Held for Sale Operations

12 Months Ended

Dec. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Held for Sale Operations Disclosure

Held for Sale Operations

On December 30, 2016, the Company executed a stock purchase agreement pursuant to which the Company agreed to sell 100% of the stock of its indirect, wholly-owned subsidiary, GTI Holdings Corp., which is the holding company of the Company's primary licensed insurance agency, Green Tree Insurance Agency, Inc., to a wholly-owned subsidiary of Assurant, for a purchase price of $125.0 million in cash, subject to adjustment as specified in the agreement. Under the agreement, an affiliate of Assurant has also agreed to make potential earnout payments to the Company in an aggregate amount of up to $25.0 million in cash, with the amount of such payments to be based upon the gross written premium of certain voluntary homeowners' insurance written by certain affiliates of Assurant over a specified timeframe. This transaction closed on February 1, 2017, at which time the Company received $131.1 million in cash. As a result of this transaction, the assets and liabilities related to the insurance business, which are included in the Servicing segment, were reclassified to operations held for sale line items on the consolidated balance sheets at December 31, 2016.

The assets and liabilities of held for sale operations consist of the following (in thousands):

	December 31, 2016
Assets
Receivables	$	12,699
Goodwill	4,397
Intangible assets, net	53,989
Assets held for sale	$	71,085
Liabilities
Payables and accrued liabilities	$	2,402
Liabilities held for sale	$	2,402