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Document and Entity Information
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6 Months Ended | |
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Jun. 30, 2013
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Aug. 07, 2013
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| Document and Entity Information | ||
| Entity Registrant Name | IMPAC MORTGAGE HOLDINGS INC | |
| Entity Central Index Key | 0001000298 | |
| Document Type | 10-Q | |
| Document Period End Date | Jun. 30, 2013 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 8,765,398 | |
| Document Fiscal Year Focus | 2013 | |
| Document Fiscal Period Focus | Q2 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
This element represents aggregate dividends declared for cumulative preferred stock and common stock. No definition available.
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- Definition
This element represents the total trust assets including investment securities available-for-sale, securitized mortgage collateral, derivative assets, and real estate owned. No definition available.
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- Definition
This element represents the total trust liabilities including securitized mortgage borrowings and derivative liabilities. No definition available.
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of mortgage loans to individuals not classified as held for investment but are held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
A segregation of retained earnings which is available for dividend distribution. Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. Unappropriated profit is part of shareholder equity. Also called cumulative distributions or earned surplus or accumulated earnings or unappropriated profit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair value as of the balance sheet date of an asset representing net future revenues from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of the outstanding short-term borrowings under a revolving line of credit used by mortgage bankers to finance the origination or purchase of loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The percentage rate used to calculate dividend payments on preferred stock. No definition available.
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- Definition
Value of the difference between preference in liquidation and the par or stated values of the preferred shares. No definition available.
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- Definition
Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents change in fair value of long-term debt during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
This element represents change in fair value of trust assets including gain or loss on real estate owned due to increases or decreases in the fair value of investment securities-for-sale, securitized mortgage collateral and securitized mortgage borrowings during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents other forms of revenue earned, excluding interest, which is not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Income from servicing real estate mortgages, credit cards, and other financial assets held by others. Also include any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans. May also be net of any related impairment of fair value of capitalized service costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. No definition available.
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| X | ||||||||||
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- Definition
Represents the write-off of amounts previously capitalized as debt issuance cost in an extinguishment of debt and noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. No definition available.
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| X | ||||||||||
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- Definition
The fair value of stock issued in noncash settlement of legal matters. No definition available.
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| X | ||||||||||
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- Definition
Represents the change in fair value of derivatives lending, net during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
This element represents change in fair value of long-term debt during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
This element represents change in fair value of trust assets excluding real estate owned due to decreases in the fair value of investment securities-for-sale and of securitized mortgage collateral during the reporting period. No definition available.
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| X | ||||||||||
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- Definition
This element represents net change during the reporting period real estate owned impairment reserve. No definition available.
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| X | ||||||||||
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- Definition
This element represents increase in ownership interest during the reporting period in noncash investing and financing activities. No definition available.
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| X | ||||||||||
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- Definition
This element represents gains losses from real estate owned at the time of sale or losses from further write-downs. No definition available.
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| X | ||||||||||
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- Definition
This element represents net change during the reporting period in securitized mortgage collateral. No definition available.
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| X | ||||||||||
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- Definition
Amount of the current period expense charged against operations with respect to provision. No definition available.
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| X | ||||||||||
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- Definition
The increase during the period in capital lease obligations due to entering into new capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For the entity and the disposal group, cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. No definition available.
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents cash provided by or used in the operating activities of the entity's discontinued operations during the period. This element is only used by those entities that separately report cash flows attributable to discontinued operations. If using this element, it is an indication that the cash flows of the entity which are detailed in reconciling to cash provided by or used in operating activities reflect only cash flows attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For the disposal group, including a component of the entity (discontinued operation), cash includes currency on hand as well as demand deposits with banks or financial institutions. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of loans or securitized loans that are held with the intention to sell in the near future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as operating activities. This may include cash restricted for regulatory purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The adjustment to the carrying value of the rights retained or purchased to service mortgages. These adjustments are made when the estimate of the fair value is changed. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of cash paid for the origination of mortgages that are held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the issuance of a long-term debt instrument which can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from repayments of the balance excluding interest (principal) on loans receivable and leases held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow associated with long-term debt that is wholly or partially secured by collateral. Excludes proceeds from and repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale of debt and equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from sales of loans that are secured with real estate mortgages and are held with the intention to resell in the near future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the sale of other real estate not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to pay off an obligation from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for the obligation for a lease meeting the criteria for capitalization (with maturities exceeding one year or beyond the operating cycle of the entity, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Value of other real estate transferred from the entity's other real estate in noncash transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Summary of Business and Financial Statement Presentation
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
| Summary of Business and Financial Statement Presentation | |
| Summary of Business and Financial Statement Presentation | Note 1.—Summary of Business and Financial Statement Presentation
Business Summary
Impac Mortgage Holdings, Inc. (the Company or IMH) is a Maryland corporation incorporated in August 1995 and has the following subsidiaries: Integrated Real Estate Service Corporation (IRES), IMH Assets Corp. (IMH Assets) and Impac Funding Corporation (IFC).
The Company’s continuing operations include mortgage lending and real estate services conducted by IRES and the long-term mortgage portfolio (residual interests in securitizations reflected as net trust assets and liabilities in the consolidated balance sheets). The discontinued operations include the former non-conforming mortgage operations conducted by IFC and subsidiaries.
The information set forth in these notes is presented on a continuing operations basis, unless otherwise stated.
Financial Statement Presentation
The accompanying unaudited consolidated financial statements of IMH and its subsidiaries (as defined above) have been prepared in accordance with Accounting Principles Generally Accepted in the United States of America (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments considered necessary for a fair presentation, have been included. Operating results for the three and six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. These interim period condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the United States Securities and Exchange Commission (SEC).
All significant inter-company balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods’ consolidated financial statements have been reclassified to conform to the current period presentation.
Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period to prepare these consolidated financial statements in conformity with GAAP. The items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, contingent liabilities, the estimated obligation of repurchase liabilities related to sold loans, the valuation of long-term debt, mortgage servicing rights, mortgage loans held-for-sale and interest rate lock commitments. Actual results could differ from those estimates and assumptions.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles. No definition available.
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Mortgage Loans Held-for-Sale
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Mortgage Loans Held-for-Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans Held-for-Sale | Note 2.—Mortgage Loans Held-for-Sale
A summary of the unpaid principal balance of mortgage loans held-for-sale by type is presented below:
(1) Includes all government-insured loans including FHA, VA and USDA. (2) Includes loans eligible for sale to Fannie Mae and Freddie Mac.
Gain on loans held-for-sale (LHFS) is comprised of the following for the three and six months ended June 30, 2013 and 2012:
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for unpaid principal balance of mortgage loans held-for-sale during the accounting period. No definition available.
|
|
Mortgage Servicing Rights
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2013
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| Mortgage Servicing Rights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Servicing Rights | Note 3.—Mortgage Servicing Rights
The Company retains mortgage servicing rights (MSRs) from its sales of certain mortgage loans. MSRs are reported at fair value based on the income derived from the net positive cash flows associated with the servicing contracts. The Company receives servicing fees, less subservicing costs, on the unpaid principal balances (UPB) of the loans. The servicing fees are collected from the monthly payments made by the mortgagors or when the underlying real estate is foreclosed upon and liquidated. The Company may receive other remuneration from rights to various mortgagor-contracted fees such as late charges, collateral reconveyance charges, nonsufficient fund fees and the Company is generally entitled to retain the interest earned on funds held pending remittance (or float) related to its collection of mortgagor principal, interest, tax and insurance payments.
At June 30, 2013, the Company’s MSRs increased to $22.1 million on a mortgage servicing portfolio of $2.1 billion as compared to $10.7 million in MSRs on a mortgage servicing portfolio of $1.5 billion at December 31, 2012. The mortgage servicing portfolio is comprised of the following:
(1) Represents servicing portfolio acquired in the 2010 acquisition of AmeriHome and includes government and conventional loans originated by AmeriHome prior to the Company’s acquisition.
The table below illustrates hypothetical changes in fair value of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value.
Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in MSR values may differ significantly from those displayed above.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
Represents the entire disclosure of mortgage servicing rights (recognized as an asset) during the reporting period. No definition available.
|
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Warehouse Borrowings
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2013
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| Warehouse Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warehouse Borrowings | Note 4.—Warehouse Borrowings
The Company, through its subsidiaries, enters into Master Repurchase Agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund, and are secured by, residential mortgage loans that are held for sale.
At June 30, 2013, the Company was not in compliance with a covenant for one warehouse line; however the Company received a waiver.
The following table presents certain information on warehouse borrowings and related accrued interest for the periods indicated:
(1) In June 2013, the maximum borrowing capacity increased from $60.0 million to $75.0 million and the maturity was extended to June 2014. (2) In May 2013, the maximum borrowing capacity increased from $30.0 million to $40.0 million and the maturity was extended to July 2014.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for short-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Notes Payable (Notes Payable)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
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|
Notes Payable
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|
| Notes Payable | |
| Notes Payable | Note 5.—Notes Payable
Note payable—Debt Agreement
In February 2012, the Company entered into a $7.5 million structured debt agreement using eight of the Company’s residual interests (net trust assets) as collateral. The Company used a portion of the proceeds to pay off the $408 thousand balance owed on the previous debt agreement. The Company received proceeds of $7.0 million, net of the aforementioned payoff and transaction costs of approximately $50 thousand.
In April 2013, the Company fully satisfied the remaining scheduled payments on the note payable primarily using the $1.5 million related reserve balance and the residuals listed as collateral have been released to the Company.
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| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Convertible Notes (Convertible debt)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
|
Convertible debt
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|
| Convertible notes | |
| Convertible Notes | Note 6.—Convertible Notes
On April 29, 2013, the Company entered into a Note Purchase Agreement with the purchasers named therein (Noteholders), whereby the Company issued $20.0 million in original aggregate principal amount of Convertible Promissory Notes Due 2018 (Convertible Notes). The Convertible Notes mature on or before April 30, 2018 and accrue interest at a rate of 7.5% per annum, to be paid quarterly.
Noteholders may convert all or a portion of the outstanding principal amount of the Convertible Notes into shares of the Company’s Common Stock (Conversion Shares) at a rate of $10.875 per share, subject to adjustment for stock splits and dividends (the Conversion Price). The Company has the right to convert the entire outstanding principal of the Convertible Notes into Conversion Shares at the Conversion Price if the market price per share of the Common Stock, as measured by the average volume-weighted closing stock price per share of the Common Stock on the NYSE MKT (or any other U.S. national securities exchange then serving as the principal such exchange on which the shares of Common Stock are listed), reaches the level of $16.31, for any twenty (20) trading days in any period of thirty (30) consecutive trading days after the Closing Date. Upon conversion of the Convertible Notes by the Company, the entire amount of accrued and unpaid interest (and all other amounts owing) under the Convertible Notes are immediately due and payable. Furthermore, if the conversion of the Convertible Notes by the Company occurs prior to the third anniversary of the Closing Date, then the entire amount of interest under the Convertible Notes through the third anniversary is immediately due and payable. To the extent the Company pays any cash dividends on its shares of common stock prior to conversion of the Convertible Notes, upon conversion of the Convertible Notes, the Noteholders will also receive such dividends on an as-converted basis of the Convertible Notes less the amount of interest paid by the Company prior to such dividend.
