grants issued | -4,579 | -2,846 | 0 |
Cash settlement on derivative financial instruments | -4,544 | ' | ' |
Reverse mortgage funded advances | 669,174 | 608,085 | 0 |
Other assets | -122,925 | -32,956 | -40,192 |
Payables and accrued liabilities | 647,320 | 299,301 | 101,657 |
Net cash provided by (used in) operating activities | -1,833,941 | -1,958,116 | -28,903 |
Investing activities | ' | ' | ' |
Principal payments received and other changes on mortgage loans held for investment, subject to ABS nonrecourse debt | 0 | 0 | 40,000 |
Property and equipment additions, net of disposals | -48,859 | -25,356 | -19,742 |
Acquisition of equity method investee | 0 | 0 | -6,600 |
Purchases of reverse mortgage servicing rights and interests | -19,189 | -37,911 | -26,893 |
Deposits on / purchase of forward mortgage servicing rights, net of liabilities incurred | -1,527,645 | -2,070,375 | -96,467 |
Loan repurchases from Ginnie Mae | -19,863 | -24,329 | 0 |
Proceeds from sales of REO | 52,767 | 679 | 27,823 |
Proceeds from the sale of servicer advances | 277,455 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -88,200 | ' | ' |
Net cash (used in) / provided by investing activities | -1,373,534 | -2,157,292 | -81,879 |
Financing activities | ' | ' | ' |
Issuance of unsecured senior notes, net | 1,365,244 | 770,699 | 35,166 |
Transfers (to) / from restricted cash, net | -232,695 | -321,691 | 16,812 |
Issuance of common stock, net of IPO issuance costs | 0 | 246,700 | 0 |
Issuance of participating interest financing in reverse mortgage interests | 535,216 | 582,897 | 0 |
Issuance of excess spread financing | 753,002 | 272,617 | 40,492 |
Increase in notes payable | 1,240,750 | 2,728,407 | 163,421 |
Proceeds from mortgage servicing rights liability | 29,874 | ' | ' |
Repayment of nonrecourse debt b Legacy assets | -13,404 | -13,785 | -30,433 |
Repayment of ABS nonrecourse debt | 0 | 0 | -58,091 |
Repayment of excess spread financing | -130,355 | -39,865 | -2,207 |
Distributions to parent b FIF | 0 | 0 | -4,348 |
Net tax benefit for stock grants issued | 4,579 | 2,846 | 0 |
Debt financing costs | -53,529 | -23,213 | -3,462 |
Tax related share-based settlement of units by members | 0 | 0 | -5,346 |
Proceeds from Noncontrolling Interests | 4,990 | ' | ' |
Adjustments Related to Tax Withholding for Share-based Compensation | -6,944 | -4,566 | -5,346 |
Net cash provided by / (used in) financing activities | 3,496,728 | 4,205,612 | 152,004 |
Net increase (decrease) in cash and cash equivalents | 289,253 | 90,204 | 41,222 |
Cash and cash equivalents at beginning of period | 152,649 | 62,445 | 21,223 |
Cash and cash equivalents at end of period | 441,902 | 152,649 | 62,445 |
Supplemental disclosures of non-cash activities | ' | ' | ' |
Transfer of mortgage loans held for sale to REO at fair value | 0 | 0 | 90 |
Transfer of mortgage loans held for investment to REO at fair value | 15,302 | 4,295 | 6,291 |
Transfer of mortgage loans held for investment, subject to ABS nonrecourse debt to REO at fair value | 0 | 0 | 17,528 |
Change in value of cash flow hedgebaccumulated other comprehensive income | 1,963 | 0 | -1,071 |
Mortgage servicing rights resulting from sale or securitization of mortgage loans | 248,381 | 58,607 | 36,474 |
Tax related share-based settlement of common stock | 6,994 | 4,566 | 0 |
Liabilities incurred from purchase of forward mortgage servicing rights | $6,448 | $48,146 | $6,333 |
Nature_of_Business_Corporate_R
Nature of Business, Corporate Reorganization, Basis of Presentation and Material Transaction | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Nature of Business, Corporate Reorganization, Basis of Presentation and Material Transaction | ' |
Nature of Business, Corporate Reorganization, Basis of Presentation and Material Transactions During 2013 | |
Nature of Business | |
Nationstar Mortgage Holdings Inc. (Nationstar Inc. or the Company) is a Delaware corporation. Nationstar Inc. is a holding company that conducts no operating activities and owns no significant assets other than through its interests in its subsidiaries. Through its subsidiaries, Nationstar Inc. is engaged primarily in the servicing of residential mortgage loans for others and the origination and selling or securitization of single-family conforming mortgage loans to government-sponsored enterprises (GSE) or other third-party investors in the secondary market. Nationstar Mortgage LLC (Nationstar), the Company's principal operating subsidiary, is one of the largest non-bank servicers in the United States. | |
Corporate Reorganization | |
On February 24, 2012, the Company filed a registration statement on Form S-1, for the offering of 19,166,667 shares of its common stock. The registration statement became effective on March 7, 2012. Under the terms of the offering, all of the equity interests in the Company transferred from FIF HE Holdings LLC (FIF) to two direct, wholly-owned subsidiaries, and the Company issued 19,166,667 shares of $0.01 par value common stock at an initial offering price of $14.00 per share. The offering transformed the Company into a publicly-traded company. | |
In conjunction with the initial public offering of Nationstar Inc., in March 2012 Nationstar became a wholly-owned indirect subsidiary of Nationstar Inc. Prior to the reorganization and initial public offering (Reorganization), Nationstar was a wholly-owned subsidiary of FIF, a subsidiary of Fortress Private Equity Funds III and IV. Nationstar Inc. was formed solely for the purpose of reorganizing the structure of FIF and Nationstar so that the common stock issuer was a corporation rather than a limited liability company. As such, investors own common stock rather than equity interests in a limited liability company. Upon completion of the initial public offering and Reorganization, all of the equity interests in Nationstar were transferred from FIF to two direct wholly-owned subsidiaries of Nationstar Inc. In conjunction with the Reorganization, FIF contributed certain assets to Nationstar. The Reorganization has been accounted for as a reorganization under common control and, accordingly, there was no change in the basis of the assets and liabilities. As part of the Reorganization, FIF exchanged its equity in Nationstar for 70,000,000 shares of common stock in Nationstar Inc. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of Nationstar Inc., its wholly-owned subsidiaries, and other entities in which the Company has a controlling financial interest, and those variable interest entities (VIEs) where Nationstar Inc.'s wholly-owned subsidiaries are the primary beneficiaries. Nationstar Inc. applies the equity method of accounting to investments when the entity is not a VIE and Nationstar Inc. is able to exercise significant influence, but not control, over the policies and procedures of the entity but owns less than 50% of the voting interests. Intercompany balances and transactions have been eliminated. Results of operations, assets and liabilities of VIEs are included from the date that Nationstar Inc. became the primary beneficiary through the date Nationstar Inc. ceases to be the primary beneficiary. Nationstar Inc. evaluated subsequent events through the date these consolidated financial statements were issued. | |
Material Transactions | |
In January 2013, Nationstar entered into a mortgage servicing rights (MSRs) purchase and sale agreement (the Purchase Agreement) with a financial institution which has been accounted for as an asset acquisition. Under the Purchase Agreement, the Company agreed to purchase the rights to service approximately 1.3 million residential mortgage loans with a total unpaid principal balance (UPB) of approximately $215 billion, and approximately $5.8 billion of related servicing advance receivables. Approximately 47% of these loans (by UPB) are owned, insured or guaranteed by the Federal National Mortgage Association (Fannie Mae or FNMA), Federal Home Loan Mortgage Corporation (Freddie Mac or FHLMC) or Government National Mortgage Association (Ginnie Mae or GNMA), and the remaining 53% of these loans are non-conforming loans in private label securitizations. | |
The aggregate purchase price was approximately $7.1 billion, which was funded through a combination of cash on hand, the proceeds of a co-investment through an excess spread financing agreement with New Residential Investment Corp. (New Residential), previously a wholly-owned subsidiary of Newcastle Investment Corp., and certain funds managed by Fortress Investment Group LLC (Fortress), the proceeds of advance financing facilities, and/or other issuances of senior unsecured debt. On January 31, 2013, Nationstar closed on the MSRs and associated servicing advance receivables with respect to those loans owned, insured or guaranteed by Fannie Mae and Freddie Mac. On February 1, 2013, Nationstar closed on the MSRs and associated servicing advance receivable with respect to those loans owned, insured or guaranteed by Ginnie Mae. The Company boarded the acquired agency portfolio balance between February and June 2013. During the third quarter, Nationstar completed additional portions of the MSR purchase, closing on and boarding MSRs related to residential mortgage loans with an unpaid principal balance of approximately $62.2 billion, all of which are non-conforming loans in private label securitizations. The Company closed on and boarded UPB of $21.2 billion related to the remaining MSRs during the fourth quarter of 2013. | |
In January 2013, Nationstar acquired Equifax Settlement Services LLC (ESS) for a total purchase price of $12.5 million. Nationstar recorded $7.5 million of goodwill and intangible assets in other assets on its consolidated balance sheets. | |
In May 2013, Nationstar acquired the loan origination operations and certain assets of Greenlight Financial Services (Greenlight), a leading direct-to-consumer originator based in Irvine, California. Greenlight utilizes a high-volume, rapid turn time funding model with a focus on providing exceptional customer service. Greenlight has proven expertise in television, radio, internet and other mass marketing media and will diversify Nationstar's origination channels and capabilities. The acquisition of Greenlight provides the Company with additional capacity to process Home Affordable Refinance Program (HARP) and recapture loans while creating long-term servicing assets. | |
In December 2013, Nationstar launched a new servicing acquisition structure. Under this structure, Nationstar agreed to sell to a joint venture entity capitalized by New Residential and other investors (Purchaser), approximately $2.7 billion of servicer advances currently outstanding on three pools of residential, non-agency mortgage loans, with the potential for up to $6.3 billion. Nationstar also agreed to the sale of the related MSRs of approximately $44.3 billion of UPB with potential for up to $130.1 billion of UPB, along with the right to receive the basic fee component on the transferred mortgage servicing rights. Nationstar will continue to act as named servicer under each servicing agreement until servicing is transferred to the Purchaser. After the transfer of servicing under any servicing agreement to the Purchaser, Nationstar will subservice the applicable residential mortgage loans. | |
While the transfer of the MSRs to the Purchaser is intended to achieve the economic result of a sale of mortgage servicing rights, the Company will account for the transactions as financings until the required third party consents are obtained and legal ownership of the MSRs transfer to the Purchaser. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Use of Estimates in Preparation of Consolidated Financial Statements | |
The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States (GAAP). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, increases in interest rates, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers, and such differences could be material. | |
Reclassification Adjustments | |
Certain prior-period amounts have been reclassified to conform to the current-period presentation. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include unrestricted cash on hand. | |
Restricted Cash | |
Restricted cash primarily consists of certain custodial accounts related to Nationstar’s portfolio securitizations or to collections on certain mortgage loans and mortgage loan advances that have been pledged to various advance financing facilities under master repurchase agreements. Restricted cash also includes certain fees collected on mortgage loan payments that are required to be remitted to government-sponsored enterprises (GSEs) to settle outstanding guarantee fee requirements. | |
Accounts Receivable | |
Accounts receivable consists primarily of accrued servicing fees receivable, accrued interest receivable on mortgage loans and securitizations, and advances made to securitization trusts, as required under various servicing agreements related to delinquent loans, which are ultimately repaid from the securitization trusts. | |
When Nationstar has determined that, based on all available information, it is probable that a loss has been incurred, and that all contractual amounts due will not be recovered, an impairment is recognized through the recording of a valuation allowance. Any changes to the valuation allowance are recorded through general and administrative expenses. | |
Nationstar may acquire servicer advances in conjunction with the acquisition of MSRs. Acquired servicer advances are recorded at their relative fair value amounts on the acquisition date, and any recorded discounts are accreted into interest income on a cost recovery method as the related servicer advances are recovered either through repayment from the borrower, liquidation of the underlying mortgage loans, or through a modification and recovery of the outstanding servicer advance balance from the securitization trust. | |
From time to time, Nationstar may enter into agreements with third parties for the sale of these servicer advance receivables at fair value in conjunction with the financing of the related MSR. | |
Mortgage Loans Held for Sale | |
Nationstar maintains a strategy of originating mortgage loan products primarily for the purpose of selling to GSEs or other third party investors in the secondary market. Generally, all newly originated mortgage loans held for sale are delivered to third party purchasers or securitized within three months after origination. | |
Nationstar has elected to measure newly originated prime residential mortgage loans held for sale at fair value, as permitted under Accounting Standards Codification (ASC) 825, Financial Instruments. Nationstar estimates fair value by evaluating a variety of market indicators, including recent trades and outstanding commitments, calculated on an aggregate basis (see Note 18 – Fair Value Measurements). In connection with Nationstar’s election to measure newly originated prime residential mortgage loans held for sale at fair value, Nationstar is not permitted to defer the loan originations fees, net of direct loan originations costs associated with these loans. In addition, the Company may at times repurchase loans that were previously transferred to Ginnie Mae if that loan meets certain criteria, including being delinquent greater than 90 days. Nationstar has also elected to measure these repurchased loans at fair value. | |
At times, Nationstar may acquire loans that it services through the exercise of clean-up calls. These loans are carried at the lower of cost or fair value. | |
Mortgage Loans Held for Investment, principally Subject to Nonrecourse Debt – Legacy Assets, Net | |
Mortgage loans held for investment, principally subject to nonrecourse debt – Legacy Assets consist of nonconforming or subprime mortgage loans securitized which serve as collateral for the issued debt. These loans were transferred in 2009 from mortgage loans held for sale at fair value on the transfer date, as determined by the present value of expected future cash flows, with no valuation allowance recorded. The difference between the undiscounted cash flows expected and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at transfer are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the transfer are recognized prospectively through adjustment of the yield on the loans over the remaining life. Decreases in expected cash flows subsequent to transfer are recognized as a valuation allowance. | |
Allowance for Loan Losses on Mortgage Loans Held for Investment | |
An allowance for loan losses is established by recording a provision for loan losses in the consolidated statements of operations and comprehensive income (loss) when management believes a loss has occurred on a loan held for investment. When management determines that a loan held for investment is partially or fully uncollectible, the estimated loss is charged against the allowance for loan losses. Recoveries on losses previously charged to the allowance are credited to the allowance at the time the recovery is collected. | |
Nationstar accounts for the loans that were transferred to held for investment from held for sale during 2009 in a manner similar to ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. At the date of transfer, management evaluated such loans to determine whether there was evidence of deterioration of credit quality since acquisition and if it was probable that Nationstar would be unable to collect all amounts due according to the loan’s contractual terms. The transferred loans were aggregated into separate pools of loans based on common risk characteristics (loan delinquency). Nationstar considers expected prepayments, and estimates the amount and timing of undiscounted expected principal, interest, and other cash flows for each aggregated pool of loans. The determination of expected cash flows utilizes internal inputs such as prepayment speeds and credit losses. These internal inputs require the use of judgment and can have a significant impact on the accretion of income and/or valuation allowance. Nationstar determines the excess of the pool’s scheduled contractual principal and contractual interest payments over all cash flows expected as of the transfer date as an amount that should not be accreted (nonaccretable difference). The remaining amount is accreted into interest income over the remaining life of the pool of loans (accretable yield). | |
Over the life of the transferred loans, management continues to estimate cash flows expected to be collected. Nationstar evaluates at the balance sheet date whether the present value of the loans determined using the effective interest rates has decreased, and if so, records an allowance for loan loss. The present value of any subsequent increase in the transferred loans cash flows expected to be collected is used first to reverse any existing allowance for loan loss related to such loans. Any remaining increase in cash flows expected to be collected is used to adjust the amount of accretable yield recognized on a prospective basis over the remaining life of the loans. | |
Nationstar accounts for its allowance for loan losses for all other mortgage loans held for investment in accordance with ASC 450-20, Loss Contingencies. The allowance for loan losses represents management’s best estimate of probable losses inherent in the loans held for investment portfolio. The mortgage loans held for investment portfolio is comprised primarily of large groups of homogeneous residential mortgage loans. These loans are evaluated based on the loan’s present delinquency status. The estimate of probable losses on these loans considers the rate of default of the loans and the amount of loss in the event of default. The rate of default is based on historical experience related to the migration of these from each delinquency category to default over a twelve month period. The entire allowance is available to absorb probable credit losses from the entire held for investment portfolio. | |
Reverse Mortgage Interests | |
Reverse mortgages (known as Home Equity Conversion Mortgages or HECMs) provide seniors (62 and older) with a loan secured by their home. During 2012, Nationstar acquired reverse mortgage servicing rights and funded but unsecuritized advances from third-parties. Nationstar recorded the assets acquired and obligations assumed at relative fair value on the acquisition date, which included the funded advances and a servicing asset or liability, net of cash paid or received. Any premium or discount associated with the recording of the funded advances is accreted into interest income as the underlying HECMs are liquidated. | |
As part of the acquisition of the reverse mortgage servicing rights, Nationstar is obligated in its capacity as servicer to fund future borrower advances, which include fees paid to taxing authorities for borrowers' unpaid taxes and insurance, mortgage insurance premiums and payments made to borrowers for line of credit draws on reverse mortgages. In addition, Nationstar capitalizes the servicing fees and interest income it earns for servicing the reverse mortgage interests. All advances funded by Nationstar and the acquired funded advances are recorded as reverse mortgage interests on the Company's consolidated balance sheets. Nationstar includes the cash outflow from funding these advances as operating activities and the securitization cash inflow as a financing activity in the consolidated statements of cash flows. | |
Nationstar periodically securitizes certain of these funded advances through issuance of Home Equity Conversion Mortgage Backed Securities (HMBS) to third-party security holders which are guaranteed by GNMA. These transfers of funded advances into HMBS are accounted for as secured borrowings with the HMBS presented as participating interest financing on the Company's consolidated balance sheets. Issue premiums and/or discounts are deferred as a component of the participating interest financing and amortized to interest expense over the life of the HMBS on an effective interest method. | |
Nationstar receives a monthly servicing fee, which is recorded as either interest income or servicing fee income on the consolidated statements of operations and comprehensive income (loss) based upon if the related advance was either funded by or acquired by Nationstar. Interest income is accrued monthly based upon the borrower interest rate applied to the HECM outstanding principal balance of reverse mortgage interests. Interest expense on the participating interest financing is accrued monthly based upon the underlying HMBS rates and is recorded to interest expense in the consolidated statements of operations and comprehensive income (loss). | |
Issuers of HECMs are responsible for repurchasing any loans out of the HMBS pool when the outstanding principal balance of the related HECM loan is equal to or greater than 98% of the lesser of the appraised value of the underlying property at origination or $625 thousand. Nationstar has elected to account for repurchased HECMs at fair value. | |
When Nationstar determines that a loss on the advance balance is probable and that the carrying balance may be partially or fully uncollectible, an allowance for loan loss is established by recording a provision for loan losses in the consolidated statements of operations and comprehensive income (loss). | |
Mortgage Servicing Rights | |
Nationstar recognizes MSRs related to all existing residential mortgage loans transferred to a third party in a transfer that meets the requirements for sale accounting and for which the servicing rights are retained. Additionally, Nationstar may acquire the rights to service residential mortgage loans that do not relate to assets transferred by Nationstar through the purchase of these rights from third parties. | |
Nationstar identifies MSRs related to originated or acquired forward residential mortgage loans and applies fair value accounting to this class of MSRs, with all changes in fair value recorded as charges or credits to servicing fee income in accordance with ASC 860-50, Servicing Assets and Liabilities. | |
In 2012, Nationstar acquired servicing rights for reverse mortgage loans. For this class of servicing rights, Nationstar applies the amortization method (i.e., lower of cost or market) with the capitalized cost of the MSRs amortized in proportion and over the period of the estimated net future servicing income and recognized as an adjustment to servicing fee income. The expected period of the estimated net servicing income is based, in part, on the expected prepayment period of the underlying reverse mortgages. This class of MSRs is periodically evaluated for impairment. For purposes of measuring impairment, MSRs will be stratified based on predominant risk characteristics of the underlying serviced loans. These risk characteristics include loan type (fixed or adjustable rate), term, home price index, collateral values and interest rate. Impairment, if any, represents the excess of amortized cost of an individual stratum over its estimated fair value and is recognized through a valuation allowance. | |
Property and Equipment, Net | |
Property and equipment, net is comprised of land, building, furniture, fixtures, leasehold improvements, computer software, and computer hardware. These assets are stated at cost less accumulated depreciation. Repairs and maintenance are expensed as incurred. Depreciation, which includes depreciation and amortization on capital leases, is recorded using the straight-line method over the estimated useful lives of the related assets. Cost and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts, and any resulting gains or losses are recognized at such time through a charge or credit to general and administrative expenses. Costs to internally develop computer software are capitalized during the development stage and include external direct costs of materials and servicer as well as employee costs related to time spent on the project. | |
Variable Interest Entities | |
We evaluate each special purpose entity (SPE) for classification as a VIE. When an SPE meets the definition of a VIE and we determine that Nationstar is the primary beneficiary, we include the SPE in our consolidated financial statements. | |
We have determined that the SPEs created in connection with the Nationstar Mortgage Advance Receivables Trust, the Nationstar Servicer Advance Receivables Trust 2013-BA and the Nationstar agency advance financing facility described in Note 14 - Indebtedness are VIEs of which we are the primary beneficiary. We also determined that we were the primary beneficiary for the mortgage loans securitized in 2009 subject to non-recourse debt. See Note 7 - Mortgage Loans Held for Sale and Investment. Consequently, we have consolidated the assets and liabilities associated with these VIEs in our consolidated financial statements. | |
Securitizations and Asset Backed Financing Arrangements. Nationstar or its subsidiaries have been a transferor in connection with a number of securitizations and asset-backed financing arrangements. We have continuing involvement with the financial assets of the securitizations and the asset-backed financing arrangements. We have aggregated these securitizations and asset-backed financing arrangements into two groups: (1) securitizations of residential mortgage loans accounted for as sales and (2) financings of advances on loans serviced for others accounted for as secured borrowings. | |
Securitizations of Residential Mortgage Loans. Nationstar’s continuing involvement typically includes acting as servicer for the mortgage loans held by the trust and holding beneficial interests in the trust. Nationstar’s responsibilities as servicer include, among other things, collecting monthly payments, maintaining escrow accounts providing periodic reports and managing insurance in exchange for a contractually specified servicing fee. The beneficial interests held consist of both subordinate and residual securities that were retained at the time of securitization. These securitizations generally do not result in consolidation of the VIE as the beneficial interests that we hold in the unconsolidated securitization trusts have no value and no potential for significant cash flows in the future. In addition, at December 31, 2013, we had no other significant assets in our consolidated financial statements related to these trusts. We have no obligation to provide financial support to unconsolidated securitization trusts and have provided no such support. The creditors of the trusts can look only to the assets of the trusts themselves for satisfaction of the debt issued by the trusts and have no recourse against the assets of Nationstar. The general creditors of Nationstar have no claim on the assets of the trusts. Our exposure to loss as a result of our continuing involvement with the trusts is limited to the carrying values, if any, of our investments in the residual and subordinate securities of the trusts, the MSRs that are related to the trusts and the advances to the trusts. We consider the probability of loss arising from our advances to be remote because of their position ahead of most of the other liabilities of the trusts. See Note 6 and Note 8 for additional information regarding advances and MSRs. | |
Financings of Advances on Loans Serviced for Others. Advances on loans serviced for others result from our transfers of residential loan servicing advances to SPEs in exchange for cash. We consolidate these SPEs because the transfers do not qualify for sales accounting treatment or because Nationstar is the primary beneficiary of the VIE. | |
These VIEs issue debt supported by collections on the transferred advances. We made these transfers under the terms of our advance facility agreements. We classify the transferred advances on our consolidated balance sheets as accounts receivable and the related liabilities as notes payable. The SPEs use collections of the pledged advances to repay principal and interest and to pay the expenses of the entity. Holders of the debt issued by these entities can look only to the assets of the entities themselves for satisfaction of the debt and have no recourse against Nationstar. | |
In December 2011, Nationstar sold its remaining variable interest in a securitization trust that had been a consolidated VIE since January 1, 2010 and deconsolidated the VIE. In accordance with ASC 810, Nationstar evaluated this securitization trust and determined that Nationstar no longer had both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Consequently, this securitization trust was derecognized as of December 31, 2011. Upon deconsolidation of this VIE, Nationstar derecognized the securitized mortgage loans held for investment, subject to ABS nonrecourse debt, the related ABS nonrecourse debt, as well as certain other assets and liabilities of the securitization trust, and recognized any mortgage servicing rights on the consolidated balance sheets. The impact of this derecognition on Nationstar’s consolidated statement of operations was recognized in 2011 in the fair value changes in ABS securitizations line item. | |
Reverse Mortgage Interests | |
Nationstar has issued pools of Home Equity Conversion Mortgage Backed Securities to third-party investors collateralized by advances on the related Home Equity Conversion Mortgages. These transactions are accounted for as secured financings with the reverse mortgage interests and the related financing included in the consolidated financial statements of Nationstar as consolidated VIEs. | |
Derivative Financial Instruments | |
We recognize all derivatives on our consolidated balance sheets at fair value. On the date we enter into a derivative contract, we designate and document each derivative contract as either a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge) or a derivative instrument not designated as a hedging instrument. To qualify for hedge accounting, a derivative must be highly effective at reducing the risk associated with the exposure being hedged. In addition, the documentation must include the risk management objective and strategy. We assess and document quarterly the extent to which a derivative has been and is expected to continue to be effective in offsetting the changes in the fair value or the cash flows of the hedged item. To assess effectiveness, we use statistical methods, such as regression analysis, as well as nonstatistical methods including dollar-offset analysis. For a fair value hedge, we record changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk, in the same financial statement category as the hedged item on the face of the statement of operations. For a cash flow hedge, to the extent that it is effective, we record changes in the estimated fair value of the derivative in other comprehensive income. We subsequently reclassify these changes in estimated fair value to net income in the same period, or periods, that the hedged transaction affects earnings and in the same financial statement category as the hedged item. For a derivative instrument not designated as a hedging instrument, we report changes in the fair values in current period other income (expense), net, on our consolidated statements of operations and comprehensive income (loss). | |
On October 1, 2010, the Company designated an existing interest rate swap as a cash flow hedge against outstanding floating rate financing associated with the Nationstar Mortgage Advance Receivables Trust 2009-ABS financing. This interest rate swap was a cash flow hedge under ASC 815 and was recorded at fair value on the Company’s consolidated balance sheets, with any changes in fair value being recorded as an adjustment to other comprehensive income. To qualify as a cash flow hedge, the hedge must be highly effective at reducing the risk associated with the exposure being hedged and must be formally designated at hedge inception. Nationstar considers a hedge to be highly effective if the change in fair value of the derivative hedging instrument is within 80% to 125% of the opposite change in the fair value of the hedged item attributable to the hedged risk. Ineffective portions of the cash flow hedge are reflected in earnings as they occur as a component of interest expense. In conjunction with the October 2011 amendment to the 2010-ABS Advance Financing Facility, Nationstar paid off its 2009-ABS Advance Financing Facility and transferred the related collateral to the 2010-ABS Advance Financing Facility. Concurrently with the repayment of 2009-ABS Advance Financing Facility Nationstar de-designated the underlying interest rate swap on the 2009-ABS Advance Financing Facility. The interest rate swap associated with the 2010-ABS Advance Financing Facility served as an economic hedge for the remainder of 2011. | |
Goodwill and Intangible Assets | |
Nationstar tests goodwill for impairment at least annually, as of October 1st and more often if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its net carrying value. Nationstar has the option of performing a qualitative assessment of impairment to determine whether any further quantitative testing for impairment is necessary. Factors that the Company considers in the qualitative assessment include general economic conditions, conditions of the industry and market in which it operates, regulatory developments, cost factors and the Company's overall financial performance. Nationstar may also choose a two-step quantitative test to evaluate goodwill for impairment. Under the two-step impairment test, Nationstar evaluates the recoverability of goodwill by comparing the estimated fair value of each reporting unit with its estimated net carrying value (including goodwill). Nationstar derives the fair value of reporting units based on valuation techniques and assumptions that Nationstar believes market participants would use (discounted cash flow valuation methodology). | |
Nationstar amortizes finite lived intangible assets acquired in a business combination over their estimated useful life. On an annual basis, the Company evaluates whether there has been a change in the estimated useful life or if certain impairment indicators exist. | |
Receivables from Affiliates | |
Nationstar engages in periodic transactions with Nationstar Regular Holdings, Ltd., a subsidiary of FIF. These transactions typically involve the monthly payment of principal and interest advances that are required to be remitted to the securitization trusts as required under various Pooling and Servicing Agreements. These amounts are later repaid to Nationstar when principal and interest advances are recovered from the respective borrowers, upon liquidation of the underlying collateral, or modification of the loan. | |
Real Estate Owned (REO), Net | |
Nationstar holds REO as a result of foreclosures on delinquent mortgage loans. REO is recorded at estimated fair value less costs to sell at the date of foreclosure. Any subsequent declines in fair value are credited to a valuation allowance and charged to operations as incurred. | |
Excess Spread Financing | |
In conjunction with Nationstar's acquisition of certain mortgage servicing rights on various pools of residential mortgage loans (the Portfolios), Nationstar has entered into sale and assignment agreements which are treated as financings, as required under ASC 860. Under these agreements, Nationstar sold to New Residential the right to receive a portion of the excess cash flow generated from the Portfolios after receipt of a fixed basic servicing fee per loan. | |
Nationstar has elected to measure the outstanding financings related to the excess spread financing agreements at fair value, as permitted under ASC 825, Financial Instruments, with all changes in fair value recorded as a charge or credit to servicing fee income in the consolidated statements of operations and comprehensive income (loss). The fair value on excess spread financing is based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. | |
Mortgage Servicing Rights Financing | |
From time to time, Nationstar will enter into certain transactions with unaffiliated third parties to sell certain mortgage servicer rights and servicer advances under specified terms. Nationstar evaluates these transactions under ASC 860 to determine if they are sales or structured financing arrangements. When these transfers qualify for sale treatment, Nationstar derecognizes the transferred assets on its consolidated balance sheets. Nationstar has determined that for a portion of these transactions, the related mortgage servicing rights sales are contingent on the receipt of consents from various third parties. Until these required consents are obtained, legal ownership of the mortgage servicing rights continues to reside with the Company. Nationstar continues to account for the mortgage servicing rights on its consolidated balance sheets. In addition, Nationstar records a mortgage servicing rights financing liability associated with this financing transaction. | |
Nationstar has elected to measure the mortgage servicing rights financings at fair value, as permitted under ASC 825 with all changes in fair value recorded as a charge or credit to servicing fee income in the consolidated statements of operations and comprehensive income (loss). The fair value on mortgage servicing right financings is based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. | |
Interest Income | |
Interest income is recognized using the interest method. Revenue accruals for individual loans are suspended and accrued amounts reversed when the mortgage loan becomes contractually delinquent for 90 days or more. Delinquency payment status is based on the most recently received payment from the borrower. The accrual is resumed when the individual mortgage loan becomes less than 90 days contractually delinquent. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. Interest income also includes (1) interest earned on custodial cash deposits associated with the mortgage loans serviced; (2) deferred originations income, net of deferred originations costs and other revenues derived from the origination of mortgage loans, which is deferred and recognized over the life of a mortgage loan held for investment or recognized when the related loan is sold to a third party purchaser; and (3) amounts recognized from accretion of discounts on acquired servicer advances as the related servicer advances are recovered. | |
Servicing Fee Income | |
Servicing fees include contractually specified servicing fees, late charges, prepayment penalties and other ancillary charges. Servicing encompasses, among other activities, the following processes: billing, collection of payments, movement of cash to the payment clearing bank accounts, investor reporting, customer service, recovery of delinquent payments, instituting foreclosure, and liquidation of the underlying collateral. | |
Nationstar recognizes servicing and ancillary fees as they are earned, which is generally upon collection of the payments from the borrower. In addition, Nationstar also receives various fees in the course of providing servicing on its various portfolios. These fees include modification fees for modifications performed outside of government programs, modification fees for modifications pursuant to various government programs, and incentive fees for servicing performance on specific GSE portfolios. | |
Fees recorded on modifications of mortgage loans held for investment performed outside of government programs are deferred and recognized as an adjustment to the loans held for investment. These fees are accreted into interest income as an adjustment to the loan yield over the life of the loan. Fees recorded on modifications of mortgage loans serviced by Nationstar for others are recognized on collection and are recorded as a component of service fee income. Fees recorded on modifications pursuant to various government programs are recognized when Nationstar has completed all necessary steps and the loans have performed for the minimum required time frame to establish eligibility for the fee. Revenue earned on modifications pursuant to various government programs is included as a component of service fee income. Incentive fees for servicing performance on specific GSE portfolios are recognized as various incentive standards are achieved and are recorded as a component of service fee income. | |
Sale of Mortgage Loans | |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from Nationstar, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) Nationstar does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates Nationstar to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets. | |
Loan securitizations structured as sales, as well as whole loan sales, are accounted for in accordance with ASC 860, Transfers and Servicing, and the resulting gains on such sales, net of any accrual for recourse obligations, are reported in operating results during the period in which the securitization closes or the sale occurs. | |
Share-Based Compensation Expense | |
Share-based compensation is recognized in accordance with ASC 718, Compensation–Stock Compensation. This guidance requires all share-based payments to employees to be recognized as an expense in the consolidated statements of operations and comprehensive income (loss), based on their fair values. The amount of compensation is measured at the fair value of the awards when granted and this cost is expensed over the required service period, which is normally the vesting period of the award. | |
Advertising Costs | |
Advertising costs are expensed as incurred and are included as part of general and administrative expenses. Nationstar incurred advertising costs of $53.6 million, $5.3 million, and $4.7 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Income Taxes | |
Deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. | |
The Company regularly reviews the carrying amount of its deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company's deferred tax assets will not be realized in future periods, a deferred tax valuation allowance is established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. | |
In evaluating this available evidence, management considers, among other things, historical financial performance, expectation of future earnings, the ability to carry back losses to recoup taxes previously paid, length of statutory carryforward periods, experience with operating loss and tax credit carryforwards which may expire unused, tax planning strategies and timing of reversals of temporary differences. The Company's evaluation is based on current tax laws as well as management's expectations of future performance. | |
The Company is subject to the income tax laws of the U.S., its states and municipalities. These tax laws are complex and subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. The Company has adopted accounting guidance related to uncertainty in income taxes. The guidance prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under the guidance, tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws within the framework of existing GAAP. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expenses. | |
Earnings Per Share | |
Net income per share is computed under the provisions of ASC 260, Earnings Per Share. Basic net income per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based on the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock. | |
Our initial public offering and restructuring in 2012 were accounted for as a business combination under common control as permitted under ASC 805, Business Combinations. As a result of the Company's 2012 restructuring, Nationstar Inc. effected a 70,000 to 1 stock split. The Company's basic and diluted earnings per share amounts presented on the face of the consolidated statements of operations and comprehensive income (loss) and in Note 17 - Earnings per Share have been retrospectively adjusted for all prior periods presented as required under ASC 260. | |
Recent Accounting Developments | |
Accounting Standards Update No 2013-01, Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and | |
Liabilities (ASU 2013-01) was created to address issues caused when implementing Accounting Standard Update 2011-11 and to eliminate diversity in practice. The update clarifies that Accounting Standard Update 2011-11 applies to entities that | |
are accounting for derivatives under ASC 815 including bifurcated embedded derivatives, repurchase agreements and reverse | |
repurchase agreements, and securities borrowing and securities lending transactions that are offset under ASC 210-20-45 or | |
ASC 815-10-45, an enforceable master netting arrangement or similar agreement. The Company adopted ASU 2013-01 on | |
January 1, 2013. The adoption of ASU 2013-01 did not have a material impact on our financial condition, liquidity or results of | |
operations. | |
Accounting Standards Update No 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive | |
Income (ASU 2013-02) was issued to improve reporting of reclassification of items out of accumulated other comprehensive | |
income by requiring entities to report the effect of any significant reclassifications on the respective line items on the income | |
statement when the amount is required to be reclassified in its entirety in the same reporting period. Additionally, for items that | |
are not required to be reclassified completely to net income, the Company will be required to cross reference other disclosures | |
that provide additional information about the amounts. The information provided about amounts that are reclassified out of | |
accumulated other comprehensive income must be reported by component. The amendments of this update were effective | |
beginning December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on our financial condition, | |
liquidity or results of operations. | |
Accounting Standards Update No 2013-11, Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating | |
Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), was created to eliminate the | |
differences in presenting unrecognized tax benefits. This update specifies that unrecognized tax benefits should be presented in | |
the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax | |
credit carryforward. When a net operating loss carryforward, a similar tax loss or tax credit carryforward is not available at a | |
reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes or the entity does not intend | |
to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a | |
liability and should not be combined with deferred tax assets. The amendment update is effective for fiscal years beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on our financial condition, liquidity or results of operations. | |
Accounting Standard Update No 2014-04, Receivables - Troubled Debt Restructuring by Creditors Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure, was created to provide conformity from when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage so that the asset would be derecognized in the receivable and recognized as real estate property. This updates specifies that an in substance repossession occurs when either the creditor has obtained the legal title to the property after a foreclosure or the the borrower has transferred all interest in the property to the creditor through a deed in lieu of foreclosure or similar legal agreement so that at that time the asset should be reclassified from a loan receivable to real estate property. This update also provides that a disclosure of the amount of foreclosed residential real estate property and the recorded investment in consumer mortgage loans collateralized by residential real estate property that is the process of foreclosure must be included in both interim and annual financial reports. This amendment update is effective for periods for fiscal years beginning after December 15, 2014. The adoption of ASU 2014-04 is not expected to have a material impact on our financial condition, liquidity or results of operations. |
Variable_Interest_Entities_and
Variable Interest Entities and Securitizations | 12 Months Ended | |||||||||||||||||||||||
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Variable Interest Entities and Securitizations [Abstract] | ' | |||||||||||||||||||||||
Variable Interest Entities and Securitizations | ' | |||||||||||||||||||||||
Variable Interest Entities and Securitizations | ||||||||||||||||||||||||
A VIE is an entity that has either a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is the entity that, through its variable interests has both the power to direct the activities of a VIE that most significantly impact the VIE's economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | ||||||||||||||||||||||||
Effective January 1, 2010, new accounting guidance eliminated the concept of a QSPE. All existing SPEs are subject to new consolidation guidance. Upon adoption of this new accounting guidance, Nationstar identified certain loan securitization trusts where Nationstar had both the power to direct the activities that most significantly impacted the VIE's economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The assets and liabilities of these VIEs were included in Nationstar's consolidated financial statements. The net effect of the accounting change on January 1, 2010 member's equity was an $8.1 million charge to members' equity. | ||||||||||||||||||||||||
In December 2011, Nationstar sold its remaining variable interest in a loan securitization trust that had been a consolidated VIE since January 1, 2010 and deconsolidated the VIE. In accordance with ASC 810 Nationstar has evaluated this securitization trust and determined that Nationstar no longer has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, and this securitization trust was derecognized as of December 31, 2012. Upon deconsolidation of this VIE, Nationstar derecognized the securitized mortgage loans held for investment, subject to ABS nonrecourse debt, the related ABS nonrecourse debt, as well as certain other assets and liabilities of the securitization trust, and recognized any MSRs on the consolidated balance sheets. The impact of this derecognition on the Company’s consolidated statements of operations and comprehensive income (loss) was recognized in the fourth quarter of 2011 in the fair value changes in ABS securitizations line item. | ||||||||||||||||||||||||
A summary of the assets and liabilities of Nationstar’s transactions with VIEs included in the Company’s consolidated financial statements as of December 31, 2013 and 2012 is presented in the following tables (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Transfers | Reverse Secured Borrowings | Transfers | Reverse Secured Borrowings | |||||||||||||||||||||
Accounted for as | Accounted for as | |||||||||||||||||||||||
Secured | Secured | |||||||||||||||||||||||
Borrowings | Borrowings | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Restricted cash | $ | 272,188 | $ | — | $ | 247,531 | $ | — | ||||||||||||||||
Reverse mortgage interests | — | 1,039,645 | — | 542,037 | ||||||||||||||||||||
Accounts receivable | 4,031,444 | — | 2,656,277 | — | ||||||||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt | 208,263 | — | 224,207 | — | ||||||||||||||||||||
Derivative financial instruments | 3,691 | — | — | — | ||||||||||||||||||||
Other assets | 2,375 | — | 2,039 | — | ||||||||||||||||||||
Total Assets | $ | 4,517,961 | $ | 1,039,645 | $ | 3,130,054 | $ | 542,037 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Notes payable | $ | 3,672,726 | $ | — | $ | 2,294,925 | $ | — | ||||||||||||||||
Payables and accrued liabilities | 4,242 | — | 3,415 | — | ||||||||||||||||||||
Derivative financial instruments | — | — | 6,118 | — | ||||||||||||||||||||
Nonrecourse debt–Legacy Assets | 89,108 | — | 100,620 | — | ||||||||||||||||||||
Participating interest financing | $ | — | 1,080,718 | — | 580,836 | |||||||||||||||||||
Total Liabilities | $ | 3,766,076 | $ | 1,080,718 | $ | 2,405,078 | $ | 580,836 | ||||||||||||||||
When Nationstar sells mortgage loans in securitization transactions that are structured as sales under ASC 860, it may retain one or more bond classes and servicing rights in the securitization. Gains and losses on the assets transferred are recognized based on the carrying amount of the financial assets involved in the transfer, allocated between the assets transferred and the retained interests based on their relative fair value at the date of transfer, other than MSRs. Retained MSRs are recorded at their fair value on the transfer date. | ||||||||||||||||||||||||
Details of the securitization structured as a sale for the year ended December 31, 2013, are as follows (in thousands): | ||||||||||||||||||||||||
Net Bond Proceeds | Carrying Value of Loans Sold | Gain Recognized | ||||||||||||||||||||||
Nationstar Mortgage-Backed Notes, Series 2013-A | $ | 164,297 | $ | 158,204 | $ | 6,093 | ||||||||||||||||||
Nationstar did not sell any mortgage loans in securitization transactions that were structured as sales for the years ended December 31, 2012 and 2011. The gain on sale of the securitization were included in gain on mortgage loans held for sale in the consolidated statements of operations and comprehensive income (loss) in the Originations segment. | ||||||||||||||||||||||||
A summary of the outstanding collateral and certificate balances for securitization trusts for which Nationstar was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by Nationstar for the periods indicated are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Total collateral balances | $ | 3,680,275 | $ | 4,134,513 | ||||||||||||||||||||
Total certificate balances | 3,693,067 | 4,136,316 | ||||||||||||||||||||||
Total mortgage servicing rights at fair value | 30,074 | 30,940 | ||||||||||||||||||||||
Nationstar has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of December 31, 2013, 2012, or 2011, and therefore does not have a significant maximum exposure to loss related to these unconsolidated VIEs. A summary of mortgage loans transferred by Nationstar to unconsolidated securitization trusts that are 60 days or more past due and the credit losses incurred in the unconsolidated securitization trusts are presented below (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Principal Amount of Loans 60 Days or More Past Due | 2013 | 2012 | 2011 | |||||||||||||||||||||
