Fair Value Measurements Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2014
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Fair Value Measurements [Abstract] |
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
The table below shows the notional amounts of our financial instruments at June 30, 2014 and December 31, 2013: | | | | | | | | | Description of Financial Instrument (in thousands) | June 30, 2014 | | December 31, 2013 | Best efforts contracts and related committed IRLCs | $ | 3,456 |
| | $ | 2,494 |
| Uncommitted IRLCs | 62,151 |
| | 49,710 |
| FMBSs related to uncommitted IRLCs | 63,000 |
| | 48,000 |
| Best efforts contracts and related mortgage loans held for sale | 24,934 |
| | 63,386 |
| FMBSs related to mortgage loans held for sale | 38,000 |
| | 20,000 |
| Mortgage loans held for sale covered by FMBSs | 38,180 |
| | 19,884 |
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
The table below shows the level and measurement of assets and liabilities measured on a recurring basis at June 30, 2014 and December 31, 2013: | | | | | | | | | | | | | | | | | | Description of Financial Instrument (in thousands) | Fair Value Measurements June 30, 2014 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Mortgage loans held for sale | $ | 64,782 |
| | $ | — |
| | $ | 64,782 |
| | $ | — |
| | Forward sales of mortgage-backed securities | (439 | ) | | — |
| | (439 | ) | | — |
| | Interest rate lock commitments | 578 |
| | — |
| | 578 |
| | — |
| | Best-efforts contracts | (113 | ) | | — |
| | (113 | ) | | — |
| | Total | $ | 64,808 |
| | $ | — |
| | $ | 64,808 |
| | $ | — |
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| | | | | | | | | | | | | | | | | | Description of Financial Instrument (in thousands) | Fair Value Measurements December 31, 2013 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Mortgage loans held for sale | $ | 81,810 |
| | $ | — |
| | $ | 81,810 |
| | $ | — |
| | Forward sales of mortgage-backed securities | 745 |
| | — |
| | 745 |
| | — |
| | Interest rate lock commitments | (319 | ) | | — |
| | (319 | ) | | — |
| | Best-efforts contracts | 479 |
| | — |
| | 479 |
| | — |
| | Total | $ | 82,715 |
| | $ | — |
| | $ | 82,715 |
| | $ | — |
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Schedule of Derivative Instruments, (Loss) Gain in Statement of Financial Performance [Table Text Block] |
The following table sets forth the amount of gain (loss) recognized, within our revenue in the Unaudited Condensed Consolidated Statements of Operations, on assets and liabilities measured on a recurring basis for the three and six months ended June 30, 2014 and 2013: | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Description (in thousands) | 2014 | | 2013 | | 2014 | | 2013 | Mortgage loans held for sale | $ | 727 |
| | $ | (2,508 | ) | | $ | 3,515 |
| | $ | (1,584 | ) | Forward sales of mortgage-backed securities | (619 | ) | | 3,368 |
| | (1,184 | ) | | 3,038 |
| Interest rate lock commitments | 176 |
| | (929 | ) | | 897 |
| | (736 | ) | Best-efforts contracts | (179 | ) | | 140 |
| | (592 | ) | | 17 |
| Total gain recognized | $ | 105 |
| | $ | 71 |
| | $ | 2,636 |
| | $ | 735 |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
The following tables set forth the fair value of the Company's derivative instruments and their location within the Unaudited Condensed Consolidated Balance Sheets for the periods indicated (except for mortgage loans held for sale which is disclosed as a separate line item): | | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | | June 30, 2014 | | June 30, 2014 | Description of Derivatives | | Balance Sheet Location | | Fair Value (in thousands) | | Balance Sheet Location | | Fair Value (in thousands) | Forward sales of mortgage-backed securities | | Other assets | | $ | — |
| | Other liabilities | | $ | 439 |
| Interest rate lock commitments | | Other assets | | 578 |
