Derivatives (Tables)

6 Months Ended

Jun. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of gross notional amount of derivatives

The following table summarizes the gross notional amount of derivatives:

	June 30, 2016		December 31, 2015
	(In millions)
Interest rate lock commitments	$	1,437	$	1,048
Forward delivery commitments	4,049		2,468
Option contracts	—		125
MSR-related agreements	4,215		3,945

Schedule of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting

The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:

	June 30, 2016
	Gross Assets		Offsetting Payables			Cash Collateral Received			Net Amount
	(In millions)
ASSETS
Subject to master netting arrangements:
Forward delivery commitments	$	5	$	(5	)	$	—		$	—
MSR-related agreements	112		(104		)	(1		)	7
Derivative assets subject to netting	117		(109		)	(1		)	7
Not subject to master netting arrangements:
Interest rate lock commitments	39		—			—			39
Forward delivery commitments	3		—			—			3
Derivative assets not subject to netting	42		—			—			42
Total derivative assets	$	159	$	(109	)	$	(1	)	$	49

	Gross Liabilities		Offsetting Receivables			Cash Collateral Received (Paid)			Net Amount
LIABILITIES
Subject to master netting arrangements:
Forward delivery commitments	$	15	$	(7	)	$	(6	)	$	2
MSR-related agreements	—		(102		)	110			8
Derivative liabilities subject to netting	15		(109		)	104			10
Not subject to master netting arrangements:
Forward delivery commitments	3		—			—			3
Total derivative liabilities	$	18	$	(109	)	$	104		$	13

	December 31, 2015
	Gross Assets		Offsetting Payables			Cash Collateral Received			Net Amount
	(In millions)
ASSETS
Subject to master netting arrangements:
Forward delivery commitments	$	2	$	(2	)	$	—		$	—
MSR-related agreements	27		—			(23		)	4
Derivative assets subject to netting	29		(2		)	(23		)	4
Not subject to master netting arrangements:
Interest rate lock commitments	21		—			—			21
Forward delivery commitments	1		—			—			1
Derivative assets not subject to netting	22		—			—			22
Total derivative assets	$	51	$	(2	)	$	(23	)	$	26

	Gross Liabilities		Offsetting Receivables			Cash Collateral Received		Net Amount
LIABILITIES
Subject to master netting arrangements:
Forward delivery commitments	$	2	$	(2	)	$	2	$	2
Total derivative liabilities	$	2	$	(2	)	$	2	$	2

Schedule of gains (losses) recorded in the Consolidated Statements of Operations

The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
	(In millions)
Gain on loans held for sale, net:
Interest rate lock commitments	$	101		$	54		$	178		$	135
Forward delivery commitments	(14		)	28			(35		)	11
Option contracts	(1		)	(1		)	(1		)	(1		)
Net derivative gain (loss) related to mortgage servicing rights:
MSR-related agreements	58			(49		)	143			4