Unconsolidated securitization trusts | $ | 1,142,940 | $ | 1,180,133 | $ | 1,066,130 | ||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||
Credit Losses | 2013 | 2012 | 2011 | |||||||||||||||||||||
Unconsolidated securitization trusts | $ | 251,076 | $ | 273,817 | $ | 335,221 | ||||||||||||||||||
Certain cash flows received from securitization trusts related to the transfer of mortgage loans accounted for as sales for the dates indicated were as follows (in thousands): | ||||||||||||||||||||||||
For the year ended | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Servicing Fees | Loan | Servicing Fees | Loan | Servicing Fees | Loan | |||||||||||||||||||
Received | Repurchases | Received | Repurchases | Received | Repurchases | |||||||||||||||||||
Unconsolidated securitization trusts | $ | 29,151 | $ | — | $ | 28,049 | $ | — | $ | 28,569 | $ | — | ||||||||||||
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows-Supplemental Disclosure | 12 Months Ended |
Dec. 31, 2013 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Consolidated Statement of Cash Flows-Supplemental Disclosure | ' |
Consolidated Statement of Cash Flows-Supplemental Disclosure | |
Total interest paid for the years ended December 31, 2013, 2012, and 2011 was approximately $441.3 million, $154.9 million and $90.8 million, respectively. For the years ended December 31, 2013 and 2012, income taxes paid were $114.5 million and $42.6 million, respectively. There were no income taxes paid for the year ended December 31, 2011. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivable | ' | |||||||
Accounts Receivable | ||||||||
Accounts receivable consist of the following (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Servicer advances, net of purchase discount of $62,217 and $70,754, respectively | $ | 5,217,769 | 2,800,690 | |||||
Reverse mortgage receivables | 93,494 | 28,448 | ||||||
Accrued servicing fees | 45,453 | 90,231 | ||||||
Receivables from trusts and agencies | 105,693 | 39,029 | ||||||
Accrued interest | 7,194 | 3,801 | ||||||
Other | 166,879 | 81,407 | ||||||
Total accounts receivable | $ | 5,636,482 | $ | 3,043,606 | ||||
In conjunction with Nationstar's June 2012 acquisition of MSRs from Aurora, the Company acquired approximately $1.7 billion of servicer advances. Based on the acquisition date relative fair values of these acquired servicer advances, Nationstar recorded an $81.8 million purchase discount. In conjunction with the January 2013 Purchase Agreement, during the third quarter of 2013, Nationstar closed on certain MSRs and servicer advances with another financial institution. In conjunction with this transaction, the Company acquired approximately $3.6 billion of servicer advances. Based on the acquisition date relative fair values of these acquired servicer advances, Nationstar recorded a $60.1 million purchase discount. Nationstar accretes these purchase discounts into interest income as the related servicer advances are recovered. During the years ended December 31, 2013 and 2012, the Company accreted $31.1 million and $11.3 million, respectively, of the purchase discounts from recovered servicer advances. Nationstar did not record any accretion of purchase discounts from recovered servicer advances during the year ended December 31, 2011. | ||||||||
During the fourth quarter of 2013, Nationstar sold approximately $2.7 billion of servicer advances and accrued servicing fees to an unaffiliated third party. Consequently the related purchase discount of $28.1 million was eliminated from Nationstar's balance sheet. |
Mortgage_Loans_Held_for_Sale_a
Mortgage Loans Held for Sale and Investment | 12 Months Ended | |||||||
Dec. 31, 2012 | ||||||||
Mortgage Loans Held for Sale and Investment [Abstract] | ' | |||||||
Mortgage Loans Held for Sale and Investment | ' | |||||||
. Mortgage Loans Held for Sale and Investment | ||||||||
Mortgage loans held for sale | ||||||||
Certain agreements permit the servicer or master servicer to repurchase previously transferred loans into a securitization trust once the transferred collateral meets certain criteria including outstanding UPBs, which are referred to as clean-up call rights. During the third quarter 2013, Nationstar exercised clean up calls on several private-label securitizations for which it was the master servicer. The loans were initially acquired at par and are held for sale. $195.8 million was originally purchased through a clean up call, $158.2 million was sold in 2013-A and $18.0 million remains outstanding as of December 31, 2013. These loans are carried at the lower of cost or market until sold. | ||||||||
Mortgage loans held for sale consist of the following (in thousands): | ||||||||
December 31, | 2013 | 2012 | ||||||
Mortgage loans held for sale – unpaid principal balance | $ | 2,532,881 | $ | 1,426,182 | ||||
Mark-to-market adjustment | 70,499 | 54,355 | ||||||
Total mortgage loans held for sale | $ | 2,603,380 | $ | 1,480,537 | ||||
Nationstar had $69.5 million mortgage loans held for sale on nonaccrual status at December 31, 2013 and no mortgage loans on a nonaccrual status at December 31, 2012 and 2011. The majority of loans on nonaccrual status are Ginnie Mae repurchased loans that were repurchased solely to modify the loans. Upon completion of the modification the loans are expected to be subject to sale to a GSE. | ||||||||
A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the consolidated statements of cash flows for the dates indicated is presented in the following table (in thousands) : | ||||||||
For the year ended December 31, | 2013 | 2012 | ||||||
Mortgage loans held for sale – beginning balance | $ | 1,480,537 | $ | 458,626 | ||||
Mortgage loans originated and purchased, net of fees | 25,620,965 | 7,904,052 | ||||||
Proceeds on sale of and payments of mortgage loans held for sale | (24,501,261 | ) | (6,880,687 | ) | ||||
Transfer of mortgage loans held for sale to held for investment due to bankruptcy and pending foreclosures | 3,139 | (1,454 | ) | |||||
Mortgage loans held for sale – ending balance | $ | 2,603,380 | $ | 1,480,537 | ||||
Mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets, net | ||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets, net as of the dates indicated include (in thousands): | ||||||||
December 31, | 2013 | 2012 | ||||||
Mortgage loans held for investment, principally subject to nonrecourse debt- Legacy Assets, net – unpaid principal balance | $ | 305,085 | $ | 354,154 | ||||
Transfer discount | ||||||||
Accretable | (17,362 | ) | (19,749 | ) | ||||
Non-accretable | (74,529 | ) | (91,108 | ) | ||||
Allowance for loan losses | (2,144 | ) | (4,390 | ) | ||||
Total mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets, net | $ | 211,050 | $ | 238,907 | ||||
The changes in accretable yield on loans transferred to mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets were as follows (in thousands): | ||||||||
Accretable Yield | Year ended | Year ended | ||||||
December 31, 2013 | December 31, 2012 | |||||||
Balance at the beginning of the period | $ | 19,749 | $ | 22,392 | ||||
Additions | — | — | ||||||
Accretion | (3,235 | ) | (3,548 | ) | ||||
Reclassifications from nonaccretable discount | 848 | 905 | ||||||
Disposals | — | — | ||||||
Balance at the end of the period | $ | 17,362 | $ | 19,749 | ||||
Nationstar may periodically modify the terms of any outstanding mortgage loans held for investment, principally subject to nonrecourse debt-legacy assets, net for loans that are either in default or in imminent default. Modifications often involve reduced payments by borrowers, modification of the original terms of the mortgage loans, forgiveness of debt and/or increased servicing advances. As a result of the volume of modification agreements entered into, the estimated average outstanding life in this pool of mortgage loans has extended. Nationstar records interest income on the transferred loans on a level-yield method. To maintain a level-yield on these transferred loans over the estimated extended life, Nationstar reclassified approximately $0.8 million, and $0.9 million for the years ended December 31, 2013 and 2012, respectively, from nonaccretable difference. Furthermore, Nationstar considers the decrease in principal, interest, and other cash flows expected to be collected arising from the transferred loans as an impairment. | ||||||||
Loan delinquency and Loan-to-Value Ratio (LTV) are common credit quality indicators that Nationstar monitors and utilizes in its evaluation of the adequacy of the allowance for loan losses, of which the primary indicator of credit quality is loan delinquency. LTV refers to the ratio of the loan’s unpaid principal balance to the property’s collateral value. Loan delinquencies and unpaid principal balances are updated monthly based upon collection activity. Collateral values are updated from third party providers on a periodic basis. The collateral values used to derive the LTV’s shown below were obtained at various dates, but the majority were within the last twenty-four months. For an event requiring a decision based at least in part on the collateral value, the Company takes its last known value provided by a third party and then adjusts the value based on the applicable home price index. | ||||||||
The following table provides the outstanding unpaid principal balance of Nationstar’s mortgage loans held for investment by credit quality indicators for the dates indicated. | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
(in thousands) | ||||||||
Credit Quality by Delinquency Status | ||||||||
Performing | $ | 218,262 | $ | 260,219 | ||||
Non-Performing | 86,823 | 93,935 | ||||||
Total | $ | 305,085 | $ | 354,154 | ||||
Credit Quality by Loan-to-Value Ratio | ||||||||
Less than 60 | $ | 32,885 | $ | 39,436 | ||||
Less than 70 and more than 60 | 14,633 | 16,581 | ||||||
Less than 80 and more than 70 | 23,075 | 20,890 | ||||||
Less than 90 and more than 80 | 25,536 | 27,988 | ||||||
Less than 100 and more than 90 | 25,686 | 32,570 | ||||||
Greater than 100 | 183,270 | 216,689 | ||||||
Total | $ | 305,085 | $ | 354,154 | ||||
Performing loans refer to loans that are less than 90 days delinquent. Non-performing loans refer to loans that are contractually greater than 90 days delinquent. | ||||||||
Reverse mortgage interests | ||||||||
In February 2013, Nationstar acquired certain fixed and adjustable rate reverse mortgage loans with an UPB totaling $83.1 million for a purchase price of $50.2 million. In conjunction with this acquisition, Nationstar entered into an agreement with NIC Reverse Loan LLC, a subsidiary of New Residential, to sell a participating interest amounting to 70% of the acquired reverse mortgage loans. Both Nationstar and NIC Reverse Loan LLC are entitled to the related percentage interest of all amounts received with respect to the reverse mortgage loans, net of payments of servicing fees and the reimbursement to Nationstar of servicing advances. Nationstar receives a fixed payment per loan for servicing these reverse mortgage loans. Nationstar records these reverse mortgage loans as reverse mortgage interests on the Company's consolidated balance sheets. | ||||||||
Reverse mortgage interests include due and payable advances, which are recovered upon the sale of the subject property, and defaulted advances that can be securitized and sold. As of December 31, 2013 and December 31, 2012, Nationstar had $1,434.5 million and $750.3 million, respectively, in outstanding reverse mortgage interests. When Nationstar determines that a loss on the advance balance is probable and that the carrying balance may be partially or fully uncollectible, an allowance for loan loss is established by recording a provision for loan losses in the consolidated statements of operations and comprehensive income (loss). | ||||||||
Reverse mortgage interests as of the dates indicated include (in thousands): | ||||||||
31-Dec-13 | 31-Dec-12 | |||||||
UPB of advances previously securitized by Nationstar | $ | 1,039,645 | $ | 542,037 | ||||
UPB of advances unsecuritized | 395,663 | 208,699 | ||||||
Allowance for losses - reverse mortgage interests | (802 | ) | (463 | ) | ||||
Total reverse mortgage interests | $ | 1,434,506 | $ | 750,273 | ||||
Nationstar collectively evaluates all reverse mortgage interest assets for impairment. Nationstar recorded a provision for loan losses related to its reverse mortgage interests of $0.8 million for the year ended December 31, 2013 and $0.5 million for the year ended December 31, 2012. |
Mortgage_Servicing_Rights_MSRs
Mortgage Servicing Rights (MSRs) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||||||||||||||||||||
Mortgage Servicing Rights (MSRs) | ' | |||||||||||||||||||||||||||
Mortgage Servicing Rights | ||||||||||||||||||||||||||||
MSRs at fair value | ||||||||||||||||||||||||||||
MSRs arise from contractual agreements between Nationstar and investors in mortgage securities and mortgage loans. Nationstar records MSR assets when it sells loans on a servicing-retained basis, at the time of a securitization that qualifies and meets requirements for sale accounting or through the acquisition or assumption of the right to service a financial asset. Under these contracts, Nationstar performs loan servicing functions in exchange for fees and other remuneration. | ||||||||||||||||||||||||||||
The fair value of the MSRs is based upon the present value of the expected future cash flows related to servicing these loans. Nationstar receives a base servicing fee ranging from 0.25% to 0.50% annually on the remaining outstanding principal balances of the loans. The servicing fees are collected from investors. Nationstar determines the fair value of the MSRs by the use of a cash flow model that incorporates prepayment speeds, delinquencies, discount rate, ancillary fees and other assumptions (including servicing costs) that management believes are consistent with the assumptions other major market participants use in valuing the MSRs. The nature of the forward loans underlying the MSRs affects the assumptions that management believes other major market participants use in valuing the MSRs. Nationstar obtains third-party valuations for a majority of its MSRs to assess the reasonableness of the fair value calculated by the cash flow model. | ||||||||||||||||||||||||||||
Certain of the forward loans underlying the MSRs carried at fair value that are owned by Nationstar are credit sensitive in nature and the value of these MSRs are more likely to be affected by changes in credit losses than from interest rate movement. The remaining forward loans underlying Nationstar’s MSRs held at fair value are prime agency and government conforming residential mortgage loans for which the value of these MSRs are more likely to be affected by interest rate movement than changes in credit losses. | ||||||||||||||||||||||||||||
Nationstar used the following weighted average assumptions in estimating the fair value of MSRs for the dates indicated: | ||||||||||||||||||||||||||||
Credit Sensitive MSRs | 31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||||
Discount rate | 14.17 | % | 18.11 | % | ||||||||||||||||||||||||
Total prepayment speeds | 20.34 | % | 22.42 | % | ||||||||||||||||||||||||
Expected weighted-average life | 4.63 years | 4.12 years | ||||||||||||||||||||||||||
Credit losses | 22.87 | % | 24.68 | % | ||||||||||||||||||||||||
Interest Rate Sensitive MSRs | 31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||||
Discount rate | 10.5 | % | 10.62 | % | ||||||||||||||||||||||||
Total prepayment speeds | 8.97 | % | 17.08 | % | ||||||||||||||||||||||||
Expected weighted-average life | 7.88 years | 5.19 years | ||||||||||||||||||||||||||
Credit losses | 9.12 | % | 11.09 | % | ||||||||||||||||||||||||
In addition to the significant assumptions identified above that are utilized to value the MSR asset, Nationstar also makes numerous other assumptions. These assumptions are based in part on what market participants utilize when acquiring and valuing MSRs. These assumptions change periodically as market conditions change and occasionally assumptions that were previously considered to be insignificant change. During the third quarter 2013, Nationstar completed a portion of an MSR acquisition relating to non-conforming loans in private label securitizations (See Note 1). These MSRs are considered to be credit sensitive. In conjunction with recording these newly acquired MSRs and valuing the remaining MSRs included in private label securitizations, Nationstar included a portion of the expected ancillary income cash flows derived from disposition of the underlying collateral. Prior to the third quarter 2013, Nationstar considered these ancillary income cash flows to be insignificant in valuing its MSRs. Based on recent experience and level of activity, validated through discussions with certain third-party valuation firms and recent market activity, Nationstar believes that several key market participants now consider these cash flows in their valuations when acquiring and valuing MSR portfolios. This change in estimate increased pre-tax earnings in 2013 by $125.9 million and earnings per share by $0.64. | ||||||||||||||||||||||||||||
The activity of MSRs carried at fair value is as follows for the dates indicated (in thousands): | ||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||||||
Fair value at the beginning of the period | $ | 635,860 | $ | 251,050 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Servicing resulting from transfers of financial assets | 248,381 | 58,607 | ||||||||||||||||||||||||||
Purchases of servicing assets | 1,545,584 | 394,445 | ||||||||||||||||||||||||||
Changes in fair value: | ||||||||||||||||||||||||||||
Due to changes in valuation inputs or assumptions used in the valuation model | 355,586 | 5,500 | ||||||||||||||||||||||||||
Other changes in fair value | (297,128 | ) | (73,742 | ) | ||||||||||||||||||||||||
Fair value at the end of the period | $ | 2,488,283 | $ | 635,860 | ||||||||||||||||||||||||
UPB of forward loans serviced for others | ||||||||||||||||||||||||||||
Credit sensitive loans | $ | 266,757,777 | $ | 114,629,399 | ||||||||||||||||||||||||
Interest sensitive loans | 56,056,362 | 16,494,985 | ||||||||||||||||||||||||||
Total owned loans | $ | 322,814,139 | $ | 131,124,384 | ||||||||||||||||||||||||
The following table shows the hypothetical effect on the fair value of the MSRs using certain unfavorable variations of the expected levels of key assumptions used in valuing these assets at December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Discount Rate | Total Prepayment | Credit Losses | Ancillary Income | |||||||||||||||||||||||||
Speeds | ||||||||||||||||||||||||||||
100 bps | 200 bps | 10% | 20% | 10% | 20% | 10% | 20% | |||||||||||||||||||||
Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | |||||||||||||||||||||
Change | Change | Change | Change | Change | Change | Change | Change | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Mortgage servicing rights | $ | (74,681 | ) | $ | (151,899 | ) | $ | (101,590 | ) | $ | (195,445 | ) | $ | (89,958 | ) | $ | (178,669 | ) | $ | (68,828 | ) | $ | (137,657 | ) | ||||
31-Dec-12 | ||||||||||||||||||||||||||||
Mortgage servicing rights | $ | (17,060 | ) | $ | (34,419 | ) | $ | (66,037 | ) | $ | (124,995 | ) | $ | (77,072 | ) | $ | (157,433 | ) | $ | (9,789 | ) | $ | (19,578 | ) | ||||
These sensitivities are hypothetical and should be evaluated with care. The total effect on fair value of a 10% variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors (e.g., a decrease in total prepayment speeds may result in an increase in credit losses), which could impact the above hypothetical effects. | ||||||||||||||||||||||||||||
MSRs at amortized cost | ||||||||||||||||||||||||||||
Nationstar owns the right to service certain reverse mortgage MSRs with an unpaid principal balance of $28.9 billion as of December 31, 2013. The initial carrying amount of these MSRs is based on the relative fair value of the purchased assets and liabilities including reverse mortgage interests. These MSRs are subsequently accounted for using the amortization method. Amortization / accretion is recorded as service fee income on the statement of operations and comprehensive income. Nationstar utilizes a variety of assumptions in assessing the fair value of its servicing assets or liabilities, with the primary assumptions including discount rates, prepayment speeds, home price index, collateral values and the expected weighted average life. At December 31, 2013, no impairment was identified. Interest and servicing fees collected on reverse mortgage interests are included as a component of either interest or service fee income based on whether Nationstar acquired the related borrower draws from a predecessor servicer or funded borrower draws under its obligation to service the related HECMs subsequent to the acquisition of the rights to service these loans. | ||||||||||||||||||||||||||||
The activity of MSRs carried at amortized cost is as follows for the date indicated (in thousands): | ||||||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Activity of MSRs at amortized cost | ||||||||||||||||||||||||||||
Balance at the beginning of the period | $ | 10,973 | $ | 83,238 | $ | — | $ | — | ||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Purchase /Assumptions of servicing rights/obligations | 3,980 | — | 12,415 | 89,800 | ||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||
Amortization/Accretion | (74 | ) | (717 | ) | (1,442 | ) | (6,562 | ) | ||||||||||||||||||||
Balance at end of the period | $ | 14,879 | $ | 82,521 | $ | 10,973 | $ | 83,238 | ||||||||||||||||||||
Fair Value at end of the period | $ | 29,192 | $ | 63,996 | $ | 29,354 | $ | 24,648 | ||||||||||||||||||||
Subserviced loans | ||||||||||||||||||||||||||||
Nationstar also subservices loans on behalf of owners of MSRs or loans for a fee. Nationstar has no recorded value for its subservicing arrangements. At December 31, 2013 and December 31, 2012, the unpaid principal balances under subservicing arrangements were $35.4 billion and $45.7 billion, respectively. | ||||||||||||||||||||||||||||
Total servicing and ancillary fees from Nationstar’s servicing portfolio of residential mortgage loans are presented in the following table for the periods indicated (in thousands): | ||||||||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Servicing fees | $ | 912,493 | $ | 412,281 | $ | 191,652 | ||||||||||||||||||||||
Ancillary fees | 188,712 | 123,318 | 82,099 | |||||||||||||||||||||||||
Total servicing and ancillary fees | $ | 1,101,205 | $ | 535,599 | $ | 273,751 | ||||||||||||||||||||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property and Equipment, Net | ' | |||||||||
Property and Equipment, Net | ||||||||||
Property and equipment, net (in thousands), and the corresponding ranges of estimated useful lives were as follows. | ||||||||||
December 31, | December 31, | Range of Estimated | ||||||||
2013 | 2012 | Useful Life | ||||||||
Furniture, fixtures and equipment | $ | 65,408 | $ | 47,620 | 3 - 5 years | |||||
Capitalized software costs | 52,582 | 24,431 | 5 years | |||||||
Long-term capital leases - computer equipment | 42,856 | 24,917 | 5 years | |||||||
Building and leasehold improvements | 13,984 | 10,556 | Varies | |||||||
Software in development and other | 18,243 | 12,713 | Varies | |||||||
193,073 | 120,237 | |||||||||
Less: Accumulated depreciation and amortization | (74,723 | ) | (48,806 | ) | ||||||
Plus: Land | 835 | 3,595 | ||||||||
Total property and equipment, net | $ | 119,185 | $ | 75,026 | ||||||
Nationstar has entered into various lease agreements for computer equipment which are classified as capital leases. All of the capital leases expire over the next five years. A majority of these lease agreements contain bargain purchase options. | ||||||||||
As of December 31, 2013, future minimum payments for Nationstar's capital leases is presented in table below: | ||||||||||
Future Minimum Lease Payments | ||||||||||
2014 | $ | 16,127 | ||||||||
2015 | 13,974 | |||||||||
2016 | 3,014 | |||||||||
Thereafter | — | |||||||||
Total future lease payments | 33,115 | |||||||||
Less: Imputed interest | (1,312 | ) | ||||||||
Net capital lease liability | $ | 31,803 | ||||||||
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consisted of the following (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Loans subject to repurchase right from Ginnie Mae | $ | 120,736 | $ | 72,156 | ||||
Deferred financing costs | 73,030 | 46,780 | ||||||
Real estate owned, net | 45,632 | 10,467 | ||||||
Goodwill | 38,820 | — | ||||||
Collateral deposits on derivative instruments | 25,932 | 10,920 | ||||||
Prepaid expenses | 21,993 | 6,083 | ||||||
Intangible assets | 21,737 | — | ||||||
Receivables from affiliates | 8,861 | 12,604 | ||||||
Deferred tax asset (see Note 16) | — | 23,737 | ||||||
Other | 3,656 | 10,186 | ||||||
Total other assets | $ | 360,397 | $ | 192,933 | ||||
For certain loans that Nationstar sold to Ginnie Mae, Nationstar as the issuer has the unilateral right to repurchase without Ginnie Mae’s prior authorization any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. Once Nationstar has the unilateral right to repurchase a delinquent loan, Nationstar has effectively regained control over the loan, and under GAAP, must re-recognize the loan on its consolidated balance sheets and establish a corresponding repurchase liability regardless of Nationstar’s intention to repurchase the loan. Nationstar’s re-recognized loans included in other assets and the corresponding liability in payables and accrued liabilities was $120.7 million and $$72.2 million at December 31, 2013 and 2012, respectively. |
Payables_and_Accrued_Liabiliti
Payables and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Payables and Accrued Liabilities | ' | |||||||
Payables and Accrued Liabilities | ||||||||
Payables and accrued liabilities consist of the following (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Payable to servicing and subservicing investors(1) | $ | 359,214 | $ | 204,106 | ||||
Payable to insurance carriers and insurance cancellation reserves | 164,244 | 77,967 | ||||||
MSR purchases payable including advances | 135,759 | 14,243 | ||||||
Loans subject to repurchase from Ginnie Mae | 120,736 | 72,156 | ||||||
Accrued interest | 76,303 | 31,938 | ||||||
Accrued bonus and payroll | 66,755 | 58,083 | ||||||
Repurchase reserves | 40,695 | 18,511 | ||||||
Current income taxes | 35,961 | 50,908 | ||||||
Other(2) | 308,783 | 103,519 | ||||||
Total payables and accrued liabilities | $ | 1,308,450 | $ | 631,431 | ||||
(1) Payables to servicing and subservicing investors represents amounts due to investors in connection with the loans we service and are paid from collections of the underlying loans, insurance proceeds or at time of property disposal. | ||||||||
(2) Other payables primarily consist of accrued legal and professional fees, capital lease obligations and amounts payable to securitization trusts. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative Financial Instruments | ' | |||||||||||||
Derivative Financial Instruments | ||||||||||||||
The following tables provide the outstanding notional balances and fair values of outstanding positions for the dates indicated, and recorded gains/(losses) during the periods indicated (in thousands): | ||||||||||||||
Expiration | Outstanding | Fair | Recorded | |||||||||||
Dates | Notional | Value | Gains / | |||||||||||
(Losses) | ||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2014 | $ | 57,965 | $ | 7 | $ | (14 | ) | ||||||
ASSETS | ||||||||||||||
Interest Rate Lock Commitments (IRLCs) | 2014 | 3,083,131 | 87,128 | (69,856 | ) | |||||||||
Forward MBS trades | 2014 | 5,425,663 | 32,266 | 19,084 | ||||||||||
Loan Purchase Commitments (LPCs) | 2014 | 197,475 | 793 | (460 | ) | |||||||||
Interest rate swaps and caps | 2018 | 167,000 | 3,691 | 544 | ||||||||||
LIABILITIES | ||||||||||||||
IRLCs | 2014 | 260,407 | 2,698 | (1,613 | ) | |||||||||
Interest rate swaps and caps (1) | — | — | 1,576 | |||||||||||
Interest rate swaps on ABS debt | 2014-2017 | 424,269 | 834 | 1,012 | ||||||||||
Forward MBS trades | 2014 | 1,351,870 | 3,305 | 8,713 | ||||||||||
LPCs | 2014 | 204,486 | 1,689 | (1,603 | ) | |||||||||
For the year ended December 31, 2012 | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2013 | $ | 445 | $ | 21 | $ | (613 | ) | ||||||
ASSETS | ||||||||||||||
IRLCs | 2013 | 4,921,963 | 150,048 | 138,746 | ||||||||||
Forward MBS trades | 2013 | 977,900 | 888 | 888 | ||||||||||
LPCs | 2013 | 112,624 | 1,253 | 1,253 | ||||||||||
LIABILITIES | ||||||||||||||
Interest rate swaps and caps | 2013-2015 | 726,168 | 6,120 | 420 | ||||||||||
Interest rate swaps on ABS debt | 2013-2017 | 654,192 | 1,846 | (1,414 | ) | |||||||||
Forward MBS trades | 2013 | 3,964,721 | 11,974 | (6,144 | ) | |||||||||
LPCs | 2013 | 78,839 | 86 | (86 | ) | |||||||||
(1) In January and June 2013, Nationstar terminated these interest rate swaps. | ||||||||||||||
The mortgage loans held for sale which we carry at fair value are subject to interest rate and price risk from the loan funding date until the date the loan is sold into the secondary market. Generally, the fair value of a loan will decline in value when interest rates increase and will rise in value when interest rates decrease. To mitigate this risk, we enter into forward sales of MBS to provide an economic hedge against those changes in fair value on mortgage loans held for sale. Forward trades are primarily used to fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. In addition, to manage the interest rate risk associated with mortgage loans held for sale, Nationstar enters into forward sales commitments to deliver mortgage loan inventory to investors. | ||||||||||||||
The estimated fair value of forward mortgage sales of MBS and forward sale commitments are based on exchange prices or the dealer market price and are recorded as a component of derivative financial instruments and mortgage loans held for sale, respectively, in the consolidated financial statements. The initial and subsequent changes in value on forward sales of MBS and forward sale commitments are a component of gain on mortgage loans held for sale. | ||||||||||||||
IRLCs represent an agreement to purchase loans from a third-party originator or an agreement to extend credit to a mortgage applicant, whereby the interest rate is set prior to funding. The loan commitment binds us (subject to the loan approval process) to fund the loan at the specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date. As such, outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of the commitment through the loan funding date or expiration date. The borrower is not obligated to obtain the loan, thus we are subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Our interest rate exposure on these derivative loan commitments is hedged with forward sales of MBS as described above. | ||||||||||||||
The estimated fair value of IRLC’s is based on the fair value of the related mortgage loans which is based on observable market data for similar loan product type and is recorded in derivative financial instruments in the consolidated balance sheets. The initial and subsequent changes in the value of IRLCs are a component of gain on mortgage loans held for sale. | ||||||||||||||
Nationstar may occasionally enter into contracts with other mortgage lenders to purchase residential mortgage loans at a future date, which is referred to as Loan Purchase Commitments (LPCs). LPCs are accounted for as derivatives under ASC 815, and recorded at fair value in derivative financial instruments on Nationstar's balance sheet. The fair value of LPCs are based on the fair value of the related mortgage loans which are based on observable market data. Subsequent changes in LPCs are recorded as a charge or credit to gain on mortgage loans held for sale. | ||||||||||||||
Periodically, Nationstar has entered into interest rate swap agreements to hedge the interest payment on the warehouse debt and securitization of its mortgage loans held for sale. These interest rate swap agreements generally require Nationstar to pay a fixed interest rate and receive a variable interest rate based on LIBOR. Unless designated as an accounting hedge, Nationstar records gains and losses on interest rate swaps as a component of gain/(loss) on interest rate swaps and caps in Nationstar’s consolidated statements of operations and comprehensive income (loss). The change in fair value on undesignated interest rate derivatives are separately disclosed under operating activities in the consolidated statements of cash flows. | ||||||||||||||
During 2008, Nationstar entered into interest rate cap agreements to hedge the interest payment on a servicing advance facility. These interest rate cap agreements generally require an upfront payment and receive cash flow only when a variable rate based on LIBOR exceeds a defined interest rate. These interest rate cap agreements are not designated as hedging instruments, and the change in fair value of these instruments is recorded in loss on interest rate swaps and caps in Nationstar’s consolidated statements of operations and comprehensive income (loss). | ||||||||||||||
Total gain or loss recognized in income on interest rate swaps designated as cash flow hedges was approximately $0.5 million, and $2.0 million for the years ended December 31, 2013 and 2011 respectively. There was no gain or loss recognized for the year ended December 31, 2012 since no interest rate swaps were designated as hedges as of December 31,2012. For the year ended December 31, 2013, a gain was recognized for approximately $2.0 million in other comprehensive income and a loss of $1.1 million for the year ended December 31, 2011. No gain or loss was recognized in other comprehensive income for the year ended December 31, 2012. | ||||||||||||||
Associated with the Company's derivatives is $42.3 million and $10.9 million in collateral deposits on derivative instruments recorded in other assets on the Company's balance sheets as of December 31, 2013 and December 31, 2012, respectively. |
Indebtedness
Indebtedness | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Indebtedness | ' | ||||||||||||||||||||
Indebtedness | |||||||||||||||||||||
Notes Payable | |||||||||||||||||||||
A summary of the balances of notes payable for the dates indicated is presented below (in thousands). | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Outstanding | Collateral | Outstanding | Collateral | ||||||||||||||||||
Pledged | Pledged | ||||||||||||||||||||
Servicing Segment Notes Payable | |||||||||||||||||||||
MBS advance financing facility | $ | 560,814 | $ | 651,953 | $ | 185,817 | $ | 206,622 | |||||||||||||
Securities repurchase facility (2011) | 35,546 | 55,603 | 11,774 | 55,603 | |||||||||||||||||
2010-ABS advance financing facility | — | — | 194,833 | 233,208 | |||||||||||||||||
Nationstar agency advance financing facility | 851,957 | 918,574 | 476,091 | 549,284 | |||||||||||||||||
MSR note | — | — | 4,627 | 12,328 | |||||||||||||||||
2012-AW agency advance financing facility | — | — | 100,000 | 135,343 | |||||||||||||||||
2012-C ABS advance financing facility | — | — | 657,027 | 742,238 | |||||||||||||||||
2012-R ABS advance financing facility | — | — | 374,739 | 428,758 | |||||||||||||||||
2012-W ABS advance financing facility | — | — | 492,235 | 566,332 | |||||||||||||||||
Reverse participations financing facility | 102,031 | 124,536 | 65,943 | 76,455 | |||||||||||||||||
MBS advance financing facility (2012) | 179,306 | 220,833 | — | — | |||||||||||||||||
Nationstar Mortgage Advance Receivable Trust | 1,240,940 | 1,347,410 | — | — | |||||||||||||||||
Nationstar Servicer Advance Receivables Trust 2013-BA | 1,579,830 | 1,764,296 | — | — | |||||||||||||||||
Originations Segment Notes Payable | |||||||||||||||||||||
$1.50 billion warehouse facility | 797,281 | 891,648 | 356,104 | 371,836 | |||||||||||||||||
$750 million warehouse facility | 639,378 | 673,599 | 245,287 | 285,281 | |||||||||||||||||
$700 million warehouse facility | 111,980 | 115,629 | — | — | |||||||||||||||||
$600 million warehouse facility | 214,570 | 224,162 | 224,790 | 241,867 | |||||||||||||||||
$500 million warehouse facility | 159,435 | 166,482 | 87,747 | 91,403 | |||||||||||||||||
$400 million warehouse facility | 447,926 | 477,980 | — | — | |||||||||||||||||
$108 million warehouse facility | 63,357 | 93,098 | — | — | |||||||||||||||||
ASAP+ facility | — | — | 124,572 | 124,596 | |||||||||||||||||
Total notes payable | $ | 6,984,351 | $ | 7,725,803 | $ | 3,601,586 | $ | 4,121,154 | |||||||||||||
Servicing Segment Notes Payable | |||||||||||||||||||||
MBS advance financing facility - Nationstar has a one-year committed facility agreement with a GSE, under which Nationstar may transfer to the GSE certain servicing advance receivables against the transfer of funds by the GSE. This facility has the capacity to purchase up to $775.0 million in eligible servicing advance receivables. The interest rate is based on LIBOR plus a spread of 2.50% to 4.00%. The maturity date of this facility is March 2014. | |||||||||||||||||||||
Securities repurchase facility (2011) - In December 2011, Nationstar entered into a securities repurchase facility with a financial services company. The master repurchase agreement (MRA) states that Nationstar may from time to time transfer to the financial services company eligible securities against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such securities to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. Additionally, the financial services company may elect to extend the transfer date for an additional 90 days at mutually agreed upon terms. The interest rate is based on LIBOR plus a margin of 3.50%. As of December 31, 2013, Nationstar has pledged the Company’s $55.6 million outstanding retained interest in the outstanding Nonrecourse debt—Legacy Assets securitization, which was structured as a financing. | |||||||||||||||||||||
2010-ABS advance financing facility - In November 2010, Nationstar executed the 2010-ABS advance financing facility with a financial institution. This facility had the capacity to borrow up to $300.0 million of advance receivables and the interest rate was based on LIBOR plus a spread of 3.00%. This debt was nonrecourse to Nationstar. Nationstar terminated this revolving financing facility on June 7, 2013 at which time all outstanding balances were repaid. | |||||||||||||||||||||
Nationstar agency advance financing facility - In January 2013, Nationstar amended and restated the agency advance financing facility with a financial institution. This facility has a variable funding note (VFN) with the capacity to borrow up to $800.0 million and the interest rate is based on LIBOR plus a spread of 1.20% to 3.75% depending upon class of the note. The maturity date of this VFN is October 2014. Nationstar also issued $300.0 million in term notes to institutional investors. The notes have a weighted average fixed interest rate of 1.46% and a weighted average term of 3 years. The VFN and term notes are secured by servicing advance receivables and are nonrecourse to Nationstar. | |||||||||||||||||||||
MSR note - In connection with an October 2009 MSR acquisition, Nationstar executed a four-year note agreement with a GSE. As collateral for this note, Nationstar pledged Nationstar’s rights, title, and interest in the acquired servicing portfolio. The interest rate is based on LIBOR plus 2.50%. The maturity date of this facility was October 2013 and all outstanding balances have been repaid. | |||||||||||||||||||||
2012-AW agency advance financing facility - In June 2012, Nationstar executed the 2012-AW agency advance financing facility with a financial institution. This facility had the capacity to borrow up to $100.0 million and the interest rate was based on LIBOR plus a spread of 2.50%. This facility was secured by servicing advance receivables and was nonrecourse to Nationstar. Nationstar terminated this revolving financing facility on January 31, 2013 at which time all outstanding balances had been repaid. | |||||||||||||||||||||
2012-C ABS advance financing facility - In June 2012, Nationstar executed the 2012-C ABS advance financing facility with a financial institution. This facility had the capacity to borrow up to $700.0 million and the interest rate was based on LIBOR plus a spread of 3.25% to 4.25%. This facility was secured by servicing advance receivables and was nonrecourse to Nationstar. Nationstar terminated this revolving financing facility on June 7, 2013 at which time all outstanding balances were repaid. | |||||||||||||||||||||
2012-R ABS advance financing facility - In June 2012, Nationstar executed the 2012-R ABS advance financing facility with a financial institution. This facility had the capacity to borrow up to $400.0 million and the interest rate was based on LIBOR plus a spread of 3.37% to 8.00%. This facility was secured by servicing advance receivables and was nonrecourse to Nationstar. Nationstar terminated this revolving financing facility on June 7, 2013 at which time all outstanding balances were repaid. | |||||||||||||||||||||
2012-W ABS advance financing facility - In June 2012, Nationstar executed the 2012-W ABS advance financing facility with a financial institution. This facility had the capacity to borrow up to $500.0 million and the interest rate was based on LIBOR plus a spread of 3.75%. This facility was secured by servicing advance receivables and was nonrecourse to Nationstar. Nationstar terminated this revolving financing facility on June 7, 2013 at which time all outstanding balances were repaid. | |||||||||||||||||||||
Reverse participations financing facility - In June 2012, Nationstar executed a reverse participations and max claim buyouts financing facility with a financial institution. This facility has capacity to borrow up to $150.0 million and the interest rate is based on LIBOR plus a spread of 4.00%. The maturity date of this facility is June 2014. This facility is partially secured by reverse mortgage loans. | |||||||||||||||||||||
MBS advance financing facility (2012) - In December 2012, Nationstar executed an MBS advance financing facility with a financial institution. This facility has the capacity to borrow up to $250.0 million. The interest rate is LIBOR plus a spread of 3.00%. The maturity date of this facility is February 2014. This facility is secured by servicing advance receivables. | |||||||||||||||||||||
Nationstar Mortgage Advance Receivable Trust - In June 2013, Nationstar created an advance receivables trust with a number of financial institutions. This trust has variable funding notes (VFNs) with the capacity to borrow up to $$1,075.0 million. The interest rate on this financial instrument is based on LIBOR plus a spread of 1.15% to 5.30% depending on the class of the note. The maturity date of the VFN is June 2014. Nationstar also issued $1.0 billion of term notes to institutional investors. The notes have an average interest rate of 3.26% and mature in June 2016 and June 2018. The note that was scheduled to mature in June 2014 was redeemed in January 2014. The VFN and the term notes are secured by servicing advance receivables and are nonrecourse to Nationstar. | |||||||||||||||||||||
Nationstar Servicer Advance Receivables Trust 2013-BA - In July 2013, Nationstar created an advance receivables trust with a financial institution. This trust has the capacity to borrow up to $2.0 billion with its interest rate based on LIBOR plus a spread of 2.50%. The maturity date is June 2014. This trust is secured by servicing advance receivables and is nonrecourse to Nationstar. | |||||||||||||||||||||
Nationstar Servicer Advance Receivables Trust 2013-CS - In July 2013, Nationstar created an advance receivables trust with a financial institution and added an additional financial institution to the facility in August 2013. This trust had the capacity to borrow up to $2.9 billion. The interest rate was based on LIBOR plus a spread of 2.00% to 3.25%. The maturity date of the facility was June 2014. Nationstar sold equity of the related wholly owned special purpose entity formed in connection with this facility to a joint venture purchaser capitalized by New Residential and third party co-investors in the fourth quarter of 2013. | |||||||||||||||||||||
Nationstar Servicer Advance Receivables Trust 2013 - BC - In September 2013, Nationstar created an advance receivables trust with a financial institution. This trust had the capacity to borrow up to $1.0 billion. The interest rate was based on LIBOR plus a spread of 2.45% to 5.00% and the maturity date was September 2014. The trust was secured by servicing advance receivables and is nonrecourse to Nationstar. Nationstar sold equity of the related wholly owned special purpose entity formed in connection with this facility to a joint venture purchaser capitalized by New Residential and third party co-investors in the fourth quarter of 2013. | |||||||||||||||||||||
Originations Segment Notes Payable | |||||||||||||||||||||
$1.50 billion warehouse facility - Nationstar executed an MRA with a financial institution, which will expire in September 2014. This facility has a committed amount of $1.50 billion. The MRA states that from time to time Nationstar may enter into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such mortgage loans or MBS to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread of 2.25% to 3.25%, which varies based on the underlying transferred collateral. | |||||||||||||||||||||
$750 million warehouse facility - Nationstar executed an MRA with a financial institution, which will expire in March 2014. This facility has a committed amount of $750.0 million, The MRA states that from time to time Nationstar may enter into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company with a simultaneous agreement by the financial services company to transfer such mortgage loans to Nationstar at a date certain, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread ranging from 1.75% to 3.00% which varies based on the underlying transferred collateral. | |||||||||||||||||||||
$700 million warehouse facility - Nationstar has an MRA with a financial institution, which will expire in August 2014. This facility has a committed amount of $350.0 million and an uncommitted amount of $350.0 million. The MRA states that from time to time Nationstar may enter into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such mortgage loans or MBS to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread of 2.25%. | |||||||||||||||||||||
$600 million warehouse facility - Nationstar has an MRA with a financial services company, as amended, which will expire in April 2014. The facility has a committed amount of $300.0 million and an uncommitted amount of $300.0 million that can be granted at the discretion of the financial institution. The MRA states that from time to time Nationstar may enter into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such mortgage loans or MBS to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread of 0.75% to 3.50% which varies based on the underlying transferred collateral. | |||||||||||||||||||||
$500 million warehouse facility - Nationstar an MRA with a financial institution, which will expire in March 2014. This facility has a committed amount of $300.0 million and an uncommitted amount of $200.0 million, The MRA states that from time to time Nationstar may into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such mortgage loans to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread of 2.50%. | |||||||||||||||||||||
$400 million warehouse facility - Nationstar has an MRA with a financial institution, which will expire in June 2014. This | |||||||||||||||||||||
facility has a committed amount of $450.0 million through January 8, 2014, $400.0 million from January 9, 2014 through January 30, 2014, $425.0 million from January 31, 2014 through February 7, 2014 and $400.0 million any time thereafter. The MRA states that from time to time Nationstar may enter into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such mortgage loans or MBS to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread of 3.50% to 4.25% which varies based on the underlying transferred collateral. | |||||||||||||||||||||
$108 million warehouse facility - Nationstar has a MRA with a financial institution, which will expire in February 2015. This facility has an uncommitted amount of $108.0 million. The MRA states that from time to time Nationstar may enter into transactions in which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such mortgage loans or MBS to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from Nationstar. The interest rate is based on LIBOR plus a spread of 2.75%. | |||||||||||||||||||||
$75 million warehouse facility (HCM) - Home Community Mortgage LLC (HCM), an affiliate of Nationstar, has an MRA with a financial institution which will expire in September 2014. This facility has a committed amount of $75.0 million. The MRA | |||||||||||||||||||||
states that from time to time HCM may enter into transactions in which HCM agrees to transfer to the financial services | |||||||||||||||||||||
company certain mortgage loans or MBS against the transfer of funds by the financial services company, with a simultaneous | |||||||||||||||||||||
agreement by the the financial services company to transfer such mortgage loans or MBS to HCM at a certain date, or on | |||||||||||||||||||||
demand by HCM, against the transfer of funds from HCM. The interest rate is based on LIBOR plus a spread of 2.50% to | |||||||||||||||||||||
3.25% which varies based on the underlying transferred collateral. HCM has not begun financing loans utilizing this facility as of December 31, 2013. | |||||||||||||||||||||
$75 million warehouse facility - Nationstar has a MRA with a financial institution, which will expire in June 2014. This facility | |||||||||||||||||||||
has a committed amount of $75.0 million. The MRA states that from time to time Nationstar may enter into transactions in | |||||||||||||||||||||
which Nationstar agrees to transfer to the financial services company certain mortgage loans or MBS against the transfer of | |||||||||||||||||||||
funds by the financial services company, with a simultaneous agreement by the financial services company to transfer such | |||||||||||||||||||||
mortgage loans or MBS to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds from | |||||||||||||||||||||
Nationstar. The interest rate is based on LIBOR plus a spread of 3.75% to 4.50% which varies based on the underlying | |||||||||||||||||||||
transferred collateral. There is no outstanding balance as of December 31, 2013. | |||||||||||||||||||||
ASAP + facility - Nationstar has executed As Soon As Pooled Plus agreements with a GSE, under which Nationstar transfers to | |||||||||||||||||||||
the GSE eligible mortgage loans that are to be pooled into the GSE MBS against the transfer of funds by the GSE. The interest rate is based on LIBOR plus a spread of 1.50%. These agreements typically have a maturity of up to 45 days. | |||||||||||||||||||||
Unsecured Senior Notes | |||||||||||||||||||||
A summary of the balances of unsecured senior notes is presented below (in thousands): | |||||||||||||||||||||
31-Dec-13 | December 31, 2012 | ||||||||||||||||||||
$285 million face value, 10.875% interest rate payable semi-annually, due April 2015 | $ | 283,153 | $ | 281,676 | |||||||||||||||||
$475 million face value, 6.500% interest rate payable semi-annually, due August 2018 | 475,000 | — | |||||||||||||||||||
$375 million face value, 9.625% interest rate payable semi-annually, due May 2019 | 379,360 | 380,232 | |||||||||||||||||||
$400 million face value, 7.875% interest rate payable semi-annually, due October 2020 | 400,634 | 400,727 | |||||||||||||||||||
$600 million face value, 6.500% interest rate payable semi-annually, due July 2021 | 605,915 | — | |||||||||||||||||||
$300 million face value, 6.500% interest rate payable semi-annually, due June 2022 | 300,000 | — | |||||||||||||||||||
Total | $ | 2,444,062 | $ | 1,062,635 | |||||||||||||||||
In April 2012, Nationstar and Nationstar Capital Corporation, as co-issuer, completed the offering of $275.0 million of unsecured senior notes at par for net cash proceeds before issuance costs of $275.0 million, with a maturity date of May 2019. In July 2012, Nationstar and Nationstar Capital Corporation, as co-issuer, completed an additional offering of $100 million of unsecured senior notes. This additional offering was issued with an issue premium of $5.5 million for net cash proceeds before issuance costs of $105.5 million. These unsecured senior notes pay interest semi-annually at an interest rate of 9.625%. These unsecured senior notes were issued in a private placement and were subsequently exchanged for an equal principal amount of senior notes registered under the Securities Act with substantially identical terms. | |||||||||||||||||||||
In September 2012, Nationstar and Nationstar Capital Corporation, as co-issuer, completed the offering of $300.0 million of unsecured senior notes, with a maturity date of October 2020. The notes were issued at par. In September 2012, Nationstar and Nationstar Capital Corporation, as co-issuer, completed an additional offering of $100.0 million of unsecured senior notes. These notes were issued with an issue premium of $0.8 million for net cash proceeds before issuance costs of $100.8 million. Under the terms of these unsecured senior notes, we pay interest semiannually to the note holders at an interest rate of 7.875%. These unsecured senior notes were issued in a private placement and were subsequently exchanged for an equal principal amount of senior notes registered under the Securities Act with substantially identical terms. | |||||||||||||||||||||
In February 2013, Nationstar and Nationstar Capital Corporation, as co-issuer, completed the offering of $400.0 million of unsecured senior notes, with a maturity date of July 2021. The notes were issued at par. In March 2013, Nationstar completed an additional offering of $200.0 million of the unsecured senior notes due July 2021. These notes were issued with an issue premium of $6.5 million for net cash proceeds before issuance costs of $606.5 million. Under the terms of these unsecured senior notes, we pay interest semiannually to the note holders at an interest rate of 6.500%. These unsecured senior notes were originally issued in a private placement and were subsequently exchanged for an equal principal amount of senior notes registered under the Securities Act with substantially identical terms. | |||||||||||||||||||||
In May 2013, Nationstar completed the offering of $300.0 million of unsecured senior notes, with a maturity date of June 2022. | |||||||||||||||||||||
These notes were issued at par. Under the terms of these unsecured senior notes, Nationstar pays interest semiannually to the | |||||||||||||||||||||
note holders at an interest rate of 6.500%. These unsecured senior notes were registered under the Securities Act. | |||||||||||||||||||||
In July 2013, Nationstar completed the offering of $250.0 million of unsecured senior notes, with a maturity date of August | |||||||||||||||||||||
2018. In September 2013, as an add on to the unsecured senior notes issued in July 2013, Nationstar completed the offering of | |||||||||||||||||||||
$225.0 million of unsecured senior notes. These notes were issued at par. Under the terms of these unsecured senior notes, | |||||||||||||||||||||
Nationstar pays interest semiannually to the note holders at an interest rate of 6.500%. These unsecured senior notes were | |||||||||||||||||||||
registered under the Securities Act. | |||||||||||||||||||||
The indentures for the unsecured senior notes contain various covenants and restrictions that limit the Company's, Nationstar's, | |||||||||||||||||||||
or certain of its subsidiaries’, ability to incur additional indebtedness, pay dividends, make certain investments, create liens, | |||||||||||||||||||||
consolidate, merge or sell substantially all of their assets, or enter into certain transactions with affiliates. The indentures | |||||||||||||||||||||
contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) | |||||||||||||||||||||
defaults based on (i) the failure to make payments under the indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material | |||||||||||||||||||||