Unless an event of default has occurred and is continuing, each purchaser of the Convertible Notes agrees, for the three years after the Closing Date, to vote all Conversion Shares for each of the Company’s nominees for election to the Company’s board of directors and not to nominate any other candidate for election to the board of directors at any time within such three year period.
In conjunction with the issuance of the Convertible Notes, the Company incurred $0.3 million in debt issuance costs related to legal fees. The Company accounts for direct costs related to the issuance of debt in accordance with ASC Topic 470, Debt. The deferred debt issuance costs are amortized to interest expense over the term of the Note Purchase Agreement using the effective interest method.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Line of Credit Agreement (Line of Credit Agreement)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
|
Line of Credit Agreement
|
|
| Line of Credit Agreement | |
| Line of Credit Agreement | Note 7.—Line of Credit Agreement
In June 2013, the Company, through its subsidiaries, amended the $4.0 million working capital line of credit agreement with a national bank at an interest rate of one-month LIBOR plus 3.50% extending the expiration to June 2014. Under the terms of the agreement the Company and its subsidiaries are required to maintain various financial and other covenants. There was no outstanding balance on the working capital line of credit as of June 30, 2013. At June 30, 2013, the Company was in compliance with all covenants.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Securitized Mortgage Trusts
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
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| Securitized Mortgage Trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitized Mortgage Trusts | Note 8.—Securitized Mortgage Trusts
Trust Assets
Trust assets are comprised of the following at June 30, 2013 and December 31, 2012:
Trust Liabilities
Trust liabilities are comprised of the following at June 30, 2013 and December 31, 2012:
Change in fair value of net trust assets, including trust REO gains (losses)
Changes in fair value of net trust assets, including trust REO gains (losses) are comprised of the following for the three and six months ended June 30, 2013 and 2012:
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Disclosure for information pertaining to securitized mortgage trusts. No definition available.
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|
Fair Value of Financial Instruments
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| Fair Value of Financial Instruments | Note 9.—Fair Value of Financial Instruments
The use of fair value to measure the Company’s financial instruments is fundamental to its consolidated financial statements and is a critical accounting estimate because a substantial portion of its assets and liabilities are recorded at estimated fair value.
The following table presents the estimated fair value of financial instruments included in the consolidated financial statements as of the dates indicated:
The fair value amounts above have been estimated by management using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates of fair value in both inactive and orderly markets. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
For securitized mortgage collateral and securitized mortgage borrowings, the underlying Alt-A residential and commercial loans and mortgage-backed securities market have experienced significant declines in market activity, along with a lack of orderly transactions. The Company’s methodology to estimate fair value of these assets and liabilities include the use of internal pricing techniques such as the net present value of future expected cash flows (with observable market participant assumptions, where available) discounted at a rate of return based on the Company’s estimates of market participant requirements. The significant assumptions utilized in these internal pricing techniques, which are based on the characteristics of the underlying collateral, include estimated credit losses, estimated prepayment speeds and appropriate discount rates.
Refer to Recurring Fair Value Measurements below for a description of the valuation methods used to determine the fair value of investment securities available-for-sale, securitized mortgage collateral and borrowings, derivative assets and liabilities, long-term debt, mortgage servicing rights, mortgage loans held-for-sale, and call and put options.
The carrying amount of cash, cash equivalents and restricted cash approximates fair value.
Warehouse borrowings carrying amounts approximates fair value due to the short-term nature of the liabilities and do not present unanticipated interest rate or credit concerns.
Line of credit carrying amount approximates fair value due to the short-term nature of the liability and does not present unanticipated interest rate or credit concerns.
Notes payable includes notes with maturities less than one year. Notes payable is recorded at amortized cost, net of any discounts. The estimated fair value is determined using a discounted cash flow model using estimated market rates.
Convertible notes are recorded at amortized cost. The estimated fair value is determined using a discounted cash flow model using estimated market rates.
Fair Value Hierarchy
The application of fair value measurements may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability or whether management has elected to carry the item at its estimated fair value.
FASB ASC 820-10-35 specifies a hierarchy of valuation techniques based on whether the inputs to those techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:
· Level 1—Quoted prices (unadjusted) in active markets for identical instruments or liabilities that an entity has the ability to assess at measurement date.
· Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices that are observable for an asset or liability, including interest rates and yield curves observable at commonly quoted intervals, prepayment speeds, loss severities, credit risks and default rates; and market-corroborated inputs.
· Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when estimating fair value.
As a result of the lack of observable market data resulting from inactive markets, the Company has classified its investment securities available-for-sale, securitized mortgage collateral and borrowings, net derivative liabilities — securitized trusts, long-term debt, mortgage servicing rights, and call and put options as Level 3 fair value measurements. Level 3 assets and liabilities were 97% and 99% and 98% and 99%, respectively, of total assets and total liabilities measured at estimated fair value at June 30, 2013 and December 31, 2012.
Recurring Fair Value Measurements
The Company assesses the financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy, as defined by ASC Topic 810. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels occur at the beginning of the reporting period. There were no material transfers between our Level 1 and Level 2 classified instruments during the three and six months ended June 30, 2013.
The following tables present the Company’s assets and liabilities that are measured at estimated fair value on a recurring basis, including financial instruments for which the Company has elected the fair value option at June 30, 2013 and December 31, 2012, based on the fair value hierarchy:
(1) Level 3 derivative assets, lending, represents interest rate lock commitments (IRLCs) and level 2 derivative assets, lending, represents hedging instruments associated with the Company’s mortgage lending operations, and both are included in other assets in the accompanying consolidated balance sheets. (2) Included in other assets in the accompanying consolidated balance sheets. (3) At June 30, 2013, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $13.3 million in derivative liabilities, included within trust assets and trust liabilities, respectively. At December 31, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $17.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively. (4) Level 3 derivative liabilities, lending, represents IRLCs and level 2 derivative liabilities, lending, represents hedging instruments associated with the Company’s mortgage lending operations and are included in other liabilities in the accompanying consolidated balance sheets. (5) Included in other liabilities in the accompanying consolidated balance sheets.
The following tables present reconciliation for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2013 and 2012:
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $1.3 million for the three months ended June 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2013.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $2.0 million for the three months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2012.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $3.1 million for the six months ended June 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $4.4 million for the six months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis at June 30, 2013:
DCF = Discounted Cash Flow 1M = 1 Month
For assets and liabilities backed by real estate, a significant increase in discount rates, default rates or loss severities would result in a significantly lower estimated fair value. The effect of changes in prepayment speeds would have differing effects depending on the seniority or other characteristics of the instrument. For other assets and liabilities, a significant increase in discount rates would result in a significantly lower estimated fair value. A significant increase in one-month LIBOR would result in a significantly higher estimated fair value for derivative liabilities, net, securitized trusts. The Company believes that the imprecision of an estimate could be significant.
The following tables present the changes in recurring fair value measurements included in net earnings (loss) for the three and six months ended June 30, 2013 and 2012:
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $2.1 million in change in the fair value of derivative instruments, offset by $1.7 million in cash payments from the securitization trusts for the three months ended June 30, 2013.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $1.2 million in change in the fair value of derivative instruments, offset by $2.6 million in cash payments from the securitization trusts for the three months ended June 30, 2012.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $3.8 million in changes in the fair value of derivative instruments, offset by $3.5 million in cash payments from the securitization trusts for the six months ended June 30, 2013. (3) For the six months ended June 30, 2013, change in the fair value of net trust assets, excluding REO was $(7.7) million. Excluded from the $4.2 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $3.5 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $4.4 million in changes in the fair value of derivative instruments, offset by $6.3 million in cash payments from the securitization trusts for the six months ended June 30, 2012. (3) For the six months ended June 30, 2012, change in the fair value of net trust assets, excluding REO was $11.6 million. Excluded from the $17.9 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $6.3 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities.
The following is a description of the measurement techniques for items recorded at estimated fair value on a recurring basis.
Investment securities available-for-sale—Investment securities available-for-sale are carried at fair value. The investment securities consist primarily of non-investment grade mortgage-backed securities. The fair value of the investment securities is measured based upon the Company’s expectation of inputs that other market participants would use. Such assumptions include judgments about the underlying collateral, prepayment speeds, future credit losses, forward interest rates and certain other factors. Given the lack of observable market data as of June 30, 2013 and December 31, 2012 relating to these securities, the estimated fair value of the investment securities available-for-sale was measured using significant internal expectations of market participants’ assumptions. Investment securities available-for-sale is considered a Level 3 measurement at June 30, 2013.
Mortgage servicing rights—The Company elected to carry its entire mortgage servicing rights arising from its mortgage loan origination operation at estimated fair value. The fair value of mortgage servicing rights is based upon market prices for similar instruments and a discounted cash flow model. The valuation model incorporates assumptions that market participants would use in estimating the fair value of servicing. These assumptions include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late fees, among other considerations. Mortgage servicing rights are considered a Level 3 measurement at June 30, 2013.
Mortgage loans held-for-sale—The Company elected to carry its mortgage loans held-for-sale originated or acquired at estimated fair value. Fair value is based on quoted market prices, where available, prices for other traded mortgage loans with similar characteristics, and purchase commitments and bid information received from market participants. Given the meaningful level of secondary market activity for mortgage loans, active pricing is available for similar assets and accordingly, the Company classifies its mortgage loans held-for-sale as a Level 2 measurement at June 30, 2013.
Call option—As part of the initial acquisition of AmeriHome, the purchase agreement included a call option to purchase an additional 39% of AmeriHome. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into agreements to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to the Company for capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. As of June 30, 2013, the Company owns 80.0% of AmeriHome, and accordingly retains an option to purchase an additional 10.0% of AmeriHome. The estimated fair value is based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. The call option is considered a Level 3 measurement at June 30, 2013.
Put option—As part of the initial acquisition of AmeriHome, the purchase agreement included a put option which allows the noncontrolling interest holder to sell his then remaining 49% of AmeriHome to the Company in the event the Company does not exercise the call option discussed above. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into agreements to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. As of June 30, 2013, the noncontrolling interest holder owns 20.0% of AmeriHome, and accordingly retains an option to sell the 20.0% interest to the Company (see Note 15-Subsequent Events). The estimated fair value is based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. The put option is considered a Level 3 measurement at June 30, 2013.
