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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Offsetting of Financial Assets, Liabilities, and Collateral
The table below presents financial assets and liabilities that are subject to master netting arrangements or similar agreements categorized by financial instrument, together with corresponding financial instruments and corresponding collateral received or pledged at March 31, 2019 and December 31, 2018.
Table 3.1 – Offsetting of Financial Assets, Liabilities, and Collateral
 
 
Gross Amounts of Recognized Assets (Liabilities)
 
Gross Amounts Offset in Consolidated Balance Sheet
 
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet
 
Gross Amounts Not Offset in Consolidated
Balance Sheet
(1)
 
Net Amount
March 31, 2019
(In Thousands)
 
 
 
 
Financial Instruments
 
Cash Collateral (Received) Pledged
 
Assets (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
11,490

 
$

 
$
11,490

 
$
(11,490
)
 
$

 
$

TBAs
 
5,826

 

 
5,826

 
(5,755
)
 

 
71

Total Assets
 
$
17,316

 
$

 
$
17,316

 
$
(17,245
)
 
$

 
$
71

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
(100,561
)
 
$

 
$
(100,561
)
 
$
11,490

 
$
89,071

 
$

TBAs
 
(9,609
)
 

 
(9,609
)
 
5,755

 
2,166

 
(1,688
)
Loan warehouse debt
 
(526,341
)
 

 
(526,341
)
 
526,341

 

 

Security repurchase agreements
 
(1,081,079
)
 

 
(1,081,079
)
 
1,081,079

 

 

Total Liabilities
 
$
(1,717,590
)
 
$

 
$
(1,717,590
)
 
$
1,624,665

 
$
91,237

 
$
(1,688
)
 
 
Gross Amounts of Recognized Assets (Liabilities)
 
Gross Amounts Offset in Consolidated Balance Sheet
 
Net Amounts of Assets (Liabilities) Presented in Consolidated Balance Sheet
 
Gross Amounts Not Offset in Consolidated
Balance Sheet
(1)
 
Net Amount
December 31, 2018
(In Thousands)
 
 
 
 
Financial Instruments
 
Cash Collateral (Received) Pledged
 
Assets (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
28,211

 
$

 
$
28,211

 
$
(28,211
)
 
$

 
$

TBAs
 
4,665

 

 
4,665

 
(3,391
)
 
(835
)
 
439

Total Assets
 
$
32,876

 
$

 
$
32,876

 
$
(31,602
)
 
$
(835
)
 
$
439

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities (2)
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate agreements
 
$
(70,908
)
 
$

 
$
(70,908
)
 
$
28,211

 
$
42,697

 
$

TBAs
 
(13,215
)
 

 
(13,215
)
 
3,391

 
5,620

 
(4,204
)
Loan warehouse debt
 
(860,650
)
 

 
(860,650
)
 
860,650

 

 

Security repurchase agreements
 
(988,890
)
 

 
(988,890
)
 
988,890

 

 

Total Liabilities
 
$
(1,933,663
)
 
$

 
$
(1,933,663
)
 
$
1,881,142

 
$
48,317

 
$
(4,204
)
(1)
Amounts presented in these columns are limited in total to the net amount of assets or liabilities presented in the prior column by instrument. In certain cases, there is excess cash collateral or financial assets we have pledged to a counterparty (which may, in certain circumstances, be a clearinghouse) that exceed the financial liabilities subject to a master netting arrangement or similar agreement. Additionally, in certain cases, counterparties may have pledged excess cash collateral to us that exceeds our corresponding financial assets. In each case, any of these excess amounts are excluded from the table although they are separately reported in our consolidated balance sheets as assets or liabilities, respectively.
(2)
Interest rate agreements and TBAs are components of derivatives instruments on our consolidated balance sheets. Loan warehouse debt, which is secured by residential mortgage loans, and security repurchase agreements are components of Short-term debt on our consolidated balance sheets.