guarantees. | |||||||||||||||||||||
The indentures for the unsecured senior notes provide that Nationstar may redeem all or a portion of the notes prior to certain fixed dates by paying a make-whole premium plus accrued and unpaid interest and additional interest, if any, to the redemption dates. In addition, Nationstar may redeem all or a portion of the senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest and additional interest, if any, to the redemption dates. | |||||||||||||||||||||
Additionally, the indentures provide that on or before certain fixed dates, Nationstar may redeem up to 35% of the aggregate principal amount of the senior notes with the net proceeds of certain equity offerings at a fixed redemption prices, plus accrued and unpaid interest and additional interest, if any, to the redemption dates, subject to compliance with certain conditions. | |||||||||||||||||||||
The ratios included in the indentures for the senior notes are incurrence based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. | |||||||||||||||||||||
The expected maturities of Nationstar's senior unsecured notes based on contractual maturities are as follows (in thousands). | |||||||||||||||||||||
Year | Amount | ||||||||||||||||||||
2014 | $ | — | |||||||||||||||||||
2015 | 285,000 | ||||||||||||||||||||
2016 | — | ||||||||||||||||||||
2017 | — | ||||||||||||||||||||
2018 | 475,000 | ||||||||||||||||||||
Thereafter | 1,675,000 | ||||||||||||||||||||
Total | $ | 2,435,000 | |||||||||||||||||||
Other Nonrecourse Debt | |||||||||||||||||||||
A summary of the balances of other nonrecourse debt is presented below (in thousands): | |||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | ||||||||||||||||||||
Nonrecourse debt - Legacy Assets | $ | 89,107 | $ | 100,620 | |||||||||||||||||
Excess spread financing - fair value | 986,410 | 288,089 | |||||||||||||||||||
Participating interest financing | 1,103,490 | 580,836 | |||||||||||||||||||
Mortgage servicing rights financing liability | 29,874 | — | |||||||||||||||||||
Total | $ | 2,208,881 | $ | 969,545 | |||||||||||||||||
Nonrecourse Debt–Legacy Assets | |||||||||||||||||||||
In November 2009, Nationstar completed the securitization of approximately $222.0 million of ABS, which was structured as a secured borrowing. This structure resulted in Nationstar carrying the securitized loans as mortgages on Nationstar’s consolidated balance sheets and recognizing the asset-backed certificates acquired by third parties as nonrecourse debt, totaling approximately $89.1 million and $100.6 million at December 31, 2013 and 2012, respectively. The principal and interest on these notes are paid using the cash flows from the underlying mortgage loans, which serve as collateral for the debt. The interest rate paid on the outstanding securities is 7.50%, which is subject to an available funds cap. The total outstanding principal balance on the underlying mortgage loans serving as collateral for the debt was approximately $302.0 million and $336.9 million at December 31, 2013 and 2012, respectively. Accordingly, the timing of the principal payments on this nonrecourse debt is dependent on the payments received on the underlying mortgage loans. The unpaid principal balance on the outstanding notes was $103.6 million and $117.1 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Excess Spread Financing Debt at Fair Value | |||||||||||||||||||||
In conjunction with Nationstar's acquisition of certain MSRs on various pools of residential mortgage loans (the Portfolios), | |||||||||||||||||||||
Nationstar has entered into sale and assignment agreements which are treated as financings with certain entities formed by New | |||||||||||||||||||||
Residential in which New Residential and/or certain funds managed by Fortress own an interest. Nationstar, in transactions | |||||||||||||||||||||
accounted for as financing arrangements, sold to such entities the right to receive a specified percentage of the excess cash | |||||||||||||||||||||
flow generated from the Portfolios after receipt of a fixed basic servicing fee per loan. In September 2013, Nationstar | |||||||||||||||||||||
increased New Residential's specified percentage of the excess cash flows in several of the Portfolios for $54.5 million. | |||||||||||||||||||||
Nationstar retains all ancillary income associated with servicing the Portfolios and the remaining portion of the excess cash | |||||||||||||||||||||
flow after receipt of the fixed basic servicing fee. Nationstar continues to be the servicer of the Portfolios and provides all | |||||||||||||||||||||
servicing and advancing functions. New Residential has no prior or ongoing obligations associated with the Portfolios. | |||||||||||||||||||||
Contemporaneous with the above, Nationstar entered into refinanced loan agreements with New Residential. Should Nationstar refinance any loan in the Portfolios, subject to certain limitations, Nationstar will be required to transfer the new loan or a replacement loan of similar economic characteristics into the Portfolios. The new or replacement loan will be governed by the same terms set forth in the sale and assignment agreement described above. | |||||||||||||||||||||
Nationstar has elected fair value accounting for these financing agreements. The total carrying amount of the outstanding excess spread financing agreements was $986.4 million and $288.1 million at December 31, 2013 and 2012, respectively. The total outstanding principal balance was $839.7 million and $283.8 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
The following table shows the hypothetical effect on the fair value of excess spread financing using certain unfavorable variations of the expected levels of key assumptions used in valuing these liabilities at December 31, 2013 (in thousands): | |||||||||||||||||||||
Discount Rate | Total Prepayment | Credit Losses | |||||||||||||||||||
Speeds | |||||||||||||||||||||
100 bps | 200 bps | 10% | 20% | 10% | 20% | ||||||||||||||||
Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | ||||||||||||||||
Change | Change | Change | Change | Change | Change | ||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Excess spread financing | $ | 33,156 | $ | 68,636 | $ | 26,492 | $ | 53,753 | $ | 29,219 | $ | 42,611 | |||||||||
31-Dec-12 | |||||||||||||||||||||
Excess spread financing | $ | 7,978 | $ | 16,404 | $ | 10,654 | $ | 22,240 | $ | 5,538 | $ | 11,075 | |||||||||
As the fair value on the outstanding excess spread financing is linked to the future economic performance of certain acquired MSRs, any adverse changes in the acquired MSRs would inherently benefit the net carrying amount of the excess spread financing, while any beneficial changes in certain key assumptions used in valuing the acquired MSRs would negatively impact the net carrying amount of the excess spread financing. | |||||||||||||||||||||
These sensitivities are hypothetical and should be evaluated with care. The effect on fair value of a 10% variation in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors (e.g., a decrease in total prepayment speeds may result in an increase in credit losses), which could impact the above hypothetical effects. | |||||||||||||||||||||
Participating Interest Financing | |||||||||||||||||||||
Participating interest financing represent the issuance of pools of HMBS to third-party security holders which are guaranteed by GNMA. Nationstar has accounted for the transfer of these advances in the related HECM loans as secured borrowings, retaining the initial reverse mortgage interests on its consolidated balance sheets, and recording the pooled HMBS as participating interest financing liabilities on the Company’s consolidated balance sheets. Monthly cash flows generated from the HECM loans are used to service the HMBS. The interest rate is based on the underlying HMBS rate with a range of 0.14% to 7.02%. The participating interest financing was $1,103.5 million and $580.8 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||
Mortgage Servicing Rights Financing | |||||||||||||||||||||
In December 2013, Nationstar entered into an agreement to sell certain MSRs and servicer advances under specified terms. Under the terms of this agreement, the related MSR sales are contingent on the receipt of consents from various third parties. Until these required consent are obtained, legal ownership of the mortgage servicing rights continues to reside with the Company. Nationstar continues to account for the MSRs on its consolidated balance sheets. In addition, Nationstar records a MSRs financing liability associated with this financing transaction. | |||||||||||||||||||||
Nationstar has elected to measure the mortgage servicing rights financings at fair value with all changes in fair value recorded as a charge or credit to servicing fee income in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2013, the total car | |||||||||||||||||||||
Financial Covenants | |||||||||||||||||||||
As of December 31, 2013, Nationstar was in compliance with its covenants on its borrowing arrangements and credit facilities. These covenants generally relate to Nationstar’s tangible net worth, liquidity reserves, and leverage requirements. |
Repurchase_Reserves
Repurchase Reserves | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Repurchase Reserves [Abstract] | ' | |||||||||||
Repurchase Reserves [Text Block] | ' | |||||||||||
15. Repurchase Reserves | ||||||||||||
Certain whole loan sale contracts include provisions requiring Nationstar to repurchase a loan if a borrower fails to make certain initial loan payments due to the acquirer or if the accompanying mortgage loan fails to meet customary representations and warranties. These representations and warranties are made to the loan purchasers about various characteristics of the loans, such as manner of origination, the nature and extent of underwriting standards applied and the types of documentation being provided and typically are in place for the life of the loan. In the event of a breach of the representations and warranties, the Company may be required to either repurchase the loan or indemnify the purchaser for losses it sustains on the loan. In addition, an investor may request that Nationstar refund a portion of the premium paid on the sale of mortgage loans if a loan is prepaid within a certain amount of time from the date of sale. Nationstar records a provision for estimated repurchases and premium recapture on loans sold, which is charged to gain on mortgage loans held for sale. The reserve for repurchases is included as a component of payables and accrued liabilities. The current unpaid principal balance of loans sold by Nationstar represents the maximum potential exposure to repurchases related to representations and warranties. Reserve levels are a function of expected losses based on actual pending and expected claims, repurchase requests, historical experience, and loan volume. While the amount of repurchases and premium recapture is uncertain, Nationstar considers the liability to be appropriate. | ||||||||||||
The activity of the outstanding repurchase reserves were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Repurchase reserves, beginning of period | $ | 18,511 | $ | 10,026 | $ | 7,321 | ||||||
Additions | 33,121 | 13,121 | 5,534 | |||||||||
Charge-offs | (10,937 | ) | (4,636 | ) | (2,829 | ) | ||||||
Repurchase reserves, end of period | $ | 40,695 | $ | 18,511 | $ | 10,026 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
The consolidated financial statements through December 31, 2011 and for the period January 1, 2012 up to the Reorganization date (March 7, 2012) do not include income tax expense or benefit or any deferred tax assets or liabilities. Nationstar Inc.'s corporate subsidiaries were subject to income taxes prior to the Reorganization, however, income tax expense (primarily state) and related tax liabilities were not material for presentation purposes. As a result of the Reorganization, Nationstar Inc. and its subsidiaries, including Nationstar, became a new corporate consolidated group for income tax purposes. As a result of the change in income tax status, the Company recorded deferred taxes on the difference between book and tax bases in assets and liabilities as of the Reorganization date. The net deferred tax asset or liability is recorded through the consolidated statements of operations and comprehensive income (loss) as a component of income tax expense. As of the Reorganization date, the Company recorded a deferred tax asset for net operating and other loss carryforwards inherited as a result of the Reorganization, a deferred tax liability related to basis differences in Nationstar's assets and liabilities and a valuation allowance for deferred tax assets that management concluded would likely not be realized. | |||||||||||||
The components of income tax expense (benefit) on continuing operations were as follows (in thousands): | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Current | |||||||||||||
Federal | $ | 4,636 | $ | 82,120 | |||||||||
State | (1,059 | ) | 10,126 | ||||||||||
3,577 | 92,246 | ||||||||||||
Deferred | |||||||||||||
Federal | 114,466 | (18,721 | ) | ||||||||||
State | 11,157 | (2,229 | ) | ||||||||||
125,623 | (20,950 | ) | |||||||||||
Total | $ | 129,200 | $ | 71,296 | |||||||||
Income tax expense differs from the amounts computed by applying the U.S. Federal corporate tax rate of 35% as follows for the period indicated (dollars in thousands): | |||||||||||||
For the year ended | For the year ended | ||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
(in dollars) | (in percentages) | (in dollars) | (in percentages) | ||||||||||
Tax expense at federal statutory rate | $ | 121,186 | 35 | % | $ | 96,804 | 35 | % | |||||
Effect of: | |||||||||||||
State taxes, net of federal benefit | 5,465 | 1.6 | % | 6,129 | 2.2 | % | |||||||
Pre-reorganization earnings | — | — | % | (14,302 | ) | (5.2 | )% | ||||||
Increase/(decrease) of valuation allowance | 1,099 | 0.3 | % | (17,767 | ) | (6.4 | )% | ||||||
Other, net | 1,450 | 0.4 | % | 432 | 0.2 | % | |||||||
Total income tax expense | $ | 129,200 | 37.3 | % | $ | 71,296 | 25.8 | % | |||||
Deferred income tax amounts at December 31, 2013 and 2012, reflect the effect of basis differences in assets and liabilities for financial reporting and income tax purposes and tax attribute carryforwards. | |||||||||||||
Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are comprised of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Effect of: | |||||||||||||
Loss carryforwards (federal, state & capital) | $ | 75,387 | $ | 74,335 | |||||||||
Loss reserves | 28,808 | 10,256 | |||||||||||
Reverse mortgage premiums | 23,756 | 15,248 | |||||||||||
MSR fair value adjustments | 10,159 | 61,837 | |||||||||||
Rent expense | 5,389 | 4,206 | |||||||||||
Restricted share based compensation | 4,847 | 3,401 | |||||||||||
Co-investor participation | 1,686 | — | |||||||||||
Goodwill | 1,297 | — | |||||||||||
Impairment | — | 2,661 | |||||||||||
Other, net | 6,632 | 3,937 | |||||||||||
Total Deferred Tax Assets | 157,961 | 175,881 | |||||||||||
Deferred Tax Liabilities | |||||||||||||
Originated MSR gain on sale | (157,114 | ) | (67,975 | ) | |||||||||
Purchased MSR amortization | (39,956 | ) | (26,136 | ) | |||||||||
Depreciation and amortization, net | (9,745 | ) | (10,018 | ) | |||||||||
Prepaid assets | (2,054 | ) | (1,161 | ) | |||||||||
Cash flow hedges | (843 | ) | — | ||||||||||
Other, net | (4,312 | ) | (1,287 | ) | |||||||||
Total Deferred Tax Liabilities | (214,024 | ) | (106,577 | ) | |||||||||
Valuation Allowance | (46,666 | ) | (45,567 | ) | |||||||||
Net Deferred Tax Asset | $ | (102,729 | ) | $ | 23,737 | ||||||||
The federal net operating loss carryforwards (NOL) amount to approximately $199.9 million and $200.1 million at December 31, 2013 and 2012, respectively. It is expected that these NOL's will begin to expire in 2027, if unused. The Company also has net capital losses carry forwards of approximately $9.4 million that begin to expire in 2015 and state NOL carryforwards of approximately $87.5 million that begin to expire in 2013. | |||||||||||||
In particular, additional scrutiny must be given to deferred tax assets of an entity that has incurred pre-tax losses during the three most recent years because it is significant negative evidence that is objective and verifiable and therefore difficult to overcome. The Company had significant pre-tax losses for 2009 and 2010, and at the Reorganization date, the Company's management considered this factor in its analysis of deferred tax assets. Considering the Company's 2011 pre-tax income, the Company had a significant three year cumulative pre-tax loss. Additionally, the Company incurred significant losses for the periods 2006 through 2008. | |||||||||||||
In conjunction with the Company's initial public offering and Reorganization, the Company became a taxable entity, inherited certain tax attributes, including net operating losses, and recorded the effects of the Company's temporary differences. At the Reorganization date, the Company recorded a net deferred tax asset which was primarily caused by the net operating loss carryforward. Simultaneously, the Company recorded a valuation allowance against the net deferred tax asset. The principle reason for the valuation allowance was the cumulative losses for the 2009 - 2011 period and the Company's overall history of losses. Although the Company was profitable in 2011, as of the Reorganization date management concluded it would be inappropriate to rely on future income projections to conclude the net deferred tax asset would be realized. | |||||||||||||
The Company regularly reviews the carrying amount of its deferred tax assets to determine if a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company's deferred tax assets will not be realized in future periods, a valuation allowance is established. | |||||||||||||
Management considers all available evidence, both positive and negative, in evaluating the need for a valuation allowance. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. The Company's evaluation is based on current tax laws as well as management's expectations of future performance. Furthermore, in conjunction with the Reorganization, the Company incurred a change in control within the meaning of Sections 382 and 383 of the Internal Revenue Code. As a result, federal tax law places an annual limitation on the amount of the Company's federal net operating loss carryforward that may be used. | |||||||||||||
The Company generated significantly increased revenues in 2012, adding approximately $100 billion in UPB to its mortgage servicing portfolio, more than doubling its mortgage loan originations and recognizing significant pre-tax income. The Company expected to add approximately $215 billion in UPB to its mortgage servicing portfolio in 2013. Because of the increase in the size of the Company, management forecasted significant earnings for the foreseeable future. | |||||||||||||
The Company's NOL is limited by Section 382 of the Internal Revenue Code. Because of this limitation, the Company is required to utilize the NOL over a 19 year period. Earnings during this extended period are difficult to forecast with any certainty. These factors, among others, caused management to release a portion of the valuation allowance at year end 2012. However, because forecasted income generally becomes less reliable over time, a full release of the valuation allowance was not determined to be appropriate at December 31, 2013 and 2012. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Share | ' | ||||||||||
Earnings Per Share | |||||||||||
The computation of basic and diluted net income attributable to Nationstar Inc. is as follows: | |||||||||||
Year ended December 31, 2013 | |||||||||||
Net Income | Average Shares Outstanding | Earnings Per Share | |||||||||
(in thousands, except share amounts) | |||||||||||
Net income attributable to Nationstar Inc. — basic | $ | 217,054 | 89,415 | $ | 2.43 | ||||||
Effect of dilutive stock awards | — | 853 | |||||||||
Net income attributable to Nationstar Inc. — diluted | $ | 217,054 | 90,268 | $ | 2.4 | ||||||
Year ended December 31, 2012 | |||||||||||
Net Income | Average Shares Outstanding | Earnings Per Share | |||||||||
(in thousands, except share amounts) | |||||||||||
Net income attributable to Nationstar Inc. — basic | $ | 205,287 | 85,328 | $ | 2.41 | ||||||
Effect of dilutive stock awards | — | 196 | |||||||||
Net income attributable to Nationstar Inc. — diluted | $ | 205,287 | 85,524 | $ | 2.4 | ||||||
Year ended December 31, 2011 | |||||||||||
Net Income | Average Shares Outstanding | Earnings Per Share | |||||||||
(in thousands, except share amounts) | |||||||||||
Net income attributable to Nationstar Inc. — basic | $ | 20,887 | 70,000 | $ | 0.3 | ||||||
Effect of dilutive stock awards | — | — | |||||||||
Net income attributable to Nationstar Inc. — diluted | $ | 20,887 | 70,000 | $ | 0.3 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||
ASC 820, Fair Value Measurements and Disclosures (ASC 820), provides a definition of fair value, establishes a framework for measuring fair value, and requires expanded disclosures about fair value measurements. The standard applies when GAAP requires or allows assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstance. | ||||||||||||||||||||
ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a three-tiered fair value hierarchy based on the level of observable inputs used in the measurement of fair value (e.g., Level 1 representing quoted prices for identical assets or liabilities in an active market; Level 2 representing values using observable inputs other than quoted prices included within Level 1; and Level 3 representing estimated values based on significant unobservable inputs). In addition, ASC 820 requires an entity to consider all aspects of nonperformance risk, including its own credit standing, when measuring the fair value of a liability. Under ASC 820, related disclosures are segregated for assets and liabilities measured at fair value based on the level used within the hierarchy to determine their fair values. | ||||||||||||||||||||
The following describes the methods and assumptions used by Nationstar in estimating fair values: | ||||||||||||||||||||
Cash and Cash Equivalents, Restricted Cash – The carrying amount reported in the consolidated balance sheets approximates fair value. | ||||||||||||||||||||
Mortgage Loans Held for Sale – Nationstar originates mortgage loans in the U.S. that it intends to sell to Fannie Mae, Freddie Mac, and Ginnie Mae (collectively, the Agencies). Additionally, Nationstar holds mortgage loans that it intends to sell into the secondary markets via whole loan sales or securitizations. Nationstar measures newly originated prime residential mortgage loans held for sale at fair value. | ||||||||||||||||||||
Mortgage loans held for sale are typically pooled together and sold into certain exit markets, depending upon underlying attributes of the loan, such as agency eligibility, product type, interest rate, and credit quality. Mortgage loans held for sale are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. As these prices are derived from market prices, Nationstar classifies these valuations as Level 2 in the fair value disclosures. | ||||||||||||||||||||
In addition, the Company may acquire mortgage loans held for sale from various securitization trusts for which it acts as servicer through the exercise of various clean-up call options as permitted through the respective pooling and servicing agreements. The Company has elected to account for these loans at the lower of cost or market. | ||||||||||||||||||||
Mortgage Loans Held for Investment, principally subject to nonrecourse debt – Legacy Assets – Nationstar determines the fair value of loans held for investment, principally subject to nonrecourse debt – Legacy Assets using internally developed valuation models. These valuation models estimate the exit price Nationstar expects to receive in the loan’s principal market. Although Nationstar utilizes and gives priority to observable market inputs such as interest rates and market spreads within these models, Nationstar typically is required to utilize internal inputs, such as prepayment speeds, credit losses, and discount rates. These internal inputs require the use of judgment by Nationstar and can have a significant impact on the determination of the loan’s fair value. As these prices are derived from a combination of internally developed valuation models and quoted market prices, Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||||||
Mortgage Servicing Rights – Fair Value – Nationstar estimates the fair value of its forward MSRs using a process that combines the use of a discounted cash flow model and analysis of current market data to arrive at an estimate of fair value. The cash flow assumptions and prepayment assumptions used in the model are based on various factors, with the key assumptions being mortgage prepayment speeds, discount rates, ancillary fees, costs to service and credit losses. These assumptions are generated and applied based on collateral stratifications including product type, remittance type, geography, delinquency and coupon dispersion. These assumptions require the use of judgment by Nationstar and can have a significant impact on the fair value of the MSRs. Periodically, management obtains third party valuations to assess the reasonableness of the fair value calculations provided by the internal cash flow model. Because of the nature of the valuation inputs, Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||||||
Reverse Mortgage Interests – Nationstar’s reverse mortgage interests consist of fees paid to taxing authorities for borrowers' unpaid taxes and insurance, and payments made to borrowers for line of credit draws on reverse mortgages. These advances include due and payable advances, which are recovered upon the foreclosure and sale of the subject property, and defaulted advances that can be securitized. These interests are carried at lower of cost or market in the financial statements. Nationstar estimates the fair value using a market approach by utilizing the fair value of securities backed by similar advances on reverse mortgage loans, adjusted for certain factors. Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||||||
REO – Nationstar carries REO at fair value and determines the fair value of REO properties through the use of third-party appraisals and broker price opinions, adjusted for estimated selling costs. Such estimated selling costs include realtor fees and other anticipated closing costs. These values are adjusted to take into account factors that could cause the actual liquidation value of foreclosed properties to be different than the appraised values. REO is classified as Level 3 in the fair value disclosures. | ||||||||||||||||||||
Derivative Instruments – Nationstar enters into a variety of derivative financial instruments as part of its hedging strategy and carries these instruments at fair value in the balance sheet. The majority of these derivatives are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, Nationstar utilizes the exchange price or dealer market price for the particular derivative contract; therefore, these contracts are classified as Level 2. In addition, Nationstar enters into IRLCs and LPCs with prospective borrowers and other loan originators. These commitments are carried at fair value based on the fair value of related mortgage loans which are based on observable market data. Nationstar adjusts the outstanding IRLCs with prospective borrowers based on an expectation that it will be exercised and the loan will be funded. IRLCs and LPCs are recorded in other assets or derivative financial instruments in the consolidated balance sheets. These commitments are classified as Level 2 in the fair value disclosures. | ||||||||||||||||||||
Notes Payable – Notes payable consists of outstanding borrowings on Nationstar's warehouse and advance financing facilities. As the underlying warehouse and advance finance facilities bear interest at a rate that is periodically adjusted based on a market index, the carrying amount reported on the consolidated balance sheets approximates fair value. Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||||||
Unsecured Senior Notes – The fair value of unsecured senior notes, which are carried at amortized cost, is based on quoted market prices and is considered Level 1 from the market observable inputs used to determine fair value. | ||||||||||||||||||||
Nonrecourse Debt – Legacy Assets – Nationstar estimates fair value based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. These prices are derived from a combination of internally developed valuation models and quoted market prices, and are classified as Level 3. | ||||||||||||||||||||
Excess Spread Financing – Nationstar estimates fair value based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. The cash flow assumptions and prepayment assumptions used in the model are based on various factors, with the key assumptions at December 31, 2013 being mortgage prepayment speeds of 9.6%, average life of 4.7 years, and discount rate of 13.9%. Key assumptions at December 31, 2012 were mortgage prepayment speeds of 14.0%, average life of 4.2 years, recapture rates of 5.0% to 35.8%, and discount rate of 15.0%. Changes in fair value of the excess spread financing are recorded as a component of service fee income in Nationstar's consolidated statements of operations and comprehensive income (loss). As these prices are derived from a combination of internally developed valuation models and quoted market prices based on the value of the underlying MSRs, Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||||||
The range of various assumptions used in Nationstar's valuation of Excess Spread financing were as follows: | ||||||||||||||||||||
Excess Spread financing | Prepayment Speeds | Average | Discount | |||||||||||||||||
Life (years) | Rate | |||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||
Low | 4.00% | 3.4 years | 10.10% | |||||||||||||||||
High | 17.60% | 5.7 years | 20.00% | |||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||
Low | 9.40% | 3.0 years | 13.60% | |||||||||||||||||
High | 22.40% | 4.5 years | 15.50% | |||||||||||||||||
Mortgage Servicing Rights Financing - Nationstar estimates fair value based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. The cash flow assumptions and prepayment assumptions used in the model are based on various factors, with the key assumptions at December 31, 2013 being advance financing rates, advance recovery rates and working capital assumptions. Changes in fair value of the mortgage servicing rights financing liability are recorded as a component of service fee income in Nationstar’s consolidated statements of operations and comprehensive income (loss). As these prices are derived from a combination of internally developed valuation models and quoted market prices based on the value of the underlying MSRs, Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||||||
Participating Interest Financing – Nationstar estimates the fair value using a market approach by utilizing the fair value of securities backed by similar participating interests in reverse mortgage loans. Nationstar classifies these valuations as Level 2 in the fair value disclosures. | ||||||||||||||||||||
The estimated carrying amount and fair value of Nationstar’s financial instruments and other assets and liabilities measured at fair value on a recurring basis is as follows for the dates indicated (in thousands): | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Mortgage loans held for sale(1) | $ | 2,585,340 | $ | — | $ | 2,585,340 | $ | — | ||||||||||||
Mortgage servicing rights(1) | 2,488,283 | — | — | 2,488,283 | ||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||
IRLCs | 87,128 | — | 87,128 | — | ||||||||||||||||
Forward MBS trades | 32,266 | — | 32,266 | — | ||||||||||||||||
LPCs | 793 | — | 793 | — | ||||||||||||||||
Interest rate swaps and caps | 3,691 | — | 3,691 | — | ||||||||||||||||
Total assets | $ | 5,197,501 | $ | — | $ | 2,709,218 | $ | 2,488,283 | ||||||||||||
LIABILITIES | ||||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||
IRLCs | $ | 2,698 | $ | — | $ | 2,698 | $ | — | ||||||||||||
Interest rate swaps on ABS debt | 834 | — | 834 | — | ||||||||||||||||
Forward MBS trades | 3,305 | — | 3,305 | — | ||||||||||||||||
LPCs | 1,689 | — | 1,689 | — | ||||||||||||||||
Mortgage servicing rights financing | 29,874 | — | — | 29,874 | ||||||||||||||||
Excess spread financing | 986,410 | — | — | 986,410 | ||||||||||||||||
Total liabilities | $ | 1,024,810 | $ | — | $ | 8,526 | $ | 1,016,284 | ||||||||||||
December 31, 2012 | ||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Mortgage loans held for sale(1) | $ | 1,480,537 | $ | — | $ | 1,480,537 | $ | — | ||||||||||||
Mortgage servicing rights(1) | 635,860 | — | — | 635,860 | ||||||||||||||||
Other assets: | ||||||||||||||||||||
IRLCs | 150,048 | — | 150,048 | — | ||||||||||||||||
Forward MBS trades | 888 | — | 888 | — | ||||||||||||||||
LPCs | 1,253 | — | 1,253 | — | ||||||||||||||||
Total assets | $ | 2,268,586 | $ | — | $ | 1,632,726 | $ | 635,860 | ||||||||||||
LIABILITIES | ||||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||
Interest rate swaps and caps | $ | 6,120 | $ | — | $ | 6,120 | $ | — | ||||||||||||
Interest rate swaps on ABS debt | 1,846 | — | 1,846 | — | ||||||||||||||||
Forward MBS trades | 11,974 | — | 11,974 | — | ||||||||||||||||
LPCs | 86 | — | 86 | — | ||||||||||||||||
Excess spread financing | 288,089 | — | — | 288,089 | ||||||||||||||||
Total liabilities | $ | 308,115 | $ | — | $ | 20,026 | $ | 288,089 | ||||||||||||
(1) | Based on the nature and risks of these assets and liabilities, the Company has determined that presenting them as a single class is appropriate. | |||||||||||||||||||
The table below presents a reconciliation for all of Nationstar’s Level 3 assets and liabilities measured at fair value on a recurring basis for the dates indicated (in thousands): | ||||||||||||||||||||
ASSETS | LIABILITIES | |||||||||||||||||||
For the year ended December 31, 2013 | Mortgage | Excess spread | Mortgage Servicing Rights Financing | |||||||||||||||||
servicing rights | financing | |||||||||||||||||||
Beginning balance | $ | 635,860 | $ | 288,089 | $ | — | ||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||
Total gains or losses | ||||||||||||||||||||
Included in earnings | 58,458 | 73,333 | — | |||||||||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||||||
Purchases | 1,545,584 | — | — | |||||||||||||||||
Issuances | 248,381 | 755,344 | 29,874 | |||||||||||||||||
Sales | — | — | — | |||||||||||||||||
Settlements | — | (130,356 | ) | — | ||||||||||||||||
Ending balance | $ | 2,488,283 | $ | 986,410 | $ | 29,874 | ||||||||||||||
ASSETS | LIABILITIES | |||||||||||||||||||
For the year ended December 31, 2012 | Mortgage | Excess spread | ||||||||||||||||||
servicing rights | financing | |||||||||||||||||||
Beginning balance | $ | 251,050 | $ | 44,595 | ||||||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||||||
Transfers out of Level 3 | — | — | ||||||||||||||||||
Total gains or losses | ||||||||||||||||||||
Included in earnings | (68,242 | ) | 10,683 | |||||||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||||||
Purchases | 394,445 | — | ||||||||||||||||||
Issuances | 58,607 | 272,676 | ||||||||||||||||||
Sales | — | — | ||||||||||||||||||
Settlements | — | (39,865 | ) | |||||||||||||||||
Ending balance | $ | 635,860 | $ | 288,089 | ||||||||||||||||
The table below presents the items which Nationstar measures at fair value on a nonrecurring basis (in thousands). | ||||||||||||||||||||
Nonrecurring Fair Value | Total Estimated | Total Gain | ||||||||||||||||||
Measurements | Fair Value | (Loss) Included | ||||||||||||||||||
Level 1 | Level 2 | Level 3 | in Earnings | |||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
REO(1) | $ | — | $ | — | $ | 45,632 | $ | 45,632 | $ | (13,316 | ) | |||||||||
Total assets | $ | — | $ | — | $ | 45,632 | $ | 45,632 | $ | (13,316 | ) | |||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Assets | ||||||||||||||||||||
REO(1) | $ | — | $ | — | $ | 10,467 | $ | 10,467 | $ | (2,864 | ) | |||||||||
Total assets | $ | — | $ | — | $ | 10,467 | $ | 10,467 | $ | (2,864 | ) | |||||||||
(1) | Based on the nature and risks of these assets and liabilities, the Company has determined that presenting them as a single class is appropriate. | |||||||||||||||||||
The table below presents a summary of the estimated carrying amount and fair value of Nationstar’s financial instruments (in thousands). | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 441,902 | $ | 441,902 | $ | — | $ | — | ||||||||||||
Restricted cash | 592,747 | 592,747 | — | — | ||||||||||||||||
Mortgage loans held for sale | 2,603,380 | — | 2,601,520 | — | ||||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt – Legacy assets | 211,050 | — | — | 180,435 | ||||||||||||||||
Reverse mortgage interests | 1,434,506 | — | — | 1,405,197 | ||||||||||||||||
Derivative instruments | 123,878 | — | 123,878 | — | ||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Notes payable | 6,984,351 | — | — | 6,984,351 | ||||||||||||||||
Unsecured senior notes | 2,444,062 | 2,489,886 | — | — | ||||||||||||||||
Derivative financial instruments | 8,526 | — | 8,526 | — | ||||||||||||||||
Nonrecourse debt - Legacy assets | 89,107 | — | — | 95,345 | ||||||||||||||||
Excess spread financing | 986,410 | — | — | 986,410 | ||||||||||||||||
Participating interest financing | 1,103,490 | — | 1,093,747 | — | ||||||||||||||||
Mortgage servicing rights financing liability | 29,874 | — | — | 29,874 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Financial assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 152,649 | $ | 152,649 | $ | — | $ | — | ||||||||||||
Restricted cash | 393,190 | 393,190 | — | — | ||||||||||||||||
Mortgage loans held for sale | 1,480,537 | — | 1,480,537 | — | ||||||||||||||||
Mortgage loans held for investment, subject to nonrecourse debt – Legacy assets | 238,907 | — | — | 220,755 | ||||||||||||||||
Reverse mortgage interests | 750,273 | — | — | 805,650 | ||||||||||||||||
Derivative instruments | 152,189 | — | 152,189 | — | ||||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Notes payable | 3,601,586 | — | — | 3,601,586 | ||||||||||||||||
Unsecured senior notes | 1,062,635 | 1,151,997 | — | — | ||||||||||||||||
Derivative financial instruments | 20,026 | — | 20,026 | — | ||||||||||||||||
Nonrecourse debt - Legacy assets | 100,620 | — | — | 102,492 | ||||||||||||||||
Excess spread financing | 288,089 | — | — | 288,089 | ||||||||||||||||
Participating interest financing | 580,836 | — | 593,741 | — | ||||||||||||||||
Employee_Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2013 | |
Employee Benefits [Abstract] | ' |
Employee Benefits | ' |
Employee Benefits | |
Nationstar has a contributory defined contribution plan (401(k) plan) that covers all full-time employees. Nationstar matches 100% of participant contributions, up to 2% and 50% of the next 4% of each participant’s total eligible annual base compensation. Matching contributions totaled approximately $11.1 million, $3.7 million, and $2.3 million for the years ended December 31, 2013, 2012, and 2011, respectively. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||
Share-Based Compensation | ' | |||||
Share-Based Compensation | ||||||
Nationstar Inc. has adopted the 2012 Incentive Compensation Plan (2012 Plan), that offers equity-based awards to certain key employees of Nationstar, consultants, and non-employee directors. In connection with the initial public offering, on March 7, 2012, Nationstar Inc. made grants of restricted stock to management of 1,191,117 shares and also to non-employee directors of 85,716 shares. As permitted under the 2012 Plan, certain participants have surrendered a portion of their Nationstar Inc. common stock to Nationstar Inc. in payment of a portion of their federal tax withholdings on their vested shares. Participants paid the remainder of their required tax payments with cash. As a result of the above activity as of December 31, 2013, 168,283 shares of Nationstar Inc. common shares are held in treasury at cost of $6.9 million. | ||||||
The following table summarizes information about the restricted stock as of December 31, 2013 under the 2012 Plan (shares in thousands): | ||||||
Shares | Grant Date Fair Value | Remaining Contractual Term | ||||
Restricted stock granted in conjunction with the initial public offering in March 2012 | 1,277 | $14.00 | 1.2 | |||
Grants issued subsequent to public offering | 69 | $29.95 | 1.5 | |||
Forfeited | -53 | |||||
Restricted stock outstanding at December 31, 2012 | 1,293 | |||||
Grants issued in 2013 | 307 | $37.88 | 2.2 | |||
Forfeited | -56 | |||||
Shares surrendered to treasury to pay taxes | -168 | |||||
Restricted stock outstanding at December 31, 2013 | 1,376 | |||||
Restricted stock unvested and expected to vest | 920 | |||||
Restricted stock vested and payable at December 31, 2013 | — | |||||
The following table summarizes the vesting schedule of the restricted stock grants: | ||||||
2014 | 2015 | 2016 | ||||
Restricted Stock expected to vest | 418 | 418 | 84 | |||
In addition to the 2012 Plan, Nationstar management also had interests in certain of the predecessor parent company FIF’s restricted preferred units which fully vested on June 30, 2012. The weighted average grant date fair value of these units was $4.23. In conjunction with the final vesting under this plan, certain participants remitted a portion of their Nationstar Inc. common stock to Nationstar in payment of a portion of their federal tax withholdings on their vested shares. The participants paid the remainder of their required tax payments with cash. As a result of the above activity, Nationstar held 212,156 shares of Nationstar Inc. common shares at cost of $4.6 million. These shares were reflected in Nationstar Inc.'s consolidated balance sheet as common shares held by subsidiary, a contra equity account. The shares were cancelled by the Company during the third quarter of 2013. | ||||||
Total share-based compensation expense, net of forfeitures, for both the 2012 Plan and the predecessor plan recognized for the years ended December 31, 2013 and 2012 was $10.6 million and $13.3 million respectively. Total share-based compensation expense, net of forfeitures, for the predecessor plan for the year ended December 31, 2011, was $14.8 million. Nationstar expects to recognize $5.2 million of compensation expense in 2014, $1.7 million in 2015, and $0.2 million in 2016 related to the 2012 Plan. |
Capital_Requirements
Capital Requirements | 12 Months Ended |
Dec. 31, 2013 | |
Mortgage Banking [Abstract] | ' |
Capital Requirements | ' |
Capital Requirements | |
Certain of Nationstar’s secondary market investors require minimum net worth (capital) requirements, as specified in the | |
respective selling and servicing agreements. To the extent that these requirements are not met, Nationstar’s secondary market | |
investors may utilize a range of remedies ranging from sanctions, suspension or ultimately terminate Nationstar’s selling and | |
servicing agreements, which would prohibit Nationstar from further originating or securitizing these specific types of mortgage | |
loans or being an approved servicer. | |
Among Nationstar's various capital requirements related to its outstanding selling agreements, the most restrictive of these requires Nationstar to maintain a minimum adjusted net worth balance of $842.2 million. As of December 31, | |
2013, Nationstar was in compliance with its selling and servicing capital requirements. | |
Additionally, Nationstar is required to maintain a minimum tangible net worth of at least $400.0 million as of each quarter-end related to its outstanding Master Repurchase Agreements on its outstanding repurchase facilities. As of December 31, 2013, Nationstar was in compliance with these minimum tangible net worth requirements. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Litigation and Regulatory Matters | ||||
In the ordinary course of business, Nationstar Inc. and its affiliates are routinely named as defendants in or parties to pending and threatened legal actions and proceedings, including putative class actions and other litigation. These actions and proceedings are generally based on alleged violations of consumer protection, securities, employment, contract and other laws, including the Fair Debt Collection Practices Act and Making Home Affordable loan modification programs. Additionally, along with others in our industry, we are subject to repurchase and indemnification claims and may continue to receive claims in the future, relating to the sale of mortgage loans and/or the servicing of mortgage loans securitizations. We are also subject to legal actions or proceedings related to loss sharing and indemnification provisions of our various acquisitions. Certain of the actual legal actions and proceedings include claims for substantial compensatory, punitive and/or, statutory damages or claims for an indeterminate amount of damages. In particular, ongoing and other legal proceedings brought under state consumer protection statues may result in a separate fine for each violation of the statute, which, particularly in the case of class action lawsuits, could result in damages substantially in excess of the amounts we earned from the underlying activities and that could have a material adverse effect on our liquidity and financial position. The certification of any putative class action could substantially increase our exposure to damages. | ||||
Further, in the ordinary course of business the Company and its subsidiaries can be or are involved in governmental and regulatory examinations, information gathering requests, investigations and proceedings (both formal and informal), regarding the Company’s business, certain of which may result in adverse judgments, settlements, fines, penalties, injunctions or other relief. Such inquiries may include servicer foreclosure processes and procedures, lender-placed insurance and originations. | ||||
The Company seeks to resolve all litigation and regulatory matters in the manner management believes is in the best interest of the Company and contests liability, allegations of wrongdoing and, where applicable, the amount of damages or scope of any penalties or other relief sought as appropriate in each pending matter. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with outstanding legal and regulatory proceedings utilizing the latest information available. Where available information indicates that it is probable a liability has been incurred and the Company can reasonably estimate the amount of the loss, an accrued liability is established. The actual costs of resolving these proceedings may be substantially higher or lower than the amounts accrued. | ||||
When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. Once the matter is deemed to be both probable and estimable, the Company will establish an accrued liability and record a corresponding amount to litigation related expense. The Company will continue to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. Litigation related expense, which includes the fees paid to external legal service providers, of $20.4 million, $15.0 million, and $9.3 million for the years ended December 31, 2013, 2012, and 2011, respectively, were included in general and administrative expense on the consolidated statements of operations and comprehensive income (loss). | ||||
For a number of matters for which a loss is probable or reasonably possible in future periods, whether in excess of a related | ||||
accrued liability or where there is no accrued liability, the Company may be able to estimate a range of possible loss. In | ||||
determining whether it is possible to provide an estimate of loss or range of possible loss, the Company reviews and evaluates | ||||
its material litigation and regulatory matters on an ongoing basis, in conjunction with any outside counsel handling the matter. For those matters for which an estimate is possible, management currently believes the range of possible loss is $1.3 million to $5.2 million in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, numerous assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary substantially from the current estimate. Those matters for which an estimate is not possible are not included within the estimated range. Therefore, this estimated range of possible loss represents what management believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company's maximum loss exposure. | ||||
Based on current knowledge, and after consultation with counsel, management believes that the current legal accrued liability is appropriate, and the amount of any incremental liability arising from these matters is not expected to have a material adverse effect on the consolidated financial condition of the Company, although the outcome of such proceedings could be material to the Company’s operating results and cash flows for a particular period depending, on among other things, the level of the Company’s revenues or income for such period. However, in the event of significant developments on existing cases, it is possible that the ultimate resolution, if unfavorable, may be material to the Company’s consolidated financial statements. | ||||
Operating Lease Commitments | ||||
Nationstar leases various office facilities under non-cancelable lease agreements with primary terms extending through 2022. These lease agreements generally provide for market-rate renewal options, and may provide for escalations in minimum rentals over the lease term (see Note 23 - Restructuring Charges). Minimum annual rental commitments for office leases with unrelated parties and with initial or remaining terms of one year or more, net of sublease payments, are presented below (in thousands). | ||||
Year | Amount | |||
2014 | $ | 25,221 | ||
2015 | 20,382 | |||
2016 | 15,877 | |||
2017 | 12,882 | |||
2018 | 11,918 | |||
Thereafter | 20,686 | |||
Total | $ | 106,966 | ||
Loan and Other Commitments | ||||
Nationstar enters into IRLCs with prospective borrowers whereby the Company commits to lend a certain loan amount under | ||||
specific terms and interest rates to the borrower. Nationstar also enters into LPCs with prospective sellers. These loan | ||||
commitments are treated as derivatives and are carried at fair value (See Note 13 - Derivative Financial Instruments). | ||||
Nationstar has certain MSRs related to approximately $28.9 billion of UPB in reverse mortgage loans. As | ||||
servicer for these reverse mortgage loans, among other things, the Company is obligated to make advances to the loan | ||||
customers as required. At December 31, 2013, the Company’s maximum unfunded advance obligation related to these MSRs | ||||
was approximately $4.4 billion. Upon funding any portion of these advances, the Company expects to securitize and sell the | ||||
advances in transactions that will be accounted for as financing arrangements. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Restructuring Charges | ' | |||||||||||||||
Restructuring Charges | ||||||||||||||||
To respond to the decreased demand in the changes in the mortgage loan originations market and other market conditions, Nationstar periodically initiates programs to reduce costs and improve operating effectiveness. These programs include the closing of offices and the termination of portions of Nationstar’s workforce. As part of these plans, Nationstar incurs lease and other contract termination costs. | ||||||||||||||||
Nationstar recorded restructuring charges related to cancelled lease expenses totaling $4.1 million, $0.5 million, and $1.1 million for the years ended December 31, 2013, 2012, and 2011, respectively, that are reflected in general and administrative expenses. | ||||||||||||||||
Due to increased productivity per employee and economies of scale in the Servicing Segment, Nationstar began consolidating certain locations in November 2013. The Company recorded $8.8 million in restructuring charges for the year ended December 31, 2013 related to employee severance that is reflected in salaries, wages, and benefits. No employee severance was recorded related to restructuring charges for the years ended December 31, 2012 and 2011. The following table summarizes, by category, the Company’s restructuring charges activity for the periods noted below. | ||||||||||||||||
Liability | Restructuring | Restructuring | Liability | |||||||||||||
Balance at January 1 | Adjustments | Settlements | Balance at December 31 | |||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Restructuring charges: | ||||||||||||||||
Employee Severance and Other | $ | — | $ | 8,765 | $ | (4,115 | ) | $ | 4,650 | |||||||
Lease terminations | 7,186 | 4,108 | (2,658 | ) | 8,636 | |||||||||||
Total | $ | 7,186 | $ | 12,873 | $ | (6,773 | ) | $ | 13,286 | |||||||
For the year ended December 31, 2012 | ||||||||||||||||
Restructuring charges: | ||||||||||||||||
Employee Severance and Other | $ | — | $ | — | $ | — | $ | — | ||||||||
Lease terminations | 8,460 | 500 | (1,774 | ) | 7,186 | |||||||||||
Total | $ | 8,460 | $ | 500 | $ | (1,774 | ) | $ | 7,186 | |||||||
For the year ended December 31, 2011 | ||||||||||||||||
Restructuring charges: | ||||||||||||||||
Employee Severance and Other | $ | — | $ | — | $ | — | $ | — | ||||||||
Lease terminations | 9,183 | 1,084 | (1,807 | ) | 8,460 | |||||||||||
Total | $ | 9,183 | $ | 1,084 | $ | (1,807 | ) | $ | 8,460 | |||||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Concentrations of Credit Risk [Abstract] | ' | |||||||||||||
Concentration Risk Disclosure [Text Block] | ' | |||||||||||||
24. Concentrations of Credit Risk | ||||||||||||||
Properties collateralizing mortgage loans held for investment and REO were geographically disbursed throughout the United States (measured by unpaid principal balance and expressed as a percent of the total outstanding mortgage loans held for investment and REO). | ||||||||||||||
The following table details the geographical concentration of mortgage loans held for investment and REO by state for the dates indicated (in thousands). | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
State | Unpaid | % of | Unpaid | % of | ||||||||||
Principal | Total | Principal | Total | |||||||||||
Balance | Outstanding | Balance | Outstanding | |||||||||||
Texas | $ | 42,123 | 14.4 | % | $ | 49,814 | 13.8 | % | ||||||
Florida | 39,293 | 13.5 | % | 47,751 | 13.2 | % | ||||||||
Pennsylvania | 16,785 | 5.7 | % | 18,670 | 5.2 | % | ||||||||
New York | 16,768 | 5.7 | % | 16,913 | 4.7 | % | ||||||||
All other states (1) | 177,897 | 60.7 | % | 227,637 | 63.1 | % | ||||||||
$ | 292,866 | 100 | % | $ | 360,785 | 100 | % | |||||||
(1) | No other state contains more than 5.0% of the total outstanding. | |||||||||||||
Additionally, within mortgage loans held for investment, certain loan products’ contractual terms may give rise to a concentration of credit risk and increase Nationstar’s exposure to risk of nonpayment or realization. The following table details concentrations of credit risk from product type at December 31, 2013 and 2012. | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amortizing Adjustable Rate Mortgages (ARMs): | ||||||||||||||
28-Feb | $ | 41,536 | $ | 56,849 | ||||||||||
27-Mar | 4,331 | 5,046 | ||||||||||||
All other ARMs | 3,051 | 3,459 | ||||||||||||
$ | 48,918 | $ | 65,354 | |||||||||||
Business_Segment_Reporting
Business Segment Reporting | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segment Reporting | ' | |||||||||||||||||||||||
Business Segment Reporting | ||||||||||||||||||||||||
Nationstar currently conducts business in two separate operating segments: Servicing and Originations. The Servicing segment provides loan servicing on Nationstar’s total servicing portfolio, including the collection of principal and interest payments and the assessment of ancillary fees related to the servicing of mortgage loans. The Originations segment involves the origination, packaging, and sale of agency mortgage loans into the secondary markets via whole loan sales or securitizations. Nationstar reports the activity not related to either operating segment in the Legacy Portfolio and Other column. The Legacy Portfolio and Other column includes primarily all subprime mortgage loans originated in the latter portion of 2006 and during 2007 or acquired from Nationstar’s predecessor. | ||||||||||||||||||||||||
