Fair Value (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2014

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities in Each Level of Fair Value Hierarchy

The following table summarizes the assets and liabilities in each level of the fair value hierarchy (in thousands):

	June 30, 2014		December 31, 2013
Level 1
Liabilities
Contingent earn-out payments	$	—	$	5,900
Level 1 Liabilities		—		5,900
Level 2
Assets
Forward loans held for sale		1,173,588		1,015,607
Freestanding derivative instruments		2,736		19,534
Level 2 Assets		1,176,324		1,035,141
Liabilities
Freestanding derivative instruments		28,387		2,127
Level 2 Liabilities		28,387		2,127
Level 3
Assets
Reverse loans		9,482,030		8,738,503
Forward loans related to Non-Residual Trusts		557,786		587,265
Charged-off loans		54,997		—
Receivables related to Non-Residual Trusts		36,181		43,545
Servicing rights carried at fair value		1,496,073		1,131,124
Freestanding derivative instruments		75,526		42,831
Level 3 Assets		11,702,593		10,543,268
Liabilities
Freestanding derivative instruments		87		3,755
Other accrued liabilities		14,438		14,789
Mortgage-backed debt related to Non-Residual Trusts		651,784		684,778
HMBS related obligations		9,472,666		8,652,746
Level 3 Liabilities		10,138,975		9,356,068

The following tables summarize the assets and liabilities in each level of the fair value hierarchy (in thousands):

	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets
Reverse loans(1)	$	—	$	—	$	8,738,503	$	8,738,503
Forward loans related to Non-Residual Trusts		—		—		587,265		587,265
Forward loans held for sale		—		1,015,607		—		1,015,607
Receivables related to Non-Residual Trusts		—		—		43,545		43,545
Servicing rights carried at fair value		—		—		1,131,124		1,131,124
Derivative instruments		—		19,534		42,831		62,365
Total assets	$	—	$	1,035,141	$	10,543,268	$	11,578,409
Liabilities
Derivative instruments	$	—	$	2,127	$	3,755	$	5,882
Mandatory repurchase obligation		—		—		8,182		8,182
Professional fees liability related to certain securitizations		—		—		6,607		6,607
Contingent earn-out payments		5,900		—		—		5,900
Mortgage-backed debt related to Non-Residual Trusts		—		—		684,778		684,778
HMBS related obligations		—		—		8,652,746		8,652,746
Total liabilities	$	5,900	$	2,127	$	9,356,068	$	9,364,095
	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets
Reverse loans(1)	$	—	$	—	$	6,047,108	$	6,047,108
Forward loans related to Non-Residual Trusts		—		—		646,498		646,498
Forward loans held for sale		—		16,605		—		16,605
Receivables related to Non-Residual Trusts		—		—		53,975		53,975
Derivative instruments		—		—		949		949
Total assets	$	—	$	16,605	$	6,748,530	$	6,765,135
Liabilities
Derivative instruments	$	—	$	1,102	$	—	$	1,102
Mandatory repurchase obligation		—		—		9,999		9,999
Professional fees liability related to certain securitizations		—		—		8,147		8,147
Contingent earn-out payments		—		—		6,100		6,100
Mortgage-backed debt related to Non-Residual Trusts		—		—		757,286		757,286
HMBS related obligations		—		—		5,874,552		5,874,552
Total liabilities	$	—	$	1,102	$	6,656,084	$	6,657,186

⁽¹⁾  Includes $28.5 million in reverse loans held for sale at December 31, 2012. There were no reverse loans held for sale at December 31, 2013.

Reconciliation of Beginning and Ending Balances of Company's Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following assets and liabilities are measured on the consolidated financial statements at fair value on a recurring basis utilizing significant unobservable inputs or Level 3 assumptions in their valuation. The following tables provide a reconciliation of the beginning and ending balances of these assets and liabilities (in thousands):

