Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Mar. 04, 2016	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	IMPAC MORTGAGE HOLDINGS INC
Entity Central Index Key	0001000298
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 143.5
Entity Common Stock, Shares Outstanding		12,178,250
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$ 32,409	$ 10,073
Restricted cash	3,474	2,420
Mortgage loans held-for-sale	310,191	239,391
Finance receivables	36,368	8,358
Mortgage servicing rights	36,425	24,418
Securitized mortgage trust assets	4,594,534	5,268,531
Goodwill	104,938	352
Intangibles assets, net	29,975
Deferred tax asset, net	24,420
Other assets	38,583	25,029
Total assets	5,211,317	5,578,572
LIABILITIES
Warehouse borrowings	325,616	226,718
Short-term debt		6,000
Term financing	30,000
Convertible notes	45,000	20,000
Contingent consideration	48,079
Long-term debt	31,898	22,122
Securitized mortgage trust liabilities	4,580,326	5,251,307
Other liabilities	35,908	27,469
Total liabilities	$ 5,096,827	$ 5,553,616
Commitments and contingencies (See Note 21)
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 200,000,000 shares authorized; 10,326,520 and 9,588,532 shares issued and outstanding as of December 31, 2015 and December 31, 2014, respectively	$ 103	$ 96
Additional paid-in capital	1,098,302	1,089,574
Net accumulated deficit:
Cumulative dividends declared	(822,520)	(822,520)
Retained deficit	(161,416)	(242,215)
Net accumulated deficit	(983,936)	(1,064,735)
Total stockholders' equity	114,490	24,956
Total liabilities and stockholders' equity	$ 5,211,317	$ 5,578,572
Series A-1 junior participating preferred stock
STOCKHOLDERS' EQUITY
Preferred stock
Series B 9.375% redeemable preferred stock
STOCKHOLDERS' EQUITY
Preferred stock	$ 7	$ 7
Series C 9.125% redeemable preferred stock
STOCKHOLDERS' EQUITY
Preferred stock	$ 14	$ 14

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, liquidation value (in dollars)	$ 51,800
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	10,326,520
Common stock, shares outstanding		9,588,532
Series A-1 junior participating preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B 9.375% redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.375%	9.375%
Preferred stock, liquidation value (in dollars)	$ 16,640	$ 16,640
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	665,592	665,592
Preferred stock, shares outstanding	665,592	665,592
Series C 9.125% redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.125%	9.125%
Preferred stock, liquidation value (in dollars)	$ 35,127	$ 35,127
Preferred stock, shares authorized	5,500,000	5,500,000
Preferred stock, shares issued	1,405,086	1,405,086
Preferred stock, shares outstanding	1,405,086	1,405,086

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Gain on sale of loans, net	$ 169,206	$ 28,217
Real estate services fees, net	9,850	14,729
Servicing income, net	6,102	4,586
Loss on mortgage servicing rights	(18,598)	(5,116)
Other	397	1,723
Total revenues	166,957	44,139
Expenses:
Personnel expense	77,821	37,398
Business promotion	27,650	1,182
General, administrative and other	27,988	18,760
Accretion of contingent consideration	8,142
Change in fair value of contingent consideration	(45,920)
Total expenses	95,681	57,340
Operating income (loss):	71,276	(13,201)
Other income (expense):
Interest income	276,799	295,656
Interest expense	(274,853)	(294,521)
Change in fair value of long-term debt	(8,661)	(4,014)
Change in fair value of net trust assets, including trust REO (losses) gains	(5,638)	11,063
Total other (expense) income	(12,353)	8,184
Earnings (loss) before income taxes	58,923	(5,017)
Income tax (benefit) expense	(21,876)	1,305
Net earnings (loss)	$ 80,799	$ (6,322)
Earnings (loss) per common share:
Basic	$ 8.00	$ (0.68)
Diluted	$ 6.40	$ (0.68)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-In Capital	Cumulative Dividends Declared	Retained Earnings (Deficit)	Total
Balance at Dec. 31, 2013	$ 21	$ 90	$ 1,084,173	$ (822,520)	$ (235,893)	$ 25,871
Balance (in shares) at Dec. 31, 2013	2,070,678	8,988,910
Increase (Decrease) in Stockholders' Equity
Proceeds and tax benefit from exercise of stock options			38			38
Proceeds and tax benefit from exercise of stock options (in shares)		14,622
Stock based compensation			1,921			1,921
Legal Settlements		$ 6	3,442			3,448
Legal Settlements (in shares)		585,000
Net (loss) earnings					(6,322)	(6,322)
Balance at Dec. 31, 2014	$ 21	$ 96	1,089,574	(822,520)	(242,215)	24,956
Balance (in shares) at Dec. 31, 2014	2,070,678	9,588,532
Increase (Decrease) in Stockholders' Equity
Proceeds and tax benefit from exercise of stock options		$ 2	970			972
Proceeds and tax benefit from exercise of stock options (in shares)		243,971
Stock based compensation			1,613			1,613
Shares issued related to Cash Call acquisition (Note 2.)		$ 5	6,145			6,150
Shares issued related to Cash Call acquisition (Note 2.) (in shares)		494,017
Net (loss) earnings					80,799	80,799
Balance at Dec. 31, 2015	$ 21	$ 103	$ 1,098,302	$ (822,520)	$ (161,416)	$ 114,490
Balance (in shares) at Dec. 31, 2015	2,070,678	10,326,520

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings (loss)	$ 80,799	$ (6,322)
Loss (gain) on sale of mortgage servicing rights	8,046	(1,112)
Change in fair value of mortgage servicing rights	10,939	6,229
Gain on sale of AmeriHome		(1,208)
Gain on sale of mortgage loans	(162,988)	(23,668)
Change in fair value of mortgage loans held-for-sale	(404)	(6,857)
Change in fair value of derivatives lending, net	(6,916)	27
Provision for repurchases	1,012	2,253
Origination of mortgage loans held-for-sale	(9,258,350)	(2,845,494)
Sale and principal reduction on mortgage loans held-for-sale	9,252,839	2,736,431
Losses (gains) from REO	6,595	(7,581)
Change in fair value of net trust assets, excluding REO	(5,021)	(8,658)
Change in fair value of long-term debt	8,661	4,014
Accretion of interest income and expense	148,121	180,478
Amortization of intangible and other assets	3,576
Accretion of contingent consideration	8,142
Change in fair value of contingent consideration	(45,920)
Amortization of debt issuance costs and discount on note payable	334	48
Stock-based compensation	1,612	1,921
Impairment of deferred charge	1,558	453
Change in deferred tax assets	(24,420)
Net change in restricted cash	(1,054)	(953)
Net change in other assets and liabilities	3,503	(20)
Net cash provided by operating activities	30,664	29,981
CASH FLOWS FROM INVESTING ACTIVITIES:
Net change in securitized mortgage collateral	649,454	634,714
Proceeds from the sale of mortgage servicing rights	67,111	28,388
Finance receivable advances to customers	(664,550)	(76,317)
Repayments of finance receivables	636,540	67,959
Net change in mortgages held-for-investment	46	7
Purchase of premises and equipment	109	(18)
Net principal change on investment securities available-for-sale	90	76
Acquisition of CashCall Mortgage	(7,500)
Payment of acquisition related contingent consideration	(38,110)
Proceeds from the sale of REO	33,087	36,288
Proceeds from the sale of AmeriHome		10,200
Net cash provided by investing activities	676,277	701,297
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of convertible notes	25,000
Issuance of term financing	30,000
Repayment of warehouse borrowings	(8,825,747)	(2,611,066)
Borrowings under warehouse agreement	8,924,645	2,718,150
Repayment of line of credit	(11,000)	(28,250)
Borrowings under line of credit	7,000	29,250
Repayment of short-term borrowing	(15,000)
Short-term borrowing	15,000
Repayment of securitized mortgage borrowings	(828,195)	(844,499)
Principal payments on short-term debt	(6,000)	6,000
Principal payments on capital lease	(781)	(736)
Capitalized debt issuance costs	(500)	(60)
Proceeds from exercise of stock options	973	37
Net cash used in financing activities	(684,605)	(731,174)
Net change in cash and cash equivalents	22,336	104
Cash and cash equivalents at beginning of year	10,073	9,969
Cash and cash equivalents at end of year	32,409	10,073
SUPPLEMENTARY INFORMATION:
Interest paid	63,283	56,595
Taxes paid, net of refunds	1,229	725
NON-CASH TRANSACTIONS:
Transfer of securitized mortgage collateral to real estate owned	40,471	33,377
Mortgage servicing rights retained from loan sales and issuance of mortgage backed securities	98,103	29,388
Acquisition related goodwill asset related to CashCall	104,586
Acquisition related intangible assets related to CashCall	33,122
Acquisition related contingent consideration liability related to CashCall	$ 124,592
Common stock issued related to CashCall acquisition	6,150
Acquisition of equipment purchased through capital leases	$ 413	573
Common stock issued upon legal settlement		$ 3,448

Summary of Business and Financial Statement Presentation including Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Summary of Business and Financial Statement Presentation including Significant Accounting Policies
Summary of Business and Financial Statement Presentation including Significant Accounting Policies	Note 1.—Summary of Business and Financial Statement Presentation including Significant Accounting Policies Business Summary Impac Mortgage Holdings, Inc. (the Company, IMH or Parent) is a Maryland corporation incorporated in August 1995 and has the following wholly-owned subsidiaries: Integrated Real Estate Service Corporation (IRES), Impac Mortgage Corp. (IMC), IMH Assets Corp. (IMH Assets) and Impac Funding Corporation (IFC). In the first quarter of 2015, the Company settled its repurchase liability with Fannie Mae (FNMA) related to its legacy non-conforming mortgage operations. As a result of this settlement and previous resolution of other legal matters pertaining to the legacy non-conforming mortgage operations, the Company determined the legacy non-conforming mortgage operations previously reported as discontinued operations is no longer significant for reporting purposes. The Company's operations include the mortgage lending operations and real estate services conducted by IRES and IMC and the long-term mortgage portfolio (residual interests in securitizations reflected as net trust assets and liabilities in the consolidated balance sheets) conducted by IMH. Beginning in the first quarter of 2015, the mortgage lending operations include the activities of the CashCall Mortgage operations (CCM) (See Note 2.—Acquisition of CashCall Mortgage). Financial Statement Presentation Basis of Presentation The balance sheets, results of operations and cash flows have been presented in the accompanying consolidated financial statements as of December 31, 2015 and 2014 and for the years then ended and include the financial results of IMH, IRES, IMC, IMH Assets and IFC operations. 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 year presentation. Management has made a number of material 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 accounting principles generally accepted in the United States of America (GAAP). Material estimates subject to change include the fair value estimates of assets acquired and liabilities assumed in the acquisition of CCM as discussed in Note 2.—Acquisition of CashCall Mortgage. Additionally, other items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, contingencies, 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 derivative instruments, including, interest rate lock commitments (IRLC). Actual results could differ from those estimates and assumptions. Principles of Consolidation The accompanying consolidated financial statements include accounts of IMH and other entities in which the Company has a controlling financial interest. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities (VIEs), through arrangements that do not involve voting interests. The VIE framework requires a variable interest holder (counterparty to a VIE) to consolidate the VIE if that party has the power to direct activities of the VIE that most significantly impact the entity's economic performance, will absorb a majority of the expected losses of the VIE, receive a majority of the residual returns of the VIE, or both, and directs the significant activities of the entity. This party is considered the primary beneficiary of the entity. The determination of whether the Company meets the criteria to be considered the primary beneficiary of a VIE requires an evaluation of all transactions (such as investments, liquidity commitments, derivatives and fee arrangements) with the entity. Use of Estimates and Assumptions The accompanying consolidated financial statements of IMH and its subsidiaries have been prepared in accordance with GAAP. 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 periods to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Significant Accounting Policies Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. The Company has elected the fair value option for investment securities available-for-sale, securitized mortgage collateral, mortgage servicing rights, mortgage loans held-for-sale, securitized mortgage borrowings and long-term debt. Elections were made to mitigate income statement volatility caused by differences in the measurement basis of elected instruments. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less at the date of acquisition. The carrying amount of cash and cash equivalents approximates fair value. Cash balances that have restrictions as to the Company's ability to withdraw funds are considered restricted cash. At December 31, 2015 and 2014, restricted cash totaled $3.5 million and $2.4 million, respectively. The restricted cash is the result of the terms of the Company's warehouse borrowings. In accordance with the terms of the Master Repurchase Agreements related to the warehouse borrowings, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings (See Note 8.—Warehouse Borrowings). Mortgage Loans Held-for-Sale Mortgage loans held-for-sale (LHFS) are accounted for using the fair value option, with changes in fair value recorded in gain on sale of loans, net in the accompanying consolidated statements of operations. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 825, Financial Instruments, loan origination fees and expenses are recognized in earnings as incurred and not deferred. Revenue derived from the Company's mortgage lending activities includes loan fees collected at the time of origination and gain or loss from the sale of LHFS. Loan fees consist of fee income earned on all loan originations, including loans closed and held for sale. Loan fees are recognized as earned and consist of amounts collected for application and underwriting fees, fees on cancelled loans and discount points. The related direct loan origination costs are recognized when incurred and consists of broker fees and commissions. Gain or loss from the sale and mark-to-market of LHFS includes both realized and unrealized gains and losses and are included in gain on sale of loans, net in the accompanying consolidated statements of operations. The valuation of LHFS approximates a whole-loan price, which includes the value of the related mortgage servicing rights. The Company principally sells its LHFS to government sponsored entities, and to a lesser extent, investors. The Company evaluates its loan sales for sales treatment. To the extent the transfer of loans qualifies as a sale, the Company derecognizes the loans and records a realized gain or loss on the sale date. In the event the Company determines that the transfer of loans does not qualify as a sale, the transfer would be treated as a secured borrowing. Interest on loans is recorded as income when earned and deemed collectible. LHFS are placed on nonaccrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on nonaccrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. Mortgage Servicing Rights The Company accounts for mortgage loan sales in accordance with ASC 860, Transfers and Servicing. Upon sale of mortgage loans on a service-retained basis, the LHFS are removed from the balance sheet, mortgage servicing rights (MSRs) are recorded as an asset for servicing rights retained. The Company elected to measure MSRs at fair value as prescribed by FASB ASC 860-50-35, and as such, servicing assets or liabilities are valued using discounted cash flow modeling techniques using assumptions regarding future net servicing cash flow, including prepayment rates, discount rates, servicing cost and other factors. Changes in estimated fair value are reported in the accompanying consolidated statements of operations within (loss) gain on mortgage servicing rights. When the Company sells mortgage servicing rights, the Company records a gain or loss on such sale based on the selling price of the mortgage servicing rights less the carrying value and transaction costs. Gains and losses are reported in the accompanying consolidated statements of operations within (loss) gain on mortgage servicing rights. Finance Receivables Finance receivables represent transactions with the Company's customers involved in residential real estate lending. As a warehouse lender, the Company's warehouse lending operations are a secured creditor of the mortgage bankers and brokers to which the Company extends credit and is subject to the risks inherent in that status, including the risk of borrower fraud, default and bankruptcy. Any claim of the Company's warehouse lending operations as a secured lender in a bankruptcy proceeding may be subject to adjustment and delay. Finance receivables from customers represent repurchase facilities with mortgage bankers that are primarily collateralized by mortgages on single-family residential real estate. Terms of the repurchase facilities, including the maximum facility amount and interest rate, are determined based upon the financial strength, historical performance and other qualifications of the borrower. The warehouse facilities to customers have maturities that range from on-demand to one year. Finance receivables are stated at the principal balance outstanding and are included in other assets on the accompanying consolidated balance sheets. Interest income is recorded on the accrual basis. Securitized Mortgage Collateral The Company's long-term mortgage portfolio primarily includes adjustable rate and, to a lesser extent, fixed rate non-conforming mortgages and commercial mortgages that were acquired and originated by our mortgage and commercial operations prior to 2008. Non-conforming mortgages may not have certain documentation or verifications that are required by government sponsored entities and, therefore, in making our credit decisions, we were more reliant upon the borrower's credit score and the adequacy of the underlying collateral. Historically, the Company securitized mortgages in the form of collateralized mortgage obligations (CMO) or real estate mortgage investment conduits (REMICs). These securitizations are evaluated for consolidation based on the provisions of FASB ASC 810-10-25. Amounts consolidated are included in trust assets and liabilities as securitized mortgage collateral, real estate owned, derivative assets, securitized mortgage borrowings and derivative liabilities in the accompanying consolidated balance sheets. The Company accounts for securitized mortgage collateral at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest income on securitized mortgage collateral is recorded using the effective yield for the period based on the previous quarter-end's estimated fair value. Securitized mortgage collateral is generally not placed on nonaccrual status as the servicer advances the interest payments to the trust regardless of the delinquency status of the underlying mortgage loan, until it becomes apparent to the servicer that the advance is not collectible. Real Estate Owned Real estate owned (REO) on the balance sheet, are primarily assets within the securitized trusts but are recorded as a separate asset for accounting and reporting purposes and are within the long-term mortgage portfolio. REO, which consists of residential real estate acquired in satisfaction of loans, is carried at net realizable value, which includes the estimated fair value of the residential real estate less estimated selling and holding costs. Adjustments to the loan carrying value required at the time of foreclosure affect the carrying amount of REO. Subsequent write-downs in the net realizable value of REO are included in losses from REO in the consolidated statements of operations. Goodwill and Intangible assets Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Other intangible assets with definite lives include trademarks, customer relationships, and non-compete agreements. Goodwill, trademarks and other intangible assets are tested annually for impairment or more frequently if events and circumstances indicate that the asset might be impaired. The carrying value of these intangible assets could be impaired if a significant adverse change in the use, life, or brand strategy of the asset is determined, or if a significant adverse change in the legal and regulatory environment, business or competitive climate occurs that would adversely impact the asset. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization but are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss, if any, is measured as the excess of carrying value of the goodwill over the implied fair value of the goodwill and would be recorded in other expense in the consolidated statements of operations. Intangible assets with definite lives are amortized over their estimated lives using an amortization method that reflects the pattern in which the economic benefits of the asset are consumed. Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, "Business Combinations." Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed which involve contingencies must also be recognized at their estimated fair value, provided such fair value can be determined during the measurement period. Acquisition-related costs, including severance, conversion and other restructuring charges, such as abandoned space accruals, are expensed as incurred. Results of operations of an acquired business are included in the statement of operations from the date of acquisition. Securitized Mortgage Borrowings The Company records securitized mortgage borrowings in the accompanying consolidated balance sheets for the consolidated CMO and REMIC securitized trusts within the long-term mortgage portfolio. The debt from each issuance of a securitized mortgage borrowing is payable from the principal and interest payments on the underlying mortgages collateralizing such debt, as well as the proceeds from liquidations of REO. If the principal and interest payments are insufficient to repay the debt, the shortfall is allocated first to the residual interest holders (generally owned by the Company) then, if necessary, to the certificate holders (e.g. third party investors in the securitized mortgage borrowings) in accordance with the specific terms of the various respective indentures. Securitized mortgage borrowings typically are structured as one- month LIBOR "floaters" and fixed rate securities with interest payable to certificate holders monthly. The maturity of each class of securitized mortgage borrowing is directly affected by the amount of net interest spread, overcollateralization and the rate of principal prepayments and defaults on the related securitized mortgage collateral. The actual maturity of any class of a securitized mortgage borrowing can occur later than the stated maturities of the underlying mortgages. When the Company issued securitized mortgage borrowings, the Company generally sought an investment grade rating for the Company's securitized mortgages by nationally recognized rating agencies. To secure such ratings, it was often necessary to incorporate certain structural features that provide for credit enhancement. This generally included the pledge of collateral in excess of the principal amount of the securities to be issued, a bond guaranty insurance policy for some or all of the issued securities, or additional forms of mortgage insurance. The Company's total loss exposure is limited to the Company's initial net economic investment in each trust, which is referred to as a residual interest. The Company accounts for securitized mortgage borrowings at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest expense on securitized mortgage borrowings are recorded quarterly using the effective yield for the period based on the previous quarter-end's estimated fair value. Derivative Instruments In accordance with FASB ASC 815-10 Derivatives and Hedging—Overview, the Company records all derivative instruments at fair value. The Company has accounted for all its derivatives as non-designated hedge instruments or free-standing derivatives. Interest Rate Swaps, Caps and Floors The Company's interest rate risk management objective was to limit the exposure to the variability in future cash flows attributable to the variability of one-month LIBOR, which is the underlying index of adjustable rate securitized mortgage borrowings. The Company's interest rate risk management policies were formulated with the intent to offset the potential adverse effects of changing interest rates on securitized mortgage borrowings. To mitigate exposure to the effect of changing interest rates on cash flows on securitized mortgage borrowings, the Company purchased derivative instruments primarily in the form of interest rate swap agreements (swaps) and, to a lesser extent, interest rate cap agreements (caps) and interest rate floor agreements (floors). The Company has $1.7 million in derivative liabilities outstanding as of December 31, 2015, all of which are in the securitized trusts and included in trust liabilities in the consolidated balance sheets. The fair value of the Company's swaps, caps, floors and other derivative instruments is generally based on market prices provided by dealers and market makers, or estimates of future cash flows from these financial instruments. Lending derivatives The mortgage lending operation enters into IRLCs with consumers to originate mortgage loans at a specified interest rate. These IRLCs are accounted for as derivative instruments. The fair values of IRLCs utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (Pull-through Rate). The fair value of IRLCs is subject to change primarily due to changes in interest rates and the estimated Pull-through Rate. The Company reports IRLCs within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The Company hedges the changes in fair value associated with changes in interest rates related to IRLCs and uncommitted mortgage loans held for sale by using forward sold commitments including Fannie Mae and Ginnie Mae mortgage-backed securities known as to-be-announced mortgage-backed securities (TBA MBS or Hedging Instruments). The Hedging Instruments are typically entered into at the time the IRLC is made and are accounted for as derivative instruments. The fair value of Hedging Instruments is subject to change primarily due to changes in interest rates. The Company reports Hedging Instruments within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The Company hedges the changes in fair value associated with changes in interest rates related to MSRs by using TBA MBS or Hedging Instruments. The Hedging Instruments are typically entered into at the time the MSR is created and are accounted for as derivative instruments. The fair value of Hedging Instruments is subject to change primarily due to changes in interest rates. The Company reports Hedging Instruments within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within loss on sale of mortgage servicing rights. The fair value of IRLCs and Hedging Instruments are represented as derivative assets, lending and derivative liabilities, lending in Note 17.—Fair Value of Financial Instruments. Long-term Debt Long-term debt (consisting of trust preferred securities and junior subordinated notes) is reported at fair value. These securities are measured based upon an analysis prepared by management, which considers the Company's own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. Unrealized gains and losses are recognized in earnings in the accompanying consolidated statements of operations within change in fair value of long-term debt. The Company does not consolidate trust preferred entities (which are sometimes hereinafter referred to as capital trusts) since the Company does not have a significant variable interest in the trust. Instead, the Company records its investment in the trust preferred entities (included in other assets in the accompanying consolidated balance sheets) and accounts for such under the equity method of accounting and reflects a liability for the issuance of the notes to the trust preferred entities. Repurchase Reserve The Company sells mortgage loans to the secondary market, including U.S. government sponsored entities and issues mortgage-backed securities through Ginnie Mae and Fannie Mae. When the Company sells or issues securities, 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. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer for any loss. Also, the Company's loss may be reduced by proceeds from the sale or liquidation of the repurchased loan. The Company's loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender. The Company records a provision for losses relating to such representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults including any loss on sale or liquidation of the repurchased loan and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and continually updates its estimated repurchase liability. The level of the repurchase liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demands for loan repurchases and other external conditions that may change over the lives of the underlying loans. Revenue Recognition for Fees from Services The Company follows Staff Accounting Bulletin (SAB) No. 104 Revenue Recognition in Financial Statements, which provides guidance on the application of GAAP to selected revenue recognition issues. The Company's real estate services segment provides various real estate related services and loss mitigation services including (i) managing distressed mortgage portfolios and foreclosed real estate assets, (ii) the disposition of such assets, (iii) surveillance services for residential and multifamily mortgage portfolios, (iv) loan modification services and (v) the master servicing on various residential mortgage and multifamily loan pools for loans in the long-term portfolio of IMH, and to a lesser extent, non-affiliated entities. The revenues from these services are recognized in income in the period when services are rendered and collectability is reasonably certain. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718 Compensation—Stock Compensation. Accordingly, the Company measures the cost of stock-based awards using the grant-date fair value of the award and recognizes that cost over the requisite service period. The fair value of each stock option granted under the Company's stock-based compensation plan is estimated on the date of grant using the Black-Scholes-Merton option-pricing model and assumptions noted in Note 22.—Share Based Payments and Employee Benefit Plans. The risk-free interest rate is based on the U.S. Treasury rate with a term equal to the expected term of the option grants on the date of grant. FASB ASC 718 requires forfeitures to be estimated at the time of grant and prospectively revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures for the years ended December 31, 2015 and 2014, such that the expense was recorded only for those stock-based awards that were expected to vest during such periods. Refer to Note 22.—Share Based Payments and Employee Benefit Plans. Income Taxes In accordance with ASC 740, the Company records income tax expense as well as deferred tax assets and liabilities. Current income tax expense approximates taxes to be paid or refunded for the current period and includes income tax expense related to uncertain tax positions and amortization/impairment of deferred charge, explained below. The Company determines deferred income taxes using the balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and recognizes enacted changes in tax rates and laws in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized subject to management's judgment that realization is "more likely than not." Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. The Company is subject to federal income taxes as a regular (Subchapter C) corporation and files a consolidated U.S. federal income tax return on qualifying subsidiaries. The Company files income tax returns in the U.S. for federal and various states. In prior periods when the Company was taxed as a real estate investment trust (REIT), it recorded a deferred charge to eliminate the expense recognition of income taxes paid on inter-Company profits that result from the sale of mortgage loans from the taxable REIT subsidiaries to IMH. The deferred charge is included in other assets in the consolidated balance sheets and is amortized and, or impaired as a component of income tax expense in the consolidated statements of operations over the estimated life of the mortgages retained in the securitized mortgage collateral. Earnings per Common Share Basic earnings per common share is computed on the basis of the weighted average number of shares outstanding for the year divided into earnings for the year. Diluted earnings per common share is computed on the basis of the weighted average number of shares and dilutive common equivalent shares outstanding for the year divided by earnings for the year, unless anti-dilutive. Refer to Note 18.—Reconciliation of Earnings Per Share. Recent Accounting Pronouncements In January 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December 15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. In August 2015, ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, was issued to address ASU 2015-03 as it relates to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In May 2015, the FASB issued ASU 2015-08, "Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115." ASU 2015-08 amends various SEC paragraphs included in the FASB's Accounting Standards Codification to reflect the issuance of SAB No. 115. SAB 115 rescinds portions of the interpretive guidance included in the SEC's Staff Accounting Bulletins series and brings existing guidance into conformity with ASU 2014-17, "Business Combinations (Topic 805): Pushdown Accounting," which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company has adopted the amendments in ASU 2015-08, effective immediately, as the amendments in the update are effective upon issuance. The adoption did not have an impact on the Consolidated Financial Statements. In June 2015, the Financial Accounting Standards Board issued ASU 2015-10, "Technical Corrections and Improvements." ASU 2015-10 amends various SEC paragraphs to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, some of the amendments will make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification. This ASU is effective for fiscal years and interim periods beginning on or after December 15, 2015, with early adoption permitted. The Company does not expect the guidance in this ASU to have a material impact on our consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement—Period Adjustments (Topic 805)", which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. For public business entities, ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The guidance is to be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with earlier application permitted for financial statements that have not been issued. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments in this ASU are effective for public business entities for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things, requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit organizations from having to disclose fair value information about financial instruments measured at amortized cost. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. On February 25, 2016, the FASB issued ASU 2016-2, "Leases" (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate, airplanes and manufacturing equipment, to recognize on their balance sheet the assets and liabilities for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The adoption of this ASU is not expected to have a material impact on the Company's financial statements.

Acquisition of CashCall Mortgage

12 Months Ended

Dec. 31, 2015

Acquisition of CashCall Mortgage

Acquisition of CashCall Mortgage

Note 2.—Acquisition of CashCall Mortgage

On January 6, 2015, the Company entered into an Asset Purchase Agreement (the Asset Purchase Agreement) with CashCall, Inc. (CashCall), an unrelated entity, pursuant to which the Company agreed to purchase certain assets of CashCall's residential mortgage operations. Upon closing, which occurred on March 31, 2015, CashCall's mortgage operations began to operate as a separate division of IMC under the name CashCall Mortgage (CCM).

