Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Nationstar Mortgage Holdings Inc. |
Entity Central Index Key | 1520566 |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 109,239,120 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $815,776,000 | $299,002,000 |
Restricted cash | 358,542,000 | 285,530,000 |
Mortgage servicing rights, $3,022,198 and $2,949,739 at fair value, respectively | 3,032,982,000 | 2,961,321,000 |
Advances | 2,470,315,000 | 2,546,362,000 |
Reverse mortgage interests | 2,633,862,000 | 2,453,069,000 |
Mortgage loans held for sale | 1,277,931,000 | |
Mortgage loans held for investment, net of allowance for loan losses of $3,516 and $3,531, respectively | 185,577,000 | 191,569,000 |
Property and equipment, net of accumulated depreciation of $77,450 and $69,721, respectively | 131,869,000 | 129,611,000 |
Derivative financial instruments | 103,367,000 | 91,051,000 |
Other assets | 914,080,000 | 877,229,000 |
Total assets | 12,642,368,000 | 11,112,675,000 |
Liabilities and equity | ||
Unsecured senior notes | 2,158,812,000 | 2,159,231,000 |
Advance facilities | 1,883,312,000 | 1,901,783,000 |
Warehouse facilities | 2,477,472,000 | 1,572,622,000 |
Payables and accrued liabilities | 1,402,611,000 | 1,322,078,000 |
MSR related liabilities - nonrecourse | 1,092,634,000 | 1,080,465,000 |
Mortgage servicing liabilities | 58,599,000 | 65,382,000 |
Derivative financial instruments | 23,048,000 | 18,525,000 |
Other nonrecourse debt | -1,870,269,000 | -1,768,311,000 |
Total liabilities | 10,966,757,000 | 9,888,397,000 |
Commitments and contingencies | 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, 108,409 shares and 90,999 shares issued, respectively | 1,084,000 | 910,000 |
Additional paid-in-capital | 1,091,649,000 | 587,446,000 |
Retained earnings | 594,744,000 | 643,059,000 |
Treasury shares; 830 shares and 602 shares at cost, respectively | -17,875,000 | -12,433,000 |
Accumulated other comprehensive income | 0 | 0 |
Total Nationstar stockholders' equity | 1,669,602,000 | 1,218,982,000 |
Noncontrolling interest | 6,009,000 | 5,296,000 |
Total equity | 1,675,611,000 | 1,224,278,000 |
Total liabilities and equity | 12,642,368,000 | 11,112,675,000 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Reverse mortgage interests | 2,383,647,000 | |
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 |
Derivative financial instruments | 91,051,000 | |
Liabilities and equity | ||
Warehouse facilities | $2,477,472,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Mortgage loans held for sale at fair value | $1,995,998 | $1,277,931 |
Allowance for loan losses of mortgage loans held for investment, subject to nonrecourse debt | 3,516 | 3,531 |
Mortgage servicing rights at fair value | -3,022,198 | -2,949,739 |
Accumulated depreciation of property and equipment | $77,450 | $69,721 |
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 | 108,409,000 | 90,999,000 |
Treasury Shares | 830,000 | 602,000 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Operations and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Deferred Tax Liability, Cash Flow Hedge | $0 | |
Revenues: | ||
Service related | 215,123 | 341,711 |
Net gain on mortgage loans held for sale | 166,994 | 127,936 |
Total revenues | 382,117 | 469,647 |
Expenses: | ||
Salaries, wages and benefits | -178,755 | -156,595 |
General and administrative | 205,088 | 164,538 |
Total expenses | 383,843 | 321,133 |
Other income (expense): | ||
Interest income | 43,774 | 43,943 |
Interest expense | -115,648 | -156,600 |
Gain (loss) on interest rate swaps and caps | -767 | 2,821 |
Total other income (expense) | -72,641 | -109,836 |
Income (loss) before taxes | -74,367 | 38,678 |
Income tax (benefit) expense | -27,525 | 15,001 |
Net income (loss) | -46,842 | 23,677 |
Less: Net gain (loss) attributable to noncontrolling interests | 1,473 | -359 |
Net income (loss) attributable to Nationstar | -48,315 | 24,036 |
Other comprehensive income, net of tax: | ||
Change in value of designated cash flow hedge, net of tax of $0 and ($1,183), respectively | 0 | -1,963 |
Comprehensive income (loss) | ($48,315) | $22,073 |
Earnings per share: | ||
Basic earnings per share (in dollars per share) | ($0.54) | $0.27 |
Diluted earnings per share (in dollars per share) | ($0.53) | $0.27 |
Weighted average shares: | ||
Basic (shares) | 89,911 | 89,342 |
Dilutive effect of stock awards (shares) | 669 | 733 |
Diluted (shares) | 90,580 | 90,075 |
Dividends declared per share (in dollars per share) | $0 | $0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] |
Share data in Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2013 | $984,908,000 | $906,000 | $566,642,000 | $422,341,000 | ($6,944,000) | $1,963,000 | $4,990,000 |
Balance, shares at Dec. 31, 2013 | 90,330 | ||||||
Deferred Tax Liability, Cash Flow Hedge | -1,183,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 1,271 | ||||||
Share-based compensation | 4,000 | -4,000 | |||||
LLC conversion of equity to common shares | -1,963,000 | ||||||
Common stock issuance | 18,565,000 | ||||||
Change in value of designated cash flow hedge, net of tax of $0 and ($1,183), respectively | -1,963,000 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 18,565,000 | ||||||
Redemption of shares for stock vesting | -5,489,000 | -5,489,000 | |||||
Treasury shares; 830 shares and 602 shares at cost, respectively | -12,433,000 | ||||||
Excess tax benefit from share-based compensation | 2,243,000 | 2,243,000 | |||||
Noncontrolling interest | 5,296,000 | ||||||
Net income attributable to Nationstar | -220,718,000 | -220,718,000 | |||||
Less: Net gain (loss) attributable to noncontrolling interests | 306,000 | ||||||
Total equity | 1,224,278,000 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 221,024,000 | ||||||
Balance at Dec. 31, 2014 | 1,218,982,000 | 910,000 | 587,446,000 | 643,059,000 | -12,433,000 | 0 | 5,296,000 |
Balance, shares at Dec. 31, 2014 | 91,601 | ||||||
Deferred Tax Liability, Cash Flow Hedge | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 138 | ||||||
Share-based compensation | -1,000 | 1,000 | |||||
Noncontrolling Interest, Increase from Sale of Parent Equity Interest | -760,000 | ||||||
Common stock issuance | 497,758,000 | 175,000 | 497,583,000 | ||||
Change in value of designated cash flow hedge, net of tax of $0 and ($1,183), respectively | 0 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | 5,524,000 | 5,524,000 | |||||
New shares issued | 17,500 | ||||||
Redemption of shares for stock vesting | -5,442,000 | -5,442,000 | |||||
Treasury shares; 830 shares and 602 shares at cost, respectively | -17,875,000 | ||||||
Excess tax benefit from share-based compensation | 1,095,000 | 1,095,000 | |||||
Treasury Stock, activity for period | -5,442,000 | ||||||
Noncontrolling interest | 6,009,000 | ||||||
Net income attributable to Nationstar | 48,315,000 | 48,315,000 | |||||
Less: Net gain (loss) attributable to noncontrolling interests | 1,473,000 | 1,473,000 | |||||
Total equity | 1,675,611,000 | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | -46,842,000 | ||||||
Balance at Mar. 31, 2015 | $1,669,602,000 | $1,084,000 | $1,091,649,000 | $594,744,000 | ($17,875,000) | $0 | $6,009,000 |
Balance, shares at Mar. 31, 2015 | 109,239 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income (loss) attributable to Nationstar | ($48,315) | $24,036 |
Adjustments to reconcile net income to net cash (used in) / provided by operating activities: | ||
Share-based compensation | 5,524 | 2,809 |
Excess tax benefit from share-based compensation | -1,095 | -2,189 |
Net gain on mortgage loans held for sale | -166,994 | -127,936 |
Mortgage loans originated and purchased, net of fees | -4,614,971 | -5,402,862 |
Proceeds on sale of and payments of mortgage loans held for sale and held for investment | -4,003,126 | -6,361,308 |
Gain (loss) on interest rate swaps and caps | 767 | -2,821 |
Depreciation and amortization | 12,854 | 8,792 |
Amortization (accretion) of premiums/discounts | -1,797 | 9,959 |
Fair value changes in excess spread financing | 13,114 | -3,369 |
Fair value changes and amortization/accretion of mortgage servicing rights | -204,201 | -78,687 |
Fair value change in mortgage servicing rights financing liability | -4,386 | -10,788 |
Changes in assets and liabilities: | ||
Advances | 95,436 | -205,562 |
Reverse mortgage interests | -180,793 | -238,538 |
Other assets | 20,150 | 271,376 |
Payables and accrued liabilities | 2,872 | -122,141 |
Net cash attributable to operating activities | -660,307 | 640,761 |
Investing activities | ||
Property and equipment additions, net of disposals | -11,993 | -8,913 |
Purchase of forward mortgage servicing rights, net of liabilities incurred | -196,081 | -93,092 |
Proceeds on sale of servicer advances | 0 | 182,871 |
Acquisitions, net | -31,276 | 0 |
Net cash attributable to investing activities | -239,350 | 80,866 |
Financing activities | ||
Transfers (to) / from restricted cash, net | 73,012 | -104,225 |
Issuance of common stock, net of issuance costs | 497,758 | 0 |
Debt financing costs | -1,549 | -2,050 |
Increase (decrease) in advance facilities | -18,471 | -376,876 |
Increase (decrease) in warehouse facilities | 904,850 | -598,280 |
Proceeds from 2014-1 HECM Securitization | 73,082 | 0 |
Repayment of 2014-1 HECM Securitization | -26,829 | 0 |
Issuance of excess spread financing | 52,957 | 37,859 |
Repayment of excess spread financing | -49,516 | -42,717 |
Increase in participating interest financing in reverse mortgage interests | -64,781 | -103,324 |
Proceeds from mortgage servicing rights financing | 0 | 20,651 |
Repayment of nonrecourse debt b Legacy assets | -3,273 | -2,998 |
Excess tax benefit from share-based compensation | 1,095 | 2,189 |
Surrender of shares relating to stock vesting | -5,442 | -4,783 |
Net cash attributable to financing activities | 1,416,431 | -759,456 |
Net increase (decrease) in cash and cash equivalents | 516,774 | -37,829 |
Cash and cash equivalents at beginning of period | 299,002 | 441,902 |
Cash and cash equivalents at end of period | 815,776 | 404,073 |
Supplemental disclosures of non-cash activities | ||
Interest Paid | 110,144 | 123,058 |
Income Taxes Paid, Net | -609 | 19 |
Supplemental disclosures of non-cash activities | 569 | 1,336 |
Mortgage servicing rights resulting from sale or securitization of mortgage loans | 44,232 | 58,304 |
Payable to seller of forward mortgage servicing rights | $61,720 | $6,494 |
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Nature of Business and Basis of Presentation |
Nature of Business | |
Nationstar Mortgage Holdings Inc., a Delaware corporation, including its consolidated subsidiaries (collectively, Nationstar or the Company), earns fees through the delivery of servicing, origination and transaction based services related principally to single-family residences throughout the United States. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of Nationstar, its wholly-owned subsidiaries, and other entities in which the Company has a controlling financial interest, and those variable interest entities (VIEs) where Nationstar's wholly-owned subsidiaries are the primary beneficiaries. Nationstar applies the equity method of accounting to investments when the entity is not a VIE and Nationstar 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 became the primary beneficiary through the date Nationstar ceases to be the primary beneficiary. | |
The interim consolidated financial statements are unaudited; however, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results of the interim periods have been included. The consolidated interim financial statements of Nationstar have been prepared in accordance with generally accepted accounting principles for interim information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States (GAAP) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Nationstar's Annual Report on Form 10-K filed on February 27, 2015. The results of operations for the interim periods disclosed are not necessarily indicative of the results that may be expected for the full year or any future period. Certain prior period amounts have been reclassified to conform to the current period presentation. Nationstar evaluated subsequent events through the date these interim consolidated financial statements were issued. | |
Recent Accounting Developments | |
Accounting Standards Update 2015-02: Consolidation (Topic 810) - Amendments to the Consolidation Analysis (ASU 2015-02) changes the analysis that a reporting entity must perform when deciding to consolidate a legal entity. This amendment changes the evaluation of whether limited partnerships are variable interest entities or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. This amendment also changes the analysis for entities that are involved with variable interest entities and provides an exception for companies with interests in entities that are required to comply with requirements of the Investment Company Act of 1940 for registered money market funds. The amendment is effective for fiscal years and interim periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting ASU 2015-02. | |
Accounting Standards Update 2015-03: Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03) requires that debt issuance costs be included in the carrying value of the related debt liability, when recognized, on the face of the balance sheet. This amendment is effective for fiscal years beginning after December 15, 2015. The Company is currently evaluating the impact of adopting ASU 2015-03. | |
Accounting Standards Update 2015-05 - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) - Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (ASU 2015-05) was created to eliminate diversity in the reporting of fees paid by a customer in a cloud computing arrangement caused by lack of guidance. This update provides that if a cloud computing arrangement includes a software license, the license element should be accounted for as other acquired software licenses. If the cloud computing arrangement does not include a software license then the fees should be accounted for as a service contract. This amendment is effective for annual periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting ASU 2015-05. | |
Accounting Standards Update No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15), creates consistency in the disclosures made by an entity when there is doubt that the entity will continue as a going concern. ASU 2014-15 is effective for annual periods ending after December 15, 2016. The adoption of ASU 2014-15 is not expected to have a material impact on our financial condition, liquidity or results of operations. | |
ASU No. 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12), requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. ASU 2014-12 is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The adoption of ASU 2014-12 is not expected to have a material impact on our financial condition, liquidity or results of operation. | |
Accounting Standards Update 2015-01: Income Statement - Extraordinary and Unusual Items (Subtopic 225-20), Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (ASU 2015-01) eliminates the concept of extraordinary items from GAAP. ASU 2015-01 is effective for fiscal years beginning after December 15, 2015. The adoption of | |
ASU 2015-01 is not expected to have a material impact on our financial condition, liquidity or results of operations. | |
Effective January 1, 2015, the Company adopted Accounting Standards Update No. 2014-14, Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40), Classification of Certain Government-Guaranteed Loans Upon Foreclosure (ASU 2014-14). This update requires that foreclosed mortgage loans guaranteed by the government be derecognized and a separate other receivable recognized if certain conditions are met. Upon adoption of this ASU, foreclosed loans backed by government guarantees that were previously recorded as a component of Real Estate Owned in Other Assets were reclassified to Reverse Mortgage Interests on the Company's consolidated balance sheet. Consistent with the Company's adoption of ASU 2014-14, prior year amounts were reclassified to be in conformity with the current year presentation. The adoption of ASU 2014-14 did not have an impact to the Company's net income. | |
Effective January 1, 2015, the Company adopted Accounting Standards Update No. 2014-04, Receivables — Troubled Debt Restructurings by Creditors (Subtopic 310-40), Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure (ASU 2014-04). This update requires disclosure of consumer mortgage loans collateralized by residential real estate for which formal foreclosure proceedings are in process. Consistent with the Company's adoption of ASU 2014-04, the Company made the required disclosure for current and prior year in the Mortgage Loans Held for Sale and Investment footnote. The adoption of ASU 2014-04 did not have an impact to the Company's net income. |
Mortgage_Servicing_Rights_MSRs
Mortgage Servicing Rights (MSRs) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||
Mortgage Servicing Rights (MSRs) | Mortgage Servicing Rights and Related Liabilities | |||||||||||||||
MSRs and Related Liabilities | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
MSRs - Fair Value | $ | 3,022,198 | $ | 2,949,739 | ||||||||||||
MSRs - LOCOM | 10,784 | 11,582 | ||||||||||||||
Mortgage Servicing Rights | 3,032,982 | 2,961,321 | ||||||||||||||
Mortgage Servicing Liabilities | 58,599 | 65,382 | ||||||||||||||
Excess spread financing - fair value | 1,047,590 | 1,031,035 | ||||||||||||||
Mortgage servicing rights financing liability - fair value | 45,044 | 49,430 | ||||||||||||||
MSR Related Liabilities (nonrecourse) | $ | 1,092,634 | $ | 1,080,465 | ||||||||||||
Mortgage Servicing Rights - Fair Value | ||||||||||||||||
MSRs - Fair Value consists of rights the Company owns and records as assets to service traditional residential mortgage loans for others either as a result of a purchase transaction or from the sale and securitization of loans originated. MSRs - Fair Value comprise both agency and non-agency loans. The Company segregates MSRs - Fair Value between credit sensitive and interest sensitive pools. Interest sensitive pools are primarily impacted by changes in forecasted interest rates, which in turn impact voluntary prepayment speeds. Credit sensitive pools are primarily impacted by borrower performance under specified repayment terms, which most directly impacts involuntary prepayments and delinquency rates. | ||||||||||||||||
The Company assesses whether acquired portfolios are more credit sensitive or interest sensitive in nature on the date of acquisition. The Company considers numerous factors in making this assessment, including loan-to-value ratios, FICO scores, percentage of portfolio previously modified, portfolio seasoning and similar criteria. Once the determination for a pool is made, it is not changed over time. | ||||||||||||||||
Interest sensitive portfolios consist of lower delinquency single-family conforming residential forward mortgage agency loans. Credit sensitive portfolios primarily consist of higher delinquency single-family non-conforming residential forward mortgage loans serviced both for agency and non-agency investors. | ||||||||||||||||
The following table provides a breakdown of the total credit and interest sensitive UPBs for Nationstar's owned MSRs. | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
UPB | Fair Value | UPB | Fair Value | |||||||||||||
Credit Sensitive | $ | 241,252,341 | $ | 2,002,487 | 241,769,601 | 1,919,290 | ||||||||||
Interest Sensitive | 101,866,277 | 1,019,711 | 91,843,044 | 1,030,449 | ||||||||||||
$ | 343,118,618 | $ | 3,022,198 | $ | 333,612,645 | $ | 2,949,739 | |||||||||
The activity of MSRs carried at fair value is as follows for the dates indicated: | ||||||||||||||||
Three months ended, | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||
Fair value at the beginning of the period | $ | 2,949,739 | $ | 2,488,283 | ||||||||||||
Additions: | ||||||||||||||||
Servicing resulting from transfers of financial assets | 44,232 | 58,304 | ||||||||||||||
Purchases of servicing assets | 238,413 | 108,312 | ||||||||||||||
Changes in fair value: | ||||||||||||||||
Due to changes in valuation inputs or assumptions used in the valuation model | (109,684 | ) | (3,083 | ) | ||||||||||||
Other changes in fair value | (100,502 | ) | (75,266 | ) | ||||||||||||
Fair value at the end of the period | $ | 3,022,198 | $ | 2,576,550 | ||||||||||||
In the fourth quarter of 2014, the Company revised its approach in calculating Other Changes in Fair Value in the above rollforward. Under the revised approach, Nationstar began incorporating voluntary principal payments, which were previously included as a component in the Due to changes in valuation inputs or assumptions line, as a component in Other changes in fair value. Nationstar has reclassified the amounts presented in the March 31, 2014 rollforward to conform to the current presentation. While amounts were reclassed in the 2014 period, there was no impact to net income or to the total changes in fair value in the prior period. | ||||||||||||||||
Nationstar used the following weighted average assumptions in estimating the fair value of MSRs for the dates indicated: | ||||||||||||||||
Credit Sensitive | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Discount rate | 11.79 | % | 11.96 | % | ||||||||||||
Total prepayment speeds | 18.14 | % | 18.58 | % | ||||||||||||
Expected weighted-average life | 5.74 years | 5.39 years | ||||||||||||||
Interest Sensitive | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Discount rate | 9.08 | % | 9.09 | % | ||||||||||||
Total prepayment speeds | 14.12 | % | 11.27 | % | ||||||||||||
Expected weighted-average life | 5.63 years | 6.49 years | ||||||||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||
Discount Rate | Total Prepayment | |||||||||||||||
Speeds | ||||||||||||||||
100 bps | 200 bps | 10% | 20% | |||||||||||||
Adverse | Adverse | Adverse | Adverse | |||||||||||||
Change | Change | Change | Change | |||||||||||||
31-Mar-15 | ||||||||||||||||
Mortgage servicing rights | $ | (110,706 | ) | $ | (206,973 | ) | $ | (119,295 | ) | $ | (227,805 | ) | ||||
31-Dec-14 | ||||||||||||||||
Mortgage servicing rights | $ | (110,900 | ) | $ | (207,295 | ) | $ | (112,603 | ) | $ | (199,078 | ) | ||||
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, which could impact the above hypothetical effects. | ||||||||||||||||
MSRs - LOCOM | ||||||||||||||||
Nationstar owns the right to service certain reverse mortgages with an unpaid principal balance of $27.4 billion and $28.0 billion as of March 31, 2015 and December 31, 2014, respectively. 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 March 31, 2015 and December 31, 2014, no impairment was identified. Interest and servicing fees collected on reverse mortgage interests are included as a component of either interest income or service related revenues 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 dates indicated: | ||||||||||||||||
Three months ended, | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Activity of MSRs at amortized cost | ||||||||||||||||
Balance at the beginning of the period | $ | 11,582 | $ | 65,382 | $ | 14,879 | $ | 82,521 | ||||||||
Additions: | ||||||||||||||||
Purchase /Assumptions of servicing rights/obligations | — | — | — | — | ||||||||||||
Deductions: | ||||||||||||||||
Amortization/Accretion | (798 | ) | (6,783 | ) | (649 | ) | (311 | ) | ||||||||
Balance at end of the period | $ | 10,784 | $ | 58,599 | $ | 14,230 | $ | 82,210 | ||||||||
Fair value at end of period | $ | 32,618 | $ | 55,579 | $ | 38,430 | $ | 68,965 | ||||||||
For the three month period ended March 31, 2015, the Company accreted $6.8 million of the mortgage servicing liability as a result of increased HECM loan repurchase activity. 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. | ||||||||||||||||
Excess Spread Financing 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 with certain entities formed by New Residential Investment Corp. (New Residential) in which New Residential and/or certain funds managed by Fortress Investment Group LLC (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. Nationstar has elected fair value accounting for these financing agreements. | ||||||||||||||||
Servicing fees associated with a traditional MSR can be segregated into a base servicing fee and an excess servicing fee. The base servicing fee, along with ancillary income, is meant to cover costs incurred to service the specified pool plus a reasonable profit margin. The remaining servicing fee is considered excess. | ||||||||||||||||
Nationstar retains all the base servicing fee and ancillary revenues associated with servicing the Portfolios and the retained portion of the excess servicing fee. Nationstar continues to be the servicer of the Portfolio and provides all servicing and advancing functions. New Residential has no prior or ongoing obligations associated with the Portfolio. | ||||||||||||||||
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 can 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. | ||||||||||||||||
The range of various assumptions used in Nationstar's valuation of Excess Spread financing were as follows: | ||||||||||||||||
Excess Spread financing | Prepayment Speeds | Average | Discount | Recapture Rate | ||||||||||||
Life (years) | Rate | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Low | 8.20% | 3.9 years | 8.50% | 6.70% | ||||||||||||
High | 18.50% | 7.8 years | 14.20% | 31.20% | ||||||||||||
31-Dec-14 | ||||||||||||||||
Low | 6.20% | 4.0 years | 8.50% | 6.70% | ||||||||||||
High | 19.40% | 7.1 years | 14.20% | 31.30% | ||||||||||||
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 the dates indicated: | ||||||||||||||||
Discount Rate | Total Prepayment | |||||||||||||||
Speeds | ||||||||||||||||
100 bps | 200 bps | 10% | 20% | |||||||||||||
Adverse | Adverse | Adverse | Adverse | |||||||||||||
Change | Change | Change | Change | |||||||||||||
31-Mar-15 | ||||||||||||||||
Excess spread financing | $ | 38,747 | $ | 80,440 | $ | 34,326 | $ | 71,911 | ||||||||
31-Dec-14 | ||||||||||||||||
Excess spread financing | $ | 36,632 | $ | 75,964 | $ | 33,618 | $ | 70,379 | ||||||||
As the cash flow assumptions utilized in determining the fair value amounts in the excess spread financing are based on the related cash flow assumptions utilized in the financed MSRs, any fair value changes recognized in the MSRs would inherently have an inverse impact on the carrying amount in the related excess spread financing. For example, while an increase in discount rates would negatively impact the value of the Company's MSRs, it would reduce the carrying value of the associated excess spread financing liability and provide a benefit to the Company's net service related revenue. | ||||||||||||||||
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, which could impact the above hypothetical effects. Also, a positive change in the above assumptions would not necessarily correlate with the corresponding decrease in the net carrying amount of the excess spread financing. | ||||||||||||||||
Mortgage Servicing Rights Financing | ||||||||||||||||
Nationstar has entered into agreements to sell a contractually specified basic fee component of certain MSRs and servicer advances under specified terms. Nationstar continues to be the named servicer and, for accounting purposes, ownership of the mortgage servicing rights continues to reside with Nationstar. 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. See Note 18, Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC for additional information. | ||||||||||||||||
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 related revenue in the consolidated statements of income (loss) and comprehensive income (loss). The weighted average assumptions used in Nationstar's valuation of Mortgage Servicing Rights Financing were as follows: | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Advance financing rates | 2.72 | % | 2.79 | % | ||||||||||||
Annual advance recovery rates | 24.91 | % | 27.55 | % |
Advances
Advances | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts Receivable | Advances | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Advances | $ | 2,470,315 | $ | 2,546,362 | ||||
Servicing advances on non-agency securities are typically recovered first at a loan-level from proceeds of the mortgage loans for which the advance was made, and then if loan-level funds are determined to be ultimately insufficient, from cash collected from all borrowers in a securitization trust. For advances on agency securities, servicing advances represent a receivable from the respective agency and are recovered from cash collections in a securitization trust and/or a requested reimbursement from the agency. | ||||||||
Nationstar accretes purchase discounts into interest income as the related servicer advances are recovered. During the quarters ended March 31, 2015 and 2014 the Company accreted $0.3 million and $3.8 million, respectively, of the purchase discounts from recovered servicer advances. | ||||||||
In 2014, Nationstar sold approximately $2.5 billion of servicer advances to a joint venture entity capitalized by New Residential and other investors (Mortgage Servicing Rights Financing Liability). See Note 18, Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC, for additional information. Consequently, the related purchase discount of $52.9 million was eliminated from Nationstar's consolidated balance sheet. | ||||||||
As of March 31, 2015 and December 31, 2014, Nationstar carried an allowance for uncollectible servicer advances of $10.6 million and $9.2 million, respectively. |
Reverse_Mortgage_Interests_Not
Reverse Mortgage Interests (Notes) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Reverse Mortgage Interests [Abstract] | ||||||||
Reverse Mortgage Interest Disclosure [Text Block] | Reverse mortgage interests | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Participating interests | $ | 1,421,867 | $ | 1,363,225 | ||||
Other interests securitized | 316,182 | 341,268 | ||||||
Unsecuritized interests | 902,860 | 752,801 | ||||||
Allowance for losses - reverse mortgage interests | (7,047 | ) | (4,225 | ) | ||||
Total reverse mortgage interests | $ | 2,633,862 | $ | 2,453,069 | ||||
Participating interests consists of Nationstar issued or advanced and purchased Home Equity Conversion Mortgages (HECMs) that have been securitized through the issuance of Home Equity Conversion Mortgage Backed Securities (HMBS) to third party security holders guaranteed by Ginnie Mae. | ||||||||
Other interests securitized consists of reverse mortgage interests which have been transferred to private securitization trusts and are subject to nonrecourse debt. Nationstar evaluated these trusts to determine whether they meet the definition of a VIE and whether Nationstar is the primary beneficiary. See Note 10, Securitizations and Financing. | ||||||||
Unsecuritized interests consist primarily of recently funded borrower draws that have not yet been sold into a GNMA HECM securitization, GNMA HECMs that have been repurchased out of a GNMA HECM securitization since they have reached 98% or more of the maximum claim amount, repurchased GNMA HECM interests that have been assigned to the FHA for reimbursement, foreclosed assets, and advances made on inactive loans that cannot be securitized due to the delinquency status of the loan. Under the GNMA HMBS program, the company is required to repurchase a HECM loan from the HMBS pool when the outstanding principal balance of the HECM loan is equal to or greater than 98% of the maximum claim amount. | ||||||||
Nationstar collectively evaluates all reverse mortgage interest assets for impairment. | ||||||||
In 2015, Nationstar adopted ASU 2014-14. As a result of this adoption, the Company reclassified $68.9 million and $69.4 million of real estate owned (previously recorded as a component of other assets) to reverse mortgage interest as of March 31, 2015 and December 31, 2014, on its consolidated balance sheet. |
Mortgage_Loans_Held_for_Sale_a
Mortgage Loans Held for Sale and Investment | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 | ||||||||||||||
Nationstar maintains a strategy of originating mortgage loan products primarily for the purpose of selling to government-sponsored enterprises (GSEs) or other third-party investors, primarily Ginnie Mae, in the secondary market. Nationstar primarily focuses on assisting customers currently in the Company's servicing portfolio with refinances of loans for new home purchases (or recapture). Generally, all newly originated mortgage loans held for sale are delivered to third-party purchasers or securitized shortly after origination. | ||||||||||||||