Securitized mortgage collateral—The Company elected to carry all of its securitized mortgage collateral at fair value. These assets consist primarily of non-conforming mortgage loans securitized between 2002 and 2007. Fair value measurements are based on the Company’s internal models used to compute the net present value of future expected cash flows with observable market participant assumptions, where available. The Company’s assumptions include its expectations of inputs that other market participants would use in pricing these assets. These assumptions include judgments about the underlying collateral, prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of June 30, 2013, securitized mortgage collateral had an unpaid principal balance of $7.9 billion, compared to an estimated fair value on the Company’s balance sheet of $5.6 billion. The aggregate unpaid principal balance exceeds the fair value by $2.3 billion at June 30, 2013. As of June 30, 2013, the unpaid principal balance of loans 90 days or more past due was $1.4 billion compared to an estimated fair value of $0.5 billion. The aggregate unpaid principal balances of loans 90 days or more past due exceed the fair value by $0.9 billion at June 30, 2013. Securitized mortgage collateral is considered a Level 3 measurement at June 30, 2013.
Securitized mortgage borrowings—The Company elected to carry all of its securitized mortgage borrowings at fair value. These borrowings consist of individual tranches of bonds issued by securitization trusts and are primarily backed by non-conforming mortgage loans. Fair value measurements include the Company’s judgments about the underlying collateral and assumptions such as prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of June 30, 2013, securitized mortgage borrowings had an outstanding principal balance of $7.9 billion, net of $2.1 billion in bond losses, compared to an estimated fair value of $5.6 billion. The aggregate outstanding principal balance exceeds the fair value by $2.3 billion at June 30, 2013. Securitized mortgage borrowings is considered a Level 3 measurement at June 30, 2013.
Long-term debt—The Company elected to carry all of its long-term debt (consisting of trust preferred securities and junior subordinated notes) at fair value. These securities are measured based upon an analysis prepared by management, which considered the Company’s own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. As of June 30, 2013, long-term debt had an unpaid principal balance of $70.5 million compared to an estimated fair value of $14.4 million. The aggregate unpaid principal balance exceeds the fair value by $56.1 million at June 30, 2013. The long-term debt is considered a Level 3 measurement at June 30, 2013.
Derivative assets and liabilities, Securitized trusts—For non-exchange traded contracts, fair value is based on the amounts that would be required to settle the positions with the related counterparties as of the valuation date. Valuations of derivative assets and liabilities are based on observable market inputs, if available. To the extent observable market inputs are not available, fair values measurements include the Company’s judgments about future cash flows, forward interest rates and certain other factors, including counterparty risk. Additionally, these values also take into account the Company’s own credit standing, to the extent applicable; thus, the valuation of the derivative instrument includes the estimated value of the net credit differential between the counterparties to the derivative contract. As of June 30, 2013, the notional balance of derivative assets and liabilities, securitized trusts was $692.6 million. These derivatives are included in the consolidated securitization trusts, which are nonrecourse to the Company, and thus the economic risk from these derivatives is limited to the Company’s residual interests in the securitization trusts. Derivative assets and liabilities, securitized trusts are considered a Level 3 measurement at June 30, 2013.
Derivative assets and liabilities, Lending—The Company’s derivative assets and liabilities are carried at fair value as required by GAAP and are accounted for as free standing derivatives. IRLCs and hedging instruments can be either assets or liabilities depending on interest rate fluctuations subsequent to entering into the commitments. IRLCs are entered into with prospective residential mortgage borrowers whereby the interest rate on the loan is determined prior to funding and the borrowers have locked in that interest rate. These commitments are determined to be derivative instruments in accordance with GAAP. Hedging instruments (typically TBA MBS) are used to hedge the fair value changes associated with changes in interest rates relating to its mortgage lending operations. The Company hedges the period from the interest rate lock (assuming a fall-out factor) to the date the loan is committed for sale. The estimated fair value of IRLCs are based on underlying loan types with similar characteristics using the TBA MBS market, which is actively quoted and easily validated through external sources. The data inputs used in this valuation include, but are not limited to, loan type, underlying loan amount, note rate, loan program, and expected sale date of the loan, adjusted for current market conditions. These valuations are adjusted at the loan level to consider the servicing release premium and loan pricing adjustments specific to each loan. For all IRLCs, the base value is then adjusted for the anticipated Pull-through Rate. The anticipated Pull-through Rate is an unobservable input based on historical experience, which results in classification of IRLCs as a Level 3 measurement at June 30, 2013.
The fair value of the hedging instruments is based on the actively quoted TBA MBS market using observable inputs related to characteristics of the underlying MBS stratified by product, coupon and settlement date. Therefore, the hedging instruments are classified as a Level 2 measurement at June 30, 2013.
The following table includes information for the derivative assets and liabilities, lending for the periods presented:
(1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations.
Nonrecurring Fair Value Measurements
The Company is required to measure certain assets and liabilities at estimated fair value from time to time. These fair value measurements typically result from the application of specific accounting pronouncements under GAAP. The fair value measurements are considered nonrecurring fair value measurements under FASB ASC 820-10.
The following tables present financial and non-financial assets and liabilities measured using nonrecurring fair value measurements at June 30, 2013 and 2012, respectively:
(1) Balance represents REO at June 30, 2013 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and six months ended June 30, 2013, the $2.3 million and $5.5 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. (2) For the three and six months ended June 30, 2013, the Company recorded $57 thousand and $76 thousand in impairment, resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. (3) Total gains (losses) reflect gains and losses from all nonrecurring measurements during the period.
(1) Balance represents REO at June 30, 2012 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and six months ended June 30, 2012, the $3.9 million and $13.3 million loss represents additional impairment write-downs during the period which resulted in a decrease to NRV. (2) Amounts are included in discontinued operations. For the three and six months ended June 30, 2012, the Company recorded $64 thousand and $281 thousand in losses resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. (3) Total losses reflect gains and losses from all nonrecurring measurements during the period.
Real estate owned—REO consists of residential real estate acquired in satisfaction of loans. Upon foreclosure, REO is adjusted to the estimated fair value of the residential real estate less estimated selling and holding costs, offset by expected contractual mortgage insurance proceeds to be received, if any. Subsequently, REO is recorded at the lower of carrying value or estimated fair value less costs to sell. REO balance representing REOs which have been impaired subsequent to foreclosure are subject to nonrecurring fair value measurement and included in the nonrecurring fair value measurements tables. Fair values of REO are generally based on observable market inputs, and considered Level 2 measurements at June 30, 2013.
Lease liability—In connection with the discontinuation of our non-conforming mortgage, retail mortgage, warehouse lending and commercial operations, a significant amount of office space that was previously occupied is no longer being used by the Company. The Company has subleased a significant amount of this office space. The Company has recorded a liability representing the present value of the minimum lease payments over the remaining life of the lease, offset by the expected proceeds from sublet revenue related to this office space. This liability is based on present value techniques that incorporate the Company’s judgments about estimated sublet revenue and discount rates. Therefore, this liability is considered a Level 3 measurement at June 30, 2013.
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- Definition
The entire disclosure for derivatives and fair value of assets and liabilities. No definition available.
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- Details
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Income Taxes
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6 Months Ended |
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Jun. 30, 2013
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| Income Taxes | |
| Income Taxes | Note 10.—Income Taxes
As of January 1, 2013, the Company acquired an additional 1.5% of its AmeriHome subsidiary bringing the Company’s controlling interest to 80%. The increase in ownership allows the Company to include AmeriHome in the IMH federal consolidated tax returns for 2013. During the first quarter of 2013, the Company recorded a $1.2 million tax benefit resulting from the use of net operating losses (NOL) to offset AmeriHome deferred tax liabilities. Additionally, for the three and six months ended June 30, 2013, the Company recorded $32 thousand and $140 thousand, respectively, in state income tax expense primarily related to states where the Company does not have NOL carryforwards.
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reconciliation of Earnings (Loss) Per Share
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Jun. 30, 2013
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| Reconciliation of Earnings (Loss) Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Earnings (Loss) Per Share | Note 11.—Reconciliation of Earnings (Loss) Per Share
Basic net income per share is computed by dividing net income available to common stockholders (numerator) by the weighted average number of vested, common shares outstanding during the period (denominator). Diluted net income per share is computed on the basis of the weighted average number of shares of common stock outstanding plus the effect of dilutive potential common shares outstanding during the period using the if-converted method. Dilutive potential common shares include shares issuable upon conversion of convertible notes, exercise of outstanding stock options and restricted stock units (RSUs).
(1) Number of shares presented in thousands. (2) Dilutive effect of convertible shares based upon the if-converted method from the time of issuance.
For the three and six months ended June 30, 2013, stock options to purchase 271 thousand shares were outstanding, but not included in the above weighted average share calculations, because they were anti-dilutive.
For the three and six months ended June 30, 2012, stock options to purchase 693 thousand and 1.2 million shares were outstanding, but not included in the above weighted average share calculations, because they were anti-dilutive.
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Reporting
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Segment Reporting | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Note 12.—Segment Reporting
The Company has reporting segments consisting of the mortgage lending, real estate services, long-term mortgage portfolio and discontinued operations. The following tables present the selected financial data and operating results by reporting segment for the periods indicated:
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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6 Months Ended |
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Jun. 30, 2013
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| Commitments and Contingencies | |
| Commitments and Contingencies | Note 13.—Commitments and Contingencies
Legal Proceedings
The Company is a defendant in or a party to a number of legal actions or proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any.
In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and estimable. In any case, there may be an exposure to losses in excess of any such amounts whether accrued or not. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss will change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of possible loss represents what the Company believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company’s maximum loss exposure. At June 30, 2013, the Company has a $2.1 million accrued liability recorded for such estimated loss exposure as explained below.
Based on the Company’s current understanding of these pending legal actions and proceedings, management cannot ascertain whether the judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company’s control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company’s results of operations or cash flows for any particular reporting period.
Updates to legal matters for the period ended June 30, 2013 are as follows:
On May 15, 2013, a matter was filed in US District Court, Central District of California entitled Wilmington Trust Company, in its individual capacity, and as Owner Trustee of Impac Secured Assets CMN Trust Series 1998-1 and Impac CMB Trust Series 1999-1, 1999-2, 2000-1, 2000-2, 2001-4, 2002-1, and 2003-5 v. Impac Secured Assets Corp., et al. The action alleges the defendants owe the plaintiff indemnification for settlements that the plaintiff allegedly entered into in connection with the Gilmor, et al. v. Preferred Credit Corp., et al. matter previously described. The plaintiff seeks declaratory and injunctive relief and unspecified damages.
We are a party to other litigation and claims which are normal in the course of our operations. While the results of such other litigation and claims cannot be predicted with certainty, we believe the final outcome of such matters will not have a material adverse effect on our financial condition or results of operations.
The Company believes that it has meritorious defenses to the above claims and intends to defend these claims vigorously and as such the Company believes the final outcome of such matters will not have a material adverse effect on its financial condition or results of operations. Nevertheless, litigation is uncertain and the Company may not prevail in the lawsuits and can express no opinion as to their ultimate resolution. An adverse judgment in any of these matters could have a material adverse effect on the Company’s financial position and results of operations.
