| Fair Value Disclosures [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets and liabilities | The following table sets forth the Company's assets and liabilities that are carried at fair value on the Company's consolidated balance sheets as of: | | | | | | | | | | | | | | | | | | Quoted Prices in Active
Markets for Identical Assets
Level 1 | | Significant Other
Observable Inputs
Level 2 | | Significant
Unobservable Inputs
Level 3 | | Total at
Fair Value | | (In thousands) | December 31, 2016 | |
| | |
| | |
| | |
| Assets | |
| | |
| | |
| | |
| Marketable securities, at fair value | $ | 74,421 |
| | $ | 2,266 |
| | $ | — |
| | $ | 76,687 |
| VIE and other finance receivables, at fair value | — |
| | — |
| | 4,157,037 |
| | 4,157,037 |
| Mortgage loans held for sale, at fair value | — |
| | 232,770 |
| | — |
| | 232,770 |
| Mortgage servicing rights, at fair value | — |
| | — |
| | 41,697 |
| | 41,697 |
| Interest rate lock commitments, at fair value (1) | — |
| | — |
| | 6,072 |
| | 6,072 |
| Forward sale commitments, at fair value (1) | — |
| | 659 |
| | — |
| | 659 |
| Total Assets | $ | 74,421 |
| | $ | 235,695 |
| | $ | 4,204,806 |
| | $ | 4,514,922 |
| | | | | | | | | Liabilities | |
| | |
| | |
| | |
| VIE derivative liabilities, at fair value | $ | — |
| | $ | 50,432 |
| | $ | — |
| | $ | 50,432 |
| VIE long-term debt issued by securitization and permanent financing trusts, at fair value | — |
| | — |
| | 4,014,450 |
| | 4,014,450 |
| Total Liabilities | $ | — |
| | $ | 50,432 |
| | $ | 4,014,450 |
| | $ | 4,064,882 |
|
(1) Included in other assets on the Company's consolidated balance sheets.
| | | | | | | | | | | | | | | | | | Quoted Prices in Active
Markets for Identical Assets
Level 1 | | Significant Other
Observable Inputs
Level 2 | | Significant
Unobservable Inputs
Level 3 | | Total at
Fair Value | | (In thousands) | December 31, 2015 | |
| | |
| | |
| | |
| Assets | |
| | |
| | |
| | |
| Marketable securities, at fair value | $ | 82,693 |
| | $ | 2,301 |
| | $ | — |
| | $ | 84,994 |
| VIE and other finance receivables, at fair value | — |
| | — |
| | 4,386,147 |
| | 4,386,147 |
| Mortgage loans held for sale, at fair value | — |
| | 124,508 |
| | — |
| | 124,508 |
| Mortgage servicing rights, at fair value | — |
| | — |
| | 29,287 |
| | 29,287 |
| Interest rate lock commitments, at fair value (1) | — |
| | — |
| | 4,934 |
| | 4,934 |
| Total Assets | $ | 82,693 |
| | $ | 126,809 |
| | $ | 4,420,368 |
| | $ | 4,629,870 |
| | | | | | | | | Liabilities | |
| | |
| | |
| | |
| VIE derivative liabilities, at fair value | $ | — |
| | $ | 66,519 |
| | $ | — |
| | $ | 66,519 |
| VIE long-term debt issued by securitization and permanent financing trusts, at fair value | — |
| | — |
| | 3,928,818 |
| | 3,928,818 |
| Forward sale commitments, at fair value (2) | — |
| | 147 |
| | — |
| | 147 |
| Total Liabilities | $ | — |
| | $ | 66,666 |
| | $ | 3,928,818 |
| | $ | 3,995,484 |
|
(1) Included in other assets on the Company's consolidated balance sheets. (2) Included in other liabilities on the Company's consolidated balance sheets. |
Schedule of the Company's quantitative information about Level 3 fair value measurements | The following table sets forth the Company's quantitative information about its Level 3 fair value measurements as of: | | | | | | | | | | | | | | Fair Value | | Valuation Technique | | Significant Unobservable Input | | Range