Pursuant to the Asset Purchase Agreement, and subject to the terms and conditions contained therein, the purchase price consists of a fixed component and a contingent component. The fixed component includes (i) the aggregate payment of $10 million in cash, payable in installments through January 2016 and (ii) 494,017 newly issued unregistered shares of the Company. The contingent component consists of a three year earn-out provision beginning on the effective date (January 2, 2015) of 100% of pre-tax net earnings of CCM for January and February of 2015, 65% of the pre-tax net earnings for the next 10 months of 2015, 55% of pre-tax 2016 net earnings and 45% of pre-tax 2017 net earnings.

If, during the four years following January 2, 2015, the Company sells all or substantially all of its assets or the assets of CCM, the division of IMC, or a person acquires 50% or more of the securities of the Company or IMC, then the Company will pay additional contingent consideration, subject to adjustment, to CashCall of 15% of the enterprise value (as defined in the Asset Purchase Agreement) in excess of $200 million plus an additional 5% of the enterprise value in excess of $500 million (Business Appreciation Rights).

During the year ended December 31, 2015, consideration paid to CashCall, Inc. included $7.5 million cash and 494,017 shares of common stock of the Company (issued April 1, 2015) valued at $6.2 million, pursuant to the fixed component of the Asset Purchase Agreement and $38.1 million pursuant to the earn-out provision.

The table below presents the purchase price allocation of the estimated acquisition date fair values of assets acquired and the liabilities assumed:

Consideration paid:
Cash	$	5,000
IMH common stock		6,150
Deferred payments		5,000
Contingent consideration (1)		124,592

	$	140,742


Assets acquired:
Trademark	$	17,251
Customer list		10,170
Non-compete agreement		5,701
Fixed assets and software		3,034

Total assets acquired		36,156
Liabilities assumed:
Total liabilities assumed		-

Total assets	$	36,156


Goodwill	$	104,586


(1)	Included within the contingent consideration is $1.4 million of Business Appreciation Rights, as defined above.

The CCM acquisition was accounted for under the acquisition method of accounting pursuant to FASB ASC 805, Business Combinations. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. The Company made significant estimates and exercised significant judgment in estimating fair values of the acquired assets and assumed liabilities. The Company retained the services of a third party to assist in the valuation of the intangible assets. The application of the acquisition method of accounting resulted in tax deductible goodwill of $104.6 million. The acquisition closed on March 31, 2015; however, the effective date of the transaction was January 2, 2015. From the effective date to the date of the close, IMC was entitled to and recognized the net earnings of the loans originated by CCM. Acquisition related costs of $0.3 million were expensed as incurred. The expenses were comprised primarily of legal and professional fees.

Unaudited Pro Forma Results of Operations

The following table presents unaudited pro forma results of operations for the periods presented as if the CCM acquisition had been completed on January 1, 2014. The unaudited pro forma results of operations include the historical accounts of the Company and CCM and pro forma adjustments, including the amortization of intangibles with definite lives, depreciation of fixed assets, accretion of discount on contingent consideration and elimination of commissions and loan due diligence costs of IMC. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of the future operating results or operating results that would have occurred had the CCM acquisition been completed at the beginning of 2014. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions.

	For the Year Ended December 31,
	2015			2014
Revenues	$	185,357		$	109,126
Other (expense) income		(12,143	)		9,226
Expenses		(166,111	)		(139,401	)

Pretax net earnings (loss)	$	7,103		$	(21,049	)

For the year ended December 31, 2015, revenues from CCM were $135.3 million. For the year ended December 31, 2015, expenses from operations were $80.9 million. During the first quarter of 2015 prior to the close of the acquisition, expenses related to CCM were included in gain on sale of loans, net in the consolidated statements of operations.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
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-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Mortgage Loans Held-for-Sale

12 Months Ended

Dec. 31, 2015

Mortgage Loans Held-for-Sale

Mortgage Loans Held-for-Sale

Note 3.—Mortgage Loans Held-for-Sale

A summary of the unpaid principal balance (UPB) of mortgage loans held-for- sale by type is presented below:

	December 31,
	2015		2014
Government (1)	$	104,576	$	156,385
Conventional (2)		170,519		72,553
Other (3)		24,239		-
Fair value adjustment (4)		10,857		10,453

Total mortgage loans held-for-sale	$	310,191	$	239,391


(1)	Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA).
(2)	Includes loans eligible for sale to Fannie Mae (FNMA) and Freddie Mac (FHLMC).
(3)	Includes NonQM and Jumbo loans.
(4)	Changes in fair value are included in the statements of operations.

The Company does not have any delinquent or nonaccrual mortgage loans held-for-sale as of December 31, 2015.

Gain on LHFS (included in gain on sale of loans, net in the consolidated statements of operations) is comprised of the following for the years ended December 31, 2015 and 2014:

	For the year ended December 31,
	2015			2014
Gain on sale of mortgage loans	$	232,552		$	100,338
Premium from servicing retained loan sales		98,103			29,388
Unrealized gains from derivative financial instruments		6,827			(27	)
Realized losses from derivative financial instruments		(7,045	)		(15,397	)
Mark to market gain on LHFS		404			6,857
Direct origination expenses, net		(160,623	)		(90,689	)
Provision for repurchases		(1,012	)		(2,253	)

Total gain on sale of loans, net	$	169,206		$	28,217

Finance Receivables

12 Months Ended

Dec. 31, 2015

Finance Receivables..

Finance Receivables

Note 4.—Finance Receivables

The Company uses a portion of the excess warehouse borrowing capacity to provide secured short-term revolving financing to small and medium-size mortgage originators to finance mortgage loans from the closing of the mortgage loans until sold to investors. The finance receivables are secured by residential mortgage loans as well as personal guarantees. There are no delinquent balances as of December 31, 2015.

A summary of outstanding warehouse lines to non-affiliated customers and outstanding balances of December 31, 2015 and 2014 are presented below:

	December 31,
	2015		2014
Uncommitted warehouse lines to non-affiliated customers	$	119,500	$	55,000
Outstanding balance		36,368		8,358

Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2015

Mortgage Servicing Rights

Mortgage Servicing Rights

Note 5.—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 projected cash flows associated with the servicing contracts. The Company receives servicing fees, less subservicing costs, on the 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.

The following table summarizes the activity of MSRs for the years ended December 31, 2015 and 2014:

	December 31,
	2015			2014
Balance at beginning of period	$	24,418		$	35,981
Additions from servicing retained loan sales		98,103			29,388
Reductions from bulk sales		(75,157	)		(27,276	)
Reduction from sale of AmeriHome		—			(7,446	)
Changes in fair value (1)		(10,939	)		(6,229	)

Fair value of MSRs at end of period	$	36,425		$	24,418


(1)	Changes in fair value are included within loss on mortgage servicing rights in the consolidated statements of operations.

At December 31, 2015 and 2014, the outstanding principal balance of the mortgage servicing portfolio was comprised of the following:

	December 31,
	2015		2014
Government insured	$	675,744	$	926,502
Conventional (1)		2,799,758		1,333,853
Alt-QM		95,157		6,731

Total loans serviced	$	3,570,659	$	2,267,086


(1)	Approximately $2.8 billion of FNMA and FHLMC servicing has been pledged as collateral as part of the Term Financing (See Note 10.—Term Financing).

The table below illustrates hypothetical changes in the fair value of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value. See Note 17.—Fair Value of Financial Instruments for a description of the key assumptions used to determine the fair value of MSRs.

Mortgage Servicing Rights Sensitivity Analysis	December 31, 2015
Fair value of MSRs	$	36,425
Prepayment Speed:
Decrease in fair value from 10% adverse change		(1,337	)
Decrease in fair value from 20% adverse change		(2,577	)
Decrease in fair value from 30% adverse change		(3,729	)
Discount Rate:
Decrease in fair value from 10% adverse change		(1,314	)
Decrease in fair value from 20% adverse change		(2,539	)
Decrease in fair value from 30% adverse change		(3,683	)

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.

Loss on mortgage servicing rights is comprised of the following for the years ended December 31, 2015 and 2014:

	For the year ended December 31,
	2015			2014
(Loss) gain on sale of mortgage servicing rights	$	(8,046	)	$	1,113
Change in fair value of mortgage servicing rights		(10,939	)		(6,229	)
Realized and unrealized gains from hedging instruments		387			-

Loss on mortgage servicing rights	$	(18,598	)	$	(5,116	)

The following is a summary of certain components of servicing income, net as reported in the Company's consolidated statements of operations for the years ended December 31, 2015 and 2014:

	For the year ended December 31,
	2015		2014
Contractual servicing fees	$	8,547	$	6,115
Late and ancillary fees		129		150

Goodwill and Intangible assets

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible assets.

Goodwill and Intangible assets

Note 6.—Goodwill and Intangible assets

Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Other intangible assets with definite lives include trademarks, customer relationships, and non-compete agreements. In the first quarter of 2015, the Company acquired CCM and recorded $104.6 million of goodwill and intangible assets of $33.1 million, consisting of $17.2 million for trademark, $10.2 million for customer relationships and $5.7 million for a non-compete agreement with the former owner of CCM. The purchase price allocation was prepared with the assistance of a third party valuation firm.

Goodwill, trademarks and other intangible assets are tested annually for impairment or more frequently if events and circumstances indicate that the asset might be impaired. The carrying value of these intangible assets could be impaired if a significant adverse change in the use, life, or brand strategy of the asset is determined, or if a significant adverse change in the legal and regulatory environment, business or competitive climate occurs that would adversely impact the asset.

Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization but are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss, if any, is measured as the excess of carrying value of the goodwill over the implied fair value of the goodwill and would be recorded in other expense in the consolidated statements of operations. Intangible assets with definite lives are amortized over their estimated lives using an amortization method that reflects the pattern in which the economic benefits of the asset are consumed.

For goodwill, the determination of fair value of a reporting unit involves, among other things, application of the income approach, which includes developing forecasts of future cash flows and determining an appropriate discount rate. Goodwill is considered a Level 3 nonrecurring fair value measurement.

The methodology used to determine the fair value of trademarks includes assumptions with inherent uncertainty, including projected sales volumes and related projected revenues, long-term growth rates, royalty rates that a market participant might assume and judgments regarding the factors to develop an applied discount rate. The carrying value of intangible assets is at risk of impairment if future projected revenues or long-term growth rates are lower than those currently projected, or if factors used in the development of a discount rate result in the application of a higher discount rate. The intangible assets are considered Level 3 nonrecurring fair value measurements.

The following table presents the changes in the carrying amount of goodwill for the period indicated:


Balance at December 31, 2014	$	352
Addition from CCM acquisition		104,586

Balance at December 31, 2015	$	104,938

As part of the acquisition of CCM, the purchase price of the intangible assets the Company acquired are listed below:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount at December 31, 2015		Weighted Average Remaining Life
Intangible assets:
Trademark	$	17,251	$	(877	)	$	16,374		14.0
Customer relationships		10,170		(1,130	)		9,040		6.0
Non-compete agreement		5,701		(1,140	)		4,561		3.0

Total intangible assets acquired	$	33,122	$	(3,147	)	$	29,975		9.91

The Company recognized $3.1 million of amortization expense for the year ended December 31, 2015. The following table presents the estimated aggregate amortization expense for the periods indicated:

Amortization Expense
Year 2016	$	4,197
Year 2017		4,197
Year 2018		4,196
Year 2019		2,676
Year 2020 and thereafter		14,709

Total future amortization expense	$	29,975

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Other Assets

12 Months Ended

Dec. 31, 2015

Other Assets.

Other Assets

Note 7.—Other Assets

Other Assets

Other assets consisted of the following:

	December 31,
	2015		2014
Accounts receivable, net	$	11,385	$	5,795
Deferred charge (See Note 17)		9,963		11,521
Derivative assets—lending (See Note 15)		9,273		2,918
Prepaid expenses		3,052		1,769
Developed software, net		2,290		—
Premises and equipment, net		1,210		1,889
Servicing advances, net		927		556
Other		483		581

Total other assets	$	38,583	$	25,029

Accounts receivable

Accounts receivable are primarily holdbacks from MSR sales which are generally collected within 6 months of the sale date, cash due to the Company related to hedging instruments and fees earned for real estate services rendered, generally collected one month in arrears. Accounts receivable are stated at their carrying value, net of a $114 thousand reserve for doubtful accounts.

Developed software

As part of the acquisition of CCM, the purchase price of other assets the Company acquired are listed below:

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount at December 31, 2015		Remaining Life
Other assets:
Developed software	$	2,719	$	(429	)	$	2,290		4.0

Premises and Equipment, net

Premises and equipment are stated at cost, less accumulated depreciation or amortization. Depreciation on premises and equipment is recorded using the straight-line method over the estimated useful lives of individual assets, typically three to twenty years. Premises and equipment and accumulated depreciation were as follows as of the dates indicated:

	December 31,
	2015			2014
Premises and equipment	$	15,650		$	15,101
Less: Accumulated depreciation		(14,440	)		(13,212	)

Total premises and equipment, net	$	1,210		$	1,889

Servicing Advances

The Company is required to advance certain amounts to meet its contractual loan servicing requirements. The Company advances principal, interest, property taxes and insurance for borrowers that have insufficient escrow accounts, plus any other costs to preserve the property. Also, the Company will advance funds to maintain, repair and market foreclosed real estate properties. The Company is entitled to recover advances from the borrowers for reinstated and performing loans or from proceeds of liquidated properties. Servicer advances totaled $927 thousand and $556 thousand at December 31, 2015 and 2014, respectively.

Warehouse Borrowings

12 Months Ended

Dec. 31, 2015

Warehouse Borrowings

Note 8.—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. In accordance with the terms of the Master Repurchase Agreements, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings which are included in restricted cash in the accompanying consolidated balance sheets.

The following table presents certain information on warehouse borrowings for the periods indicated:

			Balance Outstanding At
	Maximum Borrowing Capacity		December 31, 2015		December 31, 2014		Allowable Advance Rates (%)		Rate Range		Maturity Date
Short-term borrowings:
Repurchase agreement 1	$	150,000	$	63,368	$	64,907		90-98		1M L +3.4 - 6.5%	June 18, 2016
Repurchase agreement 2		50,000		46,673		30,523		75-98		Prime + 0.0-5.50%	May 28, 2016
Repurchase agreement 3 (1)		-		-		24,012		80-98		1M L +3.0 - 4.0%	April 30, 2015
Repurchase agreement 4 (2)		225,000		122,242		107,276		95		BR +2.5-4.0%	October 27, 2016
Repurchase agreement 5 (3)		150,000		83,162		-		99		L +2.9-5.4%	March 30, 2016
Repurchase agreement 6 (4)		100,000		10,171		-		100		Note rate	July 1, 2016

Total warehouse borrowings	$	675,000	$	325,616	$	226,718


(1)	This line expired in April, 2015 and the Company replaced it with a $100.0 million facility, Repurchase agreement 6.
(2)	As of December 31, 2015 and 2014, the balance outstanding includes $36.4 million and $8.4 million, respectively, attributable to finance receivables made to the Company's warehouse customers.
(3)	The maturity was extended to March 30, 2016. In March 2016, the maximum borrowing capacity increased to $200 million.
(4)	The maturity was extended to July 1, 2016.

The following table presents certain information on warehouse borrowings for the periods indicated:

	For the year ended December 31,
	2015			2014
Maximum outstanding balance during the year	$	541,252		$	226,718
Average balance outstanding for the year		353,750			136,789
Underlying collateral (mortgage loans)		336,075			237,340
Weighted average rate for period		3.27	%		3.37	%

Short Term Debt	12 Months Ended
Short Term Debt	Dec. 31, 2015
Short-Term Structured Debt
Short Term Debt
Short Term Debt	Note 9.—Short-Term Debt Structured Debt In December 2014, the Company entered into a $6.0 million short-term structured debt agreement using eight of the Company's residual interests (net trust assets) as collateral. The Company received proceeds of $6.0 million and had transaction costs of approximately $60 thousand. The agreement had an interest rate of LIBOR plus 5.75% per annum, has a final repurchase date of June 29, 2015 and the Company had the right to repurchase the securities without penalty prior to the final repurchase date. In June 2015, the Company used approximately $3.2 million of the proceeds from the Term Financing to satisfy fully the remaining amount due on the short-term structured debt agreement and the residuals held as collateral have been released to the Company. Promissory Note On April 27, 2015, the Company issued a $10.0 million short-term Promissory Note with an interest rate of 15% to the former owner of CCM. The balance was repaid in May 2015.

Term Financing

12 Months Ended

Dec. 31, 2015

Term Financing

Term Financing

Note 10.—Term Financing

In June 2015, the Company and its subsidiaries, (IRES, IMC and Impac Warehouse Lending, Inc. (IWLI), collectively the (Borrowers)) entered into a Loan Agreement (Loan Agreement) with a lender (Lender) pursuant to which the Lender provided to the Borrowers a term loan in the aggregate principal amount of $30.0 million (Term Financing) due and payable on December 19, 2016, which may extend to December 18, 2017 at the Lender's discretion. In connection with the Term Financing, the Borrowers issued to the Lender a Term Note dated June 19, 2015. The Lender may in its discretion make additional advances in an aggregate amount not to exceed $50.0 million (including amounts then outstanding).

The proceeds from the Term Financing were used to pay off the working capital line of credit with a national bank (approximately $4.0 million) and amounts under an existing master repurchase agreement with the Lender (approximately $3.2 million). The Borrowers also paid the Lender an origination fee of $300 thousand which is being amortized on an effective yield method over the life of the term financing.

Interest on the Term Financing is payable monthly and accrues at a rate of LIBOR plus 8.5% per annum. Amounts under the Term Financing may be prepaid at any time without penalty or premium, provided, however, that any prepayments made within nine months of the closing date will be subject to, with certain exceptions, a prepayment premium equal to 50% of the then applicable interest rate multiplied by the amount of the prepayment. The Borrowers are subject to mandatory prepayment on the Term Financing based on a borrowing base formula that includes amounts under outstanding warehouse facilities, market value of mortgage servicing rights and residual securities and certain mortgage loans.

The obligations of the Borrowers under the Loan Agreement are secured by assets and a pledge of all of the capital stock of the operating subsidiaries IRES, IMC and IWLI pursuant to a Security Agreement dated as of June 19, 2015 between the Borrowers and the Lender (Security Agreement). As part of the Loan Agreement the Company received an acknowledgement agreement from FNMA and FHLMC to pledge the mortgage servicing rights associated with FNMA and FHLMC production as collateral.

The Term Financing is subject to customary affirmative and negative covenants of the Borrowers. Upon an event of default, all outstanding amounts under the Term Financing may become immediately due and payable. An event of default also occurs upon a change of control, which means acquisition of more than 25% of the common stock of the Company, more than 50% of the common stock of any other Borrower, or the ability to elect a majority of such Borrower's directors or an event that triggers a violation of a change of control provision in any of the Borrowers' warehouse facilities.

The following table shows contractual reductions of the term financing as of December 31, 2015:

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Term financing	$	30,000	$	30,000	$	-	$	-	$	-

Convertible Notes

12 Months Ended

Dec. 31, 2015

Convertible notes.

Long-term Debt

Convertible Notes

Note 11.—Convertible Notes

In April 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 originally matured on or before April 30, 2018 and accrued interest at a rate of 7.5% per annum, to be paid quarterly. In January 2016, the Company elected to convert all of the outstanding principal amount of the Convertible Notes issued in April 2013 to Common Stock of the Company based upon a conversion price of $10.875 (see Note 25.—Subsequent Events).

In May 2015, the Company issued an additional $25.0 million Convertible Promissory Notes (2015 Convertible Notes). The 2015 Convertible Notes mature on or before May 9, 2020 and accrues interest at a rate of 7.5% per annum, to be paid quarterly. Note holders may convert all or a portion of the outstanding principal amount of the 2015 Convertible Notes to shares of IMH common stock at a rate of $21.50 per share, subject to adjustment for stock splits and dividends. The Company has the right to force a conversion if the stock price of IMH common stock reaches $30.10 for 20 trading days in a 30 day consecutive period. The Company had approximately $50 thousand in transaction costs which are being amortized on an effective yield method over the life of the term financing.

Noteholders may convert all or a portion of the outstanding principal amount of the 2015 Convertible Notes into shares of the Company's Common Stock (Conversion Shares) at a rate of $21.50 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 2015 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 $30.10, for any twenty (20) trading days in any period of thirty (30) consecutive trading days after the Closing Date. Upon conversion of the 2015 Convertible Notes by the Company, the entire amount of accrued and unpaid interest (and all other amounts owing) under the 2015 Convertible Notes are immediately due and payable. Furthermore, if the conversion of the 2015 Convertible Notes by the Company occurs prior to the third anniversary of the Closing Date, then the entire amount of interest under the 2015 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 2015 Convertible Notes, upon conversion of the 2015 Convertible Notes, the Noteholders will also receive such dividends on an as-converted basis of the 2015 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.

The following table shows contractual reductions of the convertible notes issued as of December 31, 2015:

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
2013 Convertible notes (1)	$	20,000	$	-	$	20,000	$	-	$	-
2015 Convertible notes		25,000		-		-		25,000		-


(1)	In January 2016, the Company converted the 2013 convertible notes to common stock. See Note. 25.—Subsequent Events.

Long-term Debt

12 Months Ended

Dec. 31, 2015

Trust preferred securities and Junior subordinated notes

Long-term Debt

Line of Credit Agreement

Note 12.—Long-term Debt

As of December 31, 2015 and 2014, the Company had long term debt as follows:

Trust Preferred Securities

During 2005, the Company formed four wholly-owned trust subsidiaries (Trusts) for the purpose of issuing an aggregate of $99.2 million of trust preferred securities (the Trust Preferred Securities). All proceeds from the sale of the Trust Preferred Securities and the common securities issued by the Trusts were originally invested in $96.3 million of junior subordinated debentures (subordinated debentures), which became the sole assets of the Trusts. The Trusts pay dividends on the Trust Preferred Securities at the same rate as paid by the Company on the debentures held by the Trusts.

During 2008 and 2009, the Company purchased and cancelled $36.5 million in outstanding Trust Preferred Securities for $5.5 million. Additionally, during 2009, the Company exchanged an aggregate of $51.3 million in outstanding Trust Preferred Securities for $62.0 million in Junior Subordinated Notes (Notes). As a result of these transactions, $8.5 million in Trust Preferred Securities remain outstanding.

The Company carries its Trust Preferred Securities at estimated fair value as more fully described in Note 17.—Fair Value of Financial Instruments. The following table shows the remaining principal balance and fair value of Trust Preferred Securities issued as of December 31, 2015 and 2014:

	December 31,
	2015			2014
Trust preferred securities (1)	$	8,500		$	8,500
Common securities		263			263
Fair value adjustment		(4,869	)		(6,087	)

Total	$	3,894		$	2,676


(1)	Stated maturity of July 30, 2035 and redeemable at par at any time. The interest rate is a variable rate of three-month LIBOR plus 3.75% per annum. At December 31, 2015, the interest rate was 4.08%.

If an event of default occurs (such as a payment default that is outstanding for 30 days, a default in performance, a breach of any covenant or representation, bankruptcy or insolvency of the Company or liquidation or dissolution of the Trust), either the trustee of the Notes or the holders of at least 25% of the aggregate principal amount of the outstanding Notes may declare the principal amount of, and all accrued interest on, all the Notes to be due and payable immediately, or if the holders of the Notes fail to make such declaration, the holders of at least 25% in aggregate liquidation amount of the Trust Preferred Securities outstanding shall have a right to make such declaration.

Junior Subordinated Notes

The Company carries its Junior Subordinated Notes at estimated fair value as more fully described in Note 17.—Fair Value of Financial Instruments. The following table shows the remaining principal balance and fair value of junior subordinated notes issued as of December 31, 2015 and 2014:

	December 31,
	2015			2014
Junior subordinated notes (1)	$	62,000		$	62,000
Fair value adjustment		(33,996	)		(42,554	)

Total	$	28,004		$	19,446


(1)	Stated maturity of March 2034; requires quarterly distributions initially at a fixed rate of 2.00% per annum through March 2014 with increases of 1.00% per year in 2014 through 2017. Starting in 2018, the interest rates become variable at 3-month LIBOR plus 3.75% per annum. At December 31, 2015, the interest rate was 4.00%.

The following table shows contractual principal reductions of trust preferred securities and junior subordinated notes issued as of December 31, 2015:

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Trust preferred securities (1)	$	8,500	$	-	$	-	$	-	$	8,500
Junior subordinated notes (2)		62,000		-		-		-		62,000


(1)	Stated maturity of July 2035.
(2)	Stated maturity of March 2034.

Line of Credit Agreement

12 Months Ended

Dec. 31, 2015

Line of credit

Line of Credit Agreement

Line of Credit Agreement

Note 13.—Line of Credit Agreement

The Company had a $4.0 million working capital line of credit agreement with a national bank that had an interest rate at a variable rate of one-month LIBOR plus 3.50%. The line of credit was unsecured. Under the terms of the agreement, the Company and its subsidiaries were required to maintain various financial and other covenants. As previously discussed, in June 2015, the Company used approximately $4.0 million of the proceeds from the Term Financing to fully satisfy the remaining amount due on the line of credit agreement and terminated the line. At December 31, 2014, the outstanding balance under the line of credit was $4.0 million and was included in other liabilities on the consolidated balance sheets.

The following table presents certain information on the line of credit for the periods indicated:

	For the year ended December 31,
	2015			2014
Maximum outstanding balance during the year	$	4,000		$	4,000
Average balance outstanding for the year		1,649			1,599
Weighted average rate for period		3.70	%		3.88	%

Securitized Mortgage Trusts

12 Months Ended

Dec. 31, 2015

Securitized Mortgage Trusts

Securitized Mortgage Trusts

Note 14.—Securitized Mortgage Trusts

Securitized Mortgage Trust Assets

Securitized mortgage trust assets, which are recorded at fair market value (FMV), are comprised of the following at December 31, 2015 and 2014:

	December 31,
	2015		2014
Securitized mortgage collateral	$	4,574,919	$	5,249,639
REO		19,589		18,800
Investment securities available-for-sale		26		92

Total securitized mortgage trust assets	$	4,594,534	$	5,268,531

Securitized Mortgage Collateral

Securitized mortgage collateral consisted of the following:

	December 31,
	2015			2014
Mortgages secured by residential real estate	$	5,204,922		$	5,919,552
Mortgages secured by commercial real estate		517,969			647,737
Fair value adjustment		(1,147,972	)		(1,317,650	)

Total securitized mortgage collateral	$	4,574,919		$	5,249,639

As of December 31, 2015, the Company was also a master servicer of mortgages for others of approximately $800.0 million that were primarily collateralizing REMIC securitizations, compared to $1.0 billion at December 31, 2014. Related fiduciary funds are held in trust for investors in non-interest bearing accounts and therefore not included in the Company's consolidated balance sheets. The Company may also be required to advance funds or cause loan servicers to advance funds to cover principal and interest payments not received from borrowers depending on the status of their mortgages.

Real Estate Owned (REO)

The Company's REO consisted of the following:

	December 31,
	2015			2014
REO	$	28,058		$	20,674
Impairment (1)		(8,469	)		(1,874	)

Ending balance	$	19,589		$	18,800


REO inside trusts	$	19,589		$	18,800
REO outside trusts		-			-

Total	$	19,589		$	18,800


(1)	Impairment represents the cumulative write-downs of net realizable value subsequent to foreclosure.

Securitized Mortgage Trust Liabilities

Securitized mortgage trust liabilities, which are recorded at FMV, are comprised of the following at December 31, 2015 and 2014:

	December 31,
	2015		2014
Securitized mortgage borrowings	$	4,578,657	$	5,245,860
Derivative liabilities		1,669		5,447

Total securitized mortgage trust liabilities	$	4,580,326	$	5,251,307

Securitized Mortgage Borrowings

Selected information on securitized mortgage borrowings for the periods indicated consisted of the following (dollars in millions):

			Securitized mortgage borrowings outstanding as of December 31,						Range of Interest Rates
Year of Issuance	Original Issuance Amount		2015			2014			Fixed Interest Rates		Interest Rate Margins over One-Month LIBOR (1)		Interest Rate Margins after Contractual Call Date (2)
2002	$	3,876.1	$	10.4		$	12.2			5.25 - 12.00		0.27 - 2.75		0.54 - 3.68
2003		5,966.1		75.6			96.7			4.34 - 12.75		0.27 - 3.00		0.54 - 4.50
2004		17,710.7		766.9			899.8			3.58 - 5.56		0.25 - 2.50		0.50 - 3.75
2005		13,387.7		2,439.7			2,730.0			-		0.24 - 2.90		0.48 - 4.35
2006		5,971.4		2,848.9			3,072.3			6.25		0.10 - 2.75		0.20 - 4.13
2007		3,860.5		1,728.2			1,887.0			-		0.06 - 2.00		0.12 - 3.00

Subtotal contractual principal balance (3)				7,869.7			8,698.0
Fair value adjustment				(3,291.0	)		(3,452.1	)

Total securitized mortgage borrowings			$	4,578.7		$	5,245.9


(1)	One-month LIBOR was 0.43% as of December 31, 2015.
(2)	Interest rate margins are generally adjusted when the unpaid principal balance is reduced to less than 10-20% of the original issuance amount, or if certain other triggers are met.
(3)	Represents the outstanding balance in accordance with trustee reporting.

