FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016
Assets
Loans held for sale	$	—	$	1,858,358	$	—	$	1,858,358
Pledged securities		84,850		—		—		84,850
Derivative assets		—		—		61,824		61,824
Total	$	84,850	$	1,858,358	$	61,824	$	2,005,032
Liabilities
Derivative liabilities	$	—	$		$	4,396	$	4,396
Total	$	—	$	—	$	4,396	$	4,396
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

Schedule of Roll Forward of Derivative Instruments

	Fair Value Measurements
	Using Significant
	Unobservable Inputs:
	Derivative Instruments
(in thousands)	December 31, 2016
Derivative assets and liabilities, net
Beginning balance December 31, 2015	$	10,345
Settlements		(320,102)
Realized gains recorded in earnings (1)		309,757
Unrealized gains recorded in earnings (1)		57,428
Ending balance December 31, 2016	$	57,428

	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 (losses) recorded in earnings (1)		280,121
Unrealized gains (losses) recorded in earnings (1)		10,345
Ending balance December 31, 2015	$	10,345

(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	$	61,824	Discounted cash flow	Counterparty credit risk	—
Derivative liabilities	$	4,396	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, 2016				December 31, 2015
	Carrying		Fair		Carrying		Fair
(in thousands)	Amount		Value		Amount		Value
Financial assets:
Cash and cash equivalents	$	118,756	$	118,756	$	136,988	$	136,988
Restricted cash		9,861		9,861		5,306		5,306
Pledged securities		84,850		84,850		72,190		72,190
Loans held for sale		1,858,358		1,858,358		2,499,111		2,499,111
Loans held for investment, net		220,377		222,313		231,493		233,370
Derivative assets		61,824		61,824		11,678		11,678
Total financial assets	$	2,354,026	$	2,355,962	$	2,956,766	$	2,958,643
Financial liabilities:
Derivative liabilities	$	4,396	$	4,396	$	1,333	$	1,333
Warehouse notes payable		1,990,183		1,992,111		2,649,470		2,652,011
Note payable		164,163		167,327		164,462		168,431
Total financial liabilities	$	2,158,742	$	2,163,834	$	2,815,265	$	2,821,775

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

			Fair Value Adjustment Components						Balance Sheet Location
													Fair Value
	Notional or		Assumed				Total						Adjustment
	Principal		Gain		Interest Rate		Fair Value		Derivative		Derivative		To Loans
(in thousands)	Amount		on Sale		Movement		Adjustment		Assets		Liabilities		Held for Sale
December 31, 2016
Rate lock commitments	$	395,462	$	15,844	$	(2,275)	$	13,569	$	14,482	$	(913)	$	—
Forward sale contracts		2,248,385		—		43,859		43,859		47,342		(3,483)		—
Loans held for sale		1,852,923		47,019		(41,584)		5,435		—		—		5,435
Total			$	62,863	$	—	$	62,863	$	61,824	$	(4,396)	$	5,435
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