	For the Three Months Ended June 30, 2014
	Fair Value April 1, 2014			Total Gains (Losses) Included in Net Income			Purchases		Issuances			Settlements			Fair Value June 30, 2014
Assets
Reverse loans	$	9,149,579		$	89,571		$	244,444	$	148,569		$	(150,133	)	$	9,482,030
Forward loans related to Non-Residual Trusts		569,097			16,871			—		—			(28,182	)		557,786
Charged-off loans		—			1,461			57,052		—			(3,516	)		54,997
Receivables related to Non-Residual Trusts		39,328			(681	)		—		—			(2,466	)		36,181
Servicing rights carried at fair value		1,513,830			(83,552	)		20,241		45,554			—			1,496,073
Freestanding derivative instruments (IRLCs)		38,190			37,336			—		—			—			75,526
Total assets	$	11,310,024		$	61,006		$	321,737	$	194,123		$	(184,297	)	$	11,702,593
Liabilities
Freestanding derivative instruments (IRLCs)	$	(720	)	$	633		$	—	$	—		$	—		$	(87	)
Other accrued liabilities		(14,165	)		(1,073	)		—		—			800			(14,438	)
Mortgage-backed debt related to Non-Residual Trusts		(667,536	)		(13,579	)		—		—			29,331			(651,784	)
HMBS related obligations		(9,166,998	)		(62,635	)		—		(394,385	)		151,352			(9,472,666	)
Total liabilities	$	(9,849,419	)	$	(76,654	)	$	—	$	(394,385	)	$	181,483		$	(10,138,975	)

	For the Six Months Ended June 30, 2014
	Fair Value January 1, 2014			Acquisition of EverBank Net Assets		Total Gains (Losses) Included in Net Income			Purchases		Issuances			Settlements			Fair Value June 30, 2014
Assets
Reverse loans	$	8,738,503		$	—	$	294,980		$	438,120	$	278,032		$	(267,605	)	$	9,482,030
Forward loans related to Non-Residual Trusts		587,265			—		27,654			—		—			(57,133	)		557,786
Charged-off loans		—			—		1,461			57,052		—			(3,516	)		54,997
Receivables related to Non-Residual Trusts		43,545			—		(1,668	)		—		—			(5,696	)		36,181
Servicing rights carried at fair value		1,131,124			58,680		(131,186	)		339,288		98,167			—			1,496,073
Freestanding derivative instruments (IRLCs)		42,831			—		32,695			—		—			—			75,526
Total assets	$	10,543,268		$	58,680	$	223,936		$	834,460	$	376,199		$	(333,950	)	$	11,702,593
Liabilities
Freestanding derivative instruments (IRLCs)	$	(3,755	)	$	—	$	3,668		$	—	$	—		$	—		$	(87	)
Other accrued liabilities		(14,789	)		—		(1,493	)		—		—			1,844			(14,438	)
Mortgage-backed debt related to Non-Residual Trusts		(684,778	)		—		(25,414	)		—		—			58,408			(651,784	)
HMBS related obligations		(8,652,746	)		—		(250,808	)		—		(839,431	)		270,319			(9,472,666	)
Total liabilities	$	(9,356,068	)	$	—	$	(274,047	)	$	—	$	(839,431	)	$	330,571		$	(10,138,975	)

	For the Three Months Ended June 30, 2013
	Fair Value April 1, 2013			Total Gains (Losses) Included in Net Income			Purchases		Sales			Issuances			Settlements			Fair Value June 30, 2013
Assets
Reverse loans	$	7,106,943		$	101,304		$	464,494	$	(272	)	$	337,972		$	(103,806	)	$	7,906,635
Forward loans related to Non-Residual Trusts		627,430			16,938			—		—			—			(30,741	)		613,627
Receivables related to Non-Residual Trusts		53,671			1,219			—		—			—			(4,000	)		50,890
Servicing rights carried at fair value		766,943			65,077			19,885		—			36,305			—			888,210
Freestanding derivative instruments (IRLCs)		59,573			2,107			—		—			—			—			61,680
Total assets	$	8,614,560		$	186,645		$	484,379	$	(272	)	$	374,277		$	(138,547	)	$	9,521,042
Liabilities
Freestanding derivative instruments (IRLCs)	$	—		$	(19,327	)	$	—	$	—		$	—		$	—		$	(19,327	)
Other accrued liabilities		(17,434	)		356			—		—			—			861			(16,217	)
Contingent earn-out payments		(9,794	)		(1,106	)		—		—			—			—			(10,900	)
Mortgage-backed debt related to Non-Residual Trusts		(738,434	)		(15,845	)		—		—			—			33,199			(721,080	)
HMBS related obligations		(6,887,583	)		(74,353	)		—		—			(943,359	)		99,449			(7,805,846	)
Total liabilities	$	(7,653,245	)	$	(110,275	)	$	—	$	—		$	(943,359	)	$	133,509		$	(8,573,370	)