Mortgage loans held for sale consist of the following for the dates indicated: | ||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Mortgage loans held for sale – unpaid principal balance | $ | 1,913,092 | $ | 1,218,596 | ||||||||||
Mark-to-market adjustment | 82,906 | 59,335 | ||||||||||||
Total mortgage loans held for sale | $ | 1,995,998 | $ | 1,277,931 | ||||||||||
The total UPB of mortgage loans held for sale on nonaccrual status was as follows for the dates indicated: | ||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Mortgage loans held for sale - unpaid principal balance | UPB | Fair Value | UPB | Fair Value | ||||||||||
Nonaccrual | $ | 28,573 | $ | 25,405 | 31,968 | 26,022 | ||||||||
The total UPB of mortgage loans held for sale for which the Company has begun formal foreclosure proceedings was as follows for the dates indicated: | ||||||||||||||
Mortgage loans held for sale - unpaid principal balance | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Foreclosure | $ | 18,085 | $ | 17,493 | ||||||||||
A reconciliation of the changes in mortgage loans held for sale for the dates indicated is presented in the following table: | ||||||||||||||
For the three months ended | ||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||
Mortgage loans held for sale – beginning balance | $ | 1,277,931 | $ | 2,603,380 | ||||||||||
Mortgage loans originated and purchased, net of fees | 4,602,628 | 5,402,862 | ||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale | (3,882,661 | ) | (6,261,204 | ) | ||||||||||
Transfer of mortgage loans held for sale to held for investment or other assets | (1,900 | ) | (3,912 | ) | ||||||||||
Mortgage loans held for sale – ending balance | $ | 1,995,998 | $ | 1,741,126 | ||||||||||
Nationstar, as the servicer has the right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. The majority of Ginnie Mae repurchased loans are repurchased solely with the intent to repool into new Ginnie Mae securitizations or to otherwise sell to third-party investors. For the three months ended March 31, 2015 and March 31, 2014, Nationstar repurchased out of Ginnie Mae securitization pools $0.4 billion and $0.6 billion of mortgage loans, respectively. | ||||||||||||||
Mortgage loans held for investment, net | ||||||||||||||
Mortgage loans held for investment, net as of the dates indicated include: | ||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Mortgage loans held for investment, net – unpaid principal balance | $ | 268,865 | $ | 276,820 | ||||||||||
Transfer discount: | ||||||||||||||
Accretable | (15,090 | ) | (15,503 | ) | ||||||||||
Non-accretable | (64,682 | ) | (66,217 | ) | ||||||||||
Allowance for loan losses | (3,516 | ) | (3,531 | ) | ||||||||||
Total mortgage loans held for investment, net | $ | 185,577 | $ | 191,569 | ||||||||||
The changes in accretable yield on loans transferred to mortgage loans held for investment, net were as follows: | ||||||||||||||
For the three months ended March 31, 2015 | For the year ended December 31, 2014 | |||||||||||||
Accretable Yield | ||||||||||||||
Balance at the beginning of the period | $ | 15,503 | $ | 17,362 | ||||||||||
Accretion | (713 | ) | (2,955 | ) | ||||||||||
Reclassifications from (to) nonaccretable discount | 300 | 1,096 | ||||||||||||
Balance at the end of the period | $ | 15,090 | $ | 15,503 | ||||||||||
Nationstar may periodically modify the terms of any outstanding mortgage loans held for investment, 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 modified 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 been 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 $0.3 million of transfer discount to accretable yield for the three months ended March 31, 2015 and $1.1 million for the year ended December 31, 2014. 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 status. 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 LTV’s are 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 total UPB of mortgage loans held for investment for which the Company has begun formal foreclosure proceedings was as follows for the dates indicated: | ||||||||||||||
Mortgage loans held for investment - unpaid principal balance | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Foreclosure | $ | 50,394 | $ | 52,769 | ||||||||||
Other_Assets
Other Assets | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Assets | Other Assets | |||||||
Other assets consisted of the following: | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Receivables from trusts, agencies and prior servicers, net | $ | 419,008 | $ | 386,166 | ||||
Accrued revenues | 157,462 | 154,436 | ||||||
Loans subject to repurchase right from Ginnie Mae | 118,649 | 131,592 | ||||||
Goodwill | 63,446 | 54,701 | ||||||
Deferred financing costs | 43,104 | 46,986 | ||||||
Intangible assets | 38,520 | 19,622 | ||||||
Collateral deposits on derivative instruments | 11,540 | 9,810 | ||||||
Prepaid expenses | 9,551 | 9,837 | ||||||
Receivables from affiliates, net | 5,752 | 4,713 | ||||||
Accrued interest | 2,637 | 1,890 | ||||||
Real estate owned (REO), net | 1,511 | 1,625 | ||||||
Other | 42,900 | 55,851 | ||||||
Total other assets | $ | 914,080 | $ | 877,229 | ||||
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 $118.6 million at March 31, 2015 and $131.6 million at December 31, 2014. | ||||||||
In 2015, Nationstar adopted ASU 2014-14. As a result of this adoption, the Company reclassified $43.6 million and $36.0 million of Real Estate Owned to Receivables from trusts, agencies and prior servicers, net, as of March 31, 2015 and December 31, 2014, both of which are a component of Other Assets on the consolidated balance sheet. | ||||||||
Acquisitions | ||||||||
In January 2015, Solutionstar Holdings LLC, a wholly owned subsidiary of Nationstar, acquired Experience 1, Inc., the holding company for Title 365, Trusted Signing, and technology subsidiaries X1 Labs and X1 Analytics (collectively, Title 365), a technology services provider for title insurance and escrow services. The total consideration transferred for the acquisition was $35.6 million in cash. Related to the acquisition, the Company recorded an additional $16.4 million related to Goodwill and $14.2 million in intangible assets. The recognized intangible assets primarily relate to customer relationships, trade names and technology. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||
Derivatives instruments utilized by Nationstar primarily include interest rate lock commitments (IRLCs), Loan Purchase Commitments (LPCs), Forward MBS trades, Eurodollar futures and interest rate swap agreements. | ||||||||||||||
Nationstar enters into IRLCs with prospective borrowers. These commitments are carried at fair value, with any changes in fair value recorded in earnings as a component of net gain on mortgage loans held for sale. The estimated fair values of IRLCs are based on the fair value of the related mortgage loans which is based on observable market data and is recorded in derivative financial instruments within the consolidated balance sheets. Nationstar adjusts the outstanding IRLCs with prospective borrowers based on an expectation that it will be exercised and the loan will be funded. | ||||||||||||||
Nationstar actively manages the risk profiles of its IRLCs and mortgage loans held for sale on a daily basis. To manage the price risk associated with IRLCs, Nationstar enters into forward sales of MBS in an amount equal to the portion of the IRLC expected to close, assuming no change in mortgage interest rates. In addition, to manage the interest rate risk associated with mortgage loans held for sale, Nationstar enters into forward sale commitments to deliver mortgage loan inventory to investors. The estimated fair values of forward 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 balance sheets. The initial and subsequent changes in value on forward sales of MBS and forward sale commitments are a component of net 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 are referred to as LPCs. LPCs are accounted for as derivatives and recorded at fair value in derivative financial instruments on Nationstar's consolidated balance sheet. Subsequent changes in LPCs are recorded as a charge or credit to net gain on mortgage loans held for sale. | ||||||||||||||
In addition, Nationstar enters into Eurodollar futures contracts to replicate the economic hedging results achieved with interest rate swaps or offset the changes in value of its forward sales of certain agency securities. The Company has not designated its futures contracts as hedges for accounting purposes. As a result, realized and unrealized changes in fair value are recognized in net gain on mortgage loans held for sale in the period in which the changes occur. | ||||||||||||||
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 income (loss) and comprehensive income (loss). Unrealized losses on dedesignated interest rate derivatives are separately disclosed under operating activities in the consolidated statements of cash flows. | ||||||||||||||
Historically, Nationstar has entered into interest rate swap agreements to hedge the interest payments associated with its outstanding floating rate financing servicer advance facilities. Prior to March 31, 2014, certain of these derivatives were designated as cash flow hedges and were recorded at fair value on Nationstar's balance sheet, with any change in fair value being recorded as an adjustment to other comprehensive income. On March 31, 2014, the Company dedesignated the remainder of the interest rate swap agreements, with any further changes in fair value being recorded as a charge to gain or loss in interest rate swaps and caps in Nationstar's consolidated statements of income (loss) and comprehensive income (loss). | ||||||||||||||
Associated with the Company's forward MBS trades are $11.5 million and $9.8 million in collateral deposits on derivative instruments recorded in other assets on the Company's balance sheets as of March 31, 2015 and December 31, 2014, respectively. The Company does not offset fair value amounts recognized for derivative instruments and the amounts collected and/or deposited on derivative instruments in its consolidated balance sheets. | ||||||||||||||
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: | ||||||||||||||
Expiration | Outstanding | Fair | Recorded | |||||||||||
Dates | Notional | Value | Gains / | |||||||||||
(Losses) | ||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||
ASSETS | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2015 | $ | 20,633 | $ | (68 | ) | $ | (64 | ) | |||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | 3,021,115 | 99,921 | 12,019 | ||||||||||
Forward MBS trades | 2015 | 732,535 | 1,314 | 1,030 | ||||||||||
LPCs | 2015 | 280,871 | 2,068 | 69 | ||||||||||
Interest rate swaps and caps | 2018 | 97,650 | 64 | (801 | ) | |||||||||
Eurodollar futures | 2015-2018 | — | — | (1 | ) | |||||||||
LIABILITIES | ||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | — | — | 7 | ||||||||||
Interest rate swaps on ABS debt | 2017 | 32,746 | 69 | 34 | ||||||||||
Forward MBS trades | 2015 | 4,169,500 | 22,752 | (4,392 | ) | |||||||||
LPCs | 2015 | 41,029 | 113 | (65 | ) | |||||||||
Eurodollars futures | 2015-2017 | 120,000 | 114 | (107 | ) | |||||||||
For the year ended December 31, 2014 | ||||||||||||||
ASSETS | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2015 | $ | 1,666 | $ | (4 | ) | $ | (11 | ) | |||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | 2,556,169 | 87,902 | 774 | ||||||||||
Forward MBS trades | 2015 | 319,112 | 284 | (31,982 | ) | |||||||||
LPCs | 2015 | 287,089 | 1,999 | 1,206 | ||||||||||
Interest rate swaps and caps | 2018 | 124,650 | 865 | (1,673 | ) | |||||||||
Eurodollar futures | 2015-2017 | 40,000 | 1 | 1 | ||||||||||
LIABILITIES | ||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | 865 | 7 | 2,691 | ||||||||||
Interest rate swaps on ABS debt | 2015-2017 | 105,681 | 103 | 731 | ||||||||||
Forward MBS trades | 2015 | 2,958,700 | 18,360 | (15,055 | ) | |||||||||
LPCs | 2015 | 30,494 | 48 | 1,641 | ||||||||||
Eurodollar futures | 2015-2017 | 80,000 | 7 | (7 | ) | |||||||||
Indebtedness
Indebtedness | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||
Indebtedness | Indebtedness | |||||||||||||||||||||||||
Notes Payable | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Interest Rate | Maturity Date | Collateral | Capacity Amount | Outstanding | Collateral Pledged | Outstanding | Collateral pledged | |||||||||||||||||||
Advance Facilities | ||||||||||||||||||||||||||
MBS advance financing facility | LIBOR+2.50% to 4.00% | Mar-16 | Servicing advance receivables | $ | 130,000 | $ | 74,548 | $ | 79,094 | $ | 363,014 | $ | 418,126 | |||||||||||||
Securities repurchase facility (2011) | LIBOR +3.50% | 90 day revolving | Nonrecourse debt - Legacy Assets | — | 35,058 | 55,603 | 34,613 | 55,603 | ||||||||||||||||||
Nationstar agency advance financing facility (1) | LIBOR+1.20% to 3.75% | Oct-15 | Servicing advance receivables | 1,300,000 | 1,090,612 | 1,244,349 | 805,706 | 885,115 | ||||||||||||||||||
MBS advance financing facility (2012) (2) | LIBOR+5.00% | Apr-16 | Servicing advance receivables | 50,000 | 50,000 | 60,354 | 42,472 | 50,758 | ||||||||||||||||||
Nationstar Mortgage Advance Receivable | LIBOR+1.15% to 5.30% | Jun-18 | Servicing advance receivables | 475,000 | 420,423 | 472,377 | 419,170 | 471,243 | ||||||||||||||||||
Trust (3) | ||||||||||||||||||||||||||
MBS servicer advance facility (2014) (4) | LIBOR+3.50% | Jul-15 | Servicing advance receivables | 80,000 | 78,490 | 149,021 | 79,084 | 138,010 | ||||||||||||||||||
Nationstar servicer advance receivables trust 2014 - BC | LIBOR+1.50% to 3.00% | Nov-15 | Servicing advance receivables | 200,000 | 134,181 | 149,393 | 106,115 | 121,030 | ||||||||||||||||||
Securities repurchase facility (2014) | LIBOR+1.50% to 2.00% | Nov-17 | Securities | — | — | — | 51,609 | 74,525 | ||||||||||||||||||
1,883,312 | 2,210,191 | 1,901,783 | 2,214,410 | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Interest Rate | Maturity Date | Collateral | Capacity Amount | Outstanding | Collateral Pledged | Outstanding | Collateral pledged | |||||||||||||||||||
Warehouse Facilities | ||||||||||||||||||||||||||
$1.3 billion warehouse facility | LIBOR+2.00% to 2.875% | Oct-15 | Mortgage loans or MBS | $ | 1,300,000 | $ | 1,138,604 | $ | 1,202,005 | $ | 663,167 | $ | 697,257 | |||||||||||||
$749 million warehouse facility | LIBOR+1.75% to 2.50% | May-15 | Mortgage loans or MBS | 749,000 | 537,757 | 559,287 | 307,294 | 320,285 | ||||||||||||||||||
$500 million warehouse facility | LIBOR+1.75% to 2.75% | Sep-15 | Mortgage loans or MBS | 500,000 | 297,182 | 304,476 | 176,194 | 179,994 | ||||||||||||||||||
$500 million warehouse facility | LIBOR+ 1.50% to 2.25% | Jun-15 | Mortgage loans or MBS | 500,000 | 292,682 | 309,640 | 183,290 | 192,990 | ||||||||||||||||||
$350 million warehouse facility | LIBOR+2.20% to 4.50% | Mar-16 | Mortgage loans or MBS | 350,000 | 173,525 | 180,660 | 210,049 | 223,849 | ||||||||||||||||||
$75 million warehouse facility (HCM) (5) | LIBOR+ 2.25% to 2.875% | Oct-15 | Mortgage loans or MBS | 75,000 | 29,836 | 30,479 | 23,949 | 29,324 | ||||||||||||||||||
$50 million warehouse facility (HCM) | LIBOR + 2.50% to 2.75% | Nov-15 | Mortgage loans or MBS | 50,000 | 7,886 | 8,616 | 8,679 | 9,044 | ||||||||||||||||||
ASAP+ facility | LIBOR+1.50% | Up to 45 days | GSE mortgage loans or GSE MBS | — | — | — | — | — | ||||||||||||||||||
2,477,472 | 2,595,163 | 1,572,622 | 1,652,743 | |||||||||||||||||||||||
Mortgage loans | 1,967,762 | 2,038,117 | 1,196,956 | 1,241.04 | ||||||||||||||||||||||
Reverse mortgage interests | 509,710 | 557,046 | 375,666 | 411,700 | ||||||||||||||||||||||
(1) This facility has both variable funding notes (VFN) and term notes. Nationstar issued $300.0 million in term notes to institutional investors of which $100.0 million remains outstanding. The notes have a weighted average interest rate of 2.07% and a weighted average term of 5 years. | ||||||||||||||||||||||||||
(2) The maturity date of this facility was extended to April 2016 on April 29, 2015. | ||||||||||||||||||||||||||
(3) This facility has both VFNs and term notes. Nationstar issued $1.0 billion of term notes to institutional investors of which $300.0 million remains outstanding. The notes have an average interest rate of 1.51% and will mature in June 2018. The notes scheduled to mature in June 2014 were redeemed in January 2014. The notes scheduled to mature in June 2016 were redeemed in June 2014. | ||||||||||||||||||||||||||
(4) As of April 15, 2015 the capacity of this facility was increased to $100.0 million | ||||||||||||||||||||||||||
(5) This facility is a sublimit of the $1.3 billion facility specific to HCM. | ||||||||||||||||||||||||||
Unsecured Senior Notes | ||||||||||||||||||||||||||
A summary of the balances of Unsecured Senior Notes is presented below: | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
$475 million face value, 6.500% interest rate payable semi-annually, due August 2018 | $ | 475,000 | $ | 475,000 | ||||||||||||||||||||||
$375 million face value, 9.625% interest rate payable semi-annually, due May 2019 | 378,354 | 378,555 | ||||||||||||||||||||||||
$400 million face value, 7.875% interest rate payable semi-annually, due October 2020 | 400,518 | 400,541 | ||||||||||||||||||||||||
$600 million face value, 6.500% interest rate payable semi-annually, due July 2021 | 604,940 | 605,135 | ||||||||||||||||||||||||
$300 million face value, 6.500% interest rate payable semi-annually, due June 2022 | 300,000 | 300,000 | ||||||||||||||||||||||||
Total | $ | 2,158,812 | $ | 2,159,231 | ||||||||||||||||||||||
The indentures for the unsecured senior notes contain various covenants and restrictions that limit Nationstar's ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of its 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 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 Unsecured 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. | ||||||||||||||||||||||||||
As of March 31, 2015, the expected maturities of Nationstar's unsecured senior notes based on contractual maturities are as follows: | ||||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||||
2015 | $ | — | ||||||||||||||||||||||||
2016 | — | |||||||||||||||||||||||||
2017 | — | |||||||||||||||||||||||||
2018 | 475,000 | |||||||||||||||||||||||||
2019 | 375,000 | |||||||||||||||||||||||||
Thereafter | 1,300,000 | |||||||||||||||||||||||||
Total | $ | 2,150,000 | ||||||||||||||||||||||||
Other Nonrecourse Debt | ||||||||||||||||||||||||||
A summary of the balances of other nonrecourse debt is presented below: | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Participating interest financing | $ | 1,491,530 | $ | 1,433,145 | ||||||||||||||||||||||
2014-1 HECM securitization | 305,716 | 259,328 | ||||||||||||||||||||||||
Nonrecourse debt - Legacy Assets | 73,023 | 75,838 | ||||||||||||||||||||||||
Total | $ | 1,870,269 | $ | 1,768,311 | ||||||||||||||||||||||
Participating Interest Financing | ||||||||||||||||||||||||||
Participating interest financing represents the issuance of pools of HMBS to third-party security holders which are guaranteed by certain GSEs. 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 sheet, and recording the pooled HMBS as participating interest financing liabilities on the Company’s consolidated balance sheet. 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 6.98%. The participating interest financing was $1,491.5 million and $1,433.1 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||
2014-1 HECM Securitization | ||||||||||||||||||||||||||
In December 2014, Nationstar Mortgage LLC completed the securitization of approximately $343.6 million in Nationstar HECM Loan Trust 2014-1Mortgage Backed Securities. The trust was created to provide investors with the ability to invest in a pool of non-performing home equity conversion reverse mortgage loans that are covered by Federal Housing Administration (FHA) insurance and secured by one to four-family residential properties and a pool of REO properties acquired through foreclosure or grant of a deed in lieu of foreclosure in connection with reverse mortgage loans that are covered by FHA insurance. The transaction provides Nationstar with access to liquidity for the acquired non-performing HECM loan portfolio, ongoing servicing fees, and potential residual returns. | ||||||||||||||||||||||||||
The notes were issued under two separate classes, comprised of Class A Notes and Class M Notes. As part of the securitization, Nationstar retained a portion of the offered Class A notes of approximately $70.4 million as well as the Class M Notes with an outstanding note balance of $36.2 million. A portion of the notes retained by Nationstar represent subordinated beneficial interests. In the first quarter 2015, the Company sold the remaining retained portions of the Class A and the Class M notes for total proceeds of $73.1 million. | ||||||||||||||||||||||||||
The transaction was structured as a secured borrowing with the reverse mortgage loans included in the consolidated financial statements as a reverse secured borrowing and the related financing included in other nonrecourse debt. The nonrecourse debt totaled $305.7 million and $259.3 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||
Nonrecourse Debt–Legacy Assets | ||||||||||||||||||||||||||
In November 2009, Nationstar completed the securitization of approximately $222.0 million of ABS, which was accounted for as a secured borrowing. This structure resulted in Nationstar carrying the securitized mortgage loans on Nationstar’s consolidated balance sheet and recognizing the asset-backed certificates acquired by third parties as nonrecourse debt, totaling approximately $73.0 million and $75.8 million at March 31, 2015, and December 31, 2014, 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 $260.0 million and $268.2 million at March 31, 2015 and December 31, 2014, respectively. 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 $84.9 million and $88.2 million at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||||||||
Financial Covenants | ||||||||||||||||||||||||||
The Company's borrowing arrangements and credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements. As a result of the decrease in interest rates during the three month period ended March 31, 2015, Nationstar recorded a charge to service related revenues for changes in fair value associated with the Company's MSRs recorded at fair value. As a result of the charge, Nationstar was unable to meet the profitability requirements in two of its outstanding warehouse facilities and one MBS facility. Nationstar asked for, and received, a waiver from these financial institutions on these profitability requirements for the period ending March 31, 2015. With the exception of this waiver, the Company was in compliance with all other required financial covenants as of March 31, 2015. | ||||||||||||||||||||||||||
Nationstar is required to maintain a minimum tangible net worth of at least $450.0 million as of each quarter-end related to its outstanding Master Repurchase Agreements on its outstanding repurchase facilities. As of March 31, 2015, Nationstar was in compliance with these minimum tangible net worth requirements. |
Accounts_Payable
Accounts Payable | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Payables and Accrued Liabilities | Payables and Accrued Liabilities | |||||||
Payables and accrued liabilities consist of the following: | ||||||||
March 31, 2015 | 31-Dec-14 | |||||||
Payables to servicing and subservicing investors | $ | 345,414 | $ | 329,306 | ||||
Payable to insurance carriers and insurance cancellation reserves | 159,560 | 163,381 | ||||||
Loans subject to repurchase from Ginnie Mae | 118,649 | 131,592 | ||||||
MSR purchases payable including advances | 81,128 | 45,697 | ||||||
Taxes | 66,398 | 96,237 | ||||||
Accrued interest | 66,168 | 59,708 | ||||||
Accrued bonus and payroll | 59,558 | 85,366 | ||||||
Repurchase reserves | 30,735 | 29,165 | ||||||
Other | 475,001 | 381,626 | ||||||
Total payables and accrued liabilities | $ | 1,402,611 | $ | 1,322,078 | ||||
Payables to servicing and subservicing investors | ||||||||
Payables to servicing and subservicing investors represents amounts due to investors in connection with loans serviced and that | ||||||||
are paid from collections of the underlying loans, insurance proceeds or at time of property disposal. | ||||||||
Payable to insurance carriers and insurance cancellation reserves | ||||||||
Payable to insurance carriers and insurance cancellation reserves consist of insurance premiums received from borrower payments awaiting disbursement to the insurance carrier and/or amounts due to third party investors on liquidated loans. |
Variable_Interest_Entities_and
Variable Interest Entities and Securitizations | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Variable Interest Entities and Securitizations [Abstract] | ||||||||||||||||
Variable Interest Entities and Securitizations | Securitizations and Financings | |||||||||||||||
Variable Interest Entities | ||||||||||||||||
Nationstar evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Company is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that require a reconsideration. | ||||||||||||||||
A summary of the assets and liabilities of Nationstar’s transactions with VIEs included in the Company’s consolidated financial statements is presented below for the periods indicated: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Transfers | Reverse Secured Borrowings | Transfers | Reverse Secured Borrowings | |||||||||||||
Accounted for as | Accounted for as | |||||||||||||||
Secured | Secured | |||||||||||||||
Borrowings | Borrowings | |||||||||||||||
ASSETS | ||||||||||||||||
Restricted cash | $ | 138,094 | $ | 16,523 | $ | 90,068 | $ | 15,578 | ||||||||
Reverse mortgage interests | — | 1,738,049 | — | 1,704,492 | ||||||||||||
Advances | 1,866,119 | — | 1,477,388 | — | ||||||||||||
Mortgage loans held for investment, net | 184,439 | — | 189,456 | — | ||||||||||||
Derivative financial instruments | 63 | — | 865 | — | ||||||||||||
Other assets | 2,616 | — | 2,678 | — | ||||||||||||
Total Assets | $ | 2,191,331 | $ | 1,754,572 | $ | 1,760,455 | $ | 1,720,070 | ||||||||
LIABILITIES | ||||||||||||||||
Advance facilities | $ | 1,645,216 | $ | — | $ | 1,330,991 | $ | — | ||||||||
Payables and accrued liabilities | 1,889 | 173 | 1,596 | 186 | ||||||||||||
Nonrecourse debt–Legacy Assets | 73,023 | — | 75,838 | — | ||||||||||||
2014-1 HECM Securitization | — | 305,716 | — | 259,328 | ||||||||||||
Participating interest financing | — | 1,491,530 | — | 1,433,145 | ||||||||||||
Total Liabilities | $ | 1,720,128 | $ | 1,797,419 | $ | 1,408,425 | $ | 1,692,659 | ||||||||
Securitizations Treated as Sales | ||||||||||||||||
When Nationstar sells mortgage loans in securitization transactions structured as sales, 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. | ||||||||||||||||
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: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Total collateral balances | $ | 3,148,539 | $ | 3,258,472 | ||||||||||||
Total certificate balances | 3,179,801 | 3,297,256 | ||||||||||||||
Nationstar has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of March 31, 2015 or December 31, 2014, 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: | ||||||||||||||||
Principal Amount of Loans 60 Days or More Past Due | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Unconsolidated securitization trusts | $ | 795,746 | $ | 861,419 | ||||||||||||
For the three months ended March 31, | ||||||||||||||||
Credit Losses | 2015 | 2014 | ||||||||||||||
Unconsolidated securitization trusts | $ | 57,461 | $ | 66,542 | ||||||||||||
Certain cash flows received from securitization trusts related to the transfers of mortgage loans accounted for as sales for the dates indicated were as follows: | ||||||||||||||||
For the three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Servicing Fees | Loan | Servicing Fees | Loan | |||||||||||||
Received | Repurchases | Received | Repurchases | |||||||||||||
Unconsolidated securitization trusts | $ | 6,373 | $ | — | $ | 7,778 | $ | — | ||||||||
Stockholders_Equity_Notes
Stockholders' Equity (Notes) | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | In March 2015, Nationstar completed an equity offering of $17.5 million for a total of $497.8 million in cash proceeds. The Company expects to utilize excess cash to pay for MSR purchases and other acquisitions. |
In January 2015, certain key employees of Solutionstar were granted stock appreciation rights (SARs) which can be settled in cash or units of Solutionstar Holdings LLC (Solutionstar, now known as Xome Holdings LLC) at the election of Solutionstar. The SARs vest over three years and have a ten year term. The SARs become exercisable upon a liquidity event at Solutionstar which includes a change in control or an initial public offering of Solutionstar. The Company did not recognize expense related to the share-based awards as of March 31, 2015. |
Income_Taxes
Income Taxes | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Taxes | Income Taxes | |||||||
Income tax expense (benefit) was as follows: | ||||||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Tax expense (benefit) | $ | (27,525 | ) | $ | 15,001 | |||
Effective tax rate | 36.6 | % | 38.8 | % | ||||
The Company had a net deferred tax liability of $60.7 million at March 31, 2015 and $109.8 million at December 31, 2014. A valuation allowance of $6.4 million was recorded against deferred tax assets at March 31, 2015 and December 31, 2014 as management believes that it is more likely than not that some of the deferred tax assets will not be realized. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||
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, a three-tiered fair value hierarchy has been established 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). | ||||||||||||||||
The following describes the methods and assumptions used by Nationstar in estimating fair values: | ||||||||||||||||
Cash and Cash Equivalents, Restricted Cash (Level 1) – The carrying amount reported in the consolidated balance sheets approximates fair value. | ||||||||||||||||
Mortgage Loans Held for Sale (Level 2) – 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 on a recurring basis 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 observable inputs, Nationstar classifies these valuations as Level 2 in the fair value disclosures. | ||||||||||||||||
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. Nationstar classifies these valuations as Level 2 in the fair value disclosures. | ||||||||||||||||
Nationstar may also purchase loans out of a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. | ||||||||||||||||
Mortgage Loans Held for Investment, net (Level 3) – Nationstar determines the fair value of loans held for investment, net, 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 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 internally developed valuation, Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||
Mortgage Servicing Rights – Fair Value (Level 3) – Nationstar estimates the fair value of its forward MSRs on a recurring basis 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 revenues and costs to service. 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. Quarterly, 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 (Level 3) – 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 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 reverse mortgage loans, adjusted for certain factors. As the adjustments to factors require the use of judgment, Nationstar classifies these valuations as Level 3 in the fair value disclosures. | ||||||||||||||||
Derivative Financial Instruments (Level 2) – Nationstar enters into a variety of derivative financial instruments as part of its hedging strategy and measures these instruments at fair value on a recurring basis 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 underlying 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 derivative financial instruments in the consolidated balance sheets. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on market observable inputs. Nationstar has entered into Eurodollar futures contracts as part of its hedging strategy. The future contracts are measured at fair value on a recurring basis and classified as Level 2 in the fair value disclosures as the valuation is based on market observable data. | ||||||||||||||||
Notes Payable (Level 2) – 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 previously classified these as Level 3; however, upon further consideration reclassified such amounts as Level 2 in current year principally because interest rates are tied directly to mark indices. | ||||||||||||||||