As of December 31, 2015, expected principal reductions of the securitized mortgage borrowings, which is based on contractual principal payments and expected prepayment and loss assumptions for securitized mortgage collateral, was as follows (dollars in millions):

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Securitized mortgage borrowings (1)	$	7,869.7	$	726.6	$	1,147.2	$	821.4	$	5,174.5


(1)	Represents the outstanding balance in accordance with trustee reporting.

Derivative Liabilities

As of December 31, 2015, the net derivative liability included in the securitization trusts was $1.7 million, as compared to $5.4 million at December 31, 2014. As of December 31, 2015, the notional balance of derivative assets and liabilities, securitized trusts was $67.7 million. The derivative values are based on the net present value of cash receipts or payments expected to be received or paid by the bankruptcy remote trusts. The fair value of the derivatives fluctuates with changes in the future expectation of cash receipts or payments based on notional balances and estimated LIBOR rates.

On September 15, 2008, Lehman Brothers Holdings Inc. (LBHI) filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code. As of that date, LBHI, through affiliated companies, was an interest rate swap counterparty to several of the Company's CMO and REMIC securitizations. During the third quarter of 2013, the terminated LBHI swaps were settled with the bankruptcy court and the trustees for the securitization trusts. CMB 2004-4, CMB 2004-5 and CMB 2004-10 were settled and the corresponding fair values of the net derivative liabilities were removed from the consolidated balance sheet at September 30, 2013. At December 31, 2015 and 2014, there was no estimated fair value of derivatives with LBHI. As the related securitization trusts are non-recourse to the Company, the Company is not required to replace or otherwise settle any derivative positions affected by counterparty default within the consolidated trusts. Accordingly, the settlement of the net derivative liabilities did not result in any gain or loss for the Company.

Change in fair value of net trust assets, including trust real estate owned (REO) (losses) gains

Changes in fair value of net trust assets, including trust REO (losses) gains are comprised of the following for the years ended December 31, 2015 and 2014:

	For the year ended December 31,
	2015			2014
Change in fair value of net trust assets, excluding REO	$	957		$	3,482
(Losses) gains from REO		(6,595	)		7,581

Change in fair value of net trust assets, including trust REO (losses) gains	$	(5,638	)	$	11,063

Derivative Instruments

12 Months Ended

Dec. 31, 2015

Derivative Instruments

Derivative Instruments

Note 15.—Derivative Instruments

Derivative Assets and Liabilities, Lending

The mortgage lending operation enters into IRLCs with prospective borrowers to originate mortgage loans at a specified interest rate and Hedging Instruments to hedge the fair value changes associated with changes in interest rates relating to its mortgage loan origination operations as well as mortgage servicing rights. The fair value of IRLCs and Hedging Instruments related to mortgage loan origination are included in other assets and other liabilities, respectively, in the consolidated balance sheets. As of December 31, 2015, the estimated fair value of IRLCs and Hedging Instruments associated with mortgage lending totaled $9.2 million and $404 thousand, respectively. Additionally, the fair value of Hedging Instruments related to mortgage servicing rights are included in other assets at December 31, 2015 and had an estimated fair value of of $89 thousand.

The following table includes information for the derivative assets and liabilities, lending for the periods presented:

					Total Gains (Losses) (1)
	Notional Amount				Total Gains (Losses) (1)
	Notional Amount				For the year ended December 31,
	December 31,				For the year ended December 31,
	2015		2014		2015			2014
Derivative-IRLC's	$	569,618	$	299,507	$	6,300		$	1,982
Derivative-TBA MBS		403,610		397,373		(6,519	)		(17,406	)


(1)	Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations.

Other Derivatives

Upon entering an arrangement to facilitate the Company's ability to offer NonQM mortgage products, a warrant to purchase up to 9.9% of Impac Mortgage Corp. was issued. The warrant expired in August and was not exercised. The estimated fair value of the warrant was based on a model incorporating various assumptions including expected future book value of Impac Mortgage Corp., the probability of the warrant being exercised, volatility, expected term and certain other factors. At December 31, 2014 the estimated fair value of the warrant was $84 thousand and was included in other assets in the accompanying consolidated balance sheet.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

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Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.4-08.(n))
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+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Note 17.—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.

FASB ASC 825 requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. The following table presents the estimated fair value of financial instruments included in the consolidated financial statements as of the dates indicated:

	December 31, 2015								December 31, 2014
			Estimated Fair Value								Estimated Fair Value
	Carrying Amount		Estimated Fair Value						Carrying Amount		Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	32,409	$	32,409	$	-	$	-	$	10,073	$	10,073	$	-	$	-
Restricted cash		3,474		3,474		-		-		2,420		2,420		-		-
Mortgage loans held-for-sale		310,191		-		310,191		-		239,391		-		239,391		-
Finance receivables		36,368		-		36,368		-		8,358		-		8,358		-
Mortgage servicing rights		36,425		-		-		36,425		24,418		-		-		24,418
Derivative assets, lending, net		9,273		-		89		9,184		2,884		-		-		2,884
Investment securities available-for-sale		26		-		-		26		92		-		-		92
Securitized mortgage collateral		4,574,919		-		-		4,574,919		5,249,639		-		-		5,249,639
Warrant		-		-		-		-		84		-		-		84
Liabilities
Warehouse borrowings	$	325,616	$	-	$	325,616	$	-	$	226,718	$	-	$	226,718	$	-
Short-term structured debt		-		-		-		-		6,000		-		-		6,000
Line of credit		-		-		-		-		4,000		-		4,000		-
Term financing		30,000		-		-		30,000		-		-		-		-
Convertible notes		45,000		-		-		45,000		20,000		-		-		20,000
Contingent consideration		48,079		-		-		48,079		-		-		-		-
Long-term debt		31,898		-		-		31,898		22,122		-		-		22,122
Securitized mortgage borrowings		4,578,657		-		-		4,578,657		5,245,860		-		-		5,245,860
Derivative liabilities, securitized trusts		1,669		-		-		1,669		5,447		-		-		5,447
Derivative liabilities, lending, net		404		-		404		-		930		-		930		-

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, loans held-for-sale, and call and put options.

The carrying amount of cash and cash equivalents and restricted cash approximates fair value.

Finance receivables carrying amounts approximate fair value due to the short-term nature of the assets and do not present unanticipated interest rate or credit concerns.

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.

Convertible notes are recorded at amortized cost. The estimated fair value is determined using a discounted cash flow model using estimated market rates.

Term financing structured debt has a maturity of less than one year. The term financing is recorded at amortized cost. The carrying amount approximates fair value due to the short-term nature of the liability and does 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.

Short-term structured debt has a maturity of less than one year. The short-term structured debt is recorded at amortized cost, net of any discounts. The carrying amount approximates fair value due to the short-term nature of the liability and does not present unanticipated interest rate or credit concerns.

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, mortgage servicing rights, call and put options, securitized mortgage collateral and borrowings, derivative assets and liabilities (trust and IRLCs), and long-term debt as Level 3 fair value measurements. Level 3 assets and liabilities measured at fair value on a recurring basis were approximately 94% and 99% and 96% and 99%, respectively, of total assets and total liabilities measured at estimated fair value at December 31, 2015 and 2014.

Recurring Fair Value Measurements

The Company assesses its 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 Level 1 and Level 2 classified instruments during the year ended December 31, 2015.

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 December 31, 2015 and December 31, 2014, based on the fair value hierarchy:

	Recurring Fair Value Measurements
	December 31, 2015						December 31, 2014
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment securities available-for-sale	$	-	$	-	$	26	$	-	$	-	$	92
Mortgage loans held-for-sale		-		310,191		-		-		239,391		-
Derivative assets, lending, net (1)		-		89		9,184		-		-		2,884
Mortgage servicing rights		-		-		36,425		-		-		24,418
Warrant (2)		-		-		-		-		-		84
Securitized mortgage collateral		-		-		4,574,919		-		-		5,249,639

Total assets at fair value	$	-	$	310,280	$	4,620,554	$	-	$	239,391	$	5,277,117


Liabilities
Securitized mortgage borrowings	$	-	$	-	$	4,578,657	$	-	$	-	$	5,245,860
Derivative liabilities, securitized trusts (3)		-		-		1,669		-		-		5,447
Long-term debt		-		-		31,898		-		-		22,122
Contingent consideration		-		-		48,079		-		-		-
Derivative liabilities, lending, net (4)		-		404		-		-		930		-

Total liabilities at fair value	$	-	$	404	$	4,660,303	$	-	$	930	$	5,273,429


(1)	At December 31, 2015, derivative assets, lending, net included $9.2 million in IRLCs and $89 thousand in Hedging Intruments, respectively, and is included in other assets in the accompanying consolidated balance sheets. At December 31, 2014, derivative assets, lending, net included $2.9 million in IRLCs associated with the Company's mortgage lending operations, and is included in other assets in the accompanying consolidated balance sheet.
(2)	Included in other assets in the accompanying consolidated balance sheets.
(3)	At December 31, 2015 and 2014, derivative liabilities, securitized trusts, are included within trust liabilities in the accompanying consolidated balance sheets.
(4)	At December 31, 2015 and 2014, derivative liabilities, lending, net are included in other liabilities in the accompanying consolidated balance sheets.

The following tables present reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and December 31, 2014:

	Level 3 Recurring Fair Value Measurements
	For the year ended December 31, 2015
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net		Long- term debt			Contingent consideration			Warrant
Fair value, December 31, 2014	$	92		$	5,249,639		$	(5,245,860	)	$	(5,447	)	$	24,418		$	2,884	$	(22,122	)	$	-		$	84
Total gains (losses) included in earnings:
Interest income (1)		10			64,256			-			-			-			-		-			-			-
Interest expense (1)		-			-			(211,272	)		-			-			-		(1,115	)		-			-
Change in fair value		15			(49,052	)		50,481			(487	)		(10,939	)		6,300		(8,661	)		37,778			(84	)

Total gains (losses) included in earnings		25			15,204			(160,791	)		(487	)		(10,939	)		6,300		(9,776	)		37,778			(84	)
Transfers in and/or out of Level 3		-			-			-			-			-			-		-			-			-
Purchases, issuances and settlements:
Purchases		-			-			-			-			-			-		-			-			-
Issuances		-			-			-			-			98,103			-		-			(124,592	)		-
Settlements		(91	)		(689,924	)		827,994			4,265			(75,157	)		-		-			38,735			-

Fair value, December 31, 2015	$	26		$	4,574,919		$	(4,578,657	)	$	(1,669	)	$	36,425		$	9,184	$	(31,898	)	$	(48,079	)	$	-


Unrealized gains (losses) still held (2)	$	26		$	(1,147,971	)	$	3,291,072		$	(1,485	)	$	36,425		$	9,184	$	38,865		$	(48,079	)	$	-


(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. Net interest income, including cash received and paid, was $8.3 million for the year ended December 31, 2015. 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 December 31, 2015.

	Level 3 Recurring Fair Value Measurements
	For the year ended December 31, 2014
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net			Long- term debt			Warrant
Fair value, December 31, 2013	$	108		$	5,494,152		$	(5,492,371	)	$	(10,214	)	$	35,981		$	913		$	(15,871	)	$	-
Total gains (losses) included in earnings:
Interest income (1)		26			59,526			-			-			-			-			-			-
Interest expense (1)		-			-			(237,793	)		-			-			-			(2,237	)		-
Change in fair value		34			364,052			(360,005	)		(599	)		(6,229	)		1,982			(4,014	)		(80	)

Total (losses) gains included in earnings		60			423,578			(597,798	)		(599	)		(6,229	)		1,982			(6,251	)		(80	)
Transfers in and/or out of Level 3		-			-			-			-			-						-			-
Purchases, issuances and settlements:
Purchases		-			-			-			-			-			-			-			-
Issuances		-			-			-			-			29,388			-			-			164
Settlements		(76	)		(668,091	)		844,309			5,366			(34,722	)		(11	)		-			-

Fair value, December 31, 2014	$	92		$	5,249,639		$	(5,245,860	)	$	(5,447	)	$	24,418		$	2,884		$	(22,122	)	$	84


Unrealized gains (losses) still held (2)	$	91		$	(1,317,650	)	$	3,452,064		$	(5,063	)	$	24,418		$	2,884		$	48,641		$	84


(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. Net interest income, including cash received and paid, was $5.7 million for the year ended December 31, 2014. 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 December 31, 2014.

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 December 31, 2015.

Financial Instrument	Estimated Fair Value			Valuation Technique	Unobservable Input	Range of Inputs			Weighted Average
Assets and liabilities backed by real estate
Investment securities available-for-sale,	$	26		DCF	Discount rates		3.9 - 25.0	%		5.6	%
Securitized mortgage collateral, and		4,574,919			Prepayment rates		2.4 - 23.4	%		6.3	%
Securitized mortgage borrowings		(4,578,657	)		Default rates		0.6 - 13.5	%		2.5	%
					Loss severities		1.6 - 77.8	%		37.0	%

Other assets and liabilities
Mortgage servicing rights	$	36,425		DCF	Discount rate		9.0 - 14.0	%		9.7	%
					Prepayment rates		4.2 - 52.1	%		11.2	%
Derivative liabilities, net, securitized trusts		(1,669	)	DCF	1M forward LIBOR		0.4 - 2.8	%		N/A
Derivative assets – IRLCs, net		9,184		Market pricing	Pull-through rate		39.0 - 99.0	%		76.5	%
Long-term debt		(31,898	)	DCF	Discount rate		14.6	%		14.6	%
Contingent consideration		(48,079	)	DCF	Discount rate		17.0	%		17.0	%
					Margins		1.1 - 3.2	%		2.2	%
					Probability of outcomes (1)		20.0 - 50.0	%		34.8	%

DCF = Discounted Cash Flow
1M = 1 Month

(1)

Probability of outcomes is the probability of projected CCM earnings over the earn-out period based upon three scenarios (base, low and high). The estimated aggregate undiscounted earn out payments to the seller over the remaining earn out period of two years as of December 31, 2015 was $59.1 million, and the estimated range of undiscounted earn out payments as of December 31, 2015 was $30.1 million to $83.5 million.

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. A significant increase or decrease in pull-through rate assumptions would result in a significant increase or decrease in the fair value of IRLCs. 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 for the years ended December 31, 2015 and 2014:

	Recurring Fair Value Measurements
	Change in Fair Value Included in Net Earnings
	For the year ended December 31, 2015
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt			Other Revenue and Expense			Gain on sale of loans, net		Total
Investment securities available-for-sale	$	10	$	-		$	15		$	-		$	-		$	-	$	25
Securitized mortgage collateral		64,256		-			(49,052	)		-			-			-		15,204
Securitized mortgage borrowings		-		(211,272	)		50,481			-			-			-		(160,791	)
Derivative liabilities, net, securitized trusts		-		-			(487)	(2)		-			-			-		(487	)
Long-term debt		-		(1,115	)		-			(8,661	)		-			-		(9,776	)
Mortgage servicing rights (3)		-		-			-			-			(10,939	)		-		(10,939	)
Warrant		-		-			-			-			(84	)		-		(84	)
Contingent consideration		-		-			-			-			37,778			-		37,778
Mortgage loans held-for-sale		-		-			-			-			-			404		404
Derivative assets – IRLCs		-		-			-			-			-			6,300		6,300
Derivative liabilities – Hedging Instruments		-		-			-			-			-			616		616

Total	$	64,266	$	(212,387	)	$	957	(4)	$	(8,661	)	$	26,755		$	7,320	$	(121,750	)


(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 $3.6 million in changes in the fair value of derivative instruments, offset by $4.1 million in cash payments from the securitization trusts for the year ended December 31, 2015.
(3)	Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations.
(4)	For the year ended December 31, 2015, change in the fair value of trust assets, excluding REO was $1.0 million. Excluded from the $5.0 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $4.1 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Loss
	For the year ended December 31, 2014
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt			Other Revenue			Gain on sale of loans, net			Total
Investment securities available-for-sale	$	26	$	-		$	34		$	-		$	-		$	-		$	60
Securitized mortgage collateral		59,526		-			364,052			-			-			-			423,578
Securitized mortgage borrowings		-		(237,793	)		(360,005	)		-			-			-			(597,798	)
Derivative liabilities, net, securitized trusts		-		-			(599)	(2)		-			-			-			(599	)
Long-term debt		-		(2,237	)		-			(4,014	)		-			-			(6,251	)
Mortgage servicing rights (3)		-		-			-			-			(6,229	)		-			(6,229	)
Warrant		-		-			-			-			(80	)		-			(80	)
Mortgage loans held-for-sale		-		-			-			-			-			6,857			6,857
Derivative assets – IRLCs		-		-			-			-			-			1,982			1,982
Derivative liabilities – Hedging Instruments		-		-			-			-			-			(2,009	)		(2,009	)

Total	$	59,552	$	(240,030	)	$	3,482	(4)	$	(4,014	)	$	(6,309	)	$	6,830		$	(180,489	)


(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 $4.6 million in changes in the fair value of derivative instruments, offset by $5.2 million in cash payments from the securitization trusts for the year ended December 31, 2014.
(3)	Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations.
(4)	For the year ended December 31, 2014, change in the fair value of trust assets, excluding REO was $3.5 million. Excluded from the $(8.7) million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $5.2 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 December 31, 2015 and 2014 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 are classified as a Level 3 measurement at December 31, 2015.

Mortgage servicing rights—The Company elected to carry its entire mortgage servicing rights arising from its mortgage loan origination operation at fair value. The fair value of mortgage servicing rights is based upon 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 December 31, 2015.

Mortgage loans held-for-sale—The Company elected to carry its mortgage loans held-for-sale originated or acquired from its mortgage lending operation at 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 December 31, 2015.

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 December 31, 2015, securitized mortgage collateral had an unpaid principal balance of $5.7 billion, compared to an estimated fair value on the Company's balance sheet of $4.6 billion. The aggregate unpaid principal balance exceeds the fair value by $1.1 billion at December 31, 2015. As of December 31, 2015, the unpaid principal balance of loans 90 days or more past due was $0.8 billion compared to an estimated fair value of $0.4 billion. The aggregate unpaid principal balances of loans 90 days or more past due exceed the fair value by $0.4 billion at December 31, 2015. Securitized mortgage collateral is considered a Level 3 measurement at December 31, 2015.

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 December 31, 2015, securitized mortgage borrowings had an outstanding principal balance of $5.7 billion, net of $2.2 billion in bond losses, compared to an estimated fair value of $4.6 billion. The aggregate outstanding principal balance exceeds the fair value by $1.1 billion at December 31, 2015. Securitized mortgage borrowings are considered a Level 3 measurement at December 31, 2015.

Contingent consideration—Contingent consideration is applicable to the acquisition of CCM and is estimated and recorded at fair value at the acquisition date as part of purchase price consideration. Additionally, each reporting period, the Company estimates the change in fair value of the contingent consideration and any change in fair value is recognized in the Company's consolidated statements of operations if it is determined to not be a measurement period adjustment. The estimate of the fair value of contingent consideration requires significant judgment and assumptions to be made about future operating results, discount rates and probabilities of various projected operating result scenarios. During the year ended December 31, 2015, the change in fair value of contingent consideration was related to the estimated reduction in future pre-tax earnings of CCM over the expected earn-out period, primarily due to margin compression. Future revisions to these assumptions could materially change the estimated fair value of contingent consideration and materially affect the Company's financial results. Contingent consideration is considered a Level 3 measurement at December 31, 2015.

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 December 31, 2015, long-term debt had an unpaid principal balance of $70.5 million compared to an estimated fair value of $31.9 million. The aggregate unpaid principal balance exceeds the fair value by $38.6 million at December 31, 2015. The long-term debt is considered a Level 3 measurement at December 31, 2015.

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 December 31, 2015, the notional balance of derivative assets and liabilities, securitized trusts was $67.7 million. These derivatives are included in the consolidated securitization trusts, which are nonrecourse to the Company, 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 December 31, 2015.

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. The derivatives include IRLCs 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. The derivatives also include hedging instruments (typically TBA MBS) used to hedge the fair value changes associated with changes in interest rates relating to its mortgage lending originations as well as mortgage servicing rights. The Company hedges the period from the interest rate lock (assuming a fall-out factor) to the date of the loan 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 December 31, 2015.

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 December 31, 2015.

Warrant—Upon entering an arrangement to facilitate the Company's ability to offer Non-QM mortgage products, a warrant to purchase up to 9.9% of Impac Mortgage Corp. was issued. The warrant expired in August 2015 and was not exercised. The estimated fair value of the warrant was based on a model incorporating various assumptions including expected future book value of Impac Mortgage Corp., the probability of the warrant being exercised, volatility, expected term and certain other factors. The warrant was considered a Level 3 measurement at December 31, 2014.

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 December 31, 2015 and 2014, respectively:

	Nonrecurring Fair Value Measurements						Total Gains (Losses) (1)
	December 31, 2015						For the Year Ended December 31, 2015
	Level 1		Level 2		Level 3		For the Year Ended December 31, 2015
REO (2)	$	-	$	1,555	$	-	$	(6,595	)
Lease liability (3)		-		-		-		(53	)
Deferred charge (4)		-		-		9,963		(1,558	)


(1)	Total losses reflect losses from all nonrecurring measurements during the period.
(2)	Balance represents REO at December 31, 2015 which has been impaired subsequent to foreclosure. For the year ended December 31, 2015, the $6.6 million loss represents impairment of the net realizable value (NRV) attributable to an increase in state specific loss severities on properties held during the period which resulted in an increase to NRV.
(3)	For the year ended December 31, 2015, the Company recorded $53 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(4)	For the year ended December 31, 2015, the Company recorded $1.6 million in income tax expense resulting from impairment write-downs based on changes in estimated cash flows and lives of the related mortgages retained in the securitized mortgage collateral.

	Non-recurring Fair Value Measurements							Total Gains (Losses) (1)
	December 31, 2014							For the Year Ended December 31, 2014
	Level 1		Level 2		Level 3			For the Year Ended December 31, 2014
REO (2)	$	-	$	3,030	$	-		$	7,581
Lease liability (3)		-		-		(1,578	)		(681	)
Deferred charge (4)		-		-		11,521			(453	)


(1)	Total losses reflect losses from all nonrecurring measurements during the period.
(2)	Balance represents REO at December 31, 2014 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the year ended December 31, 2014, the $7.6 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.
(3)	For the year ended December 31, 2014, the Company recorded $681 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(4)	For the year ended December 31, 2014, the Company recorded $453 thousand in income tax expense resulting from impairment write-downs based on changes in estimated cash flows and lives of the related mortgages retained in the securitized mortgage collateral.

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 December 31, 2015.

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 December 31, 2015.

Deferred charge—Deferred charge represents the deferral of income tax expense on inter-company profits that resulted from the sale of mortgages from taxable subsidiaries to IMH in prior years. The Company evaluates the deferred charge for impairment quarterly using internal estimates of estimated cash flows and lives of the related mortgages retained in the securitized mortgage collateral. If the deferred charge is determined to be impaired, it is recognized as a component of income tax expense. For the year ended December 31, 2015, the Company recorded $1.6 million in income tax expense resulting from deferred charge impairment write-downs based on changes in estimated fair value of securitized mortgage collateral. Deferred charge is considered a Level 3 measurement at December 31, 2015.

Reconciliation of Earnings Per Share

12 Months Ended

Dec. 31, 2015

Reconciliation of Earnings Per Share

Reconciliation of Earnings Per Share

Note 18.—Reconciliation of Earnings Per Share

The following table presents the computation of basic and diluted earnings per common share, including the dilutive effect of stock options and cumulative redeemable preferred stock outstanding for the periods indicated:

	For the Year Ended December 31,
	2015		2014
Numerator for basic earnings (loss) per share:
Net earnings (loss)	$	80,799	$	(6,322	)
Numerator for diluted earnings (loss) per share:
Net earnings (loss)	$	80,799	$	(6,322	)
Interest expense attributable to convertible notes		2,719		-

Net earnings (loss) plus interest expense attributable to convertible notes	$	83,518	$	(6,322	)


Denominator for basic earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		10,094		9,344


Denominator for diluted earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		10,094		9,344
Net effect of dilutive convertible notes		2,597		-
Net effect of dilutive stock options and DSU's		354		-

Diluted weighted average common shares		13,045		9,344


Net earnings (loss) per common share:
Basic	$	8.00	$	(0.68	)


Diluted	$	6.40	$	(0.68	)


(1)	Share amounts presented in thousands.

The anti-dilutive stock options outstanding for the years ending December 31, 2015 and 2014 were 357 thousand and 2.9 million shares, respectively. Included in the anti-dilutive shares for 2014 are 1.8 million shares attributable to the Convertible Notes.

Income Taxes

12 Months Ended

Dec. 31, 2015

Income Taxes

Income Taxes

Note 19.—Income Taxes

The Company is subject to federal income taxes as a regular (Subchapter C) corporation and files a consolidated U.S. federal income tax return.

Income taxes for the years ended December 31, 2015 and 2014 were as follows:

	For the year ended December 31,
	2015			2014
Current income taxes:
Federal	$	2,149		$	940
State		395			365

Total current income tax expense		2,544			1,305

Deferred income taxes:
Federal		(21,367	)		-
State		(3,053	)		-

Total deferred income tax benefit		(24,420	)		-

Total income tax (benefit) expense	$	(21,876	)	$	1,305

The Company recorded income tax (benefit) expense of $(21.9) million and $1.3 million for the years ended December 31, 2015 and 2014, respectively. For the year ended December 31, 2015, the Company recorded a deferred income tax benefit of $24.4 million primarily the result of a reversal of valuation allowance partially offset by federal alternative minimum tax (AMT), amortization of the deferred charge and state income taxes from states where the Company does not have net operating loss carryforwards or state minimum taxes, including AMT. The income tax expense of $1.3 million for 2014 is primarily the result of the federal AMT, amortization of the deferred charge and state income taxes from states where the Company does not have net operating loss carryforwards or state minimum taxes, including AMT. The deferred charge represents the deferral of income tax expense on inter-company profits that resulted from the sale of mortgages from taxable subsidiaries to IMH prior to 2008. The deferred charge is amortized and/or impaired, which does not result in any tax liability to be paid. The deferred charge is included in other assets in the accompanying consolidated balance sheets and is amortized as a component of income tax expense in the accompanying consolidated statement of operations.

Deferred tax assets are recognized subject to management's judgment that realization is "more likely than not". A valuation allowance is recognized for a deferred tax asset if, based on the weight of the available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. In making such judgments, significant weight is given to evidence that can be objectively verified. As of each reporting date, the Company considers new evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. Significant judgment is required in assessing future earnings trends and the timing of reversals of temporary differences. The Company's evaluation is based on current tax laws as well as management's expectation of future performance.

The Company's deferred tax assets are primarily the result of net operating losses and other fair value write downs of financial assets and liabilities. As of December 31, 2014, the Company had net deferred tax assets of approximately $295.2 million which the Company recorded a full valuation allowance against. During the first quarter of 2015, with the aforementioned acquisition of CCM, the Company significantly expanded its mortgage lending operations and profitability. As of March 31, 2015, in part because of the earnings of CCM during the first quarter of 2015, current year projected earnings, future projected earnings as well as the historical earnings of CCM, management determined that sufficient positive evidence exists to conclude that it is more likely than not that deferred taxes of $24.4 million are realizable in future years, and therefore, reduced the valuation allowance accordingly.

The Company has recorded a valuation allowance against its remaining net deferred tax assets at December 31, 2015 as it is more likely than not that not all of the deferred tax assets will be realized. The valuation allowance is based on the management's assessment that it is more likely than not that certain deferred tax assets, primarily net operating loss carryforwards, may not be realized in the foreseeable future due to objective negative evidence that the Company would not generate sufficient taxable income to realize the deferred tax assets.

