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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 

 

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​  

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Total mortgage loans held-for-sale

 

$

310,191 

 

$

239,391 

 

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(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

 

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