	For the Six Months Ended June 30, 2013
	Fair Value January 1, 2013			Acquisition of ResCap Net Assets		Total Gains (Losses) Included in Net Income			Purchases		Sales			Issuances			Settlements			Fair Value June 30, 2013
Assets
Reverse loans(1)	$	6,047,108		$	—	$	184,581		$	1,258,891	$	(76,441	)	$	646,163		$	(153,667	)	$	7,906,635
Forward loans related to Non-Residual Trusts		646,498			—		29,957			—		—			—			(62,828	)		613,627
Receivables related to Non-Residual Trusts		53,975			—		5,056			—		—			—			(8,141	)		50,890
Servicing rights carried at fair value		26,382			242,604		44,002			537,627		—			37,595			—			888,210
Freestanding derivative instruments (IRLCs)		949			—		60,731			—		—			—			—			61,680
Total assets	$	6,774,912		$	242,604	$	324,327		$	1,796,518	$	(76,441	)	$	683,758		$	(224,636	)	$	9,521,042
Liabilities
Freestanding derivative instruments (IRLCs)	$	—		$	—	$	(19,327	)	$	—	$	—		$	—		$	—		$	(19,327	)
Other accrued liabilities		(18,146	)		—		(26	)		—		—			—			1,955			(16,217	)
Contingent earn-out payments		(6,100	)		—		(4,800	)		—		—			—			—			(10,900	)
Mortgage-backed debt related to Non-Residual Trusts		(757,286	)		—		(29,850	)		—		—			—			66,056			(721,080	)
HMBS related obligations		(5,874,552	)		—		(116,370	)		—		—			(1,972,103	)		157,179			(7,805,846	)
Total liabilities	$	(6,656,084	)	$	—	$	(170,373	)	$	—	$	—		$	(1,972,103	)	$	225,190		$	(8,573,370	)

⁽¹⁾  Includes $28.5 million in reverse loans held for sale at January 1, 2013. There were no reverse loans held for sale at June 30, 2013.

The following assets and liabilities are measured on the consolidated financial statements at fair value on a recurring basis utilizing significant unobservable inputs or Level 3 assumptions in their valuation. The following tables provide a reconciliation of the beginning and ending balances of these assets and liabilities (in thousands):

	For the Year Ended December 31, 2013
	Fair Value January 1, 2013			Acquisition of ResCap Net Assets		Total Gains (Losses) Included in Net Income			Purchases		Sales			Issuances			Settlements			Transfers out		Fair Value December 31, 2013
Assets
Reverse loans(1)	$	6,047,108		$	—	$	112,772		$	2,080,857	$	(76,441	)	$	981,390		$	(407,183	)	$	—	$	8,738,503
Forward loans related to Non-Residual Trusts		646,498			—		64,848			—		—			—			(124,081	)		—		587,265
Receivables related to Non-Residual Trusts		53,975			—		4,374			—		—			—			(14,804	)		—		43,545
Servicing rights carried at fair value		26,382			242,604		48,058			626,331		—			187,749			—			—		1,131,124
Derivative instruments (IRLCs)		949			—		41,882			—		—			—			—			—		42,831
Total assets	$	6,774,912		$	242,604	$	271,934		$	2,707,188	$	(76,441	)	$	1,169,139		$	(546,068	)	$	—	$	10,543,268
Liabilities
Derivative instruments (IRLCs)	$	—		$	—	$	(3,755	)	$	—	$	—		$	—		$	—		$	—	$	(3,755	)
Mandatory repurchase obligation		(9,999	)		—		181			—		—			—			1,636			—		(8,182	)
Professional fees liability related to certain securitizations		(8,147	)		—		(817	)		—		—			—			2,357			—		(6,607	)
Contingent earn-out payments		(6,100	)		—		(4,800	)		—		—			—			5,000			5,900		—
Mortgage-backed debt related to Non-Residual Trusts		(757,286	)		—		(57,678	)		—		—			—			130,186			—		(684,778	)
HMBS related obligations		(5,874,552	)		—		12,302			—		—			(3,203,959	)		413,463			—		(8,652,746	)
Total liabilities	$	(6,656,084	)	$	—	$	(54,567	)	$	—	$	—		$	(3,203,959	)	$	552,642			5,900	$	(9,356,068	)

⁽¹⁾  Includes $28.5 million in reverse loans held for sale at January 1, 2013. There were no reverse loans held for sale at December 31, 2013.