| | Other liabilities | | — |
| Best-efforts contracts | | Other assets | | — |
| | Other liabilities | | 113 |
| Total fair value measurements | | | | $ | 578 |
| | | | $ | 552 |
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| | | | | | | | | | | | | | | | Asset Derivatives | | Liability Derivatives | | | December 31, 2013 | | December 31, 2013 | Description of Derivatives | | Balance Sheet Location | | Fair Value (in thousands) | | Balance Sheet Location | | Fair Value (in thousands) | Forward sales of mortgage-backed securities | | Other assets | | $ | 745 |
| | Other liabilities | | $ | — |
| Interest rate lock commitments | | Other assets | | — |
| | Other liabilities | | 319 |
| Best-efforts contracts | | Other assets | | 479 |
| | Other liabilities | | — |
| Total fair value measurements | | | | $ | 1,224 |
| | | | $ | 319 |
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Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block] |
The table below shows the level and measurement of the Company's assets measured on a non-recurring basis as of and for the three and six months ended June 30, 2014 and 2013: | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | Description (in thousands) | | Hierarchy | 2014 | | 2013 (2) | | 2014 | | 2013 (2) | | | | | | | | | | | Adjusted basis of inventory (1) | | Level 3 | $ | 1,529 |
| | $ | 1,583 |
| | $ | 1,529 |
| | $ | 1,901 |
| Total losses | | | 804 |
| | 1,201 |
| | 804 |
| | 2,101 |
| | | | | | | | | | | Initial basis of inventory | | | $ | 2,333 |
| | $ | 2,784 |
| | $ | 2,333 |
| | $ | 4,002 |
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| | (1) | The fair values in the table above represent only assets whose carrying values were adjusted in the respective period. |
| | (2) | The carrying values for these assets may have subsequently increased or decreased from the fair value reported due to activities that have occurred since the measurement date. |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
The following table presents the carrying amounts and fair values of the Company's financial instruments at June 30, 2014 and December 31, 2013. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). | | | | | | | | | | | | | | | | | | | | June 30, 2014 | | December 31, 2013 | (In thousands) | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Assets: | | | | | | | | | Cash, cash equivalents and restricted cash | | $ | 43,719 |
| | $ | 43,719 |
| | $ | 142,627 |
| | $ | 142,627 |
| Mortgage loans held for sale | | 64,782 |
| | 64,782 |
| | 81,810 |
| | 81,810 |
| Split dollar life insurance policies | | 189 |
| | 189 |
| | 171 |
| | 171 |
| Notes receivable | | 4,495 |
| | 3,740 |
| | 3,151 |
| | 2,784 |
| Commitments to extend real estate loans | | 578 |
| | 578 |
| | — |
| | — |
| Best-efforts contracts for committed IRLCs and mortgage loans held for sale | | — |
| | — |
| | 479 |
| | 479 |
| Forward sales of mortgage-backed securities | | — |
| | — |
| | 745 |
| | 745 |
| Liabilities: | | | | | | | | | Notes payable - banks | | 61,914 |
| | 61,914 |
| | 80,029 |
| | 80,029 |
| Notes payable - other | | 7,717 |
| | 7,366 |
| | 7,790 |
| | 7,452 |
| Convertible senior subordinated notes due 2017 | | 57,500 |
| | 71,516 |
| | 57,500 |
| | 74,391 |
| Convertible senior subordinated notes due 2018 | | 86,250 |
| | 93,150 |
| | 86,250 |
| | 95,845 |
| Senior notes due 2018 | | 228,269 |
| | 244,088 |
| | 228,070 |
| | 248,975 |
| Commitments to extend real estate loans | | — |
| | — |
| | 319 |
| | 319 |
| Best-efforts contracts for committed IRLCs and mortgage loans held for sale | | 113 |
| | 113 |
| | — |
| | — |
| Forward sales of mortgage-backed securities | | 439 |
| | 439 |
| | — |
| | — |
| Off-Balance Sheet Financial Instruments: | | | | | | | | | Letters of credit | | — |
| | 337 |
| | — |
| | 413 |
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