Netting of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Offsetting of Derivative Assets

Following is a summary of net derivative assets.

	December 31, 2016								December 31, 2015
	Gross amounts of recognized assets		Gross amounts offset in the consolidated balance sheet			Net amounts of assets presented in the consolidated balance sheet			Gross amounts of recognized assets		Gross amounts offset in the consolidated balance sheet			Net amounts of assets presented in the consolidated balance sheet
	(in thousands)
Derivative assets
Not subject to master netting arrangements:
Interest rate lock commitments	$	7,069	$	—		$	7,069		$	4,983	$	—		$	4,983
CRT Agreements		15,610		—			15,610			593		—			593
		22,679		—			22,679			5,576		—			5,576
Subject to master netting arrangements:
MBS put options		1,697		—			1,697			93		—			93
MBS call options		142		—			142			—		—			—
Forward purchase contracts		30,879		—			30,879			2,444		—			2,444
Forward sale contracts		13,164		—			13,164			2,604		—			2,604
Put options on interest rate futures		2,469		—			2,469			1,512		—			1,512
Call options on interest rate futures		63		—			63			1,156		—			1,156
Netting		—		(37,384	)		(37,384	)		—		(3,300	)		(3,300	)
		48,414		(37,384	)		11,030			7,809		(3,300	)		4,509
	$	71,093	$	(37,384	)	$	33,709		$	13,385	$	(3,300	)	$	10,085

Summary of Derivative Assets and Collateral Held by Counterparty

The following table summarizes by significant counterparty the amount of derivative asset positions after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting.

	December 31, 2016								December 31, 2015
	Net amount		Gross amounts						Net amount		Gross amounts
	of assets		not offset in the						of assets		not offset in the
	presented		consolidated						presented		consolidated
	in the		balance sheet						in the		balance sheet
	consolidated				Cash				consolidated				Cash
	balance		Financial		collateral		Net		balance		Financial		collateral		Net
	sheet		instruments		received		amount		sheet		instruments		received		amount
	(in thousands)
CRT Agreements	$	15,610	$	—	$	—	$	15,610	$	—	$	—	$	—	$	—
Interest rate lock commitments		7,069		—		—		7,069		4,983		—		—		4,983
Bank of America, N.A.		1,881		—		—		1,881		—		—		—		—
RJ O’Brien & Associates, LLC		1,531		—		—		1,531		1,672		—		—		1,672
Royal Bank of Canada		1,194		—		—		1,194		400		—		—		400
Goldman Sachs		1,164		—		—		1,164		—		—		—		—
Jefferies Group LLC		967		—		—		967		541		—		—		541
Barclays Capital		855		—		—		855		796		—		—		796
Wells Fargo Bank, N.A.		638		—		—		638		99		—		—		99
Morgan Stanley Bank, N.A.		—		—		—		—		464		—		—		464
Other		2,800		—		—		2,800		1,130		—		—		1,130
	$	33,709	$	—	$	—	$	33,709	$	10,085	$	—	$	—	$	10,085

Schedule of Offsetting of Derivative Liabilities and Financial Liabilities

Following is a summary of net derivative liabilities and assets sold under agreements to repurchase. Assets sold under agreements to repurchase do not qualify for setoff accounting.

	December 31, 2016									December 31, 2015
	Gross amounts of recognized liabilities			Gross amounts offset in the consolidated balance sheet			Net amounts of liabilities presented in the consolidated balance sheet			Gross amounts of recognized liabilities			Gross amounts offset in the consolidated balance sheet			Net amounts of liabilities presented in the consolidated balance sheet
	(in thousands)
Derivative liabilities
Not subject to master netting arrangements:
Interest rate lock commitments	$	3,292		$	—		$	3,292		$	337		$	—		$	337
		3,292			—			3,292			337			—			337
Subject to master netting arrangements:
Forward purchase contracts		7,619			—			7,619			3,774			—			3,774
Forward sales contracts		17,974			—			17,974			2,680			—			2,680
Put options on interest rate futures		—			—			—			39			—			39
Call options on interest rate futures		—			—			—			305			—			305
Netting					(19,312	)		(19,312	)		—			(3,978	)		(3,978	)
		25,593			(19,312	)		6,281			6,798			(3,978	)		2,820
		28,885			(19,312	)		9,573			7,135			(3,978	)		3,157
Assets sold under agreements to repurchase:
UPB		3,784,685			—			3,784,685			3,130,328			—			3,130,328
Unamortized debt issuance costs		(684	)		—			(684	)		(1,548	)		—			(1,548	)
		3,784,001			—			3,784,001			3,128,780			—			3,128,780
	$	3,812,886		$	(19,312	)	$	3,793,574		$	3,135,915		$	(3,978	)	$	3,131,937

Summary of Derivative Liabilities, Financial Liabilities and Collateral Pledged by Counterparty

The following table summarizes by significant counterparty the amount of derivative liabilities and assets sold under agreements to repurchase after considering master netting arrangements and financial instruments or cash pledged that do not meet the accounting guidance qualifying for setoff accounting. All assets sold under agreements to repurchase represent sufficient collateral or exceed the liability amount recorded on the consolidated balance sheet.

	December 31, 2016										December 31, 2015
	Net amount			Gross amounts							Net amount			Gross amounts
	of liabilities			not offset in the							of liabilities			not offset in the
	presented			consolidated							presented			consolidated
	in the			balance sheet							in the			balance sheet
	consolidated						Cash				consolidated						Cash
	balance			Financial			collateral		Net		balance			Financial			collateral		Net
	sheet			instruments			pledged		amount		sheet			instruments			pledged		amount
	(in thousands)
Interest rate lock commitments	$	3,292		$	—		$	—	$	3,292	$	337		$	—		$	—	$	337
Credit Suisse First Boston Mortgage Capital LLC		1,181,441			(1,181,235	)		—		206		893,947			(893,854	)		—		93
Bank of America, N.A.		847,683			(847,683	)		—		—		538,755			(538,515	)		—		240
Citibank		575,092			(573,589	)		—		1,503		817,089			(816,699	)		—		390
JPMorgan Chase & Co.		544,009			(542,542	)		—		1,467		467,427			(467,145	)		—		282
Daiwa Capital Markets		177,316			(177,077	)		—		239		165,480			(165,480	)		—		—
Morgan Stanley Bank, N.A.		143,951			(142,055	)		—		1,896		214,086			(214,086	)		—		—
Wells Fargo		116,648			(116,648	)		—		—		—			—			—		—
Barclays Capital		92,796			(92,796	)		—		—		24,346			(24,346	)		—		—
Royal Bank of Canada		63,926			(63,926	)		—		—		—			—			—		—
BNP Paribas		47,785			(47,134	)		—		651		10,203			(10,203	)		—		—
Other		319			—			—		319		1,815			—			—		1,815
Unamortized debt issuance costs		(684	)		684			—		—		(1,548	)		1,548			—		—
	$	3,793,574		$	(3,784,001	)	$	—	$	9,573	$	3,131,937		$	(3,128,780	)	$	—	$	3,157