Please refer to IMH’s report on Form 10-K for the year ended December 31, 2012 and subsequent Form 10-Q filings for a description of litigation and claims.
Repurchase Reserve
When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company’s whole loan sale agreements generally required it to repurchase loans if the Company breached a representation or warranty given to the loan purchaser.
During the second quarter of 2013, the Company paid approximately $1.1 million to settle previous repurchase claims related to the discontinued operations. The discontinued operations continue to receive repurchase requests from Fannie Mae resulting in increases in estimated repurchase obligations. At June 30, 2013, the repurchase reserve within discontinued operations was $7.0 million as compared to $8.2 million at December 31, 2012. Additionally, the Company has approximately $3.3 million and $2.4 million at June 30, 2013 and December 31, 2012, respectively, in repurchase reserves related to the loans sold since early 2011 by the continuing mortgage lending operations.
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| X | ||||||||||
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| X | ||||||||||
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share Based Payments
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Share Based Payments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Based Payments | Note 14.—Share Based Payments
There were no options granted during the six months ended June 30, 2013 or 2012, respectively.
The following table summarizes activity, pricing and other information for the Company’s stock options for the six months ended June 30, 2013:
As of June 30, 2013, there was approximately $3.0 million of total unrecognized compensation cost related to stock option compensation arrangements granted under the plan, net of estimated forfeitures. That cost is expected to be recognized over the remaining weighted average period of 1.94 years.
The following table summarizes activity, pricing and other information for the Company’s RSU’s, also referred to as deferred stock units as the issuance of the stock is deferred until termination of service, for the six months ended June 30, 2013:
As of June 30, 2013, there was approximately $184 thousand of total unrecognized compensation cost related to the RSU compensation arrangements granted under the plan. That cost is expected to be recognized over a weighted average period of 1.36 years.
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| X | ||||||||||
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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6 Months Ended |
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Jun. 30, 2013
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| Subsequent Events | |
| Subsequent Events | Note 15.—Subsequent Events
The Company and the noncontrolling interest holder entered into an agreement to transfer the remaining 20% ownership of AmeriHome to the Company in exchange for $350 thousand in cash and $1.1 million in IMH common stock. As of the date of the transaction, the Company owns 100% of AmeriHome.
Subsequent events have been evaluated through the date of this filing.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Mortgage Loans Held-for-Sale (Tables)
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Jun. 30, 2013
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| Mortgage Loans Held-for-Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the unpaid principal balance of mortgage loans held-for-sale by type |
(1) Includes all government-insured loans including FHA, VA and USDA. (2) Includes loans eligible for sale to Fannie Mae and Freddie Mac. |
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| Schedule of gain on loans held-for-sale LHFS |
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- Details
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- Definition
Tabular disclosure of gain on mortgage loans held for sale No definition available.
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- Definition
Tabular disclosure of the unpaid principal balance of mortgage loans held-for-sale by type. No definition available.
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Mortgage Servicing Rights (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Mortgage Servicing Rights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of hypothetical changes in fair values of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value |
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Mortgage Servicing Rights
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| Mortgage Servicing Rights | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the loans serviced by entity |
(1) Represents servicing portfolio acquired in the 2010 acquisition of AmeriHome and includes government and conventional loans originated by AmeriHome prior to the Company’s acquisition. |
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- Definition
Tabular disclosure of a sensitivity analysis or stress test showing the hypothetical effect on the fair value of the transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) of two or more unfavorable variations from the expected levels for each key assumption that is reported, independently determined from any change in another key assumption, and a description of the objectives, methodology, and limitations of the sensitivity analysis or stress test. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Warehouse Borrowings (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Warehouse Borrowings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of information on warehouse borrowings |
(1) In June 2013, the maximum borrowing capacity increased from $60.0 million to $75.0 million and the maturity was extended to June 2014. (2) In May 2013, the maximum borrowing capacity increased from $30.0 million to $40.0 million and the maturity was extended to July 2014. |
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- Details
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- Definition
Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Securitized Mortgage Trusts (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Securitized Mortgage Trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of trust assets |
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| Schedule of trust liabilities |
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| Schedule of changes in fair value of net trust assets, including trust REO gains (losses) |
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- Definition
Tabular disclosure of changes in fair value of net trust assets, including trust REO gains (losses). No definition available.
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- Definition
Tabular disclosure of trust assets. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of trust liabilities. No definition available.
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- Details
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Fair Value of Financial Instruments (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Fair Value of Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of estimated fair value of financial instruments included in consolidated financial statements |
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| Schedule of assets and liabilities that are measured at estimated fair value on recurring basis |
(1) Level 3 derivative assets, lending, represents interest rate lock commitments (IRLCs) and level 2 derivative assets, lending, represents hedging instruments associated with the Company’s mortgage lending operations, and both are included in other assets in the accompanying consolidated balance sheets. (2) Included in other assets in the accompanying consolidated balance sheets. (3) At June 30, 2013, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $13.3 million in derivative liabilities, included within trust assets and trust liabilities, respectively. At December 31, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $17.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively. (4) Level 3 derivative liabilities, lending, represents IRLCs and level 2 derivative liabilities, lending, represents hedging instruments associated with the Company’s mortgage lending operations and are included in other liabilities in the accompanying consolidated balance sheets. (5) Included in other liabilities in the accompanying consolidated balance sheets. |
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| Schedule of reconciliation for all assets and liabilities measured at estimated fair value on recurring basis using significant unobservable inputs (Level 3) |
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $1.3 million for the three months ended June 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2013.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $2.0 million for the three months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. (2) Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at June 30, 2012.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $3.1 million for the six months ended June 30, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. The net interest income, including cash received and paid, was $4.4 million for the six months ended June 30, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings. |
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| Schedule of quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis | The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis at June 30, 2013:
DCF = Discounted Cash Flow 1M = 1 Month |
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| Schedule of changes in recurring fair value measurements included in net earnings (loss) |
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $2.1 million in change in the fair value of derivative instruments, offset by $1.7 million in cash payments from the securitization trusts for the three months ended June 30, 2013.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $1.2 million in change in the fair value of derivative instruments, offset by $2.6 million in cash payments from the securitization trusts for the three months ended June 30, 2012.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $3.8 million in changes in the fair value of derivative instruments, offset by $3.5 million in cash payments from the securitization trusts for the six months ended June 30, 2013. (3) For the six months ended June 30, 2013, change in the fair value of net trust assets, excluding REO was $(7.7) million. Excluded from the $4.2 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $3.5 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities.
(1) Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. (2) Included in this amount is $4.4 million in changes in the fair value of derivative instruments, offset by $6.3 million in cash payments from the securitization trusts for the six months ended June 30, 2012. (3) For the six months ended June 30, 2012, change in the fair value of net trust assets, excluding REO was $11.6 million. Excluded from the $17.9 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $6.3 million in cash payments from the securitization trusts related to the Company’s net derivative liabilities. |
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| Schedule of information for derivative assets and liabilities - lending |
(1) Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations. |
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| Schedule of financial and non-financial assets and liabilities measured using nonrecurring fair value measurements |
(1) Balance represents REO at June 30, 2013 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and six months ended June 30, 2013, the $2.3 million and $5.5 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV. (2) For the three and six months ended June 30, 2013, the Company recorded $57 thousand and $76 thousand in impairment, resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. (3) Total gains (losses) reflect gains and losses from all nonrecurring measurements during the period.
(1) Balance represents REO at June 30, 2012 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the three and six months ended June 30, 2012, the $3.9 million and $13.3 million loss represents additional impairment write-downs during the period which resulted in a decrease to NRV. (2) Amounts are included in discontinued operations. For the three and six months ended June 30, 2012, the Company recorded $64 thousand and $281 thousand in losses resulting from changes in lease liabilities as a result of changes in our expected minimum future lease payments. (3) Total losses reflect gains and losses from all nonrecurring measurements during the period. |
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- Definition
Tabular disclosure of the fair value measurement of assets and liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period. No definition available.
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- Definition
Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets and liabilities. This disclosure may include, but is not limited to, the fair value of the asset and liabilities, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. No definition available.
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- Definition
Tabular disclosure of the amount of gains or losses for the period included in earnings or resulted in a change to net assets, have arisen from the use of significant unobservable inputs (level 3) to measure the fair value of assets, liabilities, and financial instruments classified in shareholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reconciliation of Earnings (Loss) Per Share (Tables)
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Jun. 30, 2013
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| Reconciliation of Earnings (Loss) Per Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of computation of basic and diluted earnings (loss) per common share |
(1) Number of shares presented in thousands. (2) Dilutive effect of convertible shares based upon the if-converted method from the time of issuance. |
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- Definition
Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Segment Reporting (Tables)
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Jun. 30, 2013
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| Schedule of the selected financial data and operating results by reporting segment |
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| X | ||||||||||
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- Definition
Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Share Based Payments (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2013
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| Share Based Payments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of activity, pricing and other information for the Company's stock options | The following table summarizes activity, pricing and other information for the Company’s stock options for the six months ended June 30, 2013:
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| Summary of activity, pricing and other information for the Company's (RSU's) | The following table summarizes activity, pricing and other information for the Company’s RSU’s, also referred to as deferred stock units as the issuance of the stock is deferred until termination of service, for the six months ended June 30, 2013:
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The noninterest income (expense) derived from mortgage banking activities (fees and commissions), excluding fees earned from servicing third-party assets. No definition available.
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| X | ||||||||||
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- Definition
Represents the gain on sale of mortgage loans held-for-sale. No definition available.
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| X | ||||||||||
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- Definition
Adjustment to the amount at which loans held-for-sale could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. No definition available.
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| X | ||||||||||
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- Definition
Amount of the current period expense charged against operations with respect to provision. No definition available.