Unsecured Senior Notes (Level 1) – 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 (Level 3) – 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 (Level 3) – Nationstar estimates fair value on a recurring basis based on the present value of future expected discounted cash flows with the discount rate approximating current market value on a recurring basis for similar financial instruments. The cash flow assumptions and prepayment assumptions used in the model are based on various factors, with the key assumptions being mortgage prepayment speeds, average life, recapture rates and discount rate. Changes in fair value of the excess spread financing are recorded as a component of service related revenue in Nationstar's consolidated statements of income (loss) 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. | ||||||||||||||||
Mortgage Servicing Rights Financing Liability (Level 3) - Nationstar estimates fair value on a recurring basis based on the present value of future expected discounted cash flows with the discount rate approximating current market value on a recurring basis for similar financial instruments. The cash flow assumptions and prepayment assumptions used in the model are based on various factors, with the key assumptions being advance financing rates, annual advance recovery rates and working capital. Changes in fair value of the mortgage servicing rights financing liability are recorded as a component of service related revenues in Nationstar’s consolidated statements of income (loss) 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. | ||||||||||||||||
Participating Interest Financing (Level 2) – 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. | ||||||||||||||||
2014-1 HECM Securitization (Level 3) – Nationstar estimates fair value of the non-recourse debt related to the 2014-1 HECM securitization based on the present value of future expected discounted cash flows with the discount rate approximating that of similar financial instruments. As the prices are derived from both internal models and other observable inputs, Nationstar classifies this as Level 3 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: | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
Mortgage loans held for sale(1) | $ | 1,995,998 | $ | — | $ | 1,995,998 | $ | — | ||||||||
Mortgage servicing rights(1) | 3,022,198 | — | — | 3,022,198 | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
IRLCs | 99,921 | — | 99,921 | — | ||||||||||||
Forward MBS trades | 1,314 | — | 1,314 | — | ||||||||||||
LPCs | 2,068 | — | 2,068 | — | ||||||||||||
Interest rate swaps and caps | 64 | — | 64 | — | ||||||||||||
Total assets | $ | 5,121,563 | $ | — | $ | 2,099,365 | $ | 3,022,198 | ||||||||
LIABILITIES | ||||||||||||||||
Derivative financial instruments | ||||||||||||||||
Interest rate swaps on ABS debt | 69 | — | 69 | — | ||||||||||||
Forward MBS trades | 22,752 | — | 22,752 | — | ||||||||||||
LPCs | 113 | — | 113 | — | ||||||||||||
Eurodollar futures | 114 | — | 114 | — | ||||||||||||
Mortgage servicing rights financing | 45,044 | — | — | 45,044 | ||||||||||||
Excess spread financing | 1,047,590 | — | — | 1,047,590 | ||||||||||||
Total liabilities | $ | 1,115,682 | $ | — | $ | 23,048 | $ | 1,092,634 | ||||||||
31-Dec-14 | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
Mortgage loans held for sale(1) | $ | 1,277,931 | $ | — | $ | 1,277,931 | $ | — | ||||||||
Mortgage servicing rights(1) | 2,949,739 | — | — | 2,949,739 | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
IRLCs | 87,902 | — | 87,902 | — | ||||||||||||
Forward MBS trades | 284 | — | 284 | — | ||||||||||||
LPCs | 1,999 | — | 1,999 | — | ||||||||||||
Interest rate swaps and caps | 865 | — | 865 | — | ||||||||||||
Eurodollar futures | 1 | — | 1 | — | ||||||||||||
Total assets | $ | 4,318,721 | $ | — | $ | 1,368,982 | $ | 2,949,739 | ||||||||
LIABILITIES | ||||||||||||||||
Derivative financial instruments | ||||||||||||||||
IRLCs | $ | 7 | $ | — | $ | 7 | $ | — | ||||||||
Interest rate swaps on ABS debt | 103 | — | 103 | — | ||||||||||||
Forward MBS trades | 18,360 | — | 18,360 | — | ||||||||||||
LPCs | 48 | — | 48 | — | ||||||||||||
Eurodollar futures | 7 | — | 7 | — | ||||||||||||
Mortgage servicing rights financing | 49,430 | — | — | 49,430 | ||||||||||||
Excess spread financing | 1,031,035 | — | — | 1,031,035 | ||||||||||||
Total liabilities | $ | 1,098,990 | $ | — | $ | 18,525 | $ | 1,080,465 | ||||||||
(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: | ||||||||||||||||
ASSETS | LIABILITIES | |||||||||||||||
For the three months ended March 31, 2015 | Mortgage | Excess spread | Mortgage servicing rights financing | |||||||||||||
servicing rights | financing | |||||||||||||||
Beginning balance | $ | 2,949,739 | $ | 1,031,035 | $ | 49,430 | ||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||
Total gains or losses | ||||||||||||||||
Included in earnings | (210,186 | ) | 13,114 | (4,386 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||
Purchases | 238,413 | — | — | |||||||||||||
Issuances | 44,232 | 52,957 | — | |||||||||||||
Sales | — | — | — | |||||||||||||
Settlements | — | (49,516 | ) | — | ||||||||||||
Ending balance | $ | 3,022,198 | $ | 1,047,590 | $ | 45,044 | ||||||||||
ASSETS | LIABILITIES | |||||||||||||||
For the year ended December 31, 2014 | Mortgage | Excess spread | Mortgage servicing rights financing | |||||||||||||
servicing rights | financing | |||||||||||||||
Beginning balance | $ | 2,488,283 | $ | 986,410 | $ | 29,874 | ||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||
Total gains or losses | ||||||||||||||||
Included in earnings | (247,379 | ) | 57,554 | (33,279 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||
Purchases | 470,543 | — | — | |||||||||||||
Issuances | 238,292 | 171,317 | 52,835 | |||||||||||||
Sales | — | — | — | |||||||||||||
Settlements | — | (184,246 | ) | — | ||||||||||||
Ending balance | $ | 2,949,739 | $ | 1,031,035 | $ | 49,430 | ||||||||||
The table below presents a summary of the estimated carrying amount and fair value of Nationstar’s financial instruments. | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
Carrying | Fair Value | |||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 815,776 | $ | 815,776 | $ | — | $ | — | ||||||||
Restricted cash | 358,542 | 358,542 | — | — | ||||||||||||
Mortgage loans held for sale | 1,995,998 | — | 1,995,998 | — | ||||||||||||
Mortgage loans held for investment, net | 185,577 | — | — | 188,238 | ||||||||||||
Reverse mortgage interests | 2,633,862 | — | — | 2,693,036 | ||||||||||||
Derivative financial instruments | 103,367 | — | 103,367 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Unsecured senior notes | 2,158,812 | 2,170,824 | — | — | ||||||||||||
Advance Facilities | 1,883,312 | — | 1,883,312 | |||||||||||||
Warehouse Facilities | 2,477,472 | 2,477,472 | ||||||||||||||
Derivative financial instruments | 23,048 | — | 23,048 | — | ||||||||||||
Excess spread financing | 1,047,590 | — | — | 1,047,590 | ||||||||||||
Mortgage servicing rights financing liability | 45,044 | — | — | 45,044 | ||||||||||||
Nonrecourse debt - Legacy assets | 73,023 | — | — | 84,031 | ||||||||||||
Participating interest financing | 1,491,530 | — | 1,491,143 | — | ||||||||||||
2014-1 HECM Securitization | 305,716 | — | — | 315,940 | ||||||||||||
31-Dec-14 | ||||||||||||||||
Carrying | Fair Value | |||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | 299,002 | 299,002 | — | — | ||||||||||||
Restricted cash | 285,530 | 285,530 | — | — | ||||||||||||
Mortgage loans held for sale | 1,277,931 | — | 1,277,931 | — | ||||||||||||
Mortgage loans held for investment, net | 191,569 | — | — | 192,865 | ||||||||||||
Reverse mortgage interests | 2,383,647 | — | — | 2,432,735 | ||||||||||||
Derivative financial instruments | 91,051 | — | 91,051 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Unsecured senior notes | 2,159,231 | 2,057,038 | — | — | ||||||||||||
Advance Facilities | 1,901,783 | — | 1,901,783 | — | ||||||||||||
Warehouse Facilities | 1,572,622 | — | 1,572,622 | — | ||||||||||||
Derivative financial instruments | 18,525 | — | 18,525 | — | ||||||||||||
Excess spread financing | 1,031,035 | — | — | 1,031,035 | ||||||||||||
Mortgage servicing rights financing liability | 49,430 | — | — | 49,430 | ||||||||||||
Nonrecourse debt - Legacy assets | 75,838 | — | — | 86,570 | ||||||||||||
Participating interest financing | 1,433,145 | — | 1,423,291 | — | ||||||||||||
2014-1 HECM Securitization | 259,328 | — | — | 259,328 | ||||||||||||
Capital_Requirements
Capital Requirements | 3 Months Ended |
Mar. 31, 2015 | |
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. In addition, these investors may require capital ratios in excess of the stated requirements to approve large servicing transfers. 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 termination of 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 and servicing agreements, the most restrictive of these requires Nationstar to maintain a minimum adjusted net worth balance of $1.0 billion. As of March 31, 2015, Nationstar was in compliance with its selling and servicing capital requirements. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Litigation and Regulatory Matters | |
Nationstar and its affiliates are routinely and currently involved in a significant number of legal proceedings concerning matters that arise in the ordinary course of business, 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, without limitation, the Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Fair Credit Reporting Act, Real Estate Settlement Procedures Act, Service members Civil Relief Act, Telephone Consumer Protection Act, Truth in Lending Act, Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) and False Claims Act. Additionally, along with others in its industry, the Company is 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 and securitizations. The Company is also subject to legal actions or proceedings related to loss sharing and indemnification provisions of its 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. The outcome of such proceedings is difficult to predict or estimate until late in the proceedings, which may last several years. In particular, ongoing and other legal proceedings brought under federal or state consumer protection laws may result in a separate fine for each violation of the laws, which, particularly in the case of class action lawsuits, could result in damages substantially in excess of the amount earned from the underlying activities and that could have a material adverse effect on the Company's liquidity and financial position. The certification of any putative class action could substantially increase the Company's 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 those into 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. | |
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 both 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 $7.3 million for the three months ended March 31, 2015, and $4.9 million for the three months ended March 31, 2014, respectively, was included in general and administrative expenses on the consolidated statements of income (loss) 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 aggregate range of reasonably possible loss is $6.5 million to $18.1 million in excess of the accrued liability (if any) related to those matters as of March 31, 2015. 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 effect on the financial statements of the Company, although the outcome of such proceedings could be material to the Company’s financial statements 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. | |
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 7 - Derivative Financial Instruments). | |
Nationstar has certain MSRs related to approximately $27.4 billion of unpaid principal balance 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 March 31, 2015, the Company’s maximum unfunded advance obligation related to these MSRs was approximately $3.1 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 a financing arrangement. |
Business_Segment_Reporting
Business Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Business Segment Reporting | Business Segment Reporting | ||||||||||||||||||||||||||||
Nationstar presents financial performance utilizing reportable segments aligned with how the operations are managed. The Servicing segment reflects the results of operations attributable to MSRs acquired from and loans subserviced for third-parties and originated loans. The Solutionstar segment reflects financial performance related to real estate services (e.g., collateral valuation, title, closing services) and real estate exchange, including our HomeSearch.comSM residential market portal. The Originations segment includes fees associated with loan originations and gains from the sale and securitization of loans. The Corporate and Other segment encompasses certain identified corporate costs as well as the 'Legacy' portfolio which includes primarily subprime mortgage loans originated in the latter portion of 2006 and 2007 or acquired from Nationstar's predecessor. | |||||||||||||||||||||||||||||
Nationstar’s segments are based upon an organizational structure that 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, and 2) revenues generated on inter-segment services performed. 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: | |||||||||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||||||
Servicing | Originations | Solutionstar | Total Operating | Corporate and Other | Eliminations | Consolidated | |||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||
Service related | $ | 95,324 | $ | 7,065 | $ | 112,459 | $ | 214,848 | $ | 497 | $ | (222 | ) | $ | 215,123 | ||||||||||||||
Net gain on mortgage loans held for sale | 14,013 | 151,281 | — | 165,294 | 1,700 | — | 166,994 | ||||||||||||||||||||||
Total revenues | 109,337 | 158,346 | 112,459 | 380,142 | 2,197 | (222 | ) | 382,117 | |||||||||||||||||||||
Total expenses | 180,989 | 100,249 | 80,796 | 362,034 | 21,809 | — | 383,843 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest income | 24,639 | 15,267 | — | 39,906 | 3,646 | 222 | 43,774 | ||||||||||||||||||||||
Interest expense | (57,974 | ) | (14,386 | ) | (35 | ) | (72,395 | ) | (43,253 | ) | — | (115,648 | ) | ||||||||||||||||
Gain (loss) on interest rate swaps and caps | (801 | ) | — | — | (801 | ) | 34 | — | (767 | ) | |||||||||||||||||||
Total other income (expense) | (34,136 | ) | 881 | (35 | ) | (33,290 | ) | (39,573 | ) | 222 | (72,641 | ) | |||||||||||||||||
Income (loss) before taxes | $ | (105,788 | ) | $ | 58,978 | $ | 31,628 | $ | (15,182 | ) | $ | (59,185 | ) | $ | — | $ | (74,367 | ) | |||||||||||
Depreciation and amortization | $ | 3,519 | $ | 2,155 | $ | 3,363 | $ | 9,037 | $ | 3,817 | $ | — | $ | 12,854 | |||||||||||||||
Total assets | 9,395,852 | 1,965,961 | 260,175 | 11,621,988 | 1,020,380 | — | 12,642,368 | ||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||||||
Servicing | Originations | Solutionstar | Total Operating | Corporate and Other | Eliminations | Consolidated | |||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||
Service related | $ | 262,047 | $ | 14,048 | $ | 64,999 | $ | 341,094 | $ | 995 | $ | (378 | ) | $ | 341,711 | ||||||||||||||
Net gain on mortgage loans held for sale | 12,408 | 116,200 | — | 128,608 | (672 | ) | — | 127,936 | |||||||||||||||||||||
Total revenues | 274,455 | 130,248 | 64,999 | 469,702 | 323 | (378 | ) | 469,647 | |||||||||||||||||||||
Total expenses | 165,333 | 105,050 | 39,209 | 309,592 | 11,541 | — | 321,133 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest income | 18,664 | 21,521 | — | 40,185 | 3,380 | 378 | 43,943 | ||||||||||||||||||||||
Interest expense | (80,799 | ) | (22,537 | ) | (54 | ) | (103,390 | ) | (53,210 | ) | — | (156,600 | ) | ||||||||||||||||
Gain (loss) on interest rate swaps and caps | 2,556 | — | — | 2,556 | 265 | — | 2,821 | ||||||||||||||||||||||
Total other income (expense) | (59,579 | ) | (1,016 | ) | (54 | ) | (60,649 | ) | (49,565 | ) | 378 | (109,836 | ) | ||||||||||||||||
Income (loss) before taxes | $ | 49,543 | $ | 24,182 | $ | 25,736 | $ | 99,461 | $ | (60,783 | ) | $ | — | $ | 38,678 | ||||||||||||||
Depreciation and amortization | $ | 3,442 | $ | 2,526 | $ | 722 | $ | 6,690 | $ | 2,102 | $ | — | $ | 8,792 | |||||||||||||||
Total assets | 8,949,596 | 2,089,677 | 156,617 | 11,195,890 | 436,673 | — | 11,632,563 | ||||||||||||||||||||||
Guarantor_Financial_Statement_
Guarantor Financial Statement Information | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||
Guarantor Financial Statement Information | . Guarantor Financial Statement Information | ||||||||||||||||||||||||
As of March 31, 2015, Nationstar Mortgage LLC and Nationstar Capital Corporation(1) (collectively, the Issuer), both wholly-owned subsidiaries of Nationstar, have issued $2.2 billion aggregate principal amount of unsecured senior notes which mature on various dates through June 1, 2022. The unsecured senior notes are unconditionally guaranteed, jointly and severally, by all of Nationstar Mortgage LLC’s existing and future domestic subsidiaries other than its securitization and certain finance subsidiaries, certain other restricted subsidiaries, excluded restricted subsidiaries and subsidiaries that in the future Nationstar Mortgage LLC designates as unrestricted subsidiaries. All guarantor subsidiaries are 100% owned by Nationstar Mortgage LLC. Nationstar and its two direct wholly-owned subsidiaries are guarantors of the unsecured senior notes as well. Presented below are the condensed consolidating financial statements of Nationstar, Nationstar Mortgage LLC and the guarantor subsidiaries for the periods indicated. | |||||||||||||||||||||||||
In the condensed consolidating financial statements presented below, Nationstar allocates income tax expense to Nationstar Mortgage LLC as if it were a separate tax payer entity pursuant to ASC 740, Income Taxes. | |||||||||||||||||||||||||
(1)Nationstar Capital Corporation has no assets, operations or liabilities other than being a co-obliger of the unsecured senior notes. | |||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | |||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 786,154 | $ | 752 | $ | 28,870 | $ | — | $ | 815,776 | |||||||||||||
Restricted cash | — | 202,016 | — | 156,526 | — | 358,542 | |||||||||||||||||||
Mortgage servicing rights | — | 3,032,982 | — | — | — | 3,032,982 | |||||||||||||||||||
Advances | — | 2,470,305 | — | 10 | — | 2,470,315 | |||||||||||||||||||
Reverse mortgage interests | — | 2,370,717 | — | 263,145 | — | 2,633,862 | |||||||||||||||||||
Mortgage loans held for sale | — | 1,955,227 | — | 40,771 | — | 1,995,998 | |||||||||||||||||||
Mortgage loans held for investment, net | — | 990 | — | 184,587 | — | 185,577 | |||||||||||||||||||
Property and equipment, net | — | 113,116 | 835 | 17,918 | — | 131,869 | |||||||||||||||||||
Derivative financial instruments | — | 99,117 | — | 4,250 | — | 103,367 | |||||||||||||||||||
Other assets | 10,942 | 971,920 | 271,456 | 1,720,376 | (2,060,614 | ) | 914,080 | ||||||||||||||||||
Investment in subsidiaries | 1,664,669 | 472,459 | — | — | (2,137,128 | ) | — | ||||||||||||||||||
Total assets | $ | 1,675,611 | $ | 12,475,003 | $ | 273,043 | $ | 2,416,453 | $ | (4,197,742 | ) | $ | 12,642,368 | ||||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||||
Unsecured senior notes | $ | — | $ | 2,158,812 | $ | — | $ | — | $ | — | $ | 2,158,812 | |||||||||||||
Advance facilities | — | 238,096 | — | 1,645,216 | — | 1,883,312 | |||||||||||||||||||
Warehouse facilities | — | 2,439,750 | — | 37,722 | — | 2,477,472 | |||||||||||||||||||
Payables and accrued liabilities | — | 1,350,753 | 39 | 51,819 | — | 1,402,611 | |||||||||||||||||||
MSR related liabilities - nonrecourse | — | 1,092,634 | — | — | — | 1,092,634 | |||||||||||||||||||
Derivative financial instruments | — | 23,048 | — | — | — | 23,048 | |||||||||||||||||||
Mortgage servicing liabilities | — | 58,599 | — | — | — | 58,599 | |||||||||||||||||||
Other nonrecourse debt | — | 1,491,530 | — | 378,739 | — | 1,870,269 | |||||||||||||||||||
Payables to affiliates | — | 1,957,112 | 923 | 102,579 | (2,060,614 | ) | — | ||||||||||||||||||
Total liabilities | — | 10,810,334 | 962 | 2,216,075 | (2,060,614 | ) | 10,966,757 | ||||||||||||||||||
Total equity | 1,675,611 | 1,664,669 | 272,081 | 200,378 | (2,137,128 | ) | 1,675,611 | ||||||||||||||||||
Total liabilities and equity | $ | 1,675,611 | $ | 12,475,003 | $ | 273,043 | $ | 2,416,453 | $ | (4,197,742 | ) | $ | 12,642,368 | ||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. CONSOLIDATING STATEMENT OF INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Service related | $ | — | $ | 102,179 | $ | (345 | ) | $ | 113,511 | $ | (222 | ) | $ | 215,123 | |||||||||||
Net gain on mortgage loans held for sale | — | 156,847 | — | 10,147 | — | 166,994 | |||||||||||||||||||
Total Revenues | — | 259,026 | (345 | ) | 123,658 | (222 | ) | 382,117 | |||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Salaries, wages and benefits | — | 128,433 | 354 | 49,968 | — | 178,755 | |||||||||||||||||||
General and administrative | — | 164,532 | 50 | 40,506 | — | 205,088 | |||||||||||||||||||
Total expenses | — | 292,965 | 404 | 90,474 | — | 383,843 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||
Interest income | — | 36,120 | — | 7,432 | 222 | 43,774 | |||||||||||||||||||
Interest expense | — | (99,867 | ) | — | (15,781 | ) | — | (115,648 | ) | ||||||||||||||||
Gain on interest rate swaps and caps | — | 34 | — | (801 | ) | — | (767 | ) | |||||||||||||||||
Gain/(loss) from subsidiaries | (48,315 | ) | 23,209 | — | — | 25,106 | — | ||||||||||||||||||
Total other income (expense) | (48,315 | ) | (40,504 | ) | — | (9,150 | ) | 25,328 | (72,641 | ) | |||||||||||||||
Income/(loss) before taxes | (48,315 | ) | (74,443 | ) | (749 | ) | 24,034 | 25,106 | (74,367 | ) | |||||||||||||||
Income tax expense (benefit) | — | (27,525 | ) | — | — | — | (27,525 | ) | |||||||||||||||||
Net income/(loss) | (48,315 | ) | (46,918 | ) | (749 | ) | 24,034 | 25,106 | (46,842 | ) | |||||||||||||||
Less: Net gain attributable to noncontrolling interests | — | 1,397 | — | 76 | — | 1,473 | |||||||||||||||||||
Net income/(loss) excluding noncontrolling interests | $ | (48,315 | ) | $ | (48,315 | ) | $ | (749 | ) | $ | 23,958 | $ | 25,106 | $ | (48,315 | ) | |||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | |||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | |||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net income/(loss) | $ | (48,315 | ) | $ | (48,315 | ) | $ | (749 | ) | $ | 23,958 | $ | 25,106 | $ | (48,315 | ) | |||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||||||||||||||||||||||||
(Gain)/loss from subsidiaries | 48,315 | (23,209 | ) | — | — | (25,106 | ) | — | |||||||||||||||||
Share-based compensation | — | 5,524 | — | — | — | 5,524 | |||||||||||||||||||
Excess tax benefit from share-based compensation | — | (1,095 | ) | — | — | — | (1,095 | ) | |||||||||||||||||
Net gain on mortgage loans held for sale | — | (156,847 | ) | — | (10,147 | ) | — | (166,994 | ) | ||||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (4,614,971 | ) | — | — | — | (4,614,971 | ) | |||||||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale and held for investment | — | 3,998,101 | — | 5,025 | — | 4,003,126 | |||||||||||||||||||
Gain (loss) on interest rate swaps and caps | — | (34 | ) | — | 801 | — | 767 | ||||||||||||||||||
Depreciation and amortization | — | 9,493 | — | 3,361 | — | 12,854 | |||||||||||||||||||
Amortization (accretion) of premiums/discounts | — | (1,494 | ) | — | (303 | ) | — | (1,797 | ) | ||||||||||||||||
Fair value changes in excess spread financing | — | 13,114 | — | — | — | 13,114 | |||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | 204,201 | — | — | — | 204,201 | |||||||||||||||||||
Fair value change in mortgage servicing rights liability | — | (4,386 | ) | — | — | — | (4,386 | ) | |||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||
Advances | — | 93,149 | — | 2,287 | — | 95,436 | |||||||||||||||||||
Reverse mortgage interests | — | (258,916 | ) | — | 78,123 | — | (180,793 | ) | |||||||||||||||||
Other assets | 5,442 | 380,635 | 1,199 | (367,126 | ) | — | 20,150 | ||||||||||||||||||
Payables and accrued liabilities | — | 7,232 | 14 | (4,374 | ) | — | 2,872 | ||||||||||||||||||
Net cash attributable to operating activities | 5,442 | (397,818 | ) | 464 | (268,395 | ) | — | (660,307 | ) | ||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (7,243 | ) | — | (4,750 | ) | — | (11,993 | ) | ||||||||||||||||
Purchase of forward mortgage servicing rights, net of liabilities incurred | — | (196,081 | ) | — | — | — | (196,081 | ) | |||||||||||||||||
Acquisitions, net | — | — | — | (31,276 | ) | — | (31,276 | ) | |||||||||||||||||
Net cash attributable to investing activities | — | (203,324 | ) | — | (36,026 | ) | — | (239,350 | ) | ||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Transfers (to)/from restricted cash, net | — | (24,925 | ) | — | (48,087 | ) | — | (73,012 | ) | ||||||||||||||||
Issuance of common stock, net of issuance cost | — | 497,758 | — | — | — | 497,758 | |||||||||||||||||||
Debt financing costs | — | (1,549 | ) | — | — | — | (1,549 | ) | |||||||||||||||||
Increase (decrease) in advance facilities | — | (332,696 | ) | — | 314,225 | — | (18,471 | ) | |||||||||||||||||
Increase (decrease) in warehouse facilities | — | 899,756 | — | 5,094 | — | 904,850 | |||||||||||||||||||
Proceeds from 2014-1 HECM Securitization | — | — | — | 73,082 | — | 73,082 | |||||||||||||||||||
Repayment of 2014-1 HECM Securitization | — | — | — | (26,829 | ) | — | (26,829 | ) | |||||||||||||||||
Issuance of excess spread financing | — | 52,957 | — | — | — | 52,957 | |||||||||||||||||||
Repayment of excess spread financing | — | (49,516 | ) | — | — | — | (49,516 | ) | |||||||||||||||||
Increase in participating interest financing in reverse mortgage interests | — | 64,781 | — | — | — | 64,781 | |||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | (135 | ) | — | (3,138 | ) | — | (3,273 | ) | ||||||||||||||||
Excess tax benefit from share-based compensation | — | 1,095 | — | — | — | 1,095 | |||||||||||||||||||
Redemption of shares for stock vesting | (5,442 | ) | — | — | — | — | (5,442 | ) | |||||||||||||||||
Net cash attributable to financing activities | (5,442 | ) | 1,107,526 | — | 314,347 | — | 1,416,431 | ||||||||||||||||||
Net increase in cash and cash equivalents | — | 506,384 | 464 | 9,926 | — | 516,774 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 279,770 | 288 | 18,944 | — | 299,002 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 786,154 | $ | 752 | $ | 28,870 | $ | — | $ | 815,776 | |||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | |||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 279,770 | $ | 288 | $ | 18,944 | $ | — | $ | 299,002 | |||||||||||||
Restricted cash | — | 177,090 | — | 108,440 | — | 285,530 | |||||||||||||||||||
Mortgage servicing rights | — | 2,961,321 | — | — | — | 2,961,321 | |||||||||||||||||||
Advances | — | 2,544,065 | — | 2,297 | — | 2,546,362 | |||||||||||||||||||
Reverse mortgage interests | — | 2,111,801 | — | 341,268 | — | 2,453,069 | |||||||||||||||||||
Mortgage loans held for sale | — | 1,243,700 | — | 34,231 | — | 1,277,931 | |||||||||||||||||||
Mortgage loans held for investment, net | — | 1,945 | — | 189,624 | — | 191,569 | |||||||||||||||||||
Property and equipment, net | — | 114,903 | 835 | 13,873 | — | 129,611 | |||||||||||||||||||
Derivative financial instruments | — | 87,911 | — | 3,140 | — | 91,051 | |||||||||||||||||||
Other assets | 16,383 | 1,069,061 | 272,654 | 1,328,078 | (1,808,947 | ) | 877,229 | ||||||||||||||||||
Investment in subsidiaries | 1,207,895 | 450,363 | — | — | (1,658,258 | ) | — | ||||||||||||||||||
Total Assets | $ | 1,224,278 | $ | 11,041,930 | $ | 273,777 | $ | 2,039,895 | $ | (3,467,205 | ) | $ | 11,112,675 | ||||||||||||
Liabilities and members’ equity | |||||||||||||||||||||||||
Advance facilities | $ | — | $ | 570,792 | $ | — | $ | 1,330,991 | $ | — | $ | 1,901,783 | |||||||||||||
Warehouse facilities | — | 1,539,994 | — | 32,628 | — | 1,572,622 | |||||||||||||||||||
Unsecured senior notes | — | 2,159,231 | — | — | — | 2,159,231 | |||||||||||||||||||
Payables and accrued liabilities | — | 1,282,895 | 25 | 39,158 | — | 1,322,078 | |||||||||||||||||||
Payables to affiliates | — | 1,683,606 | 894 | 124,447 | (1,808,947 | ) | — | ||||||||||||||||||
Derivative financial instruments | — | 18,525 | — | — | — | 18,525 | |||||||||||||||||||
MSR related liabilities - nonrecourse | — | 1,080,465 | — | — | — | 1,080,465 | |||||||||||||||||||
Mortgage servicing liabilities | — | 65,382 | — | — | — | 65,382 | |||||||||||||||||||
Other nonrecourse debt | — | 1,433,145 | — | 335,166 | — | 1,768,311 | |||||||||||||||||||
Total liabilities | — | 9,834,035 | 919 | 1,862,390 | (1,808,947 | ) | 9,888,397 | ||||||||||||||||||
Total equity | 1,224,278 | 1,207,895 | 272,858 | 177,505 | (1,658,258 | ) | 1,224,278 | ||||||||||||||||||
Total liabilities and equity | $ | 1,224,278 | $ | 11,041,930 | $ | 273,777 | $ | 2,039,895 | $ | (3,467,205 | ) | $ | 11,112,675 | ||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. CONSOLIDATING STATEMENT OF INCOME (LOSS) | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Service related | $ | — | $ | 271,929 | $ | 27,428 | $ | 56,806 | $ | (14,452 | ) | $ | 341,711 | ||||||||||||
Net gain on mortgage loans held for sale | — | 113,889 | — | (27 | ) | 14,074 | 127,936 | ||||||||||||||||||
Total Revenues | — | 385,818 | 27,428 | 56,779 | (378 | ) | 469,647 | ||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Salaries, wages and benefits | — | 143,358 | 1,696 | 11,541 | — | 156,595 | |||||||||||||||||||
General and administrative | — | 133,725 | 891 | 29,922 | — | 164,538 | |||||||||||||||||||
Total expenses | — | 277,083 | 2,587 | 41,463 | — | 321,133 | |||||||||||||||||||
Other income / (expense): | |||||||||||||||||||||||||
Interest income | — | 39,710 | — | 3,855 | 378 | 43,943 | |||||||||||||||||||
Interest expense | — | (134,478 | ) | — | (22,122 | ) | — | (156,600 | ) | ||||||||||||||||
Gain/(loss) on interest rate swaps and caps | — | 265 | — | 2,556 | — | 2,821 | |||||||||||||||||||
Gain / (loss) from subsidiaries | 39,037 | 24,446 | — | — | (63,483 | ) | — | ||||||||||||||||||
Total other income / (expense) | 39,037 | (70,057 | ) | — | (15,711 | ) | (63,105 | ) | (109,836 | ) | |||||||||||||||
Income before taxes | 39,037 | 38,678 | 24,841 | (395 | ) | (63,483 | ) | 38,678 | |||||||||||||||||
Income tax expense/(benefit) | 15,001 | — | — | — | — | 15,001 | |||||||||||||||||||
Net Income/(loss) | 24,036 | 38,678 | 24,841 | (395 | ) | (63,483 | ) | 23,677 | |||||||||||||||||
Less: Net gain attributable to noncontrolling interests | — | (359 | ) | — | — | — | (359 | ) | |||||||||||||||||
Net income/(loss) excluding noncontrolling interests | $ | 24,036 | $ | 39,037 | $ | 24,841 | $ | (395 | ) | $ | (63,483 | ) | $ | 24,036 | |||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | |||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | |||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Parent) | (Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||||
Net income/(loss) | $ | 24,036 | $ | 39,037 | $ | 24,841 | $ | (395 | ) | $ | (63,483 | ) | $ | 24,036 | |||||||||||
Reconciliation of net income to net cash attributable to operating activities: | |||||||||||||||||||||||||
(Gain)/loss from subsidiaries | (39,037 | ) | (24,446 | ) | — | — | 63,483 | — | |||||||||||||||||
Share-based compensation | — | 2,809 | — | — | — | 2,809 | |||||||||||||||||||
Excess tax benefit from share based compensation | — | (2,189 | ) | — | — | — | (2,189 | ) | |||||||||||||||||
Net (gain)/loss on mortgage loans held for sale | — | (113,889 | ) | — | 27 | (14,074 | ) | (127,936 | ) | ||||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (5,402,512 | ) | — | (350 | ) | — | (5,402,862 | ) | ||||||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale and held for investment | — | 6,343,251 | — | 5,388 | 12,669 | 6,361,308 | |||||||||||||||||||
Gain (loss) on swaps and caps | — | (264 | ) | — | (2,557 | ) | — | (2,821 | ) | ||||||||||||||||
Depreciation and amortization | — | 8,078 | 43 | 671 | — | 8,792 | |||||||||||||||||||
Amortization/accretion of premiums/discounts | — | 10,465 | — | (506 | ) | — | 9,959 | ||||||||||||||||||
Fair value changes in excess spread financing | — | (3,369 | ) | — | — | — | (3,369 | ) | |||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | 78,687 | — | — | — | 78,687 | |||||||||||||||||||
Fair value change in mortgage servicing rights financing liability | — | (10,788 | ) | — | — | — | (10,788 | ) | |||||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||||||