Nationstar’s segments are based upon Nationstar’s organizational structure which focuses primarily on the services offered. The accounting policies of each reportable segment are the same as those of Nationstar except for 1) expenses for consolidated back-office operations and general overhead-type expenses such as executive administration and accounting, 2) revenues generated on inter-segment services performed, and 3) interest expense on unsecured senior notes. Expenses are allocated to individual segments based on the estimated value of services performed, including estimated utilization of square footage and corporate personnel as well as the equity invested in each segment. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. | ||||||||||||||||||||||||
To reconcile to Nationstar’s consolidated results, certain inter-segment revenues and expenses are eliminated in the “Eliminations” column in the following tables. | ||||||||||||||||||||||||
The following tables are a presentation of financial information by segment for the periods indicated (in thousands): | ||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Servicing | Originations | Operating | Legacy | Eliminations | Consolidated | |||||||||||||||||||
Segments | Portfolio | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Servicing fee income | $ | 1,140,702 | $ | — | $ | 1,140,702 | $ | 1,965 | $ | (58,459 | ) | $ | 1,084,208 | |||||||||||
Other fee income | 238,144 | 61,916 | $ | 300,060 | (46 | ) | — | 300,014 | ||||||||||||||||
Total fee income | 1,378,846 | 61,916 | 1,440,762 | 1,919 | (58,459 | ) | 1,384,222 | |||||||||||||||||
Gain/(loss) on mortgage loans held for sale | 4,799 | 650,357 | 655,156 | (9,218 | ) | 56,825 | 702,763 | |||||||||||||||||
Total revenues | 1,383,645 | 712,273 | 2,095,918 | (7,299 | ) | (1,634 | ) | 2,086,985 | ||||||||||||||||
Total expenses and impairments | 748,645 | 616,644 | 1,365,289 | 36,989 | — | 1,402,278 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 91,018 | 87,848 | 178,866 | 16,720 | 1,634 | 197,220 | ||||||||||||||||||
Interest expense | (396,021 | ) | (123,828 | ) | (519,849 | ) | (18,956 | ) | — | (538,805 | ) | |||||||||||||
Gain on interest rate swaps and caps | 1,856 | — | 1,856 | 1,276 | — | 3,132 | ||||||||||||||||||
Total other income (expense) | (303,147 | ) | (35,980 | ) | (339,127 | ) | (960 | ) | 1,634 | (338,453 | ) | |||||||||||||
Income (loss) before taxes | $ | 331,853 | $ | 59,649 | $ | 391,502 | $ | (45,248 | ) | $ | — | $ | 346,254 | |||||||||||
Depreciation and amortization | $ | 16,085 | $ | 7,784 | $ | 23,869 | $ | 2,746 | $ | — | $ | 26,615 | ||||||||||||
Total assets | 10,175,731 | 3,217,264 | 13,392,995 | 633,694 | — | 14,026,689 | ||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Servicing | Originations | Operating | Legacy | Eliminations | Consolidated | |||||||||||||||||||
Segments | Portfolio | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Servicing fee income | $ | 462,001 | $ | — | $ | 462,001 | $ | 2,287 | $ | (1,793 | ) | $ | 462,495 | |||||||||||
Other fee income | 35,133 | (291 | ) | 34,842 | (186 | ) | — | 34,656 | ||||||||||||||||
Total fee income | 497,134 | (291 | ) | 496,843 | 2,101 | (1,793 | ) | 497,151 | ||||||||||||||||
Gain on mortgage loans held for sale | — | 487,142 | 487,142 | — | 22 | 487,164 | ||||||||||||||||||
Total revenues | 497,134 | 486,851 | 983,985 | 2,101 | (1,771 | ) | 984,315 | |||||||||||||||||
Total expenses and impairments | 338,157 | 219,743 | 557,900 | 24,145 | — | 582,045 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 30,936 | 20,426 | 51,362 | 18,431 | 1,793 | 71,586 | ||||||||||||||||||
Interest expense | (156,817 | ) | (25,830 | ) | (182,647 | ) | (14,639 | ) | (22 | ) | (197,308 | ) | ||||||||||||
Contract termination fees, net | 15,600 | — | 15,600 | — | — | 15,600 | ||||||||||||||||||
Loss on equity method investment | (14,571 | ) | — | (14,571 | ) | — | — | (14,571 | ) | |||||||||||||||
Gain/(Loss) on interest rate swaps and caps | 1,237 | — | 1,237 | (2,231 | ) | — | (994 | ) | ||||||||||||||||
Total other income (expense) | (123,615 | ) | (5,404 | ) | (129,019 | ) | 1,561 | 1,771 | (125,687 | ) | ||||||||||||||
Income (loss) before taxes | $ | 35,362 | $ | 261,704 | $ | 297,066 | $ | (20,483 | ) | $ | — | $ | 276,583 | |||||||||||
Depreciation and amortization | $ | 6,126 | $ | 2,754 | $ | 8,880 | $ | 740 | $ | — | $ | 9,620 | ||||||||||||
Total assets | 4,938,330 | 1,845,979 | 6,784,309 | 341,834 | — | 7,126,143 | ||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||
Servicing | Originations | Operating | Legacy | Eliminations | Consolidated | |||||||||||||||||||
Segments | Portfolio | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Servicing fee income | $ | 238,394 | $ | — | $ | 238,394 | $ | 1,972 | $ | (6,955 | ) | $ | 233,411 | |||||||||||
Other fee income | 17,189 | 14,109 | 31,298 | 3,996 | — | 35,294 | ||||||||||||||||||
Total fee income | 255,583 | 14,109 | 269,692 | 5,968 | (6,955 | ) | 268,705 | |||||||||||||||||
Gain (loss) on mortgage loans held for sale | — | 109,431 | 109,431 | — | (295 | ) | 109,136 | |||||||||||||||||
Total revenues | 255,583 | 123,540 | 379,123 | 5,968 | (7,250 | ) | 377,841 | |||||||||||||||||
Total expenses and impairments | 177,930 | 101,607 | 279,537 | 26,941 | (295 | ) | 306,183 | |||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 2,263 | 12,718 | 14,981 | 44,866 | 6,955 | 66,802 | ||||||||||||||||||
Interest expense | (58,024 | ) | (10,955 | ) | (68,979 | ) | (36,396 | ) | — | (105,375 | ) | |||||||||||||
Contract termination fees, net | — | — | — | — | — | — | ||||||||||||||||||
Loss on equity method investment | (107 | ) | — | (107 | ) | — | — | (107 | ) | |||||||||||||||
Gain on interest rate swaps and caps | 298 | — | 298 | — | — | 298 | ||||||||||||||||||
Fair value changes - ABS securitizations | — | — | — | (12,389 | ) | — | (12,389 | ) | ||||||||||||||||
Total other income (expense) | (55,570 | ) | 1,763 | (53,807 | ) | (3,919 | ) | 6,955 | (50,771 | ) | ||||||||||||||
Income (loss) before taxes | $ | 22,083 | $ | 23,696 | $ | 45,779 | $ | (24,892 | ) | $ | — | $ | 20,887 | |||||||||||
Depreciation and amortization | $ | 2,089 | $ | 1,306 | $ | 3,395 | $ | 668 | $ | — | $ | 4,063 | ||||||||||||
Total assets | 909,992 | 600,105 | 1,510,097 | 277,834 | — | 1,787,931 | ||||||||||||||||||
Guarantor_Financial_Statement_
Guarantor Financial Statement Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2012 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Guarantor Financial Statement Information | ' | |||||||||||||||||||||||
Guarantor Financial Statement Information | ||||||||||||||||||||||||
As of December 31, 2013, Nationstar and Nationstar Capital Corporation have issued $2.4 billion in aggregate principal amount of unsecured senior notes which mature on various dates through June 2022. The notes are jointly and severally guaranteed on an unsecured senior basis by all of Nationstar’s existing and future domestic subsidiaries, other than its securitization and certain finance subsidiaries, certain other restricted subsidiaries and subsidiaries that in the future Nationstar designates as excluded restricted and unrestricted subsidiaries. All guarantor subsidiaries are 100% owned by Nationstar. Effective June 30, 2012, Nationstar Inc. and its two direct wholly-owned subsidiaries became guarantors of the unsecured senior notes as well. Presented below are consolidating financial statements of Nationstar Inc., Nationstar and the guarantor subsidiaries for the periods indicated. | ||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Assets | Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 422,268 | $ | 3,907 | $ | 15,727 | $ | — | $ | 441,902 | ||||||||||||
Restricted cash | — | 312,120 | 3 | 280,624 | — | 592,747 | ||||||||||||||||||
Accounts receivable | — | 1,569,021 | 2,582 | 4,064,879 | — | 5,636,482 | ||||||||||||||||||
Mortgage loans held for sale | — | 2,603,380 | — | — | — | 2,603,380 | ||||||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt–Legacy Asset, net | — | 2,786 | — | 208,264 | — | 211,050 | ||||||||||||||||||
Reverse mortgage interests | — | 1,434,506 | — | — | — | 1,434,506 | ||||||||||||||||||
Mortgage servicing rights | — | 2,503,162 | — | — | — | 2,503,162 | ||||||||||||||||||
Investment in subsidiaries | 968,027 | 181,545 | — | — | (1,149,572 | ) | — | |||||||||||||||||
Property and equipment, net | — | 115,765 | 855 | 2,565 | — | 119,185 | ||||||||||||||||||
Derivative financial instruments | — | 120,187 | — | 3,691 | — | 123,878 | ||||||||||||||||||
Other assets | 21,872 | 4,683,749 | 323,346 | 3,373,048 | (8,041,618 | ) | 360,397 | |||||||||||||||||
Total assets | $ | 989,899 | $ | 13,948,489 | $ | 330,693 | $ | 7,948,798 | $ | (9,191,190 | ) | $ | 14,026,689 | |||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||
Notes payable | $ | — | $ | 3,311,625 | $ | — | $ | 3,672,726 | $ | — | $ | 6,984,351 | ||||||||||||
Unsecured senior notes | — | 2,444,062 | — | — | — | 2,444,062 | ||||||||||||||||||
Payables and accrued liabilities | — | 1,319,172 | 5,950 | 14,791 | (31,463 | ) | 1,308,450 | |||||||||||||||||
Payables to affiliates | — | 3,694,782 | 116,349 | 4,199,023 | (8,010,154 | ) | — | |||||||||||||||||
Derivative financial instruments | — | 8,526 | — | — | — | 8,526 | ||||||||||||||||||
Mortgage servicing liabilities | — | 82,521 | — | — | — | 82,521 | ||||||||||||||||||
Other nonrecourse debt | — | 2,119,774 | — | 89,107 | — | 2,208,881 | ||||||||||||||||||
Total liabilities | — | 12,980,462 | 122,299 | 7,975,647 | (8,041,617 | ) | 13,036,791 | |||||||||||||||||
Total stockholders’ equity | 989,899 | 968,027 | 208,394 | (26,849 | ) | (1,149,573 | ) | 989,898 | ||||||||||||||||
Total liabilities and stockholders’ equity | $ | 989,899 | $ | 13,948,489 | $ | 330,693 | $ | 7,948,798 | $ | (9,191,190 | ) | $ | 14,026,689 | |||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Servicing fee income | $ | — | $ | 1,143,096 | $ | — | $ | — | $ | (58,888 | ) | $ | 1,084,208 | |||||||||||
Other fee income | — | 68,621 | 129,689 | 101,704 | — | 300,014 | ||||||||||||||||||
Total fee income | — | 1,211,717 | 129,689 | 101,704 | (58,888 | ) | 1,384,222 | |||||||||||||||||
Gain on mortgage loans held for sale | — | 645,509 | — | — | 57,254 | 702,763 | ||||||||||||||||||
Total revenues | — | 1,857,226 | 129,689 | 101,704 | (1,634 | ) | 2,086,985 | |||||||||||||||||
Expenses and Impairments: | ||||||||||||||||||||||||
Salaries, wages and benefits | — | 637,794 | 12,534 | 29,309 | — | 679,637 | ||||||||||||||||||
General and administrative | — | 604,990 | 3,630 | 69,860 | — | 678,480 | ||||||||||||||||||
Loss on foreclosed real estate and other | — | 7,317 | — | 5,999 | — | 13,316 | ||||||||||||||||||
Occupancy | — | 29,121 | 431 | 1,293 | — | 30,845 | ||||||||||||||||||
Total expenses and impairments | — | 1,279,222 | 16,595 | 106,461 | — | 1,402,278 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | — | 179,445 | — | 16,141 | 1,634 | 197,220 | ||||||||||||||||||
Interest expense | — | (420,214 | ) | — | (118,591 | ) | — | (538,805 | ) | |||||||||||||||
Gain on interest rate swaps and caps | — | 1,012 | — | 2,120 | — | 3,132 | ||||||||||||||||||
Gain/(loss) from subsidiaries | 217,054 | 8,007 | — | — | (225,061 | ) | — | |||||||||||||||||
Total other income (expense) | 217,054 | (231,750 | ) | — | (100,330 | ) | (223,427 | ) | (338,453 | ) | ||||||||||||||
Income/(loss) before taxes | 217,054 | 346,254 | 113,094 | (105,087 | ) | (225,061 | ) | 346,254 | ||||||||||||||||
Income tax expense | — | 129,200 | — | — | — | 129,200 | ||||||||||||||||||
Net income/(loss) | $ | 217,054 | $ | 217,054 | $ | 113,094 | $ | (105,087 | ) | $ | (225,061 | ) | $ | 217,054 | ||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net income/(loss) | $ | 217,054 | $ | 217,054 | $ | 113,094 | $ | (105,087 | ) | $ | (225,061 | ) | $ | 217,054 | ||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||
(Gain)/loss from subsidiaries | (217,054 | ) | (8,007 | ) | — | — | 225,061 | — | ||||||||||||||||
Share-based compensation | — | 10,574 | — | — | — | 10,574 | ||||||||||||||||||
Loss on foreclosed real estate and other | — | 7,317 | — | 5,999 | — | 13,316 | ||||||||||||||||||
Loss on derivatives including ineffectiveness on interest rate swaps and caps | — | (3,415 | ) | — | (2,665 | ) | — | (6,080 | ) | |||||||||||||||
Loss on equity method investments | — | — | — | — | — | — | ||||||||||||||||||
Fair value changes in excess spread financing | — | 73,333 | — | — | — | 73,333 | ||||||||||||||||||
Depreciation and amortization | — | 25,479 | 979 | 157 | — | 26,615 | ||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | (59,101 | ) | — | — | — | (59,101 | ) | ||||||||||||||||
Amortization/accretion of premiums/(discounts) | — | 56,348 | — | (3,817 | ) | — | 52,531 | |||||||||||||||||
Gain on mortgage loans held for sale | — | (645,509 | ) | — | — | (57,254 | ) | (702,763 | ) | |||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (25,466,754 | ) | — | — | — | (25,466,754 | ) | ||||||||||||||||
Proceeds on sale of and payments of mortgage loans available for sale | — | 24,947,796 | — | 13,325 | 57,254 | 25,018,375 | ||||||||||||||||||
Net tax effect of stock grants issued | — | (4,579 | ) | — | — | — | (4,579 | ) | ||||||||||||||||
Cash settlement on derivative financial instruments | — | — | (4,544 | ) | — | (4,544 | ) | |||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable including servicer advances, net | — | (822,898 | ) | (756 | ) | (33,485 | ) | — | (857,139 | ) | ||||||||||||||
Reverse mortgage funded advances | — | (669,174 | ) | — | — | — | (669,174 | ) | ||||||||||||||||
Other assets | 2,365 | 1,163,217 | (112,947 | ) | (1,192,857 | ) | 17,297 | (122,925 | ) | |||||||||||||||
Payables and accrued liabilities | — | 650,257 | 4,135 | 10,225 | (17,297 | ) | 647,320 | |||||||||||||||||
Net cash provided by/(used in) operating activities | 2,365 | (528,062 | ) | 4,505 | (1,312,749 | ) | — | (1,833,941 | ) | |||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (45,138 | ) | (999 | ) | (2,722 | ) | — | (48,859 | ) | ||||||||||||||
Purchases of reverse mortgage rights and interests | — | (19,189 | ) | — | — | — | (19,189 | ) | ||||||||||||||||
Deposit on / purchase of forward mortgage servicing rights, net of liabilities incurred | — | (1,527,645 | ) | — | — | — | (1,527,645 | ) | ||||||||||||||||
Loan repurchases from Ginnie Mae | — | (19,863 | ) | — | — | — | (19,863 | ) | ||||||||||||||||
Proceeds from sales of REO | — | 52,767 | — | — | — | 52,767 | ||||||||||||||||||
Proceeds from sale of servicer advances | — | 277,455 | — | — | — | 277,455 | ||||||||||||||||||
Acquisition of Greenlight Financial Services and other businesses, net | — | (88,200 | ) | — | — | — | (88,200 | ) | ||||||||||||||||
Net cash used in investing activities | — | (1,369,813 | ) | (999 | ) | (2,722 | ) | — | (1,373,534 | ) | ||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Issuance of unsecured senior notes | — | 1,365,244 | — | — | — | 1,365,244 | ||||||||||||||||||
Transfers (to) from restricted cash, net | — | (199,600 | ) | (33,095 | ) | — | (232,695 | ) | ||||||||||||||||
Issuance of participating interest financing in reverse mortgage interests | — | 535,216 | — | — | — | 535,216 | ||||||||||||||||||
Issuance of excess spread financing | — | 753,002 | — | — | — | 753,002 | ||||||||||||||||||
Increase (decrease) in notes payable, net | — | (136,947 | ) | — | 1,377,697 | — | 1,240,750 | |||||||||||||||||
Proceeds from mortgage servicing rights financing | — | 29,874 | — | — | — | 29,874 | ||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | — | (13,404 | ) | — | (13,404 | ) | ||||||||||||||||
Repayment of excess spread financing | — | (130,355 | ) | — | — | — | (130,355 | ) | ||||||||||||||||
Debt financing costs | — | (53,529 | ) | — | — | — | (53,529 | ) | ||||||||||||||||
Net tax benefit for stock grants issued | 4,579 | — | — | — | — | 4,579 | ||||||||||||||||||
Contribution to joint venture for noncontrolling interest | — | 4,990 | — | — | — | 4,990 | ||||||||||||||||||
Redemption of shares for stock vesting | (6,944 | ) | — | — | — | — | (6,944 | ) | ||||||||||||||||
Net cash provided by/(used in) financing activities | (2,365 | ) | 2,167,895 | — | 1,331,198 | — | 3,496,728 | |||||||||||||||||
Net increase/(decrease) in cash | — | 270,020 | 3,506 | 15,727 | — | 289,253 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 152,248 | 401 | — | — | 152,649 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 422,268 | $ | 3,907 | $ | 15,727 | $ | — | $ | 441,902 | ||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC | ||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Parent) | (Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 152,248 | $ | 401 | $ | — | $ | — | $ | 152,649 | ||||||||||||
Restricted cash | — | 145,657 | 3 | 247,530 | — | 393,190 | ||||||||||||||||||
Accounts receivable | — | 3,040,666 | 1,826 | 1,114 | — | 3,043,606 | ||||||||||||||||||
Mortgage loans held for sale | — | 1,480,537 | — | — | — | 1,480,537 | ||||||||||||||||||
Mortgage loans held for investment, subject to nonrecourse debt–Legacy Asset, net | — | 14,700 | — | 224,207 | — | 238,907 | ||||||||||||||||||
Reverse mortgage interests | — | 750,273 | — | — | — | 750,273 | ||||||||||||||||||
Mortgage servicing rights | — | 646,833 | — | — | — | 646,833 | ||||||||||||||||||
Investment in subsidiaries | 728,908 | 149,188 | — | — | (878,096 | ) | — | |||||||||||||||||
Property and equipment, net | — | 74,191 | 835 | — | — | 75,026 | ||||||||||||||||||
Derivative financial instruments | — | 152,189 | — | — | — | 152,189 | ||||||||||||||||||
Other assets | 28,774 | 159,976 | 94,202 | 1,987,883 | (2,077,902 | ) | 192,933 | |||||||||||||||||
Total assets | $ | 757,682 | $ | 6,766,458 | $ | 97,267 | $ | 2,460,734 | $ | (2,955,998 | ) | $ | 7,126,143 | |||||||||||
Liabilities and members’ equity | ||||||||||||||||||||||||
Notes payable | $ | — | $ | 1,306,557 | $ | — | $ | 2,295,029 | $ | — | $ | 3,601,586 | ||||||||||||
Unsecured senior notes | — | 1,062,635 | — | — | — | 1,062,635 | ||||||||||||||||||
Payables and accrued liabilities | — | 640,369 | 1,815 | 3,383 | (14,136 | ) | 631,431 | |||||||||||||||||
Payables to affiliates | — | 2,063,766 | — | — | (2,063,766 | ) | — | |||||||||||||||||
Derivative financial instruments | — | 12,060 | — | 7,966 | 20,026 | |||||||||||||||||||
Mortgage servicing liabilities | — | 83,238 | — | — | — | 83,238 | ||||||||||||||||||
Other nonrecourse debt | — | 868,925 | — | 100,620 | — | 969,545 | ||||||||||||||||||
Total liabilities | — | 6,037,550 | 1,815 | 2,406,998 | (2,077,902 | ) | 6,368,461 | |||||||||||||||||
Total stockholders’ equity | 757,682 | 728,908 | 95,452 | 53,736 | (878,096 | ) | 757,682 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 757,682 | $ | 6,766,458 | $ | 97,267 | $ | 2,460,734 | $ | (2,955,998 | ) | $ | 7,126,143 | |||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Servicing fee income | $ | — | $ | 462,980 | $ | 1,308 | $ | — | $ | (1,793 | ) | $ | 462,495 | |||||||||||
Other fee income (expense) | — | (395 | ) | 34,583 | 468 | — | 34,656 | |||||||||||||||||
Total fee income | — | 462,585 | 35,891 | 468 | (1,793 | ) | 497,151 | |||||||||||||||||
Gain on mortgage loans held for sale | — | 487,164 | — | — | — | 487,164 | ||||||||||||||||||
Total revenues | — | 949,749 | 35,891 | 468 | (1,793 | ) | 984,315 | |||||||||||||||||
Expenses and impairments: | ||||||||||||||||||||||||
Salaries, wages and benefits | — | 349,012 | 9,443 | — | — | 358,455 | ||||||||||||||||||
General and administrative | — | 198,948 | 2,625 | 14 | — | 201,587 | ||||||||||||||||||
Loss (gain) on foreclosed real estate and other | — | (1,034 | ) | — | 6,251 | — | 5,217 | |||||||||||||||||
Occupancy | — | 16,734 | 52 | — | — | 16,786 | ||||||||||||||||||
Total expenses and impairments | — | 563,660 | 12,120 | 6,265 | — | 582,045 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | — | 51,307 | — | 18,486 | 1,793 | 71,586 | ||||||||||||||||||
Interest expense | — | (137,638 | ) | — | (59,670 | ) | — | (197,308 | ) | |||||||||||||||
Contract termination fees, net | — | 15,600 | — | — | — | 15,600 | ||||||||||||||||||
Loss on equity method investments | — | (14,571 | ) | — | — | — | (14,571 | ) | ||||||||||||||||
Gain/(Loss) on interest rate swaps and caps | — | (1,415 | ) | — | 421 | — | (994 | ) | ||||||||||||||||
Gain/(loss) from subsidiaries | 179,359 | (22,789 | ) | — | — | (156,570 | ) | — | ||||||||||||||||
Total other income (expense) | 179,359 | (109,506 | ) | — | (40,763 | ) | (154,777 | ) | (125,687 | ) | ||||||||||||||
Income before taxes | 179,359 | 276,583 | 23,771 | (46,560 | ) | (156,570 | ) | 276,583 | ||||||||||||||||
Income tax expense/(benefit) | (25,928 | ) | 97,224 | — | — | — | 71,296 | |||||||||||||||||
Net income/(loss) | $ | 205,287 | $ | 179,359 | $ | 23,771 | $ | (46,560 | ) | $ | (156,570 | ) | $ | 205,287 | ||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC | ||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net income/(loss) | $ | 205,287 | $ | 179,359 | $ | 23,771 | $ | (46,560 | ) | $ | (156,570 | ) | $ | 205,287 | ||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||
(Gain)/loss from subsidiaries | (179,359 | ) | 22,789 | — | — | 156,570 | — | |||||||||||||||||
Share-based compensation | — | 13,342 | — | — | — | 13,342 | ||||||||||||||||||
Loss (gain) on foreclosed real estate and other | — | (1,034 | ) | — | 6,251 | — | 5,217 | |||||||||||||||||
Loss on equity method investments | — | 14,571 | — | — | — | 14,571 | ||||||||||||||||||
(Gain)/loss on derivatives including ineffectiveness on interest rate swaps and caps | — | 1,415 | — | (421 | ) | — | 994 | |||||||||||||||||
Fair value changes in excess spread financing | — | 10,683 | — | — | — | 10,683 | ||||||||||||||||||
Depreciation and amortization | — | 9,620 | — | — | — | 9,620 | ||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | 63,122 | — | — | — | 63,122 | ||||||||||||||||||
Accretion/amortization of premiums/(discounts) | — | 13,003 | — | (3,368 | ) | — | 9,635 | |||||||||||||||||
Gain on mortgage loans held for sale | — | (487,164 | ) | — | — | — | (487,164 | ) | ||||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (7,904,052 | ) | — | — | — | (7,904,052 | ) | ||||||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale | — | 7,185,335 | — | 12,387 | — | 7,197,722 | ||||||||||||||||||
Net tax effect of stock grants issued | — | (2,846 | ) | — | — | — | (2,846 | ) | ||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable | — | (1,030,084 | ) | (1,819 | ) | 279,396 | — | (752,507 | ) | |||||||||||||||
Reverse mortgage funded advances | — | (608,085 | ) | — | — | — | (608,085 | ) | ||||||||||||||||
Other assets | (28,774 | ) | 2,066,136 | (23,610 | ) | (2,060,844 | ) | 14,136 | (32,956 | ) | ||||||||||||||
Payables and accrued liabilities | 2,846 | 308,636 | 1,815 | 140 | (14,136 | ) | 299,301 | |||||||||||||||||
Net cash provided by/(used in) operating activities | — | (145,254 | ) | 157 | (1,813,019 | ) | — | (1,958,116 | ) | |||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (25,356 | ) | — | — | — | (25,356 | ) | ||||||||||||||||
Purchase of reverse mortgage rights and interests | — | (37,911 | ) | — | — | — | (37,911 | ) | ||||||||||||||||
Deposit on / purchase of forward mortgage servicing rights, net of liabilities incurred | — | (2,070,375 | ) | — | — | — | (2,070,375 | ) | ||||||||||||||||
Loan repurchases from Ginnie Mae | — | (24,329 | ) | — | — | — | (24,329 | ) | ||||||||||||||||
Proceeds from sales of REO | — | (884 | ) | — | 1,563 | — | 679 | |||||||||||||||||
Net cash provided by/(used in) investing activities | — | (2,158,855 | ) | — | 1,563 | — | (2,157,292 | ) | ||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Issuance of unsecured senior notes | — | 770,699 | — | — | — | 770,699 | ||||||||||||||||||
Transfers to/from restricted cash, net | — | (96,477 | ) | — | (225,214 | ) | — | (321,691 | ) | |||||||||||||||
Issuance of common stock, net of IPO issuance costs | 246,700 | — | — | — | — | 246,700 | ||||||||||||||||||
Issuance of participating interest financing in reverse mortgage interests | — | 582,897 | — | — | — | 582,897 | ||||||||||||||||||
Issuance of excess spread financing | — | 272,617 | — | — | — | 272,617 | ||||||||||||||||||
Increase in notes payable, net | — | 677,952 | — | 2,050,455 | — | 2,728,407 | ||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | — | (13,785 | ) | — | (13,785 | ) | ||||||||||||||||
Repayment of excess servicing spread financing | — | (39,865 | ) | — | — | — | (39,865 | ) | ||||||||||||||||
Debt financing costs | — | (23,213 | ) | — | — | — | (23,213 | ) | ||||||||||||||||
Net tax benefit for stock grants issued | — | 2,846 | — | — | — | 2,846 | ||||||||||||||||||
Distribution to subsidiaries | (246,700 | ) | — | — | — | 246,700 | — | |||||||||||||||||
Contributions of parent | — | 246,700 | — | — | (246,700 | ) | — | |||||||||||||||||
Net cash provided by financing activities | — | 2,394,156 | — | 1,811,456 | — | 4,205,612 | ||||||||||||||||||
Net increase in cash | — | 90,047 | 157 | — | — | 90,204 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 62,201 | 244 | — | — | 62,445 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 152,248 | $ | 401 | $ | — | $ | — | $ | 152,649 | ||||||||||||
NATIONSTAR MORTGAGE LLC | ||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Issuer (Parent) | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | Guarantor | |||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Servicing fee income | $ | 234,135 | $ | — | $ | 6,231 | $ | (6,955 | ) | $ | 233,411 | |||||||||||||
Other fee income | 17,889 | 15,313 | 2,092 | — | 35,294 | |||||||||||||||||||
Total fee income | 252,024 | 15,313 | 8,323 | (6,955 | ) | 268,705 | ||||||||||||||||||
Gain on mortgage loans held for sale | 109,136 | — | — | — | 109,136 | |||||||||||||||||||
Total revenues | 361,160 | 15,313 | 8,323 | (6,955 | ) | 377,841 | ||||||||||||||||||
Expenses and impairments: | ||||||||||||||||||||||||
Salaries, wages and benefits | 198,703 | 3,587 | — | — | 202,290 | |||||||||||||||||||
General and administrative | 72,654 | 3,207 | 6,322 | — | 82,183 | |||||||||||||||||||
Loss on foreclosed real estate and other | 3,959 | — | 6,411 | — | 10,370 | |||||||||||||||||||
Occupancy | 11,163 | 177 | — | — | 11,340 | |||||||||||||||||||
Total expenses and impairments | 286,479 | 6,971 | 12,733 | — | 306,183 | |||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 14,880 | — | 44,967 | 6,955 | 66,802 | |||||||||||||||||||
Interest expense | (58,452 | ) | — | (46,923 | ) | — | (105,375 | ) | ||||||||||||||||
Loss on equity method investments | (107 | ) | — | — | — | (107 | ) | |||||||||||||||||
Gain on interest rate swaps and caps | — | — | 298 | — | 298 | |||||||||||||||||||
Fair value changes in ABS securitizations | 7,695 | — | (20,084 | ) | — | (12,389 | ) | |||||||||||||||||
Gain/(loss) from subsidiaries | (17,810 | ) | — | — | 17,810 | — | ||||||||||||||||||
Total other income (expense) | (53,794 | ) | — | (21,742 | ) | 24,765 | (50,771 | ) | ||||||||||||||||
Net income/(loss) | 20,887 | 8,342 | (26,152 | ) | 17,810 | 20,887 | ||||||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||||||
Change in value of cash flow hedges | (1,071 | ) | — | (1,071 | ) | 1,071 | (1,071 | ) | ||||||||||||||||
Comprehensive income / (loss) | $ | 19,816 | $ | 8,342 | $ | (27,223 | ) | $ | 18,881 | $ | 19,816 | |||||||||||||
NATIONSTAR MORTGAGE LLC | ||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||
(Parent) | (Subsidiaries) | Guarantor | ||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||
Net income/(loss) | $ | 20,887 | $ | 8,342 | $ | (26,152 | ) | $ | 17,810 | $ | 20,887 | |||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||
Loss from subsidiaries | 17,810 | — | — | (17,810 | ) | — | ||||||||||||||||||
Share-based compensation | 14,815 | — | — | — | 14,815 | |||||||||||||||||||
Loss on foreclosed real estate and other | 3,959 | — | 6,411 | — | 10,370 | |||||||||||||||||||
Loss on equity method investments | 107 | — | — | — | 107 | |||||||||||||||||||
Loss on derivatives including ineffectiveness on interest rate swaps and cap | — | — | (2,331 | ) | — | (2,331 | ) | |||||||||||||||||
Fair value changes in excess spread financing | 3,060 | — | — | — | 3,060 | |||||||||||||||||||
Depreciation and amortization | 4,063 | — | — | — | 4,063 | |||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | 39,000 | — | — | — | 39,000 | |||||||||||||||||||
Amortization/accretion of premiums/(discounts) | 9,070 | — | (781 | ) | — | 8,289 | ||||||||||||||||||
Gain on mortgage loans held for sale | (109,136 | ) | — | — | — | (109,136 | ) | |||||||||||||||||
Fair value changes in ABS securitizations | (7,695 | ) | — | 20,084 | — | 12,389 | ||||||||||||||||||
Mortgage loans originated and purchased, net of fees | (3,412,185 | ) | — | — | — | (3,412,185 | ) | |||||||||||||||||
Proceeds on sale of and payment of mortgage loans held for sale | 3,376,778 | — | 26,659 | — | 3,403,437 | |||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||
Accounts receivable including servicer advances, net | 162,980 | (7 | ) | (246,106 | ) | — | (83,133 | ) | ||||||||||||||||
Other assets | (272,031 | ) | (8,407 | ) | 240,246 | — | (40,192 | ) | ||||||||||||||||
Payables and accrued liabilities | 99,602 | — | 2,055 | — | 101,657 | |||||||||||||||||||
Net cash provided by/(used in) operating activities | (48,916 | ) | (72 | ) | 20,085 | — | (28,903 | ) | ||||||||||||||||
Statement of Cash Flows continued | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
(Parent) | (Subsidiaries) | Guarantor | ||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||
Principal payments received and other changes on mortgage loans held for investment, subject to ABS nonrecourse debt | — | — | 40,000 | — | 40,000 | |||||||||||||||||||
Property and equipment additions, net of disposals | (19,742 | ) | — | — | — | (19,742 | ) | |||||||||||||||||
Acquisition of equity method investment | (6,600 | ) | — | — | — | (6,600 | ) | |||||||||||||||||
Purchase of reverse mortgage rights and interests | (26,893 | ) | — | — | — | (26,893 | ) | |||||||||||||||||
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | (96,467 | ) | — | — | — | (96,467 | ) | |||||||||||||||||
Proceeds from sales of REO | 15,566 | — | 12,257 | — | 27,823 | |||||||||||||||||||
Net cash provided by/(used in) investing activities | (134,136 | ) | — | 52,257 | — | (81,879 | ) | |||||||||||||||||
Financing activities: | ||||||||||||||||||||||||
Issuance of unsecured senior notes, net | 35,166 | — | — | — | 35,166 | |||||||||||||||||||
Transfers to/from restricted cash, net | 8,399 | (3 | ) | 8,416 | — | 16,812 | ||||||||||||||||||
Issuance of excess spread financing | 40,492 | — | — | — | 40,492 | |||||||||||||||||||
Increase in notes payable, net | 155,655 | — | 7,766 | — | 163,421 | |||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | (30,433 | ) | — | (30,433 | ) | |||||||||||||||||
Repayment of ABS nonrecourse debt | — | — | (58,091 | ) | — | (58,091 | ) | |||||||||||||||||
Repayment of excess servicing spread financing | (2,207 | ) | — | — | — | (2,207 | ) | |||||||||||||||||
Distribution to parent | (4,348 | ) | — | — | — | (4,348 | ) | |||||||||||||||||
Debt financing costs | (3,462 | ) | — | — | — | (3,462 | ) | |||||||||||||||||
Tax related share-based settlement of units by members | (5,346 | ) | — | — | — | (5,346 | ) | |||||||||||||||||
Net cash provided by/(used in) financing activities | 224,349 | (3 | ) | (72,342 | ) | — | 152,004 | |||||||||||||||||
Net increase/(decrease) in cash | 41,297 | (75 | ) | — | — | 41,222 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 20,904 | 319 | — | — | 21,223 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 62,201 | $ | 244 | $ | — | $ | — | $ | 62,445 | ||||||||||||||
Disclosures_Related_to_Transac
Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC | 12 Months Ended |
Dec. 31, 2013 | |
Transactions with Affiliates [Abstract] | ' |
Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC | ' |
Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC | |
Nationstar has several agreements to act as the loan subservicer for Springleaf Home Equity, Inc., formerly known as American General Home Equity, Inc., Springleaf General Financial Services of Arkansas, Inc., formerly known as American General Financial Services of Arkansas, Inc. and MorEquity, Inc. (collectively, Springleaf) totaling $3.0 billion for which Nationstar receives a monthly per loan subservicing fee and other performance incentive fees subject to the agreements with Springleaf. For the years ended December 31, 2013, 2012, and 2011, Nationstar recognized revenue of $8.1 million, $9.8 million, and $9.9 million, respectively, in additional servicing and other performance incentive fees related to these portfolios. At December 31, 2013 and 2012, Nationstar had an outstanding receivable from Springleaf of $0.6 million and $0.7 million, respectively, which was included as a component of accounts receivable. | |
Nationstar is the loan servicer for several securitized loan portfolios managed by Newcastle, which is managed by an affiliate of Fortress, for which Nationstar receives a monthly net servicing fee equal to 0.50% per annum on the unpaid principal balance of the portfolios, which was $0.9 billion, $1.0 billion and $1.1 billion, as of December 31, 2013, 2012, and 2011, respectively. For the years ended 2013, 2012 and 2011, Nationstar received servicing fees and other performance incentive fees of $4.6 million, $5.2 million and $5.8 million, respectively. | |
Additionally, Nationstar has entered into several agreements with certain entities formed by New Residential, in which New Residential and/or certain funds managed by Fortress own an interest (each a "New Residential Entity"), where Nationstar sold to the related New Residential Entity the right to receive a portion of the excess cash flow generated from certain acquired MSRs after receipt of a fixed basic servicing fee per loan. Nationstar retains all ancillary income associated with servicing such MSRs and the remaining portion of the excess cash flow after receipt of the fixed basic servicing fee. Nationstar is the servicer of the loans and provides all servicing and advancing functions for the portfolio. The related New Residential Entity does not have prior or ongoing obligations associated with these MSR portfolios. Furthermore, should Nationstar refinance any loan in such portfolios, subject to certain limitations, Nationstar will be required to transfer the new loan or a replacement loan of similar economic characteristics into the portfolios. The new or replacement loan will be governed by the same terms set forth in the agreements described above. In September 2013, Nationstar increased New Residential's specified percentage of the excess cash flows of several of the portfolios for an additional $54.5 million. | |
In addition, Nationstar has paid $16.1 million to New Residential for delinquent service fees in advance of the contractual due date. This amount will be ultimately netted against future remittances as related to service fee amounts. This amount is recorded as an offset to outstanding excess spread financing in our financial statements. | |
The fair value on the outstanding liability related to these agreements was $986.4 million and $288.1 million at December 31, 2013 and 2012, respectively. | |
In February 2013, Nationstar acquired certain fixed and adjustable rate reverse mortgage loans with an unpaid principal balance totaling $83.1 million for a purchase price of $50.2 million. In conjunction with this acquisition, Nationstar entered into an agreement with NIC Reverse Loan LLC, a subsidiary of New Residential, to sell a participating interest amounting to 70% of the acquired reverse mortgage loans. Both Nationstar and NIC Reverse Loan LLC are entitled to the related percentage interest of all amounts received with respect to the reverse mortgage loans, net of payments of servicing fees and the reimbursement to Nationstar of servicing advances. Nationstar receives a fixed payment per loan for servicing these reverse mortgage loans. Nationstar records these reverse mortgage loans as reverse mortgage interests on the Company's consolidated balance sheets. | |
In December 2013, we launched a new servicing acquisition structure. Under this structure, we agreed to sell to a joint venture entity capitalized by New Residential and other investors (collectively, the Purchaser), approximately $2.7 billion of servicer advances currently outstanding on three pools of residential, non-agency mortgage loans, with the potential for up to $6.3 billion. We also agreed to the sale of the related mortgage servicing rights of approximately $44.3 billion of UPB with potential for up to $130.1 billion of UPB, along with the right to receive the basic fee component on the transferred mortgage servicing rights. We will continue to act as named servicer under each servicing agreement until servicing is transferred to the Purchaser. After the transfer of servicing under any servicing agreement to the Purchaser, we will subservice the applicable residential mortgage loans. | |
While the transfer of the mortgage servicing rights to New Residential is intended to achieve the economic result of a sale of mortgage servicing rights, we will account for the transactions as financings until the required third party consents are obtained and legal ownership of the MSRs transfer to New residential. | |
In December 2013, Nationstar entered into a Master Servicing Rights Purchase Agreement and three related Sale Supplements (collectively, the Sale Agreement) with a joint venture entity (Purchaser) capitalized by New Residential in which New Residential and/or certain funds managed by Fortress own an interest. Under the Sale Agreement, Nationstar will sell to the Purchaser the right to repayment on certain outstanding servicer advances outstanding on non-Agency mortgage loans. In addition, Nationstar also sold the right to receive the basic fee component on the related mortgage servicing rights, in exchange for the Purchaser remitting a portion of the basic fee to Nationstar in exchange for Nationstar continuing to service the mortgage loans. The sale of the mortgage servicing rights are contingent upon the receipt of certain third party consents. After the transfer of servicing under any servicing agreement to the Purchaser, Nationstar will subservice the applicable mortgage loans. | |
Special purpose subsidiaries of Nationstar previously issued approximately $2.1 billion of nonrecourse variable funding notes (the Notes) to finance the advances funded or acquired by Nationstar. The Notes were issued through two wholly-owned special purpose entities (the Issuers) pursuant to two servicer advance facilities. Pursuant to the Sale Agreement, New Residential purchased the outstanding equity of the wholly-owned special purpose entities of Nationstar that own the Issuers (the Depositors). On the sale date, New Residential and Nationstar amended and restated the transaction documents for each facility. Under these amended and restated transaction documents for each facility, Nationstar will continue to sell future service advances to New Residential, and New Residential will sell the new servicer advances to the Depositors. | |
Nationstar received approximately $307.3 million in cash proceeds from the Sale Agreement. The fair value of the outstanding liability related to the Sale Agreement was $29.9 million at December 31, 2013. | |
In March 2013, certain wholly owned subsidiaries of Nationstar entered into a marketing services agreement to assist in the development and optimization of their digital marketing initiatives, such as search engine optimization, paid search marketing, social marketing, display marketing and retargeting with Propel Marketing, a wholly owned subsidiary of Gatehouse Media, Inc. (Gatehouse). Certain of Fortress funds owned approximately 40% of Gatehouse at the time of the marketing services agreement. For the year ended December 31, 2013, Nationstar paid approximately $230 thousand in marketing services fees to Gatehouse, which have been included in general and administrative expenses. |
Related_Party_Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Disclosure | ' |
Related Party Disclosure | |
In March 2011, Nationstar acquired a 22% interest in ANC Acquisition LLC (ANC) for an initial investment of $6.6 million. ANC was the parent company of National Real Estate Information Services, LP (NREIS), a real estate services company. In March 2012, FIF contributed its 13% investment in ANC to Nationstar, increasing the overall investment to 35%. As Nationstar was able to exercise significant influence, but not control, over the policies and procedures of the entity, and Nationstar owned less than 50% of the voting interests, Nationstar applied the equity method of accounting. NREIS, an ancillary real estate services and vendor management company, offered comprehensive settlement and property valuation services for both originations and default management channels. Direct or indirect product and service offerings included title insurance agency, tax searches, flood certification, default valuations, full appraisals and broker price opinions. Nationstar disbursed servicing-related advances of approximately $14.6 million, $16.9 million, and $4.9 million for the years ended December 31, 2013, 2012, and 2011 respectively. | |
Nationstar recorded a net charge to earnings related to its loss on NREIS of $0.1 million for December 31, 2011, which is included in the loss on equity method investment line item in Nationstar’s consolidated statements of operations and comprehensive income (loss). Through the third quarter of 2012, Nationstar had recognized its portion of NREIS' loss on equity method investment of $1.3 million. During the fourth quarter of 2012, the management of NREIS made the decision to wind down its operations due to continuing poor financial results. Because of the decision to wind down operations and the financial condition of NREIS, Nationstar recorded additional losses amounting to $9.0 million. In addition to its initial investment, Nationstar, during May 2012, advanced NREIS $2.0 million for future services. Nationstar determined that these deposits would not be recovered and fully impaired this additional deposit. In order to effect an orderly wind down of the operation, Nationstar, together with the majority owners of ANC, agreed to fund a portion of the expected wind down costs. As such, Nationstar recorded $2.3 million of losses in excess of its investment at December 31, 2012. There were no losses incurred for 2013. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2011 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following is a summary of the quarterly consolidated results of operations for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total fee income | $ | 242,475 | $ | 321,104 | $ | 425,882 | $ | 394,761 | ||||||||
Gain on mortgage loans held for sale | 188,587 | 282,561 | 205,956 | 25,659 | ||||||||||||
Total revenues | 431,062 | 603,665 | 631,838 | 420,420 | ||||||||||||
Total expenses and impairments | 268,571 | 339,851 | 395,854 | 398,002 | ||||||||||||
Total other income/(expense) | (61,498 | ) | (64,685 | ) | (103,912 | ) | (108,358 | ) | ||||||||
Income before taxes | 100,993 | 199,129 | 132,072 | (85,940 | ) | |||||||||||
Income taxes | 38,377 | 75,669 | 50,187 | (35,033 | ) | |||||||||||
Net income (loss) | $ | 62,616 | $ | 123,460 | $ | 81,885 | $ | (50,907 | ) | |||||||
Earnings (loss) per share: | ||||||||||||||||
Basic earnings (loss) per share | $ | 0.7 | $ | 1.38 | $ | 0.92 | $ | (0.57 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.7 | $ | 1.37 | $ | 0.91 | $ | (0.56 | ) | |||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total fee income | $ | 93,560 | $ | 100,414 | $ | 145,611 | $ | 157,566 | ||||||||
Gain on mortgage loans held for sale | 70,512 | 102,345 | 139,259 | 175,048 | ||||||||||||
Total revenues | 164,072 | 202,759 | 284,870 | 332,614 | ||||||||||||
Total expenses and impairments | 96,577 | 130,372 | 154,828 | 200,268 | ||||||||||||
Total other income/(expense) | (14,164 | ) | (23,332 | ) | (50,261 | ) | (37,930 | ) | ||||||||
Income before taxes | 53,331 | 49,055 | 79,781 | 94,416 | ||||||||||||
Income taxes | 3,145 | 12,780 | 24,714 | 30,657 | ||||||||||||
Net income | $ | 50,186 | $ | 36,275 | $ | 55,067 | $ | 63,759 | ||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 0.67 | $ | 0.41 | $ | 0.62 | $ | 0.72 | ||||||||
Diluted earnings per share | $ | 0.67 | $ | 0.41 | $ | 0.61 | $ | 0.71 | ||||||||
During 2012, Nationstar reclassified amounts previously recorded in other income/(expense) during the first three quarters of 2012 into total fee income. This reclassification was performed to more accurately portray the nature of the services provided by Nationstar related to reverse mortgage loans. This reclassification did not have an impact on the Net income/(loss) amounts previously reported on SEC Form 10-Q for the impacted periods. | ||||||||||||||||
2011 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total fee income | $ | 64,686 | $ | 59,898 | $ | 61,141 | $ | 82,980 | ||||||||
Gain on mortgage loans held for sale | 20,506 | 22,822 | 30,232 | 35,576 | ||||||||||||
Total revenues | 85,192 | 82,720 | 91,373 | 118,556 | ||||||||||||
Total expenses and impairments | 68,121 | 68,402 | 83,194 | 86,466 | ||||||||||||
Total other income/(expense) | (9,702 | ) | (12,592 | ) | (11,279 | ) | (17,198 | ) | ||||||||
Net income/(loss) | $ | 7,369 | $ | 1,726 | $ | (3,100 | ) | $ | 14,892 | |||||||
Earnings (loss) per share: | ||||||||||||||||
Basic earnings (loss) per share | $ | 0.11 | $ | 0.02 | $ | (0.04 | ) | $ | 0.21 | |||||||
Diluted earnings (loss) per share | $ | 0.11 | $ | 0.02 | $ | (0.04 | ) | $ | 0.21 | |||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In January 2014, Nationstar amended the MRA of the MBS Advance Financing Facility with a financial institution. Under the terms of the amended agreement, the commitment amount for the period January 31, 2014, up to and including February 13, 2014 is $150 million, and for the period beginning February 14, 2014 up to and including February 28, 2014 is $200 million, and for any date after February 28, 2014 the commitment amount is $50 million. | |
In February 2014, the Company amended the MRA of the $108 million warehouse facility with a financial institution. Under the terms of the amended agreement, the uncommitted facility capacity was increased to $200 million. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | |||||||||||||
Goodwill and Intangible Assets | ||||||||||||||
In January 2013, Nationstar acquired ESS for a total purchase price of $12.5 million. Nationstar recorded $7.5 million of goodwill and intangible assets in other assets on its consolidated balance sheet in the Servicing segment. | ||||||||||||||
On May 31, 2013, Nationstar acquired the loan origination operations and certain assets of Greenlight for an aggregate purchase price of $75.7 million, $65.7 million of which was paid on May 31, 2013, with the balance paid in September 2013. Nationstar has recorded $53.9 million of goodwill and other intangibles in other assets on its consolidated balance sheet in the Originations segment. | ||||||||||||||
Nationstar performs its annual assessment of possible impairment of goodwill and indefinite-lived assets as of October 1, or more frequently if events and circumstances indicate that impairment may have occurred. There was no impairment noted as of October 1, 2013. | ||||||||||||||
Changes in the carrying amount of goodwill during the year ended December 31, 2013 are as follows: | ||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||
Balance at beginning of period | $ | — | ||||||||||||
Goodwill acquired during the period | 38,820 | |||||||||||||
Balance at end of period | $ | 38,820 | ||||||||||||
The following table presents our intangible assets as of December 31, 2013. | ||||||||||||||
31-Dec-13 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Life | |||||||||||
Trade name | $ | 18,530 | $ | (1,081 | ) | $ | 17,449 | 9.4 | ||||||
Customer relationships | 4,070 | (339 | ) | 3,731 | 9.2 | |||||||||
Licenses | 557 | — | 557 | Indefinite | ||||||||||
$ | 23,157 | $ | (1,420 | ) | $ | 21,737 | 9.4 | |||||||
Nationstar recognized $1.4 million of amortization expense in 2013. The following table presents the estimated aggregate amortization expense for the periods indicated. | ||||||||||||||
Amortization Expense | ||||||||||||||
2014 | $ | 2,258 | ||||||||||||
2015 | 2,258 | |||||||||||||
2016 | 2,258 | |||||||||||||
2017 | 2,258 | |||||||||||||
2018 | 2,258 | |||||||||||||
Thereafter | 9,890 | |||||||||||||
Total future amortization expense | $ | 21,180 | ||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
The consolidated financial statements include the accounts of Nationstar Inc., its wholly-owned subsidiaries, and other entities in which the Company has a controlling financial interest, and those variable interest entities (VIEs) where Nationstar Inc.'s wholly-owned subsidiaries are the primary beneficiaries. Nationstar Inc. applies the equity method of accounting to investments when the entity is not a VIE and Nationstar Inc. is able to exercise significant influence, but not control, over the policies and procedures of the entity but owns less than 50% of the voting interests. Intercompany balances and transactions have been eliminated. Results of operations, assets and liabilities of VIEs are included from the date that Nationstar Inc. became the primary beneficiary through the date Nationstar Inc. ceases to be the primary beneficiary. Nationstar Inc. evaluated subsequent events through the date these consolidated financial statements were issued. | |
Use of Estimates in Preparation of Consolidated Financial Statements | ' |
The accompanying consolidated financial statements were prepared in conformity with accounting principles generally accepted in the United States (GAAP). The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, increases in interest rates, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers, and such differences could be material. | |
Reclassification Adjustments | ' |
Certain prior-period amounts have been reclassified to conform to the current-period presentation. | |
Cash and Cash Equivalents | ' |
Cash and cash equivalents include unrestricted cash on hand. | |
Restricted Cash | ' |
Restricted cash primarily consists of certain custodial accounts related to Nationstar’s portfolio securitizations or to collections on certain mortgage loans and mortgage loan advances that have been pledged to various advance financing facilities under master repurchase agreements. Restricted cash also includes certain fees collected on mortgage loan payments that are required to be remitted to government-sponsored enterprises (GSEs) to settle outstanding guarantee fee requirements. | |
Accounts Receivable | ' |
Accounts receivable consists primarily of accrued servicing fees receivable, accrued interest receivable on mortgage loans and securitizations, and advances made to securitization trusts, as required under various servicing agreements related to delinquent loans, which are ultimately repaid from the securitization trusts. | |
When Nationstar has determined that, based on all available information, it is probable that a loss has been incurred, and that all contractual amounts due will not be recovered, an impairment is recognized through the recording of a valuation allowance. Any changes to the valuation allowance are recorded through general and administrative expenses. | |
Nationstar may acquire servicer advances in conjunction with the acquisition of MSRs. Acquired servicer advances are recorded at their relative fair value amounts on the acquisition date, and any recorded discounts are accreted into interest income on a cost recovery method as the related servicer advances are recovered either through repayment from the borrower, liquidation of the underlying mortgage loans, or through a modification and recovery of the outstanding servicer advance balance from the securitization trust. | |
Mortgage Loans Held for Sale | ' |
Nationstar maintains a strategy of originating mortgage loan products primarily for the purpose of selling to GSEs or other third party investors in the secondary market. Generally, all newly originated mortgage loans held for sale are delivered to third party purchasers or securitized within three months after origination. | |
Nationstar has elected to measure newly originated prime residential mortgage loans held for sale at fair value, as permitted under Accounting Standards Codification (ASC) 825, Financial Instruments. Nationstar estimates fair value by evaluating a variety of market indicators, including recent trades and outstanding commitments, calculated on an aggregate basis (see Note 18 – Fair Value Measurements). In connection with Nationstar’s election to measure newly originated prime residential mortgage loans held for sale at fair value, Nationstar is not permitted to defer the loan originations fees, net of direct loan originations costs associated with these loans. | |
Mortgage Loans Held for Investment | ' |
Mortgage Loans Held for Investment, principally Subject to Nonrecourse Debt – Legacy Assets, Net | |
Mortgage loans held for investment, principally subject to nonrecourse debt – Legacy Assets consist of nonconforming or subprime mortgage loans securitized which serve as collateral for the issued debt. These loans were transferred in 2009 from mortgage loans held for sale at fair value on the transfer date, as determined by the present value of expected future cash flows, with no valuation allowance recorded. The difference between the undiscounted cash flows expected and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at transfer are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the transfer are recognized prospectively through adjustment of the yield on the loans over the remaining life. Decreases in expected cash flows subsequent to transfer are recognized as a valuation allowance. | |
Allowance for Loan Losses on Mortgage Loans Held for Investment | ' |
An allowance for loan losses is established by recording a provision for loan losses in the consolidated statements of operations and comprehensive income (loss) when management believes a loss has occurred on a loan held for investment. When management determines that a loan held for investment is partially or fully uncollectible, the estimated loss is charged against the allowance for loan losses. Recoveries on losses previously charged to the allowance are credited to the allowance at the time the recovery is collected. | |
Nationstar accounts for the loans that were transferred to held for investment from held for sale during 2009 in a manner similar to ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality. At the date of transfer, management evaluated such loans to determine whether there was evidence of deterioration of credit quality since acquisition and if it was probable that Nationstar would be unable to collect all amounts due according to the loan’s contractual terms. The transferred loans were aggregated into separate pools of loans based on common risk characteristics (loan delinquency). Nationstar considers expected prepayments, and estimates the amount and timing of undiscounted expected principal, interest, and other cash flows for each aggregated pool of loans. The determination of expected cash flows utilizes internal inputs such as prepayment speeds and credit losses. These internal inputs require the use of judgment and can have a significant impact on the accretion of income and/or valuation allowance. Nationstar determines the excess of the pool’s scheduled contractual principal and contractual interest payments over all cash flows expected as of the transfer date as an amount that should not be accreted (nonaccretable difference). The remaining amount is accreted into interest income over the remaining life of the pool of loans (accretable yield). | |