(Weighted Average) | | | (In thousands) | | | | | | | December 31, 2016 | | | | | | | | | Assets | | | | | | | | | VIE and other finance receivables, at fair value | | $ | 4,157,037 |
| | Discounted cash flow | | Discount rate | | 3.16% - 12.77% (4.32%) | Mortgage servicing rights, at fair value | | 41,697 |
| | Discounted cash flow | | Discount rate | | 9.50% - 14.06% (10.11%) | Prepayment speed | 6.04% - 21.82% (7.96%) | Cost of servicing | $65 - $90 ($73) | Interest rate lock commitments, at fair value | | 6,072 |
| | Internal model | | Pull-through rate | | 37.25% - 97.00% (79.53%) | Total Assets | | $ | 4,204,806 |
| | | | | | | | | | | | | | | | Liabilities | | |
| | | | | | | VIE long-term debt issued by securitization and permanent financing trusts, at fair value | | 4,014,450 |
| | Discounted cash flow | | Discount rate | | 1.47% - 11.91% (4.25%) | Total Liabilities | | $ | 4,014,450 |
| | | | | | | | | | | | | | | | December 31, 2015 | | | | | | | | | Assets | | | | | | | | | VIE and other finance receivables, at fair value | | $ | 4,386,147 |
| | Discounted cash flow | | Discount rate | | 3.33% - 12.30% (4.47%) | Mortgage servicing rights, at fair value | | 29,287 |
| | Discounted cash flow | | Discount rate | | 9.54% - 14.06% (10.27%) | Prepayment speed | 8.24% - 20.56% (9.06%) | Cost of servicing | $65 - $90 ($75) | Interest rate lock commitments, at fair value | | 4,934 |
| | Internal model | | Pull-through rate | | 37.44% - 100.00% (74.91%) | Total Assets | | $ | 4,420,368 |
| | | | | | | | | | | | | | | | Liabilities | | |
| | | | | | | VIE long-term debt issued by securitization and permanent financing trusts, at fair value | | 3,928,818 |
| | Discounted cash flow | | Discount rate | | 1.69% - 12.30% (4.13%) | Total Liabilities | | $ | 3,928,818 |
| | | | | | |
|
Schedule of changes in assets measured at fair value using significant unobservable inputs (Level 3) | The changes in assets measured at fair value using significant unobservable inputs (Level 3) during the years ended December 31, 2016 and 2015 were as follows: | | | | | | | | | | | | | | | | | | | | VIE and other
finance receivables,
at fair value | | Mortgage servicing rights, at fair value | | Interest rate lock commitments, at fair value | | Total | | | | Balance as of December 31, 2015 | | $ | 4,386,147 |
| | $ | 29,287 |
| | $ | 4,934 |
| | $ | 4,420,368 |
| Total included in earnings (losses): | | |
| | | | 0 |
| | |
| Unrealized gains | | 33,241 |
| | 12,410 |
| | 6,072 |
| | 51,723 |
| Realized gain on sale of finance receivable | | 69,598 |
| | — |
| | — |
| | 69,598 |
| Included in other comprehensive gain | | — |
| | — |
| | — |
| | — |
| Purchases of finance receivables | | 273,298 |
| | — |
| | — |
| | 273,298 |
| Interest accreted | | 173,194 |
| | — |
| | — |
| | 173,194 |
| Payments received | | (507,110 | ) | | — |
| | — |
| | (507,110 | ) | Sale of finance receivables | | (271,331 | ) | | — |
| | — |
| | (271,331 | ) | Transfers to/from other balance sheet line items | | — |
| | — |
| | (4,934 | ) | | (4,934 | ) | Transfers in and/or out of Level 3 | | — |
| | — |
| | — |
| | — |
| Balance as of December 31, 2016 | | $ | 4,157,037 |
| | $ | 41,697 |
| | $ | 6,072 |
| | $ | 4,204,806 |
| The amount of net gains for the period included in revenues attributable to the change in unrealized gains or losses relating to assets still held as of: | | | | | | | | | December 31, 2016 | | $ | 33,241 |