	For the Year Ended December 31, 2012
	Fair Value January 1, 2012			Acquisition of RMS			Acquisition of S1L			Total Gains (Losses) Included in Net Loss			Purchases		Issuances			Settlements			Fair Value December 31, 2012
Assets
Reverse loans(1)	$	—		$	5,331,989		$	88,929		$	65,030		$	565,171	$	29,143		$	(33,154	)	$	6,047,108
Residential loans related to Non-Residual Trusts		672,714			—			—			107,493			—		—			(133,709	)		646,498
Receivables related to Non-Residual Trusts		81,782			—			—			(11,711	)		—		—			(16,096	)		53,975
Derivative instruments (IRLCs)		—			—			—			949			—		—			—			949
Total assets	$	754,496		$	5,331,989		$	88,929		$	161,761		$	565,171	$	29,143		$	(182,959	)	$	6,748,530
Liabilities
Mandatory repurchase obligation	$	(11,849	)	$	—		$	—		$	(116	)	$	—	$	—		$	1,966		$	(9,999	)
Professional fees liability related to certain securitizations		(9,666	)		—			—			(1,091	)		—		—			2,610			(8,147	)
Contingent earn-out payments		—			—			(6,100	)		—			—		—			—			(6,100	)
Mortgage-backed debt related to Non-Residual Trusts		(811,245	)		—			—			(86,163	)		—		—			140,122			(757,286	)
HMBS related obligations		—			(5,254,231	)		—			(57,751	)		—		(596,066	)		33,496			(5,874,552	)
Total liabilities	$	(832,760	)	$	(5,254,231	)	$	(6,100	)	$	(145,121	)	$	—	$	(596,066	)	$	178,194		$	(6,656,084	)

⁽¹⁾  Includes $28.5 million in reverse loans held for sale at December 31, 2012.

Significant Unobservable Inputs Used for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the significant unobservable inputs used in the fair value measurement of these assets and liabilities.

		June 30, 2014				December 31, 2013
	Significant Unobservable Input(1)(2)	Range of Input(3)	Weighted Average of Input(3)			Range of Input(3)	Weighted Average of Input(3)
Assets
Reverse loans	Weighted-average remaining life in years	2.1 - 12.9		4.8		2.0 - 12.9		4.4
	Conditional repayment rate	12.95% - 36.18%		20.69	%	10.67% - 36.61%		20.70	%
	Discount rate	1.89% - 4.13%		2.75	%	1.79% - 5.30%		2.98	%
Forward loans related to Non-Residual Trusts	Conditional prepayment rate	2.28% - 3.90%		2.91	%	2.20% - 3.78%		2.99	%
	Conditional default rate	1.54% - 4.75%		2.83	%	1.81% - 3.60%		2.90	%
	Loss severity	74.84% - 94.01%		87.76	%	75.90% - 96.67%		88.09	%
Receivables related to Non-Residual Trusts	Conditional prepayment rate	1.85% - 3.16%		2.54	%	1.93% - 3.11%		2.66	%
	Conditional default rate	1.73% - 5.03%		3.06	%	1.98% - 3.85%		3.16	%
	Loss severity	72.04% - 91.28%		84.85	%	72.94% - 94.16%		85.25	%
Charged-off loans	Collection rate	0.30% - 10.26%		2.29	%	—		—
	Discount rate	20.57% - 41.18%		22.18	%	—		—
Servicing rights carried at fair value	Weighted-average remaining life in years	5.3 - 10.4		6.5		6.0 - 10.8		6.8
	Discount rate	8.44% - 18.11%		9.59	%	8.87% - 18.11%		9.76	%
	Conditional prepayment rate	4.14% - 11.06%		8.05	%	3.85% - 8.08%		7.06	%
	Conditional default rate	0.24% - 3.85%		2.44	%	0.50% - 3.74%		2.90	%
Interest rate lock commitments	Loan funding probability	1.70% - 100%		76.69	%	11.99% - 100%		78.23	%
	Fair value of servicing rights(4)	0.87 - 9.49		3.97		1.64 - 5.60		4.21
Liabilities
Mortgage-backed debt related to Non-Residual Trusts	Conditional prepayment rate	1.85% - 3.16%		2.54	%	1.93% - 3.11%		2.66	%
	Conditional default rate	1.73% - 5.03%		3.06	%	1.98% - 3.85%		3.16	%
	Loss severity	72.04% - 91.28%		84.85	%	72.94% - 94.16%		85.25	%
HMBS related obligations	Weighted-average remaining life in years	1.6 - 7.7		4.1		1.9 - 7.8		4.1
	Conditional repayment rate	10.86% - 41.44%		20.20	%	10.22% - 38.67%		20.31	%
	Discount rate	1.31% - 3.24%		1.92	%	1.38% - 4.01%		2.36	%
Interest rate lock commitments	Loan funding probability	29.44% - 100%		80.36	%	46.50% - 100%		82.67	%
	Fair value of servicing rights(4)	1.96 - 5.21		4.19		1.89 - 5.30		4.52

