Acquisitions (Tables)

6 Months Ended

Jun. 30, 2013

Pro Forma Combined Revenues and Net Income

The following table presents the pro forma combined revenues and net income as if the ResCap net assets and the Ally Bank net assets had been acquired on January 1, 2012 and RMS and S1L on January 1, 2011 (dollars in thousands):

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2013		2012			2013		2012
Revenues	$	569,233	$	180,013		$	885,417	$	452,732
Net income (loss)		143,232		(1,719	)		174,415		59,635
Net income (loss) per share - basic		3.82		(0.05	)		4.65		1.62
Net income (loss) per share - diluted		3.75		(0.05	)		4.57		1.58

Restructuring Accrued Liability

The following table summarizes the accrued liability, which is included in payables and accrued liabilities in the consolidated balance sheets, and the related charges and cash payments and other settlements associated with these activities (in thousands):

	Severance and Other-Related Costs			Other			Total
Balance at January 1, 2013	$	1,397		$	261		$	1,658
Cash payments or other settlements		(706	)		(42	)		(748	)
Balance at March 31, 2013		691			219			910
Cash payments or other settlements		(365	)		(33	)		(398	)
Balance at June 30, 2013	$	326		$	186		$	512
Total incurred and expected charges	$	5,377		$	400		$	5,777

ResCap Acquisition [Member]

Estimated Purchase Price Allocation of Assets Acquired and Liabilities Assumed

The table below summarizes the originally reported estimated acquisition date fair values, measurement period adjustments recorded, and the adjusted preliminary purchase price allocation of assets acquired and liabilities assumed (in thousands):

	Originally Reported		Measurement Period Adjustments			Adjusted Preliminary
Assets
Servicer and protective advances	$	186,241	$	—		$	186,241
Servicing rights (1)		242,604		—			242,604
Goodwill		52,548		(3,582	)		48,966
Intangible assets (1)		8,000		—			8,000
Premises and equipment		18,102		—			18,102
Total assets acquired		507,495		(3,582	)		503,913
Liabilities
Payables and accrued liabilities		20,270		(3,582	)		16,688
Total liabilities assumed		20,270		(3,582	)		16,688
Fair value of net assets acquired	$	487,225	$	—		$	487,225

(1) The originally reported amounts for servicing rights and intangible assets were revised in the current period. Refer to Note 1 for further discussion.

Estimate of Identifiable Intangible Assets Recognized at Acquisition with Corresponding Weighted-Average Amortization Periods

The following table presents the estimate of identifiable intangible assets and capitalized software recognized at acquisition of the ResCap net assets with the corresponding weighted-average amortization periods at the acquisition date (dollars in thousands):

	Estimated Fair Value		Weighted- Average Amortization Period (in years)
Intangible assets - trade name	$	8,000		8.0
Capitalized software (1)		17,100		3.0
Total intangible assets and capitalized software	$	25,100		4.6

(1) Capitalized software is included in premises and equipment in the consolidated balance sheet.

Ally Bank Net Assets [Member]

Estimated Purchase Price Allocation of Assets Acquired and Liabilities Assumed

The table below presents the preliminary purchase price allocation of the estimated acquisition date fair values of the assets acquired and the liabilities assumed (in thousands):

	Originally Reported
Assets
Goodwill	$	99
Intangible assets		1,200
Premises and equipment		201
Total assets acquired		1,500
Liabilities
Payables and accrued liabilities		1,437
Total liabilities assumed		1,437
Fair value of net assets acquired	$	63

Reverse Mortgage Solutions, Inc. [Member]

Estimated Purchase Price Allocation of Assets Acquired and Liabilities Assumed

The table below summarizes the originally reported estimated acquisition date fair values, measurement period adjustments recorded, and the adjusted preliminary purchase price allocation of assets acquired and liabilities assumed (in thousands):

	Originally Reported at Dec 31, 2012		Measurement Period Adjustments		Adjusted Preliminary
Assets
Cash	$	19,683	$	—	$	19,683
Restricted cash		1,401		—		1,401
Residential loans		5,331,989		—		5,331,989
Receivables		11,832		—		11,832
Servicer and protective advances		17,615		—		17,615
Servicing rights		15,916		—		15,916
Goodwill		101,199		24,310		125,509
Intangible assets		20,800		—		20,800
Premises and equipment		15,633		—		15,633
Deferred tax asset, net		19,052		14,489		33,541
Other assets		13,245		—		13,245
Total assets acquired		5,568,365		38,799		5,607,164
Liabilities
Payables and accrued liabilities		29,357		38,799		68,156
Debt		148,431		—		148,431
HMBS related obligations		5,254,231		—		5,254,231
Total liabilities assumed		5,432,019		38,799		5,470,818
Fair value of net assets acquired	$	136,346	$	—	$	136,346