| | $ | 12,410 |
| | $ | 6,072 |
| | $ | 51,723 |
| | | | | | | | | | Balance as of December 31, 2014 | | $ | 4,523,835 |
| | $ | — |
| | $ | — |
| | $ | 4,523,835 |
| Total included in earnings (losses): | | |
| | | | | | |
| Unrealized gains | | (164,311 | ) | | 1,649 |
| | 4,934 |
| | (157,728 | ) | Realized gain on sale of finance receivable | | 5,013 |
| | — |
| | — |
| | 5,013 |
| Included in other comprehensive gain | | — |
| | — |
| | — |
| | — |
| Purchases of finance receivables | | 385,288 |
| | — |
| | — |
| | 385,288 |
| Interest accreted | | 168,998 |
| | — |
| | — |
| | 168,998 |
| Payments received | | (511,867 | ) | | — |
| | — |
| | (511,867 | ) | Sale of finance receivables | | (20,809 | ) | | — |
| | — |
| | (20,809 | ) | Assets acquired in connection with the Home Lending acquisition | | — |
| | 27,638 |
| | 7,051 |
| | 34,689 |
| Transfers to/from other balance sheet line items | | — |
| | — |
| | (7,051 | ) | | (7,051 | ) | Transfers in and/or out of Level 3 | | — |
| | — |
| | — |
| | — |
| Balance as of December 31, 2015 | | $ | 4,386,147 |
| | $ | 29,287 |
| | $ | 4,934 |
| | $ | 4,420,368 |
| The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held as of: | | |
| | | | | | |
| December 31, 2015 | | $ | (164,311 | ) | | $ | 1,649 |
| | $ | 4,934 |
| | $ | (157,728 | ) |
|
Schedule of changes in liabilities measured at fair value using significant unobservable inputs (Level 3) | The changes in liabilities measured at fair value using significant unobservable inputs (Level 3) during the years ended December 31, 2016 and 2015 were as follows: | | | | | | VIE long-term debt issued
by securitizations and
permanent financing
trusts, at fair value | | (In thousands) | Balance as of December 31, 2015 | $ | 3,928,818 |
| Total included in (earnings) losses: | |
| Unrealized losses | 97,829 |
| Issuances | 337,667 |
| Interest accreted | (30,234 | ) | Repayments | (319,630 | ) | Transfers in and/or out of Level 3 | — |
| Balance as of December 31, 2016 | $ | 4,014,450 |
| The amount of net losses for the period included in revenues attributable to the change in unrealized gains or losses relating to long-term debt still held as of: | | December 31, 2016 | $ | 97,829 |
| | | Balance as of December 31, 2014 | $ | 4,031,864 |
| Total included in (earnings) losses: | |
| Unrealized gains | (230,228 | ) | Issuances | 489,699 |
| Interest accreted | (44,425 | ) | Repayments | (318,092 | ) | Transfers in and/or out of Level 3 | — |
| Balance as of December 31, 2015 | $ | 3,928,818 |
| The amount of net gains for the period included in revenues attributable to the change in unrealized gains or losses relating to long-term debt still held as of: | |
| December 31, 2015 | $ | (229,635 | ) |
|
Schedule of realized and unrealized gains and losses included in earnings in the accompanying consolidated statements of operations | Realized and unrealized gains and losses included in revenues in the accompanying consolidated statements of operations for the years ended December 31, 2016, 2015, and 2014 are reported in the following revenue categories: | | | | | | | | | | | | | | VIE and other finance receivables and long-term debt, at fair value | | Mortgage servicing rights, at fair value | | Interest rate lock commitments, at fair value | | (In thousands) | Net gains in revenues for the year ended December 31, 2016 | $ | 5,010 |