Deferred tax assets are comprised of the following temporary differences between the financial statement carrying value and the tax basis of assets:

	For the year ended December 31,
	2015			2014
Deferred tax assets:
Federal and state net operating losses		194,562			196,954
Mortgage securities		139,284			119,758
Depreciation and amortization		521			620
Compensation and other accruals		5,813			6,919
Repurchase reserve		2,346			2,287

Total gross deferred tax assets		342,526			326,538
Deferred tax liabilities:
Fair value (1)		(35,075	)		(20,767	)
Mortgage servicing rights		(16,324	)		(9,773	)
Derivatives		(424	)		(792	)

Total gross deferred tax liabilities		(51,823	)		(31,332	)
Valuation allowance		(266,283	)		(295,206	)

Total net deferred tax assets	$	24,420		$	-


(1)	Includes fair value adjustments to long-term debt, LHFS and fair value and accretion adjustments for the contingent consideration.

The following is a reconciliation of income taxes to the expected statutory federal corporate income tax rates for the years ended December 31, 2015 and 2014:

	For the year ended December 31,
	2015			2014
Expected income tax expense (benefit)	$	20,623		$	(1,756	)
State tax (benefit), net of federal benefit		256			(248	)
Change in valuation allowance		(44,163	)		2,735
Deferred charge		1,558			453
Other		(150	)		121

Total income tax (benefit) expense	$	(21,876	)	$	1,305

As of December 31, 2015, the Company had estimated federal and state net operating loss (NOL) carryforwards of approximately $462.0 million and $421.2 million, respectively. Federal and state net operating loss carryforwards begin to expire in 2027 and 2016, respectively.

The Company files numerous tax returns in various jurisdictions. While the Company is subject to examination by various taxing authorities, the Company believes there are no unresolved issues or claims likely to be material to its financial position. The Company classifies interest and penalties on taxes as provision for income taxes. As of December 31, 2015 and 2014, the Company has no material uncertain tax positions. The Company has federal and state AMT credits in the amount of $1.2 million and $298 thousand, respectively, as of December 31, 2015.

The Company recognizes tax benefits associated with the exercise of stock options directly to stockholders' equity only when realized. A windfall tax benefit occurs when the actual tax benefit realized upon an employee's disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award. At December 31, 2015 and 2014, deferred tax assets do not include $4.9 million and $3.8 million respectively of excess tax benefits from stock-based compensation.

Segment Reporting

12 Months Ended

Dec. 31, 2015

Segment Reporting

Segment Reporting

Note 20.—Segment Reporting

The Company has three primary reporting segments which include mortgage lending, real estate services and long-term mortgage portfolio. Unallocated corporate and other administrative costs, including the costs associated with being a public company, are presented in Corporate and other.

The following table presents selected balance sheet data by reporting segment as of the dates indicated:

Balance Sheet Items as of December 31, 2015:	Mortgage Lending		Real Estate Services		Long-term Portfolio		Corporate and other		Consolidated
Cash and cash equivalents	$	32,023	$	-	$	-	$	386	$	32,409
Restricted cash		3,474		-		-		-		3,474
Mortgage loans held-for-sale		310,191		-		-		-		310,191
Finance receivables		36,368		-		-		-		36,368
Mortgage servicing rights		36,425		-		-		-		36,425
Trust assets		-		-		4,594,534		-		4,594,534
Goodwill		104,587		351		-		-		104,938
Other assets (1)		50,580		3,582		10,167		28,649		92,978
Total assets		573,648		3,933		4,604,701		29,035		5,211,317
Total liabilities		427,703		3,845		4,612,634		52,645		5,096,827

Balance Sheet Items as of December 31, 2014:	Mortgage Lending		Real Estate Services		Long-term Portfolio		Corporate and other		Consolidated
Cash and cash equivalents	$	9,434	$	400	$	-	$	239	$	10,073
Restricted cash		2,420		-		-		-		2,420
Mortgage loans held-for-sale		239,391		-		-		-		239,391
Finance receivables		8,358								8,358
Mortgage servicing rights		24,418		-		-		-		24,418
Trust assets		-		-		5,268,531		-		5,268,531
Other assets (1)		7,810		2,271		11,743		3,557		25,381
Total assets		291,831		2,671		5,280,274		3,796		5,578,572
Total liabilities		254,491		1,458		5,273,815		23,852		5,553,616


(1)	All segment asset balances exclude intercompany balances.

The following table presents selected statement of operations information by reporting segment for the years ended December 31, 2015 and 2014:

Statement of Operations Items for the year ended December 31, 2015:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate and other			Consolidated
Gain on sale of loans, net	$	169,206		$	-		$	-		$	-		$	169,206
Real estate services fees, net		-			9,850			-			-			9,850
Servicing income, net		6,102			-			-			-			6,102
Loss on mortgage servicing rights		(18,598	)		-			-			-			(18,598	)
Other revenue		25			-			263			109			397
Accretion of contingent consideration		(8,142	)		-			-						(8,142	)
Change in fair value of contingent consideration		45,920			-			-						45,920
Other expense		(119,261	)		(5,951	)		(677	)		(7,570	)		(133,459	)
Other income (expense)		2,037			-			(9,786	)		(4,604	)		(12,353	)

Net earnings (loss) before income taxes	$	77,289		$	3,899		$	(10,200	)	$	(12,065	)		58,923


Income tax benefit														(21,876	)

Net earnings													$	80,799

Statement of Operations Items for the year ended December 31, 2014:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate and other			Consolidated
Gain on sale of loans, net	$	28,217		$	-		$	-		$	-		$	28,217
Real estate services fees, net		-			14,729			-			-			14,729
Servicing income, net		4,586			-			-			-			4,586
Loss on mortgage servicing rights		(5,116	)		-			-			-			(5,116	)
Other revenue		1,310			-			371			42			1,723
Total expense		(35,310	)		(6,052	)		(924	)		(15,054	)		(57,340	)
Other income (expense)		1,353			(5	)		8,456			(1,620	)		8,184

Net (loss) earnings before income taxes	$	(4,960	)	$	8,672		$	7,903		$	(16,632	)		(5,017	)


Income tax expense														1,305

Net loss													$	(6,322	)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Commitments and Contingencies

Note 21.—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 cases, 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.

Based on the Company's current understanding of these pending legal actions and proceedings, management does not believe that 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.

The legal matters summarized below are ongoing and may have an effect on the Company's business and future financial condition and results of operations:

On or about April 20, 2011, an action was filed entitled Federal Home Loan Bank of Boston v. Ally Financial Inc., et al., naming IMH Assets Corp, IFC, the Company, and ISAC as defendants. The complaint alleges misrepresentations in the materials used to market mortgage-backed securities that the plaintiff purchased. The complaint seeks damages and attorney's fees in an amount to be established at time of trial. The case was removed to the United States District Court for the District of Massachusetts and on September 30, 2013, the Court granted the Company's motion to dismiss claims against it arising under the Massachusetts Uniform Securities Act. The case remains pending as to other claims against the Company.

On December 7, 2011, a purported class action was filed in the Circuit Court of Baltimore City entitled Timm, v. Impac Mortgage Holdings, Inc, et al. alleging on behalf of holders of the Company's 9.375% Series B Cumulative Redeemable Preferred Stock (Preferred B) and 9.125% Series C Cumulative Redeemable Preferred Stock (Preferred C) who did not tender their stock in connection with the Company's 2009 completion of its Offer to Purchase and Consent Solicitation that the Company failed to achieve the required consent of the Preferred B and C holders, the consents to amend the Preferred stock were not effective because they were given on unissued stock (after redemption), the Company tied the tender offer with a consent requirement that constituted an improper "vote buying" scheme, and that the tender offer was a breach of a fiduciary duty. The action seeks the payment of two quarterly dividends for the Preferred B and C holders, the unwinding of the consents and reinstatement of the cumulative dividend on the Preferred B and C stock, and the election of two directors by the Preferred B and C holders. The action also seeks punitive damages and legal expenses. The court, on January 28, 2013, dismissed all individual director and officer defendants from the case and further dismissed three of the six causes of action. The remaining causes of action against the Company allege the Preferred B holders did not approve amendments to its Articles Supplementary and the holders thereof seek to recover two quarters of dividends and to elect two members to the Board of Directors of the Company. On November 27, 2013, the court denied the plaintiff's motion to reconsider the court's January 28, 2013 order. The Company and Plaintiffs have filed a motion for summary judgment on the remaining claims and motions are currently pending.

On April 30, 2012, a purported class action was filed entitled Marentes v. Impac Mortgage Holdings, Inc., alleging that certain loan modification activities of the Company constitute an unfair business practice, false advertising and marketing, and that the fees charged are improper. The complaint seeks unspecified damages, restitution, injunctive relief, attorney's fees and prejudgment interest. On August 22, 2012, the plaintiff filed an amended complaint adding Impac Funding Corporation as a defendant and on October 2, 2012, the plaintiff dismissed Impac Mortgage Holdings, Inc., without prejudice. Discovery is currently proceeding in this matter.

On December 14, 2013, a matter was filed in the US District Court, District of Minnesota, entitled Residential Funding Company, LLC v. Impac Funding Corp. alleging the defendant is responsible for unspecific debts of Pinnacle Direct Funding Corp., as its successor in interest. On April 3, 2014, the plaintiff filed a First Amended Complaint alleging the defendant is responsible for breaches of representations and warranties in connection with certain loan sales from Pinnacle to plaintiff. The plaintiff seeks declaratory relief and unspecified damages. The Company filed a motion for summary judgment, which remains pending.

On October 28, 2014, an action was filed in the Superior Court of the State of California in Orange County entitled Mallory Hill v. Impac Mortgage Holdings, Inc., Impac Mortgage Corporation et al. In the action Mr. Hill seeks compensatory damages, general damages, treble damages, exemplary damages, an accounting, injunctive relief, attorney's fees and costs for claims based upon a consulting agreement entered into with Mr. Hill, a purported employment relationship entered into with Mr. Hill and other purported claims. The Company filed a motion for summary judgment, which remains pending.

In October 2011 and November 2012, the Company received letters from Countrywide Securities Corporation (Countrywide), Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), and UBS Securities LLC (UBS) claiming indemnification relating to mortgage-backed securities bonds issued, originated or sold by ISAC, IFC, IMH Assets Corp. and the Company. The claims seek indemnification from claims asserted against Countrywide, Merrill Lynch, and UBS in specified legal actions entitled American International Group Inc. v. Bank of America Corp., et al, in the United States District Court for the Southern District of New York and Federal Home Loan Bank of Boston v. Ally Financial, Inc., et al, in the United States District Court for the District of Massachusetts. The notices each seek indemnification for all losses, liabilities, damages and legal fees and costs incurred in those actions. Further related to these claims, the Company received a demand from American International Group (AIG) for claims it purports to have based upon 12 residential mortgage-backed Securities it purchased in which the Company was depositor, sponsor, seller and/or originator. AIG contends it has suffered almost $800 million in losses on the securities and contends there were misrepresentations and breaches of representations and warranties regarding the securities. In October 2012, January 2013, and December 2014, Deutsche Bank issued indemnification demands for claims asserted against them in the Superior Court of New York in cases entitled Royal Park Investments SA/NV v. Merrill Lynch, et al. and Dealink Funding Ltd. v. Deutsche Bank and in the Circuit Court for the City of Richmond, Virginia, in a case entitled Commonwealth of VA, et al. v. Barclays Capital Inc, et al. In February of 2013 the Company also received a notice of intent to seek indemnification on behalf of Deutsche Bank AG, Deutsche Bank Securities, Inc., DB Structured Products, Inc., ACE Securities Corp and Deutsche Alt-A Securities, Inc. The claim relates to an action filed against those entities in the Superior Court of New York.

The Company is 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.

Lease Commitments

The Company leases office space and certain office equipment under long-term leases expiring at various dates through 2024. Future minimum commitments under non-cancelable leases are as follows:

	Operating Leases			Capital Leases		Total
Year 2016	$	5,315		$	420	$	5,735
Year 2017		4,672			149		4,821
Year 2018		4,794			13		4,807
Year 2019		4,610			-		4,610
Year 2020 and thereafter		15,783			-		15,783

Subtotal		35,174			582		35,756
Sublet income		(2,079	)		-		(2,079	)

Total lease commitments	$	33,095		$	582	$	33,677

Total rental expense for the years ended December 31, 2015 and 2014 was $4.7 million and $5.0 million, respectively.

Interest expense on the capital leases was $57 thousand and $72 thousand for the years ended December 31, 2015 and 2014, respectively.

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 require it to repurchase loans if the Company breached a representation or warranty given to the loan purchaser.

The following table summarizes the repurchase reserve activity related to previously sold loans for the years ended December 31, 2015 and 2014 is as follows:

	December 31,
	2015			2014
Beginning balance	$	5,714		$	9,478
Provision for repurchases		1,012			2,252
Settlements		(1,490	)		(6,016	)

Total repurchase reserve	$	5,236		$	5,714

Concentration of Risk

The aggregate unpaid principal balance of loans in the Company's long-term mortgage portfolio secured by properties in California and Florida was $3.0 billion and $597.0 million, or 51% and 10%, respectively, at December 31, 2015.

The Company does not have a significant concentration of risk to any individual client except for the U.S. government and its agencies relating to its concentration of loan sales. However, a geographic concentration arises because 79% of the Company originations were from California.

Share Based Payments and Employee Benefit Plans

12 Months Ended

Dec. 31, 2015

Share Based Payments and Employee Benefit Plans

Share Based Payments and Employee Benefit Plans

Note 22.—Share Based Payments and Employee Benefit Plans

The Company maintains a stock-based incentive compensation plan, the terms of which are governed by the 2010 Omnibus Incentive Plan (the 2010 Incentive Plan). The 2010 Incentive Plan provides for the grant of stock appreciation rights, restricted stock units, performance shares and other stock and cash-based incentive awards. Employees, directors, consultants or other persons providing services to the Company or its affiliates are eligible to receive awards pursuant to the 2010 Incentive Plan. In connection with the adoption of the 2010 Incentive Plan, the Company's 2001 Stock Plan, which was scheduled to expire in March 2011, was frozen. Further, all outstanding awards under the 2001 Stock Plan, as well as the Company's previous 1995 Stock Option, Deferred Stock and Restricted Stock Plan (together with the 2001 Stock Plan, the "Prior Plans"), were assumed by the 2010 Incentive Plan. During the third quarter of 2014, the shareholders voted on and approved the amendment to the 2010 Omnibus Incentive Plan to increase the shares subject to the plan by 300,000 shares. As of December 31, 2015, the aggregate number of shares reserved under the 2010 Incentive Plan is 1,628,521 shares (including all outstanding awards assumed from Prior Plans), and there were 68,381 shares available for grant as stock options, restricted stock and deferred stock awards. The Company issues new shares of common stock to satisfy stock option exercises. There were 405,800 options granted for the year ended December 31, 2015.

The fair value of options granted, which is amortized to expense over the option vesting period, is estimated on the date of grant with the following weighted average assumptions:

	For the year ended December 31,
	2015	2014
Risk-free interest rate	1.54 - 1.76%	1.08 - 1.79%
Expected lives (in years)	5.50 - 5.73	3.48 - 5.73
Expected volatility (1)	49.53 - 79.56%	70.47 - 75.93%
Expected dividend yield	0.00%	0.00%
Fair value per share	$6.74 - $9.96	$2.69 - $4.46


(1)	Expected volatilities are based on both the implied and historical volatility of the Company's stock over the expected option life.

The following table summarizes activity, pricing and other information for the Company's stock options for the years presented below:

	For the year ended December 31,
						2014
	2015					2014
	2015								Weighted- Average Exercise Price
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price
Options outstanding at beginning of period		1,078,230		$	6.88		787,132		$	9.07
Options granted		405,800			19.59		409,250			5.41
Options exercised		(243,971	)		3.98		(14,622	)		2.58
Options forfeited/cancelled		(124,779	)		9.44		(103,530	)		18.30

Options outstanding at end of period		1,115,280			11.85		1,078,230			6.88


Options exercisable at end of period		476,998		$	8.23		534,323		$	6.72

The aggregate intrinsic value in the following table represents the total pre-tax intrinsic value, based on the Company's closing stock price of $18.00 and $6.20 per common share as of December 31, 2015 and 2014, respectively. Aggregate intrinsic value represents the amount of proceeds the option holders would have received had all option holders exercised their options and sold the stock as of that date.

	As of December 31,
	2015				2014
	Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at end of year		8.05	$	7,753		7.89	$	1,631


Options exercisable at end of year		6.68	$	4,662		6.50	$	1,319

As of December 31, 2015, there was approximately $3.4 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 2.3 years.

For the years ended December 31, 2015 and 2014, the aggregate grant-date fair value of stock options granted was approximately $3.8 million and $1.4 million, respectively.

For the years ended December 31, 2015 and 2014, total stock-based compensation expense was $1.6 million and $1.9 million, respectively.

Additional information regarding stock options outstanding as of December 31, 2015 is as follows:

	Stock Options Outstanding						Options Exercisable
Exercise Price Range	Number Outstanding		Weighted- Average Remaining Contractual Life in Years		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$ 0 - 2.80		139,404		4.61	$	2.29		139,404	$	2.29
2.81 - 5.39		285,578		8.56		5.39		93,425		5.39
5.40 - 10.65		172,999		7.89		10.52		85,670		10.65
10.66 - 16.43		160,499		6.95		13.84		158,499		13.81
16.44 - 21.50		356,800		9.56		20.52		-		-

$ 2.80 - 21.50		1,115,280		8.05	$	11.85		476,998	$	8.23

In addition to the options granted, the Company has granted deferred stock units (DSU's), which vest between one and three year periods. The fair value of each DSU was measured on the date of grant using the grant date price of the Company's stock. For the years ended December 31, 2015 and 2014, the aggregate grant-date fair value of DSU's granted was approximately $103 thousand and $20 thousand, respectively.

The following table summarizes activity, pricing and other information for the Company's DSU's for the years presented below:

	For the year ended December 31,
	2015				2014
	Number of Shares		Weighted- Average Grant Date Fair Value		Number of Shares		Weighted- Average Grant Date Fair Value
DSU's outstanding at beginning of period		75,750	$	8.63		72,000	$	8.80
DSU's granted		5,000		20.50		3,750		5.39
DSU's exercised		-		-		-		-
DSU's forfeited/cancelled		-		-		-		-

DSU's outstanding at end of period		80,750	$	9.36		75,750	$	8.63

As of December 31, 2015, there was approximately $116 thousand of total unrecognized compensation cost related to the DSU compensation arrangements granted under the plan. This cost is expected to be recognized over a weighted average period of 0.6 years.

401(k) Plan

After meeting certain employment requirements, employees can participate in the Company's 401(k) plan. Under the 401(k) plan, employees may contribute up to 25% of their salaries, pursuant to certain restrictions. The Company matches 50% of the first 4% of employee contributions. Additional contributions may be made at the discretion of the board of directors. During the year ended December 31, 2015, the Company recorded approximately $299 thousand for basic matching contributions. During the year ended December 31, 2014, the Company recorded approximately $289 thousand for basic matching contributions. There were no discretionary matching contributions recorded during the years ended December 31, 2015 or 2014.

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2015
Related Party Transactions
Related Party Transactions	Note 23.—Related Party Transactions In January 2015, the Company entered into a $5.0 million short-term borrowing agreement with a related party of the Company, secured by Ginnie Mae servcing rights with an interest rate of 15%, and transaction costs of $50 thousand. The balance was repaid in March 2015. In April 2015, the Company issued a $10.0 million short-term Promissory Note to a related party with an interest rate of 15%. The balance was repaid in May 2015.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Tax Benefits Preservation Rights Plan	12 Months Ended
Tax Benefits Preservation Rights Plan	Dec. 31, 2015
Tax Benefits Preservation Rights Plan
Tax Benefits Preservation Rights Plan	Note 24.—Tax Benefits Preservation Rights Plan In September 2013, the Company adopted a Tax Benefits Preservation Rights Agreement (Rights Plan) to help preserve the value of certain deferred tax benefits, including those generated by net operating losses (collectively, Tax Benefits). In general, the Company may "carry forward" net operating losses in certain circumstances to offset current and future taxable income, which will reduce federal and state income tax liability, subject to certain requirements and restrictions. The Company's ability to use these Tax Benefits would be substantially limited and impaired if it were to experience an "ownership change" for purposes of Section 382 of the Internal Revenue Code of 1986, as amended (the "Code") and the Treasury Regulations promulgated thereunder. Generally, the Company will experience an "ownership change" if the percentage of the shares of Common Stock owned by one or more "five-percent shareholders" increases by more than 50 percentage points over the lowest percentage of shares of Common Stock owned by such stockholder at any time during the prior three year on a rolling basis. As such, the Rights Plan has a 4.99% "trigger" threshold that is intended to act as a deterrent to any person or entity seeking to acquire 4.99% or more of the outstanding Common Stock without the prior approval of the Board. The Rights Plan also has certain ancillary anti-takeover effects. The rights accompany each share of common stock of the Company and are evidenced by ownership of common stock. The rights are not exercisable except upon the occurrence of certain change of control events. Once triggered, the rights would entitle the stockholders, other than a person qualifying as an "Acquiring Person" pursuant to the rights plan, to certain "flip-in", "flip-over" and exchange rights. The rights issued under the Rights Plan may be redeemed by the board of directors at a nominal redemption price of $0.001 per right, and the board of directors may amend the rights in any respect until the rights are triggered. The Rights Plan expires September 2, 2016.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2015
Subsequent Events
Subsequent Events	Note 25.—Subsequent Events In January 2016, pursuant to the terms of the $20.0 million Convertible Promissory Notes issued in April 2013 (the "Notes"), the Company elected to exercise its option to convert the Notes to common stock. The conversion will result in the Company issuing an aggregate of 1,839,080 shares of common stock. As a result of the transaction, the Company converted $20.0 million of debt into equity and is required to pay interest through April 2016. The Company and the noteholders entered into a consent and waiver agreement whereby the noteholders agreed to delay the payment of unpaid interest until it was originally due, in March and April 2016. No gain or loss was recorded as a result of the transaction.