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| X | ||||||||||
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- Definition
Net Increase or Decrease in the fair value of the derivative or group of derivatives included in earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans and long-term receivables (other than securities categorized as trading, available-for-sale or held-to-maturity) that have contractual principal amounts and for which the fair value option has been elected. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of mortgage loans to individuals not classified as held for investment but are held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Income from servicing real estate mortgages, credit cards, and other financial assets held by others. Also include any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans. May also be net of any related impairment of fair value of capitalized service costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Mortgage Servicing Rights (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Mortgage Servicing Rights | ||
| Total loans serviced | $ 2,110,167 | $ 1,492,068 |
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2010 Acquisition of AmeriHome
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||
| Mortgage Servicing Rights | ||
| Total loans serviced | 98,177 | 113,687 |
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Government
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||
| Mortgage Servicing Rights | ||
| Total loans serviced | 907,057 | 655,566 |
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Conventional
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||
| Mortgage Servicing Rights | ||
| Total loans serviced | 1,104,933 | 722,815 |
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Mortgage Servicing Rights
|
||
| Mortgage Servicing Rights Sensitivity Analysis | ||
| Fair value of MSRs | 22,056 | 10,700 |
| Prepayment Speed, Decrease in fair value from 100 basis points (bps) adverse change | (846) | |
| Prepayment Speed, Decrease in fair value from 200 bps adverse change | (1,645) | |
| Discount Rate, Decrease in fair value from 100 bps adverse change | (754) | |
| Discount Rate, Decrease in fair value from 200 bps adverse change | $ (1,462) |
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The carrying amount (fair value) as of the balance sheet date of the transferor's interests in transferred financial assets (typically securitized receivables, generally not involved in the collection of principal) following transfer of significant portions of such financial instruments to other parties. Such interests could be ancillary cash flows and interest-only strips. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This is the principal amount outstanding for securitized loans only (across all types of loans). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The hypothetical financial impact of a 10 percent adverse change of the discount rate on the fair value of transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The hypothetical financial impact of a 10 percent adverse change of prepayment speed on the fair value of transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The hypothetical financial impact of a 20 percent adverse change of the discount rate on the fair value of transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The hypothetical financial impact of a 20 percent adverse change of prepayment speed on the fair value of transferor's interests in transferred financial assets (including any servicing assets or servicing liabilities) as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
|
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Warehouse Borrowings (Details) (USD $)
|
6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
item
|
Jun. 30, 2013
Warehouse borrowings
|
Dec. 31, 2012
Warehouse borrowings
|
Jun. 30, 2013
Repurchase agreement 1
|
Dec. 31, 2012
Repurchase agreement 1
|
Jun. 30, 2013
Repurchase agreement 2
|
May 31, 2013
Repurchase agreement 2
|
Dec. 31, 2012
Repurchase agreement 2
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Jun. 30, 2013
Repurchase agreement 3
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Dec. 31, 2012
Repurchase agreement 3
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Jun. 30, 2013
Repurchase agreement 4
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Dec. 31, 2012
Repurchase agreement 4
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|
| Warehouse Borrowings | ||||||||||||
| Number of warehouse lines for which covenants was not complied | 1 | |||||||||||
| Warehouse Borrowings | ||||||||||||
| Maximum Borrowing Capacity | $ 290,000,000 | $ 75,000,000 | $ 40,000,000 | $ 75,000,000 | $ 100,000,000 | |||||||
| Balance Outstanding | 177,278,000 | 107,604,000 | 43,905,000 | 31,600,000 | 29,942,000 | 19,780,000 | 39,510,000 | 16,554,000 | 63,921,000 | 39,670,000 | ||
| Aggregate principal borrowing capacity before amendment | $ 60,000,000 | $ 30,000,000 |
| X | ||||||||||
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- Definition
Represents the maximum borrowing capacity under the credit agreement before amendment. No definition available.
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| X | ||||||||||
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- Definition
Represents the number of warehouses line for which covenants were not complied. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Notes Payable (Details) (USD $)
|
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Feb. 29, 2012
item
|
Dec. 31, 2012
|
Apr. 30, 2013
|
|
|
Previous debt agreement
|
|||
| Note payable | |||
| Repayment of the previous debt by using proceeds of new debt | $ 408,000 | ||
|
Structured debt agreement
|
|||
| Note payable | |||
| Debt issued | 7,500,000 | ||
| Number of residual interests used as collateral for structured debt facility | 8 | ||
| Proceeds from issuance of debt, net of payoff and transaction costs | 7,000,000 | ||
| Transaction costs incurred | 50,000 | ||
| Amount of reserve for payment of notes payable | $ 1,500,000 |
| X | ||||||||||
|
- Definition
Represents the number of residual interests (net trust assets) used as collateral for the debt agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents amount of reserve to satisfied the schedule payment of notes payable No definition available.
|
| X | ||||||||||
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- Definition
Increase of additional borrowings on existing and new debt instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees). No definition available.
|
| X | ||||||||||
|
- Definition
Gross amount of debt extinguished. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from additional borrowings, net of cash paid to third parties in connection with debt origination. No definition available.
|
|
Convertible Notes (Details) (Convertible Notes, USD $)
|
0 Months Ended |
|---|---|
|
Apr. 29, 2013
D
|
|
|
Convertible Notes
|
|
| Convertible notes | |
| Amount of debt issued | $ 20,000,000 |
| Accrued interest rate of debt (as a percent) | 7.50% |
| Conversion price (in dollars per share) | $ 10.875 |
| Number of trading days for which average volume-weighted closing stock price must exceed specified price | 20 |
| Number of consecutive trading days during which average volume-weighted closing stock price must exceed specified price | 30 days |
| Market price at which the Company has the right to convert the entire outstanding principal of the Convertible notes | $ 16.31 |
| Debt issuance costs | $ 300,000 |
| X | ||||||||||
|
- Definition
Threshold period of specified consecutive trading days within which common stock price to conversion price of convertible debt instruments must exceed threshold percentage for a specified number of trading days to trigger conversion feature, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
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- Definition
Threshold number of specified trading days for which common stock price to conversion price of convertible debt instruments must exceed a threshold percentage within a specified consecutive trading period to trigger conversion feature. No definition available.
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| X | ||||||||||
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- Definition
The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Increase of additional borrowings on existing and new debt instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees). No definition available.
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| X | ||||||||||
|
- Definition
Price of a single share of a number of saleable stocks of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Line of Credit Agreement (Details) (Working capital line of credit agreement, USD $)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
|
Working capital line of credit agreement
|
|
| Line of Credit Agreement | |
| Maximum borrowing capacity | $ 4,000,000 |
| Variable interest rate base | one-month LIBOR |
| Interest margin over base rate (as a percent) | 3.50% |
| Outstanding balance | $ 0 |
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Securitized Mortgage Trusts (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
| Trust Assets | |||||
| Investment securities available-for-sale | $ 110 | $ 110 | $ 110 | ||
| Securitized mortgage collateral | 5,639,986 | 5,639,986 | 5,787,884 | ||
| Derivative assets | 37 | 37 | 37 | ||
| Real estate owned | 18,306 | 18,306 | 22,475 | ||
| Total trust assets | 5,658,439 | 5,658,439 | 5,810,506 | ||
| Trust Liabilities | |||||
| Securitized mortgage borrowings | 5,631,749 | 5,631,749 | 5,777,456 | ||
| Derivative liabilities | 13,313 | 13,313 | 17,200 | ||
| Total trust liabilities | 5,645,062 | 5,645,062 | 5,794,656 | ||
| Change in fair value of net trust assets, including trust REO gains (losses) | |||||
| Change in fair value of net trust assets, excluding REO | (2,953) | 5,160 | (7,662) | 11,560 | |
| Gains (losses) from REO | 2,346 | (3,882) | 5,530 | (13,339) | |
| Change in fair value of net trust assets, including trust REO gains (losses) | $ (607) | $ 1,278 | $ (2,106) | $ (1,749) | |
| X | ||||||||||
|
- Definition
This element represents gains losses from real estate owned at the time of sale or losses from further write-downs. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents carrying value as of the balance sheet date securitized mortgage borrowings which consist of individual tranches of bonds issued by securitization trusts and are primarily backed by mortgage loans. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the total trust assets including investment securities available-for-sale, securitized mortgage collateral, derivative assets, and real estate owned. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the total trust liabilities including securitized mortgage borrowings and derivative liabilities. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents change in fair value of trust assets excluding real estate owned due to increases or decreases in the fair value of investment securities-for-sale, securitized mortgage collateral and securitized mortgage borrowings during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents change in fair value of trust assets including gain or loss on real estate owned due to increases or decreases in the fair value of investment securities-for-sale, securitized mortgage collateral and securitized mortgage borrowings during the reporting period. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fair value as of the balance sheet date of financial instruments and other positions owned by the entity and pledged to counterparties as collateral, including: (1) mortgages, mortgage-backed and asset backed securities; (2) US government and agency obligations; (3) state and municipal government obligations; (4) other sovereign government debt; (5) corporate obligations; (6) corporate equities; (7) principal investments; (8) derivative contracts; and (9) physical commodities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of loans that have been pledged as collateral for borrowings. If the secured party has the right by contract or custom to sell or re-pledge the collateral, then the debtor reclassifies that asset and report that asset in its statement of financial position separately from other assets not so encumbered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of land and buildings obtained through foreclosure proceedings or defeasance in full or partial satisfaction of a debt arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
Maximum
|
Jun. 30, 2013
Carrying Amount
Warehouse borrowings
|
Dec. 31, 2012
Carrying Amount
Warehouse borrowings
|
Jun. 30, 2013
Carrying Amount
Notes payable
|
Dec. 31, 2012
Carrying Amount
Notes payable
|
Jun. 30, 2013
Carrying Amount
Convertible Notes
|
Jun. 30, 2013
Carrying Amount
Long-term debt
|
Dec. 31, 2012
Carrying Amount
Long-term debt
|
Jun. 30, 2013
Carrying Amount
Securitized mortgage borrowings
|
Dec. 31, 2012
Carrying Amount
Securitized mortgage borrowings
|
Jun. 30, 2013
Carrying Amount
Derivative liabilities, securitized trusts
|
Dec. 31, 2012
Carrying Amount
Derivative liabilities, securitized trusts
|
Jun. 30, 2013
Carrying Amount
Derivative liabilities, lending
|
Dec. 31, 2012
Carrying Amount
Derivative liabilities, lending
|
Dec. 31, 2012
Carrying Amount
Put option
|
Jun. 30, 2013
Carrying Amount
Cash and cash equivalents
|
Dec. 31, 2012
Carrying Amount
Cash and cash equivalents
|
Jun. 30, 2013
Carrying Amount
Restricted cash
|
Dec. 31, 2012
Carrying Amount
Restricted cash
|
Jun. 30, 2013
Carrying Amount
Mortgage loans held-for-sale
|
Dec. 31, 2012
Carrying Amount
Mortgage loans held-for-sale
|
Jun. 30, 2013
Carrying Amount
Mortgage servicing rights
|
Dec. 31, 2012
Carrying Amount
Mortgage servicing rights
|
Jun. 30, 2013
Carrying Amount
