Annual report pursuant to Section 13 and 15(d)

Servicing Activities (Tables)

v2.4.0.8
Servicing Activities (Tables)
 12 Months Ended
Dec. 31, 2013
Servicing Activities [Abstract]  
Schedule of Servicing Assets at Fair Value [Table Text Block]
The following table summarizes activity related to MSR for the year ended December 31, 2013.
(in thousands)
Year Ended December 31, 2013
Balance at beginning of period
$
—

Additions from purchases of servicing rights
500,521

Changes in fair value due to:
 
Changes in fair value assumptions
20,651

Other changes in fair value
(6,770
)
Balance at end of period
$
514,402

Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block]
As of December 31, 2013, the key economic assumptions and sensitivity of the fair value of MSR to immediate 10% and 20% adverse changes in these assumptions were as follows:
(in thousands)
As of December 31, 2013
Weighted average prepayment speed:
9.5
%
Impact on fair value of 10% adverse change
$
(19,305
)
Impact on fair value of 20% adverse change
$
(37,187
)
Weighted average delinquency:
4.0
%
Impact on fair value of 10% adverse change
$
(8,835
)
Impact on fair value of 20% adverse change
$
(17,642
)
Weighted average discount rate:
9.0
%
Impact on fair value of 10% adverse change
$
(21,037
)
Impact on fair value of 20% adverse change
$
(40,642
)
Components of Servicing Revenue [Table Text Block]
The following table presents the components of servicing income recorded on the Company’s consolidated statements of comprehensive income for the year ended December 31, 2013:
(in thousands)
Year Ended December 31, 2013
Servicing fee income
$
11,807

Ancillary fee income
204

 
$
12,011

Schedule of Total Serviced Mortgage Assets [Table Text Block]
The following table presents the number of loans and unpaid principal balance of the mortgage assets for which the Company manages the servicing as of December 31, 2013 and December 31, 2012:
(dollars in thousands)
December 31, 2013
 
December 31, 2012
 
Number of Loans
 
Unpaid Principal Balance
 
Number of Loans
 
Unpaid Principal Balance
On-balance sheet mortgage loans
 
 
 
 
 
 
 
Mortgage loans held-for-sale
2,890

 
$
680,840

 
71

 
$
56,976

Mortgage loans held-for-investment in securitization trusts
537

 
425,209

 
—

 
—

Off-balance sheet mortgage loans
 
 
 
 
 
 
 
Purchased mortgage servicing rights
210,441

 
42,324,328

 
—

 
—

Total serviced mortgage assets
213,868

 
$
43,430,377

 
71

 
$
56,976