Advances | — | (205,816 | ) | — | 254 | — | (205,562 | ) | |||||||||||||||||
Reverse mortgage interests | — | (238,538 | ) | — | — | — | (238,538 | ) | |||||||||||||||||
Other assets | 19,784 | (1,230,274 | ) | (24,056 | ) | 1,504,517 | 1,405 | 271,376 | |||||||||||||||||
Payables and accrued liabilities | — | (120,082 | ) | (2,956 | ) | 897 | — | (122,141 | ) | ||||||||||||||||
Net cash attributable to operating activities | 4,783 | (869,840 | ) | (2,128 | ) | 1,507,946 | — | 640,761 | |||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
(Parent) | (Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (7,145 | ) | (65 | ) | (1,703 | ) | — | (8,913 | ) | |||||||||||||||
Purchase of forward mortgage servicing rights, net of liabilities incurred | — | (93,092 | ) | — | — | — | (93,092 | ) | |||||||||||||||||
Proceeds from sale of servicer advances | — | 182,871 | — | — | — | 182,871 | |||||||||||||||||||
Acquisitions, net | — | — | — | — | — | — | |||||||||||||||||||
Net cash attributable to investing activities | — | 82,634 | (65 | ) | (1,703 | ) | — | 80,866 | |||||||||||||||||
Financing activities: | |||||||||||||||||||||||||
Transfers to/from restricted cash | — | 18,914 | — | 85,311 | — | 104,225 | |||||||||||||||||||
Issuance of common stock, net of issuance costs | — | — | — | — | — | — | |||||||||||||||||||
Debt financing costs | — | (2,050 | ) | — | — | — | (2,050 | ) | |||||||||||||||||
Increase (decrease) in advance facilities | — | 1,206,683 | — | (1,583,559 | ) | — | (376,876 | ) | |||||||||||||||||
Increase (decrease) in warehouse facilities | — | (598,280 | ) | — | — | — | (598,280 | ) | |||||||||||||||||
Issuance of excess spread financing | — | 37,859 | — | — | — | 37,859 | |||||||||||||||||||
Repayment of excess servicing spread financing | — | (42,717 | ) | — | — | — | (42,717 | ) | |||||||||||||||||
Increase in participating interest financing in reverse mortgage interests | — | 103,324 | — | — | — | 103,324 | |||||||||||||||||||
Proceeds from mortgage servicing rights financing | — | 20,651 | — | — | — | 20,651 | |||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | — | (2,998 | ) | — | (2,998 | ) | |||||||||||||||||
Excess tax benefit from share-based compensation | 2,189 | — | — | — | 2,189 | ||||||||||||||||||||
Surrender of shares relating to stock vesting | (4,783 | ) | — | — | — | — | (4,783 | ) | |||||||||||||||||
Net cash attributable to financing activities | (4,783 | ) | 746,573 | — | (1,501,246 | ) | — | (759,456 | ) | ||||||||||||||||
Net increase in cash and cash equivalents | — | (40,633 | ) | (2,193 | ) | 4,997 | — | (37,829 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 422,268 | 3,907 | 15,727 | — | 441,902 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 381,635 | $ | 1,714 | $ | 20,724 | $ | — | $ | 404,073 | |||||||||||||
Affiliates_of_Fortress_Investm
Affiliates of Fortress Investment Group | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Affiliates of Fortress Investment Group | Disclosures Related to Transactions with Affiliates of Fortress Investment Group LLC |
Springleaf Home Equity, Inc. | |
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 $1.9 billion in UPB for which Nationstar receives a monthly per loan subservicing fee and other performance incentive fees subject to the agreements with Springleaf. For the three months ended March 31, 2015 and March 31, 2014, Nationstar recognized revenue of $0.2 million and $2.0 million, respectively, in additional servicing and other performance incentive fees related to these portfolios. At March 31, 2015 and December 31, 2014, Nationstar had an outstanding receivable from Springleaf of $0.1 million and $0.2 million, respectively, which was included as a component of other assets. | |
Newcastle Investment Corp. (Newcastle) | |
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 $0.7 billion and $0.8 billion, as of March 31, 2015 and December 31, 2014, respectively. For the three months ended March 31, 2015 and 2014, Nationstar received servicing fees and other performance incentive fees of $0.9 million and $1.1 million, respectively. | |
New Residential Investment Corp. (New Residential) | |
Excess Spread Financing | |
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 the fixed base servicing fee, all ancillary revenues associated with servicing such MSRs and the retained portion of the excess 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 addition, as of March 31, 2015, Nationstar has paid $27.5 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 $1,047.6 million and $1,031.0 million at March 31, 2015 and December 31, 2014, respectively. | |
Mortgage Servicing Rights Financing Liability | |
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 sold 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. Nationstar will continue to act as named servicer under each servicing agreement until servicing is transferred to the Purchaser. Once the servicing is transferred under any servicing agreement to the Purchaser, Nationstar will subservice the applicable 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, the Company accounts for the transactions as financings. | |
The fair value of the outstanding liability related to the Sale Agreement was $45.0 million and $49.4 million at March 31, 2015 and December 31, 2014, respectively. | |
As of March 31, 2015, Nationstar has transferred approximately $2.2 billion in servicer advances to the Purchaser in related supplemental agreements and received over $512.5 million in cash proceeds related to these transfers. | |
Other | |
In May 2014, Nationstar entered into a servicing arrangement with New Residential whereby Nationstar will service residential mortgage loans that New Residential and/or its various affiliates and trust entities acquire. The terms and fees of this servicing arrangement generally conform with industry standards for stand-alone residential mortgage loan servicing. For the three months ended March 31, 2015, Nationstar recognized revenue of $1.7 million related to these servicing arrangements. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | . Subsequent Events |
Nationstar evaluated subsequent events through the date these consolidated financial statements were issued. | |
In April 2015, Nationstar entered into a Master Repurchase Agreement with a financial institution, which will expire in April 2016. This facility has a committed amount of $200.0 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 institution, with a simultaneous agreement by the financial institution to transfer such mortgage loans to Nationstar at a certain date, or on demand by Nationstar, against the transfer of funds by Nationstar. The interest rate is LIBOR plus a spread of 1.50% to 1.60% which varies based on the underlying transferred collateral. |
Nature_of_Business_and_Basis_o1
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy | The consolidated financial statements include the accounts of Nationstar, its wholly-owned subsidiaries, and other entities in which the Company has a controlling financial interest, and those variable interest entities (VIEs) where Nationstar's wholly-owned subsidiaries are the primary beneficiaries. Nationstar applies the equity method of accounting to investments when the entity is not a VIE and Nationstar 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 became the primary beneficiary through the date Nationstar ceases to be the primary beneficiary. |
Basis of Accounting, Policy | The interim consolidated financial statements are unaudited; however, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results of the interim periods have been included. The consolidated interim financial statements of Nationstar have been prepared in accordance with generally accepted accounting principles for interim information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States (GAAP) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Nationstar's Annual Report on Form 10-K filed on February 27, 2015. |
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Transfers and Servicing [Abstract] | ||||||||||||||||
Schedule of Servicing Assets at Fair Value | ||||||||||||||||
MSRs and Related Liabilities | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
MSRs - Fair Value | $ | 3,022,198 | $ | 2,949,739 | ||||||||||||
MSRs - LOCOM | 10,784 | 11,582 | ||||||||||||||
Mortgage Servicing Rights | 3,032,982 | 2,961,321 | ||||||||||||||
Mortgage Servicing Liabilities | 58,599 | 65,382 | ||||||||||||||
Excess spread financing - fair value | 1,047,590 | 1,031,035 | ||||||||||||||
Mortgage servicing rights financing liability - fair value | 45,044 | 49,430 | ||||||||||||||
MSR Related Liabilities (nonrecourse) | $ | 1,092,634 | $ | 1,080,465 | ||||||||||||
The activity of MSRs carried at fair value is as follows for the dates indicated: | ||||||||||||||||
Three months ended, | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||
Fair value at the beginning of the period | $ | 2,949,739 | $ | 2,488,283 | ||||||||||||
Additions: | ||||||||||||||||
Servicing resulting from transfers of financial assets | 44,232 | 58,304 | ||||||||||||||
Purchases of servicing assets | 238,413 | 108,312 | ||||||||||||||
Changes in fair value: | ||||||||||||||||
Due to changes in valuation inputs or assumptions used in the valuation model | (109,684 | ) | (3,083 | ) | ||||||||||||
Other changes in fair value | (100,502 | ) | (75,266 | ) | ||||||||||||
Fair value at the end of the period | $ | 3,022,198 | $ | 2,576,550 | ||||||||||||
The following table provides a breakdown of the total credit and interest sensitive UPBs for Nationstar's owned MSRs. | ||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
UPB | Fair Value | UPB | Fair Value | |||||||||||||
Credit Sensitive | $ | 241,252,341 | $ | 2,002,487 | 241,769,601 | 1,919,290 | ||||||||||
Interest Sensitive | 101,866,277 | 1,019,711 | 91,843,044 | 1,030,449 | ||||||||||||
$ | 343,118,618 | $ | 3,022,198 | $ | 333,612,645 | $ | 2,949,739 | |||||||||
Schedule of Assumptions for Fair Value of Mortgage Service Rights | The weighted average assumptions used in Nationstar's valuation of Mortgage Servicing Rights Financing were as follows: | |||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||
Advance financing rates | 2.72 | % | 2.79 | % | ||||||||||||
Annual advance recovery rates | 24.91 | % | 27.55 | % | ||||||||||||
The range of various assumptions used in Nationstar's valuation of Excess Spread financing were as follows: | ||||||||||||||||
Excess Spread financing | Prepayment Speeds | Average | Discount | Recapture Rate | ||||||||||||
Life (years) | Rate | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Low | 8.20% | 3.9 years | 8.50% | 6.70% | ||||||||||||
High | 18.50% | 7.8 years | 14.20% | 31.20% | ||||||||||||
31-Dec-14 | ||||||||||||||||
Low | 6.20% | 4.0 years | 8.50% | 6.70% | ||||||||||||
High | 19.40% | 7.1 years | 14.20% | 31.30% | ||||||||||||
Nationstar used the following weighted average assumptions in estimating the fair value of MSRs for the dates indicated: | ||||||||||||||||
Credit Sensitive | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Discount rate | 11.79 | % | 11.96 | % | ||||||||||||
Total prepayment speeds | 18.14 | % | 18.58 | % | ||||||||||||
Expected weighted-average life | 5.74 years | 5.39 years | ||||||||||||||
Interest Sensitive | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Discount rate | 9.08 | % | 9.09 | % | ||||||||||||
Total prepayment speeds | 14.12 | % | 11.27 | % | ||||||||||||
Expected weighted-average life | 5.63 years | 6.49 years | ||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | 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 the dates indicated: | |||||||||||||||
Discount Rate | Total Prepayment | |||||||||||||||
Speeds | ||||||||||||||||
100 bps | 200 bps | 10% | 20% | |||||||||||||
Adverse | Adverse | Adverse | Adverse | |||||||||||||
Change | Change | Change | Change | |||||||||||||
31-Mar-15 | ||||||||||||||||
Excess spread financing | $ | 38,747 | $ | 80,440 | $ | 34,326 | $ | 71,911 | ||||||||
31-Dec-14 | ||||||||||||||||
Excess spread financing | $ | 36,632 | $ | 75,964 | $ | 33,618 | $ | 70,379 | ||||||||
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 March 31, 2015 and December 31, 2014: | ||||||||||||||||
Discount Rate | Total Prepayment | |||||||||||||||
Speeds | ||||||||||||||||
100 bps | 200 bps | 10% | 20% | |||||||||||||
Adverse | Adverse | Adverse | Adverse | |||||||||||||
Change | Change | Change | Change | |||||||||||||
31-Mar-15 | ||||||||||||||||
Mortgage servicing rights | $ | (110,706 | ) | $ | (206,973 | ) | $ | (119,295 | ) | $ | (227,805 | ) | ||||
31-Dec-14 | ||||||||||||||||
Mortgage servicing rights | $ | (110,900 | ) | $ | (207,295 | ) | $ | (112,603 | ) | $ | (199,078 | ) | ||||
Activity of MSRs at Amortized Cost | The activity of MSRs carried at amortized cost is as follows for the dates indicated: | |||||||||||||||
Three months ended, | ||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||
Activity of MSRs at amortized cost | ||||||||||||||||
Balance at the beginning of the period | $ | 11,582 | $ | 65,382 | $ | 14,879 | $ | 82,521 | ||||||||
Additions: | ||||||||||||||||
Purchase /Assumptions of servicing rights/obligations | — | — | — | — | ||||||||||||
Deductions: | ||||||||||||||||
Amortization/Accretion | (798 | ) | (6,783 | ) | (649 | ) | (311 | ) | ||||||||
Balance at end of the period | $ | 10,784 | $ | 58,599 | $ | 14,230 | $ | 82,210 | ||||||||
Fair value at end of period | $ | 32,618 | $ | 55,579 | $ | 38,430 | $ | 68,965 | ||||||||
Advances_Tables
Advances (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Schedule of Accounts Receivable | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Advances | $ | 2,470,315 | $ | 2,546,362 | ||||
Reverse_Mortgage_Interests_Tab
Reverse Mortgage Interests (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Reverse Mortgage Interests [Abstract] | ||||||||
Reverse Mortgage Interest [Table Text Block] | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Participating interests | $ | 1,421,867 | $ | 1,363,225 | ||||
Other interests securitized | 316,182 | 341,268 | ||||||
Unsecuritized interests | 902,860 | 752,801 | ||||||
Allowance for losses - reverse mortgage interests | (7,047 | ) | (4,225 | ) | ||||
Total reverse mortgage interests | $ | 2,633,862 | $ | 2,453,069 | ||||
Mortgage_Loans_Held_for_Sale_a1
Mortgage Loans Held for Sale and Investment (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Mortgage Loans Held for Sale and Investment [Abstract] | ||||||||||||||
Schedule of Mortgage Loans Held-for-Sale | Mortgage loans held for sale consist of the following for the dates indicated: | |||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Mortgage loans held for sale – unpaid principal balance | $ | 1,913,092 | $ | 1,218,596 | ||||||||||
Mark-to-market adjustment | 82,906 | 59,335 | ||||||||||||
Total mortgage loans held for sale | $ | 1,995,998 | $ | 1,277,931 | ||||||||||
The total UPB of mortgage loans held for sale on nonaccrual status was as follows for the dates indicated: | ||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Mortgage loans held for sale - unpaid principal balance | UPB | Fair Value | UPB | Fair Value | ||||||||||
Nonaccrual | $ | 28,573 | $ | 25,405 | 31,968 | 26,022 | ||||||||
The total UPB of mortgage loans held for sale for which the Company has begun formal foreclosure proceedings was as follows for the dates indicated: | ||||||||||||||
Mortgage loans held for sale - unpaid principal balance | 31-Mar-15 | 31-Dec-14 | ||||||||||||
Foreclosure | $ | 18,085 | $ | 17,493 | ||||||||||
Reconciliation of Mortgage Loans Held-for-Sale to Cash Flow | A reconciliation of the changes in mortgage loans held for sale for the dates indicated is presented in the following table: | |||||||||||||
For the three months ended | ||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||
Mortgage loans held for sale – beginning balance | $ | 1,277,931 | $ | 2,603,380 | ||||||||||
Mortgage loans originated and purchased, net of fees | 4,602,628 | 5,402,862 | ||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale | (3,882,661 | ) | (6,261,204 | ) | ||||||||||
Transfer of mortgage loans held for sale to held for investment or other assets | (1,900 | ) | (3,912 | ) | ||||||||||
Mortgage loans held for sale – ending balance | $ | 1,995,998 | $ | 1,741,126 | ||||||||||
Schedule of Loans Held for Investment | Mortgage loans held for investment, net as of the dates indicated include: | |||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||
Mortgage loans held for investment, net – unpaid principal balance | $ | 268,865 | $ | 276,820 | ||||||||||
Transfer discount: | ||||||||||||||
Accretable | (15,090 | ) | (15,503 | ) | ||||||||||
Non-accretable | (64,682 | ) | (66,217 | ) | ||||||||||
Allowance for loan losses | (3,516 | ) | (3,531 | ) | ||||||||||
Total mortgage loans held for investment, net | $ | 185,577 | $ | 191,569 | ||||||||||
Changes in Accretable Yield on Mortgage Loans Held for Investment | The changes in accretable yield on loans transferred to mortgage loans held for investment, net were as follows: | |||||||||||||
For the three months ended March 31, 2015 | For the year ended December 31, 2014 | |||||||||||||
Accretable Yield | ||||||||||||||
Balance at the beginning of the period | $ | 15,503 | $ | 17,362 | ||||||||||
Accretion | (713 | ) | (2,955 | ) | ||||||||||
Reclassifications from (to) nonaccretable discount | 300 | 1,096 | ||||||||||||
Balance at the end of the period | $ | 15,090 | $ | 15,503 | ||||||||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Other Assets | Other assets consisted of the following: | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Receivables from trusts, agencies and prior servicers, net | $ | 419,008 | $ | 386,166 | ||||
Accrued revenues | 157,462 | 154,436 | ||||||
Loans subject to repurchase right from Ginnie Mae | 118,649 | 131,592 | ||||||
Goodwill | 63,446 | 54,701 | ||||||
Deferred financing costs | 43,104 | 46,986 | ||||||
Intangible assets | 38,520 | 19,622 | ||||||
Collateral deposits on derivative instruments | 11,540 | 9,810 | ||||||
Prepaid expenses | 9,551 | 9,837 | ||||||
Receivables from affiliates, net | 5,752 | 4,713 | ||||||
Accrued interest | 2,637 | 1,890 | ||||||
Real estate owned (REO), net | 1,511 | 1,625 | ||||||
Other | 42,900 | 55,851 | ||||||
Total other assets | $ | 914,080 | $ | 877,229 | ||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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: | |||||||||||||
Expiration | Outstanding | Fair | Recorded | |||||||||||
Dates | Notional | Value | Gains / | |||||||||||
(Losses) | ||||||||||||||
For the three months ended March 31, 2015 | ||||||||||||||
ASSETS | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2015 | $ | 20,633 | $ | (68 | ) | $ | (64 | ) | |||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | 3,021,115 | 99,921 | 12,019 | ||||||||||
Forward MBS trades | 2015 | 732,535 | 1,314 | 1,030 | ||||||||||
LPCs | 2015 | 280,871 | 2,068 | 69 | ||||||||||
Interest rate swaps and caps | 2018 | 97,650 | 64 | (801 | ) | |||||||||
Eurodollar futures | 2015-2018 | — | — | (1 | ) | |||||||||
LIABILITIES | ||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | — | — | 7 | ||||||||||
Interest rate swaps on ABS debt | 2017 | 32,746 | 69 | 34 | ||||||||||
Forward MBS trades | 2015 | 4,169,500 | 22,752 | (4,392 | ) | |||||||||
LPCs | 2015 | 41,029 | 113 | (65 | ) | |||||||||
Eurodollars futures | 2015-2017 | 120,000 | 114 | (107 | ) | |||||||||
For the year ended December 31, 2014 | ||||||||||||||
ASSETS | ||||||||||||||
MORTGAGE LOANS HELD FOR SALE | ||||||||||||||
Loan sale commitments | 2015 | $ | 1,666 | $ | (4 | ) | $ | (11 | ) | |||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | 2,556,169 | 87,902 | 774 | ||||||||||
Forward MBS trades | 2015 | 319,112 | 284 | (31,982 | ) | |||||||||
LPCs | 2015 | 287,089 | 1,999 | 1,206 | ||||||||||
Interest rate swaps and caps | 2018 | 124,650 | 865 | (1,673 | ) | |||||||||
Eurodollar futures | 2015-2017 | 40,000 | 1 | 1 | ||||||||||
LIABILITIES | ||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||||
IRLCs | 2015 | 865 | 7 | 2,691 | ||||||||||
Interest rate swaps on ABS debt | 2015-2017 | 105,681 | 103 | 731 | ||||||||||
Forward MBS trades | 2015 | 2,958,700 | 18,360 | (15,055 | ) | |||||||||
LPCs | 2015 | 30,494 | 48 | 1,641 | ||||||||||
Eurodollar futures | 2015-2017 | 80,000 | 7 | (7 | ) | |||||||||
Indebtedness_Tables
Indebtedness (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||
Schedule of Unsecured Senior Notes [Table Text Block] | A summary of the balances of Unsecured Senior Notes is presented below: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
$475 million face value, 6.500% interest rate payable semi-annually, due August 2018 | $ | 475,000 | $ | 475,000 | ||||||||||||||||||||||
$375 million face value, 9.625% interest rate payable semi-annually, due May 2019 | 378,354 | 378,555 | ||||||||||||||||||||||||
$400 million face value, 7.875% interest rate payable semi-annually, due October 2020 | 400,518 | 400,541 | ||||||||||||||||||||||||
$600 million face value, 6.500% interest rate payable semi-annually, due July 2021 | 604,940 | 605,135 | ||||||||||||||||||||||||
$300 million face value, 6.500% interest rate payable semi-annually, due June 2022 | 300,000 | 300,000 | ||||||||||||||||||||||||
Total | $ | 2,158,812 | $ | 2,159,231 | ||||||||||||||||||||||
Schedule of Notes Payable | Notes Payable | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Interest Rate | Maturity Date | Collateral | Capacity Amount | Outstanding | Collateral Pledged | Outstanding | Collateral pledged | |||||||||||||||||||
Advance Facilities | ||||||||||||||||||||||||||
MBS advance financing facility | LIBOR+2.50% to 4.00% | Mar-16 | Servicing advance receivables | $ | 130,000 | $ | 74,548 | $ | 79,094 | $ | 363,014 | $ | 418,126 | |||||||||||||
Securities repurchase facility (2011) | LIBOR +3.50% | 90 day revolving | Nonrecourse debt - Legacy Assets | — | 35,058 | 55,603 | 34,613 | 55,603 | ||||||||||||||||||
Nationstar agency advance financing facility (1) | LIBOR+1.20% to 3.75% | Oct-15 | Servicing advance receivables | 1,300,000 | 1,090,612 | 1,244,349 | 805,706 | 885,115 | ||||||||||||||||||
MBS advance financing facility (2012) (2) | LIBOR+5.00% | Apr-16 | Servicing advance receivables | 50,000 | 50,000 | 60,354 | 42,472 | 50,758 | ||||||||||||||||||
Nationstar Mortgage Advance Receivable | LIBOR+1.15% to 5.30% | Jun-18 | Servicing advance receivables | 475,000 | 420,423 | 472,377 | 419,170 | 471,243 | ||||||||||||||||||
Trust (3) | ||||||||||||||||||||||||||
MBS servicer advance facility (2014) (4) | LIBOR+3.50% | Jul-15 | Servicing advance receivables | 80,000 | 78,490 | 149,021 | 79,084 | 138,010 | ||||||||||||||||||
Nationstar servicer advance receivables trust 2014 - BC | LIBOR+1.50% to 3.00% | Nov-15 | Servicing advance receivables | 200,000 | 134,181 | 149,393 | 106,115 | 121,030 | ||||||||||||||||||
Securities repurchase facility (2014) | LIBOR+1.50% to 2.00% | Nov-17 | Securities | — | — | — | 51,609 | 74,525 | ||||||||||||||||||
1,883,312 | 2,210,191 | 1,901,783 | 2,214,410 | |||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Interest Rate | Maturity Date | Collateral | Capacity Amount | Outstanding | Collateral Pledged | Outstanding | Collateral pledged | |||||||||||||||||||
Warehouse Facilities | ||||||||||||||||||||||||||
$1.3 billion warehouse facility | LIBOR+2.00% to 2.875% | Oct-15 | Mortgage loans or MBS | $ | 1,300,000 | $ | 1,138,604 | $ | 1,202,005 | $ | 663,167 | $ | 697,257 | |||||||||||||
$749 million warehouse facility | LIBOR+1.75% to 2.50% | May-15 | Mortgage loans or MBS | 749,000 | 537,757 | 559,287 | 307,294 | 320,285 | ||||||||||||||||||
$500 million warehouse facility | LIBOR+1.75% to 2.75% | Sep-15 | Mortgage loans or MBS | 500,000 | 297,182 | 304,476 | 176,194 | 179,994 | ||||||||||||||||||
$500 million warehouse facility | LIBOR+ 1.50% to 2.25% | Jun-15 | Mortgage loans or MBS | 500,000 | 292,682 | 309,640 | 183,290 | 192,990 | ||||||||||||||||||
$350 million warehouse facility | LIBOR+2.20% to 4.50% | Mar-16 | Mortgage loans or MBS | 350,000 | 173,525 | 180,660 | 210,049 | 223,849 | ||||||||||||||||||
$75 million warehouse facility (HCM) (5) | LIBOR+ 2.25% to 2.875% | Oct-15 | Mortgage loans or MBS | 75,000 | 29,836 | 30,479 | 23,949 | 29,324 | ||||||||||||||||||
$50 million warehouse facility (HCM) | LIBOR + 2.50% to 2.75% | Nov-15 | Mortgage loans or MBS | 50,000 | 7,886 | 8,616 | 8,679 | 9,044 | ||||||||||||||||||
ASAP+ facility | LIBOR+1.50% | Up to 45 days | GSE mortgage loans or GSE MBS | — | — | — | — | — | ||||||||||||||||||
2,477,472 | 2,595,163 | 1,572,622 | 1,652,743 | |||||||||||||||||||||||
Mortgage loans | 1,967,762 | 2,038,117 | 1,196,956 | 1,241.04 | ||||||||||||||||||||||
Reverse mortgage interests | 509,710 | 557,046 | 375,666 | 411,700 | ||||||||||||||||||||||
(1) This facility has both variable funding notes (VFN) and term notes. Nationstar issued $300.0 million in term notes to institutional investors of which $100.0 million remains outstanding. The notes have a weighted average interest rate of 2.07% and a weighted average term of 5 years. | ||||||||||||||||||||||||||
(2) The maturity date of this facility was extended to April 2016 on April 29, 2015. | ||||||||||||||||||||||||||
(3) This facility has both VFNs and term notes. Nationstar issued $1.0 billion of term notes to institutional investors of which $300.0 million remains outstanding. The notes have an average interest rate of 1.51% and will mature in June 2018. The notes scheduled to mature in June 2014 were redeemed in January 2014. The notes scheduled to mature in June 2016 were redeemed in June 2014. | ||||||||||||||||||||||||||
(4) As of April 15, 2015 the capacity of this facility was increased to $100.0 million | ||||||||||||||||||||||||||
(5) This facility is a sublimit of the $1.3 billion facility specific to HCM. | ||||||||||||||||||||||||||
A summary of the balances of other nonrecourse debt is presented below: | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
Participating interest financing | $ | 1,491,530 | $ | 1,433,145 | ||||||||||||||||||||||
2014-1 HECM securitization | 305,716 | 259,328 | ||||||||||||||||||||||||
Nonrecourse debt - Legacy Assets | 73,023 | 75,838 | ||||||||||||||||||||||||
Total | $ | 1,870,269 | $ | 1,768,311 | ||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | As of March 31, 2015, the expected maturities of Nationstar's unsecured senior notes based on contractual maturities are as follows: | |||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||||
2015 | $ | — | ||||||||||||||||||||||||
2016 | — | |||||||||||||||||||||||||
2017 | — | |||||||||||||||||||||||||
2018 | 475,000 | |||||||||||||||||||||||||
2019 | 375,000 | |||||||||||||||||||||||||
Thereafter | 1,300,000 | |||||||||||||||||||||||||
Total | $ | 2,150,000 | ||||||||||||||||||||||||
Accounts_Payable_Tables
Accounts Payable (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Payables and Accrued Liabilities | Payables and accrued liabilities consist of the following: | |||||||
March 31, 2015 | 31-Dec-14 | |||||||
Payables to servicing and subservicing investors | $ | 345,414 | $ | 329,306 | ||||
Payable to insurance carriers and insurance cancellation reserves | 159,560 | 163,381 | ||||||
Loans subject to repurchase from Ginnie Mae | 118,649 | 131,592 | ||||||
MSR purchases payable including advances | 81,128 | 45,697 | ||||||
Taxes | 66,398 | 96,237 | ||||||
Accrued interest | 66,168 | 59,708 | ||||||
Accrued bonus and payroll | 59,558 | 85,366 | ||||||
Repurchase reserves | 30,735 | 29,165 | ||||||
Other | 475,001 | 381,626 | ||||||
Total payables and accrued liabilities | $ | 1,402,611 | $ | 1,322,078 | ||||
Variable_Interest_Entities_and1
Variable Interest Entities and Securitizations (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 is presented below for the periods indicated: | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Transfers | Reverse Secured Borrowings | Transfers | Reverse Secured Borrowings | |||||||||||||
Accounted for as | Accounted for as | |||||||||||||||
Secured | Secured | |||||||||||||||
Borrowings | Borrowings | |||||||||||||||
ASSETS | ||||||||||||||||
Restricted cash | $ | 138,094 | $ | 16,523 | $ | 90,068 | $ | 15,578 | ||||||||
Reverse mortgage interests | — | 1,738,049 | — | 1,704,492 | ||||||||||||
Advances | 1,866,119 | — | 1,477,388 | — | ||||||||||||
Mortgage loans held for investment, net | 184,439 | — | 189,456 | — | ||||||||||||
Derivative financial instruments | 63 | — | 865 | — | ||||||||||||
Other assets | 2,616 | — | 2,678 | — | ||||||||||||
Total Assets | $ | 2,191,331 | $ | 1,754,572 | $ | 1,760,455 | $ | 1,720,070 | ||||||||
LIABILITIES | ||||||||||||||||
Advance facilities | $ | 1,645,216 | $ | — | $ | 1,330,991 | $ | — | ||||||||
Payables and accrued liabilities | 1,889 | 173 | 1,596 | 186 | ||||||||||||
Nonrecourse debt–Legacy Assets | 73,023 | — | 75,838 | — | ||||||||||||
2014-1 HECM Securitization | — | 305,716 | — | 259,328 | ||||||||||||
Participating interest financing | — | 1,491,530 | — | 1,433,145 | ||||||||||||
Total Liabilities | $ | 1,720,128 | $ | 1,797,419 | $ | 1,408,425 | $ | 1,692,659 | ||||||||
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: | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Total collateral balances | $ | 3,148,539 | $ | 3,258,472 | ||||||||||||
Total certificate balances | 3,179,801 | 3,297,256 | ||||||||||||||
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: | ||||||||||||||||
Principal Amount of Loans 60 Days or More Past Due | 31-Mar-15 | 31-Dec-14 | ||||||||||||||
Unconsolidated securitization trusts | $ | 795,746 | $ | 861,419 | ||||||||||||
For the three months ended March 31, | ||||||||||||||||
Credit Losses | 2015 | 2014 | ||||||||||||||
Unconsolidated securitization trusts | $ | 57,461 | $ | 66,542 | ||||||||||||
Certain cash flows received from securitization trusts related to the transfers of mortgage loans accounted for as sales for the dates indicated were as follows: | ||||||||||||||||
For the three months ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Servicing Fees | Loan | Servicing Fees | Loan | |||||||||||||
Received | Repurchases | Received | Repurchases | |||||||||||||
Unconsolidated securitization trusts | $ | 6,373 | $ | — | $ | 7,778 | $ | — | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) was as follows: | |||||||
For the three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Tax expense (benefit) | $ | (27,525 | ) | $ | 15,001 | |||
Effective tax rate | 36.6 | % | 38.8 | % | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
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: | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
Mortgage loans held for sale(1) | $ | 1,995,998 | $ | — | $ | 1,995,998 | $ | — | ||||||||
Mortgage servicing rights(1) | 3,022,198 | — | — | 3,022,198 | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
IRLCs | 99,921 | — | 99,921 | — | ||||||||||||
Forward MBS trades | 1,314 | — | 1,314 | — | ||||||||||||
LPCs | 2,068 | — | 2,068 | — | ||||||||||||
Interest rate swaps and caps | 64 | — | 64 | — | ||||||||||||
Total assets | $ | 5,121,563 | $ | — | $ | 2,099,365 | $ | 3,022,198 | ||||||||
LIABILITIES | ||||||||||||||||
Derivative financial instruments | ||||||||||||||||
Interest rate swaps on ABS debt | 69 | — | 69 | — | ||||||||||||
Forward MBS trades | 22,752 | — | 22,752 | — | ||||||||||||
LPCs | 113 | — | 113 | — | ||||||||||||
Eurodollar futures | 114 | — | 114 | — | ||||||||||||
Mortgage servicing rights financing | 45,044 | — | — | 45,044 | ||||||||||||
Excess spread financing | 1,047,590 | — | — | 1,047,590 | ||||||||||||
Total liabilities | $ | 1,115,682 | $ | — | $ | 23,048 | $ | 1,092,634 | ||||||||
31-Dec-14 | ||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||
Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
ASSETS | ||||||||||||||||
Mortgage loans held for sale(1) | $ | 1,277,931 | $ | — | $ | 1,277,931 | $ | — | ||||||||
Mortgage servicing rights(1) | 2,949,739 | — | — | 2,949,739 | ||||||||||||
Derivative financial instruments: | ||||||||||||||||
IRLCs | 87,902 | — | 87,902 | — | ||||||||||||
Forward MBS trades | 284 | — | 284 | — | ||||||||||||
LPCs | 1,999 | — | 1,999 | — | ||||||||||||
Interest rate swaps and caps | 865 | — | 865 | — | ||||||||||||
Eurodollar futures | 1 | — | 1 | — | ||||||||||||
Total assets | $ | 4,318,721 | $ | — | $ | 1,368,982 | $ | 2,949,739 | ||||||||
LIABILITIES | ||||||||||||||||
Derivative financial instruments | ||||||||||||||||
IRLCs | $ | 7 | $ | — | $ | 7 | $ | — | ||||||||
Interest rate swaps on ABS debt | 103 | — | 103 | — | ||||||||||||
Forward MBS trades | 18,360 | — | 18,360 | — | ||||||||||||
LPCs | 48 | — | 48 | — | ||||||||||||