Derivative assets, lending
|
Dec. 31, 2012
Carrying Amount
Derivative assets, lending
|
Jun. 30, 2013
Carrying Amount
Investment securities available-for-sale
|
Dec. 31, 2012
Carrying Amount
Investment securities available-for-sale
|
Jun. 30, 2013
Carrying Amount
Securitized mortgage collateral
|
Dec. 31, 2012
Carrying Amount
Securitized mortgage collateral
|
Jun. 30, 2013
Carrying Amount
Derivative assets, securitized trusts
|
Dec. 31, 2012
Carrying Amount
Derivative assets, securitized trusts
|
Jun. 30, 2013
Carrying Amount
Call option
|
Dec. 31, 2012
Carrying Amount
Call option
|
Jun. 30, 2013
Estimated Fair Value
Warehouse borrowings
|
Dec. 31, 2012
Estimated Fair Value
Warehouse borrowings
|
Jun. 30, 2013
Estimated Fair Value
Notes payable
|
Dec. 31, 2012
Estimated Fair Value
Notes payable
|
Jun. 30, 2013
Estimated Fair Value
Convertible Notes
|
Jun. 30, 2013
Estimated Fair Value
Long-term debt
|
Dec. 31, 2012
Estimated Fair Value
Long-term debt
|
Jun. 30, 2013
Estimated Fair Value
Securitized mortgage borrowings
|
Dec. 31, 2012
Estimated Fair Value
Securitized mortgage borrowings
|
Jun. 30, 2013
Estimated Fair Value
Derivative liabilities, securitized trusts
|
Dec. 31, 2012
Estimated Fair Value
Derivative liabilities, securitized trusts
|
Jun. 30, 2013
Estimated Fair Value
Derivative liabilities, lending
|
Dec. 31, 2012
Estimated Fair Value
Derivative liabilities, lending
|
Dec. 31, 2012
Estimated Fair Value
Put option
|
Jun. 30, 2013
Estimated Fair Value
Cash and cash equivalents
|
Dec. 31, 2012
Estimated Fair Value
Cash and cash equivalents
|
Jun. 30, 2013
Estimated Fair Value
Restricted cash
|
Dec. 31, 2012
Estimated Fair Value
Restricted cash
|
Jun. 30, 2013
Estimated Fair Value
Mortgage loans held-for-sale
|
Dec. 31, 2012
Estimated Fair Value
Mortgage loans held-for-sale
|
Jun. 30, 2013
Estimated Fair Value
Mortgage servicing rights
|
Dec. 31, 2012
Estimated Fair Value
Mortgage servicing rights
|
Jun. 30, 2013
Estimated Fair Value
Derivative assets, lending
|
Dec. 31, 2012
Estimated Fair Value
Derivative assets, lending
|
Jun. 30, 2013
Estimated Fair Value
Investment securities available-for-sale
|
Dec. 31, 2012
Estimated Fair Value
Investment securities available-for-sale
|
Jun. 30, 2013
Estimated Fair Value
Securitized mortgage collateral
|
Dec. 31, 2012
Estimated Fair Value
Securitized mortgage collateral
|
Jun. 30, 2013
Estimated Fair Value
Derivative assets, securitized trusts
|
Dec. 31, 2012
Estimated Fair Value
Derivative assets, securitized trusts
|
Jun. 30, 2013
Estimated Fair Value
Call option
|
Dec. 31, 2012
Estimated Fair Value
Call option
|
|
| Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets fair value | $ 17,067 | $ 12,711 | $ 1,495 | $ 3,230 | $ 186,131 | $ 118,786 | $ 22,056 | $ 10,703 | $ 7,450 | $ 3,970 | $ 110 | $ 110 | $ 5,639,986 | $ 5,787,884 | $ 37 | $ 37 | $ 479 | $ 368 | $ 17,067 | $ 12,711 | $ 1,495 | $ 3,230 | $ 186,131 | $ 118,786 | $ 22,056 | $ 10,703 | $ 7,450 | $ 3,970 | $ 110 | $ 110 | $ 5,639,986 | $ 5,787,884 | $ 37 | $ 37 | $ 479 | $ 368 | |||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Liabilities fair value | $ 177,278 | $ 107,569 | $ 80 | $ 3,451 | $ 20,000 | $ 14,399 | $ 12,731 | $ 5,631,749 | $ 5,777,456 | $ 13,313 | $ 17,200 | $ 1,615 | $ 181 | $ 1 | $ 177,278 | $ 107,569 | $ 80 | $ 3,678 | $ 20,000 | $ 14,399 | $ 12,731 | $ 5,631,749 | $ 5,777,456 | $ 13,313 | $ 17,200 | $ 1,615 | $ 181 | $ 1 | |||||||||||||||||||||||||||||||||||||
| Notes Payable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Maturity period of notes payable | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Represents the maturity period of notes included in notes payable. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the liabilities reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
|
Fair Value of Financial Instruments (Details 2) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
|
Level 3
|
||
| Fair Value Measurements | ||
| Percentage of level three assets to total assets measured at fair value | 97.00% | 98.00% |
| Percentage of level three Liabilities to total Liabilities measured at fair value | 99.00% | 99.00% |
|
Recurring basis
|
||
| Fair Value Measurements | ||
| Transfers between Level 1 and Level 2 | $ 0 | |
| Transfers between Level 2 and Level 1 | 0 | |
|
Recurring basis | Level 2
|
||
| Assets | ||
| Total assets at fair value | 191,666,000 | 118,786,000 |
| Liabilities | ||
| Total liabilities at fair value | 181,000 | |
|
Recurring basis | Level 3
|
||
| Assets | ||
| Total assets at fair value | 5,664,546,000 | 5,803,035,000 |
| Liabilities | ||
| Total liabilities at fair value | 5,661,039,000 | 5,807,351,000 |
|
Recurring basis | Securitized mortgage borrowings | Level 3
|
||
| Liabilities | ||
| Total liabilities at fair value | 5,631,749,000 | 5,777,456,000 |
|
Recurring basis | Derivative liabilities, net, securitized trusts | Level 3
|
||
| Liabilities | ||
| Total liabilities at fair value | 13,276,000 | 17,163,000 |
| Derivative assets/liabilities, net | ||
| Derivative assets | 37,000 | 37,000 |
| Derivative liabilities | 13,300,000 | 17,200,000 |
|
Recurring basis | Long-term debt | Level 3
|
||
| Liabilities | ||
| Total liabilities at fair value | 14,399,000 | 12,731,000 |
|
Recurring basis | Derivative liabilities, lending | Level 2
|
||
| Liabilities | ||
| Total liabilities at fair value | 181,000 | |
|
Recurring basis | Derivative liabilities, lending | Level 3
|
||
| Liabilities | ||
| Total liabilities at fair value | 1,615,000 | |
|
Recurring basis | Put option | Level 3
|
||
| Liabilities | ||
| Total liabilities at fair value | 1,000 | |
|
Recurring basis | Investment securities available-for-sale | Level 3
|
||
| Assets | ||
| Total assets at fair value | 110,000 | 110,000 |
|
Recurring basis | Mortgage loans held-for-sale | Level 2
|
||
| Assets | ||
| Total assets at fair value | 186,131,000 | 118,786,000 |
|
Recurring basis | Derivative assets, net, lending | Level 2
|
||
| Assets | ||
| Total assets at fair value | 5,535,000 | |
|
Recurring basis | Derivative assets, net, lending | Level 3
|
||
| Assets | ||
| Total assets at fair value | 1,915,000 | 3,970,000 |
|
Recurring basis | Mortgage servicing rights | Level 3
|
||
| Assets | ||
| Total assets at fair value | 22,056,000 | 10,703,000 |
|
Recurring basis | Call option | Level 3
|
||
| Assets | ||
| Total assets at fair value | 479,000 | 368,000 |
|
Recurring basis | Securitized mortgage collateral | Level 3
|
||
| Assets | ||
| Total assets at fair value | $ 5,639,986,000 | $ 5,787,884,000 |
| X | ||||||||||
|
- Definition
Represents the percentage of Level 3 assets measured at estimated fair value to total assets measured at fair value. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of Level 3 liabilities measured at estimated fair value to total liabilities measured at fair value. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Fair value of derivative asset, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of derivative liability, presented on a gross basis even when the derivative instrument is subject to master netting arrangements and qualifies for net presentation in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of transfers of assets measured on a recurring basis out of Level 1 of the fair value hierarchy into Level 2. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of transfers of assets measured on a recurring basis out of Level 2 of the fair value hierarchy into Level 1. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the liabilities reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in earnings, arising from assets measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in other comprehensive income, arising from assets measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Issues that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Settlements that have taken place during the period in relation to assets measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents an asset measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in earnings, arising from liabilities measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized in other comprehensive income, arising from liabilities measured at fair value on a recurring basis using unobservable inputs (level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Settlements that have taken place during the period in relation to liabilities measured at fair value and categorized within Level 3 of the fair value hierarchy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents a liability measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value of Financial Instruments (Details 4) (Level 3, USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
|
Securitized mortgage borrowings backed by real estate | DCF
|
|
| Valuation techniques | |
| Estimated fair value of liabilities | $ (5,631,749) |
|
Securitized mortgage borrowings backed by real estate | DCF | Minimum
|
|
| Unobservable input | |
| Default rates (as a percent) | 0.60% |
| Loss severities (as a percent) | 12.90% |
|
Securitized mortgage borrowings backed by real estate | DCF | Maximum
|
|
| Unobservable input | |
| Default rates (as a percent) | 20.20% |
| Loss severities (as a percent) | 59.30% |
|
Derivative liabilities, net, securitized trusts | DCF
|
|
| Valuation techniques | |
| Estimated fair value of liabilities | (13,276) |
| Unobservable input | |
| Variable rate basis | 1M forward LIBOR |
|
Derivative liabilities, net, securitized trusts | DCF | Minimum
|
|
| Unobservable input | |
| Variable rate (as a percent) | 0.20% |
|
Derivative liabilities, net, securitized trusts | DCF | Maximum
|
|
| Unobservable input | |
| Variable rate (as a percent) | 4.20% |
|
Long-term debt | DCF
|
|
| Valuation techniques | |
| Estimated fair value of liabilities | (14,399) |
| Unobservable input | |
| Discount rates (as a percent) | 25.00% |
|
Lease Liability | DCF
|
|
| Valuation techniques | |
| Estimated fair value of liabilities | (1,841) |
| Unobservable input | |
| Discount rates (as a percent) | 12.00% |
|
Interest rate lock commitments, net | Market pricing
|
|
| Valuation techniques | |
| Estimated fair value of assets | 300 |
|
Interest rate lock commitments, net | Market pricing | Minimum
|
|
| Unobservable input | |
| Pull-through rate (as a percent) | 46.00% |
|
Interest rate lock commitments, net | Market pricing | Maximum
|
|
| Unobservable input | |
| Pull-through rate (as a percent) | 99.00% |
|
Investment securities available-for-sale backed by real estate | DCF
|
|
| Valuation techniques | |
| Estimated fair value of assets | 110 |
|
Investment securities available-for-sale backed by real estate | DCF | Minimum
|
|
| Unobservable input | |
| Discount rates (as a percent) | 3.90% |
|
Investment securities available-for-sale backed by real estate | DCF | Maximum
|
|
| Unobservable input | |
| Discount rates (as a percent) | 30.00% |
|
Securitized mortgage collateral backed by real estate | DCF
|
|
| Valuation techniques | |
| Estimated fair value of assets | 5,639,986 |
|
Securitized mortgage collateral backed by real estate | DCF | Minimum
|
|
| Unobservable input | |
| Prepayment rates (as a percent) | 0.60% |
|
Securitized mortgage collateral backed by real estate | DCF | Maximum
|
|
| Unobservable input | |
| Prepayment rates (as a percent) | 24.70% |
|
Mortgage servicing rights | DCF
|
|
| Valuation techniques | |
| Estimated fair value of assets | $ 22,056 |
|
Mortgage servicing rights | DCF | Minimum
|
|
| Unobservable input | |
| Discount rates (as a percent) | 10.00% |
| Prepayment rates (as a percent) | 5.90% |
|
Mortgage servicing rights | DCF | Maximum
|
|
| Unobservable input | |
| Discount rates (as a percent) | 15.80% |
| Prepayment rates (as a percent) | 21.20% |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the pull-through rate, used as an input to measure fair value. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the interest rate derivative, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value. For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Loss, including interest and principal, incurred on a defaulted security, expressed as a percentage of the original principal balance, used as an input to measure fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Rate at which loans or a loan portfolio are expected to prepay principal balances, used as an input to measure fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of likelihood a loan will not be repaid and instead default, used as an input to measure fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the aggregate of the liabilities reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value of Financial Instruments (Details 5) (USD $)
|
3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jan. 31, 2013
AmeriHome
|
Jun. 30, 2012
AmeriHome
|
Jun. 30, 2013
AmeriHome
|
Dec. 31, 2010
AmeriHome
|
Dec. 31, 2012
AmeriHome
|
Jun. 30, 2013
Recurring Fair Value Measurements
|
Jun. 30, 2012
Recurring Fair Value Measurements
|
Jun. 30, 2013
Recurring Fair Value Measurements
|
Jun. 30, 2012
Recurring Fair Value Measurements
|
Jun. 30, 2013
Recurring Fair Value Measurements
Interest income
|
Jun. 30, 2012
Recurring Fair Value Measurements
Interest income
|
Jun. 30, 2013
Recurring Fair Value Measurements
Interest income
|
Jun. 30, 2012
Recurring Fair Value Measurements
Interest income
|
Jun. 30, 2013
Recurring Fair Value Measurements
Interest expense
|
Jun. 30, 2012
Recurring Fair Value Measurements
Interest expense
|
Jun. 30, 2013
Recurring Fair Value Measurements
Interest expense
|
Jun. 30, 2012
Recurring Fair Value Measurements
Interest expense
|
Jun. 30, 2013
Recurring Fair Value Measurements
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Change in Fair Value of Long-term Debt
|
Jun. 30, 2012
Recurring Fair Value Measurements
Change in Fair Value of Long-term Debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Change in Fair Value of Long-term Debt
|