⁽¹⁾ Conditional repayment rate includes assumptions for both voluntary and involuntary rates as well as assumptions for the assignment of HECMs to HUD, in accordance with obligations as servicer.

⁽²⁾ Voluntary and involuntary prepayment rates have been presented as conditional prepayment rate and conditional default rate, respectively.

⁽³⁾ With the exception of loss severity, fair value of servicing rights embedded in IRLCs and discount rate on charged-off loans, all significant unobservable inputs above are based on the related unpaid principal balance of the underlying collateral, or in the case of HMBS related obligations, the balance outstanding. Loss severity is based on projected liquidations. Fair value of servicing rights embedded in IRLCs represents a multiple of the annual servicing fee. The discount rate on charged-off loans is based on the loan balance at fair value.

⁽⁴⁾  Excludes the impact of IRLCs identified as servicing released.

which the Company utilizes a market approach. The following table presents the significant unobservable inputs used in the fair value measurement of these assets and liabilities at December 31, 2013.

	Significant Unobservable Input	Range of Input(1)	Weighted Average of Input(1)
Assets
Reverse loans	Weighted-average remaining life in years	2.0 - 12.9		4.4
	Conditional repayment rate	10.67%- 36.61%		20.70	%
	Discount rate	1.79% - 5.30%		2.98	%
Forward loans related to Non-Residual Trusts	Conditional prepayment rate	2.20% - 3.78%		2.99	%
	Conditional default rate	1.81% - 3.60%		2.90	%
	Loss severity	75.90% - 96.67%		88.09	%
Receivables related to Non-Residual Trusts	Conditional prepayment rate	1.93% - 3.11%		2.66	%
	Conditional default rate	1.98% - 3.85%		3.16	%
	Loss severity	72.94% - 94.16%		85.25	%
Servicing rights carried at fair value	Weighted-average remaining life in years	6.0 - 10.8		6.8
	Discount rate	8.87% - 18.11%		9.76	%
	Conditional prepayment rate	3.85% - 8.08%		7.06	%
	Conditional default rate	0.50% - 3.74%		2.90	%
Interest rate lock commitments	Loan funding probability	11.99% - 100%		78.23	%
	Fair value of servicing rights	1.64 - 5.60		4.21
Liabilities
Mandatory repurchase obligation	Conditional prepayment rate	4.19%		4.19	%
	Conditional default rate	2.75%		2.75	%
	Loss severity	72.28%		72.28	%
Professional fees liability related to certain securitizations	Conditional prepayment rate	1.93% - 3.79%		2.74	%
	Conditional default rate	1.98% - 4.57%		3.20	%
Mortgage-backed debt related to Non-Residual Trusts	Conditional prepayment rate	1.93% - 3.11%		2.66	%
	Conditional default rate	1.98% - 3.85%		3.16	%
	Loss severity	72.94% - 94.16%		85.25	%
HMBS related obligations	Weighted-average remaining life in years	1.9 - 7.8		4.1
	Conditional repayment rate	10.22% -38.67%		20.31	%
	Discount rate	1.38% - 4.01%		2.36	%
Interest rate lock commitments	Loan funding probability	46.50% - 100%		82.67	%
	Fair value of servicing rights	1.89 - 5.30		4.52