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Summary of Business and Financial Statement Presentation including Significant Accounting Policies
Basis of Presentation	Basis of Presentation The balance sheets, results of operations and cash flows have been presented in the accompanying consolidated financial statements as of December 31, 2015 and 2014 and for the years then ended and include the financial results of IMH, IRES, IMC, IMH Assets and IFC operations. 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 year presentation. Management has made a number of material 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 accounting principles generally accepted in the United States of America (GAAP). Material estimates subject to change include the fair value estimates of assets acquired and liabilities assumed in the acquisition of CCM as discussed in Note 2.—Acquisition of CashCall Mortgage. Additionally, other items affected by such estimates and assumptions include the valuation of trust assets and trust liabilities, contingencies, 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 derivative instruments, including, interest rate lock commitments (IRLC). Actual results could differ from those estimates and assumptions.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include accounts of IMH and other entities in which the Company has a controlling financial interest. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities (VIEs), through arrangements that do not involve voting interests. The VIE framework requires a variable interest holder (counterparty to a VIE) to consolidate the VIE if that party has the power to direct activities of the VIE that most significantly impact the entity's economic performance, will absorb a majority of the expected losses of the VIE, receive a majority of the residual returns of the VIE, or both, and directs the significant activities of the entity. This party is considered the primary beneficiary of the entity. The determination of whether the Company meets the criteria to be considered the primary beneficiary of a VIE requires an evaluation of all transactions (such as investments, liquidity commitments, derivatives and fee arrangements) with the entity.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The accompanying consolidated financial statements of IMH and its subsidiaries have been prepared in accordance with GAAP. 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 periods to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates.
Fair Value Option	Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. The Company has elected the fair value option for investment securities available-for-sale, securitized mortgage collateral, mortgage servicing rights, mortgage loans held-for-sale, securitized mortgage borrowings and long-term debt. Elections were made to mitigate income statement volatility caused by differences in the measurement basis of elected instruments.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less at the date of acquisition. The carrying amount of cash and cash equivalents approximates fair value. Cash balances that have restrictions as to the Company's ability to withdraw funds are considered restricted cash. At December 31, 2015 and 2014, restricted cash totaled $3.5 million and $2.4 million, respectively. The restricted cash is the result of the terms of the Company's warehouse borrowings. In accordance with the terms of the Master Repurchase Agreements related to the warehouse borrowings, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings (See Note 8.—Warehouse Borrowings).
Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Sale Mortgage loans held-for-sale (LHFS) are accounted for using the fair value option, with changes in fair value recorded in gain on sale of loans, net in the accompanying consolidated statements of operations. In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 825, Financial Instruments, loan origination fees and expenses are recognized in earnings as incurred and not deferred. Revenue derived from the Company's mortgage lending activities includes loan fees collected at the time of origination and gain or loss from the sale of LHFS. Loan fees consist of fee income earned on all loan originations, including loans closed and held for sale. Loan fees are recognized as earned and consist of amounts collected for application and underwriting fees, fees on cancelled loans and discount points. The related direct loan origination costs are recognized when incurred and consists of broker fees and commissions. Gain or loss from the sale and mark-to-market of LHFS includes both realized and unrealized gains and losses and are included in gain on sale of loans, net in the accompanying consolidated statements of operations. The valuation of LHFS approximates a whole-loan price, which includes the value of the related mortgage servicing rights. The Company principally sells its LHFS to government sponsored entities, and to a lesser extent, investors. The Company evaluates its loan sales for sales treatment. To the extent the transfer of loans qualifies as a sale, the Company derecognizes the loans and records a realized gain or loss on the sale date. In the event the Company determines that the transfer of loans does not qualify as a sale, the transfer would be treated as a secured borrowing. Interest on loans is recorded as income when earned and deemed collectible. LHFS are placed on nonaccrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on nonaccrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible.
Mortgage Servicing Rights	Mortgage Servicing Rights The Company accounts for mortgage loan sales in accordance with ASC 860, Transfers and Servicing. Upon sale of mortgage loans on a service-retained basis, the LHFS are removed from the balance sheet, mortgage servicing rights (MSRs) are recorded as an asset for servicing rights retained. The Company elected to measure MSRs at fair value as prescribed by FASB ASC 860-50-35, and as such, servicing assets or liabilities are valued using discounted cash flow modeling techniques using assumptions regarding future net servicing cash flow, including prepayment rates, discount rates, servicing cost and other factors. Changes in estimated fair value are reported in the accompanying consolidated statements of operations within (loss) gain on mortgage servicing rights. When the Company sells mortgage servicing rights, the Company records a gain or loss on such sale based on the selling price of the mortgage servicing rights less the carrying value and transaction costs. Gains and losses are reported in the accompanying consolidated statements of operations within (loss) gain on mortgage servicing rights.
Finance Receivables	Finance Receivables Finance receivables represent transactions with the Company's customers involved in residential real estate lending. As a warehouse lender, the Company's warehouse lending operations are a secured creditor of the mortgage bankers and brokers to which the Company extends credit and is subject to the risks inherent in that status, including the risk of borrower fraud, default and bankruptcy. Any claim of the Company's warehouse lending operations as a secured lender in a bankruptcy proceeding may be subject to adjustment and delay. Finance receivables from customers represent repurchase facilities with mortgage bankers that are primarily collateralized by mortgages on single-family residential real estate. Terms of the repurchase facilities, including the maximum facility amount and interest rate, are determined based upon the financial strength, historical performance and other qualifications of the borrower. The warehouse facilities to customers have maturities that range from on-demand to one year. Finance receivables are stated at the principal balance outstanding and are included in other assets on the accompanying consolidated balance sheets. Interest income is recorded on the accrual basis.
Securitized Mortgage Collateral	Securitized Mortgage Collateral The Company's long-term mortgage portfolio primarily includes adjustable rate and, to a lesser extent, fixed rate non-conforming mortgages and commercial mortgages that were acquired and originated by our mortgage and commercial operations prior to 2008. Non-conforming mortgages may not have certain documentation or verifications that are required by government sponsored entities and, therefore, in making our credit decisions, we were more reliant upon the borrower's credit score and the adequacy of the underlying collateral. Historically, the Company securitized mortgages in the form of collateralized mortgage obligations (CMO) or real estate mortgage investment conduits (REMICs). These securitizations are evaluated for consolidation based on the provisions of FASB ASC 810-10-25. Amounts consolidated are included in trust assets and liabilities as securitized mortgage collateral, real estate owned, derivative assets, securitized mortgage borrowings and derivative liabilities in the accompanying consolidated balance sheets. The Company accounts for securitized mortgage collateral at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest income on securitized mortgage collateral is recorded using the effective yield for the period based on the previous quarter-end's estimated fair value. Securitized mortgage collateral is generally not placed on nonaccrual status as the servicer advances the interest payments to the trust regardless of the delinquency status of the underlying mortgage loan, until it becomes apparent to the servicer that the advance is not collectible.
Real Estate Owned	Real Estate Owned Real estate owned (REO) on the balance sheet, are primarily assets within the securitized trusts but are recorded as a separate asset for accounting and reporting purposes and are within the long-term mortgage portfolio. REO, which consists of residential real estate acquired in satisfaction of loans, is carried at net realizable value, which includes the estimated fair value of the residential real estate less estimated selling and holding costs. Adjustments to the loan carrying value required at the time of foreclosure affect the carrying amount of REO. Subsequent write-downs in the net realizable value of REO are included in losses from REO in the consolidated statements of operations.
Goodwill and Intangible assets	Goodwill and Intangible assets Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Other intangible assets with definite lives include trademarks, customer relationships, and non-compete agreements. Goodwill, trademarks and other intangible assets are tested annually for impairment or more frequently if events and circumstances indicate that the asset might be impaired. The carrying value of these intangible assets could be impaired if a significant adverse change in the use, life, or brand strategy of the asset is determined, or if a significant adverse change in the legal and regulatory environment, business or competitive climate occurs that would adversely impact the asset. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization but are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss, if any, is measured as the excess of carrying value of the goodwill over the implied fair value of the goodwill and would be recorded in other expense in the consolidated statements of operations. Intangible assets with definite lives are amortized over their estimated lives using an amortization method that reflects the pattern in which the economic benefits of the asset are consumed.
Business Combinations	Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, "Business Combinations." Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed which involve contingencies must also be recognized at their estimated fair value, provided such fair value can be determined during the measurement period. Acquisition-related costs, including severance, conversion and other restructuring charges, such as abandoned space accruals, are expensed as incurred. Results of operations of an acquired business are included in the statement of operations from the date of acquisition.
Securitized Mortgage Borrowings	Securitized Mortgage Borrowings The Company records securitized mortgage borrowings in the accompanying consolidated balance sheets for the consolidated CMO and REMIC securitized trusts within the long-term mortgage portfolio. The debt from each issuance of a securitized mortgage borrowing is payable from the principal and interest payments on the underlying mortgages collateralizing such debt, as well as the proceeds from liquidations of REO. If the principal and interest payments are insufficient to repay the debt, the shortfall is allocated first to the residual interest holders (generally owned by the Company) then, if necessary, to the certificate holders (e.g. third party investors in the securitized mortgage borrowings) in accordance with the specific terms of the various respective indentures. Securitized mortgage borrowings typically are structured as one- month LIBOR "floaters" and fixed rate securities with interest payable to certificate holders monthly. The maturity of each class of securitized mortgage borrowing is directly affected by the amount of net interest spread, overcollateralization and the rate of principal prepayments and defaults on the related securitized mortgage collateral. The actual maturity of any class of a securitized mortgage borrowing can occur later than the stated maturities of the underlying mortgages. When the Company issued securitized mortgage borrowings, the Company generally sought an investment grade rating for the Company's securitized mortgages by nationally recognized rating agencies. To secure such ratings, it was often necessary to incorporate certain structural features that provide for credit enhancement. This generally included the pledge of collateral in excess of the principal amount of the securities to be issued, a bond guaranty insurance policy for some or all of the issued securities, or additional forms of mortgage insurance. The Company's total loss exposure is limited to the Company's initial net economic investment in each trust, which is referred to as a residual interest. The Company accounts for securitized mortgage borrowings at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest expense on securitized mortgage borrowings are recorded quarterly using the effective yield for the period based on the previous quarter-end's estimated fair value.
Derivative Instruments	Derivative Instruments In accordance with FASB ASC 815-10 Derivatives and Hedging—Overview, the Company records all derivative instruments at fair value. The Company has accounted for all its derivatives as non-designated hedge instruments or free-standing derivatives. Interest Rate Swaps, Caps and Floors The Company's interest rate risk management objective was to limit the exposure to the variability in future cash flows attributable to the variability of one-month LIBOR, which is the underlying index of adjustable rate securitized mortgage borrowings. The Company's interest rate risk management policies were formulated with the intent to offset the potential adverse effects of changing interest rates on securitized mortgage borrowings. To mitigate exposure to the effect of changing interest rates on cash flows on securitized mortgage borrowings, the Company purchased derivative instruments primarily in the form of interest rate swap agreements (swaps) and, to a lesser extent, interest rate cap agreements (caps) and interest rate floor agreements (floors). The Company has $1.7 million in derivative liabilities outstanding as of December 31, 2015, all of which are in the securitized trusts and included in trust liabilities in the consolidated balance sheets. The fair value of the Company's swaps, caps, floors and other derivative instruments is generally based on market prices provided by dealers and market makers, or estimates of future cash flows from these financial instruments. Lending derivatives The mortgage lending operation enters into IRLCs with consumers to originate mortgage loans at a specified interest rate. These IRLCs are accounted for as derivative instruments. The fair values of IRLCs utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (Pull-through Rate). The fair value of IRLCs is subject to change primarily due to changes in interest rates and the estimated Pull-through Rate. The Company reports IRLCs within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The Company hedges the changes in fair value associated with changes in interest rates related to IRLCs and uncommitted mortgage loans held for sale by using forward sold commitments including Fannie Mae and Ginnie Mae mortgage-backed securities known as to-be-announced mortgage-backed securities (TBA MBS or Hedging Instruments). The Hedging Instruments are typically entered into at the time the IRLC is made and are accounted for as derivative instruments. The fair value of Hedging Instruments is subject to change primarily due to changes in interest rates. The Company reports Hedging Instruments within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The Company hedges the changes in fair value associated with changes in interest rates related to MSRs by using TBA MBS or Hedging Instruments. The Hedging Instruments are typically entered into at the time the MSR is created and are accounted for as derivative instruments. The fair value of Hedging Instruments is subject to change primarily due to changes in interest rates. The Company reports Hedging Instruments within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within loss on sale of mortgage servicing rights. The fair value of IRLCs and Hedging Instruments are represented as derivative assets, lending and derivative liabilities, lending in Note 17.—Fair Value of Financial Instruments.
Long-term Debt	Long-term Debt Long-term debt (consisting of trust preferred securities and junior subordinated notes) is reported at fair value. These securities are measured based upon an analysis prepared by management, which considers the Company's own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. Unrealized gains and losses are recognized in earnings in the accompanying consolidated statements of operations within change in fair value of long-term debt. The Company does not consolidate trust preferred entities (which are sometimes hereinafter referred to as capital trusts) since the Company does not have a significant variable interest in the trust. Instead, the Company records its investment in the trust preferred entities (included in other assets in the accompanying consolidated balance sheets) and accounts for such under the equity method of accounting and reflects a liability for the issuance of the notes to the trust preferred entities.
Repurchase Reserve	Repurchase Reserve The Company sells mortgage loans to the secondary market, including U.S. government sponsored entities and issues mortgage-backed securities through Ginnie Mae and Fannie Mae. When the Company sells or issues securities, 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. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer for any loss. Also, the Company's loss may be reduced by proceeds from the sale or liquidation of the repurchased loan. The Company's loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender. The Company records a provision for losses relating to such representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults including any loss on sale or liquidation of the repurchased loan and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and continually updates its estimated repurchase liability. The level of the repurchase liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demands for loan repurchases and other external conditions that may change over the lives of the underlying loans.
Revenue Recognition for Fees from Services	Revenue Recognition for Fees from Services The Company follows Staff Accounting Bulletin (SAB) No. 104 Revenue Recognition in Financial Statements, which provides guidance on the application of GAAP to selected revenue recognition issues. The Company's real estate services segment provides various real estate related services and loss mitigation services including (i) managing distressed mortgage portfolios and foreclosed real estate assets, (ii) the disposition of such assets, (iii) surveillance services for residential and multifamily mortgage portfolios, (iv) loan modification services and (v) the master servicing on various residential mortgage and multifamily loan pools for loans in the long-term portfolio of IMH, and to a lesser extent, non-affiliated entities. The revenues from these services are recognized in income in the period when services are rendered and collectability is reasonably certain.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718 Compensation—Stock Compensation. Accordingly, the Company measures the cost of stock-based awards using the grant-date fair value of the award and recognizes that cost over the requisite service period. The fair value of each stock option granted under the Company's stock-based compensation plan is estimated on the date of grant using the Black-Scholes-Merton option-pricing model and assumptions noted in Note 22.—Share Based Payments and Employee Benefit Plans. The risk-free interest rate is based on the U.S. Treasury rate with a term equal to the expected term of the option grants on the date of grant. FASB ASC 718 requires forfeitures to be estimated at the time of grant and prospectively revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures for the years ended December 31, 2015 and 2014, such that the expense was recorded only for those stock-based awards that were expected to vest during such periods. Refer to Note 22.—Share Based Payments and Employee Benefit Plans.
Income Taxes	Income Taxes In accordance with ASC 740, the Company records income tax expense as well as deferred tax assets and liabilities. Current income tax expense approximates taxes to be paid or refunded for the current period and includes income tax expense related to uncertain tax positions and amortization/impairment of deferred charge, explained below. The Company determines deferred income taxes using the balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and recognizes enacted changes in tax rates and laws in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized subject to management's judgment that realization is "more likely than not." Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. The Company is subject to federal income taxes as a regular (Subchapter C) corporation and files a consolidated U.S. federal income tax return on qualifying subsidiaries. The Company files income tax returns in the U.S. for federal and various states. In prior periods when the Company was taxed as a real estate investment trust (REIT), it recorded a deferred charge to eliminate the expense recognition of income taxes paid on inter-Company profits that result from the sale of mortgage loans from the taxable REIT subsidiaries to IMH. The deferred charge is included in other assets in the consolidated balance sheets and is amortized and, or impaired as a component of income tax expense in the consolidated statements of operations over the estimated life of the mortgages retained in the securitized mortgage collateral.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed on the basis of the weighted average number of shares outstanding for the year divided into earnings for the year. Diluted earnings per common share is computed on the basis of the weighted average number of shares and dilutive common equivalent shares outstanding for the year divided by earnings for the year, unless anti-dilutive. Refer to Note 18.—Reconciliation of Earnings Per Share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20). ASU 2015-01 addresses the elimination from U.S. GAAP the concept of extraordinary items. Presently, an event or transaction is presumed to be an ordinary and usual activity of the reporting entity unless evidence clearly supports its classification as an extraordinary item. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. This amended guidance will prohibit separate disclosure of extraordinary items in the income statement. This amendment is effective for years, and interim periods within those years, beginning after December 15, 2015. Entities may apply the amendment prospectively or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the year of adoption. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. In August 2015, ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, was issued to address ASU 2015-03 as it relates to line-of-credit arrangements. Given the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line of credit arrangement. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In May 2015, the FASB issued ASU 2015-08, "Business Combinations (Topic 805): Pushdown Accounting—Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115." ASU 2015-08 amends various SEC paragraphs included in the FASB's Accounting Standards Codification to reflect the issuance of SAB No. 115. SAB 115 rescinds portions of the interpretive guidance included in the SEC's Staff Accounting Bulletins series and brings existing guidance into conformity with ASU 2014-17, "Business Combinations (Topic 805): Pushdown Accounting," which provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. The Company has adopted the amendments in ASU 2015-08, effective immediately, as the amendments in the update are effective upon issuance. The adoption did not have an impact on the Consolidated Financial Statements. In June 2015, the Financial Accounting Standards Board issued ASU 2015-10, "Technical Corrections and Improvements." ASU 2015-10 amends various SEC paragraphs to clarify the Codification, correct unintended application of guidance, or make minor improvements to the Codification that are not expected to have a significant effect on current accounting practice or create a significant administrative cost to most entities. Additionally, some of the amendments will make the Codification easier to understand and easier to apply by eliminating inconsistencies, providing needed clarifications, and improving the presentation of guidance in the Codification. This ASU is effective for fiscal years and interim periods beginning on or after December 15, 2015, with early adoption permitted. The Company does not expect the guidance in this ASU to have a material impact on our consolidated financial statements and related disclosures. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement—Period Adjustments (Topic 805)", which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. For public business entities, ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The guidance is to be applied prospectively to adjustments to provisional amounts that occur after the effective date of the guidance, with earlier application permitted for financial statements that have not been issued. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In November 2015, the FASB issued ASU 2015-17, "Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes". The amendments in ASU 2015-17 eliminates the current requirement for organizations to present deferred tax liabilities and assets as current and noncurrent in a classified balance sheet. Instead, organizations will be required to classify all deferred tax assets and liabilities as noncurrent. The amendments in this ASU are effective for public business entities for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The amendments may be applied prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The amendments in ASU 2016-01, among other things, requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables); Eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. The amendments in this ASU are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The new guidance permits early adoption of the own credit provision. In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit organizations from having to disclose fair value information about financial instruments measured at amortized cost. The adoption of this ASU is not expected to have a material impact on the Company's financial statements. On February 25, 2016, the FASB issued ASU 2016-2, "Leases" (Topic 842), which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate, airplanes and manufacturing equipment, to recognize on their balance sheet the assets and liabilities for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. The adoption of this ASU is not expected to have a material impact on the Company's financial statements.

Acquisition of CashCall Mortgage (Tables)

12 Months Ended

Dec. 31, 2015

Acquisition of CashCall Mortgage

Schedule of purchase price allocation

Consideration paid:
Cash	$	5,000
IMH common stock		6,150
Deferred payments		5,000
Contingent consideration (1)		124,592

	$	140,742


Assets acquired:
Trademark	$	17,251
Customer list		10,170
Non-compete agreement		5,701
Fixed assets and software		3,034

Total assets acquired		36,156
Liabilities assumed:
Total liabilities assumed		-

Total assets	$	36,156


Goodwill	$	104,586


(1)	Included within the contingent consideration is $1.4 million of Business Appreciation Rights, as defined above.

Schedule of pro forma results of operations

	For the Year Ended December 31,
	2015			2014
Revenues	$	185,357		$	109,126
Other (expense) income		(12,143	)		9,226
Expenses		(166,111	)		(139,401	)

Pretax net earnings (loss)	$	7,103		$	(21,049	)

Mortgage Loans Held-for-Sale (Tables)

12 Months Ended

Dec. 31, 2015

Mortgage Loans Held-for-Sale

Summary of the unpaid principal balance (UPB ) of mortgage loans held-for-sale by type

	December 31,
	2015		2014
Government (1)	$	104,576	$	156,385
Conventional (2)		170,519		72,553
Other (3)		24,239		-
Fair value adjustment (4)		10,857		10,453

Total mortgage loans held-for-sale	$	310,191	$	239,391


(1)	Includes all government-insured loans including Federal Housing Administration (FHA), Veterans Affairs (VA) and United States Department of Agriculture (USDA).
(2)	Includes loans eligible for sale to Fannie Mae (FNMA) and Freddie Mac (FHLMC).
(3)	Includes NonQM and Jumbo loans.
(4)	Changes in fair value are included in the statements of operations.

Schedule of gain on loans held-for-sale (LHFS)

	For the year ended December 31,
	2015			2014
Gain on sale of mortgage loans	$	232,552		$	100,338
Premium from servicing retained loan sales		98,103			29,388
Unrealized gains from derivative financial instruments		6,827			(27	)
Realized losses from derivative financial instruments		(7,045	)		(15,397	)
Mark to market gain on LHFS		404			6,857
Direct origination expenses, net		(160,623	)		(90,689	)
Provision for repurchases		(1,012	)		(2,253	)

Total gain on sale of loans, net	$	169,206		$	28,217

Finance Receivables (Tables)

12 Months Ended

Dec. 31, 2015

Finance Receivables..

Summary of outstanding warehouse lines to non-affiliated customers and outstanding

	December 31,
	2015		2014
Uncommitted warehouse lines to non-affiliated customers	$	119,500	$	55,000
Outstanding balance		36,368		8,358

Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2015

Mortgage Servicing Rights

Schedule of hypothetical changes in the fair values of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value.

Mortgage Servicing Rights Sensitivity Analysis	December 31, 2015
Fair value of MSRs	$	36,425
Prepayment Speed:
Decrease in fair value from 10% adverse change		(1,337	)
Decrease in fair value from 20% adverse change		(2,577	)
Decrease in fair value from 30% adverse change		(3,729	)
Discount Rate:
Decrease in fair value from 10% adverse change		(1,314	)
Decrease in fair value from 20% adverse change		(2,539	)
Decrease in fair value from 30% adverse change		(3,683	)

Schedule of Loss on mortgage servicing rights

	For the year ended December 31,
	2015			2014
(Loss) gain on sale of mortgage servicing rights	$	(8,046	)	$	1,113
Change in fair value of mortgage servicing rights		(10,939	)		(6,229	)
Realized and unrealized gains from hedging instruments		387			-

Loss on mortgage servicing rights	$	(18,598	)	$	(5,116	)

Schedule of components of servicing income

	For the year ended December 31,
	2015		2014
Contractual servicing fees	$	8,547	$	6,115
Late and ancillary fees		129		150

Mortgage servicing rights

Mortgage Servicing Rights

Schedule of changes in the fair value of MSRs

	December 31,
	2015			2014
Balance at beginning of period	$	24,418		$	35,981
Additions from servicing retained loan sales		98,103			29,388
Reductions from bulk sales		(75,157	)		(27,276	)
Reduction from sale of AmeriHome		—			(7,446	)
Changes in fair value (1)		(10,939	)		(6,229	)

Fair value of MSRs at end of period	$	36,425		$	24,418


(1)	Changes in fair value are included within loss on mortgage servicing rights in the consolidated statements of operations.

Schedule of the outstanding loans serviced by entity

	December 31,
	2015		2014
Government insured	$	675,744	$	926,502
Conventional (1)		2,799,758		1,333,853
Alt-QM		95,157		6,731

Total loans serviced	$	3,570,659	$	2,267,086


(1)	Approximately $2.8 billion of FNMA and FHLMC servicing has been pledged as collateral as part of the Term Financing (See Note 10.—Term Financing).

Goodwill and Intangible assets (Tables)

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible assets.

Summary of changes in carrying amount of goodwill


Balance at December 31, 2014	$	352
Addition from CCM acquisition		104,586

Balance at December 31, 2015	$	104,938

Summary of preliminary purchase price of intangible assets

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount at December 31, 2015		Weighted Average Remaining Life
Intangible assets:
Trademark	$	17,251	$	(877	)	$	16,374		14.0
Customer relationships		10,170		(1,130	)		9,040		6.0
Non-compete agreement		5,701		(1,140	)		4,561		3.0

Total intangible assets acquired	$	33,122	$	(3,147	)	$	29,975		9.91

Summary of estimated aggregate amortization expense

Amortization Expense
Year 2016	$	4,197
Year 2017		4,197
Year 2018		4,196
Year 2019		2,676
Year 2020 and thereafter		14,709

Total future amortization expense	$	29,975

Other Assets (Tables)

12 Months Ended

Dec. 31, 2015

Other Assets.

Schedule of other assets

	December 31,
	2015		2014
Accounts receivable, net	$	11,385	$	5,795
Deferred charge (See Note 17)		9,963		11,521
Derivative assets—lending (See Note 15)		9,273		2,918
Prepaid expenses		3,052		1,769
Developed software, net		2,290		—
Premises and equipment, net		1,210		1,889
Servicing advances, net		927		556
Other		483		581

Total other assets	$	38,583	$	25,029

Summary of purchase price of other assets

	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount at December 31, 2015		Remaining Life
Other assets:
Developed software	$	2,719	$	(429	)	$	2,290		4.0

Schedule of premises and equipment and accumulated depreciation

	December 31,
	2015			2014
Premises and equipment	$	15,650		$	15,101
Less: Accumulated depreciation		(14,440	)		(13,212	)

Total premises and equipment, net	$	1,210		$	1,889

Warehouse Borrowings (Tables)

12 Months Ended

Dec. 31, 2015

Warehouse Borrowings.

Schedule of information on warehouse borrowings

			Balance Outstanding At
	Maximum Borrowing Capacity		December 31, 2015		December 31, 2014		Allowable Advance Rates (%)		Rate Range		Maturity Date
Short-term borrowings:
Repurchase agreement 1	$	150,000	$	63,368	$	64,907		90-98		1M L +3.4 - 6.5%	June 18, 2016
Repurchase agreement 2		50,000		46,673		30,523		75-98		Prime + 0.0-5.50%	May 28, 2016
Repurchase agreement 3 (1)		-		-		24,012		80-98		1M L +3.0 - 4.0%	April 30, 2015
Repurchase agreement 4 (2)		225,000		122,242		107,276		95		BR +2.5-4.0%	October 27, 2016
Repurchase agreement 5 (3)		150,000		83,162		-		99		L +2.9-5.4%	March 30, 2016
Repurchase agreement 6 (4)		100,000		10,171		-		100		Note rate	July 1, 2016

Total warehouse borrowings	$	675,000	$	325,616	$	226,718


(1)	This line expired in April, 2015 and the Company replaced it with a $100.0 million facility, Repurchase agreement 6.
(2)	As of December 31, 2015 and 2014, the balance outstanding includes $36.4 million and $8.4 million, respectively, attributable to finance receivables made to the Company's warehouse customers.
(3)	The maturity was extended to March 30, 2016. In March 2016, the maximum borrowing capacity increased to $200 million.
(4)	The maturity was extended to July 1, 2016.

Schedule of information on warehouse borrowings

	For the year ended December 31,
	2015			2014
Maximum outstanding balance during the year	$	541,252		$	226,718
Average balance outstanding for the year		353,750			136,789
Underlying collateral (mortgage loans)		336,075			237,340
Weighted average rate for period		3.27	%		3.37	%

Term Financing (Tables)

12 Months Ended

Dec. 31, 2015

Term financing

Schedule of contractual reductions of trust preferred securities and junior subordinated notes issued

The following table shows contractual reductions of the term financing as of December 31, 2015:

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Term financing	$	30,000	$	30,000	$	-	$	-	$	-

Convertible Notes (Tables)

12 Months Ended

Dec. 31, 2015

2013 Convertible Notes

Schedule of contractual reductions of trust preferred securities and junior subordinated notes issued

The following table shows contractual reductions of the convertible notes issued as of December 31, 2015:

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
2013 Convertible notes (1)	$	20,000	$	-	$	20,000	$	-	$	-
2015 Convertible notes		25,000		-		-		25,000		-


(1)	In January 2016, the Company converted the 2013 convertible notes to common stock. See Note. 25.—Subsequent Events.

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Trust Preferred Securities

Long-term Debt

Schedule of remaining principal balance and fair value

	December 31,
	2015			2014
Trust preferred securities (1)	$	8,500		$	8,500
Common securities		263			263
Fair value adjustment		(4,869	)		(6,087	)

Total	$	3,894		$	2,676


(1)	Stated maturity of July 30, 2035 and redeemable at par at any time. The interest rate is a variable rate of three-month LIBOR plus 3.75% per annum. At December 31, 2015, the interest rate was 4.08%.

Junior subordinated notes

Long-term Debt

Schedule of remaining principal balance and fair value

	December 31,
	2015			2014
Junior subordinated notes (1)	$	62,000		$	62,000
Fair value adjustment		(33,996	)		(42,554	)

Total	$	28,004		$	19,446


(1)	Stated maturity of March 2034; requires quarterly distributions initially at a fixed rate of 2.00% per annum through March 2014 with increases of 1.00% per year in 2014 through 2017. Starting in 2018, the interest rates become variable at 3-month LIBOR plus 3.75% per annum. At December 31, 2015, the interest rate was 4.00%.

Trust preferred securities and Junior subordinated notes

Long-term Debt

Schedule of contractual reductions of trust preferred securities and junior subordinated notes issued

The following table shows contractual principal reductions of trust preferred securities and junior subordinated notes issued as of December 31, 2015:

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Trust preferred securities (1)	$	8,500	$	-	$	-	$	-	$	8,500
Junior subordinated notes (2)		62,000		-		-		-		62,000


(1)	Stated maturity of July 2035.
(2)	Stated maturity of March 2034.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Line of Credit Agreement (Tables)

12 Months Ended

Dec. 31, 2015

Line of Credit Agreement.

Schedule of line of credit

	For the year ended December 31,
	2015			2014
Maximum outstanding balance during the year	$	4,000		$	4,000
Average balance outstanding for the year		1,649			1,599
Weighted average rate for period		3.70	%		3.88	%

Securitized Mortgage Trusts (Tables)

12 Months Ended

Dec. 31, 2015

Securitized Mortgage Trusts

Schedule of trust assets

	December 31,
	2015		2014
Securitized mortgage collateral	$	4,574,919	$	5,249,639
REO		19,589		18,800
Investment securities available-for-sale		26		92

Total securitized mortgage trust assets	$	4,594,534	$	5,268,531

Schedule of trust liabilities

	December 31,
	2015		2014
Securitized mortgage borrowings	$	4,578,657	$	5,245,860
Derivative liabilities		1,669		5,447

Total securitized mortgage trust liabilities	$	4,580,326	$	5,251,307

Securitized Mortgage Collateral

Schedule of real estate owned

	December 31,
	2015			2014
REO	$	28,058		$	20,674
Impairment (1)		(8,469	)		(1,874	)

Ending balance	$	19,589		$	18,800


REO inside trusts	$	19,589		$	18,800
REO outside trusts		-			-

Total	$	19,589		$	18,800


(1)	Impairment represents the cumulative write-downs of net realizable value subsequent to foreclosure.

Schedule of securitized mortgage borrowings

Selected information on securitized mortgage borrowings for the periods indicated consisted of the following (dollars in millions):

			Securitized mortgage borrowings outstanding as of December 31,						Range of Interest Rates
Year of Issuance	Original Issuance Amount		2015			2014			Fixed Interest Rates		Interest Rate Margins over One-Month LIBOR (1)		Interest Rate Margins after Contractual Call Date (2)
2002	$	3,876.1	$	10.4		$	12.2			5.25 - 12.00		0.27 - 2.75		0.54 - 3.68
2003		5,966.1		75.6			96.7			4.34 - 12.75		0.27 - 3.00		0.54 - 4.50
2004		17,710.7		766.9			899.8			3.58 - 5.56		0.25 - 2.50		0.50 - 3.75
2005		13,387.7		2,439.7			2,730.0			-		0.24 - 2.90		0.48 - 4.35
2006		5,971.4		2,848.9			3,072.3			6.25		0.10 - 2.75		0.20 - 4.13
2007		3,860.5		1,728.2			1,887.0			-		0.06 - 2.00		0.12 - 3.00

Subtotal contractual principal balance (3)				7,869.7			8,698.0
Fair value adjustment				(3,291.0	)		(3,452.1	)

Total securitized mortgage borrowings			$	4,578.7		$	5,245.9


(1)	One-month LIBOR was 0.43% as of December 31, 2015.
(2)	Interest rate margins are generally adjusted when the unpaid principal balance is reduced to less than 10-20% of the original issuance amount, or if certain other triggers are met.
(3)	Represents the outstanding balance in accordance with trustee reporting.

Securitized mortgage borrowings

Securitized Mortgage Collateral

Schedule of expected principal reductions of securitized mortgage borrowings

	Payments Due by Period
	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Securitized mortgage borrowings (1)	$	7,869.7	$	726.6	$	1,147.2	$	821.4	$	5,174.5


(1)	Represents the outstanding balance in accordance with trustee reporting.