Eurodollar futures | 7 | — | 7 | — | ||||||||||||
Mortgage servicing rights financing | 49,430 | — | — | 49,430 | ||||||||||||
Excess spread financing | 1,031,035 | — | — | 1,031,035 | ||||||||||||
Total liabilities | $ | 1,098,990 | $ | — | $ | 18,525 | $ | 1,080,465 | ||||||||
(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: | |||||||||||||||
ASSETS | LIABILITIES | |||||||||||||||
For the three months ended March 31, 2015 | Mortgage | Excess spread | Mortgage servicing rights financing | |||||||||||||
servicing rights | financing | |||||||||||||||
Beginning balance | $ | 2,949,739 | $ | 1,031,035 | $ | 49,430 | ||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||
Total gains or losses | ||||||||||||||||
Included in earnings | (210,186 | ) | 13,114 | (4,386 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||
Purchases | 238,413 | — | — | |||||||||||||
Issuances | 44,232 | 52,957 | — | |||||||||||||
Sales | — | — | — | |||||||||||||
Settlements | — | (49,516 | ) | — | ||||||||||||
Ending balance | $ | 3,022,198 | $ | 1,047,590 | $ | 45,044 | ||||||||||
ASSETS | LIABILITIES | |||||||||||||||
For the year ended December 31, 2014 | Mortgage | Excess spread | Mortgage servicing rights financing | |||||||||||||
servicing rights | financing | |||||||||||||||
Beginning balance | $ | 2,488,283 | $ | 986,410 | $ | 29,874 | ||||||||||
Transfers into Level 3 | — | — | — | |||||||||||||
Transfers out of Level 3 | — | — | — | |||||||||||||
Total gains or losses | ||||||||||||||||
Included in earnings | (247,379 | ) | 57,554 | (33,279 | ) | |||||||||||
Included in other comprehensive income | — | — | — | |||||||||||||
Purchases, issuances, sales and settlements | ||||||||||||||||
Purchases | 470,543 | — | — | |||||||||||||
Issuances | 238,292 | 171,317 | 52,835 | |||||||||||||
Sales | — | — | — | |||||||||||||
Settlements | — | (184,246 | ) | — | ||||||||||||
Ending balance | $ | 2,949,739 | $ | 1,031,035 | $ | 49,430 | ||||||||||
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. | |||||||||||||||
31-Mar-15 | ||||||||||||||||
Carrying | Fair Value | |||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 815,776 | $ | 815,776 | $ | — | $ | — | ||||||||
Restricted cash | 358,542 | 358,542 | — | — | ||||||||||||
Mortgage loans held for sale | 1,995,998 | — | 1,995,998 | — | ||||||||||||
Mortgage loans held for investment, net | 185,577 | — | — | 188,238 | ||||||||||||
Reverse mortgage interests | 2,633,862 | — | — | 2,693,036 | ||||||||||||
Derivative financial instruments | 103,367 | — | 103,367 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Unsecured senior notes | 2,158,812 | 2,170,824 | — | — | ||||||||||||
Advance Facilities | 1,883,312 | — | 1,883,312 | |||||||||||||
Warehouse Facilities | 2,477,472 | 2,477,472 | ||||||||||||||
Derivative financial instruments | 23,048 | — | 23,048 | — | ||||||||||||
Excess spread financing | 1,047,590 | — | — | 1,047,590 | ||||||||||||
Mortgage servicing rights financing liability | 45,044 | — | — | 45,044 | ||||||||||||
Nonrecourse debt - Legacy assets | 73,023 | — | — | 84,031 | ||||||||||||
Participating interest financing | 1,491,530 | — | 1,491,143 | — | ||||||||||||
2014-1 HECM Securitization | 305,716 | — | — | 315,940 | ||||||||||||
31-Dec-14 | ||||||||||||||||
Carrying | Fair Value | |||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | 299,002 | 299,002 | — | — | ||||||||||||
Restricted cash | 285,530 | 285,530 | — | — | ||||||||||||
Mortgage loans held for sale | 1,277,931 | — | 1,277,931 | — | ||||||||||||
Mortgage loans held for investment, net | 191,569 | — | — | 192,865 | ||||||||||||
Reverse mortgage interests | 2,383,647 | — | — | 2,432,735 | ||||||||||||
Derivative financial instruments | 91,051 | — | 91,051 | — | ||||||||||||
Financial liabilities: | ||||||||||||||||
Unsecured senior notes | 2,159,231 | 2,057,038 | — | — | ||||||||||||
Advance Facilities | 1,901,783 | — | 1,901,783 | — | ||||||||||||
Warehouse Facilities | 1,572,622 | — | 1,572,622 | — | ||||||||||||
Derivative financial instruments | 18,525 | — | 18,525 | — | ||||||||||||
Excess spread financing | 1,031,035 | — | — | 1,031,035 | ||||||||||||
Mortgage servicing rights financing liability | 49,430 | — | — | 49,430 | ||||||||||||
Nonrecourse debt - Legacy assets | 75,838 | — | — | 86,570 | ||||||||||||
Participating interest financing | 1,433,145 | — | 1,423,291 | — | ||||||||||||
2014-1 HECM Securitization | 259,328 | — | — | 259,328 | ||||||||||||
Business_Segment_Reporting_Tab
Business Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following tables are a presentation of financial information by segment for the periods indicated: | ||||||||||||||||||||||||||||
For the three months ended March 31, 2015 | |||||||||||||||||||||||||||||
Servicing | Originations | Solutionstar | Total Operating | Corporate and Other | Eliminations | Consolidated | |||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||
Service related | $ | 95,324 | $ | 7,065 | $ | 112,459 | $ | 214,848 | $ | 497 | $ | (222 | ) | $ | 215,123 | ||||||||||||||
Net gain on mortgage loans held for sale | 14,013 | 151,281 | — | 165,294 | 1,700 | — | 166,994 | ||||||||||||||||||||||
Total revenues | 109,337 | 158,346 | 112,459 | 380,142 | 2,197 | (222 | ) | 382,117 | |||||||||||||||||||||
Total expenses | 180,989 | 100,249 | 80,796 | 362,034 | 21,809 | — | 383,843 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest income | 24,639 | 15,267 | — | 39,906 | 3,646 | 222 | 43,774 | ||||||||||||||||||||||
Interest expense | (57,974 | ) | (14,386 | ) | (35 | ) | (72,395 | ) | (43,253 | ) | — | (115,648 | ) | ||||||||||||||||
Gain (loss) on interest rate swaps and caps | (801 | ) | — | — | (801 | ) | 34 | — | (767 | ) | |||||||||||||||||||
Total other income (expense) | (34,136 | ) | 881 | (35 | ) | (33,290 | ) | (39,573 | ) | 222 | (72,641 | ) | |||||||||||||||||
Income (loss) before taxes | $ | (105,788 | ) | $ | 58,978 | $ | 31,628 | $ | (15,182 | ) | $ | (59,185 | ) | $ | — | $ | (74,367 | ) | |||||||||||
Depreciation and amortization | $ | 3,519 | $ | 2,155 | $ | 3,363 | $ | 9,037 | $ | 3,817 | $ | — | $ | 12,854 | |||||||||||||||
Total assets | 9,395,852 | 1,965,961 | 260,175 | 11,621,988 | 1,020,380 | — | 12,642,368 | ||||||||||||||||||||||
For the three months ended March 31, 2014 | |||||||||||||||||||||||||||||
Servicing | Originations | Solutionstar | Total Operating | Corporate and Other | Eliminations | Consolidated | |||||||||||||||||||||||
Segments | |||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||
Service related | $ | 262,047 | $ | 14,048 | $ | 64,999 | $ | 341,094 | $ | 995 | $ | (378 | ) | $ | 341,711 | ||||||||||||||
Net gain on mortgage loans held for sale | 12,408 | 116,200 | — | 128,608 | (672 | ) | — | 127,936 | |||||||||||||||||||||
Total revenues | 274,455 | 130,248 | 64,999 | 469,702 | 323 | (378 | ) | 469,647 | |||||||||||||||||||||
Total expenses | 165,333 | 105,050 | 39,209 | 309,592 | 11,541 | — | 321,133 | ||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||
Interest income | 18,664 | 21,521 | — | 40,185 | 3,380 | 378 | 43,943 | ||||||||||||||||||||||
Interest expense | (80,799 | ) | (22,537 | ) | (54 | ) | (103,390 | ) | (53,210 | ) | — | (156,600 | ) | ||||||||||||||||
Gain (loss) on interest rate swaps and caps | 2,556 | — | — | 2,556 | 265 | — | 2,821 | ||||||||||||||||||||||
Total other income (expense) | (59,579 | ) | (1,016 | ) | (54 | ) | (60,649 | ) | (49,565 | ) | 378 | (109,836 | ) | ||||||||||||||||
Income (loss) before taxes | $ | 49,543 | $ | 24,182 | $ | 25,736 | $ | 99,461 | $ | (60,783 | ) | $ | — | $ | 38,678 | ||||||||||||||
Depreciation and amortization | $ | 3,442 | $ | 2,526 | $ | 722 | $ | 6,690 | $ | 2,102 | $ | — | $ | 8,792 | |||||||||||||||
Total assets | 8,949,596 | 2,089,677 | 156,617 | 11,195,890 | 436,673 | — | 11,632,563 | ||||||||||||||||||||||
Guarantor_Financial_Statement_1
Guarantor Financial Statement Information (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheets | NATIONSTAR MORTGAGE HOLDINGS INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 786,154 | $ | 752 | $ | 28,870 | $ | — | $ | 815,776 | |||||||||||||||||||||||||||||||||||||
Restricted cash | — | 202,016 | — | 156,526 | — | 358,542 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | — | 3,032,982 | — | — | — | 3,032,982 | |||||||||||||||||||||||||||||||||||||||||||
Advances | — | 2,470,305 | — | 10 | — | 2,470,315 | |||||||||||||||||||||||||||||||||||||||||||
Reverse mortgage interests | — | 2,370,717 | — | 263,145 | — | 2,633,862 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 1,955,227 | — | 40,771 | — | 1,995,998 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for investment, net | — | 990 | — | 184,587 | — | 185,577 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 113,116 | 835 | 17,918 | — | 131,869 | |||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 99,117 | — | 4,250 | — | 103,367 | |||||||||||||||||||||||||||||||||||||||||||
Other assets | 10,942 | 971,920 | 271,456 | 1,720,376 | (2,060,614 | ) | 914,080 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,664,669 | 472,459 | — | — | (2,137,128 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,675,611 | $ | 12,475,003 | $ | 273,043 | $ | 2,416,453 | $ | (4,197,742 | ) | $ | 12,642,368 | ||||||||||||||||||||||||||||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | $ | — | $ | 2,158,812 | $ | — | $ | — | $ | — | $ | 2,158,812 | |||||||||||||||||||||||||||||||||||||
Advance facilities | — | 238,096 | — | 1,645,216 | — | 1,883,312 | |||||||||||||||||||||||||||||||||||||||||||
Warehouse facilities | — | 2,439,750 | — | 37,722 | — | 2,477,472 | |||||||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | — | 1,350,753 | 39 | 51,819 | — | 1,402,611 | |||||||||||||||||||||||||||||||||||||||||||
MSR related liabilities - nonrecourse | — | 1,092,634 | — | — | — | 1,092,634 | |||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 23,048 | — | — | — | 23,048 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing liabilities | — | 58,599 | — | — | — | 58,599 | |||||||||||||||||||||||||||||||||||||||||||
Other nonrecourse debt | — | 1,491,530 | — | 378,739 | — | 1,870,269 | |||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates | — | 1,957,112 | 923 | 102,579 | (2,060,614 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 10,810,334 | 962 | 2,216,075 | (2,060,614 | ) | 10,966,757 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 1,675,611 | 1,664,669 | 272,081 | 200,378 | (2,137,128 | ) | 1,675,611 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,675,611 | $ | 12,475,003 | $ | 273,043 | $ | 2,416,453 | $ | (4,197,742 | ) | $ | 12,642,368 | ||||||||||||||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. | |||||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING BALANCE SHEET | |||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 279,770 | $ | 288 | $ | 18,944 | $ | — | $ | 299,002 | |||||||||||||||||||||||||||||||||||||
Restricted cash | — | 177,090 | — | 108,440 | — | 285,530 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | — | 2,961,321 | — | — | — | 2,961,321 | |||||||||||||||||||||||||||||||||||||||||||
Advances | — | 2,544,065 | — | 2,297 | — | 2,546,362 | |||||||||||||||||||||||||||||||||||||||||||
Reverse mortgage interests | — | 2,111,801 | — | 341,268 | — | 2,453,069 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | — | 1,243,700 | — | 34,231 | — | 1,277,931 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for investment, net | — | 1,945 | — | 189,624 | — | 191,569 | |||||||||||||||||||||||||||||||||||||||||||
Property and equipment, net | — | 114,903 | 835 | 13,873 | — | 129,611 | |||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 87,911 | — | 3,140 | — | 91,051 | |||||||||||||||||||||||||||||||||||||||||||
Other assets | 16,383 | 1,069,061 | 272,654 | 1,328,078 | (1,808,947 | ) | 877,229 | ||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,207,895 | 450,363 | — | — | (1,658,258 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,224,278 | $ | 11,041,930 | $ | 273,777 | $ | 2,039,895 | $ | (3,467,205 | ) | $ | 11,112,675 | ||||||||||||||||||||||||||||||||||||
Liabilities and members’ equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Advance facilities | $ | — | $ | 570,792 | $ | — | $ | 1,330,991 | $ | — | $ | 1,901,783 | |||||||||||||||||||||||||||||||||||||
Warehouse facilities | — | 1,539,994 | — | 32,628 | — | 1,572,622 | |||||||||||||||||||||||||||||||||||||||||||
Unsecured senior notes | — | 2,159,231 | — | — | — | 2,159,231 | |||||||||||||||||||||||||||||||||||||||||||
Payables and accrued liabilities | — | 1,282,895 | 25 | 39,158 | — | 1,322,078 | |||||||||||||||||||||||||||||||||||||||||||
Payables to affiliates | — | 1,683,606 | 894 | 124,447 | (1,808,947 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments | — | 18,525 | — | — | — | 18,525 | |||||||||||||||||||||||||||||||||||||||||||
MSR related liabilities - nonrecourse | — | 1,080,465 | — | — | — | 1,080,465 | |||||||||||||||||||||||||||||||||||||||||||
Mortgage servicing liabilities | — | 65,382 | — | — | — | 65,382 | |||||||||||||||||||||||||||||||||||||||||||
Other nonrecourse debt | — | 1,433,145 | — | 335,166 | — | 1,768,311 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 9,834,035 | 919 | 1,862,390 | (1,808,947 | ) | 9,888,397 | ||||||||||||||||||||||||||||||||||||||||||
Total equity | 1,224,278 | 1,207,895 | 272,858 | 177,505 | (1,658,258 | ) | 1,224,278 | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,224,278 | $ | 11,041,930 | $ | 273,777 | $ | 2,039,895 | $ | (3,467,205 | ) | $ | 11,112,675 | ||||||||||||||||||||||||||||||||||||
Consolidating Statements of Operations | |||||||||||||||||||||||||||||||||||||||||||||||||
NATIONSTAR MORTGAGE HOLDINGS INC. CONSOLIDATING STATEMENT OF INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 2015 | NATIONSTAR MORTGAGE HOLDINGS INC. CONSOLIDATING STATEMENT OF INCOME (LOSS) | ||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | FOR THE THREE MONTHS ENDED MARCH 31, 2014 | |||||||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Revenues: | (Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||||
Service related | $ | — | $ | 102,179 | $ | (345 | ) | $ | 113,511 | $ | (222 | ) | $ | 215,123 | Revenues: | ||||||||||||||||||||||||||||||||||
Service related | $ | — | $ | 271,929 | $ | 27,428 | $ | 56,806 | $ | (14,452 | ) | $ | 341,711 | ||||||||||||||||||||||||||||||||||||
Net gain on mortgage loans held for sale | — | 156,847 | — | 10,147 | — | 166,994 | |||||||||||||||||||||||||||||||||||||||||||
Net gain on mortgage loans held for sale | — | 113,889 | — | (27 | ) | 14,074 | 127,936 | ||||||||||||||||||||||||||||||||||||||||||
Total Revenues | — | 259,026 | (345 | ) | 123,658 | (222 | ) | 382,117 | |||||||||||||||||||||||||||||||||||||||||
Total Revenues | — | 385,818 | 27,428 | 56,779 | (378 | ) | 469,647 | ||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||
Salaries, wages and benefits | — | 128,433 | 354 | 49,968 | — | 178,755 | Expenses: | ||||||||||||||||||||||||||||||||||||||||||
Salaries, wages and benefits | — | 143,358 | 1,696 | 11,541 | — | 156,595 | |||||||||||||||||||||||||||||||||||||||||||
General and administrative | — | 164,532 | 50 | 40,506 | — | 205,088 | |||||||||||||||||||||||||||||||||||||||||||
General and administrative | — | 133,725 | 891 | 29,922 | — | 164,538 | |||||||||||||||||||||||||||||||||||||||||||
Total expenses | — | 292,965 | 404 | 90,474 | — | 383,843 | |||||||||||||||||||||||||||||||||||||||||||
Total expenses | — | 277,083 | 2,587 | 41,463 | — | 321,133 | |||||||||||||||||||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | 36,120 | — | 7,432 | 222 | 43,774 | Other income / (expense): | ||||||||||||||||||||||||||||||||||||||||||
Interest income | — | 39,710 | — | 3,855 | 378 | 43,943 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (99,867 | ) | — | (15,781 | ) | — | (115,648 | ) | ||||||||||||||||||||||||||||||||||||||||
Interest expense | — | (134,478 | ) | — | (22,122 | ) | — | (156,600 | ) | ||||||||||||||||||||||||||||||||||||||||
Gain on interest rate swaps and caps | — | 34 | — | (801 | ) | — | (767 | ) | |||||||||||||||||||||||||||||||||||||||||
Gain/(loss) on interest rate swaps and caps | — | 265 | — | 2,556 | — | 2,821 | |||||||||||||||||||||||||||||||||||||||||||
Gain/(loss) from subsidiaries | (48,315 | ) | 23,209 | — | — | 25,106 | — | ||||||||||||||||||||||||||||||||||||||||||
Gain / (loss) from subsidiaries | 39,037 | 24,446 | — | — | (63,483 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | (48,315 | ) | (40,504 | ) | — | (9,150 | ) | 25,328 | (72,641 | ) | |||||||||||||||||||||||||||||||||||||||
Total other income / (expense) | 39,037 | (70,057 | ) | — | (15,711 | ) | (63,105 | ) | (109,836 | ) | |||||||||||||||||||||||||||||||||||||||
Income/(loss) before taxes | (48,315 | ) | (74,443 | ) | (749 | ) | 24,034 | 25,106 | (74,367 | ) | |||||||||||||||||||||||||||||||||||||||
Income before taxes | 39,037 | 38,678 | 24,841 | (395 | ) | (63,483 | ) | 38,678 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | (27,525 | ) | — | — | — | (27,525 | ) | |||||||||||||||||||||||||||||||||||||||||
Income tax expense/(benefit) | 15,001 | — | — | — | — | 15,001 | |||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | (48,315 | ) | (46,918 | ) | (749 | ) | 24,034 | 25,106 | (46,842 | ) | |||||||||||||||||||||||||||||||||||||||
Net Income/(loss) | 24,036 | 38,678 | 24,841 | (395 | ) | (63,483 | ) | 23,677 | |||||||||||||||||||||||||||||||||||||||||
Less: Net gain attributable to noncontrolling interests | — | 1,397 | — | 76 | — | 1,473 | |||||||||||||||||||||||||||||||||||||||||||
Less: Net gain attributable to noncontrolling interests | — | (359 | ) | — | — | — | (359 | ) | |||||||||||||||||||||||||||||||||||||||||
Net income/(loss) excluding noncontrolling interests | $ | (48,315 | ) | $ | (48,315 | ) | $ | (749 | ) | $ | 23,958 | $ | 25,106 | $ | (48,315 | ) | |||||||||||||||||||||||||||||||||
Net income/(loss) excluding noncontrolling interests | $ | 24,036 | $ | 39,037 | $ | 24,841 | $ | (395 | ) | $ | (63,483 | ) | $ | 24,036 | |||||||||||||||||||||||||||||||||||
Consolidating Statements of Cash Flows | NATIONSTAR MORTGAGE HOLDINGS INC. | NATIONSTAR MORTGAGE HOLDINGS INC. | |||||||||||||||||||||||||||||||||||||||||||||||
CONSOLIDATING STATEMENT OF CASH FLOWS | CONSOLIDATING STATEMENT OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2015 | FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | (Parent) | (Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||
Operating activities: | Operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | (48,315 | ) | $ | (48,315 | ) | $ | (749 | ) | $ | 23,958 | $ | 25,106 | $ | (48,315 | ) | Net income/(loss) | $ | 24,036 | $ | 39,037 | $ | 24,841 | $ | (395 | ) | $ | (63,483 | ) | $ | 24,036 | ||||||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | Reconciliation of net income to net cash attributable to operating activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
(Gain)/loss from subsidiaries | 48,315 | (23,209 | ) | — | — | (25,106 | ) | — | (Gain)/loss from subsidiaries | (39,037 | ) | (24,446 | ) | — | — | 63,483 | — | ||||||||||||||||||||||||||||||||
Share-based compensation | — | 5,524 | — | — | — | 5,524 | Share-based compensation | — | 2,809 | — | — | — | 2,809 | ||||||||||||||||||||||||||||||||||||
Excess tax benefit from share-based compensation | — | (1,095 | ) | — | — | — | (1,095 | ) | Excess tax benefit from share based compensation | — | (2,189 | ) | — | — | — | (2,189 | ) | ||||||||||||||||||||||||||||||||
Net gain on mortgage loans held for sale | — | (156,847 | ) | — | (10,147 | ) | — | (166,994 | ) | Net (gain)/loss on mortgage loans held for sale | — | (113,889 | ) | — | 27 | (14,074 | ) | (127,936 | ) | ||||||||||||||||||||||||||||||
Mortgage loans originated and purchased, net of fees | — | (4,614,971 | ) | — | — | — | (4,614,971 | ) | Mortgage loans originated and purchased, net of fees | — | (5,402,512 | ) | — | (350 | ) | — | (5,402,862 | ) | |||||||||||||||||||||||||||||||
Proceeds on sale of and payments of mortgage loans held for sale and held for investment | — | 3,998,101 | — | 5,025 | — | 4,003,126 | Proceeds on sale of and payments of mortgage loans held for sale and held for investment | — | 6,343,251 | — | 5,388 | 12,669 | 6,361,308 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on interest rate swaps and caps | — | (34 | ) | — | 801 | — | 767 | Gain (loss) on swaps and caps | — | (264 | ) | — | (2,557 | ) | — | (2,821 | ) | ||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 9,493 | — | 3,361 | — | 12,854 | Depreciation and amortization | — | 8,078 | 43 | 671 | — | 8,792 | ||||||||||||||||||||||||||||||||||||
Amortization (accretion) of premiums/discounts | — | (1,494 | ) | — | (303 | ) | — | (1,797 | ) | Amortization/accretion of premiums/discounts | — | 10,465 | — | (506 | ) | — | 9,959 | ||||||||||||||||||||||||||||||||
Fair value changes in excess spread financing | — | 13,114 | — | — | — | 13,114 | Fair value changes in excess spread financing | — | (3,369 | ) | — | — | — | (3,369 | ) | ||||||||||||||||||||||||||||||||||
Fair value changes and amortization/accretion of mortgage servicing rights | — | 204,201 | — | — | — | 204,201 | Fair value changes and amortization/accretion of mortgage servicing rights | — | 78,687 | — | — | — | 78,687 | ||||||||||||||||||||||||||||||||||||
Fair value change in mortgage servicing rights liability | — | (4,386 | ) | — | — | — | (4,386 | ) | Fair value change in mortgage servicing rights financing liability | — | (10,788 | ) | — | — | — | (10,788 | ) | ||||||||||||||||||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Advances | — | 93,149 | — | 2,287 | — | 95,436 | Advances | — | (205,816 | ) | — | 254 | — | (205,562 | ) | ||||||||||||||||||||||||||||||||||
Reverse mortgage interests | — | (258,916 | ) | — | 78,123 | — | (180,793 | ) | Reverse mortgage interests | — | (238,538 | ) | — | — | — | (238,538 | ) | ||||||||||||||||||||||||||||||||
Other assets | 5,442 | 380,635 | 1,199 | (367,126 | ) | — | 20,150 | Other assets | 19,784 | (1,230,274 | ) | (24,056 | ) | 1,504,517 | 1,405 | 271,376 | |||||||||||||||||||||||||||||||||
Payables and accrued liabilities | — | 7,232 | 14 | (4,374 | ) | — | 2,872 | Payables and accrued liabilities | — | (120,082 | ) | (2,956 | ) | 897 | — | (122,141 | ) | ||||||||||||||||||||||||||||||||
Net cash attributable to operating activities | 5,442 | (397,818 | ) | 464 | (268,395 | ) | — | (660,307 | ) | Net cash attributable to operating activities | 4,783 | (869,840 | ) | (2,128 | ) | 1,507,946 | — | 640,761 | |||||||||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
(Parent) | (Subsidiaries) | (Subsidiaries) | |||||||||||||||||||||||||||||||||||||||||||||||
Investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Nationstar | Issuer | Guarantor | Non-Guarantor | Eliminations | Consolidated | Property and equipment additions, net of disposals | — | (7,145 | ) | (65 | ) | (1,703 | ) | — | (8,913 | ) | |||||||||||||||||||||||||||||||||
(Subsidiaries) | (Subsidiaries) | ||||||||||||||||||||||||||||||||||||||||||||||||
Investing activities: | Purchase of forward mortgage servicing rights, net of liabilities incurred | — | (93,092 | ) | — | — | — | (93,092 | ) | ||||||||||||||||||||||||||||||||||||||||
Property and equipment additions, net of disposals | — | (7,243 | ) | — | (4,750 | ) | — | (11,993 | ) | ||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of servicer advances | — | 182,871 | — | — | — | 182,871 | |||||||||||||||||||||||||||||||||||||||||||
Purchase of forward mortgage servicing rights, net of liabilities incurred | — | (196,081 | ) | — | — | — | (196,081 | ) | |||||||||||||||||||||||||||||||||||||||||
Acquisitions, net | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Acquisitions, net | — | — | — | (31,276 | ) | — | (31,276 | ) | |||||||||||||||||||||||||||||||||||||||||
Net cash attributable to investing activities | — | 82,634 | (65 | ) | (1,703 | ) | — | 80,866 | |||||||||||||||||||||||||||||||||||||||||
Net cash attributable to investing activities | — | (203,324 | ) | — | (36,026 | ) | — | (239,350 | ) | ||||||||||||||||||||||||||||||||||||||||
Financing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing activities: | Transfers to/from restricted cash | — | 18,914 | — | 85,311 | — | 104,225 | ||||||||||||||||||||||||||||||||||||||||||
Transfers (to)/from restricted cash, net | — | (24,925 | ) | — | (48,087 | ) | — | (73,012 | ) | ||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance costs | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of issuance cost | — | 497,758 | — | — | — | 497,758 | |||||||||||||||||||||||||||||||||||||||||||
Debt financing costs | — | (2,050 | ) | — | — | — | (2,050 | ) | |||||||||||||||||||||||||||||||||||||||||
Debt financing costs | — | (1,549 | ) | — | — | — | (1,549 | ) | |||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in advance facilities | — | 1,206,683 | — | (1,583,559 | ) | — | (376,876 | ) | |||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in advance facilities | — | (332,696 | ) | — | 314,225 | — | (18,471 | ) | |||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in warehouse facilities | — | (598,280 | ) | — | — | — | (598,280 | ) | |||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in warehouse facilities | — | 899,756 | — | 5,094 | — | 904,850 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of excess spread financing | — | 37,859 | — | — | — | 37,859 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from 2014-1 HECM Securitization | — | — | — | 73,082 | — | 73,082 | |||||||||||||||||||||||||||||||||||||||||||
Repayment of excess servicing spread financing | — | (42,717 | ) | — | — | — | (42,717 | ) | |||||||||||||||||||||||||||||||||||||||||
Repayment of 2014-1 HECM Securitization | — | — | — | (26,829 | ) | — | (26,829 | ) | |||||||||||||||||||||||||||||||||||||||||
Increase in participating interest financing in reverse mortgage interests | — | 103,324 | — | — | — | 103,324 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of excess spread financing | — | 52,957 | — | — | — | 52,957 | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from mortgage servicing rights financing | — | 20,651 | — | — | — | 20,651 | |||||||||||||||||||||||||||||||||||||||||||
Repayment of excess spread financing | — | (49,516 | ) | — | — | — | (49,516 | ) | |||||||||||||||||||||||||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | — | — | (2,998 | ) | — | (2,998 | ) | |||||||||||||||||||||||||||||||||||||||||
Increase in participating interest financing in reverse mortgage interests | — | 64,781 | — | — | — | 64,781 | |||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from share-based compensation | 2,189 | — | — | — | 2,189 | ||||||||||||||||||||||||||||||||||||||||||||
Repayment of nonrecourse debt–Legacy assets | — | (135 | ) | — | (3,138 | ) | — | (3,273 | ) | ||||||||||||||||||||||||||||||||||||||||
Surrender of shares relating to stock vesting | (4,783 | ) | — | — | — | — | (4,783 | ) | |||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from share-based compensation | — | 1,095 | — | — | — | 1,095 | |||||||||||||||||||||||||||||||||||||||||||
Net cash attributable to financing activities | (4,783 | ) | 746,573 | — | (1,501,246 | ) | — | (759,456 | ) | ||||||||||||||||||||||||||||||||||||||||
Redemption of shares for stock vesting | (5,442 | ) | — | — | — | — | (5,442 | ) | |||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | (40,633 | ) | (2,193 | ) | 4,997 | — | (37,829 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash attributable to financing activities | (5,442 | ) | 1,107,526 | — | 314,347 | — | 1,416,431 | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 422,268 | 3,907 | 15,727 | — | 441,902 | |||||||||||||||||||||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | 506,384 | 464 | 9,926 | — | 516,774 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 381,635 | $ | 1,714 | $ | 20,724 | $ | — | $ | 404,073 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | 279,770 | 288 | 18,944 | — | 299,002 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 786,154 | $ | 752 | $ | 28,870 | $ | — | $ | 815,776 | |||||||||||||||||||||||||||||||||||||
Mortgage_Servicing_Rights_MSRs1
Mortgage Servicing Rights MSRs and Related Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Mortgage Servicing Rights [Line Items] | ||||
Total mortgage servicing rights at fair value | $3,022,198,000 | $2,949,739,000 | ||
Mortgage servicing rights | 3,032,982,000 | 2,961,321,000 | ||
Mortgage servicing liabilities | 58,599,000 | 65,382,000 | ||
MSR related liabilities - nonrecourse | 1,092,634,000 | 1,080,465,000 | ||
Mortgage Servicing Right [Member] | ||||
Mortgage Servicing Rights [Line Items] | ||||
Total mortgage servicing rights at fair value | 3,022,198,000 | 2,949,739,000 | 2,576,550,000 | 2,488,283,000 |
Servicing Asset at Amortized Cost | 10,784,000 | 11,582,000 | 14,230,000 | 14,879,000 |
Mortgage servicing liabilities | $58,599,000 | $65,382,000 | $82,210,000 | $82,521,000 |
Mortgage_Servicing_Rights_UPB_
Mortgage Servicing Rights UPB related to owned MSRs (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Owned Service Loans [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $1,900,000,000 | |
Total mortgage servicing rights at fair value | $3,022,198,000 | $2,949,739,000 |
Mortgage_Servicing_Rights_MSRs2
Mortgage Servicing Rights MSR's at Fair Value (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Fair value at the beginning of the period | $2,949,739,000 | ||
Fair value at the end of the period | 3,022,198,000 | 2,949,739,000 | |
Principal Amount Outstanding of Loans Held-in-portfolio [Abstract] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 1,900,000,000 | ||
Mortgage Servicing Rights | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Fair value at the beginning of the period | 2,949,739,000 | 2,488,283,000 | |
Servicing resulting from transfers of financial assets | 58,304,000 | ||
Purchases of servicing assets | 108,312,000 | ||
Changes in fair value due to changes in valuation inputs or assumptions used in the valuation model | -109,684,000 | -3,083,000 | |
Other changes in fair value | -100,502,000 | -75,266,000 | |
Fair value at the end of the period | 3,022,198,000 | 2,576,550,000 | |
Principal Amount Outstanding of Loans Held-in-portfolio [Abstract] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 343,118,617,977 | 333,612,645,000 | |
Mortgage Servicing Rights | Credit Sensitive | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Fair value at the beginning of the period | 1,919,290,000 | ||
Fair value at the end of the period | 2,002,487,000 | 1,919,290,000 | |
Principal Amount Outstanding of Loans Held-in-portfolio [Abstract] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 241,252,341,028 | 241,769,601,000 | |
Mortgage Servicing Rights | Interest Rate Sensitive | |||
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Fair value at the beginning of the period | 1,030,449,000 | ||
Fair value at the end of the period | 1,019,711,000 | 1,030,449,000 | |
Principal Amount Outstanding of Loans Held-in-portfolio [Abstract] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $101,866,276,949 | $91,843,044,000 |
Mortgage_Servicing_Rights_Fair
Mortgage Servicing Rights Fair Value Assumptions (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Mortgage Servicing Rights | Credit Sensitive | ||
Assumption for Fair Value of Mortgage Servicing Rights | ||
Discount rate | 11.79% | 11.96% |
Total prepayment speeds | 18.14% | 18.58% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected weighted-average life | 5 years 8 months 25 days | 5 years 4 months 20 days |
Mortgage Servicing Rights | Interest Rate Sensitive | ||
Assumption for Fair Value of Mortgage Servicing Rights | ||
Discount rate | 9.08% | 9.09% |
Total prepayment speeds | 14.12% | 11.27% |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Expected weighted-average life | 5 years 7 months 17 days | 6 years 5 months 25 days |
Minimum [Member] | Excess Spread Financing | ||
Assumption for Fair Value of Mortgage Servicing Rights | ||
Mortgage prepayment speeds | 8.20% | 6.20% |
Average life | 3 years 11 months 10 days | 4 years 0 months 1 day |
Discount rate | 8.52% | 8.50% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Recapture Rate | 6.70% | 6.70% |
Maximum [Member] | Excess Spread Financing | ||
Assumption for Fair Value of Mortgage Servicing Rights | ||
Mortgage prepayment speeds | 18.48% | 19.40% |
Average life | 7 years 10 months 2 days | 7 years 1 month |
Discount rate | 14.20% | 14.20% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Recapture Rate | 31.20% | 31.30% |
Financing rates [Member] | MSR Financing Liability [Member] | ||
Assumption for Fair Value of Mortgage Servicing Rights | ||
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Other Key Assumption Rate or Value | 0.0272 | 0.0279 |