⁽¹⁾  With the exception of loss severity and fair value of servicing rights embedded in IRLCs, all significant unobservable inputs above are based on the related unpaid principal balance of the underlying collateral, or in the case of HMBS related obligations, the balance outstanding. Loss severity is based on projected liquidations. Fair value of servicing rights embedded in IRLCs represents a multiple of the annual servicing fee.

Assets Measured at Fair Value on Non-Recurring Basis

Real estate owned, net is included on the consolidated financial statements within other assets and is measured at fair value on a non-recurring basis utilizing significant unobservable inputs or Level 3 assumptions in their valuation (in thousands):

	June 30, 2014		December 31, 2013
Real estate owned, net	$	79,079	$	73,573

Real estate owned, net is included on the consolidated financial statements within other assets and is measured at fair value on a non-recurring basis utilizing significant unobservable inputs or Level 3 assumptions in their valuation (in thousands):

	December 31,
	2013		2012
Real estate owned, net	$	73,573	$	64,959

Significant Unobservable Inputs Used for Assets Measured at Fair Value on Non-Recurring Basis

The following table presents the significant unobservable input used in the fair value measurement of real estate owned, net at June 30, 2014 measured on the consolidated financial statements at fair value on a non-recurring basis:

			June 30, 2014				December 31, 2013
	Significant Unobservable Input		Range of Input		Weighted Average of Input		Range of Input		Weighted Average of Input
Real estate owned, net		Loss severity(1)		0.00% - 59.58%		8.42%		0.00% - 88.68%		9.48%

⁽¹⁾ Loss severity is based on projected liquidations.

The following table presents the significant unobservable input used in the fair value measurement of real estate owned, net at December 31, 2013 measured on the consolidated financial statements at fair value on a non-recurring basis:

	Significant Unobservable Input		Range		Weighted Average
Real estate owned, net		Loss severity		0.00% - 88.68%		9.48	%

Carrying Values and Estimated Fair Values of Financial Assets and Liabilities Required to be Disclosed at Fair Value

The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value on a recurring or non-recurring basis and their respective levels within the fair value hierarchy (in thousands):

			June 30, 2014				December 31, 2013
	Fair Value Hierarchy		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Financial assets
Cash and cash equivalents		Level 1	$	303,341	$	303,341	$	491,885	$	491,885
Restricted cash and cash equivalents		Level 1		811,670		811,670		804,803		804,803
Residential loans at amortized cost, net		Level 3		1,361,153		1,309,382		1,394,871		1,341,376
Insurance premium receivables		Level 3		100,527		95,904		103,149		97,902
Servicer and protective advances, net		Level 3		1,595,950		1,543,203		1,381,434		1,332,315
Financial liabilities
Payables to insurance carriers		Level 3		79,551		78,544		69,489		68,470
Servicer payables		Level 1		735,391		735,391		735,225		735,225
Servicing advance liabilities(1)		Level 3		1,035,485		1,040,441		970,884		971,286
Warehouse borrowings(1)		Level 1		1,147,935		1,151,216		1,084,112		1,085,563
Debt(1)		Level 2		2,229,854		2,324,221		2,229,969		2,322,709
Mortgage-backed debt carried at amortized cost(1)		Level 3		1,139,250		1,138,758		1,189,536		1,192,510

⁽¹⁾  The carrying amounts of servicing advance liabilities, warehouse borrowings, debt and mortgage-backed debt carried at amortized cost are net of deferred issuance costs.

