Borrowings (Tables)

9 Months Ended

Sep. 30, 2013

Summary of financial data pertaining to mortgage loans sold under agreements to repurchase

	Quarter ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
	(dollar amounts in thousands)
Period end:
Balance	$	387,883		$	361,478		$	387,883		$	361,478
Unused amount (1)	$	612,117		$	88,522		$	612,117		$	88,522
Weighted-average interest rate	1.82		%	2.38		%	1.82		%	2.38		%
Fair value of loans securing agreements to repurchase	$	522,031		$	408,415		$	522,031		$	408,415
During the period:
Average balance of loans sold under agreements to repurchase	$	373,386		$	219,047		$	354,125		$	146,425
Weighted-average interest rate (2)	1.89		%	2.23		%	2.02		%	2.18		%
Total interest expense	$	2,920		$	1,682		$	8,251		$	3,583
Maximum daily amount outstanding	$	588,494		$	361,588		$	623,523		$	361,588

(1) The amount the Company is able to borrow under loan repurchase agreements is tied to the fair value of unencumbered mortgage loans eligible to secure those agreements and the Company’s ability to fund the agreements’ margin requirements relating to the mortgage loans sold.

(2) Excludes the effect of amortization of commitment fees totaling $1.1 million and $423,000 for the quarters ended September 30, 2013 and September 30, 2012, respectively, and $2.8 million and $1.1 million for the nine months ended September 30, 2013 and September 30, 2012, respectively.

Summary of maturities of outstanding advances under repurchase agreements by maturity date

Remaining maturity at September 30, 2013	Balance
	(in thousands)
Within 30 days	$	423
Over 30 to 90 days	387,460
Over 90 days to 180 days	—
Over 180 days to 1 year	—
	$	387,883
Weighted-average maturity (in months)	2.6

Summary of amount at risk relating to the mortgage loans held for sale sold under agreements to repurchase by counterparty

Counterparty	Amount at risk		Weighted-average maturity of advances under repurchase agreement	Facility maturity
	(in thousands)
Bank of America, N.A.	$	45,516	December 16, 2013	January 2, 2014
Credit Suisse First Boston Mortgage Capital LLC	$	89,917	December 18, 2013	(1)

(1) The earlier to occur of October 31, 2014 or the rolling maturity date that is 364 days from any particular date of determination.

Summary of note payable

	September 30, 2013		December 31, 2012
	(in thousands)
Period end:
Note payable secured by:
Servicing advances	$	3,823	$	4,905
MSRs	52,952		48,108
	$	56,775	$	53,013
Assets pledged to secure note:
Servicing advances	$	6,865	$	7,430
MSRs	$	226,588	$	100,957

- Definition

Tabular disclosure, as of the balance sheet date, of the amount at risk under repurchase agreements with any individual counterparty or group of related counterparties which exceeds 10 percent of stockholders' equity. Includes the name of each counterparty or group of related counterparties, the amount at risk with each, and the weighted average maturity of the repurchase agreements with each. The amount at risk under repurchase agreements is defined as the excess of carrying amount (or market value, if higher than the carrying amount or if there is no carrying amount) of the securities or other assets sold under agreement to repurchase, including accrued interest plus any cash or other assets on deposit to secure the repurchase obligation, over the amount of the repurchase liability (adjusted for accrued interest).

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