Net Gain on Mortgage Loans Held for Sale

9 Months Ended

Sep. 30, 2013

Net Gain on Mortgage Loans Held for Sale

Net Gain on Mortgage Loans Held for Sale

Note 18—Net Gain on Mortgage Loans Held for Sale

Net gain on mortgage loans held for sale at fair value is summarized below:

	Quarter ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
	(in thousands)
Cash (loss) gain:
Sales proceeds	$	(93,725	)	$	26,676		$	(148,866	)	$	49,695
Hedging activities	88,789			(19,574		)	128,670			(40,276		)
	(4,936		)	7,102			(20,196		)	9,419
Non-cash gain:
Receipt of MSRs in loan sale transactions	60,137			25,620			154,352			51,006
MSR recapture payable to affiliate	(86		)	—			(586		)	—
Provision for losses relating to representations and warranties provided in loan sales	(1,069		)	(918		)	(3,766		)	(1,856		)
Change in fair value relating to loans and hedging derivatives held at period end:
IRLCs	37,768			20,723			(2,382		)	25,528
Mortgage loans	27,510			6,693			7,876			8,636
Hedging derivatives	(93,375		)	(19,460		)	(26,738		)	(24,246		)
	$	25,949		$	39,760		$	108,560		$	68,487