Fair Value Measurements Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Measurements [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The table below shows the notional amounts of our financial instruments at September 30, 2014 and December 31, 2013:

Description of Financial Instrument (in thousands)	September 30, 2014		December 31, 2013
Best efforts contracts and related committed IRLCs	$	4,616	$	2,494
Uncommitted IRLCs	56,470		49,710
FMBSs related to uncommitted IRLCs	57,000		48,000
Best efforts contracts and related mortgage loans held for sale	41,058		63,386
FMBSs related to mortgage loans held for sale	34,000		20,000
Mortgage loans held for sale covered by FMBSs	33,736		19,884

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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 September 30, 2014 and December 31, 2013:

Description of Financial Instrument (in thousands)	Fair Value Measurements September 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	$	76,983		$	—	$	76,983		$	—
Forward sales of mortgage-backed securities	(41		)	—		(41		)	—
Interest rate lock commitments	434			—		434			—
Best-efforts contracts	51			—		51			—
Total	$	77,427		$	—	$	77,427		$	—

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		$	—

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 nine months ended September 30, 2014 and 2013:

	Three Months Ended September 30,						Nine Months Ended September 30,
Description (in thousands)	2014			2013			2014			2013
Mortgage loans held for sale	$	(959	)	$	3,365		$	2,556		$	1,782
Forward sales of mortgage-backed securities	398			(5,262		)	(786		)	(2,224		)
Interest rate lock commitments	(144		)	1,677			753			941
Best-efforts contracts	164			(193		)	(428		)	(176		)
Total (loss) gain recognized	$	(541	)	$	(413	)	$	2,095		$	323

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
	September 30, 2014			September 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	$	41
Interest rate lock commitments	Other assets	434		Other liabilities	—
Best-efforts contracts	Other assets	51		Other liabilities	—
Total fair value measurements		$	485		$	41

	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

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 nine months ended September 30, 2014 and 2013:

		Three Months Ended September 30,				Nine Months Ended September 30,
Description (in thousands)	Hierarchy	2014		2013 (2)		2014		2013 (2)
Adjusted basis of inventory (1)	Level 3	$	76	$	1,975	$	1,605	$	3,876
Total losses		622		2,136		1,426		4,237
Initial basis of inventory		$	698	$	4,111	$	3,031	$	8,113

(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.

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 September 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).

	September 30, 2014				December 31, 2013
(In thousands)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash, cash equivalents and restricted cash	$	26,066	$	26,066	$	142,627	$	142,627
Mortgage loans held for sale	76,983		76,983		81,810		81,810
Split dollar life insurance policies	189		189		171		171
Notes receivable	4,406		3,778		3,151		2,784
Commitments to extend real estate loans	434		434		—		—
Best-efforts contracts for committed IRLCs and mortgage loans held for sale	51		51		479		479
Forward sales of mortgage-backed securities	—		—		745		745
Liabilities:
Notes payable - banks	88,178		88,178		80,029		80,029
Notes payable - other	8,530		8,012		7,790		7,452
Convertible senior subordinated notes due 2017	57,500		63,322		57,500		74,391
Convertible senior subordinated notes due 2018	86,250		86,142		86,250		95,845
Senior notes due 2018	228,369		240,350		228,070		248,975
Commitments to extend real estate loans	—		—		319		319
Forward sales of mortgage-backed securities	41		41		—		—
Off-Balance Sheet Financial Instruments:
Letters of credit	—		595		—		413