Securitized mortgage collateral

Securitized Mortgage Collateral

Summary of the activity of MSRs

	December 31,
	2015			2014
Mortgages secured by residential real estate	$	5,204,922		$	5,919,552
Mortgages secured by commercial real estate		517,969			647,737
Fair value adjustment		(1,147,972	)		(1,317,650	)

Total securitized mortgage collateral	$	4,574,919		$	5,249,639

Schedule of changes in fair value of net trust assets, including trust REO gains (losses)

	For the year ended December 31,
	2015			2014
Change in fair value of net trust assets, excluding REO	$	957		$	3,482
(Losses) gains from REO		(6,595	)		7,581

Change in fair value of net trust assets, including trust REO (losses) gains	$	(5,638	)	$	11,063

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments

Schedule of information for derivative assets and liabilities - lending

					Total Gains (Losses) (1)
	Notional Amount				Total Gains (Losses) (1)
	Notional Amount				For the year ended December 31,
	December 31,				For the year ended December 31,
	2015		2014		2015			2014
Derivative-IRLC's	$	569,618	$	299,507	$	6,300		$	1,982
Derivative-TBA MBS		403,610		397,373		(6,519	)		(17,406	)


(1)	Amounts included in gain on sale of loans, net within the accompanying consolidated statements of operations.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
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-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value of Financial Instruments

Schedule of estimated fair value of financial instruments included in consolidated financial statements

	December 31, 2015								December 31, 2014
			Estimated Fair Value								Estimated Fair Value
	Carrying Amount		Estimated Fair Value						Carrying Amount		Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	32,409	$	32,409	$	-	$	-	$	10,073	$	10,073	$	-	$	-
Restricted cash		3,474		3,474		-		-		2,420		2,420		-		-
Mortgage loans held-for-sale		310,191		-		310,191		-		239,391		-		239,391		-
Finance receivables		36,368		-		36,368		-		8,358		-		8,358		-
Mortgage servicing rights		36,425		-		-		36,425		24,418		-		-		24,418
Derivative assets, lending, net		9,273		-		89		9,184		2,884		-		-		2,884
Investment securities available-for-sale		26		-		-		26		92		-		-		92
Securitized mortgage collateral		4,574,919		-		-		4,574,919		5,249,639		-		-		5,249,639
Warrant		-		-		-		-		84		-		-		84
Liabilities
Warehouse borrowings	$	325,616	$	-	$	325,616	$	-	$	226,718	$	-	$	226,718	$	-
Short-term structured debt		-		-		-		-		6,000		-		-		6,000
Line of credit		-		-		-		-		4,000		-		4,000		-
Term financing		30,000		-		-		30,000		-		-		-		-
Convertible notes		45,000		-		-		45,000		20,000		-		-		20,000
Contingent consideration		48,079		-		-		48,079		-		-		-		-
Long-term debt		31,898		-		-		31,898		22,122		-		-		22,122
Securitized mortgage borrowings		4,578,657		-		-		4,578,657		5,245,860		-		-		5,245,860
Derivative liabilities, securitized trusts		1,669		-		-		1,669		5,447		-		-		5,447
Derivative liabilities, lending, net		404		-		404		-		930		-		930		-

Schedule of assets and liabilities that are measured at estimated fair value on recurring basis

	Recurring Fair Value Measurements
	December 31, 2015						December 31, 2014
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment securities available-for-sale	$	-	$	-	$	26	$	-	$	-	$	92
Mortgage loans held-for-sale		-		310,191		-		-		239,391		-
Derivative assets, lending, net (1)		-		89		9,184		-		-		2,884
Mortgage servicing rights		-		-		36,425		-		-		24,418
Warrant (2)		-		-		-		-		-		84
Securitized mortgage collateral		-		-		4,574,919		-		-		5,249,639

Total assets at fair value	$	-	$	310,280	$	4,620,554	$	-	$	239,391	$	5,277,117


Liabilities
Securitized mortgage borrowings	$	-	$	-	$	4,578,657	$	-	$	-	$	5,245,860
Derivative liabilities, securitized trusts (3)		-		-		1,669		-		-		5,447
Long-term debt		-		-		31,898		-		-		22,122
Contingent consideration		-		-		48,079		-		-		-
Derivative liabilities, lending, net (4)		-		404		-		-		930		-

Total liabilities at fair value	$	-	$	404	$	4,660,303	$	-	$	930	$	5,273,429


(1)	At December 31, 2015, derivative assets, lending, net included $9.2 million in IRLCs and $89 thousand in Hedging Intruments, respectively, and is included in other assets in the accompanying consolidated balance sheets. At December 31, 2014, derivative assets, lending, net included $2.9 million in IRLCs associated with the Company's mortgage lending operations, and is included in other assets in the accompanying consolidated balance sheet.
(2)	Included in other assets in the accompanying consolidated balance sheets.
(3)	At December 31, 2015 and 2014, derivative liabilities, securitized trusts, are included within trust liabilities in the accompanying consolidated balance sheets.
(4)	At December 31, 2015 and 2014, derivative liabilities, lending, net are included in other liabilities in the accompanying consolidated balance sheets.

Schedule of reconciliation for all assets and liabilities measured at estimated fair value on recurring basis using significant unobservable inputs (Level 3)

	Level 3 Recurring Fair Value Measurements
	For the year ended December 31, 2015
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net		Long- term debt			Contingent consideration			Warrant
Fair value, December 31, 2014	$	92		$	5,249,639		$	(5,245,860	)	$	(5,447	)	$	24,418		$	2,884	$	(22,122	)	$	-		$	84
Total gains (losses) included in earnings:
Interest income (1)		10			64,256			-			-			-			-		-			-			-
Interest expense (1)		-			-			(211,272	)		-			-			-		(1,115	)		-			-
Change in fair value		15			(49,052	)		50,481			(487	)		(10,939	)		6,300		(8,661	)		37,778			(84	)

Total gains (losses) included in earnings		25			15,204			(160,791	)		(487	)		(10,939	)		6,300		(9,776	)		37,778			(84	)
Transfers in and/or out of Level 3		-			-			-			-			-			-		-			-			-
Purchases, issuances and settlements:
Purchases		-			-			-			-			-			-		-			-			-
Issuances		-			-			-			-			98,103			-		-			(124,592	)		-
Settlements		(91	)		(689,924	)		827,994			4,265			(75,157	)		-		-			38,735			-

Fair value, December 31, 2015	$	26		$	4,574,919		$	(4,578,657	)	$	(1,669	)	$	36,425		$	9,184	$	(31,898	)	$	(48,079	)	$	-


Unrealized gains (losses) still held (2)	$	26		$	(1,147,971	)	$	3,291,072		$	(1,485	)	$	36,425		$	9,184	$	38,865		$	(48,079	)	$	-


(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. Net interest income, including cash received and paid, was $8.3 million for the year ended December 31, 2015. 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 December 31, 2015.

	Level 3 Recurring Fair Value Measurements
	For the year ended December 31, 2014
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net			Long- term debt			Warrant
Fair value, December 31, 2013	$	108		$	5,494,152		$	(5,492,371	)	$	(10,214	)	$	35,981		$	913		$	(15,871	)	$	-
Total gains (losses) included in earnings:
Interest income (1)		26			59,526			-			-			-			-			-			-
Interest expense (1)		-			-			(237,793	)		-			-			-			(2,237	)		-
Change in fair value		34			364,052			(360,005	)		(599	)		(6,229	)		1,982			(4,014	)		(80	)

Total (losses) gains included in earnings		60			423,578			(597,798	)		(599	)		(6,229	)		1,982			(6,251	)		(80	)
Transfers in and/or out of Level 3		-			-			-			-			-						-			-
Purchases, issuances and settlements:
Purchases		-			-			-			-			-			-			-			-
Issuances		-			-			-			-			29,388			-			-			164
Settlements		(76	)		(668,091	)		844,309			5,366			(34,722	)		(11	)		-			-

Fair value, December 31, 2014	$	92		$	5,249,639		$	(5,245,860	)	$	(5,447	)	$	24,418		$	2,884		$	(22,122	)	$	84


Unrealized gains (losses) still held (2)	$	91		$	(1,317,650	)	$	3,452,064		$	(5,063	)	$	24,418		$	2,884		$	48,641		$	84


(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. Net interest income, including cash received and paid, was $5.7 million for the year ended December 31, 2014. 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 December 31, 2014.

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

Financial Instrument	Estimated Fair Value			Valuation Technique	Unobservable Input	Range of Inputs			Weighted Average
Assets and liabilities backed by real estate
Investment securities available-for-sale,	$	26		DCF	Discount rates		3.9 - 25.0	%		5.6	%
Securitized mortgage collateral, and		4,574,919			Prepayment rates		2.4 - 23.4	%		6.3	%
Securitized mortgage borrowings		(4,578,657	)		Default rates		0.6 - 13.5	%		2.5	%
					Loss severities		1.6 - 77.8	%		37.0	%

Other assets and liabilities
Mortgage servicing rights	$	36,425		DCF	Discount rate		9.0 - 14.0	%		9.7	%
					Prepayment rates		4.2 - 52.1	%		11.2	%
Derivative liabilities, net, securitized trusts		(1,669	)	DCF	1M forward LIBOR		0.4 - 2.8	%		N/A
Derivative assets – IRLCs, net		9,184		Market pricing	Pull-through rate		39.0 - 99.0	%		76.5	%
Long-term debt		(31,898	)	DCF	Discount rate		14.6	%		14.6	%
Contingent consideration		(48,079	)	DCF	Discount rate		17.0	%		17.0	%
					Margins		1.1 - 3.2	%		2.2	%
					Probability of outcomes (1)		20.0 - 50.0	%		34.8	%

DCF = Discounted Cash Flow
1M = 1 Month

(1)

Schedule of changes in recurring fair value measurements included in net earnings (loss)

	Recurring Fair Value Measurements
	Change in Fair Value Included in Net Earnings
	For the year ended December 31, 2015
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt			Other Revenue and Expense			Gain on sale of loans, net		Total
Investment securities available-for-sale	$	10	$	-		$	15		$	-		$	-		$	-	$	25
Securitized mortgage collateral		64,256		-			(49,052	)		-			-			-		15,204
Securitized mortgage borrowings		-		(211,272	)		50,481			-			-			-		(160,791	)
Derivative liabilities, net, securitized trusts		-		-			(487)	(2)		-			-			-		(487	)
Long-term debt		-		(1,115	)		-			(8,661	)		-			-		(9,776	)
Mortgage servicing rights (3)		-		-			-			-			(10,939	)		-		(10,939	)
Warrant		-		-			-			-			(84	)		-		(84	)
Contingent consideration		-		-			-			-			37,778			-		37,778
Mortgage loans held-for-sale		-		-			-			-			-			404		404
Derivative assets – IRLCs		-		-			-			-			-			6,300		6,300
Derivative liabilities – Hedging Instruments		-		-			-			-			-			616		616

Total	$	64,266	$	(212,387	)	$	957	(4)	$	(8,661	)	$	26,755		$	7,320	$	(121,750	)


(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 $3.6 million in changes in the fair value of derivative instruments, offset by $4.1 million in cash payments from the securitization trusts for the year ended December 31, 2015.
(3)	Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations.
(4)	For the year ended December 31, 2015, change in the fair value of trust assets, excluding REO was $1.0 million. Excluded from the $5.0 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $4.1 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

	Recurring Fair Value Measurements
	Changes in Fair Value Included in Net Loss
	For the year ended December 31, 2014
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt			Other Revenue			Gain on sale of loans, net			Total
Investment securities available-for-sale	$	26	$	-		$	34		$	-		$	-		$	-		$	60
Securitized mortgage collateral		59,526		-			364,052			-			-			-			423,578
Securitized mortgage borrowings		-		(237,793	)		(360,005	)		-			-			-			(597,798	)
Derivative liabilities, net, securitized trusts		-		-			(599)	(2)		-			-			-			(599	)
Long-term debt		-		(2,237	)		-			(4,014	)		-			-			(6,251	)
Mortgage servicing rights (3)		-		-			-			-			(6,229	)		-			(6,229	)
Warrant		-		-			-			-			(80	)		-			(80	)
Mortgage loans held-for-sale		-		-			-			-			-			6,857			6,857
Derivative assets – IRLCs		-		-			-			-			-			1,982			1,982
Derivative liabilities – Hedging Instruments		-		-			-			-			-			(2,009	)		(2,009	)

Total	$	59,552	$	(240,030	)	$	3,482	(4)	$	(4,014	)	$	(6,309	)	$	6,830		$	(180,489	)


(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 $4.6 million in changes in the fair value of derivative instruments, offset by $5.2 million in cash payments from the securitization trusts for the year ended December 31, 2014.
(3)	Included in (loss) gain on mortgage servicing rights in the consolidated statements of operations.
(4)	For the year ended December 31, 2014, change in the fair value of trust assets, excluding REO was $3.5 million. Excluded from the $(8.7) million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $5.2 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

Schedule of financial and non-financial assets and liabilities measured using nonrecurring fair value measurements

	Nonrecurring Fair Value Measurements						Total Gains (Losses) (1)
	December 31, 2015						For the Year Ended December 31, 2015
	Level 1		Level 2		Level 3		For the Year Ended December 31, 2015
REO (2)	$	-	$	1,555	$	-	$	(6,595	)
Lease liability (3)		-		-		-		(53	)
Deferred charge (4)		-		-		9,963		(1,558	)


(1)	Total losses reflect losses from all nonrecurring measurements during the period.
(2)	Balance represents REO at December 31, 2015 which has been impaired subsequent to foreclosure. For the year ended December 31, 2015, the $6.6 million loss represents impairment of the net realizable value (NRV) attributable to an increase in state specific loss severities on properties held during the period which resulted in an increase to NRV.
(3)	For the year ended December 31, 2015, the Company recorded $53 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(4)	For the year ended December 31, 2015, the Company recorded $1.6 million in income tax expense resulting from impairment write-downs based on changes in estimated cash flows and lives of the related mortgages retained in the securitized mortgage collateral.

	Non-recurring Fair Value Measurements							Total Gains (Losses) (1)
	December 31, 2014							For the Year Ended December 31, 2014
	Level 1		Level 2		Level 3			For the Year Ended December 31, 2014
REO (2)	$	-	$	3,030	$	-		$	7,581
Lease liability (3)		-		-		(1,578	)		(681	)
Deferred charge (4)		-		-		11,521			(453	)


(1)	Total losses reflect losses from all nonrecurring measurements during the period.
(2)	Balance represents REO at December 31, 2014 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the year ended December 31, 2014, the $7.6 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.
(3)	For the year ended December 31, 2014, the Company recorded $681 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(4)	For the year ended December 31, 2014, the Company recorded $453 thousand in income tax expense resulting from impairment write-downs based on changes in estimated cash flows and lives of the related mortgages retained in the securitized mortgage collateral.

Reconciliation of Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2015

Reconciliation of Earnings Per Share

Schedule of computation of basic and diluted earnings per common share

	For the Year Ended December 31,
	2015		2014
Numerator for basic earnings (loss) per share:
Net earnings (loss)	$	80,799	$	(6,322	)
Numerator for diluted earnings (loss) per share:
Net earnings (loss)	$	80,799	$	(6,322	)
Interest expense attributable to convertible notes		2,719		-

Net earnings (loss) plus interest expense attributable to convertible notes	$	83,518	$	(6,322	)


Denominator for basic earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		10,094		9,344


Denominator for diluted earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		10,094		9,344
Net effect of dilutive convertible notes		2,597		-
Net effect of dilutive stock options and DSU's		354		-

Diluted weighted average common shares		13,045		9,344


Net earnings (loss) per common share:
Basic	$	8.00	$	(0.68	)


Diluted	$	6.40	$	(0.68	)


(1)	Share amounts presented in thousands.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of income taxes

	For the year ended December 31,
	2015			2014
Current income taxes:
Federal	$	2,149		$	940
State		395			365

Total current income tax expense		2,544			1,305

Deferred income taxes:
Federal		(21,367	)		-
State		(3,053	)		-

Total deferred income tax benefit		(24,420	)		-

Total income tax (benefit) expense	$	(21,876	)	$	1,305

Schedule of deferred tax assets and liabilities temporary differences between the financial statement carrying value and the tax basis of assets

	For the year ended December 31,
	2015			2014
Deferred tax assets:
Federal and state net operating losses		194,562			196,954
Mortgage securities		139,284			119,758
Depreciation and amortization		521			620
Compensation and other accruals		5,813			6,919
Repurchase reserve		2,346			2,287

Total gross deferred tax assets		342,526			326,538
Deferred tax liabilities:
Fair value (1)		(35,075	)		(20,767	)
Mortgage servicing rights		(16,324	)		(9,773	)
Derivatives		(424	)		(792	)

Total gross deferred tax liabilities		(51,823	)		(31,332	)
Valuation allowance		(266,283	)		(295,206	)

Total net deferred tax assets	$	24,420		$	-


(1)	Includes fair value adjustments to long-term debt, LHFS and fair value and accretion adjustments for the contingent consideration.

Schedule of a reconciliation of income taxes to the statutory federal corporate income tax rates

	For the year ended December 31,
	2015			2014
Expected income tax expense (benefit)	$	20,623		$	(1,756	)
State tax (benefit), net of federal benefit		256			(248	)
Change in valuation allowance		(44,163	)		2,735
Deferred charge		1,558			453
Other		(150	)		121

Total income tax (benefit) expense	$	(21,876	)	$	1,305

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting

Schedule of the selected balance sheet data by reporting segment

Balance Sheet Items as of December 31, 2015:	Mortgage Lending		Real Estate Services		Long-term Portfolio		Corporate and other		Consolidated
Cash and cash equivalents	$	32,023	$	-	$	-	$	386	$	32,409
Restricted cash		3,474		-		-		-		3,474
Mortgage loans held-for-sale		310,191		-		-		-		310,191
Finance receivables		36,368		-		-		-		36,368
Mortgage servicing rights		36,425		-		-		-		36,425
Trust assets		-		-		4,594,534		-		4,594,534
Goodwill		104,587		351		-		-		104,938
Other assets (1)		50,580		3,582		10,167		28,649		92,978
Total assets		573,648		3,933		4,604,701		29,035		5,211,317
Total liabilities		427,703		3,845		4,612,634		52,645		5,096,827

Balance Sheet Items as of December 31, 2014:	Mortgage Lending		Real Estate Services		Long-term Portfolio		Corporate and other		Consolidated
Cash and cash equivalents	$	9,434	$	400	$	-	$	239	$	10,073
Restricted cash		2,420		-		-		-		2,420
Mortgage loans held-for-sale		239,391		-		-		-		239,391
Finance receivables		8,358								8,358
Mortgage servicing rights		24,418		-		-		-		24,418
Trust assets		-		-		5,268,531		-		5,268,531
Other assets (1)		7,810		2,271		11,743		3,557		25,381
Total assets		291,831		2,671		5,280,274		3,796		5,578,572
Total liabilities		254,491		1,458		5,273,815		23,852		5,553,616


(1)	All segment asset balances exclude intercompany balances.

Schedule of the selected statement of operations information by reporting segment

Statement of Operations Items for the year ended December 31, 2015:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate and other			Consolidated
Gain on sale of loans, net	$	169,206		$	-		$	-		$	-		$	169,206
Real estate services fees, net		-			9,850			-			-			9,850
Servicing income, net		6,102			-			-			-			6,102
Loss on mortgage servicing rights		(18,598	)		-			-			-			(18,598	)
Other revenue		25			-			263			109			397
Accretion of contingent consideration		(8,142	)		-			-						(8,142	)
Change in fair value of contingent consideration		45,920			-			-						45,920
Other expense		(119,261	)		(5,951	)		(677	)		(7,570	)		(133,459	)
Other income (expense)		2,037			-			(9,786	)		(4,604	)		(12,353	)

Net earnings (loss) before income taxes	$	77,289		$	3,899		$	(10,200	)	$	(12,065	)		58,923


Income tax benefit														(21,876	)

Net earnings													$	80,799

Statement of Operations Items for the year ended December 31, 2014:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate and other			Consolidated
Gain on sale of loans, net	$	28,217		$	-		$	-		$	-		$	28,217
Real estate services fees, net		-			14,729			-			-			14,729
Servicing income, net		4,586			-			-			-			4,586
Loss on mortgage servicing rights		(5,116	)		-			-			-			(5,116	)
Other revenue		1,310			-			371			42			1,723
Total expense		(35,310	)		(6,052	)		(924	)		(15,054	)		(57,340	)
Other income (expense)		1,353			(5	)		8,456			(1,620	)		8,184

Net (loss) earnings before income taxes	$	(4,960	)	$	8,672		$	7,903		$	(16,632	)		(5,017	)


Income tax expense														1,305

Net loss													$	(6,322	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Schedule of future minimum commitments under non-cancelable leases

	Operating Leases			Capital Leases		Total
Year 2016	$	5,315		$	420	$	5,735
Year 2017		4,672			149		4,821
Year 2018		4,794			13		4,807
Year 2019		4,610			-		4,610
Year 2020 and thereafter		15,783			-		15,783

Subtotal		35,174			582		35,756
Sublet income		(2,079	)		-		(2,079	)

Total lease commitments	$	33,095		$	582	$	33,677

Schedule of the activity related to the repurchase reserve for previously sold loans

	December 31,
	2015			2014
Beginning balance	$	5,714		$	9,478
Provision for repurchases		1,012			2,252
Settlements		(1,490	)		(6,016	)

Total repurchase reserve	$	5,236		$	5,714

Share Based Payments and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Share Based Payments and Employee Benefit Plans

Schedule of weighted average assumptions used in estimation of the fair value of options granted

	For the year ended December 31,
	2015	2014
Risk-free interest rate	1.54 - 1.76%	1.08 - 1.79%
Expected lives (in years)	5.50 - 5.73	3.48 - 5.73
Expected volatility (1)	49.53 - 79.56%	70.47 - 75.93%
Expected dividend yield	0.00%	0.00%
Fair value per share	$6.74 - $9.96	$2.69 - $4.46


(1)	Expected volatilities are based on both the implied and historical volatility of the Company's stock over the expected option life.

Summary of activity, pricing and other information for the Company's stock options

	For the year ended December 31,
						2014
	2015					2014
	2015								Weighted- Average Exercise Price
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price
Options outstanding at beginning of period		1,078,230		$	6.88		787,132		$	9.07
Options granted		405,800			19.59		409,250			5.41
Options exercised		(243,971	)		3.98		(14,622	)		2.58
Options forfeited/cancelled		(124,779	)		9.44		(103,530	)		18.30

Options outstanding at end of period		1,115,280			11.85		1,078,230			6.88


Options exercisable at end of period		476,998		$	8.23		534,323		$	6.72

Schedule of aggregate intrinsic value

	As of December 31,
	2015				2014
	Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at end of year		8.05	$	7,753		7.89	$	1,631


Options exercisable at end of year		6.68	$	4,662		6.50	$	1,319

Schedule of additional information regarding stock options outstanding

	Stock Options Outstanding						Options Exercisable
Exercise Price Range	Number Outstanding		Weighted- Average Remaining Contractual Life in Years		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$ 0 - 2.80		139,404		4.61	$	2.29		139,404	$	2.29
2.81 - 5.39		285,578		8.56		5.39		93,425		5.39
5.40 - 10.65		172,999		7.89		10.52		85,670		10.65
10.66 - 16.43		160,499		6.95		13.84		158,499		13.81
16.44 - 21.50		356,800		9.56		20.52		-		-

$ 2.80 - 21.50		1,115,280		8.05	$	11.85		476,998	$	8.23

Summary of activity, pricing and other information for the Company's (DSU's)

	For the year ended December 31,
	2015				2014
	Number of Shares		Weighted- Average Grant Date Fair Value		Number of Shares		Weighted- Average Grant Date Fair Value
DSU's outstanding at beginning of period		75,750	$	8.63		72,000	$	8.80
DSU's granted		5,000		20.50		3,750		5.39
DSU's exercised		-		-		-		-
DSU's forfeited/cancelled		-		-		-		-

DSU's outstanding at end of period		80,750	$	9.36		75,750	$	8.63

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Details ) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Cash and Cash Equivalents and Restricted Cash
Restricted cash and cash equivalents, current	$ 3,474	$ 2,420

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Details 2) $ in Millions	12 Months Ended
	Dec. 31, 2015 USD ($)
Derivative Instruments
Derivative liabilities	$ 1.7
Mortgage Loans Held-for-Sale
Maximum past due period of principal or interest based on LHFS are placed on nonaccrual status	90 days

Acquisition of CashCall Mortgage (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 06, 2015	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Assets acquired:
Goodwill.			$ 104,938	$ 352
Unaudited Pro Forma Results of Operations
Revenues			185,357	109,126
Other (expense) income			(12,143)	9,226
Expenses			(166,111)	(139,401)
Pretax net earnings (loss)			7,103	(21,049)
Revenues			166,957	44,139
Expenses			$ 95,681	$ 57,340
Cash Call Inc
Business combinations
Newly issued unregistered shares	494,017		494,017
Earn out period of contingent consideration	3 years
Percentage of earn out based on pre-tax earnings for January and February 2015	100.00%
Percentage of earn out based on pre-tax earnings for 10 months in 2015 after February	65.00%
Earn out of period after February 2015	10 months
Percentage of earn out based on pre-tax earnings for 2016	55.00%
Percentage of earn out based on pre-tax earnings for 2017	45.00%
Threshold percentage of ownership transfer considered	50.00%
Contingent consideration, as percent of the enterprise value in excess of $200 million	15.00%
Enterprise value over which 15% is paid as contingent consideration	$ 200,000
Contingent consideration, as percent of the enterprise value in excess of $500 million	5.00%
Enterprise value over which 5% is paid as contingent consideration	$ 500,000
Amount paid pursuant to earn-out provision			$ 38,100
Consideration paid:
Cash	5,000		7,500
IMH common stock	6,150		6,200
Deferred payments	5,000
Contingent consideration	124,592
Consideration paid, total	140,742
Assets acquired:
Fixed assets and software	3,034
Total assets acquired	36,156
Total assets	36,156
Goodwill.	104,586
Contingent consideration of business appreciation rights	1,400
Acquisition related costs		$ 300
Unaudited Pro Forma Results of Operations
Revenues			135,300
Expenses			$ 80,900
Trademark \| Cash Call Inc
Assets acquired:
Identifiable intangible assets	17,251
Customer list \| Cash Call Inc
Assets acquired:
Identifiable intangible assets	10,170
Non-compete agreement \| Cash Call Inc
Assets acquired:
Identifiable intangible assets	$ 5,701

Mortgage Loans Held-for-Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	$ 310,191	$ 239,391
Gain on LHFS
Premium from servicing retained loan sales	6,102	4,586
Provision for repurchases	(1,012)	(2,253)
Total gain on sale of loans, net	162,988	23,668
Government
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	104,576	156,385
Conventional
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	170,519	72,553
Other
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	24,239
Mortgage loans, held-for-sale
Mortgage Loans held-for-Sale
Fair value adjustment	10,857	10,453
Gain on LHFS
Gain on sale of mortgage loans	232,552	100,338
Premium from servicing retained loan sales	98,103	29,388
Unrealized gains from derivative financial instruments	6,827	(27)
Realized losses from derivative financial instruments	(7,045)	(15,397)
Mark to market gain on LHFS	404	6,857
Direct origination expenses, net	(160,623)	(90,689)
Provision for repurchases	(1,012)	(2,253)
Total gain on sale of loans, net	$ 169,206	$ 28,217

Finance Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Finance Receivables..
Uncommitted warehouse lines to non-affiliated customers	$ 119,500	$ 55,000
Outstanding balance	$ 36,368	$ 8,358

Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Changes in the fair value of MSRs
Balance at beginning of period	$ 24,418
Fair value of MSRs at end of period	36,425	$ 24,418
Total loans serviced	3,570,659	2,267,086
FNMA and FHLMC servicing collateral	2,800,000
Mortgage Servicing Rights Sensitivity Analysis
Fair value of MSRs	36,425
(Loss) gain on sale of mortgage servicing rights	(8,046)	1,112
Change in fair value of mortgage servicing rights	(10,939)	(6,229)
Realized and unrealized gains from hedging instruments	387
Loss on mortgage servicing rights	(18,598)	(5,116)
Servicing income
Servicing income, net	6,102	4,586
Contractual servicing fees
Servicing income
Servicing income, net	8,547	6,115
Late and ancillary fees
Servicing income
Servicing income, net	129	150
Alt-QM
Changes in the fair value of MSRs
Total loans serviced	95,157	6,731
Government
Changes in the fair value of MSRs
Total loans serviced	675,744	926,502
Conventional
Changes in the fair value of MSRs
Total loans serviced	2,799,758	1,333,853
Mortgage servicing rights
Changes in the fair value of MSRs
Balance at beginning of period	24,418	35,981
Additions from servicing retained loan sales	98,103	29,388
Reductions from bulk sales	(75,157)	(27,276)
Changes in fair value	(10,939)	(6,229)
Fair value of MSRs at end of period	36,425	24,418
Mortgage Servicing Rights Sensitivity Analysis
Prepayment Speed, Decrease in fair value from 10% adverse change	(1,337)
Prepayment Speed, Decrease in fair value from 20% adverse change	(2,577)
Prepayment Speed, Decrease in fair value from 30% adverse change	(3,729)
Discount Rate, Decrease in fair value from 10% adverse change	(1,314)
Discount Rate, Decrease in fair value from 20% adverse change	(2,539)
Discount Rate, Decrease in fair value from 30% adverse change	$ (3,683)
Mortgage servicing rights \| AmeriHome
Changes in the fair value of MSRs
Reductions from bulk sales		$ (7,446)

