Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

Summary of Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis

	Quoted Prices in		Significant		Significant
	Active Markets		Other		Other
	For Identical		Observable		Unobservable
	Assets		Inputs		Inputs		Balance as of
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Period End
December 31, 2015
Assets
Loans held for sale	$	—	$	2,499,111	$	—	$	2,499,111
Pledged securities		72,190		—		—		72,190
Derivative assets		—		—		11,678		11,678
Total	$	72,190	$	2,499,111	$	11,678	$	2,582,979
Liabilities
Derivative liabilities	$	—	$	—	$	1,333	$	1,333
Total	$	—	$	—	$	1,333	$	1,333
December 31, 2014
Assets
Loans held for sale	$	—	$	1,072,116	$	—	$	1,072,116
Pledged securities		67,719		—		—		67,719
Derivative assets		—		—		14,535		14,535
Total	$	67,719	$	1,072,116	$	14,535	$	1,154,370
Liabilities
Derivative liabilities	$	—	$	—	$	4,877	$	4,877
Total	$	—	$	—	$	4,877	$	4,877

Schedule of Roll Forward of Derivative Instruments

	Fair Value Measurements
	Using Significant
	Unobservable Inputs:
	Derivative Instruments
(in thousands)	December 31, 2015
Derivative assets and liabilities, net
Beginning balance December 31, 2014	$	9,658
Settlements		(289,779)
Realized gains recorded in earnings (1)		280,121
Unrealized gains recorded in earnings (1)		10,345
Ending balance December 31, 2015	$	10,345

	Fair Value Measurements
	Using Significant
	Unobservable Inputs:
	Derivative Instruments
(in thousands)	December 31, 2014
Derivative assets and liabilities, net
Beginning balance December 31, 2013	$	19,341
Settlements		(231,666)
Realized gains (losses) recorded in earnings (1)		212,325
Unrealized gains (losses) recorded in earnings (1)		9,658
Ending balance December 31, 2014	$	9,658

(1) Realized and unrealized gains from derivatives are recognized in Gains from mortgage banking activities in the Consolidated Statements of Income.

Schedule of Significant Unobservable Inputs Used in the Measurement of the Fair Value of Level 3 Assets and Liabilities

	Quantitative Information about Level 3 Measurements
(in thousands)	Fair Value		Valuation Technique	Unobservable Input (1)	Input Value (1)
Derivative assets	$	11,678	Discounted cash flow	Counterparty credit risk	—
Derivative liabilities	$	1,333	Discounted cash flow	Counterparty credit risk	—

(1) Significant increases in this input may lead to significantly lower fair value measurements.

Schedule of Carrying Amounts and the Fair Values of the Company's Financial Instruments

	December 31, 2015				December 31, 2014
	Carrying		Fair		Carrying		Fair
(in thousands)	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	136,988	$	136,988	$	113,354	$	113,354
Restricted cash		5,306		5,306		13,854		13,854
Pledged securities		72,190		72,190		67,719		67,719
Loans held for sale		2,499,111		2,499,111		1,072,116		1,072,116
Loans held for investment, net		231,493		233,370		223,059		225,318
Derivative assets		11,678		11,678		14,535		14,535
Total financial assets	$	2,956,766	$	2,958,643	$	1,504,637	$	1,506,896
Financial liabilities:
Derivative liabilities	$	1,333	$	1,333	$	4,877	$	4,877
Warehouse notes payable		2,649,470		2,652,011		1,214,279		1,216,245
Note payable		164,462		168,431		169,095		173,250
Total financial liabilities	$	2,815,265	$	2,821,775	$	1,388,251	$	1,394,372

Schedule of Fair Value of Derivative Instruments and Loans Held for Sale

			Fair Value Adjustment Components						Balance Sheet Location
													Fair Value
	Notional or		Assumed		Interest Rate		Total						Adjustment
	Principal		Gain		Movement		Fair Value		Derivative		Derivative		To Loans
(in thousands)	Amount		on Sale		Effect		Adjustment		Assets		Liabilities		Held for Sale
December 31, 2015
Rate lock commitments	$	267,710	$	9,467	$	(1,494)	$	7,973	$	7,973	$	—	$	—
Forward sale contracts		2,747,590		—		2,371		2,371		3,705		(1,333)		—
Loans held for sale		2,479,880		20,108		(877)		19,231		—		—		19,231
Total			$	29,575	$	—	$	29,575	$	11,678	$	(1,333)	$	19,231
December 31, 2014
Rate lock commitments	$	472,558	$	11,279	$	273	$	11,552	$	11,552	$	—	$	—
Forward sale contracts		1,529,241		—		(1,894)		(1,894)		2,983		(4,877)		—
Loans held for sale		1,056,683		13,812		1,621		15,433		—		—		15,433
Total			$	25,091	$	—	$	25,091	$	14,535	$	(4,877)	$	15,433