NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of carrying and estimated fair values of financial instruments

		September 30, 2013						December 31, 2012
	Level	Carrying Value			Fair Value			Carrying Value			Fair Value
Financial assets:
Loans held for sale, at fair value (1)	2	$	335,102		$	335,102		$	426,480		$	426,480
Loans held for sale, at lower of cost or fair value (2)	3		86,753			86,753			82,866			82,866
Loans – restricted for securitization investors, at fair value (1)	3		290,853			290,853			—			—
Advances and match funded advances (3)	3		1,480,012			1,480,012			3,233,707			3,233,707
Receivables, net (3)	3		253,150			253,150			167,459			167,459
Financial liabilities:
Match funded liabilities (3)	3	$	363,012		$	363,012		$	2,532,745		$	2,533,278
Other borrowings:
Senior secured term loan (3)	3		1,287,821			1,278,273			305,997			310,822
Secured borrowings – owed to securitization investors, at fair value (1)	3		284,276			284,276			—			—
Other (3)	3		1,020,494			1,020,494			790,682			790,682
Total Other borrowings			2,592,591			2,583,043			1,096,679			1,101,504
Derivative financial instruments (1):
Interest rate lock commitments (IRLCs)	2	$	13,491		$	13,491		$	5,781		$	5,781
Interest rate swaps	3		—			—			(10,836	)		(10,836	)
Forward MBS trades	1		(12,185	)		(12,185	)		(1,719	)		(1,719	)
U.S. Treasury futures	1		—			—			(1,258	)		(1,258	)
Interest rate caps	3		—			—			168			168
MSRs, at fair value (1)	3	$	96,938		$	96,938		$	85,213		$	85,213

(1) Measured at fair value on a recurring basis.

(2) Measured at fair value on a non-recurring basis.

(3) Disclosed, but not carried, at fair value.

Schedule of reconciliation of the changes in fair value of Level 3 assets

	Loans – restricted for securitization investors			Secured borrowings – owed to securitization investors			Derivative Financial Instruments			MSRs at Fair Value			Total
Three Months Ended September 30, 2013:
Beginning balance	$	76,649		$	(73,641	)	$	176		$	97,163		$	100,347
Purchases, issuances, sales and settlements:
Purchases		—			—			—			—			—
Issuances		211,052			(206,714	)		—			—			4,338
Sales		—			—			—			—			—
Settlements		(1,293	)		1,021			(176	)		—			(448	)
		209,759			(205,693	)		(176	)		—			3,890
Total realized and unrealized gains and (losses) (1):
Included in Other, net		4,445			(4,942	)		—			(225	)		(722	)
Included in Other comprehensive income (loss)		—			—			—			—			—
		4,445			(4,942	)		—			(225	)		(722	)
Transfers in and / or out of Level 3		—			—			—			—			—
Ending balance	$	290,853		$	(284,276	)	$	—		$	96,938		$	103,515
Three Months Ended September 30, 2012:
Beginning balance	$	—		$	—		$	(14,905	)	$	—		$	(14,905	)
Purchases, issuances, sales and settlements:
Settlements		—			—			102			—			102
		—			—			102			—			102
Total realized and unrealized gains and (losses) (1):
Included in Other, net		—			—			1,397			—			1,397
Included in Other comprehensive income (loss)		—			—			(2,688	)		—			(2,688	)
		—			—			(1,291	)		—			(1,291	)
Transfers in and / or out of Level 3		—			—			—			—			—
Ending balance	$	—		$	—		$	(16,094	)	$	—		$	(16,094	)

	Loans – restricted for securitization investors			Secured borrowings – owed to securitization investors			Derivative Financial Instruments			MSRs at Fair Value		Total
Nine Months Ended September 30, 2013:
Beginning balance	$	—		$	—		$	(10,668	)	$	85,213	$	74,545
Purchases, issuances, sales and settlements:
Purchases		10,251			(10,179	)		—			—		72
Issuances		274,081			(272,652	)		—			—		1,429
Sales		—			—			24,156			—		24,156
Settlements		(2,164	)		1,888			(1,242	)		—		(1,518	)
		282,168			(280,943	)		22,914			—		24,139
Total realized and unrealized gains and (losses) (1):
Included in Other, net		8,685			(3,333	)		117			11,725		17,194
Included in Other comprehensive income (loss)		—			—			(12,363	)		—		(12,363	)
		8,685			(3,333	)		(12,246	)		11,725		4,831
Transfers in and / or out of Level 3		—			—			—			—		—
Ending balance	$	290,853		$	(284,276	)	$	—		$	96,938	$	103,515
Nine Months Ended September 30, 2012:
Beginning balance	$	—		$	—		$	(16,676	)	$	—	$	(16,676	)
Purchases, issuances, sales and settlements:
Settlements		—			—			2,524			—		2,524
		—			—			2,524			—		2,524
Total realized and unrealized gains and (losses) (1):
Included in Other, net		—			—			6,645			—		6,645
Included in Other comprehensive income (loss)		—			—			(8,587	)		—		(8,587	)
		—			—			(1,942	)		—		(1,942	)
Transfers in and / or out of Level 3		—			—			—			—		—
Ending balance	$	—		$	—		$	(16,094	)	$	—	$	(16,094	)

(1) For derivative financial instruments held at September 30, 2012, total net losses were $1.3 million and $7.7 million for the three and nine months ended September 30, 2012, respectively.