The following table presents the carrying amounts and estimated fair values of financial assets and liabilities that are not recorded at fair value on a recurring or non-recurring basis and their respective levels within the fair value hierarchy (in thousands):

	December 31, 2013						December 31, 2012
	Carrying Amount		Estimated Fair Value		Fair Value Hierarchy		Carrying Amount		Estimated Fair Value
Financial assets
Cash and cash equivalents	$	491,885	$	491,885		Level 1	$	442,054	$	442,054
Restricted cash and cash equivalents		804,803		804,803		Level 1		653,338		653,338
Residential loans at amortized cost, net		1,394,871		1,341,376		Level 3		1,490,321		1,436,592
Receivables, net:
Insurance premium receivables		103,149		97,902		Level 3		107,824		101,238
Other		172,501		172,501		Level 1		97,210		97,210
Servicer and protective advances, net		1,381,434		1,332,315		Level 3		173,047		160,632
Financial liabilities
Payables and accrued liabilities:
Payables to insurance carriers		69,489		68,470		Level 3		51,377		50,614
Other		398,079		398,079		Level 1		183,885		183,885
Servicer payables		735,225		735,225		Level 1		587,929		587,929
Servicing advance liabilities(1)		970,884		971,286		Level 3		99,508		99,915
Debt(1)		3,314,081		3,408,272		Level 2		1,115,804		1,165,811
Mortgage-backed debt carried at amortized cost(1)		1,189,536		1,192,510		Level 3		1,298,999		1,300,979

⁽¹⁾  The carrying amounts of servicing advance liabilities, debt, and mortgage-backed debt carried at amortized cost are net of deferred issuance costs.

Fair Value and Unpaid Principal Balance of Assets and Liabilities Carried Under Fair Value Option

Presented in the table below is the estimated fair value and unpaid principal balance of loans, receivables and debt instruments for which the Company has elected the fair value option (in thousands):

	June 30, 2014				December 31, 2013
	Estimated Fair Value		Unpaid Principal Balance		Estimated Fair Value		Unpaid Principal Balance
Loans and receivables at fair value under the fair value option
Reverse loans(1)	$	9,482,030	$	8,741,715	$	8,738,503	$	8,135,927
Forward loans held for sale(1)		1,173,588		1,106,136		1,015,607		976,774
Forward loans related to Non-Residual Trusts		557,786		687,940		587,265		727,110
Charged-off loans		54,997		3,272,912		—		—
Receivables related to Non-Residual Trusts(2)		36,181		36,524		43,545		43,988
Total	$	11,304,582	$	13,845,227	$	10,384,920	$	9,883,799
Debt instruments at fair value under the fair value option
Mortgage-backed debt related to Non-Residual Trusts	$	651,784	$	695,366	$	684,778	$	735,379
HMBS related obligations(2)		9,472,666		8,646,651		8,652,746		7,959,711
Total	$	10,124,450	$	9,342,017	$	9,337,524	$	8,695,090

⁽¹⁾ Includes loans that collateralize master repurchase agreements. Refer to Note 16 for further information.

⁽²⁾  For the receivables related to Non-Residual Trusts, the unpaid principal balance represents the notional amount of expected draws under the LOCs. For the HMBS related obligations, the unpaid principal balance represents the balance outstanding.

Presented in the table below is the estimated fair value and unpaid principal balance of loans, receivables and debt instruments for which the Company has elected the fair value option (in thousands):

	December 31, 2013				December 31, 2012
	Estimated Fair Value		Unpaid Principal Balance		Estimated Fair Value		Unpaid Principal Balance
Loans and receivables at fair value under the fair value option
Reverse loans(1)(2)	$	8,738,503	$	8,135,927	$	6,047,108	$	5,400,876
Forward loans related to Non-Residual Trusts		587,265		727,110		646,498		814,481
Forward loans held for sale(2)		1,015,607		976,774		16,605		16,325
Receivables related to Non-Residual Trusts(3)		43,545		43,988		53,975		54,604
Total	$	10,384,920	$	9,883,799	$	6,764,186	$	6,286,286
Debt instruments at fair value under the fair value option
Mortgage-backed debt related to Non-Residual Trusts	$	684,778	$	735,379	$	757,286	$	825,200
HMBS related obligations(3)		8,652,746		7,959,711		5,874,552		5,169,135
Total	$	9,337,524	$	8,695,090	$	6,631,838	$	5,994,335

⁽¹⁾  Includes $28.5 million in reverse loans held for sale at December 31, 2012. There were no reverse loans held for sale at December 31, 2013.