Recovery rates [Member] | MSR Financing Liability [Member] | ||
Assumption for Fair Value of Mortgage Servicing Rights | ||
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Other Key Assumption Rate or Value | 0.2491 | 0.2755 |
Mortgage_Servicing_Rights_Fair1
Mortgage Servicing Rights Fair Value Sensitivity Analysis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Excess Spread Financing | ||
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 | ($34,326) | ($33,618) |
Total Prepayment Speeds, 20% Adverse Change | -71,911 | -70,379 |
Mortgage Servicing Rights | ||
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 | -119,295 | -112,603 |
Total Prepayment Speeds, 20% Adverse Change | -227,805 | -199,078 |
100 Basis Points | Excess Spread Financing | ||
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] | ||
Discount Rate, Adverse Change | -38,747 | -36,632 |
100 Basis Points | Mortgage Servicing Rights | ||
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] | ||
Discount Rate, Adverse Change | -110,706 | -110,900 |
Two Hundred Basis Points [Member] | Excess Spread Financing | ||
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] | ||
Discount Rate, Adverse Change | -80,440 | -75,964 |
Two Hundred Basis Points [Member] | Mortgage Servicing Rights | ||
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] | ||
Discount Rate, Adverse Change | ($206,973) | ($207,295) |
Mortgage_Servicing_Rights_MSRs3
Mortgage Servicing Rights MSR's at Amortized Cost (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Servicing Assets at Amortized Value | |||
Fair Value of Servicing Asset, Amortized Cost | $32,618,417,000 | $38,430,000 | |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 1,900,000,000 | ||
Servicing Liability at Amortized Value [Roll Forward] | |||
Balance at the beginning of the period | 65,382,000 | ||
Balance at the end of the period | 58,599,000 | 65,382,000 | |
Fair Value of Servicing Liability, Amortized Cost | 55,578,774,000 | 68,965,000 | |
Factor in repurchasing loans out of HMBS pools | 625,000 | ||
Mortgage Servicing Rights | |||
Servicing Assets at Amortized Value | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 343,118,617,977 | 333,612,645,000 | |
Servicing Asset at Amortized Value, Balance [Roll Forward] | |||
Balance at the beginning of the period | 11,582,000 | 14,879,000 | |
Purchase/Assumptions of servicing rights/obligations | 0 | 0 | |
Amortization/Accretion | -798,000 | -649,000 | |
Balance at the end of the period | 10,784,000 | 14,230,000 | |
Servicing Liability at Amortized Value [Roll Forward] | |||
Balance at the beginning of the period | 65,382,000 | 82,521,000 | |
Purchase/Assumptions of servicing rights/obligations | 0 | 0 | |
Amortization/Accretion | 6,782,590 | 311,000 | |
Balance at the end of the period | 58,599,000 | 82,210,000 | |
Reverse Mortgages | |||
Servicing Assets at Amortized Value | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $27,400,000,000 | $28,000,000,000 |
Mortgage_Servicing_Rights_Narr
Mortgage Servicing Rights Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $1,900,000,000 | |
Reverse Mortgages | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $27,400,000,000 | $28,000,000,000 |
Advances_Schedule_of_Accounts_
Advances - Schedule of Accounts Receivable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Servicer advances, net of purchase discount | $2,470,315 | $2,546,362 |
Receivables from trusts | 419,008 | 386,166 |
Servicing Fees Receivable | 157,462 | 154,436 |
Interest Receivable | $2,637 | $1,890 |
Advances_Narrative_Details
Advances - Narrative (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | |
Receivables [Abstract] | ||||
Accretion of Service Advances Discount | $300,000 | $3,800,000 | ||
Servicer Advances sold to unaffiliated third party | 2,500,000,000 | |||
Eliminated Servicer Advance, Discount due to advance sale | 52,900,000 | |||
Allowance for Doubtful Accounts Receivable | $10,600,000 | $9,200,000 |
Reverse_Mortgage_Interests_Det
Reverse Mortgage Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reverse Mortgage Interest, Unpaid Principal Balance, Unsecuritized | $902,860,000 | $752,801,000 |
Reverse Mortgage Interest, Valuation Allowance | 7,047,000 | 4,225,000 |
Reverse mortgage interests | 2,633,862,000 | 2,453,069,000 |
HMBS Securitized HECMs [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reverse Mortgage Interest Subject to Non-Recourse Debt | 1,421,867,000 | 1,363,225,000 |
2014-1 HECM securitization [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Reverse Mortgage Interest Subject to Non-Recourse Debt | 316,182,000 | 341,268,000 |
Other Assets [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $69,000,000 | $69,000,000 |
Mortgage_Loans_Held_for_Sale_a2
Mortgage Loans Held for Sale and Investment - Mortgage Loans Held for Sale (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Mortgage Loans Held for Sale and Investment [Abstract] | |||
Mortgage Loans in Process of Foreclosure, Amount | $18,085,000 | $17,493,000 | |
Loans repurchased from securitization pool, during the period | 400,000,000 | 600,000,000 | |
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | -3,882,661,000 | -6,261,204,000 | |
Loans Receivable Held-for-Sale, Reconciliation to Cash Flow, Transfer from Held-for-sale to Held-for-investment due to Bankruptcy and Foreclosures | -1,900,000 | -3,912,000 | |
Mortgage loans held for sale - unpaid principal balance | 1,913,092,000 | 1,218,596,000 | |
Mark-to-market adjustment | 82,906,000 | 59,335,000 | |
Total mortgage loans held for sale | 1,995,998,000 | 1,741,126,000 | 1,277,931,000 |
Mortgage Loans Held for Sale nonaccrual basis | 28,600,000 | 32,000,000 | |
Fair Value, Mortgage Loans Held for Sale non-accrual status | $25,400,000 | $26,000,000 |
Mortgage_Loans_Held_for_Sale_a3
Mortgage Loans Held for Sale and Investment - Reconciliation to Cash Flow (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans Receivable Held-for-sale, Net, Reconciliation to Cash Flow [Roll Forward] | ||
Mortgage loans held for sale - beginning balance | $1,277,931 | |
Mortgage loans originated and purchased, net of fees | 4,602,628 | 5,402,862 |
Loans Receivable Held-for-Sale, Reconciliation to Cash Flow, Transfer from Held-for-sale to Held-for-investment due to Bankruptcy and Foreclosures | 1,900 | 3,912 |
Mortgage loans held for sale - ending balance | 1,995,998 | 1,741,126 |
Mortgage Servicing Right [Member] | ||
Servicing Asset at Fair Value, Additions, Servicing Resulting From Transfers of Financial Assets | $58,304 |
Mortgage_Loans_Held_for_Sale_a4
Mortgage Loans Held for Sale and Investment - Mortgage Loans Held for Investment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Mortgage Loans Held for Investment in foreclosure, amount | $50,394 | $52,769 | |
Total mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net | 185,577 | 191,569 | |
Mortgage Loans Held for Investment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications from Nonaccretable Difference | -300 | -1,096 | |
Unpaid principal balance | 268,865 | 276,820 | |
Transfer discount - accretable | -15,090 | -15,503 | -17,362 |
Transfer discount - non-accretable | -64,682 | -66,217 | |
Allowance for loan losses | -3,516 | -3,531 | |
Total mortgage loans held for investment, subject to nonrecourse debt - legacy assets, net | $185,577 | $191,569 |
Mortgage_Loans_Held_for_Sale_a5
Mortgage Loans Held for Sale and Investment - Accretable Yield (Details) (Mortgage Loans Held for Investment, USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Mortgage Loans Held for Investment | ||
Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at the beginning of the period | $15,503 | $17,362 |
Accretion | -713 | -2,955 |
Reclassifications from (to) nonaccretable discount | 300 | 1,096 |
Balance at the end of the period | $15,090 | $15,503 |
Mortgage_Loans_Held_for_Sale_a6
Mortgage Loans Held for Sale and Investment - Allowance (Details) (Mortgage Loans Held for Investment, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage Loans Held for Investment | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at the beginning of the period | $3,516 | $3,531 |
Balance at the end of the period | $3,516 | $3,531 |
Mortgage_Loans_Held_for_Sale_a7
Mortgage Loans Held for Sale and Investment - Credit Quality (Details) (Mortgage Loans Held for Investment, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Mortgage Loans Held for Investment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Unpaid principal balance | $268,865 | $276,820 |
Mortgage_Loans_Held_for_Sale_a8
Mortgage Loans Held for Sale and Investment - Reverse Mortgage Interests (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Servicing Assets at Fair Value [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $1,900,000,000 | |
Reverse Mortgage Interest, Unpaid Principal Balance, Unsecuritized | 902,860,000 | 752,801,000 |
Reverse mortgage interests | 2,633,862,000 | 2,453,069,000 |
Reverse Mortgage Interest, Valuation Allowance | -7,047,000 | -4,225,000 |
Reverse Mortgages | ||
Servicing Assets at Fair Value [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $27,400,000,000 | $28,000,000,000 |
Other_Assets_Others_Assets_Det
Other Assets - Others Assets (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Jan. 02, 2015 | Dec. 31, 2014 | |
Other Assets [Line Items] | |||
Receivables from trusts | $419,008,000 | $386,166,000 | |
Other Assets | |||
Derivative financial instruments | 103,367,000 | 91,051,000 | |
Loans subject to repurchase right from Ginnie Mae | 118,649,000 | 131,592,000 | |
Servicing Fees Receivable | 157,462,000 | 154,436,000 | |
Deferred financing costs | 43,104,000 | 46,986,000 | |
Goodwill | 63,446,000 | 54,701,000 | |
Real estate owned (REO), net | 1,511,000 | 1,625,000 | |
Intangible Assets, Net (Excluding Goodwill) | 38,520,000 | 19,622,000 | |
Due from Affiliates | 5,752,000 | 4,713,000 | |
Prepaid expenses | 9,551,000 | 9,837,000 | |
Margin call deposits | 11,540,000 | 9,810,000 | |
Other | 42,900,000 | 55,851,000 | |
Interest Receivable | 2,637,000 | 1,890,000 | |
Total other assets | 914,080,000 | 877,229,000 | |
Goodwill, Acquired During Period | 16,400,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $35,600,000 |
Other_Assets_Mortgage_Servicin
Other Assets - Mortgage Servicing Rights (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Mortgaging Servicing Rights | |||
Loans subject to repurchase right from Ginnie Mae | $118,649,000 | $131,592,000 | |
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 1,900,000,000 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | 196,081,000 | 93,092,000 | |
Mortgage Servicing Rights | |||
Mortgaging Servicing Rights | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $343,118,617,977 | $333,612,645,000 |
Other_Assets_Narrative_Details
Other Assets Narrative (Details) (Other Assets [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Other Assets [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $44 | $36 |
Other_Assets_Acquisitions_Deta
Other Assets Acquisitions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Jan. 02, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Acquired Finite-lived Intangible Asset, Residual Value | $14.20 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 35.6 | |
Goodwill, Acquired During Period | $16.40 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Statement of Operations Effect (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in value of designated cash flow hedge, net of tax of $0 and ($1,183), respectively | $0 | ($1,963) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Instruments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Margin Deposit Assets | $11,540 | $9,810 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Margin Deposit Assets | 9,800 | |
Forward Contracts | Designated as Hedging Instrument | Loans Held-for-sale, Mortgages [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Asset | 20,633 | 1,666 |
Fair Value - Asset | -68 | -4 |
Recorded Gains / (Losses) | -64 | -11 |
Forward Contracts | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Liability | 4,169,500 | 30,494 |
Fair Value - Liability | 48 | |
Recorded Gains / (Losses) | -4,392 | 1,641 |
Future [Member] | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Asset | 0 | 40,000 |
Recorded Gains / (Losses) | -1 | 1 |
Future [Member] | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Liability | 120,000 | 80,000 |
Recorded Gains / (Losses) | -107 | -7 |
Loan Purchase Commitments [Member] | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Asset | 280,871 | 287,089 |
Fair Value - Asset | 1,999 | |
Recorded Gains / (Losses) | 69 | 1,206 |
Loan Purchase Commitments [Member] | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Liability | 41,029 | |
Recorded Gains / (Losses) | -65 | |
Interest Rate Lock Commitments | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Asset | 3,021,115 | 2,556,169 |
Fair Value - Asset | 87,902 | |
Recorded Gains / (Losses) | 12,019 | 774 |
Interest Rate Lock Commitments | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Liability | 0 | 865 |
Fair Value - Liability | 7 | |
Recorded Gains / (Losses) | 7 | 2,691 |
Forward Mortgage-Backed Securities Trades [Member] | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Asset | 732,535 | 319,112 |
Fair Value - Asset | 284 | |
Recorded Gains / (Losses) | 1,030 | -31,982 |
Interest Rate Swaps and Caps | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Liability | 105,681 | |
Fair Value - Liability | 103 | |
Recorded Gains / (Losses) | 731 | |
Interest Rate Swap | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Asset | 97,650 | 124,650 |
Fair Value - Asset | 865 | |
Recorded Gains / (Losses) | -801 | -1,673 |
Asset Backed Securities | Interest Rate Swap | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Outstanding Notional - Liability | 32,746 | 2,958,700 |
Fair Value - Liability | 18,360 | |
Recorded Gains / (Losses) | 34 | -15,055 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 284 | |
Fair Value - Liability | 18,360 | |
Fair Value, Measurements, Recurring [Member] | Forward Contracts | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liability | 22,752 | |
Fair Value, Measurements, Recurring [Member] | Future [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 0 | 1 |
Fair Value - Liability | 114 | 7 |
Fair Value, Measurements, Recurring [Member] | Loan Purchase Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 1,999 | |
Fair Value - Liability | 48 | |
Fair Value, Measurements, Recurring [Member] | Loan Purchase Commitments [Member] | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 2,068 | |
Fair Value, Measurements, Recurring [Member] | Loan Purchase Commitments [Member] | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liability | 113 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 87,902 | |
Fair Value - Liability | 7 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 99,921 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Forward Mortgage-Backed Securities Trades [Member] | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 1,314 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps and Caps | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 865 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liability | 103 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap | Designated as Hedging Instrument | Derivative Financial Instruments, Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Asset | 64 | |
Fair Value, Measurements, Recurring [Member] | Asset Backed Securities | Interest Rate Swap | Designated as Hedging Instrument | Derivative Financial Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value - Liability | $69 |
Indebtedness_Notes_Payable_Sum
Indebtedness - Notes Payable Summary (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument | |||
Warehouse facilities | 2,477,472,000 | $1,572,622,000 | |
Advance facilities | 1,883,312,000 | 1,901,783,000 | |
Servicing Segment | |||
Debt Instrument | |||
Warehouse facilities | 1,901,783,000 | ||
Debt Instrument, Collateral Amount | 2,210,191,000 | 2,214,410,000 | |
Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 130,000,000 | ||
Warehouse facilities | 363,014,000 | ||
Debt Instrument, Collateral Amount | 79,094,000 | 418,126,000 | |
Advance facilities | 74,548,000 | ||
Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2011) | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 0 | ||
Warehouse facilities | 34,613,000 | ||
Debt Instrument, Collateral Amount | 55,603,000 | 55,603,000 | |
Advance facilities | 35,058,000 | ||
Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility 2012 [Member] | |||
Debt Instrument | |||
Warehouse facilities | 42,472,000 | ||
Debt Instrument, Collateral Amount | 60,354,000 | 50,758,000 | |
Advance facilities | 50,000,000 | ||
Servicing Segment | Notes Payable, Other | NSM Advance Receivable Trust (2013) [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 475,000,000 | ||
Warehouse facilities | 419,170,000 | ||
Debt Instrument, Collateral Amount | 472,377,000 | 471,243,000 | |
Advance facilities | 420,423,000 | ||
Servicing Segment | Notes Payable, Other | MBS Servicer Advance Facility (2014) [Domain] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 80,000,000 | ||
Warehouse facilities | 79,084,000 | ||
Debt Instrument, Collateral Amount | 149,021,000 | 138,010,000 | |
Advance facilities | 78,490,000 | ||
Servicing Segment | Notes Payable, Other | NSM Advance Receivable Trust (2014-BC) [Domain] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000,000 | ||
Warehouse facilities | 134,181,000 | 106,115,000 | |
Debt Instrument, Collateral Amount | 149,393,000 | 121,030,000 | |
Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2014) [Domain] | |||
Debt Instrument | |||
Warehouse facilities | 0 | 51,609,000 | |
Debt Instrument, Collateral Amount | 0 | 74,525,000 | |
Servicing Segment | Notes Payable to Banks | Agency Advance Financing Facility (2011-1) | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000,000 | ||
Warehouse facilities | 805,706,000 | ||
Debt Instrument, Collateral Amount | 1,244,349,000 | 885,115,000 | |
Advance facilities | 1,090,612,000 | ||
Originations Segment | |||
Debt Instrument | |||
Warehouse facilities | 1,572,622,000 | ||
Debt Instrument, Collateral Amount | 2,595,163,000 | 1,652,743,000 | |
Originations Segment | Notes Payable, Other | Warehouse Facility $700 Million [Member] | |||
Debt Instrument | |||
Warehouse facilities | 297,182,000 | 176,194,000 | |
Debt Instrument, Collateral Amount | 304,476,000 | 179,994,000 | |
Originations Segment | Notes Payable to Banks | Warehouse Facility $1.5 Billion [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000,000 | ||
Warehouse facilities | 1,138,604,000 | 663,167,000 | |
Debt Instrument, Collateral Amount | 1,202,005,000 | 697,257,000 | |
Originations Segment | Notes Payable to Banks | Warehouse Facility $750 Million [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 749,000,000 | ||
Warehouse facilities | 537,757,000 | 307,294,000 | |
Debt Instrument, Collateral Amount | 559,287,000 | 320,285,000 | |
Originations Segment | Notes Payable to Banks | Warehouse Facility $700 Million [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||
Originations Segment | Notes Payable to Banks | Warehouse Facility $500 Million (2013) [Member] [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000,000 | ||
Warehouse facilities | 292,682,000 | 183,290,000 | |
Debt Instrument, Collateral Amount | 309,640,000 | 192,990,000 | |
Originations Segment | Notes Payable to Banks | Warehouse Facility $200 Million [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | ||
Warehouse facilities | 173,525,000 | 210,049,000 | |
Debt Instrument, Collateral Amount | 180,660,000 | 223,849,000 | |
Originations Segment | Notes Payable to Banks | Warehouse Facility $75 Million [Member] [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000,000 | ||
Warehouse facilities | 29,836,000 | 23,949,000 | |
Debt Instrument, Collateral Amount | 30,479,000 | 29,324,000 | |
Originations Segment | Notes Payable to Banks | Warehouse Facility $50 Million (HCM) [Domain] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||
Warehouse facilities | 7,886,000 | 8,679,000 | |
Debt Instrument, Collateral Amount | 8,616,000 | 9,044,000 | |
Originations Segment | Notes Payable to Banks | Revolving facility - ASAP [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 0 | 0 | |
Warehouse facilities | 0 | ||
Borrowing Capacity in Period Two [Member] | Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility 2012 [Member] | |||
Debt Instrument | |||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||
Reverse Mortgages | Originations Segment | |||
Debt Instrument | |||
Warehouse facilities | 509,710,000 | 375,666,000 | |
Debt Instrument, Collateral Amount | 557,046,000 | 411,700,000 | |
Loans Held-for-sale, Mortgages [Member] | Originations Segment | |||
Debt Instrument | |||
Warehouse facilities | 1,967,762,000 | 1,196,956,000 | |
Debt Instrument, Collateral Amount | $2,038,117,000 | $1,241,043 | |
London Interbank Offered Rate (LIBOR) [Member] | Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2011) | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility 2012 [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Servicing Segment | Notes Payable, Other | MBS Servicer Advance Facility (2014) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Originations Segment | Notes Payable to Banks | Revolving facility - ASAP [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Servicing Segment | Notes Payable, Other | NSM Advance Receivable Trust (2013) [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Servicing Segment | Notes Payable, Other | NSM Advance Receivable Trust (2014-BC) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2014) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Servicing Segment | Notes Payable to Banks | Agency Advance Financing Facility (2011-1) | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable, Other | Warehouse Facility $700 Million [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $1.5 Billion [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $750 Million [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $500 Million (2013) [Member] [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $200 Million [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $75 Million [Member] [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $50 Million (HCM) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Servicing Segment | Notes Payable, Other | MBS Advance Financing Facility | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Servicing Segment | Notes Payable, Other | NSM Advance Receivable Trust (2013) [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 5.30% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Servicing Segment | Notes Payable, Other | NSM Advance Receivable Trust (2014-BC) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2014) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Servicing Segment | Notes Payable to Banks | Agency Advance Financing Facility (2011-1) | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable, Other | Warehouse Facility $700 Million [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $1.5 Billion [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $750 Million [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $500 Million (2013) [Member] [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $200 Million [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $75 Million [Member] [Member] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.88% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Notes Payable to Banks | Warehouse Facility $50 Million (HCM) [Domain] | |||
Debt Instrument | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% |
Indebtedness_Servicing_Segment
Indebtedness - Servicing Segment Notes Payable (Details) (Servicing Segment, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Apr. 15, 2015 | |
Notes Payable, Other | MBS Advance Financing Facility | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | $130,000,000 | |
Notes Payable, Other | Securities Repurchase Facility (2011) | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | 0 | |
Notes Payable, Other | NSM Advance Receivable Trust (2013) [Member] | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | 475,000,000 | |
Notes Payable, Other | NSM Advance Receivable Trust Institutional Investors (2013) [Member] | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,000,000,000 | |
Long-term Line of Credit | 300,000,000 | |
Long-term Debt, Weighted Average Interest Rate | 1.51% | |
Notes Payable, Other | MBS Servicer Advance Facility (2014) [Domain] | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | 80,000,000 | |
Notes Payable to Banks | Agency Advance Financing Facility (2011) [Member] | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000,000 | |
Borrowing Capacity in Period Two [Member] | Notes Payable, Other | MBS Advance Financing Facility 2012 [Member] | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | |
Secured Debt | Notes Payable to Banks | Agency Advance Financing Facility (2011) [Member] | ||
Debt Instrument | ||
Term of agreement | 5 years 0 months | |
Debt Instrument, Face Amount | 300,000,000 | |
Long-term Line of Credit | 100,000,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.07% | |
Subsequent Event [Member] | Notes Payable, Other | MBS Servicer Advance Facility (2014) [Domain] | ||
Debt Instrument | ||
Line of Credit Facility, Maximum Borrowing Capacity | $100,000,000 |
Indebtedness_Originations_Segm
Indebtedness - Originations Segment Notes Payable (Details) (Originations Segment, Notes Payable to Banks, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Warehouse Facility $1.5 Billion [Member] | |
Debt Instrument | |
Line of Credit Facility, Maximum Borrowing Capacity | $1,300,000 |
Warehouse Facility $750 Million | |
Debt Instrument | |
Line of Credit Facility, Maximum Borrowing Capacity | 749,000 |
Warehouse Facility $700 Million [Member] | |
Debt Instrument | |
Line of Credit Facility, Maximum Borrowing Capacity | $500,000 |
Indebtedness_Unsecured_Senior_
Indebtedness - Unsecured Senior Notes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument | ||
Minimum Tangible Net Worth Required for Compliance | $450,000,000 | |
Maximum Percentage Redeemable of Aggregate Principal on Unsecured Debt | 35.00% | |
Unsecured Debt | 2,158,812,000 | 2,159,231,000 |
Unsecured Senior Notes | ||
Debt Instrument | ||
Debt Instrument, Face Amount | 2,150,000,000 | |
Unsecured Senior Notes | Unsecured Senior Notes 9.625% Due May 2019 | ||
Debt Instrument | ||
Unsecured Debt | 378,354,000 | 378,555,000 |
Debt Instrument, Face Amount | 375,000,000 | |
Interest rate | 9.63% | |
Unsecured Senior Notes | Unsecured Senior Notes Seven Point Eight Seven Five Percent Due Oct 2020 [Member] | ||
Debt Instrument | ||
Unsecured Debt | 400,518,000 | 400,541,000 |
Debt Instrument, Face Amount | 400,000,000 | |
Interest rate | 7.88% | |
Unsecured Senior Notes | Unsecured Senior Notes Six Point Five Percent Due July 2021 [Member] | ||
Debt Instrument | ||
Unsecured Debt | 604,940,000 | 605,135,000 |
Debt Instrument, Face Amount | 600,000,000 | |
Interest rate | 6.50% | |
Unsecured Senior Notes | Unsecured Senior Notes Six Point Five Percent Due July 2022 [Member] | ||
Debt Instrument | ||
Unsecured Debt | 300,000,000 | 300,000,000 |
Debt Instrument, Face Amount | 300,000,000 | |
Interest rate | 6.50% | |
Unsecured Senior Notes | Unsecured Senior Notes Six Point Five Percent Due August 2018 [Member] | ||
Debt Instrument | ||
Unsecured Debt | 475,000,000 | 475,000,000 |
Debt Instrument, Face Amount | $475,000,000 | |
Interest rate | 6.50% |
Indebtedness_Unsecured_Notes_M
Indebtedness - Unsecured Notes Maturity Schedule (Details) (Unsecured Senior Notes, USD $) | Mar. 31, 2015 |
Unsecured Senior Notes | |
Expected maturities of long-term debt | |
2013 | $0 |
2014 | 0 |
2015 | 0 |
2016 | 475,000,000 |
2017 | 375,000,000 |
Thereafter | 1,300,000,000 |
Debt Instrument, Face Amount | $2,150,000,000 |
Indebtedness_Legacy_Assets_Det
Indebtedness - Legacy Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2009 | Dec. 31, 2013 |
Debt Instrument | ||||
Warehouse facilities | $2,477,472,000 | $1,572,622,000 | ||
Nonrecourse Debt Legacy Assets | 1,870,269,000 | 1,768,311,000 | ||
Unpaid principal balance on outstanding notes | 222,000,000 | |||
2014-1 HECM securitization [Member] | ||||
Debt Instrument | ||||
Reverse Mortgage Interest, Unpaid Principal Balance, Securitized | 343,600,000 | |||
Nonrecourse Debt Legacy Assets | 305,716,000 | 259,328,000 | 259,328,000 | |
Legacy Asset [Member] | ||||
Debt Instrument | ||||
Nonrecourse Debt Legacy Assets | 73,023,000 | 75,838,000 | 75,838,000 | |
Nonrecourse Debt-Legacy Assets | ||||
Debt Instrument | ||||
Debt Instrument, Principal Amount Outstanding | 84,900,000 | 88,200,000 | ||
Secured Debt | Nonrecourse Debt-Legacy Assets | ||||
Debt Instrument | ||||
Interest rate | 7.50% | |||
Securities Pledged as Collateral [Member] | ||||
Debt Instrument | ||||
Unpaid principal balance on outstanding notes | $260,000,000 | $268,200,000 |
Indebtedness_Participating_Int
Indebtedness - Participating Interest Financing (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument | ||
Non-Recourse Debt | 1,870,269,000 | $1,768,311,000 |
Participating Interest Financing | ||
Debt Instrument | ||
Interest rate, minimum | 0.14% | |
Interest rate, maximum | 6.98% |
Indebtedness_Indebtedness_Fair
Indebtedness Indebtedness - Fair Value Sensitivity Analysis (Details) (USD $) | 3 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |||||||||||||
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] | |||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | 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 the dates indicated: | ||||||||||||||
Discount Rate | Total Prepayment | ||||||||||||||
Speeds | |||||||||||||||
100 bps | 200 bps | 10% | 20% | ||||||||||||
Adverse | Adverse | Adverse | Adverse | ||||||||||||
Change | Change | Change | Change | ||||||||||||
31-Mar-15 | |||||||||||||||
Excess spread financing | $ | 38,747 | $ | 80,440 | $ | 34,326 | $ | 71,911 | |||||||
31-Dec-14 | |||||||||||||||
Excess spread financing | $ | 36,632 | $ | 75,964 | $ | 33,618 | $ | 70,379 | |||||||
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 March 31, 2015 and December 31, 2014: | |||||||||||||||
Discount Rate | Total Prepayment | ||||||||||||||
Speeds | |||||||||||||||
100 bps | 200 bps | 10% | 20% | ||||||||||||
Adverse | Adverse | Adverse | Adverse | ||||||||||||
Change | Change | Change | Change | ||||||||||||
31-Mar-15 | |||||||||||||||
Mortgage servicing rights | $ | (110,706 | ) | $ | (206,973 | ) | $ | (119,295 | ) | $ | (227,805 | ) | |||
31-Dec-14 | |||||||||||||||
Mortgage servicing rights | $ | (110,900 | ) | $ | (207,295 | ) | $ | (112,603 | ) | $ | (199,078 | ) | |||
Excess Spread Financing | |||||||||||||||
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] | |||||||||||||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 10 Percent Adverse Change in Prepayment Speed | 34,326 | $33,618 | |||||||||||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of 20 Percent Adverse Change in Prepayment Speed | 71,911 | 70,379 | |||||||||||||
100 Basis Points | Excess Spread Financing | |||||||||||||||
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] | |||||||||||||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Discount Rate | 38,747 | 36,632 | |||||||||||||
Two Hundred Basis Points [Member] | Excess Spread Financing | |||||||||||||||
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] | |||||||||||||||
Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets, Impact of Other than 10 or 20 Percent Adverse Change in Discount Rate | 80,440 | $75,964 |
Indebtedness_20141_HECM_Securi
Indebtedness 2014-1 HECM Securitization (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Warehouse facilities | $2,477,472,000 | $1,572,622,000 | |
Non-Recourse Debt | -1,870,269,000 | -1,768,311,000 | |
2014-1 HECM securitization [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt | -305,716,000 | -259,328,000 | -259,328,000 |
Servicing Segment | |||
Debt Instrument [Line Items] | |||
Warehouse facilities | 1,901,783,000 | ||
Servicing Segment | Notes Payable, Other | Securities Repurchase Facility Class M (2014) [Domain] | |||
Debt Instrument [Line Items] | |||
Warehouse facilities | 70,355,000 | ||
Servicing Segment | Notes Payable, Other | Securities Repurchase Facility (2014) Class A [Domain] | |||
Debt Instrument [Line Items] | |||
Warehouse facilities | $36,170,000 |
Accounts_Payable_Details
Accounts Payable (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Financial Services Liabilities | $345,414 | $329,306 |