Goodwill and Intangible assets (Details) $ in Thousands	12 Months Ended
Goodwill and Intangible assets (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Changes in carrying amount of goodwill
Goodwill, Beginning Balance	$ 352
Addition from CCM acquisition	104,586
Goodwill, Ending Balance	$ 104,938

Goodwill and Intangible assets (Details 2) $ in Thousands	12 Months Ended
Goodwill and Intangible assets (Details 2) $ in Thousands	Dec. 31, 2015 USD ($)
Intangible assets and other assets:
Gross Carrying Amount	$ 33,122
Accumulated Amortization	(3,147)
Net Carrying Amount	$ 29,975
Remaining Life	9 years 10 months 28 days
Amortization of intangible and other assets	$ 3,576
Estimated aggregate amortization expense
Year 2016	4,197
Year 2017	4,197
Year 2018	4,196
Year 2019	2,676
Year 2020 and thereafter	14,709
Finite-Lived Intangible Assets, Net, Total	29,975
Trademark
Intangible assets and other assets:
Gross Carrying Amount	17,251
Accumulated Amortization	(877)
Net Carrying Amount	$ 16,374
Remaining Life	14 years
Estimated aggregate amortization expense
Finite-Lived Intangible Assets, Net, Total	$ 16,374
Customer Relationships
Intangible assets and other assets:
Gross Carrying Amount	10,170
Accumulated Amortization	(1,130)
Net Carrying Amount	$ 9,040
Remaining Life	6 years
Estimated aggregate amortization expense
Finite-Lived Intangible Assets, Net, Total	$ 9,040
Non-compete agreement
Intangible assets and other assets:
Gross Carrying Amount	5,701
Accumulated Amortization	(1,140)
Net Carrying Amount	$ 4,561
Remaining Life	3 years
Estimated aggregate amortization expense
Finite-Lived Intangible Assets, Net, Total	$ 4,561

Other Assets (Details) - USD ($) $ in Thousands	12 Months Ended
Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Assets
Accounts receivable, net	$ 11,385	$ 5,795
Deferred charge (See Note 17)	9,963	11,521
Derivative assets - lending (See Note 15)	9,273	2,918
Prepaid expenses	3,052	1,769
Developed software, net	2,290
Premises and equipment, net	1,210	1,889
Servicing advances, net	927	556
Other	483	581
Total other assets	$ 38,583	$ 25,029
Finance Receivables..
Average collection period after sale date for holdbacks from MSR sales	6 months
Average number of months in arrears for collection of receivables related to hedging instruments and real estate service fees	1 month
Reserve for doubtful accounts	$ 114

Other Assets (Details 2) - USD ($) $ in Thousands	12 Months Ended
Other Assets (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Premises and Equipment, net
Premises and equipment	$ 15,650	$ 15,101
Less: Accumulated depreciation	(14,440)	(13,212)
Total premises and equipment, net	1,210	1,889
Intangible assets and other assets:
Gross Carrying Amount	33,122
Accumulated Amortization	(3,147)
Net Carrying Amount	$ 29,975
Remaining Life	9 years 10 months 28 days
Servicer Advances
Servicer advances	$ 927	$ 556
Minimum
Premises and Equipment, net
Useful lives	P3Y
Maximum
Premises and Equipment, net
Useful lives	P20Y
Developed software \| Other assets
Intangible assets and other assets:
Gross Carrying Amount	$ 2,719
Accumulated Amortization	(429)
Net Carrying Amount	$ 2,290
Remaining Life	4 years

Warehouse Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
Warehouse Borrowings (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Short Term Debt
Short-term debt		$ 6,000
Information on warehouse borrowings
Underlying collateral (mortgage loans)	$ 4,574,919	5,249,639
Warehouse Borrowings
Short Term Debt
Maximum Borrowing Capacity	675,000
Short-term debt	325,616	226,718
Information on warehouse borrowings
Maximum outstanding balance during the year	541,252	226,718
Average balance outstanding for the year	353,750	136,789
Underlying collateral (mortgage loans)	$ 336,075	$ 237,340
Weighted average rate for period (as a percent)	3.27%	3.37%
Repurchase agreement 1
Short Term Debt
Maximum Borrowing Capacity	$ 150,000
Short-term debt	$ 63,368	$ 64,907
Repurchase agreement 1 \| Minimum
Short Term Debt
Allowable Advance Rates (as a percent)	90.00%
Repurchase agreement 1 \| Minimum \| 1ML
Short Term Debt
Interest rate margin (as a percent)	3.40%
Repurchase agreement 1 \| Maximum
Short Term Debt
Allowable Advance Rates (as a percent)	98.00%
Repurchase agreement 1 \| Maximum \| 1ML
Short Term Debt
Interest rate margin (as a percent)	6.50%
Repurchase agreement 2
Short Term Debt
Maximum Borrowing Capacity	$ 50,000
Short-term debt	$ 46,673	30,523
Repurchase agreement 2 \| Minimum
Short Term Debt
Allowable Advance Rates (as a percent)	75.00%
Repurchase agreement 2 \| Minimum \| Prime
Short Term Debt
Interest rate margin (as a percent)	0.00%
Repurchase agreement 2 \| Maximum
Short Term Debt
Allowable Advance Rates (as a percent)	98.00%
Repurchase agreement 2 \| Maximum \| Prime
Short Term Debt
Interest rate margin (as a percent)	5.50%
Repurchase agreement 3
Short Term Debt
Short-term debt		24,012
Repurchase agreement 3 \| Minimum
Short Term Debt
Allowable Advance Rates (as a percent)	80.00%
Repurchase agreement 3 \| Minimum \| 1ML
Short Term Debt
Interest rate margin (as a percent)	3.00%
Repurchase agreement 3 \| Maximum
Short Term Debt
Allowable Advance Rates (as a percent)	98.00%
Repurchase agreement 3 \| Maximum \| 1ML
Short Term Debt
Interest rate margin (as a percent)	4.00%
Repurchase agreement 4
Short Term Debt
Maximum Borrowing Capacity	$ 225,000
Short-term debt	$ 122,242	107,276
Allowable Advance Rates (as a percent)	95.00%
Amount outstanding for re-warehousing	$ 36,400	$ 8,400
Repurchase agreement 4 \| Minimum \| BR
Short Term Debt
Interest rate margin (as a percent)	2.50%
Repurchase agreement 4 \| Maximum \| BR
Short Term Debt
Interest rate margin (as a percent)	4.00%
Repurchase agreement 5
Short Term Debt
Maximum Borrowing Capacity	$ 150,000
Short-term debt	$ 83,162
Allowable Advance Rates (as a percent)	99.00%
Repurchase agreement 5 \| Subsequent Event
Short Term Debt
Temporary increase in maximum borrowing capacity			$ 200,000
Repurchase agreement 5 \| Minimum \| LIBOR
Short Term Debt
Interest rate margin (as a percent)	2.90%
Repurchase agreement 5 \| Maximum \| LIBOR
Short Term Debt
Interest rate margin (as a percent)	5.40%
Repurchase agreement 6
Short Term Debt
Maximum Borrowing Capacity	$ 100,000
Short-term debt	$ 10,171
Allowable Advance Rates (as a percent)	100.00%

Short Term Debt (Details) $ in Thousands	1 Months Ended		12 Months Ended
Short Term Debt (Details) $ in Thousands	Jun. 30, 2015 USD ($)	Dec. 31, 2014 USD ($) item	Dec. 31, 2015 USD ($)	Apr. 27, 2015 USD ($)	Jan. 31, 2015 USD ($)
Short Term Debt
Debt issued					$ 5,000
Interest rate (as a percent)					15.00%
Structured debt agreement
Short Term Debt
Debt issued		$ 6,000
Number of residual interests used as collateral for structured debt facility \| item		8
Proceeds from issuance of debt, net of payoff and transaction costs		$ 6,000
Transaction costs		$ 60
Variable interest rate base		LIBOR
Interest margin over base rate (as a percent)		5.75%
Repayment of the previous debt by using proceeds of new debt	$ 3,200		$ 3,200
Promissory Note
Short Term Debt
Debt issued				$ 10,000
Interest rate (as a percent)				15.00%

Term Financing (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
Term Financing (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2015	Jan. 31, 2015
Long-term Debt
Amount of debt issued				$ 5,000
contractual reductions of the convertible notes
Long-term Debt, Total		$ 22,122	$ 31,898
Term financing
Long-term Debt
Amount of debt issued	$ 30,000
Maximum loan advances	50,000
Debt issuance costs			$ 300
Percentage applied on interest rate, for prepayment premium calculation (as a percent)			50.00%
Change of control (as a percent0			25.00%
contractual reductions of the convertible notes
Long-term Debt, Total			$ 30,000
Less Than One Year			$ 30,000
Term financing \| LIBOR
Long-term Debt
Interest margin over base rate (as a percent)			8.50%
Other Borrowers \| Term financing
Long-term Debt
Change of control (as a percent0			50.00%
Structured debt agreement
Long-term Debt
Amount of debt issued		6,000
Repayment of the previous debt by using proceeds of new debt	$ 3,200		$ 3,200
Debt issuance costs		$ 60
Interest margin over base rate (as a percent)		5.75%
Line of credit
Long-term Debt
Repayment of the previous debt by using proceeds of new debt			$ 4,000

Convertible Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended
	May. 31, 2015 USD ($) item $ / shares	Jan. 31, 2016 $ / shares	Dec. 31, 2015 USD ($)	Jan. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Apr. 30, 2013 USD ($)
Long-term Debt
Amount of debt issued				$ 5,000
contractual reductions of the convertible notes
Long-term Debt, Total			$ 31,898		$ 22,122
2013 Convertible Notes
Long-term Debt
Amount of debt issued						$ 20,000
Interest rate of debt (as a percent)						7.50%
contractual reductions of the convertible notes
Long-term Debt, Total			20,000
One to Three Years			20,000
2013 Convertible Notes \| Subsequent Event
Long-term Debt
Conversion price (in dollars per share) \| $ / shares		$ 10.875
2015 Convertible Notes
Long-term Debt
Amount of debt issued	$ 25,000
Interest rate of debt (as a percent)	7.50%
Conversion price (in dollars per share) \| $ / shares	$ 21.50
Conditional conversion price (in dollars per share) \| $ / shares	$ 30.10
Number of trading days for which stock price must exceed specified price \| item	20
Number of consecutive trading days during which stock price must exceed specified price	30 days
Transaction costs	$ 50
Convertible notes voting restriction period	3 years
contractual reductions of the convertible notes
Long-term Debt, Total			25,000
Three to Five Years			$ 25,000

Long-term Debt (Details) $ in Thousands	12 Months Ended
Long-term Debt (Details) $ in Thousands	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2009 USD ($)	Dec. 31, 2008 USD ($)	Dec. 31, 2005 USD ($) item	Jan. 31, 2015 USD ($)
Long-term Debt
Amount of debt issued						$ 5,000
Long-term debt	$ 31,898	$ 22,122
Long-term Debt, Fiscal Year Maturity [Abstract]
Total	31,898	22,122
Trust Preferred Securities
Long-term Debt
Amount of debt purchased and cancelled			$ 36,500	$ 36,500
Amount for which debt was purchased and cancelled			5,500	$ 5,500
Amount of debt exchanged			51,300
Long-term debt	8,500	8,500
Fair value adjustment	(4,869)	(6,087)
Total	$ 3,894	2,676
Interest rate at the end of the period (as a percent)	4.08%
Default period to declare principal amount and interest payable immediately	30 days
Long-term Debt, Fiscal Year Maturity [Abstract]
More Than Five Years	$ 8,500
Total	$ 8,500	8,500
Trust Preferred Securities \| Minimum
Long-term Debt
Percentage of debt, holders of which are to declare principal amount and interest payable immediately in the event of default	25.00%
Percentage of liquidation amount, holders of which are to declare principal amount and interest payable immediately in the event of default	25.00%
Trust Preferred Securities \| After July 30, 2035
Long-term Debt
Applicable margin (as a percent)	3.75%
Junior subordinated notes
Long-term Debt
Amount for which debt was exchanged			$ 62,000
Long-term debt	$ 62,000	62,000
Fair value adjustment	(33,996)	(42,554)
Total	$ 28,004	19,446
Interest rate at the end of the period (as a percent)	4.00%
Long-term Debt, Fiscal Year Maturity [Abstract]
More Than Five Years	$ 62,000
Total	$ 62,000	62,000
Junior subordinated notes \| Through March 2014
Long-term Debt
Fixed interest rate (as a percent)	2.00%
Junior subordinated notes \| January 2014 through 2017
Long-term Debt
Increase in interest rate (as a percent)	1.00%
Junior subordinated notes \| From 2018
Long-term Debt
Applicable margin (as a percent)	3.75%
Common securities
Long-term Debt
Long-term debt	$ 263	263
Long-term Debt, Fiscal Year Maturity [Abstract]
Total	$ 263	$ 263
Trusts
Long-term Debt
Number of wholly owned subsidiaries formed to issue securities \| item					4
Trusts \| Junior subordinated notes
Long-term Debt
Debt issued					$ 96,300
Trusts \| Trust Preferred Securities
Long-term Debt
Amount of debt issued					$ 99,200

Line of Credit Agreement (Details) - Line of credit - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Line of Credit Agreement
Maximum borrowing capacity		$ 4,000
Maximum outstanding balance during the year		4,000	$ 4,000
Average balance outstanding for the year		$ 1,649	$ 1,599
Weighted average rate for period (as a percent)		3.70%	3.88%
1ML
Line of Credit Agreement
Interest margin over base rate (as a percent)		3.50%
Term financing
Line of Credit Agreement
Proceeds from debt	$ 4,000

Securitized Mortgage Trusts (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Trust Assets
Securitized mortgage collateral	$ 4,574,919	$ 5,249,639
REO	19,589	18,800
Investment securities available-for-sale	26	92
Total securitized mortgage trust assets	4,594,534	5,268,531
Securitized Mortgage Collateral
Total securitized mortgage collateral	4,574,919	5,249,639
Mortgages secured by residential real estate
Trust Assets
Securitized mortgage collateral	5,204,922	5,919,552
Securitized Mortgage Collateral
Total securitized mortgage collateral	5,204,922	5,919,552
Mortgages secured by commercial real estate
Trust Assets
Securitized mortgage collateral	517,969	647,737
Securitized Mortgage Collateral
Total securitized mortgage collateral	517,969	647,737
Securitized mortgage collateral
Trust Assets
Securitized mortgage collateral	4,574,919	5,249,639
Securitized Mortgage Collateral
Total securitized mortgage collateral	4,574,919	5,249,639
Fair value adjustment	(1,147,972)	(1,317,650)
Mortgages serviced for others
Securitized Mortgage Collateral
Other mortgages primarily collateralized by REMIC	$ 800,000	$ 1,000,000

Securitized Mortgage Trusts (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate Owned (REO)
REO	$ 28,058	$ 20,674
Impairment (1)	(8,469)	(1,874)
Ending balance	19,589	18,800
Trust Liabilities
Securitized mortgage borrowings	4,578,657	5,245,860
Derivative liabilities	1,669	5,447
Total securitized mortgage trust liabilities	4,580,326	5,251,307
REO inside trusts
Real Estate Owned (REO)
Ending balance	$ 19,589	$ 18,800

Securitized Mortgage Trusts (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Minimum
Range of interest rates
Interest rate margin adjustment trigger, percentage of unpaid principal balance to original issuance amount	10.00%
Maximum
Range of interest rates
Interest rate margin adjustment trigger, percentage of unpaid principal balance to original issuance amount	20.00%
2002
Securitized Mortgage Borrowings
Original Issuance Amount	$ 3,876.1
Subtotal contractual principal balance (3)	$ 10.4	$ 12.2
2002 \| Minimum
Range of interest rates
Fixed interest rate (as a percent)	5.25%
Interest Rate Margins after Contractual Call Date (as a percent)	0.54%
2002 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	12.00%
Interest Rate Margins after Contractual Call Date (as a percent)	3.68%
2002 \| 1ML \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.27%
2002 \| 1ML \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.75%
2003
Securitized Mortgage Borrowings
Original Issuance Amount	$ 5,966.1
Subtotal contractual principal balance (3)	$ 75.6	96.7
2003 \| Minimum
Range of interest rates
Fixed interest rate (as a percent)	4.34%
Interest Rate Margins after Contractual Call Date (as a percent)	0.54%
2003 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	12.75%
Interest Rate Margins after Contractual Call Date (as a percent)	4.50%
2003 \| 1ML \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.27%
2003 \| 1ML \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	3.00%
2004
Securitized Mortgage Borrowings
Original Issuance Amount	$ 17,710.7
Subtotal contractual principal balance (3)	$ 766.9	899.8
2004 \| Minimum
Range of interest rates
Fixed interest rate (as a percent)	3.58%
Interest Rate Margins after Contractual Call Date (as a percent)	0.50%
2004 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	5.56%
Interest Rate Margins after Contractual Call Date (as a percent)	3.75%
2004 \| 1ML \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.25%
2004 \| 1ML \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.50%
2005
Securitized Mortgage Borrowings
Original Issuance Amount	$ 13,387.7
Subtotal contractual principal balance (3)	$ 2,439.7	2,730.0
2005 \| Minimum
Range of interest rates
Interest Rate Margins after Contractual Call Date (as a percent)	0.48%
2005 \| Maximum
Range of interest rates
Interest Rate Margins after Contractual Call Date (as a percent)	4.35%
2005 \| 1ML \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.24%
2005 \| 1ML \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.90%
2006
Securitized Mortgage Borrowings
Original Issuance Amount	$ 5,971.4
Subtotal contractual principal balance (3)	$ 2,848.9	3,072.3
2006 \| Minimum
Range of interest rates
Interest Rate Margins after Contractual Call Date (as a percent)	0.20%
2006 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	6.25%
Interest Rate Margins after Contractual Call Date (as a percent)	4.13%
2006 \| 1ML \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.10%
2006 \| 1ML \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.75%
2007
Securitized Mortgage Borrowings
Original Issuance Amount	$ 3,860.5
Subtotal contractual principal balance (3)	$ 1,728.2	1,887.0
2007 \| Minimum
Range of interest rates
Interest Rate Margins after Contractual Call Date (as a percent)	0.12%
2007 \| Maximum
Range of interest rates
Interest Rate Margins after Contractual Call Date (as a percent)	3.00%
2007 \| 1ML \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.06%
2007 \| 1ML \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.00%
Securitized mortgage borrowings
Securitized Mortgage Borrowings
Subtotal contractual principal balance (3)	$ 7,869.7	8,698.0
Fair value adjustment	(3,291.0)	(3,452.1)
Total securitized mortgage borrowings	$ 4,578.7	$ 5,245.9
Securitized mortgage borrowings \| LIBOR
Range of interest rates
Reference rate (as a percent)	0.43%

Securitized Mortgage Trusts (Details 4) - Securitized mortgage borrowings - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Securitized Mortgage Borrowings
Total	$ 7,869.7	$ 8,698.0
Less Than One Year	726.6
One to Three Years	1,147.2
Three to Five Years	821.4
More Than Five Years	$ 5,174.5

Securitized Mortgage Trusts (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Liabilities
Net derivative liability	$ 1,669	$ 5,447
Change in fair value of net trust assets, including trust REO gains (losses)
Change in fair value of net trust assets, excluding REO	957	3,482
(Losses) gains from REO	(6,595)	7,581
Change in fair value of net trust assets, including trust REO (losses) gains	(5,638)	11,063
Mortgage lending operations \| Derivative liabilities, net, securitized trusts
Derivative Liabilities
Net derivative liability	1,700	$ 5,400
Notional balance	67,700
Mortgage lending operations \| Derivative assets - IRLCs
Derivative Liabilities
Notional balance	$ 67,700

Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Derivative assets and liabilities - lending
Maximum percentage of ownership interest in acquiree for which warrants were issued	9.90%	9.90%
Warrant \| Other assets
Derivative assets and liabilities - lending
Assets fair value		$ 84
Interest rate lock commitments (IRLCs)
Derivative assets and liabilities - lending
Derivative Assets, Notional Balance	$ 569,618	299,507
Total Gains (Losses)	6,300	1,982
Hedging Instruments
Derivative assets and liabilities - lending
Derivative Liability, Notional Amount	403,610	397,373
Total Gains (Losses)	(6,519)	$ (17,406)
Mortgage lending operations \| Interest rate lock commitments (IRLCs)
Derivative assets and liabilities - lending
Assets fair value	9,200
Mortgage lending operations \| Hedging Instruments
Derivative assets and liabilities - lending
Assets fair value	404
Mortgage servicing rights \| Hedging Instruments
Derivative assets and liabilities - lending
Assets fair value	$ 89

Redeemable Preferred Stock (Details) $ / shares in Units, $ in Millions	Dec. 31, 2015 USD ($) $ / shares
Redeemable Preferred Stock
Outstanding liquidation preference of Series B and Series C Preferred Stock \| $	$ 51.8
Liquidation preference amount per share (in dollars per share) \| $ / shares	$ 25.00

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Mortgage servicing rights	$ 36,425	$ 24,418
Liabilities
Derivative liabilities, lending, net	1,669	5,447
Carrying Amount
Assets
Cash and cash equivalents	32,409	10,073
Restricted cash	3,474	2,420
Mortgage loans held for-for-sale	310,191	239,391
Finance receivables	36,368	8,358
Mortgage servicing rights	36,425	24,418
Derivatives assets, lending, net	9,273	2,884
Investment securities available-for-sale	26	92
Securitized mortgage collateral	4,574,919	5,249,639
Warrant		84
Liabilities
Warehouse borrowings	325,616	226,718
Short-term structured debt		6,000
Line of credit		4,000
Term financing	30,000
Convertible notes	45,000	20,000
Contingent consideration	48,079
Long-term debt	31,898	22,122
Securitized mortgage borrowings	4,578,657	5,245,860
Derivative liabilities, securitized trusts	1,669	5,447
Derivative liabilities, lending, net	404	930
Estimated Fair Value \| Level 1
Assets
Cash and cash equivalents	32,409	10,073
Restricted cash	3,474	2,420
Estimated Fair Value \| Level 2
Assets
Mortgage loans held for-for-sale	310,191	239,391
Finance receivables	36,368	8,358
Derivatives assets, lending, net	89
Liabilities
Warehouse borrowings	325,616	226,718
Line of credit		4,000
Derivative liabilities, lending, net	404	930
Estimated Fair Value \| Level 3
Assets
Mortgage servicing rights	36,425	24,418
Derivatives assets, lending, net	9,184	2,884
Investment securities available-for-sale	26	92
Securitized mortgage collateral	4,574,919	5,249,639
Warrant		84
Liabilities
Short-term structured debt		6,000
Term financing	30,000
Convertible notes	45,000	20,000
Contingent consideration	48,079
Long-term debt	31,898	22,122
Securitized mortgage borrowings	4,578,657	5,245,860
Derivative liabilities, securitized trusts	$ 1,669	$ 5,447

Fair Value of Financial Instruments (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Mortgage servicing rights	$ 36,425	$ 24,418
Liabilities
Derivative liabilities, lending, net	$ 1,669	$ 5,447
Level 3
Fair Value Measurements
Percentage of level three assets to total assets measured at fair value	94.00%	96.00%
Percentage of level three liabilities to total liabilities measured at fair value	99.00%	99.00%
Recurring basis \| Level 2
Assets
Mortgage loans held for-for-sale	$ 310,191	$ 239,391
Derivatives assets, lending, net	89
Total assets at fair value	310,280	239,391
Liabilities
Derivative liabilities, lending, net	404	930
Total liabilities at fair value	404	930
Recurring basis \| Level 3
Assets
Investment securities available-for-sale	26	92
Derivatives assets, lending, net	9,184	2,884
Mortgage servicing rights	36,425	24,418
Warrant		84
Securitized mortgage collateral	4,574,919	5,249,639
Total assets at fair value	4,620,554	5,277,117
Liabilities
Securitized mortgage borrowings	4,578,657	5,245,860
Derivative liabilities, securitized trusts	1,669	5,447
Long-term debt	31,898	22,122
Contingent consideration	48,079
Total liabilities at fair value	4,660,303	5,273,429
Recurring basis \| Derivative assets, lending, net \| Interest rate lock commitments (IRLCs) \| Level 2
Assets
Total assets at fair value		$ 2,900
Recurring basis \| Derivative assets, lending, net \| Interest rate lock commitments (IRLCs) \| Level 3
Assets
Total assets at fair value	9,200
Recurring basis \| Derivative assets, lending, net \| Hedging Instruments \| Level 2
Assets
Total assets at fair value	89
Long-term debt \| Recurring basis \| Level 3
Liabilities
Long-term debt	$ 31,900

Fair Value of Financial Instruments (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Level 3
Purchases, issuances and settlements
Net interest income including cash received and paid	$ 8,300	$ 5,700
Securitized mortgage borrowings
Changes in fair value of assets during the period
Fair value at the beginning of the period	(5,245,860)	(5,492,371)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings		(597,798)
Purchases, issuances and settlements
Settlements		844,309
Fair value at the end of the period		(5,245,860)
Unrealized gains (losses) still held		3,452,064
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(5,245,860)
Total gains (losses) included in earnings	(160,791)
Purchases, issuances and settlements
Settlements	827,994
Fair value at the end of the period	(4,578,657)	(5,245,860)
Unrealized gains (losses) still held	3,291,072
Securitized mortgage borrowings \| Interest expense.
Total gains (losses) included in earnings:
Total gains (losses) included in earnings		(237,793)
Changes in fair value of liabilities during the period
Total gains (losses) included in earnings	(211,272)
Securitized mortgage borrowings \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	50,481	(360,005)
Derivative liabilities, net, securitized trusts
Changes in fair value of assets during the period
Fair value at the beginning of the period	(5,447)	(10,214)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings		(599)
Purchases, issuances and settlements
Settlements		5,366
Fair value at the end of the period		(5,447)
Unrealized gains (losses) still held		(5,063)
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(5,447)
Total gains (losses) included in earnings	(487)
Purchases, issuances and settlements
Settlements	4,265
Fair value at the end of the period	(1,669)	(5,447)
Unrealized gains (losses) still held	(1,485)
Derivative liabilities, net, securitized trusts \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(487)	(599)
Long-term debt
Changes in fair value of assets during the period
Fair value at the beginning of the period	(22,122)	(15,871)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(9,776)	(6,251)
Purchases, issuances and settlements
Fair value at the end of the period	(31,898)	(22,122)
Unrealized gains (losses) still held	38,865	48,641
Long-term debt \| Interest expense.
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(1,115)	(2,237)
Long-term debt \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(8,661)	(4,014)
Contingent consideration
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	37,778
Purchases, issuances and settlements
Issuances	(124,592)
Settlements	38,735
Fair value at the end of the period	(48,079)
Unrealized gains (losses) still held	(48,079)
Contingent consideration \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	37,778
Investment securities available-for-sale
Changes in fair value of assets during the period
Fair value at the beginning of the period	92	108
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	25	60
Purchases, issuances and settlements
Settlements	(91)	(76)
Fair value at the end of the period	26	92
Unrealized gains (losses) still held	26	91
Investment securities available-for-sale \| Interest income
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	10	26
Investment securities available-for-sale \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	15	34
Securitized mortgage collateral
Changes in fair value of assets during the period
Fair value at the beginning of the period	5,249,639	5,494,152
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	15,204	423,578
Purchases, issuances and settlements
Settlements	(689,924)	(668,091)
Fair value at the end of the period	4,574,919	5,249,639
Unrealized gains (losses) still held	(1,147,971)	(1,317,650)
Securitized mortgage collateral \| Interest income
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	64,256	59,526
Securitized mortgage collateral \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(49,052)	364,052
Mortgage servicing rights
Changes in fair value of assets during the period
Fair value at the beginning of the period	24,418	35,981
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(10,939)	(6,229)
Purchases, issuances and settlements
Issuances	98,103	29,388
Settlements	(75,157)	(34,722)
Fair value at the end of the period	36,425	24,418
Unrealized gains (losses) still held	36,425	24,418
Mortgage servicing rights \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(10,939)	(6,229)
Interest rate lock commitments (IRLCs)
Changes in fair value of assets during the period
Fair value at the beginning of the period	2,884	913
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	6,300	1,982
Purchases, issuances and settlements
Settlements		(11)
Fair value at the end of the period	9,184	2,884
Unrealized gains (losses) still held	9,184	2,884
Interest rate lock commitments (IRLCs) \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	6,300	1,982
Warrant
Changes in fair value of assets during the period
Fair value at the beginning of the period	84
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(84)	(80)
Purchases, issuances and settlements
Issuances		164
Fair value at the end of the period		84
Unrealized gains (losses) still held		84
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	84
Purchases, issuances and settlements
Fair value at the end of the period		84
Warrant \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	$ (84)	$ (80)