Over the life of the transferred loans, management continues to estimate cash flows expected to be collected. Nationstar evaluates at the balance sheet date whether the present value of the loans determined using the effective interest rates has decreased, and if so, records an allowance for loan loss. The present value of any subsequent increase in the transferred loans cash flows expected to be collected is used first to reverse any existing allowance for loan loss related to such loans. Any remaining increase in cash flows expected to be collected is used to adjust the amount of accretable yield recognized on a prospective basis over the remaining life of the loans. | |
Nationstar accounts for its allowance for loan losses for all other mortgage loans held for investment in accordance with ASC 450-20, Loss Contingencies. The allowance for loan losses represents management’s best estimate of probable losses inherent in the loans held for investment portfolio. The mortgage loans held for investment portfolio is comprised primarily of large groups of homogeneous residential mortgage loans. These loans are evaluated based on the loan’s present delinquency status. The estimate of probable losses on these loans considers the rate of default of the loans and the amount of loss in the event of default. The rate of default is based on historical experience related to the migration of these from each delinquency category to default over a twelve month period. The entire allowance is available to absorb probable credit losses from the entire held for investment portfolio. | |
Mortgage Servicing Rights (MSRs) | ' |
Nationstar recognizes MSRs related to all existing residential mortgage loans transferred to a third party in a transfer that meets the requirements for sale accounting and for which the servicing rights are retained. Additionally, Nationstar may acquire the rights to service residential mortgage loans that do not relate to assets transferred by Nationstar through the purchase of these rights from third parties. | |
Nationstar identifies MSRs related to originated or acquired forward residential mortgage loans and applies fair value accounting to this class of MSRs, with all changes in fair value recorded as charges or credits to servicing fee income in accordance with ASC 860-50, Servicing Assets and Liabilities. | |
In 2012, Nationstar acquired servicing rights for reverse mortgage loans. For this class of servicing rights, Nationstar applies the amortization method (i.e., lower of cost or market) with the capitalized cost of the MSRs amortized in proportion and over the period of the estimated net future servicing income and recognized as an adjustment to servicing fee income. The expected period of the estimated net servicing income is based, in part, on the expected prepayment period of the underlying reverse mortgages. This class of MSRs is periodically evaluated for impairment. For purposes of measuring impairment, MSRs will be stratified based on predominant risk characteristics of the underlying serviced loans. These risk characteristics include loan type (fixed or adjustable rate), term, home price index, collateral values and interest rate. Impairment, if any, represents the excess of amortized cost of an individual stratum over its estimated fair value and is recognized through a valuation allowance. | |
Property and Equipment, Net | ' |
Property and equipment, net is comprised of land, building, furniture, fixtures, leasehold improvements, computer software, and computer hardware. These assets are stated at cost less accumulated depreciation. Repairs and maintenance are expensed as incurred. Depreciation, which includes depreciation and amortization on capital leases, is recorded using the straight-line method over the estimated useful lives of the related assets. Cost and accumulated depreciation applicable to assets retired or sold are eliminated from the accounts, and any resulting gains or losses are recognized at such time through a charge or credit to general and administrative expenses. | |
Excess Spread Financing | ' |
In conjunction with Nationstar's acquisition of certain mortgage servicing rights on various pools of residential mortgage loans (the Portfolios), Nationstar has entered into sale and assignment agreements which are treated as financings, as required under ASC 860. Under these agreements, Nationstar sold to New Residential the right to receive a portion of the excess cash flow generated from the Portfolios after receipt of a fixed basic servicing fee per loan. | |
Nationstar has elected to measure the outstanding financings related to the excess spread financing agreements at fair value, as permitted under ASC 825, Financial Instruments, with all changes in fair value recorded as a charge or credit to servicing fee income in the consolidated statements of operations and comprehensive income (loss). The fair value on excess spread financing is based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. | |
Interest Income and Servicing Fee Income | ' |
Interest Income | |
Interest income is recognized using the interest method. Revenue accruals for individual loans are suspended and accrued amounts reversed when the mortgage loan becomes contractually delinquent for 90 days or more. Delinquency payment status is based on the most recently received payment from the borrower. The accrual is resumed when the individual mortgage loan becomes less than 90 days contractually delinquent. For individual loans that have been modified, a period of six timely payments is required before the loan is returned to an accrual basis. Interest income also includes (1) interest earned on custodial cash deposits associated with the mortgage loans serviced; (2) deferred originations income, net of deferred originations costs and other revenues derived from the origination of mortgage loans, which is deferred and recognized over the life of a mortgage loan held for investment or recognized when the related loan is sold to a third party purchaser; and (3) amounts recognized from accretion of discounts on acquired servicer advances as the related servicer advances are recovered. | |
Servicing Fee Income | |
Servicing fees include contractually specified servicing fees, late charges, prepayment penalties and other ancillary charges. Servicing encompasses, among other activities, the following processes: billing, collection of payments, movement of cash to the payment clearing bank accounts, investor reporting, customer service, recovery of delinquent payments, instituting foreclosure, and liquidation of the underlying collateral. | |
Nationstar recognizes servicing and ancillary fees as they are earned, which is generally upon collection of the payments from the borrower. In addition, Nationstar also receives various fees in the course of providing servicing on its various portfolios. These fees include modification fees for modifications performed outside of government programs, modification fees for modifications pursuant to various government programs, and incentive fees for servicing performance on specific GSE portfolios. | |
Fees recorded on modifications of mortgage loans held for investment performed outside of government programs are deferred and recognized as an adjustment to the loans held for investment. These fees are accreted into interest income as an adjustment to the loan yield over the life of the loan. Fees recorded on modifications of mortgage loans serviced by Nationstar for others are recognized on collection and are recorded as a component of service fee income. Fees recorded on modifications pursuant to various government programs are recognized when Nationstar has completed all necessary steps and the loans have performed for the minimum required time frame to establish eligibility for the fee. Revenue earned on modifications pursuant to various government programs is included as a component of service fee income. Incentive fees for servicing performance on specific GSE portfolios are recognized as various incentive standards are achieved and are recorded as a component of service fee income. | |
Sale of Mortgage Loans | ' |
Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (i) the assets have been isolated from Nationstar, (ii) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (iii) Nationstar does not maintain effective control over the transferred assets through either (a) an agreement that entitles and obligates Nationstar to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return specific assets. | |
Share-Based Compensation Expense | ' |
Share-based compensation is recognized in accordance with ASC 718, Compensation–Stock Compensation. This guidance requires all share-based payments to employees to be recognized as an expense in the consolidated statements of operations and comprehensive income (loss), based on their fair values. The amount of compensation is measured at the fair value of the awards when granted and this cost is expensed over the required service period, which is normally the vesting period of the award. | |
Advertising Costs | ' |
Advertising costs are expensed as incurred and are included as part of general and administrative expenses. | |
Income Taxes | ' |
Deferred taxes are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates that will apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income or expense in the period that includes the enactment date. | |
The Company regularly reviews the carrying amount of its deferred tax assets to determine if the establishment of a valuation allowance is necessary. If based on the available evidence, it is more likely than not that all or a portion of the Company's deferred tax assets will not be realized in future periods, a deferred tax valuation allowance is established. Consideration is given to various positive and negative factors that could affect the realization of the deferred tax assets. | |
In evaluating this available evidence, management considers, among other things, historical financial performance, expectation of future earnings, the ability to carry back losses to recoup taxes previously paid, length of statutory carryforward periods, experience with operating loss and tax credit carryforwards which may expire unused, tax planning strategies and timing of reversals of temporary differences. The Company's evaluation is based on current tax laws as well as management's expectations of future performance. | |
The Company is subject to the income tax laws of the U.S., its states and municipalities. These tax laws are complex and subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. The Company has adopted accounting guidance related to uncertainty in income taxes. The guidance prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under the guidance, tax positions shall initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions shall initially and subsequently be measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and all relevant facts. In establishing a provision for income tax expense, the Company must make judgments and interpretations about the application of these inherently complex tax laws within the framework of existing GAAP. The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expenses. | |
Earnings Per Share | ' |
Net income per share is computed under the provisions of ASC 260, Earnings Per Share. Basic net income per share is computed based on the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed based on the weighted-average number of common shares plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares represent outstanding restricted stock. | |
Our initial public offering and restructuring in 2012 were accounted for as a business combination under common control as permitted under ASC 805, Business Combinations. As a result of the Company's 2012 restructuring, Nationstar Inc. effected a 70,000 to 1 stock split. The Company's basic and diluted earnings per share amounts presented on the face of the consolidated statements of operations and comprehensive income (loss) and in Note 17 - Earnings per Share have been retrospectively adjusted for all prior periods presented as required under ASC 260. |
Variable_Interest_Entities_and1
Variable Interest Entities and Securitizations (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Variable Interest Entities and Securitizations [Abstract] | ' | |||||||||||||||||||||||
Schedule of Assets and Liabilities of VIEs Included in Financial Statements | ' | |||||||||||||||||||||||
A summary of the assets and liabilities of Nationstar’s transactions with VIEs included in the Company’s consolidated financial statements as of December 31, 2013 and 2012 is presented in the following tables (in thousands): | ||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||
Transfers | Reverse Secured Borrowings | Transfers | Reverse Secured Borrowings | |||||||||||||||||||||
Accounted for as | Accounted for as | |||||||||||||||||||||||
Secured | Secured | |||||||||||||||||||||||
Borrowings | Borrowings | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Restricted cash | $ | 272,188 | $ | — | $ | 247,531 | $ | — | ||||||||||||||||
Reverse mortgage interests | — | 1,039,645 | — | 542,037 | ||||||||||||||||||||
Accounts receivable | 4,031,444 | — | 2,656,277 | — | ||||||||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt | 208,263 | — | 224,207 | — | ||||||||||||||||||||
Derivative financial instruments | 3,691 | — | — | — | ||||||||||||||||||||
Other assets | 2,375 | — | 2,039 | — | ||||||||||||||||||||
Total Assets | $ | 4,517,961 | $ | 1,039,645 | $ | 3,130,054 | $ | 542,037 | ||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Notes payable | $ | 3,672,726 | $ | — | $ | 2,294,925 | $ | — | ||||||||||||||||
Payables and accrued liabilities | 4,242 | — | 3,415 | — | ||||||||||||||||||||
Derivative financial instruments | — | — | 6,118 | — | ||||||||||||||||||||
Nonrecourse debt–Legacy Assets | 89,108 | — | 100,620 | — | ||||||||||||||||||||
Participating interest financing | $ | — | 1,080,718 | — | 580,836 | |||||||||||||||||||
Total Liabilities | $ | 3,766,076 | $ | 1,080,718 | $ | 2,405,078 | $ | 580,836 | ||||||||||||||||
Schedule of Securitizations or Asset-backed Financing Arrangements of Financial Assets Accounted for as Sale | ' | |||||||||||||||||||||||
Details of the securitization structured as a sale for the year ended December 31, 2013, are as follows (in thousands): | ||||||||||||||||||||||||
Net Bond Proceeds | Carrying Value of Loans Sold | Gain Recognized | ||||||||||||||||||||||
Nationstar Mortgage-Backed Notes, Series 2013-A | $ | 164,297 | $ | 158,204 | $ | 6,093 | ||||||||||||||||||
Unconsolidated Securitization Trusts | ' | |||||||||||||||||||||||
A summary of the outstanding collateral and certificate balances for securitization trusts for which Nationstar was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by Nationstar for the periods indicated are as follows (in thousands): | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||
Total collateral balances | $ | 3,680,275 | $ | 4,134,513 | ||||||||||||||||||||
Total certificate balances | 3,693,067 | 4,136,316 | ||||||||||||||||||||||
Total mortgage servicing rights at fair value | 30,074 | 30,940 | ||||||||||||||||||||||
Nationstar has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of December 31, 2013, 2012, or 2011, and therefore does not have a significant maximum exposure to loss related to these unconsolidated VIEs. A summary of mortgage loans transferred by Nationstar to unconsolidated securitization trusts that are 60 days or more past due and the credit losses incurred in the unconsolidated securitization trusts are presented below (in thousands): | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
Principal Amount of Loans 60 Days or More Past Due | 2013 | 2012 | 2011 | |||||||||||||||||||||
Unconsolidated securitization trusts | $ | 1,142,940 | $ | 1,180,133 | $ | 1,066,130 | ||||||||||||||||||
For the year ended December 31, | ||||||||||||||||||||||||
Credit Losses | 2013 | 2012 | 2011 | |||||||||||||||||||||
Unconsolidated securitization trusts | $ | 251,076 | $ | 273,817 | $ | 335,221 | ||||||||||||||||||
Cash Flow Receieved from Securitization Trusts | ' | |||||||||||||||||||||||
Certain cash flows received from securitization trusts related to the transfer of mortgage loans accounted for as sales for the dates indicated were as follows (in thousands): | ||||||||||||||||||||||||
For the year ended | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||||||||||||||||||||||
Servicing Fees | Loan | Servicing Fees | Loan | Servicing Fees | Loan | |||||||||||||||||||
Received | Repurchases | Received | Repurchases | Received | Repurchases | |||||||||||||||||||
Unconsolidated securitization trusts | $ | 29,151 | $ | — | $ | 28,049 | $ | — | $ | 28,569 | $ | — | ||||||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable consist of the following (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Servicer advances, net of purchase discount of $62,217 and $70,754, respectively | $ | 5,217,769 | 2,800,690 | |||||
Reverse mortgage receivables | 93,494 | 28,448 | ||||||
Accrued servicing fees | 45,453 | 90,231 | ||||||
Receivables from trusts and agencies | 105,693 | 39,029 | ||||||
Accrued interest | 7,194 | 3,801 | ||||||
Other | 166,879 | 81,407 | ||||||
Total accounts receivable | $ | 5,636,482 | $ | 3,043,606 | ||||
Mortgage_Loans_Held_for_Sale_a1
Mortgage Loans Held for Sale and Investment (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||
Mortgage Loans Held for Sale and Investment [Abstract] | ' | ' | ||||||||||||||
Schedule of Mortgage Loans Held-for-Sale | ' | ' | ||||||||||||||
Mortgage loans held for sale consist of the following (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||
Mortgage loans held for sale – unpaid principal balance | $ | 2,532,881 | $ | 1,426,182 | ||||||||||||
Mark-to-market adjustment | 70,499 | 54,355 | ||||||||||||||
Total mortgage loans held for sale | $ | 2,603,380 | $ | 1,480,537 | ||||||||||||
Reconciliation of Mortgage Loans Held-for-Sale to Cash Flow | ' | ' | ||||||||||||||
A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the consolidated statements of cash flows for the dates indicated is presented in the following table (in thousands) : | ||||||||||||||||
For the year ended December 31, | 2013 | 2012 | ||||||||||||||
Mortgage loans held for sale – beginning balance | $ | 1,480,537 | $ | 458,626 | ||||||||||||
Mortgage loans originated and purchased, net of fees | 25,620,965 | 7,904,052 | ||||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale | (24,501,261 | ) | (6,880,687 | ) | ||||||||||||
Transfer of mortgage loans held for sale to held for investment due to bankruptcy and pending foreclosures | 3,139 | (1,454 | ) | |||||||||||||
Mortgage loans held for sale – ending balance | $ | 2,603,380 | $ | 1,480,537 | ||||||||||||
Schedule of Loans Held for Investment | ' | ' | ||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets, net as of the dates indicated include (in thousands): | ||||||||||||||||
December 31, | 2013 | 2012 | ||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt- Legacy Assets, net – unpaid principal balance | $ | 305,085 | $ | 354,154 | ||||||||||||
Transfer discount | ||||||||||||||||
Accretable | (17,362 | ) | (19,749 | ) | ||||||||||||
Non-accretable | (74,529 | ) | (91,108 | ) | ||||||||||||
Allowance for loan losses | (2,144 | ) | (4,390 | ) | ||||||||||||
Total mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets, net | $ | 211,050 | $ | 238,907 | ||||||||||||
Changes in Accretable Yield on Mortgage Loans Held for Investment | ' | ' | ||||||||||||||
The changes in accretable yield on loans transferred to mortgage loans held for investment, principally subject to nonrecourse debt-Legacy Assets were as follows (in thousands): | ||||||||||||||||
Accretable Yield | Year ended | Year ended | ||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Balance at the beginning of the period | $ | 19,749 | $ | 22,392 | ||||||||||||
Additions | — | — | ||||||||||||||
Accretion | (3,235 | ) | (3,548 | ) | ||||||||||||
Reclassifications from nonaccretable discount | 848 | 905 | ||||||||||||||
Disposals | — | — | ||||||||||||||
Balance at the end of the period | $ | 17,362 | $ | 19,749 | ||||||||||||
Allowance for Loan Losses | ' | ' | ||||||||||||||
Mortgage Loans by Credit Quality Indicator | ' | ' | ||||||||||||||
The following table provides the outstanding unpaid principal balance of Nationstar’s mortgage loans held for investment by credit quality indicators for the dates indicated. | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
(in thousands) | ||||||||||||||||
Credit Quality by Delinquency Status | ||||||||||||||||
Performing | $ | 218,262 | $ | 260,219 | ||||||||||||
Non-Performing | 86,823 | 93,935 | ||||||||||||||
Total | $ | 305,085 | $ | 354,154 | ||||||||||||
Credit Quality by Loan-to-Value Ratio | ||||||||||||||||
Less than 60 | $ | 32,885 | $ | 39,436 | ||||||||||||
Less than 70 and more than 60 | 14,633 | 16,581 | ||||||||||||||
Less than 80 and more than 70 | 23,075 | 20,890 | ||||||||||||||
Less than 90 and more than 80 | 25,536 | 27,988 | ||||||||||||||
Less than 100 and more than 90 | 25,686 | 32,570 | ||||||||||||||
Greater than 100 | 183,270 | 216,689 | ||||||||||||||
Total | $ | 305,085 | $ | 354,154 | ||||||||||||
Reverse Mortgage Interest | ' | ' | ||||||||||||||
Reverse mortgage interests as of the dates indicated include (in thousands): | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
UPB of advances previously securitized by Nationstar | $ | 1,039,645 | $ | 542,037 | ||||||||||||
UPB of advances unsecuritized | 395,663 | 208,699 | ||||||||||||||
Allowance for losses - reverse mortgage interests | (802 | ) | (463 | ) | ||||||||||||
Total reverse mortgage interests | $ | 1,434,506 | $ | 750,273 | ||||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Assumptions for Fair Value of Mortgage Service Rights | ' | |||||||||||||||||||||||||||
Credit Sensitive MSRs | 31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||||
Discount rate | 14.17 | % | 18.11 | % | ||||||||||||||||||||||||
Total prepayment speeds | 20.34 | % | 22.42 | % | ||||||||||||||||||||||||
Expected weighted-average life | 4.63 years | 4.12 years | ||||||||||||||||||||||||||
Credit losses | 22.87 | % | 24.68 | % | ||||||||||||||||||||||||
Interest Rate Sensitive MSRs | 31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||||
Discount rate | 10.5 | % | 10.62 | % | ||||||||||||||||||||||||
Total prepayment speeds | 8.97 | % | 17.08 | % | ||||||||||||||||||||||||
Expected weighted-average life | 7.88 years | 5.19 years | ||||||||||||||||||||||||||
Credit losses | 9.12 | % | 11.09 | % | ||||||||||||||||||||||||
The range of various assumptions used in Nationstar's valuation of Excess Spread financing were as follows: | ||||||||||||||||||||||||||||
Excess Spread financing | Prepayment Speeds | Average | Discount | |||||||||||||||||||||||||
Life (years) | Rate | |||||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||||||
Low | 4.00% | 3.4 years | 10.10% | |||||||||||||||||||||||||
High | 17.60% | 5.7 years | 20.00% | |||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||||||
Low | 9.40% | 3.0 years | 13.60% | |||||||||||||||||||||||||
High | 22.40% | 4.5 years | 15.50% | |||||||||||||||||||||||||
Schedule of Servicing Assets at Fair Value | ' | |||||||||||||||||||||||||||
The activity of MSRs carried at fair value is as follows for the dates indicated (in thousands): | ||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||||||
Fair value at the beginning of the period | $ | 635,860 | $ | 251,050 | ||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Servicing resulting from transfers of financial assets | 248,381 | 58,607 | ||||||||||||||||||||||||||
Purchases of servicing assets | 1,545,584 | 394,445 | ||||||||||||||||||||||||||
Changes in fair value: | ||||||||||||||||||||||||||||
Due to changes in valuation inputs or assumptions used in the valuation model | 355,586 | 5,500 | ||||||||||||||||||||||||||
Other changes in fair value | (297,128 | ) | (73,742 | ) | ||||||||||||||||||||||||
Fair value at the end of the period | $ | 2,488,283 | $ | 635,860 | ||||||||||||||||||||||||
UPB of forward loans serviced for others | ||||||||||||||||||||||||||||
Credit sensitive loans | $ | 266,757,777 | $ | 114,629,399 | ||||||||||||||||||||||||
Interest sensitive loans | 56,056,362 | 16,494,985 | ||||||||||||||||||||||||||
Total owned loans | $ | 322,814,139 | $ | 131,124,384 | ||||||||||||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | ' | |||||||||||||||||||||||||||
The following table shows the hypothetical effect on the fair value of the MSRs using certain unfavorable variations of the expected levels of key assumptions used in valuing these assets at December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Discount Rate | Total Prepayment | Credit Losses | Ancillary Income | |||||||||||||||||||||||||
Speeds | ||||||||||||||||||||||||||||
100 bps | 200 bps | 10% | 20% | 10% | 20% | 10% | 20% | |||||||||||||||||||||
Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | |||||||||||||||||||||
Change | Change | Change | Change | Change | Change | Change | Change | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Mortgage servicing rights | $ | (74,681 | ) | $ | (151,899 | ) | $ | (101,590 | ) | $ | (195,445 | ) | $ | (89,958 | ) | $ | (178,669 | ) | $ | (68,828 | ) | $ | (137,657 | ) | ||||
31-Dec-12 | ||||||||||||||||||||||||||||
Mortgage servicing rights | $ | (17,060 | ) | $ | (34,419 | ) | $ | (66,037 | ) | $ | (124,995 | ) | $ | (77,072 | ) | $ | (157,433 | ) | $ | (9,789 | ) | $ | (19,578 | ) | ||||
The following table shows the hypothetical effect on the fair value of excess spread financing using certain unfavorable variations of the expected levels of key assumptions used in valuing these liabilities at December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||
Discount Rate | Total Prepayment | Credit Losses | ||||||||||||||||||||||||||
Speeds | ||||||||||||||||||||||||||||
100 bps | 200 bps | 10% | 20% | 10% | 20% | |||||||||||||||||||||||
Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | |||||||||||||||||||||||
Change | Change | Change | Change | Change | Change | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Excess spread financing | $ | 33,156 | $ | 68,636 | $ | 26,492 | $ | 53,753 | $ | 29,219 | $ | 42,611 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Excess spread financing | $ | 7,978 | $ | 16,404 | $ | 10,654 | $ | 22,240 | $ | 5,538 | $ | 11,075 | ||||||||||||||||
Activity of MSRs at Amortized Cost | ' | |||||||||||||||||||||||||||
The activity of MSRs carried at amortized cost is as follows for the date indicated (in thousands): | ||||||||||||||||||||||||||||
Year Ended | Year Ended | |||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||
Activity of MSRs at amortized cost | ||||||||||||||||||||||||||||
Balance at the beginning of the period | $ | 10,973 | $ | 83,238 | $ | — | $ | — | ||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||
Purchase /Assumptions of servicing rights/obligations | 3,980 | — | 12,415 | 89,800 | ||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||
Amortization/Accretion | (74 | ) | (717 | ) | (1,442 | ) | (6,562 | ) | ||||||||||||||||||||
Balance at end of the period | $ | 14,879 | $ | 82,521 | $ | 10,973 | $ | 83,238 | ||||||||||||||||||||
Fair Value at end of the period | $ | 29,192 | $ | 63,996 | $ | 29,354 | $ | 24,648 | ||||||||||||||||||||
Schedule of Fees in Servicing Portfolio | ' | |||||||||||||||||||||||||||
Total servicing and ancillary fees from Nationstar’s servicing portfolio of residential mortgage loans are presented in the following table for the periods indicated (in thousands): | ||||||||||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||
Servicing fees | $ | 912,493 | $ | 412,281 | $ | 191,652 | ||||||||||||||||||||||
Ancillary fees | 188,712 | 123,318 | 82,099 | |||||||||||||||||||||||||
Total servicing and ancillary fees | $ | 1,101,205 | $ | 535,599 | $ | 273,751 | ||||||||||||||||||||||
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||
Property and Equipment, Net | ' | |||||||||
Property and equipment, net (in thousands), and the corresponding ranges of estimated useful lives were as follows. | ||||||||||
December 31, | December 31, | Range of Estimated | ||||||||
2013 | 2012 | Useful Life | ||||||||
Furniture, fixtures and equipment | $ | 65,408 | $ | 47,620 | 3 - 5 years | |||||
Capitalized software costs | 52,582 | 24,431 | 5 years | |||||||
Long-term capital leases - computer equipment | 42,856 | 24,917 | 5 years | |||||||
Building and leasehold improvements | 13,984 | 10,556 | Varies | |||||||
Software in development and other | 18,243 | 12,713 | Varies | |||||||
193,073 | 120,237 | |||||||||
Less: Accumulated depreciation and amortization | (74,723 | ) | (48,806 | ) | ||||||
Plus: Land | 835 | 3,595 | ||||||||
Total property and equipment, net | $ | 119,185 | $ | 75,026 | ||||||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||||||||
As of December 31, 2013, future minimum payments for Nationstar's capital leases is presented in table below: | ||||||||||
Future Minimum Lease Payments | ||||||||||
2014 | $ | 16,127 | ||||||||
2015 | 13,974 | |||||||||
2016 | 3,014 | |||||||||
Thereafter | — | |||||||||
Total future lease payments | 33,115 | |||||||||
Less: Imputed interest | (1,312 | ) | ||||||||
Net capital lease liability | $ | 31,803 | ||||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Assets | ' | |||||||
Other assets consisted of the following (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Loans subject to repurchase right from Ginnie Mae | $ | 120,736 | $ | 72,156 | ||||
Deferred financing costs | 73,030 | 46,780 | ||||||
Real estate owned, net | 45,632 | 10,467 | ||||||
Goodwill | 38,820 | — | ||||||
Collateral deposits on derivative instruments | 25,932 | 10,920 | ||||||
Prepaid expenses | 21,993 | 6,083 | ||||||
Intangible assets | 21,737 | — | ||||||
Receivables from affiliates | 8,861 | 12,604 | ||||||
Deferred tax asset (see Note 16) | — | 23,737 | ||||||
Other | 3,656 | 10,186 | ||||||
Total other assets | $ | 360,397 | $ | 192,933 | ||||
Payables_and_Accrued_Liabiliti1
Payables and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Payables and Accrued Liabilities | ' | |||||||
Payables and accrued liabilities consist of the following (in thousands): | ||||||||
December 31, 2013 | December 31, 2012 | |||||||
Payable to servicing and subservicing investors(1) | $ | 359,214 | $ | 204,106 | ||||
Payable to insurance carriers and insurance cancellation reserves | 164,244 | 77,967 | ||||||
MSR purchases payable including advances | 135,759 | 14,243 | ||||||
Loans subject to repurchase from Ginnie Mae | 120,736 | 72,156 | ||||||
Accrued interest | 76,303 | 31,938 | ||||||
Accrued bonus and payroll | 66,755 | 58,083 | ||||||
Repurchase reserves | 40,695 | 18,511 | ||||||
Current income taxes | 35,961 | 50,908 | ||||||
Other(2) | 308,783 | 103,519 | ||||||
Total payables and accrued liabilities | $ | 1,308,450 | $ | 631,431 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Schedule of Derivative Instruments | ' | |||||||||||||
The following tables provide the outstanding notional balances and fair values of outstanding positions for the dates indicated, and recorded gains/(losses) during the periods indicated (in thousands): | ||||||||||||||
Expiration | Outstanding | Fair | Recorded | |||||||||||
Dates | Notional | Value | Gains / | |||||||||||
(Losses) | ||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2014 | $ | 57,965 | $ | 7 | $ | (14 | ) | ||||||
ASSETS | ||||||||||||||
Interest Rate Lock Commitments (IRLCs) | 2014 | 3,083,131 | 87,128 | (69,856 | ) | |||||||||
Forward MBS trades | 2014 | 5,425,663 | 32,266 | 19,084 | ||||||||||
Loan Purchase Commitments (LPCs) | 2014 | 197,475 | 793 | (460 | ) | |||||||||
Interest rate swaps and caps | 2018 | 167,000 | 3,691 | 544 | ||||||||||
LIABILITIES | ||||||||||||||
IRLCs | 2014 | 260,407 | 2,698 | (1,613 | ) | |||||||||
Interest rate swaps and caps (1) | — | — | 1,576 | |||||||||||
Interest rate swaps on ABS debt | 2014-2017 | 424,269 | 834 | 1,012 | ||||||||||
Forward MBS trades | 2014 | 1,351,870 | 3,305 | 8,713 | ||||||||||
LPCs | 2014 | 204,486 | 1,689 | (1,603 | ) | |||||||||
For the year ended December 31, 2012 | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2013 | $ | 445 | $ | 21 | $ | (613 | ) | ||||||
ASSETS | ||||||||||||||
IRLCs | 2013 | 4,921,963 | 150,048 | 138,746 | ||||||||||
Forward MBS trades | 2013 | 977,900 | 888 | 888 | ||||||||||
LPCs | 2013 | 112,624 | 1,253 | 1,253 | ||||||||||
LIABILITIES | ||||||||||||||
Interest rate swaps and caps | 2013-2015 | 726,168 | 6,120 | 420 | ||||||||||
Interest rate swaps on ABS debt | 2013-2017 | 654,192 | 1,846 | (1,414 | ) | |||||||||
Forward MBS trades | 2013 | 3,964,721 | 11,974 | (6,144 | ) | |||||||||
LPCs | 2013 | 78,839 | 86 | (86 | ) | |||||||||
(1) In January and June 2013, Nationstar terminated these interest rate swaps. |
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Notes Payable and Collateral Pledged | ' | |||||||||||||||||||||||||||
A summary of the balances of notes payable for the dates indicated is presented below (in thousands). | ||||||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||||||||||||||
Outstanding | Collateral | Outstanding | Collateral | |||||||||||||||||||||||||
Pledged | Pledged | |||||||||||||||||||||||||||
Servicing Segment Notes Payable | ||||||||||||||||||||||||||||
MBS advance financing facility | $ | 560,814 | $ | 651,953 | $ | 185,817 | $ | 206,622 | ||||||||||||||||||||
Securities repurchase facility (2011) | 35,546 | 55,603 | 11,774 | 55,603 | ||||||||||||||||||||||||
2010-ABS advance financing facility | — | — | 194,833 | 233,208 | ||||||||||||||||||||||||
Nationstar agency advance financing facility | 851,957 | 918,574 | 476,091 | 549,284 | ||||||||||||||||||||||||
MSR note | — | — | 4,627 | 12,328 | ||||||||||||||||||||||||
2012-AW agency advance financing facility | — | — | 100,000 | 135,343 | ||||||||||||||||||||||||
2012-C ABS advance financing facility | — | — | 657,027 | 742,238 | ||||||||||||||||||||||||
2012-R ABS advance financing facility | — | — | 374,739 | 428,758 | ||||||||||||||||||||||||
2012-W ABS advance financing facility | — | — | 492,235 | 566,332 | ||||||||||||||||||||||||
Reverse participations financing facility | 102,031 | 124,536 | 65,943 | 76,455 | ||||||||||||||||||||||||
MBS advance financing facility (2012) | 179,306 | 220,833 | — | — | ||||||||||||||||||||||||
Nationstar Mortgage Advance Receivable Trust | 1,240,940 | 1,347,410 | — | — | ||||||||||||||||||||||||
Nationstar Servicer Advance Receivables Trust 2013-BA | 1,579,830 | 1,764,296 | — | — | ||||||||||||||||||||||||
Originations Segment Notes Payable | ||||||||||||||||||||||||||||
$1.50 billion warehouse facility | 797,281 | 891,648 | 356,104 | 371,836 | ||||||||||||||||||||||||
$750 million warehouse facility | 639,378 | 673,599 | 245,287 | 285,281 | ||||||||||||||||||||||||
$700 million warehouse facility | 111,980 | 115,629 | — | — | ||||||||||||||||||||||||
$600 million warehouse facility | 214,570 | 224,162 | 224,790 | 241,867 | ||||||||||||||||||||||||
$500 million warehouse facility | 159,435 | 166,482 | 87,747 | 91,403 | ||||||||||||||||||||||||
$400 million warehouse facility | 447,926 | 477,980 | — | — | ||||||||||||||||||||||||
$108 million warehouse facility | 63,357 | 93,098 | — | — | ||||||||||||||||||||||||
ASAP+ facility | — | — | 124,572 | 124,596 | ||||||||||||||||||||||||
Total notes payable | $ | 6,984,351 | $ | 7,725,803 | $ | 3,601,586 | $ | 4,121,154 | ||||||||||||||||||||
Schedule of Senior Unsecured Notes | ' | |||||||||||||||||||||||||||
A summary of the balances of unsecured senior notes is presented below (in thousands): | ||||||||||||||||||||||||||||
31-Dec-13 | December 31, 2012 | |||||||||||||||||||||||||||
$285 million face value, 10.875% interest rate payable semi-annually, due April 2015 | $ | 283,153 | $ | 281,676 | ||||||||||||||||||||||||
$475 million face value, 6.500% interest rate payable semi-annually, due August 2018 | 475,000 | — | ||||||||||||||||||||||||||
$375 million face value, 9.625% interest rate payable semi-annually, due May 2019 | 379,360 | 380,232 | ||||||||||||||||||||||||||
$400 million face value, 7.875% interest rate payable semi-annually, due October 2020 | 400,634 | 400,727 | ||||||||||||||||||||||||||
$600 million face value, 6.500% interest rate payable semi-annually, due July 2021 | 605,915 | — | ||||||||||||||||||||||||||
$300 million face value, 6.500% interest rate payable semi-annually, due June 2022 | 300,000 | — | ||||||||||||||||||||||||||
Total | $ | 2,444,062 | $ | 1,062,635 | ||||||||||||||||||||||||
Schedule of Maturities of Senior Unsecured Notes | ' | |||||||||||||||||||||||||||
The expected maturities of Nationstar's senior unsecured notes based on contractual maturities are as follows (in thousands). | ||||||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||||||
2014 | $ | — | ||||||||||||||||||||||||||
2015 | 285,000 | |||||||||||||||||||||||||||
2016 | — | |||||||||||||||||||||||||||
2017 | — | |||||||||||||||||||||||||||
2018 | 475,000 | |||||||||||||||||||||||||||
Thereafter | 1,675,000 | |||||||||||||||||||||||||||
Total | $ | 2,435,000 | ||||||||||||||||||||||||||
Summary of Other Nonrecourse Debt | ' | |||||||||||||||||||||||||||
A summary of the balances of other nonrecourse debt is presented below (in thousands): | ||||||||||||||||||||||||||||
December 31, 2013 | 31-Dec-12 | |||||||||||||||||||||||||||
Nonrecourse debt - Legacy Assets | $ | 89,107 | $ | 100,620 | ||||||||||||||||||||||||
Excess spread financing - fair value | 986,410 | 288,089 | ||||||||||||||||||||||||||
Participating interest financing | 1,103,490 | 580,836 | ||||||||||||||||||||||||||
Mortgage servicing rights financing liability | 29,874 | — | ||||||||||||||||||||||||||
Total | $ | 2,208,881 | $ | 969,545 | ||||||||||||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets | ' | |||||||||||||||||||||||||||
The following table shows the hypothetical effect on the fair value of the MSRs using certain unfavorable variations of the expected levels of key assumptions used in valuing these assets at December 31, 2013 and 2012 (in thousands): | ||||||||||||||||||||||||||||
Discount Rate | Total Prepayment | Credit Losses | Ancillary Income | |||||||||||||||||||||||||
Speeds | ||||||||||||||||||||||||||||
100 bps | 200 bps | 10% | 20% | 10% | 20% | 10% | 20% | |||||||||||||||||||||
Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | |||||||||||||||||||||
Change | Change | Change | Change | Change | Change | Change | Change | |||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||
Mortgage servicing rights | $ | (74,681 | ) | $ | (151,899 | ) | $ | (101,590 | ) | $ | (195,445 | ) | $ | (89,958 | ) | $ | (178,669 | ) | $ | (68,828 | ) | $ | (137,657 | ) | ||||
31-Dec-12 | ||||||||||||||||||||||||||||
Mortgage servicing rights | $ | (17,060 | ) | $ | (34,419 | ) | $ | (66,037 | ) | $ | (124,995 | ) | $ | (77,072 | ) | $ | (157,433 | ) | $ | (9,789 | ) | $ | (19,578 | ) | ||||
The following table shows the hypothetical effect on the fair value of excess spread financing using certain unfavorable variations of the expected levels of key assumptions used in valuing these liabilities at December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||
Discount Rate | Total Prepayment | Credit Losses | ||||||||||||||||||||||||||
Speeds | ||||||||||||||||||||||||||||
100 bps | 200 bps | 10% | 20% | 10% | 20% | |||||||||||||||||||||||
Adverse | Adverse | Adverse | Adverse | Adverse | Adverse | |||||||||||||||||||||||
Change | Change | Change | Change | Change | Change | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Excess spread financing | $ | 33,156 | $ | 68,636 | $ | 26,492 | $ | 53,753 | $ | 29,219 | $ | 42,611 | ||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||
Excess spread financing | $ | 7,978 | $ | 16,404 | $ | 10,654 | $ | 22,240 | $ | 5,538 | $ | 11,075 | ||||||||||||||||
Repurchase_Reserves_Tables
Repurchase Reserves (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Repurchase Reserves [Abstract] | ' | |||||||||||
Schedule of Loans Subject to Repurchase Reserve | ' | |||||||||||
The activity of the outstanding repurchase reserves were as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Repurchase reserves, beginning of period | $ | 18,511 | $ | 10,026 | $ | 7,321 | ||||||
Additions | 33,121 | 13,121 | 5,534 | |||||||||
Charge-offs | (10,937 | ) | (4,636 | ) | (2,829 | ) | ||||||
Repurchase reserves, end of period | $ | 40,695 | $ | 18,511 | $ | 10,026 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The components of income tax expense (benefit) on continuing operations were as follows (in thousands): | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Current | |||||||||||||
Federal | $ | 4,636 | $ | 82,120 | |||||||||
State | (1,059 | ) | 10,126 | ||||||||||
3,577 | 92,246 | ||||||||||||
Deferred | |||||||||||||
Federal | 114,466 | (18,721 | ) | ||||||||||
State | 11,157 | (2,229 | ) | ||||||||||
125,623 | (20,950 | ) | |||||||||||
Total | $ | 129,200 | $ | 71,296 | |||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | ||||||||||||
Income tax expense differs from the amounts computed by applying the U.S. Federal corporate tax rate of 35% as follows for the period indicated (dollars in thousands): | |||||||||||||
For the year ended | For the year ended | ||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||
(in dollars) | (in percentages) | (in dollars) | (in percentages) | ||||||||||
Tax expense at federal statutory rate | $ | 121,186 | 35 | % | $ | 96,804 | 35 | % | |||||
Effect of: | |||||||||||||
State taxes, net of federal benefit | 5,465 | 1.6 | % | 6,129 | 2.2 | % | |||||||
Pre-reorganization earnings | — | — | % | (14,302 | ) | (5.2 | )% | ||||||
Increase/(decrease) of valuation allowance | 1,099 | 0.3 | % | (17,767 | ) | (6.4 | )% | ||||||
Other, net | 1,450 | 0.4 | % | 432 | 0.2 | % | |||||||
Total income tax expense | $ | 129,200 | 37.3 | % | $ | 71,296 | 25.8 | % | |||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Temporary differences and carryforwards that give rise to deferred tax assets and liabilities are comprised of the following (in thousands): | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Effect of: | |||||||||||||
Loss carryforwards (federal, state & capital) | $ | 75,387 | $ | 74,335 | |||||||||
Loss reserves | 28,808 | 10,256 | |||||||||||
Reverse mortgage premiums | 23,756 | 15,248 | |||||||||||
MSR fair value adjustments | 10,159 | 61,837 | |||||||||||
Rent expense | 5,389 | 4,206 | |||||||||||
Restricted share based compensation | 4,847 | 3,401 | |||||||||||
Co-investor participation | 1,686 | — | |||||||||||
Goodwill | 1,297 | — | |||||||||||
Impairment | — | 2,661 | |||||||||||
Other, net | 6,632 | 3,937 | |||||||||||
Total Deferred Tax Assets | 157,961 | 175,881 | |||||||||||
Deferred Tax Liabilities | |||||||||||||
Originated MSR gain on sale | (157,114 | ) | (67,975 | ) | |||||||||
Purchased MSR amortization | (39,956 | ) | (26,136 | ) | |||||||||
Depreciation and amortization, net | (9,745 | ) | (10,018 | ) | |||||||||
Prepaid assets | (2,054 | ) | (1,161 | ) | |||||||||
Cash flow hedges | (843 | ) | — | ||||||||||
Other, net | (4,312 | ) | (1,287 | ) | |||||||||
Total Deferred Tax Liabilities | (214,024 | ) | (106,577 | ) | |||||||||
Valuation Allowance | (46,666 | ) | (45,567 | ) | |||||||||
Net Deferred Tax Asset | $ | (102,729 | ) | $ | 23,737 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||||
The computation of basic and diluted net income attributable to Nationstar Inc. is as follows: | |||||||||||
Year ended December 31, 2013 | |||||||||||
Net Income | Average Shares Outstanding | Earnings Per Share | |||||||||
(in thousands, except share amounts) | |||||||||||
Net income attributable to Nationstar Inc. — basic | $ | 217,054 | 89,415 | $ | 2.43 | ||||||
Effect of dilutive stock awards | — | 853 | |||||||||
Net income attributable to Nationstar Inc. — diluted | $ | 217,054 | 90,268 | $ | 2.4 | ||||||
Year ended December 31, 2012 | |||||||||||
Net Income | Average Shares Outstanding | Earnings Per Share | |||||||||
(in thousands, except share amounts) | |||||||||||
Net income attributable to Nationstar Inc. — basic | $ | 205,287 | 85,328 | $ | 2.41 | ||||||
Effect of dilutive stock awards | — | 196 | |||||||||
Net income attributable to Nationstar Inc. — diluted | $ | 205,287 | 85,524 | $ | 2.4 | ||||||
Year ended December 31, 2011 | |||||||||||
Net Income | Average Shares Outstanding | Earnings Per Share | |||||||||
(in thousands, except share amounts) | |||||||||||
Net income attributable to Nationstar Inc. — basic | $ | 20,887 | 70,000 | $ | 0.3 | ||||||
Effect of dilutive stock awards | — | — | |||||||||
Net income attributable to Nationstar Inc. — diluted | $ | 20,887 | 70,000 | $ | 0.3 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||
Schedule of Assumptions for Fair Value of Mortgage Service Rights | ' | ' | ||||||||||||||||||||||||||||||||||
Credit Sensitive MSRs | 31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||||||||||||
Discount rate | 14.17 | % | 18.11 | % | ||||||||||||||||||||||||||||||||
Total prepayment speeds | 20.34 | % | 22.42 | % | ||||||||||||||||||||||||||||||||
Expected weighted-average life | 4.63 years | 4.12 years | ||||||||||||||||||||||||||||||||||
Credit losses | 22.87 | % | 24.68 | % | ||||||||||||||||||||||||||||||||
Interest Rate Sensitive MSRs | 31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||||||||||||
Discount rate | 10.5 | % | 10.62 | % | ||||||||||||||||||||||||||||||||
Total prepayment speeds | 8.97 | % | 17.08 | % | ||||||||||||||||||||||||||||||||
Expected weighted-average life | 7.88 years | 5.19 years | ||||||||||||||||||||||||||||||||||
Credit losses | 9.12 | % | 11.09 | % | ||||||||||||||||||||||||||||||||
The range of various assumptions used in Nationstar's valuation of Excess Spread financing were as follows: | ||||||||||||||||||||||||||||||||||||
Excess Spread financing | Prepayment Speeds | Average | Discount | |||||||||||||||||||||||||||||||||
Life (years) | Rate | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Low | 4.00% | 3.4 years | 10.10% | |||||||||||||||||||||||||||||||||
High | 17.60% | 5.7 years | 20.00% | |||||||||||||||||||||||||||||||||
For the year ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Low | 9.40% | 3.0 years | 13.60% | |||||||||||||||||||||||||||||||||
High | 22.40% | 4.5 years | 15.50% | |||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||||
The estimated carrying amount and fair value of Nationstar’s financial instruments and other assets and liabilities measured at fair value on a recurring basis is as follows for the dates indicated (in thousands): | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale(1) | $ | 2,585,340 | $ | — | $ | 2,585,340 | $ | — | ||||||||||||||||||||||||||||
Mortgage servicing rights(1) | 2,488,283 | — | — | 2,488,283 | ||||||||||||||||||||||||||||||||
Derivative financial instruments: | ||||||||||||||||||||||||||||||||||||
IRLCs | 87,128 | — | 87,128 | — | ||||||||||||||||||||||||||||||||
Forward MBS trades | 32,266 | — | 32,266 | — | ||||||||||||||||||||||||||||||||
LPCs | 793 | — | 793 | — | ||||||||||||||||||||||||||||||||
Interest rate swaps and caps | 3,691 | — | 3,691 | — | ||||||||||||||||||||||||||||||||
Total assets | $ | 5,197,501 | $ | — | $ | 2,709,218 | $ | 2,488,283 | ||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||||||||||||||||||
IRLCs | $ | 2,698 | $ | — | $ | 2,698 | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps on ABS debt | 834 | — | 834 | — | ||||||||||||||||||||||||||||||||
Forward MBS trades | 3,305 | — | 3,305 | — | ||||||||||||||||||||||||||||||||
LPCs | 1,689 | — | 1,689 | — | ||||||||||||||||||||||||||||||||
Mortgage servicing rights financing | 29,874 | — | — | 29,874 | ||||||||||||||||||||||||||||||||
Excess spread financing | 986,410 | — | — | 986,410 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 1,024,810 | $ | — | $ | 8,526 | $ | 1,016,284 | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale(1) | $ | 1,480,537 | $ | — | $ | 1,480,537 | $ | — | ||||||||||||||||||||||||||||
Mortgage servicing rights(1) | 635,860 | — | — | 635,860 | ||||||||||||||||||||||||||||||||
Other assets: | ||||||||||||||||||||||||||||||||||||
IRLCs | 150,048 | — | 150,048 | — | ||||||||||||||||||||||||||||||||
Forward MBS trades | 888 | — | 888 | — | ||||||||||||||||||||||||||||||||
LPCs | 1,253 | — | 1,253 | — | ||||||||||||||||||||||||||||||||
Total assets | $ | 2,268,586 | $ | — | $ | 1,632,726 | $ | 635,860 | ||||||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | ||||||||||||||||||||||||||||||||||||
Interest rate swaps and caps | $ | 6,120 | $ | — | $ | 6,120 | $ | — | ||||||||||||||||||||||||||||
Interest rate swaps on ABS debt | 1,846 | — | 1,846 | — | ||||||||||||||||||||||||||||||||
Forward MBS trades | 11,974 | — | 11,974 | — | ||||||||||||||||||||||||||||||||
LPCs | 86 | — | 86 | — | ||||||||||||||||||||||||||||||||
Excess spread financing | 288,089 | — | — | 288,089 | ||||||||||||||||||||||||||||||||
Total liabilities | $ | 308,115 | $ | — | $ | 20,026 | $ | 288,089 | ||||||||||||||||||||||||||||
(1) | Based on the nature and risks of these assets and liabilities, the Company has determined that presenting them as a single class is appropriate. | |||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' | ||||||||||||||||||||||||||||||||||
The table below presents a reconciliation for all of Nationstar’s Level 3 assets and liabilities measured at fair value on a recurring basis for the dates indicated (in thousands): | ||||||||||||||||||||||||||||||||||||
ASSETS | LIABILITIES | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 | Mortgage | Excess spread | Mortgage Servicing Rights Financing | |||||||||||||||||||||||||||||||||
servicing rights | financing | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 635,860 | $ | 288,089 | $ | — | ||||||||||||||||||||||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||||||||||||||||||||||
Total gains or losses | ||||||||||||||||||||||||||||||||||||
Included in earnings | 58,458 | 73,333 | — | |||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||||||||||||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||||||||||||||||||||||
Purchases | 1,545,584 | — | — | |||||||||||||||||||||||||||||||||
Issuances | 248,381 | 755,344 | 29,874 | |||||||||||||||||||||||||||||||||
Sales | — | — | — | |||||||||||||||||||||||||||||||||
Settlements | — | (130,356 | ) | — | ||||||||||||||||||||||||||||||||
Ending balance | $ | 2,488,283 | $ | 986,410 | $ | 29,874 | ||||||||||||||||||||||||||||||
ASSETS | LIABILITIES | |||||||||||||||||||||||||||||||||||
For the year ended December 31, 2012 | Mortgage | Excess spread | ||||||||||||||||||||||||||||||||||
servicing rights | financing | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 251,050 | $ | 44,595 | ||||||||||||||||||||||||||||||||
Transfers into Level 3 | — | — | ||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | ||||||||||||||||||||||||||||||||||
Total gains or losses | ||||||||||||||||||||||||||||||||||||
Included in earnings | (68,242 | ) | 10,683 | |||||||||||||||||||||||||||||||||
Included in other comprehensive income | — | — | ||||||||||||||||||||||||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||||||||||||||||||||||
Purchases | 394,445 | — | ||||||||||||||||||||||||||||||||||
Issuances | 58,607 | 272,676 | ||||||||||||||||||||||||||||||||||
Sales | — | — | ||||||||||||||||||||||||||||||||||
Settlements | — | (39,865 | ) | |||||||||||||||||||||||||||||||||
Ending balance | $ | 635,860 | $ | 288,089 | ||||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring | ' | ' | ||||||||||||||||||||||||||||||||||
The table below presents the items which Nationstar measures at fair value on a nonrecurring basis (in thousands). | ||||||||||||||||||||||||||||||||||||
Nonrecurring Fair Value | Total Estimated | Total Gain | ||||||||||||||||||||||||||||||||||
Measurements | Fair Value | (Loss) Included | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | in Earnings | |||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
REO(1) | $ | — | $ | — | $ | 45,632 | $ | 45,632 | $ | (13,316 | ) | |||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 45,632 | $ | 45,632 | $ | (13,316 | ) | |||||||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
REO(1) | $ | — | $ | — | $ | 10,467 | $ | 10,467 | $ | (2,864 | ) | |||||||||||||||||||||||||
Total assets | $ | — | $ | — | $ | 10,467 | $ | 10,467 | $ | (2,864 | ) | |||||||||||||||||||||||||
(1) | Based on the nature and risks of these assets and liabilities, the Company has determined that presenting them as a single class is appropriate. | |||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ' | ||||||||||||||||||||||||||||||||||
The table below presents a summary of the estimated carrying amount and fair value of Nationstar’s financial instruments (in thousands). | ||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 441,902 | $ | 441,902 | $ | — | $ | — | ||||||||||||||||||||||||||||
Restricted cash | 592,747 | 592,747 | — | — | ||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 2,603,380 | — | 2,601,520 | — | ||||||||||||||||||||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt – Legacy assets | 211,050 | — | — | 180,435 | ||||||||||||||||||||||||||||||||
Reverse mortgage interests | 1,434,506 | — | — | 1,405,197 | ||||||||||||||||||||||||||||||||
Derivative instruments | 123,878 | — | 123,878 | — | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Notes payable | 6,984,351 | — | — | 6,984,351 | ||||||||||||||||||||||||||||||||
Unsecured senior notes | 2,444,062 | 2,489,886 | — | — | ||||||||||||||||||||||||||||||||
Derivative financial instruments | 8,526 | — | 8,526 | — | ||||||||||||||||||||||||||||||||
Nonrecourse debt - Legacy assets | 89,107 | — | — | 95,345 | ||||||||||||||||||||||||||||||||
Excess spread financing | 986,410 | — | — | 986,410 | ||||||||||||||||||||||||||||||||
Participating interest financing | 1,103,490 | — | 1,093,747 | — | ||||||||||||||||||||||||||||||||
Mortgage servicing rights financing liability | 29,874 | — | — | 29,874 | ||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | |||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
Financial assets: | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 152,649 | $ | 152,649 | $ | — | $ | — | ||||||||||||||||||||||||||||
Restricted cash | 393,190 | 393,190 | — | — | ||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 1,480,537 | — | 1,480,537 | — | ||||||||||||||||||||||||||||||||
Mortgage loans held for investment, subject to nonrecourse debt – Legacy assets | 238,907 | — | — | 220,755 | ||||||||||||||||||||||||||||||||
Reverse mortgage interests | 750,273 | — | — | 805,650 | ||||||||||||||||||||||||||||||||
Derivative instruments | 152,189 | — | 152,189 | — | ||||||||||||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||||||||
Notes payable | 3,601,586 | — | — | 3,601,586 | ||||||||||||||||||||||||||||||||
Unsecured senior notes | 1,062,635 | 1,151,997 | — | — | ||||||||||||||||||||||||||||||||
Derivative financial instruments | 20,026 | — | 20,026 | — | ||||||||||||||||||||||||||||||||
Nonrecourse debt - Legacy assets | 100,620 | — | — | 102,492 | ||||||||||||||||||||||||||||||||
Excess spread financing | 288,089 | — | — | 288,089 | ||||||||||||||||||||||||||||||||
Participating interest financing | 580,836 | — | 593,741 | — | ||||||||||||||||||||||||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||
Restricted Stock Information | ' | |||||
The following table summarizes information about the restricted stock as of December 31, 2013 under the 2012 Plan (shares in thousands): | ||||||
Shares | Grant Date Fair Value | Remaining Contractual Term | ||||
Restricted stock granted in conjunction with the initial public offering in March 2012 | 1,277 | $14.00 | 1.2 | |||
Grants issued subsequent to public offering | 69 | $29.95 | 1.5 | |||
Forfeited | -53 | |||||
Restricted stock outstanding at December 31, 2012 | 1,293 | |||||
Grants issued in 2013 | 307 | $37.88 | 2.2 | |||
Forfeited | -56 | |||||
Shares surrendered to treasury to pay taxes | -168 | |||||
Restricted stock outstanding at December 31, 2013 | 1,376 | |||||
Restricted stock unvested and expected to vest | 920 | |||||
Restricted stock vested and payable at December 31, 2013 | — | |||||
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Expected to Vest | ' | |||||
The following table summarizes the vesting schedule of the restricted stock grants: | ||||||
2014 | 2015 | 2016 | ||||