Jun. 30, 2012
Recurring Fair Value Measurements
Change in Fair Value of Long-term Debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Other revenue
|
Jun. 30, 2013
Recurring Fair Value Measurements
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Other revenue
|
Jun. 30, 2013
Recurring Fair Value Measurements
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage borrowings
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage borrowings
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage borrowings
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage borrowings
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage borrowings
Interest expense
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage borrowings
Interest expense
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage borrowings
Interest expense
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage borrowings
Interest expense
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage borrowings
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage borrowings
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage borrowings
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage borrowings
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative liabilities, net
Hedging Instruments
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Long-term debt
|
Jun. 30, 2012
Recurring Fair Value Measurements
Long-term debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Long-term debt
|
Jun. 30, 2012
Recurring Fair Value Measurements
Long-term debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Long-term debt
Interest expense
|
Jun. 30, 2012
Recurring Fair Value Measurements
Long-term debt
Interest expense
|
Jun. 30, 2013
Recurring Fair Value Measurements
Long-term debt
Interest expense
|
Jun. 30, 2012
Recurring Fair Value Measurements
Long-term debt
Interest expense
|
Jun. 30, 2013
Recurring Fair Value Measurements
Long-term debt
Change in Fair Value of Long-term Debt
|
Jun. 30, 2012
Recurring Fair Value Measurements
Long-term debt
Change in Fair Value of Long-term Debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Long-term debt
Change in Fair Value of Long-term Debt
|
Jun. 30, 2012
Recurring Fair Value Measurements
Long-term debt
Change in Fair Value of Long-term Debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Investment securities available-for-sale
|
Jun. 30, 2012
Recurring Fair Value Measurements
Investment securities available-for-sale
|
Jun. 30, 2013
Recurring Fair Value Measurements
Investment securities available-for-sale
|
Jun. 30, 2012
Recurring Fair Value Measurements
Investment securities available-for-sale
|
Jun. 30, 2013
Recurring Fair Value Measurements
Investment securities available-for-sale
Interest income
|
Jun. 30, 2012
Recurring Fair Value Measurements
Investment securities available-for-sale
Interest income
|
Jun. 30, 2013
Recurring Fair Value Measurements
Investment securities available-for-sale
Interest income
|
Jun. 30, 2012
Recurring Fair Value Measurements
Investment securities available-for-sale
Interest income
|
Jun. 30, 2013
Recurring Fair Value Measurements
Investment securities available-for-sale
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Investment securities available-for-sale
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Investment securities available-for-sale
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Investment securities available-for-sale
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage collateral
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage collateral
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage collateral
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage collateral
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage collateral
Interest income
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage collateral
Interest income
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage collateral
Interest income
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage collateral
Interest income
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage collateral
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage collateral
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Securitized mortgage collateral
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2012
Recurring Fair Value Measurements
Securitized mortgage collateral
Change in Fair Value of Net Trust Assets
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage servicing rights
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage servicing rights
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage servicing rights
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage servicing rights
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage servicing rights
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage servicing rights
Other revenue
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage servicing rights
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage servicing rights
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Call option
|
Jun. 30, 2013
Recurring Fair Value Measurements
Call option
|
Jun. 30, 2012
Recurring Fair Value Measurements
Call option
|
Jun. 30, 2012
Recurring Fair Value Measurements
Call option
Other revenue
|
Jun. 30, 2013
Recurring Fair Value Measurements
Call option
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Call option
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Put option
|
Jun. 30, 2013
Recurring Fair Value Measurements
Put option
|
Jun. 30, 2012
Recurring Fair Value Measurements
Put option
|
Jun. 30, 2012
Recurring Fair Value Measurements
Put option
Other revenue
|
Jun. 30, 2013
Recurring Fair Value Measurements
Put option
Other revenue
|
Jun. 30, 2012
Recurring Fair Value Measurements
Put option
Other revenue
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Derivative assets, net
IRLCs
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage loans held-for-sale
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage loans held-for-sale
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage loans held-for-sale
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage loans held-for-sale
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage loans held-for-sale
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage loans held-for-sale
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Mortgage loans held-for-sale
Gain on sale of loans, net
|
Jun. 30, 2012
Recurring Fair Value Measurements
Mortgage loans held-for-sale
Gain on sale of loans, net
|
Jun. 30, 2013
Recurring Fair Value Measurements
Level 3
Long-term debt
|
Jun. 30, 2013
Recurring Fair Value Measurements
Level 3
Securitized mortgage collateral
|
Jun. 30, 2013
Recurring Fair Value Measurements
Level 3
Derivative assets, net
|
|
| Change in Fair Value Included in Net Earnings (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of assets | $ (39,000) | $ (1,000) | $ 46,000 | $ (431,000) | $ 8,000 | $ 10,000 | $ 19,000 | $ 23,000 | $ (47,000) | $ (11,000) | $ 27,000 | $ (454,000) | $ 10,006,000 | $ 39,821,000 | $ 259,880,000 | $ 323,122,000 | $ 5,740,000 | $ 39,900,000 | $ 21,152,000 | $ 91,840,000 | $ 4,266,000 | $ (79,000) | $ 238,728,000 | $ 231,282,000 | $ 1,849,000 | $ (632,000) | $ 3,066,000 | $ (375,000) | $ 1,849,000 | $ (632,000) | $ 3,066,000 | $ (375,000) | $ (207,000) | $ 111,000 | $ (180,000) | $ (207,000) | $ 111,000 | $ (180,000) | $ (3,279,000) | $ 2,904,000 | $ (3,670,000) | $ 3,281,000 | $ (3,279,000) | $ 2,904,000 | $ (3,670,000) | $ 3,281,000 | $ (5,536,000) | $ 3,361,000 | $ (5,671,000) | $ 2,828,000 | $ (5,536,000) | $ 3,361,000 | $ (5,671,000) | $ 2,828,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of liabilities | (68,080,000) | (100,060,000) | (379,048,000) | (445,013,000) | (60,486,000) | (106,619,000) | (132,249,000) | (227,616,000) | (7,594,000) | 6,559,000 | (246,799,000) | (217,397,000) | 422,000 | (1,309,000) | 382,000 | (1,871,000) | 422,000 | (1,309,000) | 382,000 | (1,871,000) | 6,343,000 | (1,671,000) | 5,716,000 | (929,000) | 6,343,000 | (1,671,000) | 5,716,000 | (929,000) | (1,063,000) | 211,000 | (1,668,000) | (391,000) | (585,000) | (563,000) | (1,141,000) | (1,073,000) | (478,000) | 774,000 | (527,000) | 682,000 | (9,000) | 1,000 | (9,000) | (9,000) | 1,000 | (9,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | (59,377,000) | (57,592,000) | (120,855,000) | (119,968,000) | 5,748,000 | 39,910,000 | 21,171,000 | 91,863,000 | (61,071,000) | (107,182,000) | (133,390,000) | (228,689,000) | (2,953,000) | 5,160,000 | (7,662,000) | 11,560,000 | (478,000) | 774,000 | (527,000) | 682,000 | 1,849,000 | (848,000) | 3,178,000 | (564,000) | (2,472,000) | 4,594,000 | (3,625,000) | 5,180,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in the fair value of derivative instruments | 2,100,000 | 1,200,000 | 3,800,000 | 4,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash payments from the securitization trusts | 1,700,000 | 2,600,000 | 3,500,000 | 6,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in the fair value of trust assets, excluding REO | (2,953,000) | 5,160,000 | (7,662,000) | 11,560,000 | (7,700,000) | 11,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of net trust assets, excluding REO | (4,215,000) | 17,879,000 | 4,200,000 | 17,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Percentage of ownership interest in acquiree for which option to purchase is available in the purchase agreement | 10.00% | 39.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Percentage of ownership interest in acquiree that can be sold by the noncontrolling interest holder to the company | 20.00% | 49.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ownership interest agreed to be acquired (as a percent) | 1.50% | 27.50% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ownership interest (as a percent) | 80.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ownership interest held by noncontrolling interest (as a percent) | 20.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitized mortgage collateral | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unpaid principal balance of securitized mortgage collateral | 7,900,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated fair value of securitized mortgage collateral | 5,600,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between aggregate unpaid principal balance and fair value of securitized mortgage collateral | 2,300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unpaid principal balance of loans 90 days or more past due | 1,400,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated fair value of loans 90 days or more past due | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between aggregate unpaid principal balances and fair value of mortgage loans | 900,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Securitized mortgage borrowings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding principal balance of securitized mortgage borrowings | 2,110,167,000 | 2,110,167,000 | 1,492,068,000 | 98,177,000 | 113,687,000 | 7,900,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated fair value of securitized mortgage borrowings | 5,600,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bond losses | 2,100,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between aggregate unpaid principal balances and fair value of securitized mortgage borrowings | 2,300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt unpaid principal balance | 70,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated fair value of long-term debt | 14,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Difference between aggregate unpaid principal balances and fair value of long-term debt | 56,100,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative assets and liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notional balance of derivative assets and liabilities, securitized trusts | $ 692,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Represents the percentage of ownership interest in acquiree, which the entity can purchase under an option provided in the purchase agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of ownership interest in acquiree, which the entity agreed to acquire under the purchase agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the percentage of ownership interest in acquiree that can be sold to the entity, in case the entity does not exercise its option to purchase additional ownership interest percentage of acquiree through call option. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of the total change in fair value of assets and resulting gains (losses) for the period which are included in the statement of earnings. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents change in fair value of trust assets excluding real estate owned due to decreases in the fair value of investment securities-for-sale and of securitized mortgage collateral during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the cash inflow from securitization trusts. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of bond losses on financial assets transferred in a securitization, asset-backed financing arrangement, or similar transfer that has been accounted for as sales and in which the transferor continues to have involvement. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the difference between the unpaid principal balance and fair value of securitized borrowings. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents change in fair value of trust assets excluding real estate owned due to increases or decreases in the fair value of investment securities-for-sale, securitized mortgage collateral and securitized mortgage borrowings during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment to the amount at which an asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. No definition available.
