DISCONTINUED OPERATIONS HELD FOR SALE

12 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUE OPERATIONS HELD FOR SALE

DISCONTINUED OPERATIONS HELD FOR SALE

On June 28, 2016, the Company entered into the Agreement to sell all of the outstanding common units of TRS Holdings. The Acquisition closed on September 30, 2016. As a result of the sale of the outstanding common units of TRS Holdings, certain account balances and footnotes have been revised accordingly. See Note 1 included in these consolidated financial statements for further discussion of the sale.

The following information reconciles the carrying amounts of major classes of assets and liabilities of the discontinued operations held for sale to assets and liabilities of discontinued operations held for sale that are presented separately in the consolidated balance sheets:

	As of December 31,
	2015		2014
ASSETS
Cash and cash equivalents	$	3,929	$	1,506
Restricted cash	17,297		16,442
Loans held for sale, at fair value	30,612		203,006
Mortgage servicing rights, at fair value	61,800		58,889
Other assets	19,613		15,045
Assets of discontinued operations held for sale	$	133,251	$	294,888
LIABILITIES
Warehouse lines of credit	$	24,806	$	193,165
Allowance for loss sharing	8,969		12,349
Due to affiliate	234		303
Other liabilities	17,522		11,756
Liabilities of discontinued operations held for sale	$	51,531	$	217,573

The following information reconciles the net income from discontinued operations held for sale, net of income taxes, that are presented separately in the consolidated statements of operations:

	For the year ended December 31,
	2015			2014			2013
Mortgage banking revenue:
Servicing fees, net	$	16,051		$	16,399		$	5,754
Gains from mortgage banking activities	27,067			17,492			5,019
Provision for loss sharing	1,093			1,364			(6		)
Change in fair value of mortgage servicing rights	(8,798		)	(7,650		)	(2,697		)
Mortgage banking revenue	35,413			27,605			8,070
Gain on sale of loans	—			—			1,333
Total revenue	35,413			27,605			9,403
Expenses:
Management fees to affiliate	551			476			116
Professional fees	1,073			1,047			477
Compensation and benefits	20,448			18,649			5,456
General and administrative expenses	3,965			6,249			1,525
General and administrative expenses reimbursed to affiliate	452			600			216
Total expenses	26,489			27,021			7,790
Income before income taxes	8,924			584			1,613
Income tax expense (benefit)	1,939			(1,283		)	176
Net income from discontinued operations held for sale, net of income taxes	$	6,985		$	1,867		$	1,437