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Residential Loans at Fair Value (Tables)

3 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Reconciliation of Changes in Residential Loans Held for Sale

A reconciliation of the changes in residential loans held for sale to the amounts presented on the consolidated statements of cash flows is presented in the following table (in thousands):



		For the Three Months Ended March 31,
		2015				2014
Balance at beginning of the period		$	1,124,615			$	1,015,607
Purchases and originations of loans held for sale		5,633,936				3,583,548
Proceeds from sales of and payments on loans held for sale ⁽¹⁾		(5,693,335		)		(4,059,701		)
Realized gains on sales of loans ⁽²⁾		61,379				86,833
Change in unrealized gains (losses) on loans held for sale ⁽²⁾		1,389				(4,176		)
Interest income ⁽²⁾		11,728				8,345
Transfers from loans held for investment ⁽³⁾		16,690				—
Other		(215		)		—
Balance at end of the period		$	1,156,187			$	630,456

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(1)	Excludes realized gains and losses on freestanding derivatives.


(2)	Amount is a component of net gains on sales of loans on the consolidated statements of comprehensive income (loss). Refer to Note 5 for additional information.


(3)	Represents a transfer of reverse loans from held for investment to held for sale. These loans were sold during the three months ended March 31, 2015.