| | $ | 12,410 |
| | $ | 6,072 |
| Unrealized (losses) gains for the year ended December 31, 2016 relating to assets still held as of December 31, 2016 | $ | (64,588 | ) | | $ | 12,410 |
| | $ | 6,072 |
| Net gains in revenues for the year ended December 31, 2015 | $ | 70,930 |
| | $ | 1,649 |
| | $ | 4,934 |
| Unrealized gains for the year ended December 31, 2015 relating to assets still held as of December 31, 2015 | $ | 65,324 |
| | $ | 1,649 |
| | $ | 4,934 |
| Net gains in revenues for the year ended December 31, 2014 | $ | 306,671 |
| | $ | — |
| | $ | — |
| Unrealized gains for the year ended December 31, 2014 relating to assets still held as of December 31, 2014 | $ | 306,424 |
| | $ | — |
| | $ | — |
|
|
Schedule of estimated fair values of financial instruments | The Company discloses fair value information about financial instruments, whether or not recorded at fair value on the Company's consolidated balance sheets, for which it is practicable to estimate that value. As such, the estimated fair values of the Company's financial instruments are as follows: | | | | | | | | | | | | | | | | | | December 31, 2016 | | December 31, 2015 | | (In thousands) | | Estimated
Fair
Value | | Carrying
Amount | | Estimated
Fair
Value | | Carrying
Amount | Financial assets | |
| | |
| | |
| | |
| VIE and other finance receivables, at fair value | $ | 4,157,037 |
| | $ | 4,157,037 |
| | $ | 4,386,147 |
| | $ | 4,386,147 |
| VIE and other finance receivables, net of allowance for losses (1) | 88,300 |
| | 93,944 |
| | 103,609 |
| | 110,342 |
| Other receivables, net of allowance for losses (1) | 17,771 |
| | 17,771 |
| | 16,285 |
| | 16,285 |
| Mortgage loans held for sale, at fair value | 232,770 |
| | 232,770 |
| | 124,508 |
| | 124,508 |
| Mortgage servicing rights, at fair value | 41,697 |
| | 41,697 |
| | 29,287 |
| | 29,287 |
| Marketable securities, at fair value | 76,687 |
| | 76,687 |
| | 84,994 |
| | 84,994 |
| Interest rate lock commitments, at fair value (2) | 6,072 |
| | 6,072 |
| | 4,934 |
| | 4,934 |
| Forward sale commitments, at fair value (2) | 659 |
| | 659 |
| | — |
| | — |
| Financial liabilities | |
| | |
| | |
| | |
| Term loan payable (1) | 242,730 |
| | 431,872 |
| | 325,558 |
| | 423,504 |
| VIE derivative liabilities, at fair value | 50,432 |
| | 50,432 |
| | 66,519 |
| | 66,519 |
| VIE borrowings under revolving credit facilities and other similar borrowings (1) | 58,798 |
| | 56,432 |
| | 53,737 |
| | 44,339 |
| Other borrowings under revolving credit facilities and other similar borrowings (1) | 229,221 |
| | 229,588 |
| | 122,243 |
| | 122,243 |
| VIE long-term debt (1) | 57,268 |
| | 62,939 |
| | 194,211 |
| | 196,663 |
| VIE long-term debt issued by securitization and permanent financing trusts, at fair value | 4,014,450 |
| | 4,014,450 |
| | 3,928,818 |
| | 3,928,818 |
| Forward sale commitments, at fair value (3) | — |
| | — |
| | 147 |
| | 147 |
| Installment obligations payable (1) | 76,687 |
| | 76,687 |
| | 84,994 |
| | 84,994 |
|
(1)These represent financial instruments not recorded on the consolidated balance sheets at fair value. Such financial instruments would be classified as Level 3 within the fair value hierarchy. (2) Included in other assets on the Company's consolidated balance sheets. (3) Included in other liabilities on the Company's consolidated balance sheets. |