Restricted Stock expected to vest | 418 | 418 | 84 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Restructuring Charges [Abstract] | ' | |||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||
The following table summarizes, by category, the Company’s restructuring charges activity for the periods noted below. | ||||||||||||||||
Liability | Restructuring | Restructuring | Liability | |||||||||||||
Balance at January 1 | Adjustments | Settlements | Balance at December 31 | |||||||||||||
For the year ended December 31, 2013 | ||||||||||||||||
Restructuring charges: | ||||||||||||||||
Employee Severance and Other | $ | — | $ | 8,765 | $ | (4,115 | ) | $ | 4,650 | |||||||
Lease terminations | 7,186 | 4,108 | (2,658 | ) | 8,636 | |||||||||||
Total | $ | 7,186 | $ | 12,873 | $ | (6,773 | ) | $ | 13,286 | |||||||
For the year ended December 31, 2012 | ||||||||||||||||
Restructuring charges: | ||||||||||||||||
Employee Severance and Other | $ | — | $ | — | $ | — | $ | — | ||||||||
Lease terminations | 8,460 | 500 | (1,774 | ) | 7,186 | |||||||||||
Total | $ | 8,460 | $ | 500 | $ | (1,774 | ) | $ | 7,186 | |||||||
For the year ended December 31, 2011 | ||||||||||||||||
Restructuring charges: | ||||||||||||||||
Employee Severance and Other | $ | — | $ | — | $ | — | $ | — | ||||||||
Lease terminations | 9,183 | 1,084 | (1,807 | ) | 8,460 | |||||||||||
Total | $ | 9,183 | $ | 1,084 | $ | (1,807 | ) | $ | 8,460 | |||||||
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Concentrations of Credit Risk [Abstract] | ' | |||||||||||||
Schedules of Concentration of Risk, by Risk Factor | ' | |||||||||||||
The following table details the geographical concentration of mortgage loans held for investment and REO by state for the dates indicated (in thousands). | ||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||
State | Unpaid | % of | Unpaid | % of | ||||||||||
Principal | Total | Principal | Total | |||||||||||
Balance | Outstanding | Balance | Outstanding | |||||||||||
Texas | $ | 42,123 | 14.4 | % | $ | 49,814 | 13.8 | % | ||||||
Florida | 39,293 | 13.5 | % | 47,751 | 13.2 | % | ||||||||
Pennsylvania | 16,785 | 5.7 | % | 18,670 | 5.2 | % | ||||||||
New York | 16,768 | 5.7 | % | 16,913 | 4.7 | % | ||||||||
All other states (1) | 177,897 | 60.7 | % | 227,637 | 63.1 | % | ||||||||
$ | 292,866 | 100 | % | $ | 360,785 | 100 | % | |||||||
(1) | No other state contains more than 5.0% of the total outstanding. | |||||||||||||
Schedules of Concentration of Risk, Adjustable Rate Loans | ' | |||||||||||||
Additionally, within mortgage loans held for investment, certain loan products’ contractual terms may give rise to a concentration of credit risk and increase Nationstar’s exposure to risk of nonpayment or realization. The following table details concentrations of credit risk from product type at December 31, 2013 and 2012. | ||||||||||||||
December 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Amortizing Adjustable Rate Mortgages (ARMs): | ||||||||||||||
28-Feb | $ | 41,536 | $ | 56,849 | ||||||||||
27-Mar | 4,331 | 5,046 | ||||||||||||
All other ARMs | 3,051 | 3,459 | ||||||||||||
$ | 48,918 | $ | 65,354 | |||||||||||
Business_Segment_Reporting_Tab
Business Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of Segment Reporting Information | ' | |||||||||||||||||||||||
The following tables are a presentation of financial information by segment for the periods indicated (in thousands): | ||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Servicing | Originations | Operating | Legacy | Eliminations | Consolidated | |||||||||||||||||||
Segments | Portfolio | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Servicing fee income | $ | 1,140,702 | $ | — | $ | 1,140,702 | $ | 1,965 | $ | (58,459 | ) | $ | 1,084,208 | |||||||||||
Other fee income | 238,144 | 61,916 | $ | 300,060 | (46 | ) | — | 300,014 | ||||||||||||||||
Total fee income | 1,378,846 | 61,916 | 1,440,762 | 1,919 | (58,459 | ) | 1,384,222 | |||||||||||||||||
Gain/(loss) on mortgage loans held for sale | 4,799 | 650,357 | 655,156 | (9,218 | ) | 56,825 | 702,763 | |||||||||||||||||
Total revenues | 1,383,645 | 712,273 | 2,095,918 | (7,299 | ) | (1,634 | ) | 2,086,985 | ||||||||||||||||
Total expenses and impairments | 748,645 | 616,644 | 1,365,289 | 36,989 | — | 1,402,278 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 91,018 | 87,848 | 178,866 | 16,720 | 1,634 | 197,220 | ||||||||||||||||||
Interest expense | (396,021 | ) | (123,828 | ) | (519,849 | ) | (18,956 | ) | — | (538,805 | ) | |||||||||||||
Gain on interest rate swaps and caps | 1,856 | — | 1,856 | 1,276 | — | 3,132 | ||||||||||||||||||
Total other income (expense) | (303,147 | ) | (35,980 | ) | (339,127 | ) | (960 | ) | 1,634 | (338,453 | ) | |||||||||||||
Income (loss) before taxes | $ | 331,853 | $ | 59,649 | $ | 391,502 | $ | (45,248 | ) | $ | — | $ | 346,254 | |||||||||||
Depreciation and amortization | $ | 16,085 | $ | 7,784 | $ | 23,869 | $ | 2,746 | $ | — | $ | 26,615 | ||||||||||||
Total assets | 10,175,731 | 3,217,264 | 13,392,995 | 633,694 | — | 14,026,689 | ||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Servicing | Originations | Operating | Legacy | Eliminations | Consolidated | |||||||||||||||||||
Segments | Portfolio | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Servicing fee income | $ | 462,001 | $ | — | $ | 462,001 | $ | 2,287 | $ | (1,793 | ) | $ | 462,495 | |||||||||||
Other fee income | 35,133 | (291 | ) | 34,842 | (186 | ) | — | 34,656 | ||||||||||||||||
Total fee income | 497,134 | (291 | ) | 496,843 | 2,101 | (1,793 | ) | 497,151 | ||||||||||||||||
Gain on mortgage loans held for sale | — | 487,142 | 487,142 | — | 22 | 487,164 | ||||||||||||||||||
Total revenues | 497,134 | 486,851 | 983,985 | 2,101 | (1,771 | ) | 984,315 | |||||||||||||||||
Total expenses and impairments | 338,157 | 219,743 | 557,900 | 24,145 | — | 582,045 | ||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 30,936 | 20,426 | 51,362 | 18,431 | 1,793 | 71,586 | ||||||||||||||||||
Interest expense | (156,817 | ) | (25,830 | ) | (182,647 | ) | (14,639 | ) | (22 | ) | (197,308 | ) | ||||||||||||
Contract termination fees, net | 15,600 | — | 15,600 | — | — | 15,600 | ||||||||||||||||||
Loss on equity method investment | (14,571 | ) | — | (14,571 | ) | — | — | (14,571 | ) | |||||||||||||||
Gain/(Loss) on interest rate swaps and caps | 1,237 | — | 1,237 | (2,231 | ) | — | (994 | ) | ||||||||||||||||
Total other income (expense) | (123,615 | ) | (5,404 | ) | (129,019 | ) | 1,561 | 1,771 | (125,687 | ) | ||||||||||||||
Income (loss) before taxes | $ | 35,362 | $ | 261,704 | $ | 297,066 | $ | (20,483 | ) | $ | — | $ | 276,583 | |||||||||||
Depreciation and amortization | $ | 6,126 | $ | 2,754 | $ | 8,880 | $ | 740 | $ | — | $ | 9,620 | ||||||||||||
Total assets | 4,938,330 | 1,845,979 | 6,784,309 | 341,834 | — | 7,126,143 | ||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||
Servicing | Originations | Operating | Legacy | Eliminations | Consolidated | |||||||||||||||||||
Segments | Portfolio | |||||||||||||||||||||||
and Other | ||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Servicing fee income | $ | 238,394 | $ | — | $ | 238,394 | $ | 1,972 | $ | (6,955 | ) | $ | 233,411 | |||||||||||
Other fee income | 17,189 | 14,109 | 31,298 | 3,996 | — | 35,294 | ||||||||||||||||||
Total fee income | 255,583 | 14,109 | 269,692 | 5,968 | (6,955 | ) | 268,705 | |||||||||||||||||
Gain (loss) on mortgage loans held for sale | — | 109,431 | 109,431 | — | (295 | ) | 109,136 | |||||||||||||||||
Total revenues | 255,583 | 123,540 | 379,123 | 5,968 | (7,250 | ) | 377,841 | |||||||||||||||||
Total expenses and impairments | 177,930 | 101,607 | 279,537 | 26,941 | (295 | ) | 306,183 | |||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Interest income | 2,263 | 12,718 | 14,981 | 44,866 | 6,955 | 66,802 | ||||||||||||||||||
Interest expense | (58,024 | ) | (10,955 | ) | (68,979 | ) | (36,396 | ) | — | (105,375 | ) | |||||||||||||
Contract termination fees, net | — | — | — | — | — | — | ||||||||||||||||||
Loss on equity method investment | (107 | ) | — | (107 | ) | — | — | (107 | ) | |||||||||||||||
Gain on interest rate swaps and caps | 298 | — | 298 | — | — | 298 | ||||||||||||||||||
Fair value changes - ABS securitizations | — | — | — | (12,389 | ) | — | (12,389 | ) | ||||||||||||||||
Total other income (expense) | (55,570 | ) | 1,763 | (53,807 | ) | (3,919 | ) | 6,955 | (50,771 | ) | ||||||||||||||
Income (loss) before taxes | $ | 22,083 | $ | 23,696 | $ | 45,779 | $ | (24,892 | ) | $ | — | $ | 20,887 | |||||||||||
Depreciation and amortization | $ | 2,089 | $ | 1,306 | $ | 3,395 | $ | 668 | $ | — | $ | 4,063 | ||||||||||||
Total assets | 909,992 | 600,105 | 1,510,097 | 277,834 | — | 1,787,931 | ||||||||||||||||||
Guarantor_Financial_Statement_1
Guarantor Financial Statement Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | Issuer (Parent) | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(IN THOUSANDS) | (Subsidiaries) | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | Revenues: | |||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | Servicing fee income | $ | 234,135 | $ | — | $ | 6,231 | $ | (6,955 | ) | $ | 233,411 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 422,268 | $ | 3,907 | $ | 15,727 | $ | — | $ | 441,902 | ||||||||||||||||||||||||||||||||||||
Other fee income | 17,889 | 15,313 | 2,092 | — | 35,294 | |||||||||||||||||||||||||||||||||||||||||||
Restricted cash | — | 312,120 | 3 | 280,624 | — | 592,747 | ||||||||||||||||||||||||||||||||||||||||||
Total fee income | 252,024 | 15,313 | 8,323 | (6,955 | ) | 268,705 | ||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | — | 1,569,021 | 2,582 | 4,064,879 | — | 5,636,482 | ||||||||||||||||||||||||||||||||||||||||||
Gain on mortgage loans held for sale | 109,136 | — | — | — | 109,136 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 2,603,380 | — | — | — | 2,603,380 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | 361,160 | 15,313 | 8,323 | (6,955 | ) | 377,841 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for investment, principally subject to nonrecourse debt–Legacy Asset, net | — | 2,786 | — | 208,264 | — | 211,050 | ||||||||||||||||||||||||||||||||||||||||||
Expenses and impairments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Reverse mortgage interests | — | 1,434,506 | — | — | — | 1,434,506 | Salaries, wages and benefits | 198,703 | 3,587 | — | — | 202,290 | ||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | — | 2,503,162 | — | — | — | 2,503,162 | General and administrative | 72,654 | 3,207 | 6,322 | — | 82,183 | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 968,027 | 181,545 | — | — | (1,149,572 | ) | — | Loss on foreclosed real estate and other | 3,959 | — | 6,411 | — | 10,370 | |||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 115,765 | 855 | 2,565 | — | 119,185 | Occupancy | 11,163 | 177 | — | — | 11,340 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 120,187 | — | 3,691 | — | 123,878 | Total expenses and impairments | 286,479 | 6,971 | 12,733 | — | 306,183 | ||||||||||||||||||||||||||||||||||||
Other assets | 21,872 | 4,683,749 | 323,346 | 3,373,048 | (8,041,618 | ) | 360,397 | Other income (expense): | ||||||||||||||||||||||||||||||||||||||||
Interest income | 14,880 | — | 44,967 | 6,955 | 66,802 | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 989,899 | $ | 13,948,489 | $ | 330,693 | $ | 7,948,798 | $ | (9,191,190 | ) | $ | 14,026,689 | |||||||||||||||||||||||||||||||||||
Interest expense | (58,452 | ) | — | (46,923 | ) | — | (105,375 | ) | ||||||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ | — | $ | 3,311,625 | $ | — | $ | 3,672,726 | $ | — | $ | 6,984,351 | Loss on equity method investments | (107 | ) | — | — | — | (107 | ) | ||||||||||||||||||||||||||||
Unsecured senior notes | — | 2,444,062 | — | — | — | 2,444,062 | Gain on interest rate swaps and caps | — | — | 298 | — | 298 | ||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | — | 1,319,172 | 5,950 | 14,791 | (31,463 | ) | 1,308,450 | Fair value changes in ABS securitizations | 7,695 | — | (20,084 | ) | — | (12,389 | ) | |||||||||||||||||||||||||||||||||
Payables to affiliates | — | 3,694,782 | 116,349 | 4,199,023 | (8,010,154 | ) | — | Gain/(loss) from subsidiaries | (17,810 | ) | — | — | 17,810 | — | ||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 8,526 | — | — | — | 8,526 | Total other income (expense) | (53,794 | ) | — | (21,742 | ) | 24,765 | (50,771 | ) | |||||||||||||||||||||||||||||||||
Mortgage servicing liabilities | — | 82,521 | — | — | — | 82,521 | Net income/(loss) | 20,887 | 8,342 | (26,152 | ) | 17,810 | 20,887 | |||||||||||||||||||||||||||||||||||
Other nonrecourse debt | — | 2,119,774 | — | 89,107 | — | 2,208,881 | Other comprehensive income, net of tax: | |||||||||||||||||||||||||||||||||||||||||
Change in value of cash flow hedges | (1,071 | ) | — | (1,071 | ) | 1,071 | (1,071 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 12,980,462 | 122,299 | 7,975,647 | (8,041,617 | ) | 13,036,791 | |||||||||||||||||||||||||||||||||||||||||
Comprehensive income / (loss) | $ | 19,816 | $ | 8,342 | $ | (27,223 | ) | $ | 18,881 | $ | 19,816 | |||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 989,899 | 968,027 | 208,394 | (26,849 | ) | (1,149,573 | ) | 989,898 | ||||||||||||||||||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC | ||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 989,899 | $ | 13,948,489 | $ | 330,693 | $ | 7,948,798 | $ | (9,191,190 | ) | $ | 14,026,689 | CONSOLIDATING BALANCE SHEET | ||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Parent) | (Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 152,248 | $ | 401 | $ | — | $ | — | $ | 152,649 | ||||||||||||||||||||||||||||||||||||
Restricted cash | — | 145,657 | 3 | 247,530 | — | 393,190 | ||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | — | 3,040,666 | 1,826 | 1,114 | — | 3,043,606 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 1,480,537 | — | — | — | 1,480,537 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for investment, subject to nonrecourse debt–Legacy Asset, net | — | 14,700 | — | 224,207 | — | 238,907 | ||||||||||||||||||||||||||||||||||||||||||
Reverse mortgage interests | — | 750,273 | — | — | — | 750,273 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | — | 646,833 | — | — | — | 646,833 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 728,908 | 149,188 | — | — | (878,096 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 74,191 | 835 | — | — | 75,026 | ||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 152,189 | — | — | — | 152,189 | ||||||||||||||||||||||||||||||||||||||||||
Other assets | 28,774 | 159,976 | 94,202 | 1,987,883 | (2,077,902 | ) | 192,933 | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 757,682 | $ | 6,766,458 | $ | 97,267 | $ | 2,460,734 | $ | (2,955,998 | ) | $ | 7,126,143 | |||||||||||||||||||||||||||||||||||
Liabilities and members’ equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable | $ | — | $ | 1,306,557 | $ | — | $ | 2,295,029 | $ | — | $ | 3,601,586 | ||||||||||||||||||||||||||||||||||||
Unsecured senior notes | — | 1,062,635 | — | — | — | 1,062,635 | ||||||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | — | 640,369 | 1,815 | 3,383 | (14,136 | ) | 631,431 | |||||||||||||||||||||||||||||||||||||||||
Payables to affiliates | — | 2,063,766 | — | — | (2,063,766 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 12,060 | — | 7,966 | 20,026 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing liabilities | — | 83,238 | — | — | — | 83,238 | ||||||||||||||||||||||||||||||||||||||||||
Other nonrecourse debt | — | 868,925 | — | 100,620 | — | 969,545 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 6,037,550 | 1,815 | 2,406,998 | (2,077,902 | ) | 6,368,461 | |||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 757,682 | 728,908 | 95,452 | 53,736 | (878,096 | ) | 757,682 | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 757,682 | $ | 6,766,458 | $ | 97,267 | $ | 2,460,734 | $ | (2,955,998 | ) | $ | 7,126,143 | |||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | (Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
(IN THOUSANDS) | Servicing fee income | $ | — | $ | 462,980 | $ | 1,308 | $ | — | $ | (1,793 | ) | $ | 462,495 | ||||||||||||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | Other fee income (expense) | — | (395 | ) | 34,583 | 468 | — | 34,656 | |||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Servicing fee income | $ | — | $ | 1,143,096 | $ | — | $ | — | $ | (58,888 | ) | $ | 1,084,208 | Total fee income | — | 462,585 | 35,891 | 468 | (1,793 | ) | 497,151 | |||||||||||||||||||||||||||
Other fee income | — | 68,621 | 129,689 | 101,704 | — | 300,014 | Gain on mortgage loans held for sale | — | 487,164 | — | — | — | 487,164 | |||||||||||||||||||||||||||||||||||
Total fee income | — | 1,211,717 | 129,689 | 101,704 | (58,888 | ) | 1,384,222 | Total revenues | — | 949,749 | 35,891 | 468 | (1,793 | ) | 984,315 | |||||||||||||||||||||||||||||||||
Gain on mortgage loans held for sale | — | 645,509 | — | — | 57,254 | 702,763 | Expenses and impairments: | |||||||||||||||||||||||||||||||||||||||||
Salaries, wages and benefits | — | 349,012 | 9,443 | — | — | 358,455 | ||||||||||||||||||||||||||||||||||||||||||
Total revenues | — | 1,857,226 | 129,689 | 101,704 | (1,634 | ) | 2,086,985 | |||||||||||||||||||||||||||||||||||||||||
General and administrative | — | 198,948 | 2,625 | 14 | — | 201,587 | ||||||||||||||||||||||||||||||||||||||||||
Expenses and Impairments: | ||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages and benefits | — | 637,794 | 12,534 | 29,309 | — | 679,637 | Loss (gain) on foreclosed real estate and other | — | (1,034 | ) | — | 6,251 | — | 5,217 | ||||||||||||||||||||||||||||||||||
General and administrative | — | 604,990 | 3,630 | 69,860 | — | 678,480 | Occupancy | — | 16,734 | 52 | — | — | 16,786 | |||||||||||||||||||||||||||||||||||
Loss on foreclosed real estate and other | — | 7,317 | — | 5,999 | — | 13,316 | Total expenses and impairments | — | 563,660 | 12,120 | 6,265 | — | 582,045 | |||||||||||||||||||||||||||||||||||
Occupancy | — | 29,121 | 431 | 1,293 | — | 30,845 | Other income (expense): | |||||||||||||||||||||||||||||||||||||||||
Interest income | — | 51,307 | — | 18,486 | 1,793 | 71,586 | ||||||||||||||||||||||||||||||||||||||||||
Total expenses and impairments | — | 1,279,222 | 16,595 | 106,461 | — | 1,402,278 | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (137,638 | ) | — | (59,670 | ) | — | (197,308 | ) | |||||||||||||||||||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | 179,445 | — | 16,141 | 1,634 | 197,220 | Contract termination fees, net | — | 15,600 | — | — | — | 15,600 | |||||||||||||||||||||||||||||||||||
Interest expense | — | (420,214 | ) | — | (118,591 | ) | — | (538,805 | ) | Loss on equity method investments | — | (14,571 | ) | — | — | — | (14,571 | ) | ||||||||||||||||||||||||||||||
Gain on interest rate swaps and caps | — | 1,012 | — | 2,120 | — | 3,132 | Gain/(Loss) on interest rate swaps and caps | — | (1,415 | ) | — | 421 | — | (994 | ) | |||||||||||||||||||||||||||||||||
Gain/(loss) from subsidiaries | 217,054 | 8,007 | — | — | (225,061 | ) | — | Gain/(loss) from subsidiaries | 179,359 | (22,789 | ) | — | — | (156,570 | ) | — | ||||||||||||||||||||||||||||||||
Total other income (expense) | 217,054 | (231,750 | ) | — | (100,330 | ) | (223,427 | ) | (338,453 | ) | Total other income (expense) | 179,359 | (109,506 | ) | — | (40,763 | ) | (154,777 | ) | (125,687 | ) | |||||||||||||||||||||||||||
Income/(loss) before taxes | 217,054 | 346,254 | 113,094 | (105,087 | ) | (225,061 | ) | 346,254 | Income before taxes | 179,359 | 276,583 | 23,771 | (46,560 | ) | (156,570 | ) | 276,583 | |||||||||||||||||||||||||||||||
Income tax expense | — | 129,200 | — | — | — | 129,200 | Income tax expense/(benefit) | (25,928 | ) | 97,224 | — | — | — | 71,296 | ||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 217,054 | $ | 217,054 | $ | 113,094 | $ | (105,087 | ) | $ | (225,061 | ) | $ | 217,054 | Net income/(loss) | $ | 205,287 | $ | 179,359 | $ | 23,771 | $ | (46,560 | ) | $ | (156,570 | ) | $ | 205,287 | |||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(Parent) | (Subsidiaries) | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 20,887 | $ | 8,342 | $ | (26,152 | ) | $ | 17,810 | $ | 20,887 | |||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss from subsidiaries | 17,810 | — | — | (17,810 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 14,815 | — | — | — | 14,815 | |||||||||||||||||||||||||||||||||||||||||||
Loss on foreclosed real estate and other | 3,959 | — | 6,411 | — | 10,370 | |||||||||||||||||||||||||||||||||||||||||||
Loss on equity method investments | 107 | — | — | — | 107 | |||||||||||||||||||||||||||||||||||||||||||
Loss on derivatives including ineffectiveness on interest rate swaps and cap | — | — | (2,331 | ) | — | (2,331 | ) | |||||||||||||||||||||||||||||||||||||||||
Fair value changes in excess spread financing | 3,060 | — | — | — | 3,060 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,063 | — | — | — | 4,063 | |||||||||||||||||||||||||||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | 39,000 | — | — | — | 39,000 | |||||||||||||||||||||||||||||||||||||||||||
Amortization/accretion of premiums/(discounts) | 9,070 | — | (781 | ) | — | 8,289 | ||||||||||||||||||||||||||||||||||||||||||
Gain on mortgage loans held for sale | (109,136 | ) | — | — | — | (109,136 | ) | |||||||||||||||||||||||||||||||||||||||||
Fair value changes in ABS securitizations | (7,695 | ) | — | 20,084 | — | 12,389 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans originated and purchased, net of fees | (3,412,185 | ) | — | — | — | (3,412,185 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds on sale of and payment of mortgage loans held for sale | 3,376,778 | — | 26,659 | — | 3,403,437 | |||||||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable including servicer advances, net | 162,980 | (7 | ) | (246,106 | ) | — | (83,133 | ) | ||||||||||||||||||||||||||||||||||||||||
Other assets | (272,031 | ) | (8,407 | ) | 240,246 | — | (40,192 | ) | ||||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | 99,602 | — | 2,055 | — | 101,657 | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) operating activities | (48,916 | ) | (72 | ) | 20,085 | — | (28,903 | ) | ||||||||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
(IN THOUSANDS) | ||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 217,054 | $ | 217,054 | $ | 113,094 | $ | (105,087 | ) | $ | (225,061 | ) | $ | 217,054 | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss from subsidiaries | (217,054 | ) | (8,007 | ) | — | — | 225,061 | — | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 10,574 | — | — | — | 10,574 | ||||||||||||||||||||||||||||||||||||||||||
Loss on foreclosed real estate and other | — | 7,317 | — | 5,999 | — | 13,316 | ||||||||||||||||||||||||||||||||||||||||||
Loss on derivatives including ineffectiveness on interest rate swaps and caps | — | (3,415 | ) | — | (2,665 | ) | — | (6,080 | ) | |||||||||||||||||||||||||||||||||||||||
Loss on equity method investments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Fair value changes in excess spread financing | — | 73,333 | — | — | — | 73,333 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 25,479 | 979 | 157 | — | 26,615 | ||||||||||||||||||||||||||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | (59,101 | ) | — | — | — | (59,101 | ) | ||||||||||||||||||||||||||||||||||||||||
Amortization/accretion of premiums/(discounts) | — | 56,348 | — | (3,817 | ) | — | 52,531 | |||||||||||||||||||||||||||||||||||||||||
Gain on mortgage loans held for sale | — | (645,509 | ) | — | — | (57,254 | ) | (702,763 | ) | |||||||||||||||||||||||||||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (25,466,754 | ) | — | — | — | (25,466,754 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds on sale of and payments of mortgage loans available for sale | — | 24,947,796 | — | 13,325 | 57,254 | 25,018,375 | ||||||||||||||||||||||||||||||||||||||||||
Net tax effect of stock grants issued | — | (4,579 | ) | — | — | — | (4,579 | ) | ||||||||||||||||||||||||||||||||||||||||
Cash settlement on derivative financial instruments | — | — | (4,544 | ) | — | (4,544 | ) | |||||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable including servicer advances, net | — | (822,898 | ) | (756 | ) | (33,485 | ) | — | (857,139 | ) | ||||||||||||||||||||||||||||||||||||||
Reverse mortgage funded advances | — | (669,174 | ) | — | — | — | (669,174 | ) | ||||||||||||||||||||||||||||||||||||||||
Other assets | 2,365 | 1,163,217 | (112,947 | ) | (1,192,857 | ) | 17,297 | (122,925 | ) | |||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | — | 650,257 | 4,135 | 10,225 | (17,297 | ) | 647,320 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) operating activities | 2,365 | (528,062 | ) | 4,505 | (1,312,749 | ) | — | (1,833,941 | ) | |||||||||||||||||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (45,138 | ) | (999 | ) | (2,722 | ) | — | (48,859 | ) | ||||||||||||||||||||||||||||||||||||||
Purchases of reverse mortgage rights and interests | — | (19,189 | ) | — | — | — | (19,189 | ) | ||||||||||||||||||||||||||||||||||||||||
Deposit on / purchase of forward mortgage servicing rights, net of liabilities incurred | — | (1,527,645 | ) | — | — | — | (1,527,645 | ) | ||||||||||||||||||||||||||||||||||||||||
Loan repurchases from Ginnie Mae | — | (19,863 | ) | — | — | — | (19,863 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of REO | — | 52,767 | — | — | — | 52,767 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of servicer advances | — | 277,455 | — | — | — | 277,455 | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of Greenlight Financial Services and other businesses, net | — | (88,200 | ) | — | — | — | (88,200 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash used in investing activities | — | (1,369,813 | ) | (999 | ) | (2,722 | ) | — | (1,373,534 | ) | ||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unsecured senior notes | — | 1,365,244 | — | — | — | 1,365,244 | ||||||||||||||||||||||||||||||||||||||||||
Transfers (to) from restricted cash, net | — | (199,600 | ) | (33,095 | ) | — | (232,695 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of participating interest financing in reverse mortgage interests | — | 535,216 | — | — | — | 535,216 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of excess spread financing | — | 753,002 | — | — | — | 753,002 | ||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in notes payable, net | — | (136,947 | ) | — | 1,377,697 | — | 1,240,750 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from mortgage servicing rights financing | — | 29,874 | — | — | — | 29,874 | ||||||||||||||||||||||||||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | — | (13,404 | ) | — | (13,404 | ) | ||||||||||||||||||||||||||||||||||||||||
Repayment of excess spread financing | — | (130,355 | ) | — | — | — | (130,355 | ) | ||||||||||||||||||||||||||||||||||||||||
Debt financing costs | — | (53,529 | ) | — | — | — | (53,529 | ) | ||||||||||||||||||||||||||||||||||||||||
Net tax benefit for stock grants issued | 4,579 | — | — | — | — | 4,579 | ||||||||||||||||||||||||||||||||||||||||||
Contribution to joint venture for noncontrolling interest | — | 4,990 | — | — | — | 4,990 | ||||||||||||||||||||||||||||||||||||||||||
Redemption of shares for stock vesting | (6,944 | ) | — | — | — | — | (6,944 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | (2,365 | ) | 2,167,895 | — | 1,331,198 | — | 3,496,728 | |||||||||||||||||||||||||||||||||||||||||
Net increase/(decrease) in cash | — | 270,020 | 3,506 | 15,727 | — | 289,253 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 152,248 | 401 | — | — | 152,649 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 422,268 | $ | 3,907 | $ | 15,727 | $ | — | $ | 441,902 | ||||||||||||||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 205,287 | $ | 179,359 | $ | 23,771 | $ | (46,560 | ) | $ | (156,570 | ) | $ | 205,287 | ||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss from subsidiaries | (179,359 | ) | 22,789 | — | — | 156,570 | — | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 13,342 | — | — | — | 13,342 | ||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on foreclosed real estate and other | — | (1,034 | ) | — | 6,251 | — | 5,217 | |||||||||||||||||||||||||||||||||||||||||
Loss on equity method investments | — | 14,571 | — | — | — | 14,571 | ||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss on derivatives including ineffectiveness on interest rate swaps and caps | — | 1,415 | — | (421 | ) | — | 994 | |||||||||||||||||||||||||||||||||||||||||
Fair value changes in excess spread financing | — | 10,683 | — | — | — | 10,683 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 9,620 | — | — | — | 9,620 | ||||||||||||||||||||||||||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | 63,122 | — | — | — | 63,122 | ||||||||||||||||||||||||||||||||||||||||||
Accretion/amortization of premiums/(discounts) | — | 13,003 | — | (3,368 | ) | — | 9,635 | |||||||||||||||||||||||||||||||||||||||||
Gain on mortgage loans held for sale | — | (487,164 | ) | — | — | — | (487,164 | ) | ||||||||||||||||||||||||||||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (7,904,052 | ) | — | — | — | (7,904,052 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale | — | 7,185,335 | — | 12,387 | — | 7,197,722 | ||||||||||||||||||||||||||||||||||||||||||
Net tax effect of stock grants issued | — | (2,846 | ) | — | — | — | (2,846 | ) | ||||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | — | (1,030,084 | ) | (1,819 | ) | 279,396 | — | (752,507 | ) | |||||||||||||||||||||||||||||||||||||||
Reverse mortgage funded advances | — | (608,085 | ) | — | — | — | (608,085 | ) | ||||||||||||||||||||||||||||||||||||||||
Other assets | (28,774 | ) | 2,066,136 | (23,610 | ) | (2,060,844 | ) | 14,136 | (32,956 | ) | ||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | 2,846 | 308,636 | 1,815 | 140 | (14,136 | ) | 299,301 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) operating activities | — | (145,254 | ) | 157 | (1,813,019 | ) | — | (1,958,116 | ) | |||||||||||||||||||||||||||||||||||||||
Nationstar Inc. | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (25,356 | ) | — | — | — | (25,356 | ) | ||||||||||||||||||||||||||||||||||||||||
Purchase of reverse mortgage rights and interests | — | (37,911 | ) | — | — | — | (37,911 | ) | ||||||||||||||||||||||||||||||||||||||||
Deposit on / purchase of forward mortgage servicing rights, net of liabilities incurred | — | (2,070,375 | ) | — | — | — | (2,070,375 | ) | ||||||||||||||||||||||||||||||||||||||||
Loan repurchases from Ginnie Mae | — | (24,329 | ) | — | — | — | (24,329 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of REO | — | (884 | ) | — | 1,563 | — | 679 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) investing activities | — | (2,158,855 | ) | — | 1,563 | — | (2,157,292 | ) | ||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unsecured senior notes | — | 770,699 | — | — | — | 770,699 | ||||||||||||||||||||||||||||||||||||||||||
Transfers to/from restricted cash, net | — | (96,477 | ) | — | (225,214 | ) | — | (321,691 | ) | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of IPO issuance costs | 246,700 | — | — | — | — | 246,700 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of participating interest financing in reverse mortgage interests | — | 582,897 | — | — | — | 582,897 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of excess spread financing | — | 272,617 | — | — | — | 272,617 | ||||||||||||||||||||||||||||||||||||||||||
Increase in notes payable, net | — | 677,952 | — | 2,050,455 | — | 2,728,407 | ||||||||||||||||||||||||||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | — | (13,785 | ) | — | (13,785 | ) | ||||||||||||||||||||||||||||||||||||||||
Repayment of excess servicing spread financing | — | (39,865 | ) | — | — | — | (39,865 | ) | ||||||||||||||||||||||||||||||||||||||||
Debt financing costs | — | (23,213 | ) | — | — | — | (23,213 | ) | ||||||||||||||||||||||||||||||||||||||||
Net tax benefit for stock grants issued | — | 2,846 | — | — | — | 2,846 | ||||||||||||||||||||||||||||||||||||||||||
Distribution to subsidiaries | (246,700 | ) | — | — | — | 246,700 | — | |||||||||||||||||||||||||||||||||||||||||
Contributions of parent | — | 246,700 | — | — | (246,700 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | — | 2,394,156 | — | 1,811,456 | — | 4,205,612 | ||||||||||||||||||||||||||||||||||||||||||
Net increase in cash | — | 90,047 | 157 | — | — | 90,204 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 62,201 | 244 | — | — | 62,445 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 152,248 | $ | 401 | $ | — | $ | — | $ | 152,649 | ||||||||||||||||||||||||||||||||||||
Issuer | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(Parent) | (Subsidiaries) | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 20,887 | $ | 8,342 | $ | (26,152 | ) | $ | 17,810 | $ | 20,887 | |||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Loss from subsidiaries | 17,810 | — | — | (17,810 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | 14,815 | — | — | — | 14,815 | |||||||||||||||||||||||||||||||||||||||||||
Loss on foreclosed real estate and other | 3,959 | — | 6,411 | — | 10,370 | |||||||||||||||||||||||||||||||||||||||||||
Loss on equity method investments | 107 | — | — | — | 107 | |||||||||||||||||||||||||||||||||||||||||||
Loss on derivatives including ineffectiveness on interest rate swaps and cap | — | — | (2,331 | ) | — | (2,331 | ) | |||||||||||||||||||||||||||||||||||||||||
Fair value changes in excess spread financing | 3,060 | — | — | — | 3,060 | |||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,063 | — | — | — | 4,063 | |||||||||||||||||||||||||||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | 39,000 | — | — | — | 39,000 | |||||||||||||||||||||||||||||||||||||||||||
Amortization/accretion of premiums/(discounts) | 9,070 | — | (781 | ) | — | 8,289 | ||||||||||||||||||||||||||||||||||||||||||
Gain on mortgage loans held for sale | (109,136 | ) | — | — | — | (109,136 | ) | |||||||||||||||||||||||||||||||||||||||||
Fair value changes in ABS securitizations | (7,695 | ) | — | 20,084 | — | 12,389 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage loans originated and purchased, net of fees | (3,412,185 | ) | — | — | — | (3,412,185 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds on sale of and payment of mortgage loans held for sale | 3,376,778 | — | 26,659 | — | 3,403,437 | |||||||||||||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable including servicer advances, net | 162,980 | (7 | ) | (246,106 | ) | — | (83,133 | ) | ||||||||||||||||||||||||||||||||||||||||
Other assets | (272,031 | ) | (8,407 | ) | 240,246 | — | (40,192 | ) | ||||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | 99,602 | — | 2,055 | — | 101,657 | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) operating activities | (48,916 | ) | (72 | ) | 20,085 | — | (28,903 | ) | ||||||||||||||||||||||||||||||||||||||||
Statement of Cash Flows continued | Issuer | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||
(Parent) | (Subsidiaries) | Guarantor | ||||||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Principal payments received and other changes on mortgage loans held for investment, subject to ABS nonrecourse debt | — | — | 40,000 | — | 40,000 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment additions, net of disposals | (19,742 | ) | — | — | — | (19,742 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisition of equity method investment | (6,600 | ) | — | — | — | (6,600 | ) | |||||||||||||||||||||||||||||||||||||||||
Purchase of reverse mortgage rights and interests | (26,893 | ) | — | — | — | (26,893 | ) | |||||||||||||||||||||||||||||||||||||||||
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | (96,467 | ) | — | — | — | (96,467 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of REO | 15,566 | — | 12,257 | — | 27,823 | |||||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) investing activities | (134,136 | ) | — | 52,257 | — | (81,879 | ) | |||||||||||||||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unsecured senior notes, net | 35,166 | — | — | — | 35,166 | |||||||||||||||||||||||||||||||||||||||||||
Transfers to/from restricted cash, net | 8,399 | (3 | ) | 8,416 | — | 16,812 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of excess spread financing | 40,492 | — | — | — | 40,492 | |||||||||||||||||||||||||||||||||||||||||||
Increase in notes payable, net | 155,655 | — | 7,766 | — | 163,421 | |||||||||||||||||||||||||||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | (30,433 | ) | — | (30,433 | ) | |||||||||||||||||||||||||||||||||||||||||
Repayment of ABS nonrecourse debt | — | — | (58,091 | ) | — | (58,091 | ) | |||||||||||||||||||||||||||||||||||||||||
Repayment of excess servicing spread financing | (2,207 | ) | — | — | — | (2,207 | ) | |||||||||||||||||||||||||||||||||||||||||
Distribution to parent | (4,348 | ) | — | — | — | (4,348 | ) | |||||||||||||||||||||||||||||||||||||||||
Debt financing costs | (3,462 | ) | — | — | — | (3,462 | ) | |||||||||||||||||||||||||||||||||||||||||
Tax related share-based settlement of units by members | (5,346 | ) | — | — | — | (5,346 | ) | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by/(used in) financing activities | 224,349 | (3 | ) | (72,342 | ) | — | 152,004 | |||||||||||||||||||||||||||||||||||||||||
Net increase/(decrease) in cash | 41,297 | (75 | ) | — | — | 41,222 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 20,904 | 319 | — | — | 21,223 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 62,201 | $ | 244 | $ | — | $ | — | $ | 62,445 | ||||||||||||||||||||||||||||||||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2012 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
The following is a summary of the quarterly consolidated results of operations for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||||||
2013 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total fee income | $ | 242,475 | $ | 321,104 | $ | 425,882 | $ | 394,761 | ||||||||
Gain on mortgage loans held for sale | 188,587 | 282,561 | 205,956 | 25,659 | ||||||||||||
Total revenues | 431,062 | 603,665 | 631,838 | 420,420 | ||||||||||||
Total expenses and impairments | 268,571 | 339,851 | 395,854 | 398,002 | ||||||||||||
Total other income/(expense) | (61,498 | ) | (64,685 | ) | (103,912 | ) | (108,358 | ) | ||||||||
Income before taxes | 100,993 | 199,129 | 132,072 | (85,940 | ) | |||||||||||
Income taxes | 38,377 | 75,669 | 50,187 | (35,033 | ) | |||||||||||
Net income (loss) | $ | 62,616 | $ | 123,460 | $ | 81,885 | $ | (50,907 | ) | |||||||
Earnings (loss) per share: | ||||||||||||||||
Basic earnings (loss) per share | $ | 0.7 | $ | 1.38 | $ | 0.92 | $ | (0.57 | ) | |||||||
Diluted earnings (loss) per share | $ | 0.7 | $ | 1.37 | $ | 0.91 | $ | (0.56 | ) | |||||||
2012 | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Total fee income | $ | 93,560 | $ | 100,414 | $ | 145,611 | $ | 157,566 | ||||||||
Gain on mortgage loans held for sale | 70,512 | 102,345 | 139,259 | 175,048 | ||||||||||||
Total revenues | 164,072 | 202,759 | 284,870 | 332,614 | ||||||||||||
Total expenses and impairments | 96,577 | 130,372 | 154,828 | 200,268 | ||||||||||||
Total other income/(expense) | (14,164 | ) | (23,332 | ) | (50,261 | ) | (37,930 | ) | ||||||||
Income before taxes | 53,331 | 49,055 | 79,781 | 94,416 | ||||||||||||
Income taxes | 3,145 | 12,780 | 24,714 | 30,657 | ||||||||||||
Net income | $ | 50,186 | $ | 36,275 | $ | 55,067 | $ | 63,759 | ||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 0.67 | $ | 0.41 | $ | 0.62 | $ | 0.72 | ||||||||
Diluted earnings per share | $ | 0.67 | $ | 0.41 | $ | 0.61 | $ | 0.71 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||||||||
Changes in the carrying amount of goodwill during the year ended December 31, 2013 are as follows: | ||||||||||||||
For the year ended December 31, 2013 | ||||||||||||||
Balance at beginning of period | $ | — | ||||||||||||
Goodwill acquired during the period | 38,820 | |||||||||||||
Balance at end of period | $ | 38,820 | ||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||||||||
The following table presents our intangible assets as of December 31, 2013. | ||||||||||||||
31-Dec-13 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Remaining Life | |||||||||||
Trade name | $ | 18,530 | $ | (1,081 | ) | $ | 17,449 | 9.4 | ||||||
Customer relationships | 4,070 | (339 | ) | 3,731 | 9.2 | |||||||||
Licenses | 557 | — | 557 | Indefinite | ||||||||||
$ | 23,157 | $ | (1,420 | ) | $ | 21,737 | 9.4 | |||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||||||||||||
The following table presents the estimated aggregate amortization expense for the periods indicated. | ||||||||||||||
Amortization Expense | ||||||||||||||
2014 | $ | 2,258 | ||||||||||||
2015 | 2,258 | |||||||||||||
2016 | 2,258 | |||||||||||||
2017 | 2,258 | |||||||||||||
2018 | 2,258 | |||||||||||||
Thereafter | 9,890 | |||||||||||||
Total future amortization expense | $ | 21,180 | ||||||||||||
Nature_of_Business_Corporate_R1
Nature of Business, Corporate Reorganization, Basis of Presentation and Material Transaction (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Feb. 24, 2012 | Feb. 24, 2012 | Mar. 31, 2012 |
subsidiary | subsidiary | Common Stock | Common Stock | |||
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock issuance, shares | ' | ' | ' | ' | 19,166,667 | ' |
Common stock, par value | $0.01 | $0.01 | ' | $0.01 | ' | ' |
Share price (in dollars per share) | ' | ' | ' | ' | $14 | ' |
Number of direct wholly-owned subsidiaries | ' | ' | 2 | 2 | ' | ' |
Number of shares issued to FIF as part of Reorganization | ' | ' | ' | ' | ' | 70,000,000 |
Nature_of_Business_Corporate_R2
Nature of Business, Corporate Reorganization, Basis of Presentation and Material Transaction - Material Transaction (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-13 | Jan. 31, 2013 | Jan. 06, 2013 | Jun. 30, 2012 | |
mortgage_loan | |||||||||
Mortgaging Servicing Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicer Advances sold to unaffiliated third party | $2,700,000,000 | ' | $2,700,000,000 | ' | ' | ' | ' | ' | ' |
Number of loans covered by mortgage servicing agreement | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | ' |
Payments to Acquire Mortgage Servicing Rights (MSR) | ' | ' | 1,527,645,000 | 2,070,375,000 | 96,467,000 | ' | ' | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 2,488,283,000 | ' | 2,488,283,000 | 635,860,000 | ' | ' | ' | ' | ' |
Accounts Receivable, Net | 5,636,482,000 | ' | 5,636,482,000 | 3,043,606,000 | ' | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | 3,000,000,000 | ' | 3,000,000,000 | ' | ' | ' | ' | 215,000,000,000 | ' |
Issuance of excess spread financing | ' | ' | 753,002,000 | 272,617,000 | 40,492,000 | ' | ' | ' | ' |
Servicer advances, net of purchase discount of $62,217 and $70,754, respectively | 5,217,769,000 | ' | 5,217,769,000 | 2,800,690,000 | ' | ' | ' | 5,800,000,000 | 1,700,000,000 |
Percentage of covered loans under mortgage servicing agreement | ' | ' | ' | ' | ' | ' | ' | 47.00% | ' |
Percentage of noncovered loans under mortgage servicing agreement | ' | ' | ' | ' | ' | ' | ' | 53000.00% | ' |
Purchase Price of Loans under Mortgage Servicing Agreement | ' | ' | ' | ' | ' | ' | ' | 7,100,000,000 | ' |
Principal Amount Outstanding on Loans related to Acquired MSRs | 21,200,000,000 | 62,200,000,000 | ' | ' | ' | ' | ' | ' | ' |
UPB related to sold servicing asset | 44,300,000,000 | ' | 44,300,000,000 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Entity Acquired | ' | ' | ' | ' | ' | 75,700,000 | 12,500,000 | ' | ' |
Business Acquisition, Goodwill and Other Intangibles | ' | ' | ' | ' | ' | 53,900,000 | 7,500,000 | ' | ' |
Mortgage Servicing Right [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgaging Servicing Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 2,488,283,000 | ' | 2,488,283,000 | 635,860,000 | 251,050,000 | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | 322,814,139,000 | ' | 322,814,139,000 | 131,124,384,000 | ' | ' | ' | ' | ' |
Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgaging Servicing Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicer Advances sold to unaffiliated third party | 6,300,000,000 | ' | 6,300,000,000 | ' | ' | ' | ' | ' | ' |
UPB related to sold servicing asset | $130,100,000,000 | ' | $130,100,000,000 | ' | ' | ' | ' | ' | ' |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Advertising Expense | $53,600,000 | $5,300,000 | $4,700,000 |
Reserve mortgage, participants age | '62 years | ' | ' |
Stock split, conversion ratio | ' | 70,000 | ' |
Factor in repurchasing loans out of HMBS pools | $625,000 | ' | ' |
Acquisitions_Purchase_Price_De
Acquisitions Purchase Price (Details) (USD $) | 0 Months Ended | |||
Jun. 01, 2013 | Oct. 31, 2013 | 31-May-13 | Jan. 31, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | $40,303,000 | ' |
Business Acquisition, Cost of Entity Acquired | ' | ' | 75,700,000 | 12,500,000 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | 75,700,000 | ' |
Payments to Acquire Businesses, Gross | 65,700,000 | ' | ' | ' |
Mortgage loans held for sale, acquistion | ' | ' | 98,000,000 | ' |
Deposits to Acquire Mortgage Servicing Rights | ' | 2,200,000 | ' | ' |
Goodwill [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | 35,397,000 | ' |
Other Intangible Assets [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | 18,530,000 | ' |
Derivative [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | 18,101,000 | ' |
Property, Plant and Equipment, Other Types [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | 3,561,000 | ' |
Prepaid Expenses and Other Current Assets [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | 700,000 | ' |
Payables and Accrued Liabilities | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ($589,000) | ' |
Acquisitions_Business_Acquisit
Acquisitions Business Acquisitions (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | 31-May-13 | |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | $40,303,000 |
Greenlight Revenue | 140,000,000 | ' |
Greenlight earnings | 11,300,000 | ' |
Business Combination, Acquisition Related Costs | 1,800,000 | ' |
Goodwill [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | $35,397,000 |
Variable_Interest_Entities_and2
Variable Interest Entities and Securitizations - Assets and Liabilities of Consolidated VIEs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | $4,517,961 | $3,130,054 |
UPB of advances previously securitized by Nationstar | 1,039,645 | 542,037 |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 3,766,076 | 2,405,078 |
Mortgage Backed Securities Notes Payable | 1,080,718 | 580,836 |
Residential Mortgage | Restricted Cash | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 272,188 | 247,531 |
Residential Mortgage | Reverse Mortgages | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 0 | 0 |
Residential Mortgage | Accounts Receivable | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 4,031,444 | 2,656,277 |
Residential Mortgage | Mortgage Loans Held for Investment | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 208,263 | 224,207 |
Residential Mortgage | Derivative Financial Instruments, Assets | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 3,691 | 0 |
Residential Mortgage | Real Estate Owned | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Assets, Carrying Amount | 2,375 | 2,039 |
Residential Mortgage | Notes Payable | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 3,672,726 | 2,294,925 |
Residential Mortgage | Payables and Accrued Liabilities | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 4,242 | 3,415 |
Residential Mortgage | Derivative Financial Instruments, Liabilities | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 0 | 6,118 |
Residential Mortgage | Nonrecourse Debt-Legacy Assets | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | 89,108 | 100,620 |
Residential Mortgage | Participating Mortgages | ' | ' |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | ' | ' |
Transfers Accounted for as Secured Borrowings, Associated Liabilities, Carrying Amount | $0 | $0 |
Variable_Interest_Entities_and3
Variable Interest Entities and Securitizations - Securitization Trusts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' | ' |
Total mortgage servicing rights at fair value | $2,488,283 | $635,860 | ' |
Variable Interest Entity, Not Primary Beneficiary | ' | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | ' | ' | ' |
Total collateral balances | 3,680,275 | 4,134,513 | ' |
Total certificate balances | 3,693,067 | 4,136,316 | ' |
Total mortgage servicing rights at fair value | 30,074 | 30,940 | ' |
Principal Amount of Loans 60 Days or More Past Due | 1,142,940 | 1,180,133 | 1,066,130 |
Credit Losses | $251,076 | $273,817 | $335,221 |
Variable_Interest_Entities_and4
Variable Interest Entities and Securitizations - Cash Flows from Securitization Trust (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Variable Interest Entities and Securitizations [Abstract] | ' | ' | ' |
Servicing Fees Received | $29,151 | $28,049 | $28,569 |
Loan Repurchases | $0 | $0 | $0 |
Variable_Interest_Entities_and5
Variable Interest Entities and Securitizations - Narrative (Details) (Members' Units, USD $) | Jan. 02, 2010 |
In Millions, unless otherwise specified | |
Members' Units | ' |
Variable Interest Entity [Line Items] | ' |
Cumulative effect of change in accounting principles as of January 1, 2010 related to adoption of new accounting guidance on consolidation of variable interest entities | $8.10 |
Variable_Interest_Entities_and6
Variable Interest Entities and Securitizations Variable Interest Entity and Securitizations - Schedule of Gain (Loss) on Securitizations Arrangements of Financial Assets Accounted for as a Sale (Details) (Nationstar Mortgage-Backed Notes, Series 2013-A, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Nationstar Mortgage-Backed Notes, Series 2013-A | ' |
Fair Value Assumption, Date of Securitization or Asset-backed Financing Arrangement, Transferor's Continuing Involvement, Servicing Assets or Liabilities [Line Items] | ' |
Net Bond Proceeds | $164,297 |
Carrying Value of Loans Sold | 158,204 |
Gain Recognized | $6,093 |
Consolidated_Statement_of_Cash1
Consolidated Statement of Cash Flows-Supplemental Disclosure (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' | ' |
Interest paid | $441,300,000 | $154,900,000 | $90,800,000 | ' |
Income taxes paid | $114,500,000 | $42,600,000 | $0 | $0 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 06, 2013 | Jun. 30, 2012 | |
Receivables [Abstract] | ' | ' | ' | ' | ' |
Servicer advances, net of purchase discount of $62,217 and $70,754, respectively | $5,217,769,000 | $2,800,690,000 | ' | $5,800,000,000 | $1,700,000,000 |
Accrued servicing fees | 45,453,000 | 90,231,000 | ' | ' | ' |
Receivables from trusts and agencies | 105,693,000 | 39,029,000 | ' | ' | ' |
Reverse mortgage servicer advances | 93,494,000 | 28,448,000 | ' | ' | ' |
Accrued interest | 7,194,000 | 3,801,000 | ' | ' | ' |
Other | 166,879,000 | 81,407,000 | ' | ' | ' |
Total accounts receivable | 5,636,482,000 | 3,043,606,000 | ' | ' | ' |
Service advance, discount | ' | ' | 60,100,000 | ' | 81,800,000 |
Acquired Servicing Advances, Net | ' | ' | 3,600,000,000 | ' | ' |
Accretion of service advances discount | 31,100,000 | 11,300,000 | ' | ' | ' |
Servicer Advances sold to unaffiliated third party | 2,700,000,000 | ' | ' | ' | ' |
Eliminated Servicer Advance, Discount due to advance sale | $28,100,000 | ' | ' | ' | ' |
Mortgage_Loans_Held_for_Sale_a2
Mortgage Loans Held for Sale and Investment - Mortgage Loans Held for Sale (Details) (USD $) | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Mortgage Loans Held for Sale nonaccrual basis | $69,500,000 | ' | ' | ' |
Held for Sale Loans, at Lower of Cost or Market | 18,000,000 | ' | ' | ' |
Loans acquired using clean up call | ' | 195,800,000 | ' | ' |
Mortgage loans held for sale - unpaid principal balance | 2,532,881,000 | ' | 1,426,182,000 | ' |
Mark-to-market adjustment | 70,499,000 | ' | 54,355,000 | ' |
Total mortgage loans held for sale | 2,603,380,000 | ' | 1,480,537,000 | 458,626,000 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' |
Transfers of Financial Assets Accounted for as Sale, Carrying Value | $158,204,000 | ' | ' | ' |
Mortgage_Loans_Held_for_Sale_a3
Mortgage Loans Held for Sale and Investment - Reconciliation to Cash Flow (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ' | ' |
Mortgage loans held for sale - beginning balance | $1,480,537 | $458,626 |
Mortgage loans originated and purchased, net of fees | 25,620,965 | 7,904,052 |
Cost of loans sold, net of fees | -24,501,261 | -6,880,687 |
Transfer of mortgage loans held for sale to held for investment due to bankruptcy and pending foreclosures | 3,139 | -1,454 |
Mortgage loans held for sale - ending balance | $2,603,380 | $1,480,537 |
Mortgage_Loans_Held_for_Sale_a4
Mortgage Loans Held for Sale and Investment - Mortgage Loans Held for Investment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net - unpaid principal balance | $305,085 | $354,154 | ' |
Total mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net | 211,050 | 238,907 | ' |
Mortgage Loans Held for Investment | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net - unpaid principal balance | 305,085 | 354,154 | ' |
Transfer discount - accretable | -17,362 | -19,749 | -22,392 |
Transfer discount - non-accretable | -74,529 | -91,108 | ' |
Allowance for loan losses | -2,144 | -4,390 | ' |
Total mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net | $211,050 | $238,907 | ' |
Mortgage_Loans_Held_for_Sale_a5
Mortgage Loans Held for Sale and Investment - Accretable Yield (Details) (Mortgage Loans Held for Investment, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans Held for Investment | ' | ' |
Accretable Yield Movement Schedule [Roll Forward] | ' | ' |
Balance at the beginning of the period | $19,749 | $22,392 |
Additions | 0 | 0 |
Accretion | -3,235 | -3,548 |
Reclassifications from (to) nonaccretable discount | 848 | 905 |
Disposals | 0 | 0 |
Balance at the end of the period | $17,362 | $19,749 |
Mortgage_Loans_Held_for_Sale_a6
Mortgage Loans Held for Sale and Investment - Allowance (Details) (Mortgage Loans Held for Investment, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans Held for Investment | ' | ' |
Financing Receivable, Allowance for Credit Losses | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | ($848) | ($905) |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance at the beginning of the period | 4,390 | ' |
Balance at the end of the period | $2,144 | $4,390 |
Mortgage_Loans_Held_for_Sale_a7
Mortgage Loans Held for Sale and Investment - Credit Quality (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | $305,085 | $354,154 |
Minimum | Loan-to-Value Ratio, Range Two [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 60.00% | ' |
Minimum | Loan-to-Value Ratio, Range Three [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 70.00% | ' |
Minimum | Loan-to-Value Ratio, Range Four [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 80.00% | ' |
Minimum | Loan-to-Value Ratio, Range Five [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 90.00% | ' |
Minimum | Loan-to-Value Ratio, Range Six [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 100.00% | ' |
Maximum | Loan-to-Value Ratio, Range One [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 60.00% | ' |
Maximum | Loan-to-Value Ratio, Range Two [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 70.00% | ' |
Maximum | Loan-to-Value Ratio, Range Three [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 80.00% | ' |
Maximum | Loan-to-Value Ratio, Range Four [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 90.00% | ' |
Maximum | Loan-to-Value Ratio, Range Five [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Loan-to-value ratio | 100.00% | ' |
Mortgage Loans Held for Investment | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 305,085 | 354,154 |
Mortgage Loans Held for Investment | Performing | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 218,262 | 260,219 |
Mortgage Loans Held for Investment | Nonperforming | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 86,823 | 93,935 |