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This is the principal amount of loans (across all types of loans) that are overdue in payment by a set number of days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans and long-term receivables (other than securities categorized as trading, available-for-sale or held-to-maturity) that have contractual principal amounts and for which the fair value option has been elected. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of long-term debt instruments that have contractual principal amounts and for which the fair value option has been elected. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the aggregate fair value of loans held as assets that are 90 days or more past due for which the fair value option has been elected. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For loans held as assets for which the fair value option has been elected, this item represents the difference between the aggregate fair value and the aggregate unpaid principal balance of those loans that are 90 days or more past due. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the period, which was recognized in earnings, in the unrealized gains or losses on derivative instruments that are not or are no longer designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment to the amount at which a liability incurred or settled in a current transaction between willing parties, that is, other than in a forced or liquidation sale. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
| X | ||||||||||
|
- Definition
The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The fair value, as of the date of each statement of financial position presented, of loans which are owned but transferred to serve as collateral for the payment of the related debt obligation primarily arising from secured borrowings and repurchase agreements, and that are reclassified and separately reported in the statement of financial position because the transferee has the right by contract or custom to sell or re-pledge them. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This is the principal amount outstanding for securitized loans only (across all types of loans). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total principal outstanding of financial assets transferred in a securitization, asset-backed financing arrangement, or similar transfer that has been accounted for as sales and in which the transferor continues to have involvement, including both the derecognized and recognized portion of such transferred assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value as of the balance sheet date of a liability representing servicing arrangements under which the estimated future revenues from contractually specified servicing fees, late charges, and other ancillary revenues are not expected to adequately compensate the servicer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value of Financial Instruments (Details 6) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
|
Derivative liabilities | TBA's
|
||||
| Derivative assets and liabilities - lending | ||||
| Derivative liabilities, Notional Balance | $ 314,996 | $ 259,196 | $ 314,996 | $ 259,196 |
| Total Gains (Losses) | 14,835 | (6,043) | 16,353 | (7,330) |
|
Derivative assets | IRLCs
|
||||
| Derivative assets and liabilities - lending | ||||
| Derivative assets, Notional Balance | 269,433 | 286,436 | 269,433 | 286,436 |
| Total Gains (Losses) | $ (3,279) | $ 2,904 | $ (3,670) | $ 3,281 |
| X | ||||||||||
|
- Definition
Total monetary amount specified by the derivative asset(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net Increase or Decrease in the fair value of the derivative or group of derivatives included in earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total monetary amount specified by the derivative liability (or liabilities). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the amount of gains (losses) resulting from changes in lease liabilities as a result of changes in expected minimum future lease payments. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the gains (losses) resulting from impairment write-downs based on changes in estimated cash flows and lives of the related mortgages. No definition available.
|
| X | ||||||||||
|
- Definition
Represents fair value of lease liabilities as reported by the entity on the balance sheet at period end. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the assets named Real Estate Owned (REO) as reported on the balance sheet at period end measured at fair value by the entity. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the contra-account activity for provisions recognized for impairments of servicing assets which is offset against the value of servicing assets to arrive at a net carrying value as of the date of the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jan. 02, 2013
AmeriHome
|
Jun. 30, 2013
AmeriHome
|
Mar. 31, 2013
AmeriHome
|
Jun. 30, 2013
AmeriHome
|
|
| Income taxes | ||||||||
| Ownership interest acquired (as a percent) | 1.50% | |||||||
| Additional acquired interest | 80.00% | |||||||
| Income tax benefit | $ (32) | $ (5) | $ 1,056 | $ (35) | $ 1,200 | |||
| State income tax expense | $ 32 | $ 140 | ||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage of voting equity interests acquired in the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of subsidiary's or equity investee's stock owned by parent company after stock transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of state and local current and deferred income tax expense or benefit attributable to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income or loss before discontinued operations available to common stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. No definition available.
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The after-tax amount of interest recognized in the period associated with any convertible debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Segment Reporting (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
| Segment Reporting | |||||
| Gain on sale of loans, net | $ 19,906 | $ 16,037 | $ 36,598 | $ 24,982 | |
| Servicing income, net | 931 | 27 | 1,941 | 88 | |
| Real estate services fees, net | 5,155 | 5,735 | 9,583 | 10,380 | |
| Other revenue | 2,379 | (20) | 4,136 | (95) | |
| Other income (expense) | (1,292) | 2,639 | (2,396) | 510 | |
| Total expenses | (24,788) | (16,853) | (48,459) | (31,556) | |
| Earnings from continuing operations before income taxes | 2,291 | 7,565 | 1,403 | 4,309 | |
| Income tax (expense) benefit from continuing operations | (32) | (5) | 1,056 | (35) | |
| Earnings from continuing operations | 2,259 | 7,560 | 2,459 | 4,274 | |
| Loss from discontinued operations, net of tax | (968) | (3,113) | (1,843) | (4,381) | |
| Net earnings (loss) | 1,291 | 4,447 | 616 | (107) | |
| Net earnings attributable to noncontrolling interest | (73) | (235) | (136) | (471) | |
| Net earnings (loss) attributable to common stockholders | 1,218 | 4,212 | 480 | (578) | |
| Total assets | 5,922,073 | 5,922,073 | 5,986,588 | ||
|
Discontinued Operations
|
|||||
| Segment Reporting | |||||
| Total assets | 56 | 56 | 52 | ||
|
Mortgage Lending
|
|||||
| Segment Reporting | |||||
| Gain on sale of loans, net | 19,906 | 16,037 | 36,598 | 24,982 | |
| Servicing income, net | 931 | 27 | 1,941 | 88 | |
| Other revenue | 2,004 | (915) | 3,295 | (619) | |
| Other income (expense) | (148) | (24) | (305) | (91) | |
| Total expenses | (19,194) | (11,067) | (37,297) | (19,839) | |
| Earnings from continuing operations before income taxes | 3,499 | 4,058 | 4,232 | 4,521 | |
| Total assets | 233,464 | 233,464 | 137,733 | ||
|
Real Estate Services
|
|||||
| Segment Reporting | |||||
| Real estate services fees, net | 5,155 | 5,735 | 9,583 | 10,380 | |
| Other income (expense) | 5 | 5 | 11 | 15 | |
| Total expenses | (1,805) | (2,108) | (3,944) | (4,037) | |
| Earnings from continuing operations before income taxes | 3,355 | 3,632 | 5,650 | 6,358 | |
| Total assets | 8,467 | 8,467 | 12,833 | ||
|
Long-term Mortgage Portfolio
|
|||||
| Segment Reporting | |||||
| Other revenue | 375 | 895 | 841 | 524 | |
| Other income (expense) | (1,149) | 2,658 | (2,102) | 586 | |
| Total expenses | (3,789) | (3,678) | (7,218) | (7,680) | |
| Earnings from continuing operations before income taxes | (4,563) | (125) | (8,479) | (6,570) | |
| Total assets | $ 5,680,086 | $ 5,680,086 | $ 5,835,970 | ||
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents other forms of revenue earned, excluding interest, which is not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Income from servicing real estate mortgages, credit cards, and other financial assets held by others. Also include any premiums received in lieu of regular servicing fees on such loans only as earned over the life of the loans. May also be net of any related impairment of fair value of capitalized service costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
| Repurchase Reserve Continuing and Discontinued Operations [Abstract] | ||
| Payment to settle repurchase claims related to discontinued operations | $ 1.1 | |
| Repurchase reserve within discontinued operations | 7.0 | 8.2 |
| Repurchase reserve within continuing operations | 3.3 | 2.4 |
|
Unfavorable significant judgment
|
||
| Commitments and Contingencies | ||
| Accrued liability recorded for estimated loss exposure | $ 2.1 |
| X | ||||||||||
|
- Definition
Represents the cash outflow to settle repurchase claims reserve in discontinued operations. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Represents the amount of repurchase reserve in continuing operations. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the amount of repurchase reserve in discontinued operations as of the date. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amount as of the balance sheet date of the combined total of loss contingency liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate unrecognized cost of option awards made to employees under a stock option plan or plans, that have yet to vest. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share Based Payments (Details 2) (RSU, USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
|
RSU
|
|
| Number of Shares | |
| RSU's outstanding at beginning of period (in shares) | 42,000 |
| RSU's outstanding at end of period (in shares) | 42,000 |
| Weighted-Average Grant Date Fair Value | |
| RSU's outstanding at beginning of period (in dollars per share) | $ 7.48 |
| RSU's outstanding at end of period (in dollars per share) | $ 7.48 |
| Additional information regarding RSUs | |
| Unrecognized compensation cost | $ 184 |
| Weighted-average period over which compensation cost is expected to be recognized | 1 year 4 months 10 days |
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate unrecognized cost of share-based awards, other than options, made to employees under an equity-based compensation plan, that have yet to vest. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Subsequent Events (Details) (Subsequent Event, AmeriHome, USD $)
|
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
|
Subsequent Event | AmeriHome
|
|
| Subsequent events | |
| Transfer of remaining ownership (as a percent) | 20.00% |
| Amount paid for transfer of remaining ownership | $ 350,000 |
| IMH common stock issued for settlement | $ 1,100,000 |
| Ownership interest (as a percent) | 100.00% |
| X | ||||||||||
|
- Definition
Represents the decrease in noncontrolling interest on purchase of interest of noncontrolling shareholders expressed as a percentage. No definition available.
|
| X | ||||||||||
|
- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of noncontrolling interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|