Freestanding Derivative Financial Instruments

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Freestanding Derivative Financial Instruments

Freestanding Derivative Financial Instruments

The following table provides the total notional or contractual amounts and related fair values of derivative assets and liabilities not designated as hedging instruments as well as cash margin (in thousands):

	December 31, 2014						December 31, 2013
	Notional/ Contractual Amount		Fair Value				Notional/ Contractual Amount		Fair Value
			Derivative Assets		Derivative Liabilities				Derivative Assets		Derivative Liabilities
Interest rate lock commitments	$	2,825,924	$	60,400	$	263	$	2,202,638	$	42,831	$	3,755
Forward sales commitments	4,989,400		332		29,744		2,903,700		19,534		247
MBS purchase commitments	1,847,000		7,419		17		308,700		—		1,880
Total derivative instruments			$	68,151	$	30,024			$	62,365	$	5,882
Cash margin			$	14,664	$	2,780			$	—	$	19,148

Derivative positions subject to netting arrangements include all forward sale commitments, MBS purchase commitments, and cash margin, as reflected in the table above, and allow the Company to net settle asset and liability positions, as well as cash margin, with the same counterparty. After consideration of these netting arrangements and offsetting positions by counterparty, the total net settlement amount as it relates to these positions were asset positions of less than $0.1 million and $2.3 million, and liability positions of $10.2 million and $4.1 million, at December 31, 2014 and 2013, respectively. A master netting arrangement with one of the Company’s counterparties also allows for offsetting derivative positions and margin against amounts associated with the master repurchase agreement with that same counterparty. At December 31, 2014, the Company’s net derivative liability position with that counterparty of $0.4 million is comprised of a net derivative liability position of $2.4 million and cash margin received of $2.8 million, partially offset by $4.8 million of over-collateralized positions associated with the master repurchase agreement. Over collateralized positions on master repurchase agreements are not reflected as margin in the table above. Refer to Note 6 for a summary of the gains and losses on freestanding derivatives.