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Mortgage Loans Held-for-Sale (Tables)
12 Months Ended
Dec. 31, 2013
Mortgage Loans Held-for-Sale  
Summary of the unpaid principal balance of mortgage loans held-for-sale by type

 

 
  December 31,  
 
  2013   2012  

Government (1)

  $ 81,292   $ 57,992  

Conventional (2)

    44,303     54,303  

Fair value adjustment

    3,596     6,491  
           

Total mortgage loans held-for-sale

  $ 129,191   $ 118,786  
           
           

(1)
Includes all government-insured loans including FHA, VA and USDA.
(2)
Includes loans eligible for sale to Fannie Mae and Freddie Mac.
Schedule of gain on LHFS (included in gain on sale of loans, net in the consolidated statements of operations)

 

 
  December 31,  
 
  2013   2012  

Gain on sale of mortgage loans

  $ 69,422   $ 113,636  

Premium from servicing retained loan sales

    21,776     15,962  

Unrealized (losses) gains from derivative financial instruments

    (1,797 )   3,234  

Realized gains (losses) from derivative financial instruments

    14,589     (16,697 )

Mark to market (loss) gain on LHFS

    (2,895 )   3,709  

Direct origination expenses, net

    (44,043 )   (45,336 )

Provision for repurchases

    (1,750 )   (1,789 )
           

Total gain on sale of loans, net

  $ 55,302   $ 72,719