Mortgage Loans Held for Investment | Loan-to-Value Ratio, Range One [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 32,885 | 39,436 |
Mortgage Loans Held for Investment | Loan-to-Value Ratio, Range Two [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 14,633 | 16,581 |
Mortgage Loans Held for Investment | Loan-to-Value Ratio, Range Three [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 23,075 | 20,890 |
Mortgage Loans Held for Investment | Loan-to-Value Ratio, Range Four [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 25,536 | 27,988 |
Mortgage Loans Held for Investment | Loan-to-Value Ratio, Range Five [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | 25,686 | 32,570 |
Mortgage Loans Held for Investment | Loan-to-Value Ratio, Range Six [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Unpaid principal balance | $183,270 | $216,689 |
Mortgage_Loans_Held_for_Sale_a8
Mortgage Loans Held for Sale and Investment - Reverse Mortgage Interests (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2013 | Jan. 06, 2013 | |
Participating Mortgage Loans [Line Items] | ' | ' | ' | ' |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | ' | $3,000,000,000 | ' | $215,000,000,000 |
Purchase price paid reverse mortgage | ' | ' | 50,200,000 | ' |
Percentage of aquired reverse loans, sold to co-investor | ' | ' | 70.00% | ' |
UPB of advances previously securitized by Nationstar | 542,037,000 | 1,039,645,000 | ' | ' |
UPB of advances unsecuritized | 208,699,000 | 395,663,000 | ' | ' |
Allowance for losses - reverse mortgage interests | -463,000 | -802,000 | ' | ' |
Total reverse mortgage interests | 750,273,000 | 1,434,506,000 | ' | ' |
Provision for loan losses, reverse mortgage interest | 800,000 | ' | ' | ' |
Reverse Mortgages [Member] | ' | ' | ' | ' |
Participating Mortgage Loans [Line Items] | ' | ' | ' | ' |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | ' | $28,900,000,000 | $100,000,000 | ' |
Mortgage_Servicing_Rights_Fair
Mortgage Servicing Rights - Fair Value Assumptions (Details) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assumption for Fair Value of Mortgage Servicing Rights | ' | ' | ' |
Pre-tax Earnings, Change in MSR Fair Value Assumptions | 125.9 | ' | ' |
Earnings per Share, Impact of Change in MSR Assumption | 0.64 | ' | ' |
Mortgage Servicing Right [Member] | Credit Sensitive | ' | ' | ' |
Assumption for Fair Value of Mortgage Servicing Rights | ' | ' | ' |
Discount rate | 14.17% | 18.11% | ' |
Total prepayment speeds | 20.34% | 22.42% | ' |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected weighted-average life | '4 years 7 months 18 days | '4 years 1 month 15 days | ' |
Expected weighted-average life | ' | '4 years 1 month 13 days | '5 years 1 month 24 days |
Credit losses | 22.87% | 24.68% | ' |
Mortgage Servicing Right [Member] | Interest Rate Sensitive | ' | ' | ' |
Assumption for Fair Value of Mortgage Servicing Rights | ' | ' | ' |
Discount rate | 10.50% | 10.62% | ' |
Total prepayment speeds | 8.97% | 17.08% | ' |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected weighted-average life | '7 years 10 months 18 days | '5 years 2 months 10 days | ' |
Expected weighted-average life | ' | '5 years 2 months 9 days | '5 years 0 months 15 days |
Credit losses | 9.12% | 11.09% | ' |
Mortgage_Servicing_Rights_MSRs1
Mortgage Servicing Rights - MSR's at Fair Value (Details) (USD $) | Dec. 31, 2013 | Jan. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Minimum | Maximum | |||
Credit Sensitive | Credit Sensitive | Interest Rate Sensitive | Interest Rate Sensitive | ||||||||
Servicing Assets at Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee, percentage of unpaid principal balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.50% |
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value at the beginning of the period | $2,488,283 | ' | $635,860 | $635,860 | $251,050 | ' | ' | ' | ' | ' | ' |
Servicing resulting from transfers of financial assets | ' | ' | ' | 248,381 | 58,607 | ' | ' | ' | ' | ' | ' |
Purchases of servicing assets | ' | ' | ' | 1,545,584 | 394,445 | ' | ' | ' | ' | ' | ' |
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | ' | ' | ' | 355,586 | 5,500 | ' | ' | ' | ' | ' | ' |
Other changes in fair value | ' | ' | ' | -297,128 | -73,742 | ' | ' | ' | ' | ' | ' |
Fair value at the end of the period | 2,488,283 | ' | 635,860 | 2,488,283 | 635,860 | ' | ' | ' | ' | ' | ' |
Principal Amount Outstanding of Loans Held-in-portfolio [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | $3,000,000 | $215,000,000 | ' | $322,814,139 | $131,124,384 | $266,757,777 | $114,629,399 | $56,056,362 | $16,494,985 | ' | ' |
Mortgage_Servicing_Rights_Fair1
Mortgage Servicing Rights - Fair Value Sensitivity Analysis (Details) (Mortgage Servicing Right [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ' | ' | ' |
Total Prepayment Speeds, 10% Adverse Change | $66,037 | ' | ($101,590) |
Total Prepayment Speeds, 20% Adverse Change | 124,995 | ' | -195,445 |
Credit Losses, 10% Adverse Change | 77,072 | ' | -89,958 |
Credit Losses, 20% Adverse Change | 157,433 | ' | -178,669 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Other Assumption | -9,789 | ' | -68,828 |
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Other Assumption | -19,578 | ' | -137,657 |
100 Basis Points | ' | ' | ' |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ' | ' | ' |
Percentage change of discount rate | 1.00% | 1.00% | ' |
Discount Rate, Adverse Change | 17,060 | ' | -74,681 |
200 Basis Points | ' | ' | ' |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ' | ' | ' |
Percentage change of discount rate | 2.00% | 2.00% | ' |
Discount Rate, Adverse Change | $34,419 | ' | ($151,899) |
Mortgage_Servicing_Rights_MSRs2
Mortgage Servicing Rights - MSR's at Amortized Cost (Details) (USD $) | Dec. 31, 2013 | Jan. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Reverse Mortgages | Reverse Mortgages | |||
Servicing Assets at Amortized Value | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Servicing Asset, Amortized Cost | $29,192 | ' | $29,354 | ' | ' | ' | ' |
Fair Value of Servicing Liability, Amortized Cost | 63,996 | ' | 24,648 | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | 3,000,000 | 215,000,000 | ' | 322,814,139 | 131,124,384 | 28,900,000 | 100,000 |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | ' | ' | ' | 10,973 | 0 | ' | ' |
Purchase/Assumptions of servicing rights/obligations | ' | ' | ' | 3,980 | 12,415 | ' | ' |
Amortization/Accretion | ' | ' | ' | -74 | -1,442 | ' | ' |
Balance at the end of the period | ' | ' | ' | 14,879 | 10,973 | ' | ' |
Servicing Liability at Amortized Value [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance at the beginning of the period | 82,521 | ' | 83,238 | 83,238 | 0 | ' | ' |
Purchase/Assumptions of servicing rights/obligations | ' | ' | ' | 0 | 89,800 | ' | ' |
Amortization/Accretion | ' | ' | ' | -717 | -6,562 | ' | ' |
Balance at the end of the period | $82,521 | ' | $83,238 | $82,521 | $83,238 | ' | ' |
Mortgage_Servicing_Rights_Subs
Mortgage Servicing Rights - Subserviced Loans (Details) (USD $) | Dec. 31, 2013 | Jan. 06, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | Loan Subservicing Agreement | Loan Subservicing Agreement | Residential Mortgage | Residential Mortgage | Residential Mortgage | ||
Subserviced Loans [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | $3,000,000 | $215,000,000 | $35,400,000 | $45,700,000 | ' | ' | ' |
Servicing and ancillary fees | ' | ' | ' | ' | ' | ' | ' |
Servicing fees | ' | ' | ' | ' | 912,493 | 412,281 | 191,652 |
Ancillary fees | ' | ' | ' | ' | 188,712 | 123,318 | 82,099 |
Total servicing and ancillary fees | ' | ' | ' | ' | $1,101,205 | $535,599 | $273,751 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment, net (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $120,237 | $193,073 |
Less: Accumulated depreciation and amortization | -48,806 | -74,723 |
Land | 3,595 | 835 |
Total property and equipment, net | 75,026 | 119,185 |
Furniture, fixtures and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 47,620 | 65,408 |
Furniture, fixtures and equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Range of Estimated Useful Life | '5 years | ' |
Furniture, fixtures and equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Range of Estimated Useful Life | '3 years | ' |
Capitalized software costs | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 24,431 | 52,582 |
Range of Estimated Useful Life | '5 years | ' |
Long-term capital leases | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 24,917 | 42,856 |
Range of Estimated Useful Life | '5 years | ' |
Building and leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | 10,556 | 13,984 |
Software in development and other | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment, gross | $12,713 | $18,243 |
Property_and_Equipment_Net_Fut
Property and Equipment, Net - Future Minimum Payments for Capital Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property, Plant and Equipment [Abstract] | ' |
2014 | $16,127 |
2014 | 13,974 |
2015 | 3,014 |
2016 | 0 |
Total future lease payments | 33,115 |
Less: Imputed interest | -1,312 |
Net capital lease liability | $31,803 |
Other_Assets_Others_Assets_Det
Other Assets - Others Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets | ' | ' |
Loans subject to repurchase right from Ginnie Mae | $120,736 | $72,156 |
REO, net | 45,632 | 10,467 |
Deferred financing costs | 73,030 | 46,780 |
Deferred tax asset (see Note 16) | 0 | 23,737 |
Margin call deposits (see Note 11) | 25,932 | 10,920 |
Goodwill | 38,820 | 0 |
Prepaid expenses | 21,993 | 6,083 |
Intangible Assets, Net (Excluding Goodwill) | 21,737 | 0 |
Due from Affiliates | 8,861 | 12,604 |
Other | 3,656 | 10,186 |
Total other assets | $360,397 | $192,933 |
Other_Assets_Mortgage_Servicin
Other Assets - Mortgage Servicing Rights (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 06, 2013 |
Mortgaging Servicing Rights | ' | ' | ' | ' |
Loans subject to repurchase right from Ginnie Mae | $120,736 | $72,156 | ' | ' |
Principal amount outstanding on loans managed and securitized | 3,000,000 | ' | ' | 215,000,000 |
Payments to Acquire Mortgage Servicing Rights (MSR) | 1,527,645 | 2,070,375 | 96,467 | ' |
Mortgage Servicing Right [Member] | ' | ' | ' | ' |
Mortgaging Servicing Rights | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | $322,814,139 | $131,124,384 | ' | ' |
Payables_and_Accrued_Liabiliti2
Payables and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Payables and Accruals [Abstract] | ' | ' | ' | ' |
Payable to servicing and subservicing investors(1) | $359,214 | $204,106 | ' | ' |
Payable to insurance carriers and insurance cancellation reserves | 164,244 | 77,967 | ' | ' |
Loans subject to repurchase from Ginnie Mae | 120,736 | 72,156 | ' | ' |
Accrued interest | 66,755 | 58,083 | ' | ' |
Accrued bonus and payroll | 35,961 | 50,908 | ' | ' |
Accrued interest | 76,303 | 31,938 | ' | ' |
Repurchase reserves | 40,695 | 18,511 | 10,026 | 7,321 |
Current income taxes | 135,759 | 14,243 | ' | ' |
Other(2) | 308,783 | 103,519 | ' | ' |
Total payables and accrued liabilities | $1,308,450 | $631,431 | ' | ' |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Derivative Instruments (Details) (Designated as Hedging Instrument, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Forward Contracts | Loans Held-for-sale, Mortgages | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Notional Amount | $57,965 | $445 | ' |
Derivative Asset, Fair Value, Gross Asset | 7 | 21 | ' |
Derivative, Gain (Loss) on Derivative, Net | -14 | -613 | ' |
Forward Contracts | Derivative Financial Instruments | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 8,713 | -6,144 | ' |
Derivative Liability, Notional Amount | 1,351,870 | 3,964,721 | ' |
Derivative Liability, Fair Value, Gross Liability | 3,305 | 11,974 | ' |
Loan Purchase Commitments (LPCs) | Derivative Financial Instruments, Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Notional Amount | 197,475 | ' | 112,624 |
Derivative Asset, Fair Value, Gross Asset | 793 | ' | 1,253 |
Derivative, Gain (Loss) on Derivative, Net | -460 | 1,253 | ' |
Loan Purchase Commitments (LPCs) | Derivative Financial Instruments | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -1,603 | -86 | ' |
Derivative Liability, Notional Amount | 204,486 | 78,839 | ' |
Derivative Liability, Fair Value, Gross Liability | 1,689 | 86 | ' |
IRLCs | Derivative Financial Instruments, Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Notional Amount | 3,083,131 | 4,921,963 | ' |
Derivative Asset, Fair Value, Gross Asset | 87,128 | 150,048 | ' |
Derivative, Gain (Loss) on Derivative, Net | -69,856 | 138,746 | ' |
IRLCs | Derivative Financial Instruments | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -1,613 | ' | ' |
Derivative Liability, Notional Amount | 260,407 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 2,698 | ' | ' |
Forward Mortgage-Backed Securities Trades | Derivative Financial Instruments, Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Notional Amount | 5,425,663 | 977,900 | ' |
Derivative Asset, Fair Value, Gross Asset | 32,266 | 888 | ' |
Derivative, Gain (Loss) on Derivative, Net | 19,084 | 888 | ' |
Interest rate swaps and caps | Derivative Financial Instruments | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 1,576 | 420 | ' |
Derivative Liability, Notional Amount | 0 | 726,168 | ' |
Derivative Liability, Fair Value, Gross Liability | 0 | 6,120 | ' |
Interest Rate Swap | Derivative Financial Instruments, Assets | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Asset, Notional Amount | 167,000 | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 3,691 | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 544 | ' | ' |
Collateralized Securities | Interest Rate Swap | Derivative Financial Instruments | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 1,012 | -1,414 | ' |
Derivative Liability, Notional Amount | 424,269 | 654,192 | ' |
Derivative Liability, Fair Value, Gross Liability | $834 | $1,846 | ' |
Derivative_Financial_Instrumen3
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivative [Line Items] | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $500,000 | $0 | ($2,000,000) |
Change in value of cash flow hedge | 1,963,000 | 0 | -1,071,000 |
Margin Deposit Assets | 25,932,000 | 10,920,000 | ' |
Other Assets | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Margin Deposit Assets | $42,300,000 | $10,900,000 | ' |
Indebtedness_Notes_Payable_Sum
Indebtedness - Notes Payable Summary (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Outstanding | $6,984,351 | $3,601,586 |
Collateral Pledged | 7,725,803 | 4,121,154 |
Servicing Segment | Notes Payable, Other | MBS advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 560,814 | 185,817 |
Collateral Pledged | 651,953 | 206,622 |
Servicing Segment | Notes Payable, Other | Securities repurchase facility (2011) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 35,546 | 11,774 |
Collateral Pledged | 55,603 | 55,603 |
Servicing Segment | Notes Payable, Other | MSR note | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 4,627 |
Collateral Pledged | 0 | 12,328 |
Servicing Segment | Notes Payable, Other | MBS advance financing facility (2012) | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 179,306 | 0 |
Collateral Pledged | 220,833 | 0 |
Servicing Segment | Notes Payable, Other | Nationstar Mortgage Advance Receivable Trust | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 1,240,940 | 0 |
Collateral Pledged | 1,347,410 | 0 |
Servicing Segment | Notes Payable, Other | Nationstar Servicer Advance Receivables Trust 2013-BA | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 1,579,830 | 0 |
Collateral Pledged | 1,764,296 | 0 |
Servicing Segment | Notes Payable to Banks | 2010-ABS advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 194,833 |
Collateral Pledged | 0 | 233,208 |
Servicing Segment | Notes Payable to Banks | Nationstar agency advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 851,957 | 476,091 |
Collateral Pledged | 918,574 | 549,284 |
Servicing Segment | Notes Payable to Banks | 2012-AW agency advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 100,000 |
Collateral Pledged | 0 | 135,343 |
Servicing Segment | Notes Payable to Banks | 2012-C ABS advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 657,027 |
Collateral Pledged | 0 | 742,238 |
Servicing Segment | Notes Payable to Banks | 2012-R ABS advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 374,739 |
Collateral Pledged | 0 | 428,758 |
Servicing Segment | Notes Payable to Banks | 2012-W ABS advance financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 492,235 |
Collateral Pledged | 0 | 566,332 |
Servicing Segment | Notes Payable to Banks | Reverse participations financing facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 102,031 | 65,943 |
Collateral Pledged | 124,536 | 76,455 |
Originations Segment | Notes Payable, Other | $700 million warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 111,980 | 0 |
Collateral Pledged | 115,629 | 0 |
Originations Segment | Notes Payable, Other | $600 million warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 214,570 | 224,790 |
Collateral Pledged | 224,162 | 241,867 |
Originations Segment | Notes Payable, Other | ASAP facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 0 | 124,572 |
Collateral Pledged | 0 | 124,596 |
Originations Segment | Notes Payable to Banks | $1.50 billion warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 797,281 | 356,104 |
Collateral Pledged | 891,648 | 371,836 |
Originations Segment | Notes Payable to Banks | $750 million warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 639,378 | 245,287 |
Collateral Pledged | 673,599 | 285,281 |
Originations Segment | Notes Payable to Banks | $500 million warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 159,435 | 87,747 |
Collateral Pledged | 166,482 | 91,403 |
Originations Segment | Notes Payable to Banks | $400 million warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 447,926 | 0 |
Collateral Pledged | 477,980 | 0 |
Originations Segment | Notes Payable to Banks | $108 million warehouse facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Outstanding | 63,357 | 0 |
Collateral Pledged | $93,098 | $0 |
Indebtedness_Servicing_Segment
Indebtedness - Servicing Segment Notes Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2014 | Feb. 28, 2014 | Feb. 13, 2014 |
Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Weighted Average | Secured Debt | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | |||
Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | |||
MBS advance financing facility | MBS advance financing facility | Securities repurchase facility (2011) | Securities repurchase facility (2011) | MSR note | MSR note | MBS advance financing facility (2012) | MBS advance financing facility (2012) | Nationstar Mortgage Advance Receivable Trust | Nationstar Mortgage Advance Receivable Trust | NSM Advance Receivable Trust Institutional Investors (2013) | Nationstar Servicer Advance Receivables Trust 2013-BA | Nationstar Servicer Advance Receivables Trust 2013-BA | CS Advance Financing Facility 2013 | Nationstar Servicer Advance Receivable Trust 2013-BC | 2010-ABS advance financing facility | 2010-ABS advance financing facility | Nationstar agency advance financing facility | Nationstar agency advance financing facility | 2012-AW agency advance financing facility | 2012-AW agency advance financing facility | 2012-C ABS advance financing facility | 2012-C ABS advance financing facility | 2012-R ABS advance financing facility | 2012-R ABS advance financing facility | 2012-W ABS advance financing facility | 2012-W ABS advance financing facility | Reverse participations financing facility | Reverse participations financing facility | Notes Payable, Other | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable, Other | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | |||
MBS advance financing facility | Nationstar agency advance financing facility | 2012-C ABS advance financing facility | 2012-R ABS advance financing facility | Nationstar Mortgage Advance Receivable Trust | CS Advance Financing Facility 2013 | Nationstar Servicer Advance Receivable Trust 2013-BC | MBS advance financing facility | Nationstar agency advance financing facility | 2012-C ABS advance financing facility | 2012-R ABS advance financing facility | Nationstar Mortgage Advance Receivable Trust | CS Advance Financing Facility 2013 | Nationstar Servicer Advance Receivable Trust 2013-BC | NSM Advance Receivable Trust Institutional Investors (2013) | Nationstar agency advance financing facility | MBS advance financing facility (2012) | MBS advance financing facility (2012) | MBS advance financing facility (2012) | MBS advance financing facility (2012) | ||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of agreement | ' | ' | '1 year | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | $775,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | $800,000,000 | ' | $100,000,000 | ' | $700,000,000 | ' | $400,000,000 | ' | $500,000,000 | ' | $150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extension period | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate, LIBOR Plus a spread of | ' | ' | ' | ' | 3.50% | ' | 2.50% | ' | 3.00% | ' | ' | ' | ' | 2.50% | ' | ' | ' | 3.00% | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | 3.75% | ' | 4.00% | ' | 2.50% | 1.20% | 3.25% | 3.37% | 1.15% | 2.00% | 2.45% | 4.00% | 3.75% | 4.25% | 8.00% | 5.30% | 3.25% | 5.00% | 3.26% | ' | ' | ' | ' | ' |
Variable interest rate basis | ' | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' |
Weighted average fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.46% | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,000,000 | ' | 1,000,000,000 | 2,000,000,000 | ' | 2,900,000,000 | 1,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 50,000,000 | 200,000,000 | 150,000,000 |
Collateral Pledged | $7,725,803,000 | $4,121,154,000 | $651,953,000 | $206,622,000 | $55,603,000 | $55,603,000 | $0 | $12,328,000 | $220,833,000 | $0 | $1,347,410,000 | $0 | ' | $1,764,296,000 | $0 | ' | ' | $0 | $233,208,000 | $918,574,000 | $549,284,000 | $0 | $135,343,000 | $0 | $742,238,000 | $0 | $428,758,000 | $0 | $566,332,000 | $124,536,000 | $76,455,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness_Originations_Segm
Indebtedness - Originations Segment Notes Payable (Details) (Originations Segment, USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Feb. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Minimum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Maximum | Borrowing Capacity in Period One | Borrowing Capacity in Period One | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | Borrowing Capacity in Period Three | |
Warehouse Facility $750 Million (2011) | $750 million warehouse facility | $700 million warehouse facility | Warehouse Facility $350 Million Uncommitted | Warehouse Facility $300 Million (2009) | Warehouse Facility $200 Million Uncommitted | $400 million warehouse facility | $600 million warehouse facility | ASAP facility | Warehouse Facility $108 Million | Warehouse Facility $108 Million | Warehouse Facility $75 Million HCM | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable, Other | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable to Banks | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | |
Warehouse Facility $750 Million (2011) | $750 million warehouse facility | $400 million warehouse facility | Warehouse Facility $75 Million HCM | Warehouse Facility $75 Million | $600 million warehouse facility | Warehouse Facility $750 Million (2011) | $750 million warehouse facility | $400 million warehouse facility | Warehouse Facility $75 Million HCM | Warehouse Facility $75 Million | $600 million warehouse facility | ASAP facility | $400 million warehouse facility | Warehouse Facility $75 Million | Warehouse Facility $750 Million (2011) | $400 million warehouse facility | $400 million warehouse facility | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowing capacity | $750,000,000 | ' | $350,000,000 | $350,000,000 | $300,000,000 | $200,000,000 | ' | $300,000,000 | ' | $108,000,000 | $200,000,000 | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $450,000,000 | $75,000,000 | $1,500,000,000 | $400,000,000 | $425,000,000 |
Variable interest rate basis | ' | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | 'LIBOR | 'LIBOR | 'LIBOR | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' |
Interest Rate, LIBOR Plus a spread of | ' | ' | 2.25% | ' | 2.50% | ' | ' | ' | 1.50% | 2.75% | ' | ' | 2.25% | 1.75% | 3.50% | 2.50% | 3.75% | 0.75% | 3.25% | 3.00% | 4.25% | 3.25% | 4.50% | 3.50% | ' | ' | ' | ' | ' | ' |
Maturity length | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' |
Indebtedness_Unsecured_Senior_
Indebtedness - Unsecured Senior Notes (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jun. 28, 2013 | Jul. 31, 2012 | Apr. 30, 2012 | Sep. 30, 2012 | Mar. 31, 2013 | Feb. 28, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | Unsecured Senior Notes | First Issuance Period | |||
Unsecured Senior Notes 6.50% Due August 2018 | Unsecured Senior Notes 6.50% Due August 2018 | Unsecured Senior Notes 9.625% Due May 2019 | Unsecured Senior Notes 9.625% Due May 2019 | Unsecured Senior Notes 7.875% Due Oct 2020 | Unsecured Senior Notes 6.50% Due July 2021 | Unsecured Senior Notes 6.50% Due July 2021 | Unsecured Senior Notes 6.50% Due July 2022 | Unsecured Senior Notes 10.875% Due April 2015 | Unsecured Senior Notes 10.875% Due April 2015 | Unsecured Senior Notes 6.50% Due August 2018 | Unsecured Senior Notes 6.50% Due August 2018 | Unsecured Senior Notes 9.625% Due May 2019 | Unsecured Senior Notes 9.625% Due May 2019 | Unsecured Senior Notes 7.875% Due Oct 2020 | Unsecured Senior Notes 7.875% Due Oct 2020 | Unsecured Senior Notes 6.50% Due July 2021 | Unsecured Senior Notes 6.50% Due July 2021 | Unsecured Senior Notes 6.50% Due July 2021 | Unsecured Senior Notes 6.50% Due July 2022 | Unsecured Senior Notes 6.50% Due July 2022 | Notes Payable, Other | ||||
Unsecured Senior Notes 7.875% Due Oct 2020 | |||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured senior notes | $2,444,062,000 | $1,062,635,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $283,153,000 | $281,676,000 | $475,000,000 | $0 | $379,360,000 | $380,232,000 | $400,634,000 | $400,727,000 | ' | $605,915,000 | $0 | $300,000,000 | $0 | ' |
Principal amount | ' | ' | 225,000,000 | 250,000,000 | 100,000,000 | 275,000,000 | 100,000,000 | 200,000,000 | 400,000,000 | 300,000,000 | 2,435,000,000 | 285,000,000 | ' | 475,000,000 | ' | 375,000,000 | ' | 400,000,000 | ' | ' | 600,000,000 | ' | 300,000,000 | ' | 300,000,000 |
Interest rate | ' | ' | ' | 6.50% | ' | 9.63% | 7.88% | ' | 6.50% | 6.50% | ' | 10.88% | ' | 6.50% | ' | 9.63% | ' | 7.88% | ' | ' | 6.50% | ' | 6.50% | ' | ' |
Debt Instrument, Unamortized Premium | ' | ' | ' | ' | 5,500,000 | ' | 800,000 | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Debt, Net of Issuance Costs | ' | ' | ' | ' | $105,500,000 | ' | $100,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $606,500,000 | ' | ' | ' | ' | ' |
Indebtedness_Unsecured_Notes_M
Indebtedness - Unsecured Notes Maturity Schedule (Details) (Unsecured Senior Notes, USD $) | Dec. 31, 2013 |
Unsecured Senior Notes | ' |
Expected maturities of long-term debt | ' |
2014 | $0 |
2015 | 285,000,000 |
2016 | 0 |
2017 | 0 |
2018 | 475,000,000 |
Thereafter | 1,675,000,000 |
Total | $2,435,000,000 |
Indebtedness_Legacy_Assets_Det
Indebtedness - Legacy Assets (Details) (USD $) | Dec. 31, 2012 | Nov. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Legacy Asset | Legacy Asset | Nonrecourse Debt-Legacy Assets | Nonrecourse Debt-Legacy Assets | Secured Debt | Securities Pledged as Collateral | Securities Pledged as Collateral | |||
Nonrecourse Debt-Legacy Assets | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal balance on outstanding notes | ' | $222,000,000 | ' | ' | ' | ' | ' | $302,000,000 | $336,900,000 |
Nonrecourse Debt Legacy Assets | 969,545,000 | ' | 89,107,000 | 100,620,000 | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' |
Principal amount outstanding | ' | ' | ' | ' | $103,600,000 | $117,100,000 | ' | ' | ' |
Indebtedness_Excess_Spread_Fin
Indebtedness - Excess Spread Financing Debt (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | ' | ' | ' |
Payment received for addititonal excess cash flow to Co-Investor | $54,500,000 | $54,500,000 | ' |
Excess spread financing | 986,410,000 | ' | 288,089,000 |
Outstanding Principal associated with Excess Spread Agreements | $839,700,000 | ' | $283,800,000 |
Indebtedness_Fair_Value_Sensit
Indebtedness - Fair Value Sensitivity Analysis (Details) (Excess Spread Financing, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total Prepayment Speeds, 10% Adverse Change | $26,492 | $10,654 |
Total Prepayment Speeds, 20% Adverse Change | 53,753 | 22,240 |
Credit Losses, 10% Adverse Change | 29,219 | 5,538 |
Credit Losses, 20% Adverse Change | 42,611 | 11,075 |
100 Basis Points | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Discount Rate, Adverse Change | 33,156 | 7,978 |
200 Basis Points | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Discount Rate, Adverse Change | $68,636 | $16,404 |
Indebtedness_Participating_Int
Indebtedness - Participating Interest Financing (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Participating Interest Financing | ||
Debt Instrument [Line Items] | ' | ' | ' |
Interest rate, minimum | ' | ' | 0.14% |
Interest rate, maximum | ' | ' | 7.02% |
Participating Interest Financing | $1,103,490 | $580,836 | ' |
Indebtedness_Indebtedness_Othe
Indebtedness Indebtedness - Other Nonrecourse Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Non-Recourse Debt | ' | $969,545 |
Excess spread financing | 986,410 | 288,089 |
Participating Interest Financing | 1,103,490 | 580,836 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 29,874 | 0 |
Nonrecourse debt-Legacy Assets | 2,208,881 | 969,545 |
Legacy Asset | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Non-Recourse Debt | $89,107 | $100,620 |
Repurchase_Reserves_Details
Repurchase Reserves (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loans Subject to Repurchase Reserve [Roll Forward] | ' | ' | ' |
Repurchase reserves, beginning of period | $18,511 | $10,026 | $7,321 |
Additions | 33,121 | 13,121 | 5,534 |
Charge-offs | -10,937 | -4,636 | -2,829 |
Repurchase reserves, end of period | $40,695 | $18,511 | $10,026 |
General_and_Administrative_Exp
General and Administrative Expenses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
General and Administrative Expense [Abstract] | ' | ' | ' |
Depreciation and amortization | $26,615 | $9,620 | $4,063 |
Total general and administrative expense | $678,480 | ' | $82,183 |
Income_Taxes_income_Tax_Expens
Income Taxes - income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $4,636 | $82,120 | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | -1,059 | 10,126 | ' |
Current Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 3,577 | 92,246 | ' |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 114,466 | -18,721 | ' |
State | ' | ' | ' | ' | ' | ' | ' | ' | 11,157 | -2,229 | ' |
Deferred Income Tax Expense (Benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 125,623 | -20,950 | ' |
Total income tax expense | ($35,033) | $50,187 | $75,669 | $38,377 | $30,657 | $24,714 | $12,780 | $3,145 | $129,200 | $71,296 | $0 |
Recovered_Sheet1
Income Taxes - Income Tax Expense Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $121,186 | $96,804 | ' |
State taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 5,465 | 6,129 | ' |
Pre-reorganization earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -14,302 | ' |
Increase/(decrease) of valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 1,099 | -17,767 | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,450 | 432 | ' |
Total income tax expense | ($35,033) | $50,187 | $75,669 | $38,377 | $30,657 | $24,714 | $12,780 | $3,145 | $129,200 | $71,296 | $0 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | ' |
State taxes, net of federal benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | 2.20% | ' |
Pre-reorganization earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | -5.20% | ' |
Increase/(decrease) of valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | -6.40% | ' |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | 0.20% | ' |
Total income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 37.30% | 25.80% | ' |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets, Gross [Abstract] | ' | ' |
Loss carryforwards (federal, state & capital) | $75,387 | $74,335 |
Deferred Tax Asset, Loss Reserves | 28,808 | 10,256 |
Reverse mortgage premiums | 23,756 | 15,248 |
MSR fair value adjustments | 10,159 | 61,837 |
Rent expense | 5,389 | 4,206 |
Deferred Tax Asset, Restricted share based compensation | 4,847 | 3,401 |
Co-investor participation | 1,686 | 0 |
Deferred Tax Asset, Goodwill | 1,297 | 0 |
Impairment | 0 | 2,661 |
Other, net | 6,632 | 3,937 |
Total Deferred Tax Assets | 157,961 | 175,881 |
Deferred Tax Liabilities, Gross [Abstract] | ' | ' |
Originated MSR gain on sale | 157,114 | 67,975 |
Purchased MSR amortization | 39,956 | 26,136 |
Depreciation and amortization, net | 9,745 | 10,018 |
Prepaid assets | 2,054 | 1,161 |
Deferred Tax Liability, Cash Flow Hedge | -843 | 0 |
Other, net | 4,312 | 1,287 |
Total Deferred Tax Liabilities | -214,024 | -106,577 |
Valuation Allowance | 46,666 | 45,567 |
Deferred Tax Liabilities, Net | -102,729 | ' |
Net Deferred Tax Asset | $0 | $23,737 |
Narrative_Details
- Narrative (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ' | ' |
Tax expense at federal statutory rate | 35.00% | 35.00% |
Deferred Tax Assets, Capital Loss Carryforwards | $9,000,000 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 87,500,000 | ' |
UPB, Additions | ' | 100,000,000,000 |
UPB, expected additions in 2013 | ' | 215,000,000,000 |
NOLs, expiration period | ' | '19 years |
Internal Revenue Service (IRS) [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards | $199,900,000 | $200,100,000 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Nationstar Inc. b basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $217,054 | $205,287 | $20,887 |
Effect of dilutive stock awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income attributable to Nationstar Inc. b diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $217,054 | $205,287 | $20,887 |
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Nationstar Inc. b basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,415 | 85,328 | 70,000 |
Effect of dilutive stock awards (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 853 | 196 | 0 |
Diluted (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,268 | 85,524 | 70,000 |
Basic earnings per share | ($0.57) | $0.92 | $1.38 | $0.70 | $0.72 | $0.62 | $0.41 | $0.67 | $0.21 | ($0.04) | $0.02 | $0.11 | $2.43 | $2.41 | $0.30 |
Diluted earnings per share | ($0.56) | $0.91 | $1.37 | $0.70 | $0.71 | $0.61 | $0.41 | $0.67 | $0.21 | ($0.04) | $0.02 | $0.11 | $2.40 | $2.40 | $0.30 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Excess Spread Financing | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ' | ' |
Mortgage prepayment speeds | 9.60% | 14.00% |
Average life | '4 years 8 months | '4 years 2 months |
Discount rate | 13.90% | 15.00% |
Minimum | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ' | ' |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Other Key Assumption Rate or Value | '0.05 | ' |
Minimum | Excess Spread Financing | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ' | ' |
Mortgage prepayment speeds | 4.00% | 9.40% |
Average life | '3 years 5 months | '3 years |
Discount rate | 10.10% | 13.60% |
Maximum | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ' | ' |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Other Key Assumption Rate or Value | '0.358 | ' |
Maximum | Excess Spread Financing | ' | ' |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ' | ' |
Mortgage prepayment speeds | 17.60% | 22.40% |
Average life | '5 years 8 months 12 days | '4 years 6 months |
Discount rate | 20.00% | 15.50% |
Fair_Value_Measurements_Measur
Fair Value Measurements - Measured on a Recurring Basis (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | $2,488,283 | $635,860 |
Derivative instruments | 123,878 | 152,189 |
LIABILITIES | ' | ' |
Derivative financial instruments | 8,526 | 20,026 |
Level 1 | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | 0 |
Level 2 | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 2,601,520 | 1,480,537 |
Derivative instruments | 123,878 | 152,189 |
LIABILITIES | ' | ' |
Derivative financial instruments | 8,526 | 20,026 |
Level 3 | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 0 | 0 |
Derivative instruments | 0 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Total Fair Value | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 2,585,340 | 1,480,537 |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 2,488,283 | 635,860 |
Total assets | 5,197,501 | 2,268,586 |
LIABILITIES | ' | ' |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 29,874 | ' |
Excess spread financing (at fair value) | 986,410 | 288,089 |
Total liabilities | 1,024,810 | 308,115 |
Fair Value, Measurements, Recurring | Level 1 | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 0 | 0 |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 0 | 0 |
Total assets | ' | 0 |
LIABILITIES | ' | ' |
Excess spread financing (at fair value) | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 2,585,340 | 1,480,537 |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 0 | 0 |
Total assets | 2,709,218 | 1,632,726 |
LIABILITIES | ' | ' |
Excess spread financing (at fair value) | 0 | 0 |
Total liabilities | 8,526 | 20,026 |
Fair Value, Measurements, Recurring | Level 3 | ' | ' |
ASSETS | ' | ' |
Mortgage loans held for sale | 0 | 0 |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 2,488,283 | 635,860 |
Total assets | 2,488,283 | 635,860 |
LIABILITIES | ' | ' |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 29,874 | ' |
Excess spread financing (at fair value) | 986,410 | 288,089 |
Total liabilities | 1,016,284 | 288,089 |
IRLCs | Fair Value, Measurements, Recurring | Total Fair Value | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 87,128 | 150,048 |
LIABILITIES | ' | ' |
Derivative financial instruments | 2,698 | ' |
IRLCs | Fair Value, Measurements, Recurring | Level 1 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 0 | 0 |
IRLCs | Fair Value, Measurements, Recurring | Level 2 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 87,128 | 150,048 |
LIABILITIES | ' | ' |
Derivative financial instruments | 2,698 | ' |
IRLCs | Fair Value, Measurements, Recurring | Level 3 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 0 | 0 |
Loan Purchase Commitments (LPCs) | Fair Value, Measurements, Recurring | Total Fair Value | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 793 | 1,253 |
LIABILITIES | ' | ' |
Derivative financial instruments | 1,689 | 86 |
Loan Purchase Commitments (LPCs) | Fair Value, Measurements, Recurring | Level 1 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 0 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | ' |
Loan Purchase Commitments (LPCs) | Fair Value, Measurements, Recurring | Level 2 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 793 | 1,253 |
LIABILITIES | ' | ' |
Derivative financial instruments | 1,689 | 86 |
Loan Purchase Commitments (LPCs) | Fair Value, Measurements, Recurring | Level 3 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 0 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | ' |
Interest rate swaps and caps | Fair Value, Measurements, Recurring | Total Fair Value | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 3,691 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | ' | 6,120 |
Interest rate swaps and caps | Fair Value, Measurements, Recurring | Level 1 | ' | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | ' | 0 |
Interest rate swaps and caps | Fair Value, Measurements, Recurring | Level 2 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 3,691 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | ' | 6,120 |
Interest rate swaps and caps | Fair Value, Measurements, Recurring | Level 3 | ' | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | ' | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Total Fair Value | ' | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 834 | 1,846 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 1 | ' | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | ' |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ' | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 834 | 1,846 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 3 | ' | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | ' |
Forward Contracts | Fair Value, Measurements, Recurring | Total Fair Value | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 32,266 | 888 |
LIABILITIES | ' | ' |
Derivative financial instruments | 3,305 | 11,974 |
Forward Contracts | Fair Value, Measurements, Recurring | Level 1 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 0 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | 0 | 0 |
Forward Contracts | Fair Value, Measurements, Recurring | Level 2 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 32,266 | 888 |
LIABILITIES | ' | ' |
Derivative financial instruments | 3,305 | 11,974 |
Forward Contracts | Fair Value, Measurements, Recurring | Level 3 | ' | ' |
ASSETS | ' | ' |
Derivative instruments | 0 | ' |
LIABILITIES | ' | ' |
Derivative financial instruments | $0 | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurements - Level 3 Reconciliation (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | $29,874 | $0 |
Excess Spread Financing | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 288,089 | 44,595 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in earnings | 73,333 | 10,683 |
Included in other comprehensive income | 0 | 0 |
Purchases | 0 | 0 |
Issuances | 755,344 | 272,676 |
Sales | 0 | 0 |
Settlements | -130,356 | -39,865 |
Ending balance | 986,410 | 288,089 |
Mortgage Servicing Right [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | 635,860 | 251,050 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Included in earnings | 58,458 | -68,242 |
Included in other comprehensive income | 0 | 0 |
Purchases | 1,545,584 | 394,445 |
Issuances | 248,381 | 58,607 |
Sales | 0 | 0 |
Settlements | 0 | 0 |
Ending balance | $2,488,283 | $635,860 |
Fair_Value_Measurements_Measur1
Fair Value Measurements - Measured on a Nonrecurring Basis (Details) (Fair Value, Measurements, Nonrecurring, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total Gains (Losses) Included in Earnings | ($13,316) | ($2,864) | |
Level 1 | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
REO | 0 | 0 | |
Total assets | 0 | 0 | |
Level 2 | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
REO | 0 | [1] | 0 |
Total assets | 0 | 0 | |
Level 3 | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
REO | 45,632 | 10,467 | |
Total assets | 45,632 | 10,467 | |
Total Fair Value | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
REO | 45,632 | 10,467 | |
Total assets | 45,632 | 10,467 | |
Real Estate Owned | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Total Gains (Losses) Included in Earnings | ($13,316) | ($2,864) | |
[1] | Based on the nature and risks of these assets and liabilities, the Company has determined that presenting them as a single class is appropriate. |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements - Fair Value by Balance Sheet Line Item (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial assets: | ' | ' |
Derivative instruments | $123,878 | $152,189 |
Financial liabilities: | ' | ' |
Derivative financial instruments | 8,526 | 20,026 |
Excess spread financing | 986,410 | 288,089 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 29,874 | 0 |
Level 1 | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 441,902 | 152,649 |
Restricted cash | 592,747 | 393,190 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, principally subject to nonrecourse debt b Legacy assets | 0 | 0 |
Reverse mortgage interests | 0 | 0 |
Derivative instruments | 0 | ' |
Financial liabilities: | ' | ' |
Notes payable | 0 | 0 |
Unsecured senior notes | 2,489,886 | 1,151,997 |
Derivative financial instruments | 0 | 0 |
Nonrecourse debt - Legacy assets | 0 | 0 |
Excess spread financing | 0 | 0 |
Participating interest financing | 0 | ' |
Level 2 | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Mortgage loans held for sale | 2,601,520 | 1,480,537 |
Mortgage loans held for investment, principally subject to nonrecourse debt b Legacy assets | 0 | 0 |
Reverse mortgage interests | 0 | 0 |
Derivative instruments | 123,878 | 152,189 |
Financial liabilities: | ' | ' |
Notes payable | 0 | 0 |
Unsecured senior notes | 0 | 0 |
Derivative financial instruments | 8,526 | 20,026 |
Nonrecourse debt - Legacy assets | 0 | 0 |
Excess spread financing | 0 | 0 |
Participating interest financing | 1,093,747 | 593,741 |
Level 3 | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Mortgage loans held for investment, principally subject to nonrecourse debt b Legacy assets | 180,435 | 220,755 |
Reverse mortgage interests | 1,405,197 | 805,650 |
Derivative instruments | 0 | ' |
Financial liabilities: | ' | ' |
Notes payable | 6,984,351 | 3,601,586 |
Unsecured senior notes | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Nonrecourse debt - Legacy assets | 95,345 | 102,492 |
Excess spread financing | 986,410 | 288,089 |
Participating interest financing | 0 | ' |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 29,874 | ' |
Carrying Amount | ' | ' |
Financial assets: | ' | ' |
Cash and cash equivalents | 441,902 | 152,649 |
Restricted cash | 592,747 | 393,190 |
Mortgage loans held for sale | 2,603,380 | 1,480,537 |
Mortgage loans held for investment, principally subject to nonrecourse debt b Legacy assets | 211,050 | 238,907 |
Reverse mortgage interests | 1,434,506 | 750,273 |
Derivative instruments | 123,878 | 152,189 |
Financial liabilities: | ' | ' |
Notes payable | 6,984,351 | 3,601,586 |
Unsecured senior notes | 2,444,062 | 1,062,635 |
Derivative financial instruments | 8,526 | 20,026 |
Nonrecourse debt - Legacy assets | 89,107 | 100,620 |
Excess spread financing | 986,410 | 288,089 |
Participating interest financing | 1,103,490 | 580,836 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | $29,874 | ' |
Employee_Benefits_Details
Employee Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefits [Abstract] | ' | ' | ' |
Employer matching contribution, percent of match | 100.00% | ' | ' |
Employer matching contribution, percent of employees' gross pay | 2.00% | ' | ' |
Employer Matching on Contribution of gross pay greater than two percent up to four percent | 50.00% | ' | ' |
Percentage of employee gross pay, employer contribute | 4.00% | ' | ' |
Defined contribution plan, cost recognized | $11.10 | $3.70 | $2.30 |
ShareBased_Compensation_Restri
Share-Based Compensation - Restricted Stock Rollforward (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Treasury Stock, Shares, Acquired | ' | ' | 168,000 |
2012 Plan | Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | 1,293,000 | 1,376,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | '1 year 2 months 5 days | '1 year 6 months | '2 years 2 months 20 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | 53,000 | 56,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Granted (in shares) | 1,277,000 | 69,000 | 307,000 |
Grants in Period, Grant Date Fair Value | $14 | $29.95 | $37.88 |
Restricted Stock unvested and expected to vest | ' | ' | 920,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested and Payable, Number | ' | ' | 0 |
ShareBased_Compensation_Vestin
Share-Based Compensation - Vesting Schedule of Rrestricted Stock (Details) (2012 Plan, Restricted Stock [Member]) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock unvested and expected to vest | 920 |
Current year vesting [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock unvested and expected to vest | 418 |
Vesting in Year One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock unvested and expected to vest | 418 |
Vesting in Year Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted Stock unvested and expected to vest | 84 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 09, 2012 | Mar. 09, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | |
Restricted Preferred Units | 2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | 2012 Plan | Predecessor Plan | Predecessor Plan | Nationstar Mortgage LLC | |||
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Management | Members of the Board | |||||||
Restricted Stock [Member] | Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury Stock, Value, Acquired, Cost Method | $6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants (in shares) | ' | ' | ' | 1,277,000 | 69,000 | 307,000 | 1,191,117 | 85,716 | ' | ' | ' |
Treasury Stock, Shares, Acquired | 168,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value | ' | ' | $4.23 | $14 | $29.95 | $37.88 | ' | ' | ' | ' | ' |
Shares of Nationstar Mortgage stock held by Nationstar LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,156 |
Value of Nationstar Mortgage shares held by Nationstar LLC | 0 | 4,566,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,600,000 |
Compensation expense, net of forfeitures | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | 13,300,000 | 14,800,000 | ' |
Compensation expense to recognize in 2013 | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense to recognize in 2014 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense to recognize in 2015 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Requirements_Details
Capital Requirements (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Mortgage Banking [Abstract] | ' |
Minimum Net Worth Required for Compliance | $842.20 |
Minimum Tangible Net Worth Required for Compliance | $400 |
Commitments_and_Contingencies_
Commitments and Contingencies - Litigation and Regulatory Matters (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Legal Fees | $20,400,000 | $15,000,000 | $9,300,000 |
Litigation and Regulatory Matters [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Range of possible loss, minimum | 1,300,000 | ' | ' |
Range of possible loss, maximum | $5,200,000 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Lease Commitments (Details) (USD $) | Dec. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $25,221 |
2014 | 16,127,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | 20,382 |
Operating Leases, Future Minimum Payments, Due in Three Years | 15,877 |
Operating Leases, Future Minimum Payments, Due in Four Years | 12,882 |
Operating Leases, Future Minimum Payments, Due in Five Years | 11,918 |
Operating Leases, Future Minimum Payments, Due Thereafter | 20,686 |
Operating Leases, Future Minimum Payments Due | $106,966 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Loan and Other Commitments (Details) (USD $) | Dec. 31, 2013 | Jan. 06, 2013 | Dec. 31, 2013 | Feb. 28, 2013 |
Reverse Mortgages | Reverse Mortgages | |||
Mortgage Servicing Rights [Line Items] | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | $3,000,000,000 | $215,000,000,000 | $28,900,000,000 | $100,000,000 |
Unfunded advance obligations | ' | ' | $4,400,000,000 | ' |
Restructuring_Charges_Details
Restructuring Charges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Liability Balance at January 1 | $7,186 | $8,460 | $9,183 |
Restructuring Adjustments | 12,873 | 500 | 1,084 |
Restructuring Settlements | 6,773 | -1,774 | -1,807 |
Liability Balance at December 31 | 13,286 | 7,186 | 8,460 |
Employee Severance [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Liability Balance at January 1 | 0 | ' | ' |
Restructuring Adjustments | 8,765 | ' | ' |
Restructuring Settlements | -4,115 | ' | ' |
Liability Balance at December 31 | 4,650 | ' | ' |
Contract Termination [Member] | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' |
Liability Balance at January 1 | 7,186 | 8,460 | 9,183 |
Restructuring Adjustments | 4,108 | 500 | 1,084 |
Restructuring Settlements | -2,658 | -1,774 | -1,807 |
Liability Balance at December 31 | $8,636 | $7,186 | $8,460 |
Restructuring_Charges_Restruct
Restructuring Charges Restructuring Charges Detail (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Adjustments | $12,873 | $500 | $1,084 |
Contract Termination [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Adjustments | 4,108 | 500 | 1,084 |
Employee Severance [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Restructuring Adjustments | $8,765 | ' | ' |
Concentrations_of_Credit_Risk_1
Concentrations of Credit Risk (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | ' | ' |
Unpaid Principal Balance | $292,866 | $360,785 |
% of Total Outstanding | 100.00% | 100.00% |
Loans Held-for-Investment [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Concentration risk, threshold | 5.00% | ' |
TEXAS | Loans Held-for-Investment [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Unpaid Principal Balance | 42,123 | 49,814 |
% of Total Outstanding | 14.40% | 13.80% |
FLORIDA | Loans Held-for-Investment [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Unpaid Principal Balance | 39,293 | 47,751 |
% of Total Outstanding | 13.50% | 13.20% |
PENNSYLVANIA | Loans Held-for-Investment [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Unpaid Principal Balance | 16,785 | 18,670 |
% of Total Outstanding | 5.70% | 5.20% |
NEW YORK | Loans Held-for-Investment [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Unpaid Principal Balance | 16,768 | 16,913 |
% of Total Outstanding | 5.70% | 4.70% |
All Other States [Member] | Loans Held-for-Investment [Member] | Geographic Concentration Risk [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Unpaid Principal Balance | $177,897 | $227,637 |
% of Total Outstanding | 60.70% | 63.10% |
Concentrations_of_Credit_Risk_2
Concentrations of Credit Risk (Adjustable Rate Loans) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | 2/28 [Member] | 2/28 [Member] | 3/27 [Member] | 3/27 [Member] | All other ARMs [Member] | All other ARMs [Member] | Minimum | Minimum | Maximum | Maximum | ||
2/28 [Member] | 3/27 [Member] | 2/28 [Member] | 3/27 [Member] | |||||||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortizing Adjustable Rate Mortgages (ARMs) | $48,918 | $65,354 | $41,536 | $56,849 | $4,331 | $5,046 | $3,051 | $3,459 | ' | ' | ' | ' |
Rate term | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | '28 years | '27 years |
Business_Segment_Reporting_Fin
Business Segment Reporting - Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segment | |||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,084,208 | $462,495 | $233,411 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,014 | 34,656 | 35,294 |
Total fee income | 394,761 | 425,882 | 321,104 | 242,475 | 157,566 | 145,611 | 100,414 | 93,560 | 82,980 | 61,141 | 59,898 | 64,686 | 1,384,222 | 497,151 | 268,705 |
Gain/(loss) on mortgage loans held for sale | 25,659 | 205,956 | 282,561 | 188,587 | 175,048 | 139,259 | 102,345 | 70,512 | 35,576 | 30,232 | 22,822 | 20,506 | 702,763 | 487,164 | 109,136 |
Total revenues | 420,420 | 631,838 | 603,665 | 431,062 | 332,614 | 284,870 | 202,759 | 164,072 | 118,556 | 91,373 | 82,720 | 85,192 | 2,086,985 | 984,315 | 377,841 |
Total expenses and impairments | 398,002 | 395,854 | 339,851 | 268,571 | 200,268 | 154,828 | 130,372 | 96,577 | 86,466 | 83,194 | 68,402 | 68,121 | 1,402,278 | 582,045 | 306,183 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,220 | 71,586 | 66,802 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -538,805 | -197,308 | -105,375 |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,600 | 0 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -14,571 | -107 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,132 | -994 | 298 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -12,389 |
Total other income (expense) | -108,358 | -103,912 | -64,685 | -61,498 | -37,930 | -50,261 | -23,332 | -14,164 | -17,198 | -11,279 | -12,592 | -9,702 | -338,453 | -125,687 | -50,771 |