Fair Value of Financial Instruments (Details 4) - Level 3 $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Minimum
Unobservable input
Loss severities (as a percent)	1.60%
Maximum
Unobservable input
Loss severities (as a percent)	77.80%
Weighted Average
Unobservable input
Prepayment rates (as a percent)	11.20%
Loss severities (as a percent)	37.00%
DCF
Unobservable input
Remaining earn out period	2 years
Estimated undiscounted earn out payments	$ 59,100
Estimated undiscounted earn out payment minimum	30,100
Estimated undiscounted earn out payment maximum	$ 83,500
DCF \| Minimum
Unobservable input
Margins	1.10%
Probability of outcomes	20.00%
DCF \| Maximum
Unobservable input
Margins	3.20%
Probability of outcomes	50.00%
DCF \| Weighted Average
Unobservable input
Margins	2.20%
Probability of outcomes	34.80%
Securitized mortgage borrowings \| DCF
Valuation techniques
Estimated fair value of liabilities	$ (4,578,657)
Securitized mortgage borrowings \| DCF \| Minimum
Unobservable input
Default rates (as a percent)	0.60%
Securitized mortgage borrowings \| DCF \| Maximum
Unobservable input
Default rates (as a percent)	13.50%
Securitized mortgage borrowings \| DCF \| Weighted Average
Unobservable input
Default rates (as a percent)	2.50%
Derivative liabilities, net, securitized trusts \| DCF
Valuation techniques
Estimated fair value of liabilities	$ (1,669)
Derivative liabilities, net, securitized trusts \| DCF \| Minimum
Unobservable input
Variable rate (as a percent)	0.40%
Derivative liabilities, net, securitized trusts \| DCF \| Maximum
Unobservable input
Variable rate (as a percent)	2.80%
Long-term debt \| DCF
Valuation techniques
Estimated fair value of liabilities	$ (31,898)
Unobservable input
Discount rates (as a percent)	14.60%
Long-term debt \| DCF \| Weighted Average
Unobservable input
Discount rates (as a percent)	14.60%
Lease Liability \| DCF
Valuation techniques
Estimated fair value of liabilities	$ (48,079)
Unobservable input
Discount rates (as a percent)	17.00%
Lease Liability \| DCF \| Weighted Average
Unobservable input
Discount rates (as a percent)	17.00%
Investment securities available-for-sale \| DCF
Valuation techniques
Estimated fair value of assets	$ 26
Investment securities available-for-sale \| DCF \| Minimum
Unobservable input
Discount rates (as a percent)	3.90%
Investment securities available-for-sale \| DCF \| Maximum
Unobservable input
Discount rates (as a percent)	25.00%
Investment securities available-for-sale \| DCF \| Weighted Average
Unobservable input
Discount rates (as a percent)	5.60%
Securitized mortgage collateral \| DCF
Valuation techniques
Estimated fair value of assets	$ 4,574,919
Securitized mortgage collateral \| DCF \| Minimum
Unobservable input
Prepayment rates (as a percent)	2.40%
Securitized mortgage collateral \| DCF \| Maximum
Unobservable input
Prepayment rates (as a percent)	23.40%
Securitized mortgage collateral \| DCF \| Weighted Average
Unobservable input
Prepayment rates (as a percent)	6.30%
Mortgage servicing rights \| DCF
Valuation techniques
Estimated fair value of assets	$ 36,425
Mortgage servicing rights \| DCF \| Minimum
Unobservable input
Discount rates (as a percent)	9.00%
Prepayment rates (as a percent)	4.20%
Mortgage servicing rights \| DCF \| Maximum
Unobservable input
Discount rates (as a percent)	14.00%
Prepayment rates (as a percent)	52.10%
Mortgage servicing rights \| DCF \| Weighted Average
Unobservable input
Discount rates (as a percent)	9.70%
Interest rate lock commitments (IRLCs) \| Market pricing
Valuation techniques
Estimated fair value of assets	$ 9,184
Interest rate lock commitments (IRLCs) \| Market pricing \| Minimum
Unobservable input
Pull-through rate (as a percent)	39.00%
Interest rate lock commitments (IRLCs) \| Market pricing \| Maximum
Unobservable input
Pull-through rate (as a percent)	99.00%
Interest rate lock commitments (IRLCs) \| Market pricing \| Weighted Average
Unobservable input
Pull-through rate (as a percent)	76.50%

Fair Value of Financial Instruments (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Change in Fair Value Included in Net Earnings (Loss)
Change in the fair value of trust assets, excluding REO	$ 957	$ 3,482
Change in fair value of net trust assets, excluding REO	5,021	8,658
Securitized Mortgage Borrowings
Outstanding principal balance of securitized mortgage borrowings	$ 3,570,659	$ 2,267,086
Derivative assets and liabilities
Maximum percentage of ownership interest in acquiree for which warrants were issued	9.90%	9.90%
Recurring basis
Change in Fair Value Included in Net Earnings (Loss)
Total	$ (121,593)	$ (180,489)
Recurring basis \| Interest income
Change in Fair Value Included in Net Earnings (Loss)
Total	64,266	59,552
Recurring basis \| Interest expense.
Change in Fair Value Included in Net Earnings (Loss)
Total	(212,387)	(240,030)
Recurring basis \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Total	957	3,482
Change in the fair value of trust assets, excluding REO		3,500
Change in fair value of net trust assets, excluding REO		(8,700)
Recurring basis \| Change in Fair Value of Long-term Debt
Change in Fair Value Included in Net Earnings (Loss)
Total	(8,661)	(4,014)
Recurring basis \| Other revenue
Change in Fair Value Included in Net Earnings (Loss)
Total	26,755	(6,309)
Recurring basis \| Gain on sale of loans, net
Change in Fair Value Included in Net Earnings (Loss)
Total	7,477	6,830
Recurring basis \| Warrant
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	(84)
Recurring basis \| Warrant \| Other revenue
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	(84)
Recurring basis \| Contingent consideration
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	37,778
Recurring basis \| Contingent consideration \| Other revenue
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	37,778
Recurring basis \| Hedging Instruments
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	773
Recurring basis \| Hedging Instruments \| Gain on sale of loans, net
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	773
Recurring basis \| Securitized mortgage borrowings
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	(160,791)	(597,798)
Recurring basis \| Securitized mortgage borrowings \| Interest expense.
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	(211,272)	(237,793)
Recurring basis \| Securitized mortgage borrowings \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	50,481	(360,005)
Recurring basis \| Derivative liabilities, net, securitized trusts
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(487)
Recurring basis \| Derivative liabilities, net, securitized trusts \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(487)
Changes in the fair value of derivative instruments	3,600	4,600
Cash payments from the securitization trusts	4,100	5,200
Recurring basis \| Derivative liabilities, net, securitized trusts \| Hedging Instruments
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities		(2,009)
Recurring basis \| Derivative liabilities, net, securitized trusts \| Hedging Instruments \| Gain on sale of loans, net
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities		(2,009)
Recurring basis \| Long-term debt
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(9,776)
Recurring basis \| Long-term debt \| Interest expense.
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(1,115)
Recurring basis \| Long-term debt \| Change in Fair Value of Long-term Debt
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(8,661)
Recurring basis \| Investment securities available-for-sale
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	25	60
Recurring basis \| Investment securities available-for-sale \| Interest income
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	10	26
Recurring basis \| Investment securities available-for-sale \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	15	34
Recurring basis \| Securitized mortgage collateral
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	15,204	423,578
Recurring basis \| Securitized mortgage collateral \| Interest income
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	64,256	59,526
Recurring basis \| Securitized mortgage collateral \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(49,052)	364,052
Recurring basis \| Mortgage servicing rights
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	(10,939)
Recurring basis \| Mortgage servicing rights \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Change in the fair value of trust assets, excluding REO	1,000
Change in fair value of net trust assets, excluding REO	5,000
Recurring basis \| Mortgage servicing rights \| Other revenue
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	(10,939)
Recurring basis \| Mortgage servicing rights \| Derivative liabilities, net, securitized trusts
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		(599)
Recurring basis \| Mortgage servicing rights \| Derivative liabilities, net, securitized trusts \| Change in Fair Value of Net Trust Assets
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		(599)
Recurring basis \| Mortgage servicing rights \| Put option
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities		(6,229)
Recurring basis \| Mortgage servicing rights \| Put option \| Other revenue
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities		(6,229)
Recurring basis \| Mortgage loans held-for-sale
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		6,857
Change in fair value of liabilities	404
Recurring basis \| Mortgage loans held-for-sale \| Gain on sale of loans, net
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		6,857
Change in fair value of liabilities	404
Recurring basis \| Derivative assets - IRLCs
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities	6,300
Recurring basis \| Derivative assets - IRLCs \| Gain on sale of loans, net
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets	(6,300)
Recurring basis \| Derivative assets - IRLCs \| Interest rate lock commitments (IRLCs)
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		1,982
Recurring basis \| Derivative assets - IRLCs \| Interest rate lock commitments (IRLCs) \| Gain on sale of loans, net
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		1,982
Recurring basis \| Call option \| Derivative liabilities, net, securitized trusts
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities		(80)
Recurring basis \| Call option \| Derivative liabilities, net, securitized trusts \| Other revenue
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of liabilities		(80)
Recurring basis \| Call option \| Long-term debt
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		(6,251)
Recurring basis \| Call option \| Long-term debt \| Interest expense.
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		(2,237)
Recurring basis \| Call option \| Long-term debt \| Change in Fair Value of Long-term Debt
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets		(4,014)
Recurring basis \| Level 3
Long-term debt
Estimated fair value of long-term debt	31,898	$ 22,122
Derivative assets and liabilities
Notional balance of derivative assets and liabilities, securitized trusts	67,700
Recurring basis \| Level 3 \| Long-term debt
Long-term debt
Long-term debt unpaid principal balance	70,500
Estimated fair value of long-term debt	31,900
Difference between aggregate unpaid principal balances and fair value of long-term debt	38,600
Recurring basis \| Level 3 \| Securitized mortgage collateral
Securitized mortgage collateral
Unpaid principal balance of securitized mortgage collateral	5,700,000
Estimated fair value of securitized mortgage collateral	4,600,000
Difference between aggregate unpaid principal balance and fair value of securitized mortgage collateral	1,100,000
Unpaid principal balance of loans 90 days or more past due	800,000
Estimated fair value of loans 90 days or more past due	400,000
Difference between aggregate unpaid principal balances and fair value of mortgage loans	400,000
Securitized Mortgage Borrowings
Outstanding principal balance of securitized mortgage borrowings	5,700,000
Estimated fair value of securitized mortgage borrowings	4,600,000
Bond losses	2,200,000
Difference between aggregate unpaid principal balances and fair value of securitized mortgage borrowings	$ 1,100,000

Fair Value of Financial Instruments (Details 6) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements
Deferred charge (See Note 17)	$ 9,963	$ 11,521
Total Gains (Losses)
Impairment of deferred charge	1,558	453
Discontinued Operations
Total Gains (Losses)
Deferred charge, tax expense on impairment write-downs		453
Nonrecurring Fair Value Measurements
Fair Value Measurements
Deferred charge (See Note 17)	(1,558)		$ (453)
Total Gains (Losses)
Additional impairment write-downs attributable to higher expected loss severities on properties held	(6,595)		7,581
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments	(53)		$ (681)
Nonrecurring Fair Value Measurements \| Discontinued Operations
Total Gains (Losses)
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments	53	681
Gains (losses) resulting from recovery (impairment write-downs) of the net realizable value	6,600
Nonrecurring Fair Value Measurements \| Continuing operations
Total Gains (Losses)
Gains (losses) resulting from recovery (impairment write-downs) of the net realizable value		7,600
Nonrecurring Fair Value Measurements \| Level 2
Fair Value Measurements
REO	1,555	3,030
Nonrecurring Fair Value Measurements \| Level 3
Fair Value Measurements
Lease liability		(1,578)
Deferred charge (See Note 17)	$ 9,963	$ 11,521

Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Numerator for basic earnings (loss) per share:
Net earnings (loss)	$ 80,799	$ (6,322)
Numerator for diluted earning (loss) per share:
Net earnings (loss)	80,799	(6,322)
Interest expense attributable to convertible notes	2,719
Net earnings (loss) plus interest expense attributable to convertible notes	$ 83,518	$ (6,322)
Denominator for basic earnings (loss) per share:
Basic weighted average common shares outstanding during the year	10,094	9,344
Denominator for diluted earnings (loss) per share:
Basic weighted average common shares outstanding during the year	10,094	9,344
Net effect of dilutive convertible notes	2,597
Net effect of dilutive stock options and DSU's	354
Diluted weighted average common shares	13,045	9,344
Basic	$ 8.00	$ (0.68)
Diluted	$ 6.40	$ (0.68)
Stock options
Denominator for diluted earnings (loss) per share:
Antidilutive stock options excluded from weighted average share calculations (in shares)	357,000	2,900
Convertible Debt Notes
Denominator for diluted earnings (loss) per share:
Antidilutive stock options excluded from weighted average share calculations (in shares)		1,800

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current income taxes:
Federal	$ 2,149	$ 940
State	395	365
Total current income tax expense	2,544	1,305
Deferred income taxes:
Federal	(21,367)
State	(3,053)
Total deferred income tax benefit	(24,420)
Total income tax (benefit) expense	(21,876)	1,305
Deferred tax assets:
Federal and state net operating losses	194,562	196,954
Mortgage securities	139,284	119,758
Depreciation and amortization	521	620
Compensation and other accruals	5,813	6,919
Repurchase reserve	2,346	2,287
Total gross deferred tax assets	342,526	326,538
Deferred tax liabilities:
Fair value	(35,075)	(20,767)
Mortgage servicing rights	(16,324)	(9,773)
Derivatives	(424)	(792)
Total gross deferred tax liabilities	(51,823)	(31,332)
Valuation allowance	(266,283)	(295,206)
Total net deferred tax liability	24,420
Reconciliation of income taxes to the expected statutory federal corporate income tax rates
Expected income tax expense (benefit)	20,623	(1,756)
State tax (benefit), net of federal benefit	256	(248)
Change in valuation allowance	(44,163)	2,735
Deferred charge	1,558	453
Other	(150)	121
Total income tax (benefit) expense	$ (21,876)	$ 1,305

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Operating loss carryforwards
Excess tax benefits from stock-based compensation	$ 4,900	$ 3,800
Federal
Operating loss carryforwards
Net operating loss carryforwards	462,000
AMT credit	1,200
California.
Operating loss carryforwards
Net operating loss carryforwards	421,200
AMT credit	$ 298

Segment Reporting (Details ) $ in Thousands	12 Months Ended
Segment Reporting (Details ) $ in Thousands	Dec. 31, 2015 USD ($) item	Dec. 31, 2014 USD ($)
Segment Reporting
Number of reportable segments \| item	3
Segment Reporting
Cash and cash equivalents	$ 32,409	$ 10,073
Restricted cash	3,474	2,420
Mortgage loans held-for-sale	310,191	239,391
Finance receivables	36,368	8,358
Mortgage servicing rights	36,425	24,418
Trust assets	4,594,534	5,268,531
Goodwill	104,938	352
Other assets	92,978	25,381
Total assets	5,211,317	5,578,572
Total liabilities	5,096,827	5,553,616
Corporate and Other.
Segment Reporting
Cash and cash equivalents	386	239
Other assets	28,649	3,557
Total assets	29,035	3,796
Total liabilities	52,645	23,852
Mortgage Lending \| Operating segments
Segment Reporting
Cash and cash equivalents	32,023	9,434
Restricted cash	3,474	2,420
Mortgage loans held-for-sale	310,191	239,391
Finance receivables	36,368	8,358
Mortgage servicing rights	36,425	24,418
Goodwill	104,587
Other assets	50,580	7,810
Total assets	573,648	291,831
Total liabilities	427,703	254,491
Real Estate Services \| Operating segments
Segment Reporting
Cash and cash equivalents		400
Goodwill	351
Other assets	3,582	2,271
Total assets	3,933	2,671
Total liabilities	3,845	1,458
Long-term Portfolio \| Operating segments
Segment Reporting
Trust assets	4,594,534	5,268,531
Other assets	10,167	11,743
Total assets	4,604,701	5,280,274
Total liabilities	$ 4,612,634	$ 5,273,815

Segment Reporting (Details 2) - USD ($) $ in Thousands	12 Months Ended
Segment Reporting (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting
Gain on sale of loans, net	$ 169,206	$ 28,217
Real estate services fees, net	9,850	14,729
Servicing income, net	6,102	4,586
Loss on mortgage servicing rights	(18,598)	(5,116)
Other revenue	397	1,723
Accretion of contingent consideration	8,142
Change in fair value of contingent consideration	(45,920)
Expenses	(133,459)	(57,340)
Other income (expense)	(12,353)	8,184
Net earnings (loss) before income taxes	58,923	(5,017)
Income tax (benefit) expense	(21,876)	1,305
Net earnings (loss)	80,799	(6,322)
Corporate and Other.
Segment Reporting
Other revenue	109	42
Expenses	(7,570)	(15,054)
Other income (expense)	(4,604)	(1,620)
Net earnings (loss) before income taxes	(12,065)	(16,632)
Mortgage Lending \| Operating segments
Segment Reporting
Gain on sale of loans, net	169,206	28,217
Servicing income, net	6,102	4,586
Loss on mortgage servicing rights	(18,598)	(5,116)
Other revenue	25	1,310
Accretion of contingent consideration	8,142
Change in fair value of contingent consideration	(45,920)
Expenses	(119,261)	(35,310)
Other income (expense)	2,037	1,353
Net earnings (loss) before income taxes	77,289	(4,960)
Real Estate Services \| Operating segments
Segment Reporting
Real estate services fees, net	9,850	14,729
Expenses	(5,951)	(6,052)
Other income (expense)		(5)
Net earnings (loss) before income taxes	3,899	8,672
Long-term Portfolio \| Operating segments
Segment Reporting
Other revenue	263	371
Expenses	(677)	(924)
Other income (expense)	(9,786)	8,456
Net earnings (loss) before income taxes	$ (10,200)	$ 7,903

Commitments and Contingencies (Details) $ in Millions		12 Months Ended
Commitments and Contingencies (Details) $ in Millions	Dec. 07, 2011 item	Dec. 31, 2015 USD ($) item	Dec. 31, 2014
Series B 9.375% redeemable preferred stock
Commitments and Contingencies
Preferred stock, dividend rate (as a percent)		9.375%	9.375%
Series C 9.125% redeemable preferred stock
Commitments and Contingencies
Preferred stock, dividend rate (as a percent)		9.125%	9.125%
Curtis J. Timm \| Series B and C Preferred Stock
Commitments and Contingencies
Number of quarterly payments of dividends sought for Preferred holders	2
Number of directors elected by Preferred holders	2
Curtis J. Timm \| Series B 9.375% redeemable preferred stock
Commitments and Contingencies
Preferred stock, dividend rate (as a percent)	9.375%
Curtis J. Timm \| Series C 9.125% redeemable preferred stock
Commitments and Contingencies
Preferred stock, dividend rate (as a percent)	9.125%
AIG \| Residential Mortgage backed Securities
Commitments and Contingencies
Number of securities included in litigation		12
Plaintiff's demand \| $		$ 800

Commitments and Contingencies (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Lease commitments for operating leases
Year 2016	$ 5,315
Year 2017	4,672
Year 2018	4,794
Year 2019	4,610
Year 2020 and thereafter	15,783
Subtotal	35,174
Sublet income	(2,079)
Total lease commitments	33,095
Lease commitments for capital leases
Year 2016	420
Year 2017	149
Year 2018	13
Subtotal	582
Total lease commitments	582
Lease Commitments
Year 2016	5,735
Year 2017	4,821
Year 2018	4,807
Year 2019	4,610
Year 2020 and thereafter	15,783
Subtotal	35,756
Sublet income	(2,079)
Total lease commitments	33,677
Rental expense
Rental expense incurred	4,700	$ 5,000
Interest expense on capital leases	$ 57	$ 72

Commitments and Contingencies (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Continuing operations repurchase reserve activity
Beginning balance	$ 5,714	$ 9,478
Provision for repurchases	1,012	2,252
Settlements	(1,490)	(6,016)
Total repurchase reserve	$ 5,236	$ 5,714

Commitments and Contingencies (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Concentration of Risk
Aggregate unpaid principal balance of loans secured by properties	$ 310,191	$ 239,391
Mortgage loans \| Geographic concentration \| California
Concentration of Risk
Percentage of risk	79.00%
Properties kept as security for long-term mortgage portfolio \| Geographic concentration \| California
Concentration of Risk
Aggregate unpaid principal balance of loans secured by properties	$ 3,000,000
Percentage of risk	51.00%
Properties kept as security for long-term mortgage portfolio \| Geographic concentration \| Florida
Concentration of Risk
Aggregate unpaid principal balance of loans secured by properties	$ 597,000
Percentage of risk	10.00%

Share Based Payments and Employee Benefits Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
2010 Incentive Plan
Stock-Based Compensation
Increase in shares under amendment to the 2010 Omnibus Incentive Plan	300,000
Aggregate number of shares reserved under the 2010 Incentive Plan		1,628,521
Shares available for grant as stock options, restricted stock and deferred stock awards		68,381
Number of Shares
Options granted (in shares)		405,800
Stock options
Weighted average assumptions used in estimating fair value of options granted
Expected dividend yield (as a percent)		0.00%	0.00%
Number of Shares
Options outstanding at beginning of period (in shares)		1,078,230	787,132
Options granted (in shares)		405,800	409,250
Options exercised (in shares)		(243,971)	(14,622)
Options forfeited / cancelled (in shares)		(124,779)	(103,530)
Options outstanding at end of period (in shares)		1,115,280	1,078,230
Options exercisable at end of period (in shares)		476,998	534,323
Weighted-Average Exercise Price
Options outstanding at beginning of period (in dollars per share)		$ 6.88	$ 9.07
Options granted (in dollars per share)		19.59	5.41
Options exercised (in dollars per share)		3.98	2.58
Options forfeited / cancelled (in dollars per share)		9.44	18.30
Options outstanding at end of year (in dollars per share)		11.85	6.88
Options exercisable at end of period (in dollars per share)		$ 8.23	$ 6.72
Weighted-Average Remaining Life
Weighted-Average Remaining Life, Options outstanding at end of year		8 years 18 days	7 years 10 months 21 days
Weighted-Average Remaining Life, Options exercisable at end of year		6 years 8 months 5 days	6 years 6 months
Aggregate Intrinsic Value (in thousands)
Aggregate Intrinsic Value, Options outstanding at end of year (in dollars)		$ 7,753	$ 1,631
Aggregate Intrinsic Value, Options exercisable at end of year (in dollars)		$ 4,662	$ 1,319
Additional disclosure related to options
Closing stock price of common share (in dollars per share)		$ 18.00	$ 6.20
Unrecognized compensation cost		$ 3,400
Weighted-average period over which compensation cost is expected to be recognized		2 years 3 months 18 days
Aggregate grant-date fair value of stock options granted		$ 3,800	$ 1,400
Stock-based compensation expense		$ 1,600	$ 1,900
Stock options \| Minimum
Weighted average assumptions used in estimating fair value of options granted
Risk-free interest rate (as a percent)		1.54%	1.08%
Expected lives (in years)		5 years 6 months	3 years 5 months 23 days
Expected volatility (as a percent)		49.53%	70.47%
Fair value per share (in dollars per share)		$ 6.74	$ 2.69
Stock options \| Maximum
Weighted average assumptions used in estimating fair value of options granted
Risk-free interest rate (as a percent)		1.76%	1.79%
Expected lives (in years)		5 years 8 months 23 days	5 years 8 months 23 days
Expected volatility (as a percent)		79.56%	75.93%
Fair value per share (in dollars per share)		$ 9.96	$ 4.46

Share Based Payments and Employee Benefits Plans (Details 2)	12 Months Ended
	Dec. 31, 2015 $ / shares shares
$ 0.00 - 2.80
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 0.00
Exercise price range, upper limit (in dollars per share)	$ 2.80
Stock Options Outstanding, Number Outstanding (in shares) \| shares	139,404
Stock Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	4 years 7 months 10 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 2.29
Options Exercisable, Number Exercisable (in shares) \| shares	139,404
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 2.29
$ 2.81 - 5.39
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	2.81
Exercise price range, upper limit (in dollars per share)	$ 5.39
Stock Options Outstanding, Number Outstanding (in shares) \| shares	285,578
Stock Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	8 years 6 months 22 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 5.39
Options Exercisable, Number Exercisable (in shares) \| shares	93,425
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 5.39
$ 5.40 - 10.65
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	5.40
Exercise price range, upper limit (in dollars per share)	$ 10.65
Stock Options Outstanding, Number Outstanding (in shares) \| shares	172,999
Stock Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	7 years 10 months 21 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 10.52
Options Exercisable, Number Exercisable (in shares) \| shares	85,670
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 10.65
$ 10.66 - 16.43
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	10.66
Exercise price range, upper limit (in dollars per share)	$ 16.43
Stock Options Outstanding, Number Outstanding (in shares) \| shares	160,499
Stock Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	6 years 11 months 12 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 13.84
Options Exercisable, Number Exercisable (in shares) \| shares	158,499
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 13.81
$ 16.44 - 21.50
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	16.44
Exercise price range, upper limit (in dollars per share)	$ 21.50
Stock Options Outstanding, Number Outstanding (in shares) \| shares	356,800
Stock Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	9 years 6 months 22 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 20.52
$ 2.80 - 21.50
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	2.80
Exercise price range, upper limit (in dollars per share)	$ 21.50
Stock Options Outstanding, Number Outstanding (in shares) \| shares	1,115,280
Stock Options Outstanding, Weighted-Average Remaining Contractual Life (in years)	8 years 18 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 11.85
Options Exercisable, Number Exercisable (in shares) \| shares	476,998
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 8.23

Share Based Payments and Employee Benefits Plans (Details 3) - RSU - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Deferred stock units
Fair value of DSU's granted	$ 103	$ 20
Number of Shares
DSU's outstanding at beginning of period (in shares)	75,750	72,000
DSU's granted (in shares)	5,000	3,750
DSU's outstanding at end of period (in shares)	80,750	75,750
Weighted-Average Grant Date Fair Value
DSU's outstanding at beginning of period (in dollars per share)	$ 8.63	$ 8.80
DSU's granted (in dollars per share)	20.50	5.39
DSU's outstanding at end of period (in dollars per share)	$ 9.36	$ 8.63
Additional information regarding DSUs
Unrecognized compensation cost	$ 116
Weighted-average period over which compensation cost is expected to be recognized	7 months 6 days
Minimum
Deferred stock units
Vesting period	1 year
Maximum
Deferred stock units
Vesting period	3 years

Share Based Payments and Employee Benefits Plans (Details 4) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share Based Payments and Employee Benefit Plans
Employee contribution (as a percent)	25.00%
Employer's match of the first 4% of employee contributions (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer	4.00%
Basic matching contributions recorded	$ 299	$ 289

Related Party Transactions (Details) $ in Thousands	1 Months Ended
Related Party Transactions (Details) $ in Thousands	Jan. 31, 2015 USD ($)
Related Party Transactions
Amount of debt issued	$ 5,000
Interest rate (as a percent)	15.00%
Expenses for services received from related party	$ 50

Tax Benefits Preservation Rights Plan (Details)	1 Months Ended
Tax Benefits Preservation Rights Plan (Details)	Sep. 30, 2013 $ / item
Tax Benefits Preservation Rights Plan
Ownership percentage held by shareholder	5.00%
Minimum percentage points increase in ownership over the lowest percentage of shares of common stock by five-percent shareholders	50.00%
Prior period on a rolling basis of increase in ownership over the lowest percentage of shares of common stock by five-percent shareholders	3 years
Trigger threshold for acquisition of shares of common stock without prior approval of board	4.99%
Nominal redemption price of rights issued under the Rights Plan	0.001

Subsequent Events (Details) - Subsequent Event $ in Millions	1 Months Ended
	Jan. 31, 2016 USD ($) shares
Subsequent events
Gain (losses) on conversion of debt into shares	$ 0.0
2013 Convertible Notes
Subsequent events
Amount of debt converted	$ 20.0
Shares issued upon conversion of debt \| shares	1,839,080