MSR purchases payable | 81,128 | 45,697 |
Mortgage insurance premiums and reserves | 159,560 | 163,381 |
Assets Sold under Agreements to Repurchase, Repurchase Liability | 118,649 | 131,592 |
Accrued interest | 66,168 | 59,708 |
Accrued bonus and payroll | 59,558 | 85,366 |
Taxes | 66,398 | 96,237 |
Repurchase reserves | 30,735 | 29,165 |
Other | 475,001 | 381,626 |
Total payables and accrued liabilities | $1,402,611 | $1,322,078 |
Variable_Interest_Entities_and2
Variable Interest Entities and Securitizations - Assets and Liabilities of Consolidated VIEs (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | $2,191,331,000 | $1,760,455,000 | |
Reverse Secured Borrowings, Assets, Carrying Amount | 1,754,572,000 | 1,720,070,000 | |
Liabilities | 1,720,128,000 | 1,408,425,000 | |
Reverse Secured Borrowings, Liabilities, Carrying Amount | 1,797,419,000 | 1,692,659,000 | |
Residential Mortgage | Restricted Cash | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | 138,094,000 | 90,068,000 | |
Reverse Secured Borrowings, Assets, Carrying Amount | 16,523,000 | 15,578,000 | |
Residential Mortgage | Reverse Mortgages | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | 0 | 0 | |
Reverse Secured Borrowings, Assets, Carrying Amount | 1,738,049,000 | 1,704,492,000 | |
Residential Mortgage | Accounts Receivable | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | 1,866,119,000 | 1,477,388,000 | |
Residential Mortgage | Mortgage Loans Held for Investment | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | 184,439,000 | 189,456,000 | |
Residential Mortgage | Derivative Financial Instruments, Assets | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | 63,000 | 865,000 | |
Residential Mortgage | Notes Payable | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Liabilities | 1,645,216,000 | 1,330,991,000 | |
Residential Mortgage | Payables and Accrued Liabilities | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Liabilities | 1,889,000 | 1,596,000 | |
Reverse Secured Borrowings, Liabilities, Carrying Amount | 173,000 | 186,000 | |
Residential Mortgage | Nonrecourse Debt-Legacy Assets | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Liabilities | 73,023,000 | 75,838,000 | |
Residential Mortgage | Participating Mortgages | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Liabilities | 0 | 0 | |
Residential Mortgage | Other Assets | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Assets | 2,616,000 | 2,678,000 | |
Reverse Secured Borrowings, Assets, Carrying Amount | 0 | 0 | |
2014-1 HECM securitization [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Reverse Mortgage Interest, Unpaid Principal Balance, Securitized | 343,600,000 | ||
2014-1 HECM securitization [Member] | Residential Mortgage | Other Non-Recourse Debt [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Reverse Secured Borrowings, Liabilities, Carrying Amount | 305,716,000 | 259,328,000 | |
HMBS Securitized HECMs [Member] | Residential Mortgage | Other Non-Recourse Debt [Member] | |||
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items] | |||
Reverse Secured Borrowings, Liabilities, Carrying Amount | $1,491,530,000 | $1,433,145,000 |
Variable_Interest_Entities_and3
Variable Interest Entities and Securitizations - Securitization Trusts (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | $795,746 | $861,419 | |
Total collateral balances | 3,179,801 | 3,297,256 | |
Total certificate balances | 3,148,539 | 3,258,472 | |
Total mortgage servicing rights at fair value | 3,022,198 | 2,949,739 | |
Credit Losses | $57,461 | $66,542 |
Variable_Interest_Entities_and4
Variable Interest Entities and Securitizations - Cash Flows from Securitization Trust (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Variable Interest Entities and Securitizations [Abstract] | ||
Servicing Fees Received | $6,373 | $7,778 |
Loan Repurchases | $0 | $0 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Class of Stock [Line Items] | ||
New shares issued | 17,500 | |
Issuance of common stock, net of issuance costs | $497,758 | $0 |
Solutionstar Segment | ||
Class of Stock [Line Items] | ||
Terms of Award | P10Y | |
Award Vesting Period | 3 years |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense | ($27,525) | $15,001 | |
Effective tax rate | 36.60% | 38.80% | |
Net deferred tax liability | 60,700 | 109,800 | |
Valuation allowance on deferred tax asset | $6,400 |
Income_Taxes_Income_Tax_Expens
Income Taxes Income Tax Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $27,525 | ($15,001) |
Effective Income Tax Rate Reconciliation, Percent | 36.60% | 38.80% |
Income_Taxes_Income_Tax_Expens1
Income Taxes Income Tax Expense Paragraph (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ||
Deferred Tax Assets, Valuation Allowance | $6,400 | |
Deferred Tax Liabilities, Net | $60,700 | $109,800 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Assumptions (Details) (Excess Spread Financing) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Minimum [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ||
Mortgage prepayment speeds | 8.20% | 6.20% |
Average life | 3 years 11 months 10 days | 4 years 0 months 1 day |
Discount rate | 8.52% | 8.50% |
Maximum [Member] | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ||
Mortgage prepayment speeds | 18.48% | 19.40% |
Average life | 7 years 10 months 2 days | 7 years 1 month |
Discount rate | 14.20% | 14.20% |
Fair_Value_Measurements_Measur
Fair Value Measurements - Measured on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Mortgage loans held for sale | $1,277,931,000 | |
Mortgage servicing rights | 3,022,198,000 | 2,949,739,000 |
Derivative instruments | 103,367,000 | 91,051,000 |
LIABILITIES | ||
Derivative financial instruments | 23,048,000 | 18,525,000 |
Fair Value, Measurements, Recurring | ||
ASSETS | ||
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 |
Mortgage servicing rights | 2,949,739,000 | |
Derivative instruments | 91,051,000 | |
Total assets | 5,121,563,000 | 4,318,721,000 |
LIABILITIES | ||
Excess spread financing (at fair value) | 1,047,590,000 | 1,031,035,000 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 45,044,000 | 49,430,000 |
Total liabilities | 1,115,682,000 | 1,098,990,000 |
Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Mortgage loans held for sale | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 0 | 0 |
Total assets | 0 | 0 |
LIABILITIES | ||
Derivative financial instruments | 0 | 0 |
Excess spread financing (at fair value) | 0 | 0 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 |
Mortgage servicing rights | 0 | 0 |
Derivative instruments | 103,367,000 | 91,051,000 |
Total assets | 2,099,365,000 | 1,368,982,000 |
LIABILITIES | ||
Derivative financial instruments | 23,048,000 | 18,525,000 |
Excess spread financing (at fair value) | 0 | 0 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 0 | 0 |
Total liabilities | 23,048,000 | 18,525,000 |
Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Mortgage loans held for sale | 0 | 0 |
Mortgage servicing rights | 2,949,739,000 | |
Derivative instruments | 0 | 0 |
Total assets | 3,022,198,000 | 2,949,739,000 |
LIABILITIES | ||
Derivative financial instruments | 0 | 0 |
Excess spread financing (at fair value) | 1,047,590,000 | 1,031,035,000 |
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 45,044,000 | 49,430,000 |
Total liabilities | 1,092,634,000 | 1,080,465,000 |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 87,902,000 | |
Fair Value - Liability | 7,000 | |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Fair Value - Liability | 0 | |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Fair Value - Asset | 99,921,000 | 87,902,000 |
Fair Value - Liability | 7,000 | |
Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Fair Value - Liability | 0 | |
Interest Rate Swaps and Caps | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 865,000 | |
Interest Rate Swaps and Caps | Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Interest Rate Swaps and Caps | Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Fair Value - Asset | 64,000 | 865,000 |
Interest Rate Swaps and Caps | Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Future [Member] | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 0 | 1,000 |
Fair Value - Liability | 114,000 | 7,000 |
Future [Member] | Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Fair Value - Asset | 0 | |
Fair Value - Liability | 0 | 0 |
Future [Member] | Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Fair Value - Asset | 1,000 | |
Fair Value - Liability | 114,000 | 7,000 |
Future [Member] | Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Fair Value - Asset | 0 | |
Fair Value - Liability | 0 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Liability | 103,000 | |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Fair Value - Liability | 0 | 0 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Fair Value - Liability | 69,000 | 103,000 |
Interest Rate Swap | Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Fair Value - Liability | 0 | 0 |
Forward Contracts | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 284,000 | |
Fair Value - Liability | 18,360,000 | |
Forward Contracts | Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Fair Value - Liability | 0 | 0 |
Forward Contracts | Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Fair Value - Asset | 1,314,000 | 284,000 |
Fair Value - Liability | 22,752,000 | 18,360,000 |
Forward Contracts | Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Fair Value - Liability | 0 | 0 |
Loan Purchase Commitments [Member] | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 1,999,000 | |
Fair Value - Liability | 48,000 | |
Loan Purchase Commitments [Member] | Fair Value, Measurements, Recurring | Level 1 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Fair Value - Liability | 0 | 0 |
Loan Purchase Commitments [Member] | Fair Value, Measurements, Recurring | Level 2 | ||
ASSETS | ||
Fair Value - Asset | 2,068,000 | 1,999,000 |
Fair Value - Liability | 113,000 | 48,000 |
Loan Purchase Commitments [Member] | Fair Value, Measurements, Recurring | Level 3 | ||
ASSETS | ||
Fair Value - Asset | 0 | 0 |
Fair Value - Liability | 0 | 0 |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Interest Rate Lock Commitments | ||
ASSETS | ||
Fair Value - Asset | 87,902,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 99,921,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Forward Mortgage-Backed Securities Trades [Member] | ||
ASSETS | ||
Fair Value - Asset | 284,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Forward Mortgage-Backed Securities Trades [Member] | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 1,314,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Interest Rate Swap | ||
ASSETS | ||
Fair Value - Asset | 865,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Interest Rate Swap | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 64,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Loan Purchase Commitments [Member] | ||
ASSETS | ||
Fair Value - Asset | 1,999,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments, Assets | Loan Purchase Commitments [Member] | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Asset | 2,068,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments | Interest Rate Lock Commitments | ||
ASSETS | ||
Fair Value - Liability | 7,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments | Interest Rate Lock Commitments | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Liability | 0 | |
Designated as Hedging Instrument | Derivative Financial Instruments | Interest Rate Swaps and Caps | ||
ASSETS | ||
Fair Value - Liability | 103,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments | Forward Contracts | ||
ASSETS | ||
Fair Value - Liability | 48,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments | Forward Contracts | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Liability | 22,752,000 | |
Designated as Hedging Instrument | Derivative Financial Instruments | Loan Purchase Commitments [Member] | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Liability | 113,000 | |
Asset Backed Securities | Designated as Hedging Instrument | Derivative Financial Instruments | Interest Rate Swap | ||
ASSETS | ||
Fair Value - Liability | 18,360,000 | |
Asset Backed Securities | Designated as Hedging Instrument | Derivative Financial Instruments | Interest Rate Swap | Fair Value, Measurements, Recurring | ||
ASSETS | ||
Fair Value - Liability | $69,000 |
Fair_Value_Measurements_Level_
Fair Value Measurements - Level 3 Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | |
Excess Spread Financing | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $1,031,035,000 | $986,410,000 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Total gains or losses included in earnings | 13,114,000 | 57,554,000 | ||
Total gains or losses included in other comprehensive income | 0 | 0 | ||
Purchases, issuances, sales and settlements | ||||
Purchases | 0 | 0 | ||
Issuances | 52,957,000 | 171,317,000 | ||
Sales | 0 | 0 | ||
Settlements | -49,516,000 | -184,246,000 | ||
Mortgage Servicing Right Liability [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 49,430,000 | 29,874,000 | 29,874,000 | |
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Total gains or losses included in earnings | -4,386,000 | -33,279,000 | ||
Total gains or losses included in other comprehensive income | 0 | 0 | ||
Purchases, issuances, sales and settlements | ||||
Purchases | 0 | 0 | ||
Issuances | 0 | 52,835,000 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Ending balance | 29,874,000 | 49,430,000 | ||
Mortgage Servicing Rights | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | 2,949,739,000 | 2,488,283,000 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Total gains or losses included in earnings | -210,186,000 | -247,379,000 | ||
Total gains or losses included in other comprehensive income | 0 | 0 | ||
Purchases, issuance, sales and settlements | ||||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Ending balance | 3,022,198,000 | |||
Mortgage Servicing Rights | Mortgage Servicing Right [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 470,543,000 | |||
Purchases, issuances, sales and settlements | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Issuances | 238,292,000 | |||
Mortgage Servicing Right [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Servicing Asset at Fair Value, Additions, Purchases of Servicing Assets | 108,312,000 | |||
Purchases, issuances, sales and settlements | ||||
Servicing Asset at Fair Value, Additions, Servicing Resulting From Transfers of Financial Assets | 58,304,000 | |||
Mortgage Servicing Right [Member] | Mortgage Servicing Right [Member] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Servicing Asset at Fair Value, Additions, Purchases of Servicing Assets | 238,413,000 | |||
Purchases, issuances, sales and settlements | ||||
Servicing Asset at Fair Value, Additions, Servicing Resulting From Transfers of Financial Assets | 44,232,000 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Excess Spread Financing, Fair Value Disclosure | 1,047,590,000 | 1,031,035,000 | ||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 45,044,000 | 49,430,000 | ||
Fair Value, Measurements, Recurring [Member] | Mortgage Servicing Right Liability [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | $45,044,000 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value by Balance Sheet Line Item (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $815,776,000 | $299,002,000 | $404,073,000 | $441,902,000 |
Restricted Cash and Cash Equivalents | 358,542,000 | 285,530,000 | ||
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 | 2,603,380,000 | |
Warehouse facilities | 2,477,472,000 | 1,572,622,000 | ||
Total mortgage servicing rights at fair value | 3,022,198,000 | 2,949,739,000 | ||
Financial assets: | ||||
Mortgage loans held for sale | 1,277,931,000 | |||
Derivative instruments | 103,367,000 | 91,051,000 | ||
Unsecured Debt | 2,158,812,000 | 2,159,231,000 | ||
Advance facilities | 1,883,312,000 | 1,901,783,000 | ||
Mortgage loans held for investment, net | 185,577,000 | 191,569,000 | ||
Reverse mortgage interests | 2,633,862,000 | 2,453,069,000 | ||
Financial liabilities: | ||||
Derivative financial instruments | 23,048,000 | 18,525,000 | ||
Other nonrecourse debt | 1,870,269,000 | 1,768,311,000 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warehouse facilities | 2,477,472,000 | |||
Total mortgage servicing rights at fair value | 2,949,739,000 | |||
Fair value of assets | 5,121,563,000 | 4,318,721,000 | ||
Financial assets: | ||||
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 | ||
Mortgage loans held for investment, subject to nonrecourse debt - Legacy assets | 1,277,931,000 | |||
Derivative instruments | 91,051,000 | |||
Reverse mortgage interests | 2,383,647,000 | |||
Financial liabilities: | ||||
Notes payable | 1,572,622,000 | |||
Excess spread financing - fair value | 1,031,035,000 | |||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 45,044,000 | 49,430,000 | ||
Fair value of liabilities | 1,115,682,000 | 1,098,990,000 | ||
Excess spread financing (at fair value) | 1,047,590,000 | 1,031,035,000 | ||
Fair Value, Measurements, Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted Cash and Cash Equivalents | 358,542,000 | 285,530,000 | ||
Warehouse facilities | 0 | 0 | ||
Total mortgage servicing rights at fair value | 0 | 0 | ||
Fair value of assets | 0 | 0 | ||
Financial assets: | ||||
Cash and cash equivalents | 815,776,000 | 299,002,000 | ||
Mortgage loans held for sale | 0 | 0 | ||
Mortgage loans held for investment, subject to nonrecourse debt - Legacy assets | 0 | |||
Derivative instruments | 0 | 0 | ||
Unsecured Debt | 2,170,824,000 | 2,057,038,000 | ||
Mortgage loans held for investment, net | 0 | 0 | ||
Reverse mortgage interests | 0 | 0 | ||
Financial liabilities: | ||||
Notes payable | 0 | |||
Derivative financial instruments | 0 | 0 | ||
Excess spread financing - fair value | 0 | 0 | ||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 0 | 0 | ||
Fair value of liabilities | 0 | 0 | ||
Excess spread financing (at fair value) | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted Cash and Cash Equivalents | 0 | 0 | ||
Warehouse facilities | 1,883,312,000 | 1,901,783,000 | ||
Total mortgage servicing rights at fair value | 0 | 0 | ||
Fair value of assets | 2,099,365,000 | 1,368,982,000 | ||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 | ||
Mortgage loans held for investment, subject to nonrecourse debt - Legacy assets | 1,277,931,000 | |||
Derivative instruments | 103,367,000 | 91,051,000 | ||
Unsecured Debt | 0 | 0 | ||
Mortgage loans held for investment, net | 0 | 0 | ||
Reverse mortgage interests | 0 | 0 | ||
Financial liabilities: | ||||
Notes payable | 2,477,472,000 | 1,572,622,000 | ||
Derivative financial instruments | 23,048,000 | 18,525,000 | ||
Excess spread financing - fair value | 0 | 0 | ||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 0 | 0 | ||
Fair value of liabilities | 23,048,000 | 18,525,000 | ||
Excess spread financing (at fair value) | 0 | 0 | ||
Fair Value, Measurements, Recurring | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Restricted Cash and Cash Equivalents | 0 | 0 | ||
Warehouse facilities | 0 | |||
Total mortgage servicing rights at fair value | 2,949,739,000 | |||
Fair value of assets | 3,022,198,000 | 2,949,739,000 | ||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Mortgage loans held for sale | 0 | 0 | ||
Mortgage loans held for investment, subject to nonrecourse debt - Legacy assets | 0 | |||
Derivative instruments | 0 | 0 | ||
Unsecured Debt | 0 | 0 | ||
Mortgage loans held for investment, net | 188,238,000 | 192,865,000 | ||
Reverse mortgage interests | 2,693,036,000 | 2,432,735,000 | ||
Financial liabilities: | ||||
Notes payable | 0 | |||
Derivative financial instruments | 0 | 0 | ||
Excess spread financing - fair value | 1,047,590,000 | 1,031,035,000 | ||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | 45,044,000 | 49,430,000 | ||
Fair value of liabilities | 1,092,634,000 | 1,080,465,000 | ||
Excess spread financing (at fair value) | 1,047,590,000 | 1,031,035,000 | ||
Fair Value, Measurements, Recurring | Forward Contracts | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 284,000 | |||
Fair Value - Liability | 18,360,000 | |||
Fair Value, Measurements, Recurring | Forward Contracts | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 0 | ||
Fair Value - Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring | Forward Contracts | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 1,314,000 | 284,000 | ||
Fair Value - Liability | 22,752,000 | 18,360,000 | ||
Fair Value, Measurements, Recurring | Forward Contracts | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 0 | ||
Fair Value - Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring | Loan Purchase Commitments [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 1,999,000 | |||
Fair Value - Liability | 48,000 | |||
Fair Value, Measurements, Recurring | Loan Purchase Commitments [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 0 | ||
Fair Value - Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring | Loan Purchase Commitments [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 2,068,000 | 1,999,000 | ||
Fair Value - Liability | 113,000 | 48,000 | ||
Fair Value, Measurements, Recurring | Loan Purchase Commitments [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 0 | ||
Fair Value - Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring | Future [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 1,000 | ||
Fair Value - Liability | 114,000 | 7,000 | ||
Fair Value, Measurements, Recurring | Future [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | |||
Fair Value - Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring | Future [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 1,000 | |||
Fair Value - Liability | 114,000 | 7,000 | ||
Fair Value, Measurements, Recurring | Future [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | |||
Fair Value - Liability | 0 | 0 | ||
Fair Value, Measurements, Recurring | Interest Rate Swaps and Caps | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 865,000 | |||
Fair Value, Measurements, Recurring | Interest Rate Swaps and Caps | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 0 | ||
Fair Value, Measurements, Recurring | Interest Rate Swaps and Caps | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 64,000 | 865,000 | ||
Fair Value, Measurements, Recurring | Interest Rate Swaps and Caps | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value - Asset | 0 | 0 | ||
2014-1 HECM securitization [Member] | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 305,716,000 | 259,328,000 | 259,328,000 | |
2014-1 HECM securitization [Member] | Fair Value, Measurements, Recurring | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 305,716,000 | 259,328,000 | ||
2014-1 HECM securitization [Member] | Fair Value, Measurements, Recurring | Level 1 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 0 | |||
2014-1 HECM securitization [Member] | Fair Value, Measurements, Recurring | Level 2 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 0 | |||
2014-1 HECM securitization [Member] | Fair Value, Measurements, Recurring | Level 3 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 315,940,000 | 259,328 | ||
Participating Interest Financing [Member] | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 1,491,530,000 | 1,433,145,000 | 1,433,145,000 | |
Participating Interest Financing [Member] | Fair Value, Measurements, Recurring | Level 1 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 0 | 0 | ||
Participating Interest Financing [Member] | Fair Value, Measurements, Recurring | Level 2 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 1,491,143,000 | 1,423,291,000 | ||
Participating Interest Financing [Member] | Fair Value, Measurements, Recurring | Level 3 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 0 | 0 | ||
Legacy Asset [Member] | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 73,023,000 | 75,838,000 | 75,838,000 | |
Legacy Asset [Member] | Fair Value, Measurements, Recurring | Level 1 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 0 | 0 | ||
Legacy Asset [Member] | Fair Value, Measurements, Recurring | Level 2 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 0 | 0 | ||
Legacy Asset [Member] | Fair Value, Measurements, Recurring | Level 3 | ||||
Financial liabilities: | ||||
Other nonrecourse debt | 84,031,000 | 86,570,000 | ||
Servicing Segment | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warehouse facilities | $1,901,783,000 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value Measurement - Fair Value Assumption (Details) (Excess Spread Financing) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Minimum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ||
Mortgage prepayment speeds | 8.20% | 6.20% |
Average life | 3 years 11 months 10 days | 4 years 0 months 1 day |
Discount rate | 8.52% | 8.50% |
Maximum | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement | ||
Mortgage prepayment speeds | 18.48% | 19.40% |
Average life | 7 years 10 months 2 days | 7 years 1 month |
Discount rate | 14.20% | 14.20% |
Capital_Requirements_Capital_R
Capital Requirements Capital Requirements (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Mortgage Banking [Abstract] | |
Minimum Net Worth Required for Compliance | $1,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Litigation and Regulatory Matters (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loss Contingencies [Line Items] | ||
Legal Fees | $7.30 | $4.90 |
Litigation and Regulatory Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Range of Possible Loss, Minimum | 6.5 | |
Loss Contingency, Range of Possible Loss, Maximum | $18.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Loan and Other Commitments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Mortgage Servicing Rights [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $1,900,000,000 | |
Reverse Mortgages | ||
Mortgage Servicing Rights [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 27,400,000,000 | 28,000,000,000 |
Unfunded advance obligations | $3,100,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Other Contingencies (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Mortgage Servicing Rights [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $1,900,000,000 | |
Reverse Mortgages | ||
Mortgage Servicing Rights [Line Items] | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | $27,400,000,000 | $28,000,000,000 |
Business_Segment_Reporting_Fin
Business Segment Reporting - Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Service related | $215,123 | $341,711 | |
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 166,994 | 127,936 | |
Total revenues | 382,117 | 469,647 | |
Total expenses and impairments | 383,843 | 321,133 | |
Interest income | 43,774 | 43,943 | |
Other income (expense): | |||
Interest expense | -115,648 | -156,600 | |
Gain/(Loss) on interest rate swaps and caps | -767 | 2,821 | |
Total other income (expense) | -72,641 | -109,836 | |
Income before taxes | -74,367 | 38,678 | |
Depreciation and amortization | 12,854 | 8,792 | |
Assets | 12,642,368 | 11,632,563 | 11,112,675 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Service related | 214,848 | 341,094 | |
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 165,294 | 128,608 | |
Total revenues | 380,142 | 469,702 | |
Total expenses and impairments | 362,034 | 309,592 | |
Interest income | 39,906 | 40,185 | |
Other income (expense): | |||
Interest expense | -72,395 | -103,390 | |
Gain/(Loss) on interest rate swaps and caps | -801 | 2,556 | |
Total other income (expense) | -33,290 | -60,649 | |
Income before taxes | -15,182 | 99,461 | |
Depreciation and amortization | 9,037 | 6,690 | |
Assets | 11,621,988 | 11,195,890 | |
Servicing Segment | |||
Segment Reporting Information [Line Items] | |||
Service related | 95,324 | 262,047 | |
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 14,013 | 12,408 | |
Total revenues | 109,337 | 274,455 | |
Total expenses and impairments | 180,989 | 165,333 | |
Interest income | 24,639 | 18,664 | |
Other income (expense): | |||
Interest expense | -57,974 | -80,799 | |
Gain/(Loss) on interest rate swaps and caps | -801 | 2,556 | |
Total other income (expense) | -34,136 | -59,579 | |
Income before taxes | -105,788 | 49,543 | |
Depreciation and amortization | 3,442 | 3,519 | |
Assets | 8,949,596 | 9,395,852 | |
Originations Segment | |||
Segment Reporting Information [Line Items] | |||
Service related | 7,065 | 14,048 | |
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 151,281 | 116,200 | |
Total revenues | 158,346 | 130,248 | |
Total expenses and impairments | 100,249 | 105,050 | |
Interest income | 15,267 | 21,521 | |
Other income (expense): | |||
Interest expense | -14,386 | -22,537 | |
Gain/(Loss) on interest rate swaps and caps | 0 | 0 | |
Total other income (expense) | 881 | -1,016 | |
Income before taxes | 58,978 | 24,182 | |
Depreciation and amortization | 2,526 | 2,155 | |
Assets | 2,089,677 | 1,965,961 | |
Solutionstar Segment | |||
Segment Reporting Information [Line Items] | |||
Service related | 112,459 | 64,999 | |
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 0 | 0 | |
Total revenues | 112,459 | 64,999 | |
Total expenses and impairments | 80,796 | 39,209 | |
Interest income | 0 | 0 | |
Other income (expense): | |||
Interest expense | -35 | -54 | |
Gain/(Loss) on interest rate swaps and caps | 0 | 0 | |
Total other income (expense) | -35 | -54 | |
Income before taxes | 31,628 | 25,736 | |
Depreciation and amortization | 722 | 3,363 | |
Assets | 156,617 | 260,175 | |
Legacy Portfolio and Other | |||
Segment Reporting Information [Line Items] | |||
Service related | 497 | 995 | |
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 1,700 | -672 | |
Total revenues | 2,197 | 323 | |
Total expenses and impairments | 21,809 | 11,541 | |
Interest income | 3,646 | 3,380 | |
Other income (expense): | |||
Interest expense | -43,253 | -53,210 | |
Gain/(Loss) on interest rate swaps and caps | 34 | 265 | |
Total other income (expense) | -39,573 | -49,565 | |
Income before taxes | -59,185 | -60,783 | |
Depreciation and amortization | 3,817 | 2,102 | |
Assets | 1,020,380 | 436,673 | |
Intersegment Eliminations [Member] | |||
Revenues: | |||
Total revenues | -222 | -378 | |
Other income (expense): | |||
Total other income (expense) | 378 | ||
Income before taxes | 0 | ||
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Service related | -222 | ||
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 0 | ||
Total expenses and impairments | 0 | ||
Interest income | 222 | ||
Other income (expense): | |||
Interest expense | 0 | ||
Gain/(Loss) on interest rate swaps and caps | 0 | ||
Total other income (expense) | 222 | ||
Income before taxes | 0 | ||
Depreciation and amortization | 0 | ||
Assets | 0 | ||
Intersegment Eliminations [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Service related | -378 | ||
Revenues: | |||
Gain/(loss) on mortgage loans held for sale | 0 | ||
Total expenses and impairments | 0 | ||
Interest income | 378 | ||
Other income (expense): | |||
Interest expense | 0 | ||
Gain/(Loss) on interest rate swaps and caps | 0 | ||
Depreciation and amortization | 0 | ||
Assets | $0 |
Guarantor_Financial_Statement_2
Guarantor Financial Statement Information - Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | subsidiary | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||
Unsecured Debt | $2,158,812 | $2,159,231 |
Guarantor Subsidiary, Ownership Percentage | 100.00% | |
Number of Subsidiaries as Guarantors of Unsecured Debt | 2 |
Guarantor_Financial_Statement_3
Guarantor Financial Statement Information - Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Cash and cash equivalents | $815,776,000 | $299,002,000 | $404,073,000 | $441,902,000 |
Restricted cash | 358,542,000 | 285,530,000 | ||
Mortgage servicing rights | 3,032,982,000 | 2,961,321,000 | ||
Advances | 2,470,315,000 | 2,546,362,000 | ||
Reverse mortgage interests | 2,633,862,000 | 2,453,069,000 | ||
Mortgage loans held for sale | 1,995,998,000 | 1,277,931,000 | 2,603,380,000 | |
Mortgage loans held for investment, net | 185,577,000 | 191,569,000 | ||
Property and equipment, net | 131,869,000 | 129,611,000 | ||
Derivative financial instruments | 103,367,000 | 91,051,000 | ||
Other assets | 914,080,000 | 877,229,000 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 12,642,368,000 | 11,112,675,000 | 11,632,563,000 | |
Liabilities and shareholders' equity | ||||
Unsecured senior notes | 2,158,812,000 | 2,159,231,000 | ||
Advance facilities | 1,883,312,000 | 1,901,783,000 | ||