Income (loss) before taxes | -85,940 | 132,072 | 199,129 | 100,993 | 94,416 | 79,781 | 49,055 | 53,331 | ' | ' | ' | ' | 346,254 | 276,583 | 20,887 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,615 | 9,620 | 4,063 |
Assets | 14,026,689 | ' | ' | ' | 7,126,143 | ' | ' | ' | 1,787,931 | ' | ' | ' | 14,026,689 | 7,126,143 | 1,787,931 |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,140,702 | 462,001 | 238,394 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,060 | 34,842 | 31,298 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,440,762 | 496,843 | 269,692 |
Gain/(loss) on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 655,156 | 487,142 | 109,431 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,095,918 | 983,985 | 379,123 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,365,289 | 557,900 | 279,537 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,866 | 51,362 | 14,981 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 519,849 | 182,647 | -68,979 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,571 | -107 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,856 | 1,237 | 298 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -339,127 | -129,019 | -53,807 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,502 | 297,066 | 45,779 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,869 | 8,880 | 3,395 |
Assets | 13,392,995 | ' | ' | ' | 6,784,309 | ' | ' | ' | 1,510,097 | ' | ' | ' | 13,392,995 | 6,784,309 | 1,510,097 |
Servicing Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,140,702 | 462,001 | 238,394 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 238,144 | 35,133 | 17,189 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,378,846 | 497,134 | 255,583 |
Gain/(loss) on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,799 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,383,645 | 497,134 | 255,583 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 748,645 | 338,157 | 177,930 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,018 | 30,936 | 2,263 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -396,021 | -156,817 | -58,024 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,571 | -107 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,856 | 1,237 | 298 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -303,147 | -123,615 | -55,570 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 331,853 | 35,362 | 22,083 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,085 | 6,126 | 2,089 |
Assets | 10,175,731 | ' | ' | ' | 4,938,330 | ' | ' | ' | 909,992 | ' | ' | ' | 10,175,731 | 4,938,330 | 909,992 |
Originations Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,916 | -291 | 14,109 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,916 | -291 | 14,109 |
Gain/(loss) on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,357 | 487,142 | 109,431 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 712,273 | 486,851 | 123,540 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 616,644 | 219,743 | 101,607 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,848 | 20,426 | 12,718 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -123,828 | -25,830 | -10,955 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -35,980 | -5,404 | 1,763 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,649 | 261,704 | 23,696 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,784 | 2,754 | 1,306 |
Assets | 3,217,264 | ' | ' | ' | 1,845,979 | ' | ' | ' | 600,105 | ' | ' | ' | 3,217,264 | 1,845,979 | 600,105 |
Legacy Portfolio and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,965 | 2,287 | 1,972 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -46 | -186 | 3,996 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,919 | 2,101 | 5,968 |
Gain/(loss) on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,218 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,299 | 2,101 | 5,968 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,989 | 24,145 | 26,941 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,720 | 18,431 | 44,866 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,956 | -14,639 | -36,396 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,276 | -2,231 | 0 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,389 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -960 | 1,561 | -3,919 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -45,248 | -20,483 | -24,892 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,746 | 740 | 668 |
Assets | 633,694 | ' | ' | ' | 341,834 | ' | ' | ' | 277,834 | ' | ' | ' | 633,694 | 341,834 | 277,834 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,459 | -1,793 | -6,955 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,459 | -1,793 | -6,955 |
Gain/(loss) on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,825 | 22 | -295 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,634 | -1,771 | -7,250 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -295 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,634 | 1,793 | 6,955 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -22 | 0 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,634 | 1,771 | 6,955 |
Income (loss) before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Assets | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | $0 |
Guarantor_Financial_Statement_2
Guarantor Financial Statement Information - Details (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | subsidiary | |
Debt Instrument [Line Items] | ' | ' |
Principal amount | $2,444,062 | $1,062,635 |
Number of Subsidiaries as Guarantors of Unsecured Debt | 2 | ' |
Guarantor_Financial_Statement_3
Guarantor Financial Statement Information - Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Condensed Financial Statements | ' | ' | ' | ' |
Non-Recourse Debt | ' | $969,545 | ' | ' |
Other Non-Recourse Debt | 2,208,881 | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 441,902 | 152,649 | 62,445 | 21,223 |
Restricted cash | 592,747 | 393,190 | ' | ' |
Accounts receivable, net | 5,636,482 | 3,043,606 | ' | ' |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 2,603,380 | 1,480,537 | 458,626 | ' |
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Asset, net | 211,050 | 238,907 | ' | ' |
Participating interest in reverse mortgages | 1,434,506 | 750,273 | ' | ' |
Receivables from affiliates | 8,861 | 12,604 | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 2,488,283 | 635,860 | ' | ' |
Servicing Asset | 2,503,162 | 646,833 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Property and equipment, net | 119,185 | 75,026 | ' | ' |
Derivative Asset | 123,878 | 152,189 | ' | ' |
REO, net | 45,632 | 10,467 | ' | ' |
Other assets | 360,397 | 192,933 | ' | ' |
Total assets | 14,026,689 | 7,126,143 | 1,787,931 | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Notes payable | 6,984,351 | 3,601,586 | ' | ' |
Unsecured senior notes | 2,444,062 | 1,062,635 | ' | ' |
Payables and accrued liabilities | 1,308,450 | 631,431 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Derivative financial instruments | 8,526 | 20,026 | ' | ' |
Mortgage servicing liabilities | ' | 83,238 | ' | ' |
Mortgage Servicing Liability | 82,521 | 83,238 | ' | ' |
Nonrecourse debt-Legacy Assets | 2,208,881 | 969,545 | ' | ' |
Excess spread financing - fair value | 986,410 | 288,089 | ' | ' |
ABS Nonrecourse Debt | ' | 969,545 | ' | ' |
Total liabilities | 13,036,791 | 6,368,461 | ' | ' |
Total stockholdersb equity | 984,908 | 757,682 | 281,309 | 256,372 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 989,898 | 757,682 | ' | ' |
Total liabilities and equity | 14,026,689 | 7,126,143 | 7,126,143 | ' |
Nationstar Inc. [Member] | ' | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' | ' |
Non-Recourse Debt | 0 | 0 | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | ' |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 0 | 0 | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Asset, net | 0 | 0 | ' | ' |
Participating interest in reverse mortgages | 0 | 0 | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 0 | 0 | ' | ' |
Investment in subsidiaries | 968,027 | 728,908 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Derivative Asset | 0 | 0 | ' | ' |
Other assets | 21,872 | 28,774 | ' | ' |
Total assets | 989,899 | 757,682 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Notes payable | 0 | 0 | ' | ' |
Unsecured senior notes | 0 | 0 | ' | ' |
Payables and accrued liabilities | 0 | 0 | ' | ' |
Payables to affiliates | 0 | 0 | ' | ' |
Derivative financial instruments | 0 | 0 | ' | ' |
Mortgage Servicing Liability | 0 | 0 | ' | ' |
Total liabilities | 0 | 0 | ' | ' |
Total stockholdersb equity | 989,899 | 757,682 | ' | ' |
Total liabilities and equity | 989,899 | 757,682 | ' | ' |
Issuer [Member] | ' | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' | ' |
Non-Recourse Debt | 2,119,774 | 868,925 | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 422,268 | 152,248 | 62,201 | 20,904 |
Restricted cash | 312,120 | 145,657 | ' | ' |
Accounts receivable, net | 1,569,021 | 3,040,666 | ' | ' |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 2,603,380 | 1,480,537 | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Asset, net | 2,786 | 14,700 | ' | ' |
Participating interest in reverse mortgages | 1,434,506 | 750,273 | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | ' | 646,833 | ' | ' |
Servicing Asset | 2,503,162 | ' | ' | ' |
Investment in subsidiaries | 181,545 | 149,188 | ' | ' |
Property and equipment, net | 115,765 | 74,191 | ' | ' |
Derivative Asset | 120,187 | 152,189 | ' | ' |
Other assets | 4,683,749 | 159,976 | ' | ' |
Total assets | 13,948,489 | 6,766,458 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Notes payable | 3,311,625 | 1,306,557 | ' | ' |
Unsecured senior notes | 2,444,062 | 1,062,635 | ' | ' |
Payables and accrued liabilities | 1,319,172 | 640,369 | ' | ' |
Payables to affiliates | 3,694,782 | 2,063,766 | ' | ' |
Derivative financial instruments | 8,526 | 12,060 | ' | ' |
Mortgage Servicing Liability | 82,521 | 83,238 | ' | ' |
Total liabilities | 12,980,462 | 6,037,550 | ' | ' |
Total stockholdersb equity | 968,027 | 728,908 | ' | ' |
Total liabilities and equity | 13,948,489 | 6,766,458 | ' | ' |
Guarantor (Subsidiaries) | ' | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' | ' |
Non-Recourse Debt | 0 | 0 | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 3,907 | 401 | 244 | 319 |
Restricted cash | 3 | 3 | ' | ' |
Accounts receivable, net | 2,582 | 1,826 | ' | ' |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 0 | 0 | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Asset, net | 0 | 0 | ' | ' |
Participating interest in reverse mortgages | 0 | ' | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Property and equipment, net | 855 | 835 | ' | ' |
Derivative Asset | 0 | 0 | ' | ' |
Other assets | 323,346 | 94,202 | ' | ' |
Total assets | 330,693 | 97,267 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Notes payable | 0 | 0 | ' | ' |
Unsecured senior notes | 0 | 0 | ' | ' |
Payables and accrued liabilities | 5,950 | 1,815 | ' | ' |
Payables to affiliates | 116,349 | 0 | ' | ' |
Derivative financial instruments | 0 | 0 | ' | ' |
Mortgage Servicing Liability | 0 | 0 | ' | ' |
Total liabilities | 122,299 | 1,815 | ' | ' |
Total stockholdersb equity | 208,394 | 95,452 | ' | ' |
Total liabilities and equity | 330,693 | 97,267 | ' | ' |
Non-Guarantor (Subsidiaries) | ' | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' | ' |
Non-Recourse Debt | ' | 100,620 | ' | ' |
Other Non-Recourse Debt | 89,107 | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 15,727 | 0 | 0 | 0 |
Restricted cash | 280,624 | 247,530 | ' | ' |
Accounts receivable, net | 4,064,879 | 1,114 | ' | ' |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 0 | 0 | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Asset, net | 208,264 | 224,207 | ' | ' |
Participating interest in reverse mortgages | 0 | ' | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 0 | 0 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Property and equipment, net | 2,565 | 0 | ' | ' |
Derivative Asset | 3,691 | 0 | ' | ' |
Other assets | 3,373,048 | 1,987,883 | ' | ' |
Total assets | 7,948,798 | 2,460,734 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Notes payable | 3,672,726 | 2,295,029 | ' | ' |
Unsecured senior notes | 0 | 0 | ' | ' |
Payables and accrued liabilities | 14,791 | 3,383 | ' | ' |
Payables to affiliates | 4,199,023 | 0 | ' | ' |
Derivative financial instruments | 0 | 7,966 | ' | ' |
Mortgage Servicing Liability | 0 | 0 | ' | ' |
Total liabilities | 7,975,647 | 2,406,998 | ' | ' |
Total stockholdersb equity | -26,849 | 53,736 | ' | ' |
Total liabilities and equity | 7,948,798 | 2,460,734 | ' | ' |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' | ' |
Non-Recourse Debt | 0 | 0 | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ' | ' |
Accounts receivable, net | 0 | 0 | ' | ' |
Mortgage loans held for sale, $2,585,340 and $1,480,537 at fair value, respectively | 0 | 0 | ' | ' |
Mortgage loans held for investment, subject to nonrecourse debt - Legacy Asset, net | 0 | 0 | ' | ' |
Participating interest in reverse mortgages | 0 | ' | ' | ' |
Mortgage servicing rights, $2,488,283 and $635,860 at fair value, respectively | 0 | 0 | ' | ' |
Investment in subsidiaries | -1,149,572 | -878,096 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Derivative Asset | 0 | 0 | ' | ' |
Other assets | -8,041,618 | -2,077,902 | ' | ' |
Total assets | -9,191,190 | -2,955,998 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Notes payable | 0 | 0 | ' | ' |
Unsecured senior notes | 0 | 0 | ' | ' |
Payables and accrued liabilities | -31,463 | -14,136 | ' | ' |
Payables to affiliates | -8,010,154 | -2,063,766 | ' | ' |
Derivative financial instruments | 0 | ' | ' | ' |
Mortgage Servicing Liability | 0 | 0 | ' | ' |
Total liabilities | -8,041,617 | -2,077,902 | ' | ' |
Total stockholdersb equity | -1,149,573 | -878,096 | ' | ' |
Total liabilities and equity | ($9,191,190) | ($2,955,998) | ' | ' |
Guarantor_Financial_Statement_4
Guarantor Financial Statement Information - Consolidating Statements of Operations and Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,084,208 | $462,495 | $233,411 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -300,014 | -34,656 | -35,294 |
Total fee income | 394,761 | 425,882 | 321,104 | 242,475 | 157,566 | 145,611 | 100,414 | 93,560 | 82,980 | 61,141 | 59,898 | 64,686 | 1,384,222 | 497,151 | 268,705 |
Gain on mortgage loans held for sale | 25,659 | 205,956 | 282,561 | 188,587 | 175,048 | 139,259 | 102,345 | 70,512 | 35,576 | 30,232 | 22,822 | 20,506 | 702,763 | 487,164 | 109,136 |
Total revenues | 420,420 | 631,838 | 603,665 | 431,062 | 332,614 | 284,870 | 202,759 | 164,072 | 118,556 | 91,373 | 82,720 | 85,192 | 2,086,985 | 984,315 | 377,841 |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 679,637 | 358,455 | 202,290 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 678,480 | ' | 82,183 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 678,480 | 201,587 | 82,183 |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,316 | 5,217 | 10,370 |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,845 | 16,786 | 11,340 |
Total expenses and impairments | 398,002 | 395,854 | 339,851 | 268,571 | 200,268 | 154,828 | 130,372 | 96,577 | 86,466 | 83,194 | 68,402 | 68,121 | 1,402,278 | 582,045 | 306,183 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 197,220 | 71,586 | 66,802 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -538,805 | -197,308 | -105,375 |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 15,600 | 0 |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -14,571 | -107 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,132 | -994 | 298 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 12,389 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -12,389 |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other income (expense) | -108,358 | -103,912 | -64,685 | -61,498 | -37,930 | -50,261 | -23,332 | -14,164 | -17,198 | -11,279 | -12,592 | -9,702 | -338,453 | -125,687 | -50,771 |
Income before taxes | -85,940 | 132,072 | 199,129 | 100,993 | 94,416 | 79,781 | 49,055 | 53,331 | ' | ' | ' | ' | 346,254 | 276,583 | 20,887 |
Income tax expense/(benefit) | -35,033 | 50,187 | 75,669 | 38,377 | 30,657 | 24,714 | 12,780 | 3,145 | ' | ' | ' | ' | 129,200 | 71,296 | 0 |
Net income | -50,907 | 81,885 | 123,460 | 62,616 | 63,759 | 55,067 | 36,275 | 50,186 | 14,892 | -3,100 | 1,726 | 7,369 | 217,054 | 205,287 | 20,887 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in value of designated cash flow hedges net of tax of $1,183, $0, and $0, respectively | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,963 | 0 | -1,071 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 219,017 | 205,287 | 19,816 |
Change in Value of Cash Flow Hedge Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,963 | 0 | -1,071 |
Nationstar Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Gain on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,054 | 179,359 | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,054 | 179,359 | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,054 | 179,359 | ' |
Income tax expense/(benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25,928 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,054 | 205,287 | ' |
Subsidiary Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,143,096 | ' | ' |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -68,621 | ' | ' |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,211,717 | ' | ' |
Gain on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 645,509 | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,857,226 | ' | ' |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 637,794 | ' | ' |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 604,990 | ' | ' |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,317 | ' | ' |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,121 | ' | ' |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,279,222 | ' | ' |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,445 | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -420,214 | ' | ' |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,012 | ' | ' |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,007 | ' | ' |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -231,750 | ' | ' |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 346,254 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,054 | ' | ' |
Issuer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 462,980 | 234,135 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 395 | -17,889 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 462,585 | 252,024 |
Gain on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 645,509 | 487,164 | 109,136 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 949,749 | 361,160 |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,012 | 198,703 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72,654 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,948 | ' |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,317 | -1,034 | 3,959 |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,734 | 11,163 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 563,660 | 286,479 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,307 | 14,880 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -137,638 | -58,452 |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,600 | ' |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -14,571 | -107 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,415 | 0 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,695 |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,007 | -22,789 | -17,810 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -109,506 | -53,794 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276,583 | ' |
Income tax expense/(benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 97,224 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217,054 | 179,359 | 20,887 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,816 |
Change in Value of Cash Flow Hedge Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,071 |
Guarantor (Subsidiaries) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,308 | 0 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -129,689 | -34,583 | -15,313 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,689 | 35,891 | 15,313 |
Gain on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,689 | 35,891 | 15,313 |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,534 | 9,443 | 3,587 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,630 | ' | 3,207 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,625 | ' |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 431 | 52 | 177 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,595 | 12,120 | 6,971 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,094 | 23,771 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 113,094 | 23,771 | 8,342 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,342 |
Change in Value of Cash Flow Hedge Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Non-Guarantor (Subsidiaries) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 6,231 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -101,704 | 468 | -2,092 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,704 | 468 | 8,323 |
Gain on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101,704 | 468 | 8,323 |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,309 | 0 | 0 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,860 | ' | 6,322 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,999 | 6,251 | 6,411 |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,293 | 0 | 0 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106,461 | 6,265 | 12,733 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,141 | 18,486 | 44,967 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -118,591 | -59,670 | -46,923 |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,120 | 421 | 298 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,084 |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -100,330 | -40,763 | -21,742 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105,087 | -46,560 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -105,087 | -46,560 | -26,152 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,223 |
Change in Value of Cash Flow Hedge Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,071 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,888 | -1,793 | -6,955 |
Other fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total fee income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,888 | -1,793 | -6,955 |
Gain on mortgage loans held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57,254 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,634 | -1,793 | -6,955 |
Expenses and impairments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Salaries, wages and benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and Administrative Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loss on foreclosed real estate and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Occupancy | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses and impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income (expense): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,634 | 1,793 | 6,955 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Contract termination fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Loss on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Gain / (Loss) on interest rate swaps and caps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Fair value changes in ABS securitizations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Gain / (loss) from subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -225,061 | -156,570 | 17,810 |
Total other income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -223,427 | -154,777 | 24,765 |
Income before taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -225,061 | -156,570 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -225,061 | -156,570 | 17,810 |
Other comprehensive income, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,881 |
Change in Value of Cash Flow Hedge Accumulated Other Comprehensive Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,071 |
Guarantor_Financial_Statement_5
Guarantor Financial Statement Information - Consolidating Statements of Cash Flow (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements | ' | ' | ' |
Proceeds from Principal Payment and Other Changes on Mortgage Loans Held for Investment Subject to Abs Nonrecourse Debt | $0 | $0 | $40,000 |
Bank Servicing Fees | 1,084,208 | 462,495 | 233,411 |
Operating activities | ' | ' | ' |
Net income/(loss) | 217,054 | 205,287 | 20,887 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | 0 | 0 | 0 |
Share-based compensation | 10,574 | 13,342 | 14,815 |
Gain on mortgage loans held for sale | -702,763 | -487,164 | -109,136 |
Fair Value Changes in Securitizations | 0 | 0 | 12,389 |
Loss on foreclosed real estate and other | 13,316 | 5,217 | 10,370 |
Loss on equity method investments | 0 | 14,571 | 107 |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | -6,080 | 994 | -2,331 |
Fair Value Changes in Excess Financing Spread | 73,333 | 10,683 | 3,060 |
Depreciation and amortization | 26,615 | 9,620 | 4,063 |
Cash settlement on derivative financial instruments | -4,544 | ' | ' |
Fair value changes in mortgage servicing rights | -59,101 | 63,122 | 39,000 |
Amortization of debt discount | 52,531 | ' | 8,289 |
Amortization of premiums/(discounts) | 52,531 | 9,635 | 8,289 |
Mortgage loans originated and purchased, net of fees | -25,466,754 | -7,904,052 | -3,412,185 |
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 25,018,375 | 7,197,722 | 3,403,437 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -857,139 | -752,507 | -83,133 |
Net tax effect of stock grants issued | -4,579 | -2,846 | 0 |
Reverse mortgage funded advances | -669,174 | -608,085 | 0 |
Other assets | -122,925 | -32,956 | -40,192 |
Payables and accrued liabilities | 647,320 | 299,301 | 101,657 |
Net cash provided by (used in) operating activities | -1,833,941 | -1,958,116 | -28,903 |
Investing activities | ' | ' | ' |
Property and equipment additions, net of disposals | -48,859 | -25,356 | -19,742 |
Payments to Acquire Equity Method Investments | 0 | 0 | -6,600 |
Loan repurchases from Ginnie Mae | -19,863 | -24,329 | 0 |
Payment for Reverse Mortgage Fundings | -19,189 | ' | ' |
Cash Proceeds from assumption of reverse mortgage servicing obligations, net | -19,189 | -37,911 | -26,893 |
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | -1,527,645 | -2,070,375 | -96,467 |
Proceeds from sales of REO | 52,767 | 679 | 27,823 |
Net cash (used in) / provided by investing activities | -1,373,534 | -2,157,292 | -81,879 |
Payments to Acquire Businesses, Net of Cash Acquired | -88,200 | ' | ' |
Proceeds from the sale of servicer advances | 277,455 | ' | ' |
Financing activities | ' | ' | ' |
Issuance of common stock, net of IPO issuance costs | 0 | 246,700 | 0 |
Issuance of participating interest financing in reverse mortgage interests | 535,216 | 582,897 | 0 |
Issuance of excess spread financing | 753,002 | 272,617 | 40,492 |
Proceeds from (Repayments of) Secured Debt | 1,240,750 | 2,728,407 | 163,421 |
Proceeds from mortgage servicing rights liability | 29,874 | ' | ' |
Repayment of Nonrecourse Debt Legacy Assets | 13,404 | 13,785 | 30,433 |
Repayments of Abs Nonrecourse Debt | 0 | 0 | 58,091 |
Issuance of unsecured senior notes, net | 1,365,244 | 770,699 | 35,166 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | -232,695 | -321,691 | 16,812 |
Repayment of excess spread financing | -130,355 | -39,865 | -2,207 |
Distribution to parent | 0 | 0 | -4,348 |
Proceeds from Contributions from Parent | ' | 0 | ' |
Payments of Financing Costs | -53,529 | -23,213 | -3,462 |
Payments Related to Tax Withholding for Share-based Compensation | 0 | 0 | 5,346 |
Net cash provided by / (used in) financing activities | 3,496,728 | 4,205,612 | 152,004 |
Net tax benefit for stock grants issued | 4,579 | 2,846 | 0 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | -6,944 | ' | ' |
Proceeds from Noncontrolling Interests | 4,990 | ' | ' |
Other fee income | 300,014 | 34,656 | 35,294 |
Total fee income | 1,384,222 | 497,151 | 268,705 |
Total revenues | 2,086,985 | 984,315 | 377,841 |
Labor and Related Expense | 679,637 | 358,455 | 202,290 |
General and Administrative Expense | 678,480 | ' | 82,183 |
Occupancy | 30,845 | 16,786 | 11,340 |
Total expenses and impairments | 1,402,278 | 582,045 | 306,183 |
Cash and Cash Equivalents, Period Increase (Decrease) | 289,253 | 90,204 | 41,222 |
Cash and Cash Equivalents, at Carrying Value | 441,902 | 152,649 | 62,445 |
Nationstar Inc. [Member] | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' |
Bank Servicing Fees | 0 | 0 | ' |
Operating activities | ' | ' | ' |
Net income/(loss) | 217,054 | 205,287 | ' |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | -217,054 | -179,359 | ' |
Share-based compensation | 0 | 0 | ' |
Gain on mortgage loans held for sale | 0 | 0 | ' |
Loss on foreclosed real estate and other | 0 | 0 | ' |
Loss on equity method investments | ' | 0 | ' |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | 0 | 0 | ' |
Fair Value Changes in Excess Financing Spread | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | ' |
Fair value changes in mortgage servicing rights | 0 | 0 | ' |
Amortization of debt discount | 0 | ' | ' |
Amortization of premiums/(discounts) | ' | 0 | ' |
Mortgage loans originated and purchased, net of fees | 0 | 0 | ' |
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 0 | 0 | ' |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 0 | 0 | ' |
Net tax effect of stock grants issued | 0 | 0 | ' |
Reverse mortgage funded advances | 0 | 0 | ' |
Other assets | 2,365 | -28,774 | ' |
Payables and accrued liabilities | 0 | 2,846 | ' |
Net cash provided by (used in) operating activities | 2,365 | 0 | ' |
Investing activities | ' | ' | ' |
Property and equipment additions, net of disposals | 0 | 0 | ' |
Loan repurchases from Ginnie Mae | 0 | 0 | ' |
Cash Proceeds from assumption of reverse mortgage servicing obligations, net | ' | 0 | ' |
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | 0 | 0 | ' |
Proceeds from sales of REO | 0 | 0 | ' |
Net cash (used in) / provided by investing activities | 0 | 0 | ' |
Financing activities | ' | ' | ' |
Issuance of common stock, net of IPO issuance costs | ' | 246,700 | ' |
Issuance of participating interest financing in reverse mortgage interests | 0 | 0 | ' |
Issuance of excess spread financing | 0 | 0 | ' |
Proceeds from (Repayments of) Secured Debt | 0 | 0 | ' |
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | ' |
Issuance of unsecured senior notes, net | 0 | 0 | ' |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ' |
Repayment of excess spread financing | 0 | 0 | ' |
Distribution to parent | ' | -246,700 | ' |
Proceeds from Contributions from Parent | ' | 0 | ' |
Payments of Financing Costs | 0 | 0 | ' |
Net cash provided by / (used in) financing activities | -2,365 | 0 | ' |
Net tax benefit for stock grants issued | 4,579 | 0 | ' |
Proceeds from Noncontrolling Interests | 0 | ' | ' |
Other fee income | 0 | 0 | ' |
Total fee income | 0 | 0 | ' |
Total revenues | 0 | 0 | ' |
Labor and Related Expense | 0 | 0 | ' |
General and Administrative Expense | 0 | ' | ' |
Occupancy | 0 | 0 | ' |
Total expenses and impairments | 0 | 0 | ' |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | ' |
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 |
Subsidiary Issuer [Member] | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' |
Bank Servicing Fees | 1,143,096 | ' | ' |
Operating activities | ' | ' | ' |
Net income/(loss) | 217,054 | ' | ' |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | -8,007 | ' | ' |
Gain on mortgage loans held for sale | -645,509 | ' | ' |
Loss on foreclosed real estate and other | -7,317 | ' | ' |
Financing activities | ' | ' | ' |
Other fee income | 68,621 | ' | ' |
Total fee income | 1,211,717 | ' | ' |
Total revenues | 1,857,226 | ' | ' |
Labor and Related Expense | 637,794 | ' | ' |
General and Administrative Expense | 604,990 | ' | ' |
Occupancy | 29,121 | ' | ' |
Total expenses and impairments | 1,279,222 | ' | ' |
Issuer [Member] | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' |
Proceeds from Principal Payment and Other Changes on Mortgage Loans Held for Investment Subject to Abs Nonrecourse Debt | ' | ' | 0 |
Bank Servicing Fees | ' | 462,980 | 234,135 |
Operating activities | ' | ' | ' |
Net income/(loss) | 217,054 | 179,359 | 20,887 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | -8,007 | 22,789 | 17,810 |
Share-based compensation | 10,574 | 13,342 | 14,815 |
Gain on mortgage loans held for sale | -645,509 | -487,164 | -109,136 |
Fair Value Changes in Securitizations | ' | ' | -7,695 |
Loss on foreclosed real estate and other | 7,317 | -1,034 | 3,959 |
Loss on equity method investments | ' | 14,571 | 107 |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | -3,415 | 1,415 | 0 |
Fair Value Changes in Excess Financing Spread | 73,333 | 10,683 | 3,060 |
Depreciation and amortization | 25,479 | 9,620 | 4,063 |
Fair value changes in mortgage servicing rights | -59,101 | 63,122 | 39,000 |
Amortization of debt discount | 56,348 | ' | 9,070 |
Amortization of premiums/(discounts) | ' | 13,003 | ' |
Mortgage loans originated and purchased, net of fees | -25,466,754 | -7,904,052 | -3,412,185 |
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 24,947,796 | 7,185,335 | 3,376,778 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -822,898 | -1,030,084 | 162,980 |
Net tax effect of stock grants issued | -4,579 | -2,846 | ' |
Reverse mortgage funded advances | -669,174 | -608,085 | ' |
Other assets | 1,163,217 | 2,066,136 | -272,031 |
Payables and accrued liabilities | 650,257 | 308,636 | 99,602 |
Net cash provided by (used in) operating activities | -528,062 | -145,254 | -48,916 |
Investing activities | ' | ' | ' |
Property and equipment additions, net of disposals | -45,138 | -25,356 | -19,742 |
Payments to Acquire Equity Method Investments | ' | ' | -6,600 |
Loan repurchases from Ginnie Mae | -19,863 | -24,329 | ' |
Payment for Reverse Mortgage Fundings | -19,189 | ' | ' |
Cash Proceeds from assumption of reverse mortgage servicing obligations, net | ' | -37,911 | -26,893 |
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | -1,527,645 | -2,070,375 | -96,467 |
Proceeds from sales of REO | 52,767 | -884 | 15,566 |
Net cash (used in) / provided by investing activities | -1,369,813 | -2,158,855 | -134,136 |
Payments to Acquire Businesses, Net of Cash Acquired | -88,200 | ' | ' |
Proceeds from the sale of servicer advances | 277,455 | ' | ' |
Financing activities | ' | ' | ' |
Issuance of common stock, net of IPO issuance costs | ' | 0 | ' |
Issuance of participating interest financing in reverse mortgage interests | 535,216 | 582,897 | ' |
Issuance of excess spread financing | 753,002 | 272,617 | 40,492 |
Proceeds from (Repayments of) Secured Debt | -136,947 | 677,952 | 155,655 |
Proceeds from mortgage servicing rights liability | 29,874 | ' | ' |
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | 0 |
Repayments of Abs Nonrecourse Debt | ' | ' | 0 |
Issuance of unsecured senior notes, net | 1,365,244 | 770,699 | 35,166 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | -199,600 | -96,477 | 8,399 |
Repayment of excess spread financing | -130,355 | -39,865 | -2,207 |
Distribution to parent | ' | 0 | -4,348 |
Proceeds from Contributions from Parent | ' | 246,700 | ' |
Payments of Financing Costs | -53,529 | -23,213 | -3,462 |
Payments Related to Tax Withholding for Share-based Compensation | ' | ' | 5,346 |
Net cash provided by / (used in) financing activities | 2,167,895 | 2,394,156 | 224,349 |
Net tax benefit for stock grants issued | 0 | 2,846 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | ' | ' |
Proceeds from Noncontrolling Interests | 4,990 | ' | ' |
Other fee income | ' | -395 | 17,889 |
Total fee income | ' | 462,585 | 252,024 |
Total revenues | ' | 949,749 | 361,160 |
Labor and Related Expense | ' | 349,012 | 198,703 |
General and Administrative Expense | ' | ' | 72,654 |
Occupancy | ' | 16,734 | 11,163 |
Total expenses and impairments | ' | 563,660 | 286,479 |
Cash and Cash Equivalents, Period Increase (Decrease) | 270,020 | 90,047 | 41,297 |
Cash and Cash Equivalents, at Carrying Value | 422,268 | 152,248 | 62,201 |
Guarantor (Subsidiaries) | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' |
Proceeds from Principal Payment and Other Changes on Mortgage Loans Held for Investment Subject to Abs Nonrecourse Debt | ' | ' | 0 |
Bank Servicing Fees | 0 | 1,308 | 0 |
Operating activities | ' | ' | ' |
Net income/(loss) | 113,094 | 23,771 | 8,342 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 |
Gain on mortgage loans held for sale | 0 | 0 | 0 |
Fair Value Changes in Securitizations | ' | ' | 0 |
Loss on foreclosed real estate and other | 0 | 0 | 0 |
Loss on equity method investments | ' | 0 | 0 |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | 0 | 0 | 0 |
Fair Value Changes in Excess Financing Spread | 0 | 0 | 0 |
Depreciation and amortization | 979 | 0 | 0 |
Fair value changes in mortgage servicing rights | 0 | 0 | 0 |
Amortization of debt discount | 0 | ' | 0 |
Amortization of premiums/(discounts) | ' | 0 | ' |
Mortgage loans originated and purchased, net of fees | 0 | 0 | 0 |
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 0 | 0 | 0 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -756 | -1,819 | -7 |
Net tax effect of stock grants issued | 0 | 0 | ' |
Reverse mortgage funded advances | 0 | 0 | ' |
Other assets | -112,947 | -23,610 | -8,407 |
Payables and accrued liabilities | 4,135 | 1,815 | 0 |
Net cash provided by (used in) operating activities | 4,505 | 157 | -72 |
Investing activities | ' | ' | ' |
Property and equipment additions, net of disposals | -999 | 0 | 0 |
Payments to Acquire Equity Method Investments | ' | ' | 0 |
Loan repurchases from Ginnie Mae | 0 | 0 | ' |
Cash Proceeds from assumption of reverse mortgage servicing obligations, net | ' | 0 | 0 |
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | 0 | 0 | 0 |
Proceeds from sales of REO | 0 | 0 | 0 |
Net cash (used in) / provided by investing activities | -999 | 0 | 0 |
Financing activities | ' | ' | ' |
Issuance of common stock, net of IPO issuance costs | ' | 0 | ' |
Issuance of participating interest financing in reverse mortgage interests | 0 | 0 | ' |
Issuance of excess spread financing | 0 | 0 | 0 |
Proceeds from (Repayments of) Secured Debt | 0 | 0 | 0 |
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | 0 |
Repayments of Abs Nonrecourse Debt | ' | ' | 0 |
Issuance of unsecured senior notes, net | 0 | 0 | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | ' | 0 | -3 |
Repayment of excess spread financing | 0 | 0 | 0 |
Distribution to parent | ' | 0 | 0 |
Proceeds from Contributions from Parent | ' | 0 | ' |
Payments of Financing Costs | 0 | 0 | 0 |
Payments Related to Tax Withholding for Share-based Compensation | ' | ' | 0 |
Net cash provided by / (used in) financing activities | 0 | 0 | -3 |
Net tax benefit for stock grants issued | 0 | 0 | ' |
Proceeds from Noncontrolling Interests | 0 | ' | ' |
Other fee income | 129,689 | 34,583 | 15,313 |
Total fee income | 129,689 | 35,891 | 15,313 |
Total revenues | 129,689 | 35,891 | 15,313 |
Labor and Related Expense | 12,534 | 9,443 | 3,587 |
General and Administrative Expense | 3,630 | ' | 3,207 |
Occupancy | 431 | 52 | 177 |
Total expenses and impairments | 16,595 | 12,120 | 6,971 |
Cash and Cash Equivalents, Period Increase (Decrease) | 3,506 | 157 | -75 |
Cash and Cash Equivalents, at Carrying Value | 3,907 | 401 | 244 |
Non-Guarantor (Subsidiaries) | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' |
Proceeds from Principal Payment and Other Changes on Mortgage Loans Held for Investment Subject to Abs Nonrecourse Debt | ' | ' | 40,000 |
Bank Servicing Fees | 0 | 0 | 6,231 |
Operating activities | ' | ' | ' |
Net income/(loss) | -105,087 | -46,560 | -26,152 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 |
Gain on mortgage loans held for sale | 0 | 0 | 0 |
Fair Value Changes in Securitizations | ' | ' | 20,084 |
Loss on foreclosed real estate and other | 5,999 | 6,251 | 6,411 |
Loss on equity method investments | ' | 0 | 0 |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | -2,665 | -421 | -2,331 |
Fair Value Changes in Excess Financing Spread | 0 | 0 | 0 |
Depreciation and amortization | 157 | 0 | 0 |
Cash settlement on derivative financial instruments | -4,544 | ' | ' |
Fair value changes in mortgage servicing rights | 0 | 0 | 0 |
Amortization of debt discount | -3,817 | ' | -781 |
Amortization of premiums/(discounts) | ' | -3,368 | ' |
Mortgage loans originated and purchased, net of fees | 0 | 0 | 0 |
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 13,325 | 12,387 | 26,659 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | -33,485 | 279,396 | -246,106 |
Net tax effect of stock grants issued | 0 | 0 | ' |
Reverse mortgage funded advances | 0 | 0 | ' |
Other assets | -1,192,857 | -2,060,844 | 240,246 |
Payables and accrued liabilities | 10,225 | 140 | 2,055 |
Net cash provided by (used in) operating activities | -1,312,749 | -1,813,019 | 20,085 |
Investing activities | ' | ' | ' |
Property and equipment additions, net of disposals | -2,722 | 0 | 0 |
Payments to Acquire Equity Method Investments | ' | ' | 0 |
Loan repurchases from Ginnie Mae | 0 | 0 | ' |
Cash Proceeds from assumption of reverse mortgage servicing obligations, net | ' | 0 | 0 |
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | 0 | 0 | 0 |
Proceeds from sales of REO | 0 | 1,563 | 12,257 |
Net cash (used in) / provided by investing activities | -2,722 | 1,563 | 52,257 |
Financing activities | ' | ' | ' |
Issuance of common stock, net of IPO issuance costs | ' | 0 | ' |
Issuance of participating interest financing in reverse mortgage interests | 0 | 0 | ' |
Issuance of excess spread financing | 0 | 0 | 0 |
Proceeds from (Repayments of) Secured Debt | 1,377,697 | 2,050,455 | 7,766 |
Repayment of Nonrecourse Debt Legacy Assets | 13,404 | 13,785 | 30,433 |
Repayments of Abs Nonrecourse Debt | ' | ' | 58,091 |
Issuance of unsecured senior notes, net | 0 | 0 | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | -33,095 | -225,214 | 8,416 |
Repayment of excess spread financing | 0 | 0 | 0 |
Distribution to parent | ' | 0 | 0 |
Proceeds from Contributions from Parent | ' | 0 | ' |
Payments of Financing Costs | 0 | 0 | 0 |
Payments Related to Tax Withholding for Share-based Compensation | ' | ' | 0 |
Net cash provided by / (used in) financing activities | 1,331,198 | 1,811,456 | -72,342 |
Net tax benefit for stock grants issued | 0 | 0 | ' |
Proceeds from Noncontrolling Interests | 0 | ' | ' |
Other fee income | 101,704 | -468 | 2,092 |
Total fee income | 101,704 | 468 | 8,323 |
Total revenues | 101,704 | 468 | 8,323 |
Labor and Related Expense | 29,309 | 0 | 0 |
General and Administrative Expense | 69,860 | ' | 6,322 |
Occupancy | 1,293 | 0 | 0 |
Total expenses and impairments | 106,461 | 6,265 | 12,733 |
Cash and Cash Equivalents, Period Increase (Decrease) | 15,727 | 0 | 0 |
Cash and Cash Equivalents, at Carrying Value | 15,727 | 0 | 0 |
Eliminations | ' | ' | ' |
Condensed Financial Statements | ' | ' | ' |
Proceeds from Principal Payment and Other Changes on Mortgage Loans Held for Investment Subject to Abs Nonrecourse Debt | ' | ' | 0 |
Bank Servicing Fees | -58,888 | -1,793 | -6,955 |
Operating activities | ' | ' | ' |
Net income/(loss) | -225,061 | -156,570 | 17,810 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ' | ' | ' |
Gain/(loss) from subsidiaries | 225,061 | 156,570 | -17,810 |
Share-based compensation | 0 | 0 | 0 |
Gain on mortgage loans held for sale | -57,254 | 0 | 0 |
Fair Value Changes in Securitizations | ' | ' | 0 |
Loss on foreclosed real estate and other | 0 | 0 | 0 |
Loss on equity method investments | ' | 0 | 0 |
(Gain) / loss on derivatives including ineffectiveness on interest rate swaps and caps | 0 | 0 | 0 |
Fair Value Changes in Excess Financing Spread | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Fair value changes in mortgage servicing rights | 0 | 0 | 0 |
Amortization of debt discount | 0 | ' | 0 |
Amortization of premiums/(discounts) | ' | 0 | ' |
Mortgage loans originated and purchased, net of fees | 0 | 0 | 0 |
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 57,254 | 0 | 0 |
Changes in assets and liabilities: | ' | ' | ' |
Accounts receivable | 0 | 0 | 0 |
Net tax effect of stock grants issued | 0 | 0 | ' |
Reverse mortgage funded advances | 0 | 0 | ' |
Other assets | 17,297 | 14,136 | 0 |
Payables and accrued liabilities | -17,297 | -14,136 | 0 |
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Investing activities | ' | ' | ' |
Property and equipment additions, net of disposals | 0 | 0 | 0 |
Payments to Acquire Equity Method Investments | ' | ' | 0 |
Loan repurchases from Ginnie Mae | 0 | 0 | ' |
Cash Proceeds from assumption of reverse mortgage servicing obligations, net | ' | 0 | 0 |
Deposit on / purchase of mortgage servicing rights, net of liabilities incurred | 0 | 0 | 0 |
Proceeds from sales of REO | 0 | 0 | 0 |
Net cash (used in) / provided by investing activities | 0 | 0 | 0 |
Financing activities | ' | ' | ' |
Issuance of common stock, net of IPO issuance costs | ' | 0 | ' |
Issuance of participating interest financing in reverse mortgage interests | 0 | 0 | ' |
Issuance of excess spread financing | 0 | 0 | 0 |
Proceeds from (Repayments of) Secured Debt | 0 | 0 | 0 |
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | 0 |
Repayments of Abs Nonrecourse Debt | ' | ' | 0 |
Issuance of unsecured senior notes, net | 0 | 0 | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | 0 |
Repayment of excess spread financing | 0 | 0 | 0 |
Distribution to parent | ' | 246,700 | 0 |
Proceeds from Contributions from Parent | ' | -246,700 | ' |
Payments of Financing Costs | 0 | 0 | 0 |
Payments Related to Tax Withholding for Share-based Compensation | ' | ' | 0 |
Net cash provided by / (used in) financing activities | 0 | 0 | 0 |
Net tax benefit for stock grants issued | 0 | 0 | ' |
Proceeds from Noncontrolling Interests | 0 | ' | ' |
Other fee income | 0 | 0 | 0 |
Total fee income | -58,888 | -1,793 | -6,955 |
Total revenues | -1,634 | -1,793 | -6,955 |
Labor and Related Expense | 0 | 0 | 0 |
General and Administrative Expense | 0 | ' | 0 |
Occupancy | 0 | 0 | 0 |
Total expenses and impairments | 0 | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | ' | 0 | 0 |
Cash and Cash Equivalents, at Carrying Value | 0 | 0 | 0 |
Parent [Member] | ' | ' | ' |
Financing activities | ' | ' | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | ($6,944) | ' | ' |
Disclosures_Related_to_Transac1
Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC (Details) (USD $) | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Feb. 28, 2013 | Jan. 06, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 28, 2013 | Dec. 31, 2013 | |
Springleaf | Springleaf | Springleaf | Newcastle | Newcastle | Newcastle | Newcastle | Loan Subservicing Agreement | Loan Subservicing Agreement | Reverse Mortgages | Reverse Mortgages | Maximum | ||||||
Schedule of Transactions with Affiliates of Fortress Investment Group LLC [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | $3,000,000,000 | ' | ' | $215,000,000,000 | ' | ' | ' | ' | $900,000,000 | $900,000,000 | $1,000,000,000 | $1,100,000,000 | $35,400,000,000 | $45,700,000,000 | $28,900,000,000 | $100,000,000 | ' |
Servicing revenue | ' | ' | ' | ' | ' | 8,100,000 | 9,800,000 | 9,900,000 | ' | 4,600,000 | 5,200,000 | 5,800,000 | ' | ' | ' | ' | ' |
Payment received for addititonal excess cash flow to Co-Investor | 54,500,000 | 54,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due from Affiliates | 8,861,000 | ' | ' | ' | 12,604,000 | 600,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing fee, percentage of unpaid principal balance | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | 0.50% |
Payment of servicing fees in excess of contractually specified amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,100,000 | ' | ' | ' | ' | ' | ' | ' |
Excess spread financing | 986,410,000 | ' | ' | ' | 288,089,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price paid reverse mortgage | ' | ' | 50,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of aquired reverse loans, sold to co-investor | ' | ' | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Servicer Advances sold to unaffiliated third party | 2,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000,000 |
UPB related to sold servicing asset | 44,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,100,000,000 |
Nonrecourse Variable Funding Notes issued by Special Purpose Subsidiaries of NSM | 2,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sales Agreement with New Residential | 307,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 29,874,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing Services Fees incurred with affiliate of Fortress Investment Group | $230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Disclosures_Deta
Related Party Disclosures (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-12 | Mar. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
NREIS | NREIS | NREIS | NREIS | ANC Acquisition LLC [Member] | ANC Acquisition LLC [Member] | ANC Acquisition LLC [Member] | National Real Estate Information Services, LP [Member] | National Real Estate Information Services, LP [Member] | National Real Estate Information Services, LP [Member] | National Real Estate Information Services, LP [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage interest in equity investment acquired | ' | ' | ' | ' | ' | ' | ' | 13.00% | 22.00% | ' | ' | ' | ' | ' |
Equity method investment, aggregate cost | ' | ' | ' | ' | ' | ' | ' | ' | $6,600,000 | ' | ' | ' | ' | ' |
Percentage interest in equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' |
Servicing-related advances | ' | ' | ' | 14,600,000 | 16,900,000 | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Advances to Affiliate | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Loss on equity method investments | 0 | 14,571,000 | 107,000 | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | 1,300,000 | ' | 100,000 |
Realized loss on disposal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fee income | $394,761 | $425,882 | $321,104 | $242,475 | $157,566 | $145,611 | $100,414 | $93,560 | $82,980 | $61,141 | $59,898 | $64,686 | $1,384,222 | $497,151 | $268,705 |
Gain on mortgage loans held for sale | 25,659 | 205,956 | 282,561 | 188,587 | 175,048 | 139,259 | 102,345 | 70,512 | 35,576 | 30,232 | 22,822 | 20,506 | 702,763 | 487,164 | 109,136 |
Total revenues | 420,420 | 631,838 | 603,665 | 431,062 | 332,614 | 284,870 | 202,759 | 164,072 | 118,556 | 91,373 | 82,720 | 85,192 | 2,086,985 | 984,315 | 377,841 |
Total expenses and impairments | 398,002 | 395,854 | 339,851 | 268,571 | 200,268 | 154,828 | 130,372 | 96,577 | 86,466 | 83,194 | 68,402 | 68,121 | 1,402,278 | 582,045 | 306,183 |
Total other income/(expense) | -108,358 | -103,912 | -64,685 | -61,498 | -37,930 | -50,261 | -23,332 | -14,164 | -17,198 | -11,279 | -12,592 | -9,702 | -338,453 | -125,687 | -50,771 |
Income (loss) before taxes | -85,940 | 132,072 | 199,129 | 100,993 | 94,416 | 79,781 | 49,055 | 53,331 | ' | ' | ' | ' | 346,254 | 276,583 | 20,887 |
Income tax expense | -35,033 | 50,187 | 75,669 | 38,377 | 30,657 | 24,714 | 12,780 | 3,145 | ' | ' | ' | ' | 129,200 | 71,296 | 0 |
Net income/(loss) | ($50,907) | $81,885 | $123,460 | $62,616 | $63,759 | $55,067 | $36,275 | $50,186 | $14,892 | ($3,100) | $1,726 | $7,369 | $217,054 | $205,287 | $20,887 |
Basic earnings per share | ($0.57) | $0.92 | $1.38 | $0.70 | $0.72 | $0.62 | $0.41 | $0.67 | $0.21 | ($0.04) | $0.02 | $0.11 | $2.43 | $2.41 | $0.30 |
Diluted earnings per share | ($0.56) | $0.91 | $1.37 | $0.70 | $0.71 | $0.61 | $0.41 | $0.67 | $0.21 | ($0.04) | $0.02 | $0.11 | $2.40 | $2.40 | $0.30 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Dec. 31, 2013 | Jan. 06, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 01, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2014 | Feb. 28, 2014 | Feb. 13, 2014 | Dec. 31, 2013 |
mortgage_loan | Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | Servicing Segment | Originations Segment | Originations Segment | Secured Debt | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | Borrowing Capacity in Period Two | ||||
Notes Payable to Banks | Notes Payable, Other | Notes Payable, Other | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | Servicing Segment | |||||||
Nationstar agency advance financing facility | Warehouse Facility $108 Million | Warehouse Facility $108 Million | Notes Payable to Banks | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | Notes Payable, Other | |||||||
Nationstar agency advance financing facility | MBS advance financing facility (2012) | MBS advance financing facility (2012) | MBS advance financing facility (2012) | MBS advance financing facility (2012) | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans covered by mortgage servicing agreement | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount outstanding on loans managed and securitized | $3,000,000,000 | $215,000,000,000 | ' | ' | $322,814,139,000 | $131,124,384,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Servicing advance receivables | 5,217,769,000 | 5,800,000,000 | 2,800,690,000 | 1,700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of covered loans under mortgage servicing agreement | ' | 47.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of noncovered loans under mortgage servicing agreement | ' | 53000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Price of Loans under Mortgage Servicing Agreement | ' | 7,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 200,000,000 | 150,000,000 | 250,000,000 |
Weighted average fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.46% | ' | ' | ' | ' |
Term of agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $800,000,000 | $200,000,000 | $108,000,000 | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Jun. 01, 2013 | Dec. 31, 2013 | 31-May-13 | Jan. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Business Acquisition, Cost of Entity Acquired | ' | ' | $75,700,000 | $12,500,000 |
Payments to Acquire Businesses, Gross | 65,700,000 | ' | ' | ' |
Business Acquisition, Goodwill and Other Intangibles | ' | ' | 53,900,000 | 7,500,000 |
Amortization of Intangible Assets | ' | $1,400,000 | ' | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets Goodwill and Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $2,258 |
2015 | 2,258 |
2016 | 2,258 |
2017 | 2,258 |
2018 | 2,258 |
Thereafter | 9,890 |
Total future amortization expense | $21,180 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets Goodwill and Intangible Assets - Schedule of Finite-Live Intangible Assets (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Gross | $23,157,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,420,000 |
Finite-Lived Intangible Assets, Net | 21,737,000 |
Finite-Lived Intangible Asset, Useful Life | '9 years 4 months 24 days |
Trade Names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Gross | 18,530,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | -1,081,000 |
Finite-Lived Intangible Assets, Net | 17,449,000 |
Finite-Lived Intangible Asset, Useful Life | '9 years 4 months 24 days |
Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Gross | 4,070,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | -339,000 |
Finite-Lived Intangible Assets, Net | 3,731,000 |
Finite-Lived Intangible Asset, Useful Life | '9 years 2 months 12 days |
Licensing Agreements [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | 0 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $557,000 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets Changes in the carrying amount of Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, Acquired During Period | $38,820 | ' |
Goodwill | $38,820 | $0 |
Greenlight_Pro_Forma_Details
Greenlight Pro Forma (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Business Acquisition, Pro Forma Revenue | $2,163,852 | $1,129,010 |
Business Acquisition, Pro Forma Net Income (Loss) | $233,970 | $253,277 |