⁽²⁾  Includes loans that collateralize master repurchase agreements. Refer to Note 18 for further information.

⁽³⁾  For the receivables related to Non-Residual Trusts, the unpaid principal balance represents the notional amount of expected draws under the LOCs. For the HMBS related obligations, the unpaid principal balance represents the balance outstanding.

Components of Net Gains on Sales of Loans

Provided in the table below is a summary of the components of net gains on sales of loans (in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2014			2013			2014			2013
Realized gains on sales of loans	$	102,517		$	67,218		$	189,350		$	75,526
Change in unrealized gains (losses) on loans held for sale		23,353			(15,897	)		19,177			(2,271	)
Gains (losses) on interest rate lock commitments		37,969			(17,217	)		36,363			41,404
Gains (losses) on forward sales commitments		(63,956	)		183,625			(99,812	)		179,688
Losses on MBS purchase commitments		(7,709	)		(24,662	)		(7,642	)		(24,662	)
Capitalized servicing rights		45,554			36,305			98,167			37,595
Provision for repurchases		(1,838	)		(2,010	)		(4,024	)		(2,181	)
Interest income		8,721			8,473			17,066			9,261
Other		—			114			—			34
Net gains on sales of loans	$	144,611		$	235,949		$	248,645		$	314,394

Provided in the table below is a summary of the components of net gains on sales of loans (in thousands):

	For the Years Ended December 31,
	2013			2012
Realized gains on sales of loans	$	218,504		$	537
Change in unrealized gains on loans held for sale		24,771			266
Net fair value gains on derivatives		144,357			(153	)
Capitalized servicing rights		187,749			—
Provision for repurchases		(9,067	)		(18	)
Interest income		32,625			16
Other		35			—
Net gains on sales of loans	$	598,974		$	648

Summary of Components of Net Fair Value Gains on Reverse Loans and Related HMBS Obligations

Provided in the table below is a summary of the components of net fair value gains on reverse loans and related HMBS obligations (in thousands):

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2014			2013			2014			2013
Net fair value gains (losses) on reverse loans and related HMBS obligations
Interest income on reverse loans	$	98,258		$	86,514		$	195,139		$	163,781
Change in fair value of reverse loans		(8,687	)		14,570			99,841			16,108
Net fair value gains on reverse loans		89,571			101,084			294,980			179,889
Interest expense on HMBS related obligations		(91,470	)		(79,545	)		(182,030	)		(149,220	)
Change in fair value of HMBS related obligations		28,835			5,192			(68,778	)		32,850
Net fair value losses on HMBS related obligations		(62,635	)		(74,353	)		(250,808	)		(116,370	)
Net fair value gains on reverse loans and related HMBS obligations	$	26,936		$	26,731		$	44,172		$	63,519

Provided in the table below is a summary of the components of net fair value gains on reverse loans and related HMBS obligations (in thousands):

	For the Years Ended December 31,
	2013			2012
Net fair value gains (losses) on reverse loans and related HMBS obligations
Interest income on reverse loans	$	347,497		$	44,314
Change in fair value of reverse loans		(239,417	)		20,716
Net fair value gains on reverse loans		108,080			65,030
Interest expense on HMBS related obligations		(321,820	)		(41,114	)
Change in fair value of HMBS related obligations		334,122			(16,637	)
Net fair value gains (losses) on HMBS related obligations		12,302			(57,751	)
Net fair value gains on reverse loans and related HMBS obligations	$	120,382		$	7,279

Summary of Net Fair Value Gains

Provided in the table below is a summary of the components of other net fair value gains (in thousands):

	For the Years Ended December 31,
	2013			2012			2011
Other net fair value gains (losses)
Assets of Non-Residual Trusts	$	69,222		$	95,782		$	21,261
Liabilities of Non-Residual Trusts		(57,678	)		(86,163	)		(22,197	)
Mandatory repurchase obligation		181			(116	)		981
Professional fees liability related to certain securitizations		(817	)		(1,091	)		(607	)
Contingent earn-out payments		(4,800	)		—			2,096
Other		(47	)		(1,191	)		(490	)
Other net fair value gains	$	6,061		$	7,221		$	1,044