Warehouse facilities | 2,477,472,000 | 1,572,622,000 | ||
Payables and accrued liabilities | 1,402,611,000 | 1,322,078,000 | ||
MSR related liabilities - nonrecourse | 1,092,634,000 | 1,080,465,000 | ||
Derivative financial instruments | 23,048,000 | 18,525,000 | ||
Mortgage servicing liabilities | 58,599,000 | 65,382,000 | ||
Other nonrecourse debt | -1,870,269,000 | -1,768,311,000 | ||
Payables to affiliates | 0 | 0 | ||
Total liabilities | 10,966,757,000 | 9,888,397,000 | ||
Total equity | 1,675,611,000 | 1,224,278,000 | 989,898,000 | |
Total liabilities and equity | 12,642,368,000 | 11,112,675,000 | ||
Parent Company | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Advances | 0 | 0 | ||
Reverse mortgage interests | 0 | 0 | ||
Mortgage loans held for sale | 0 | 0 | ||
Mortgage loans held for investment, net | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Other assets | 10,942,000 | 16,383,000 | ||
Investment in subsidiaries | 1,664,669,000 | 1,207,895,000 | ||
Total assets | 1,675,611,000 | 1,224,278,000 | ||
Liabilities and shareholders' equity | ||||
Unsecured senior notes | 0 | 0 | ||
Advance facilities | 0 | 0 | ||
Warehouse facilities | 0 | 0 | ||
Payables and accrued liabilities | 0 | 0 | ||
MSR related liabilities - nonrecourse | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Mortgage servicing liabilities | 0 | 0 | ||
Other nonrecourse debt | 0 | 0 | ||
Payables to affiliates | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 1,675,611,000 | 1,224,278,000 | ||
Total liabilities and equity | 1,675,611,000 | 1,224,278,000 | ||
Issuer | ||||
Assets | ||||
Cash and cash equivalents | 786,154,000 | 279,770,000 | 381,635,000 | 422,268,000 |
Restricted cash | 202,016,000 | 177,090,000 | ||
Mortgage servicing rights | 3,032,982,000 | 2,961,321,000 | ||
Advances | 2,470,305,000 | 2,544,065,000 | ||
Reverse mortgage interests | 2,370,717,000 | 2,111,801,000 | ||
Mortgage loans held for sale | 1,955,227,000 | 1,243,700,000 | ||
Mortgage loans held for investment, net | 990,000 | 1,945,000 | ||
Property and equipment, net | 113,116,000 | 114,903,000 | ||
Derivative financial instruments | 99,117,000 | 87,911,000 | ||
Other assets | 971,920,000 | 1,069,061,000 | ||
Investment in subsidiaries | 472,459,000 | 450,363,000 | ||
Total assets | 12,475,003,000 | 11,041,930,000 | ||
Liabilities and shareholders' equity | ||||
Unsecured senior notes | 2,158,812,000 | 2,159,231,000 | ||
Advance facilities | 238,096,000 | 570,792,000 | ||
Warehouse facilities | 2,439,750,000 | 1,539,994,000 | ||
Payables and accrued liabilities | 1,350,753,000 | 1,282,895,000 | ||
MSR related liabilities - nonrecourse | 1,092,634,000 | 1,080,465,000 | ||
Derivative financial instruments | 23,048,000 | 18,525,000 | ||
Mortgage servicing liabilities | 58,599,000 | 65,382,000 | ||
Other nonrecourse debt | -1,491,530,000 | -1,433,145,000 | ||
Payables to affiliates | 1,957,112,000 | 1,683,606,000 | ||
Total liabilities | 10,810,334,000 | 9,834,035,000 | ||
Total equity | 1,664,669,000 | 1,207,895,000 | ||
Total liabilities and equity | 12,475,003,000 | 11,041,930,000 | ||
Guarantor (Subsidiaries) | ||||
Assets | ||||
Cash and cash equivalents | 752,000 | 288,000 | 1,714,000 | 3,907,000 |
Restricted cash | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Advances | 0 | 0 | ||
Reverse mortgage interests | 0 | 0 | ||
Mortgage loans held for sale | 0 | 0 | ||
Mortgage loans held for investment, net | 0 | 0 | ||
Property and equipment, net | 835,000 | 835,000 | ||
Derivative financial instruments | 0 | 0 | ||
Other assets | 271,456,000 | 272,654,000 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 273,043,000 | 273,777,000 | ||
Liabilities and shareholders' equity | ||||
Unsecured senior notes | 0 | 0 | ||
Advance facilities | 0 | 0 | ||
Warehouse facilities | 0 | 0 | ||
Payables and accrued liabilities | 39,000 | 25,000 | ||
MSR related liabilities - nonrecourse | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Mortgage servicing liabilities | 0 | 0 | ||
Other nonrecourse debt | 0 | 0 | ||
Payables to affiliates | 923,000 | 894,000 | ||
Total liabilities | 962,000 | 919,000 | ||
Total equity | 272,081,000 | 272,858,000 | ||
Total liabilities and equity | 273,043,000 | 273,777,000 | ||
Non-Guarantor (Subsidiaries) | ||||
Assets | ||||
Cash and cash equivalents | 28,870,000 | 18,944,000 | 20,724,000 | 15,727,000 |
Restricted cash | 156,526,000 | 108,440,000 | ||
Mortgage servicing rights | 0 | 0 | ||
Advances | 10,000 | 2,297,000 | ||
Reverse mortgage interests | 263,145,000 | 341,268,000 | ||
Mortgage loans held for sale | 40,771,000 | 34,231,000 | ||
Mortgage loans held for investment, net | 184,587,000 | 189,624,000 | ||
Property and equipment, net | 17,918,000 | 13,873,000 | ||
Derivative financial instruments | 4,250,000 | 3,140,000 | ||
Other assets | 1,720,376,000 | 1,328,078,000 | ||
Investment in subsidiaries | 0 | 0 | ||
Total assets | 2,416,453,000 | 2,039,895,000 | ||
Liabilities and shareholders' equity | ||||
Unsecured senior notes | 0 | 0 | ||
Advance facilities | 1,645,216,000 | 1,330,991,000 | ||
Warehouse facilities | 37,722,000 | 32,628,000 | ||
Payables and accrued liabilities | 51,819,000 | 39,158,000 | ||
MSR related liabilities - nonrecourse | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Mortgage servicing liabilities | 0 | 0 | ||
Other nonrecourse debt | -378,739,000 | -335,166,000 | ||
Payables to affiliates | 102,579,000 | 124,447,000 | ||
Total liabilities | 2,216,075,000 | 1,862,390,000 | ||
Total equity | 200,378,000 | 177,505,000 | ||
Total liabilities and equity | 2,416,453,000 | 2,039,895,000 | ||
Consolidation, Eliminations [Member] | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Restricted cash | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Advances | 0 | 0 | ||
Reverse mortgage interests | 0 | 0 | ||
Mortgage loans held for sale | 0 | 0 | ||
Mortgage loans held for investment, net | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Other assets | -2,060,614,000 | -1,808,947,000 | ||
Investment in subsidiaries | -2,137,128,000 | -1,658,258,000 | ||
Total assets | -4,197,742,000 | -3,467,205,000 | ||
Liabilities and shareholders' equity | ||||
Unsecured senior notes | 0 | 0 | ||
Advance facilities | 0 | 0 | ||
Warehouse facilities | 0 | 0 | ||
Payables and accrued liabilities | 0 | 0 | ||
MSR related liabilities - nonrecourse | 0 | 0 | ||
Derivative financial instruments | 0 | 0 | ||
Mortgage servicing liabilities | 0 | 0 | ||
Other nonrecourse debt | 0 | 0 | ||
Payables to affiliates | -2,060,614,000 | -1,808,947,000 | ||
Total liabilities | -2,060,614,000 | -1,808,947,000 | ||
Total equity | -2,137,128,000 | -1,658,258,000 | ||
Total liabilities and equity | ($4,197,742,000) | ($3,467,205,000) |
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 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Condensed Financial Statements | |||
Service related | $215,123 | $341,711 | |
Revenues: | |||
Net gain on mortgage loans held for sale | 166,994 | 127,936 | |
Total revenues | 382,117 | 469,647 | |
Expenses: | |||
Salaries, wages and benefits | 178,755 | 156,595 | |
General and administrative | 205,088 | 164,538 | |
Total expenses | 383,843 | 321,133 | |
Other income (expense): | |||
Interest income | 43,774 | 43,943 | |
Interest expense | -115,648 | -156,600 | |
Gain/(Loss) on interest rate swaps and caps | -767 | 2,821 | |
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | |
Total other income (expense) | -72,641 | -109,836 | |
Income before taxes | -74,367 | 38,678 | |
Income tax expense/(benefit) | -27,525 | 15,001 | |
Net income (loss) | -46,842 | 23,677 | 221,024 |
Less: Net gain (loss) attributable to noncontrolling interests | 1,473 | -359 | |
Net income (loss) attributable to Nationstar | -48,315 | 24,036 | 220,718 |
Parent Company | |||
Condensed Financial Statements | |||
Service related | 0 | 0 | |
Revenues: | |||
Net gain on mortgage loans held for sale | 0 | 0 | |
Total revenues | 0 | 0 | |
Expenses: | |||
Salaries, wages and benefits | 0 | 0 | |
General and administrative | 0 | 0 | |
Total expenses | 0 | 0 | |
Other income (expense): | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Gain/(Loss) on interest rate swaps and caps | 0 | 0 | |
Income (Loss) from Subsidiaries, Net of Tax | -48,315 | 39,037 | |
Total other income (expense) | -48,315 | 39,037 | |
Income before taxes | -48,315 | 39,037 | |
Income tax expense/(benefit) | 0 | 15,001 | |
Net income (loss) | -48,315 | 24,036 | |
Less: Net gain (loss) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nationstar | -48,315 | 24,036 | |
Issuer | |||
Condensed Financial Statements | |||
Service related | 102,179 | 271,929 | |
Revenues: | |||
Net gain on mortgage loans held for sale | 156,847 | 113,889 | |
Total revenues | 259,026 | 385,818 | |
Expenses: | |||
Salaries, wages and benefits | 128,433 | 143,358 | |
General and administrative | 164,532 | 133,725 | |
Total expenses | 292,965 | 277,083 | |
Other income (expense): | |||
Interest income | 36,120 | 39,710 | |
Interest expense | -99,867 | -134,478 | |
Gain/(Loss) on interest rate swaps and caps | 34 | 265 | |
Income (Loss) from Subsidiaries, Net of Tax | 23,209 | 24,446 | |
Total other income (expense) | -40,504 | -70,057 | |
Income before taxes | -74,443 | 38,678 | |
Income tax expense/(benefit) | -27,525 | 0 | |
Net income (loss) | -46,918 | 38,678 | |
Less: Net gain (loss) attributable to noncontrolling interests | 1,397 | -359 | |
Net income (loss) attributable to Nationstar | -48,315 | 39,037 | |
Guarantor (Subsidiaries) | |||
Condensed Financial Statements | |||
Service related | -345 | 27,428 | |
Revenues: | |||
Net gain on mortgage loans held for sale | 0 | 0 | |
Total revenues | -345 | 27,428 | |
Expenses: | |||
Salaries, wages and benefits | 354 | 1,696 | |
General and administrative | 50 | 891 | |
Total expenses | 404 | 2,587 | |
Other income (expense): | |||
Interest income | 0 | 0 | |
Interest expense | 0 | 0 | |
Gain/(Loss) on interest rate swaps and caps | 0 | 0 | |
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | |
Total other income (expense) | 0 | 0 | |
Income before taxes | -749 | 24,841 | |
Income tax expense/(benefit) | 0 | 0 | |
Net income (loss) | -749 | 24,841 | |
Less: Net gain (loss) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nationstar | -749 | 24,841 | |
Non-Guarantor (Subsidiaries) | |||
Condensed Financial Statements | |||
Service related | 113,511 | 56,806 | |
Revenues: | |||
Net gain on mortgage loans held for sale | 10,147 | -27 | |
Total revenues | 123,658 | 56,779 | |
Expenses: | |||
Salaries, wages and benefits | 49,968 | 11,541 | |
General and administrative | 40,506 | 29,922 | |
Total expenses | 90,474 | 41,463 | |
Other income (expense): | |||
Interest income | 7,432 | 3,855 | |
Interest expense | -15,781 | -22,122 | |
Gain/(Loss) on interest rate swaps and caps | -801 | 2,556 | |
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | |
Total other income (expense) | -9,150 | -15,711 | |
Income before taxes | 24,034 | -395 | |
Income tax expense/(benefit) | 0 | 0 | |
Net income (loss) | 24,034 | -395 | |
Less: Net gain (loss) attributable to noncontrolling interests | 76 | 0 | |
Net income (loss) attributable to Nationstar | 23,958 | -395 | |
Eliminations | |||
Condensed Financial Statements | |||
Service related | -222 | -14,452 | |
Revenues: | |||
Net gain on mortgage loans held for sale | 0 | 14,074 | |
Total revenues | -222 | -378 | |
Expenses: | |||
Salaries, wages and benefits | 0 | 0 | |
General and administrative | 0 | 0 | |
Total expenses | 0 | 0 | |
Other income (expense): | |||
Interest income | 222 | 378 | |
Interest expense | 0 | 0 | |
Gain/(Loss) on interest rate swaps and caps | 0 | 0 | |
Income (Loss) from Subsidiaries, Net of Tax | 25,106 | -63,483 | |
Total other income (expense) | 25,328 | -63,105 | |
Income before taxes | 25,106 | -63,483 | |
Income tax expense/(benefit) | 0 | 0 | |
Net income (loss) | 25,106 | -63,483 | |
Less: Net gain (loss) attributable to noncontrolling interests | 0 | 0 | |
Net income (loss) attributable to Nationstar | $25,106 | ($63,483) |
Guarantor_Financial_Statement_5
Guarantor Financial Statement Information - Consolidating Statements of Cash Flow (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | ||||
Net income (loss) attributable to Nationstar | ($48,315,000) | $24,036,000 | $220,718,000 | |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||
Intercompany Gains (Losses) | 0 | 0 | ||
Share-based Compensation | 5,524,000 | 2,809,000 | ||
Excess tax benefit from share-based compensation | -1,095,000 | -2,189,000 | ||
Gain on mortgage loans held for sale | -166,994,000 | -127,936,000 | ||
Payments for Origination and Purchases of Loans Held-for-sale | -4,614,971,000 | -5,402,862,000 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | -1,797,000 | 9,959,000 | ||
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 4,003,126,000 | 6,361,308,000 | ||
Gain Loss on Derivatives Including Ineffectiveness on Interest Rate Swaps and Caps | 767,000 | -2,821,000 | ||
Depreciation and amortization | 12,854,000 | 8,792,000 | ||
Fair value changes in excess spread financing | 13,114,000 | -3,369,000 | ||
Change in fair value on mortgage servicing rights | 204,201,000 | 78,687,000 | ||
Fair value change in mortgage servicing rights financing liability | -4,386,000 | -10,788,000 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 95,436,000 | -205,562,000 | ||
Reverse funded advances due to securitization | -180,793,000 | -238,538,000 | ||
Other assets | 20,150,000 | 271,376,000 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 2,872,000 | -122,141,000 | ||
Net Cash Provided by (Used in) Operating Activities | -660,307,000 | 640,761,000 | ||
Investing activities | ||||
Payments for (Proceeds from) Productive Assets | -11,993,000 | -8,913,000 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | -196,081,000 | -93,092,000 | ||
Proceeds on sale of servicer advances | 0 | 182,871,000 | ||
Acquisitions, net | -31,276,000 | 0 | ||
Proceeds on sale of servicer advances | 512,500,000 | |||
Net cash attributable to investing activities | -239,350,000 | 80,866,000 | ||
Financing activities | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | -73,012,000 | 104,225,000 | ||
Issuance of Senior Unsecured Notes | 0 | |||
Issuance of common stock, net of issuance costs | 497,758,000 | 0 | ||
Payments of Financing Costs | -1,549,000 | -2,050,000 | ||
Proceeds from (Repayments of) Secured Debt | -18,471,000 | -376,876,000 | ||
Proceeds from (Repayments of) Lines of Credit | 904,850,000 | -598,280,000 | ||
Proceeds from 2014-1 HECM Securitization | 73,082,000 | 0 | ||
Repayment of 2014-1 HECM Securitization | -26,829,000 | 0 | ||
Issuance of excess spread financing | 52,957,000 | 37,859,000 | ||
Repayment of excess spread financing | -49,516,000 | -42,717,000 | ||
Proceeds from Mortgage Backed Securities Notes Payable | 64,781,000 | 103,324,000 | ||
Proceeds from mortgage servicing rights financing | 0 | 20,651,000 | ||
Repayment of Nonrecourse Debt Legacy Assets | -3,273,000 | -2,998,000 | ||
Excess tax benefit from share-based compensation | 1,095,000 | 2,189,000 | 2,243,000 | |
Redemption of shares for stock vesting | -5,442,000 | -4,783,000 | ||
Net cash attributable to financing activities | 1,416,431,000 | -759,456,000 | ||
Net increase (decrease) in cash and cash equivalents | 516,774,000 | -37,829,000 | ||
Cash and cash equivalents at beginning of period | 299,002,000 | 441,902,000 | 441,902,000 | |
Cash and cash equivalents at end of period | 815,776,000 | 404,073,000 | 299,002,000 | |
Parent Company | ||||
Operating activities | ||||
Net income (loss) attributable to Nationstar | -48,315,000 | 24,036,000 | ||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||
Intercompany Gains (Losses) | 48,315,000 | -39,037,000 | ||
Share-based Compensation | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Gain on mortgage loans held for sale | 0 | 0 | ||
Payments for Origination and Purchases of Loans Held-for-sale | 0 | 0 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 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 | ||
Gain Loss on Derivatives Including Ineffectiveness on Interest Rate Swaps and Caps | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Fair value changes in excess spread financing | 0 | 0 | ||
Change in fair value on mortgage servicing rights | 0 | 0 | ||
Fair value change in mortgage servicing rights financing liability | 0 | 0 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 0 | 0 | ||
Reverse funded advances due to securitization | 0 | 0 | ||
Other assets | 5,442,000 | 19,784,000 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 0 | 0 | ||
Net Cash Provided by (Used in) Operating Activities | 5,442,000 | 4,783,000 | ||
Investing activities | ||||
Payments for (Proceeds from) Productive Assets | 0 | 0 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | 0 | 0 | ||
Proceeds on sale of servicer advances | 0 | |||
Acquisitions, net | 0 | 0 | ||
Net cash attributable to investing activities | 0 | 0 | ||
Financing activities | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ||
Issuance of Senior Unsecured Notes | 0 | |||
Issuance of common stock, net of issuance costs | 0 | |||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from (Repayments of) Secured Debt | 0 | 0 | ||
Proceeds from (Repayments of) Lines of Credit | 0 | 0 | ||
Proceeds from 2014-1 HECM Securitization | 0 | |||
Repayment of 2014-1 HECM Securitization | 0 | |||
Issuance of excess spread financing | 0 | 0 | ||
Repayment of excess spread financing | 0 | 0 | ||
Proceeds from Mortgage Backed Securities Notes Payable | 0 | 0 | ||
Proceeds from mortgage servicing rights financing | 0 | |||
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | |||
Redemption of shares for stock vesting | -5,442,000 | -4,783,000 | ||
Net cash attributable to financing activities | -5,442,000 | -4,783,000 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents at end of period | 0 | 0 | 0 | 0 |
Issuer | ||||
Operating activities | ||||
Net income (loss) attributable to Nationstar | -48,315,000 | 39,037,000 | ||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||
Intercompany Gains (Losses) | -23,209,000 | -24,446,000 | ||
Share-based Compensation | 5,524,000 | 2,809,000 | ||
Excess tax benefit from share-based compensation | -1,095,000 | -2,189,000 | ||
Gain on mortgage loans held for sale | -156,847,000 | -113,889,000 | ||
Payments for Origination and Purchases of Loans Held-for-sale | -4,614,971,000 | -5,402,512,000 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | -1,494,000 | 10,465,000 | ||
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 3,998,101,000 | 6,343,251,000 | ||
Gain Loss on Derivatives Including Ineffectiveness on Interest Rate Swaps and Caps | -34,000 | -264,000 | ||
Depreciation and amortization | 9,493,000 | 8,078,000 | ||
Fair value changes in excess spread financing | 13,114,000 | -3,369,000 | ||
Change in fair value on mortgage servicing rights | 204,201,000 | 78,687,000 | ||
Fair value change in mortgage servicing rights financing liability | -4,386,000 | -10,788,000 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 93,149,000 | -205,816,000 | ||
Reverse funded advances due to securitization | -258,916,000 | -238,538,000 | ||
Other assets | 380,635,000 | -1,230,274,000 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 7,232,000 | -120,082,000 | ||
Net Cash Provided by (Used in) Operating Activities | -397,818,000 | -869,840,000 | ||
Investing activities | ||||
Payments for (Proceeds from) Productive Assets | -7,243,000 | -7,145,000 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | -196,081,000 | -93,092,000 | ||
Proceeds on sale of servicer advances | 182,871,000 | |||
Acquisitions, net | 0 | 0 | ||
Net cash attributable to investing activities | -203,324,000 | 82,634,000 | ||
Financing activities | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | -24,925,000 | 18,914,000 | ||
Issuance of Senior Unsecured Notes | 0 | |||
Issuance of common stock, net of issuance costs | 497,758,000 | |||
Payments of Financing Costs | -1,549,000 | -2,050,000 | ||
Proceeds from (Repayments of) Secured Debt | -332,696,000 | 1,206,683,000 | ||
Proceeds from (Repayments of) Lines of Credit | 899,756,000 | -598,280,000 | ||
Proceeds from 2014-1 HECM Securitization | 0 | |||
Repayment of 2014-1 HECM Securitization | 0 | |||
Issuance of excess spread financing | 52,957,000 | 37,859,000 | ||
Repayment of excess spread financing | -49,516,000 | -42,717,000 | ||
Proceeds from Mortgage Backed Securities Notes Payable | 64,781,000 | 103,324,000 | ||
Proceeds from mortgage servicing rights financing | 20,651,000 | |||
Repayment of Nonrecourse Debt Legacy Assets | -135,000 | 0 | ||
Excess tax benefit from share-based compensation | 1,095,000 | 2,189,000 | ||
Redemption of shares for stock vesting | 0 | 0 | ||
Net cash attributable to financing activities | 1,107,526,000 | 746,573,000 | ||
Net increase (decrease) in cash and cash equivalents | 506,384,000 | -40,633,000 | ||
Cash and cash equivalents at beginning of period | 279,770,000 | 422,268,000 | 422,268,000 | |
Cash and cash equivalents at end of period | 786,154,000 | 381,635,000 | 279,770,000 | |
Guarantor (Subsidiaries) | ||||
Operating activities | ||||
Net income (loss) attributable to Nationstar | -749,000 | 24,841,000 | ||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||
Intercompany Gains (Losses) | 0 | 0 | ||
Share-based Compensation | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Gain on mortgage loans held for sale | 0 | 0 | ||
Payments for Origination and Purchases of Loans Held-for-sale | 0 | 0 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 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 | ||
Gain Loss on Derivatives Including Ineffectiveness on Interest Rate Swaps and Caps | 0 | 0 | ||
Depreciation and amortization | 0 | 43,000 | ||
Fair value changes in excess spread financing | 0 | 0 | ||
Change in fair value on mortgage servicing rights | 0 | 0 | ||
Fair value change in mortgage servicing rights financing liability | 0 | 0 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 0 | 0 | ||
Reverse funded advances due to securitization | 0 | 0 | ||
Other assets | 1,199,000 | -24,056,000 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 14,000 | -2,956,000 | ||
Net Cash Provided by (Used in) Operating Activities | 464,000 | -2,128,000 | ||
Investing activities | ||||
Payments for (Proceeds from) Productive Assets | 0 | -65,000 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | 0 | 0 | ||
Proceeds on sale of servicer advances | 0 | |||
Acquisitions, net | 0 | 0 | ||
Net cash attributable to investing activities | 0 | -65,000 | ||
Financing activities | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ||
Issuance of Senior Unsecured Notes | 0 | |||
Issuance of common stock, net of issuance costs | 0 | |||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from (Repayments of) Secured Debt | 0 | 0 | ||
Proceeds from (Repayments of) Lines of Credit | 0 | 0 | ||
Proceeds from 2014-1 HECM Securitization | 0 | |||
Repayment of 2014-1 HECM Securitization | 0 | |||
Issuance of excess spread financing | 0 | 0 | ||
Repayment of excess spread financing | 0 | 0 | ||
Proceeds from Mortgage Backed Securities Notes Payable | 0 | 0 | ||
Proceeds from mortgage servicing rights financing | 0 | |||
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Redemption of shares for stock vesting | 0 | 0 | ||
Net cash attributable to financing activities | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 464,000 | -2,193,000 | ||
Cash and cash equivalents at beginning of period | 288,000 | 3,907,000 | 3,907,000 | |
Cash and cash equivalents at end of period | 752,000 | 1,714,000 | 288,000 | |
Non-Guarantor (Subsidiaries) | ||||
Operating activities | ||||
Net income (loss) attributable to Nationstar | 23,958,000 | -395,000 | ||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||
Intercompany Gains (Losses) | 0 | 0 | ||
Share-based Compensation | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Gain on mortgage loans held for sale | -10,147,000 | 27,000 | ||
Payments for Origination and Purchases of Loans Held-for-sale | 0 | -350,000 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | -303,000 | -506,000 | ||
Cost of loans sold and principal payments and prepayments, and other changes in mortgage loans originated as held for sale, net of fees | 5,025,000 | 5,388,000 | ||
Gain Loss on Derivatives Including Ineffectiveness on Interest Rate Swaps and Caps | 801,000 | -2,557,000 | ||
Depreciation and amortization | 3,361,000 | 671,000 | ||
Fair value changes in excess spread financing | 0 | 0 | ||
Change in fair value on mortgage servicing rights | 0 | 0 | ||
Fair value change in mortgage servicing rights financing liability | 0 | 0 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 2,287,000 | 254,000 | ||
Reverse funded advances due to securitization | 78,123,000 | 0 | ||
Other assets | -367,126,000 | 1,504,517,000 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | -4,374,000 | 897,000 | ||
Net Cash Provided by (Used in) Operating Activities | -268,395,000 | 1,507,946,000 | ||
Investing activities | ||||
Payments for (Proceeds from) Productive Assets | -4,750,000 | -1,703,000 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | 0 | 0 | ||
Proceeds on sale of servicer advances | 0 | |||
Acquisitions, net | -31,276,000 | 0 | ||
Net cash attributable to investing activities | -36,026,000 | -1,703,000 | ||
Financing activities | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | -48,087,000 | 85,311,000 | ||
Issuance of Senior Unsecured Notes | 0 | |||
Issuance of common stock, net of issuance costs | 0 | |||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from (Repayments of) Secured Debt | 314,225,000 | -1,583,559,000 | ||
Proceeds from (Repayments of) Lines of Credit | 5,094,000 | 0 | ||
Proceeds from 2014-1 HECM Securitization | 73,082,000 | |||
Repayment of 2014-1 HECM Securitization | -26,829,000 | |||
Issuance of excess spread financing | 0 | 0 | ||
Repayment of excess spread financing | 0 | 0 | ||
Proceeds from Mortgage Backed Securities Notes Payable | 0 | 0 | ||
Proceeds from mortgage servicing rights financing | 0 | |||
Repayment of Nonrecourse Debt Legacy Assets | -3,138,000 | -2,998,000 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Redemption of shares for stock vesting | 0 | 0 | ||
Net cash attributable to financing activities | 314,347,000 | -1,501,246,000 | ||
Net increase (decrease) in cash and cash equivalents | 9,926,000 | 4,997,000 | ||
Cash and cash equivalents at beginning of period | 18,944,000 | 15,727,000 | 15,727,000 | |
Cash and cash equivalents at end of period | 28,870,000 | 20,724,000 | 18,944,000 | |
Consolidation, Eliminations [Member] | ||||
Operating activities | ||||
Net income (loss) attributable to Nationstar | 25,106,000 | -63,483,000 | ||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||||
Intercompany Gains (Losses) | -25,106,000 | 63,483,000 | ||
Share-based Compensation | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Gain on mortgage loans held for sale | 0 | -14,074,000 | ||
Payments for Origination and Purchases of Loans Held-for-sale | 0 | 0 | ||
Accretion (Amortization) of Discounts and Premiums, Investments | 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 | 12,669,000 | ||
Gain Loss on Derivatives Including Ineffectiveness on Interest Rate Swaps and Caps | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Fair value changes in excess spread financing | 0 | 0 | ||
Change in fair value on mortgage servicing rights | 0 | 0 | ||
Fair value change in mortgage servicing rights financing liability | 0 | 0 | ||
Changes in assets and liabilities: | ||||
Accounts receivable | 0 | 0 | ||
Reverse funded advances due to securitization | 0 | 0 | ||
Other assets | 0 | 1,405,000 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 0 | 0 | ||
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | ||
Investing activities | ||||
Payments for (Proceeds from) Productive Assets | 0 | 0 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | 0 | 0 | ||
Proceeds on sale of servicer advances | 0 | |||
Acquisitions, net | 0 | 0 | ||
Net cash attributable to investing activities | 0 | 0 | ||
Financing activities | ||||
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | ||
Issuance of Senior Unsecured Notes | 0 | |||
Issuance of common stock, net of issuance costs | 0 | |||
Payments of Financing Costs | 0 | 0 | ||
Proceeds from (Repayments of) Secured Debt | 0 | 0 | ||
Proceeds from (Repayments of) Lines of Credit | 0 | 0 | ||
Proceeds from 2014-1 HECM Securitization | 0 | |||
Repayment of 2014-1 HECM Securitization | 0 | |||
Issuance of excess spread financing | 0 | 0 | ||
Repayment of excess spread financing | 0 | 0 | ||
Proceeds from Mortgage Backed Securities Notes Payable | 0 | 0 | ||
Proceeds from mortgage servicing rights financing | 0 | |||
Repayment of Nonrecourse Debt Legacy Assets | 0 | 0 | ||
Excess tax benefit from share-based compensation | 0 | 0 | ||
Redemption of shares for stock vesting | 0 | 0 | ||
Net cash attributable to financing activities | 0 | 0 | ||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||
Cash and cash equivalents at beginning of period | 0 | 0 | 0 | |
Cash and cash equivalents at end of period | $0 | $0 | $0 |
Affiliates_of_Fortress_Investm1
Affiliates of Fortress Investment Group - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Servicer Advances Transferred to Unaffiliated Third Party | $2,200,000,000 | ||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 1,900,000,000 | ||
Payments to Acquire Mortgage Servicing Rights (MSR) | 196,081,000 | 93,092,000 | |
Due from Affiliates | 5,752,000 | 4,713,000 | |
Servicer Advances sold to unaffiliated third party | 2,500,000,000 | ||
Proceeds on sale of servicer advances | 512,500,000 | ||
Springleaf [Member] | |||
Related Party Transaction [Line Items] | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets | 200,000 | 2,000,000 | |
Due from Affiliates | 100,000 | 200,000 | |
Newcastle | |||
Related Party Transaction [Line Items] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 700,000,000 | 800,000,000 | |
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets | 900,000 | 1,100,000 | |
Servicing fee, percentage of unpaid principal balance | 0.50% | ||
Payment of Servicing Fees in Excess of Contractually Specified Amount | 27,500,000 | ||
New Residential [Member] | |||
Related Party Transaction [Line Items] | |||
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets | 1,700,000 | ||
Reverse Mortgages | |||
Related Party Transaction [Line Items] | |||
Principal Amount Outstanding on Loans Managed and Securitized or Asset-backed Financing Arrangement | 27,400,000,000 | 28,000,000,000 | |
Fair Value, Measurements, Recurring [Member] | |||
Related Party Transaction [Line Items] | |||
Excess Spread Financing, Fair Value Disclosure | 1,047,590,000 | 1,031,035,000 | |
Excess spread financing - fair value | 1,031,035,000 | ||
Mortgage Servicing Rights Liability Resulting from Sale of Servicer Advances, Rights not Accounted for as a Sale | $45,044,000 | $49,430,000 |
Subsequent_Events_Narrative_De
Subsequent Events - Narrative (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 15, 2015 |
Subsequent Event [Line Items] | |||
Payments to Acquire Mortgage Servicing Rights (MSR) | $196,081 | $93,092 | |
Servicing Segment | Agency Advance Financing Facility (2011) [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300,000 | ||
Originations Segment | Warehouse Facility $200 Million [2015] [Member] | Notes Payable to Banks | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | ||
Originations Segment | Warehouse Facility $700 Million [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 500,000 | ||
Originations Segment | Warehouse Facility $200 Million [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $350,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Servicing Segment | Agency Advance Financing Facility (2011) [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Warehouse Facility $200 Million [2015] [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Warehouse Facility $700 Million [Member] | Notes Payable, Other | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Originations Segment | Warehouse Facility $200 Million [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Servicing Segment | Agency Advance Financing Facility (2011) [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Warehouse Facility $200 Million [2015] [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Warehouse Facility $700 Million [Member] | Notes Payable, Other | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Originations Segment | Warehouse Facility $200 Million [Member] | Notes Payable to Banks | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 4.50% |