Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Mar. 13, 2014	Jun. 30, 2013
Document and Entity Information
Entity Registrant Name	IMPAC MORTGAGE HOLDINGS INC
Entity Central Index Key	0001000298
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 66.0
Entity Common Stock, Shares Outstanding		9,069,927
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 9,969	$ 12,711
Restricted cash	1,467	3,230
Mortgage loans held-for-sale	129,191	118,786
Mortgage servicing rights	35,981	10,703
Securitized mortgage trust assets	5,513,166	5,810,506
Assets of discontinued operations	2,277	52
Other assets	26,274	30,600
Total assets	5,718,325	5,986,588
LIABILITIES
Warehouse borrowings	119,634	107,604
Notes payable		3,451
Convertible notes	20,000
Long-term debt	15,871	12,731
Securitized mortgage trust liabilities	5,502,585	5,794,656
Liabilities of discontinued operations	12,883	18,808
Other liabilities	21,481	19,495
Total liabilities	5,692,454	5,956,745
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value; 200,000,000 shares authorized; 8,988,910 and 8,474,017 shares issued and outstanding as of December 31, 2013 and December 31, 2012, respectively	90	85
Additional paid-in capital	1,084,173	1,079,083
Net accumulated deficit:
Cumulative dividends declared	(822,520)	(822,520)
Retained deficit	(235,893)	(227,709)
Net accumulated deficit	(1,058,413)	(1,050,229)
Total Impac Mortgage Holdings, Inc. stockholders' equity	25,871	28,960
Noncontrolling interest		883
Total stockholders' equity	25,871	29,843
Total liabilities and stockholders' equity	5,718,325	5,986,588
Series A-1 junior participating preferred stock
STOCKHOLDERS' EQUITY
Preferred stock
Series B 9.375% redeemable preferred stock
STOCKHOLDERS' EQUITY
Preferred stock	7	7
Series C 9.125% redeemable preferred stock
STOCKHOLDERS' EQUITY
Preferred stock	$ 14	$ 14

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Preferred stock, liquidation value (in dollars)	$ 51,800
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	8,988,910	8,474,017
Common stock, shares outstanding	8,988,910	8,474,017
Series A-1 junior participating preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B 9.375% redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.375%	9.375%
Preferred stock, liquidation value (in dollars)	16,640	16,640
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	665,592	665,592
Preferred stock, shares outstanding	665,592	665,592
Series C 9.125% redeemable preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate (as a percent)	9.125%	9.125%
Preferred stock, liquidation value (in dollars)	$ 35,127	$ 35,127
Preferred stock, shares authorized	5,500,000	5,500,000
Preferred stock, shares issued	1,405,086	1,405,086
Preferred stock, shares outstanding	1,405,086	1,405,086

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Gain on sale of loans, net	$ 55,302	$ 72,719
Real estate services fees, net	19,370	21,218
Servicing income, net	4,240	1,198
Other	7,571	957
Total revenues	86,483	96,092
Expenses:
Personnel expense	62,883	56,916
General, administrative and other	14,805	11,498
Occupancy expense	6,432	5,674
Legal and professional expense	3,954	2,788
Total expenses	88,074	76,876
Other income (expense):
Interest income	310,391	478,647
Interest expense	(310,477)	(476,828)
Change in fair value of long-term debt	(687)	1,145
Change in fair value of net trust assets, including trust REO gains (losses)	(3,678)	(7,891)
Total other expense	(4,451)	(4,927)
(Loss) earnings from continuing operations before income taxes	(6,042)	14,289
Income tax (benefit) expense from continuing operations	(1,031)	1,244
Net (loss) earnings from continuing operations	(5,011)	13,045
Loss from discontinued operations, net of tax	(3,037)	(15,549)
Net loss	(8,048)	(2,504)
Net earnings attributable to non controlling interest	(136)	(871)
Net loss attributable to common stockholders	$ (8,184)	$ (3,375)
Earnings (loss) per common share - basic and diluted:
(Loss) earnings from continuing operations attributable to IMH (in dollars per share)	$ (0.59)	$ 1.54
Loss from discontinued operations (in dollars per share)	$ (0.35)	$ (1.96)
Net loss per share available to common stockholders (in dollars per share)	$ (0.94)	$ (0.42)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Total IMH Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-In Capital	Cumulative Dividends Declared	Retained Deficit	Noncontrolling Interests
Balance at Dec. 31, 2011	$ 31,097	$ 29,968	$ 21	$ 78	$ 1,076,723	$ (822,520)	$ (224,334)	$ 1,129
Balance (in shares) at Dec. 31, 2011			2,070,678	7,814,946
Increase (Decrease) in Stockholders' Equity
Proceeds and tax benefit from exercise of stock options	1,241	1,241		7	1,234
Proceeds and tax benefit from exercise of stock options (in shares)				659,071
Stock based compensation	449	449			449
Settlement from noncontrolling interest	(440)	677			677			(1,117)
Net earnings (loss)	(2,504)	(3,375)					(3,375)	871
Balance at Dec. 31, 2012	29,843	28,960	21	85	1,079,083	(822,520)	(227,709)	883
Balance (in shares) at Dec. 31, 2012			2,070,678	8,474,017
Increase (Decrease) in Stockholders' Equity
Proceeds and tax benefit from exercise of stock options	175	175		1	174
Proceeds and tax benefit from exercise of stock options (in shares)				121,576
Stock based compensation	1,971	1,971			1,971
Settlement from noncontrolling interest	(830)	189		1	188			(1,019)
Settlement from noncontrolling interest (in shares)				108,375
Legal Settlements	2,760	2,760		3	2,757
Legal Settlements (in shares)				284,942
Net earnings (loss)	(8,048)	(8,184)					(8,184)	136
Balance at Dec. 31, 2013	$ 25,871	$ 25,871	$ 21	$ 90	$ 1,084,173	$ (822,520)	$ (235,893)
Balance (in shares) at Dec. 31, 2013			2,070,678	8,988,910

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,048)	$ (2,504)
Change in fair value of mortgage servicing rights	(6,490)	600
Gain on sale of loans	(61,743)	(67,565)
Change in fair value of mortgage loans held-for-sale	2,895	(3,709)
Change in fair value of derivatives lending, net	1,797	(3,234)
Provision for repurchases	1,750	1,789
Origination of mortgage loans held-for-sale	(2,493,884)	(2,358,123)
Sale and principal reduction on mortgage loans held-for-sale	2,520,551	2,356,367
(Gains) losses from REO	(8,816)	13,226
Extinguishment of debt		423
Change in fair value of net trust assets, excluding REO	6,250	(15,803)
Change in fair value of long-term debt	687	(1,145)
Accretion of interest income and expense	215,653	260,470
Change in REO impairment reserve	4,906	(23,538)
Amortization of debt issuance costs and discount on note payable	30	89
Stock-based compensation	1,971	449
Net change in restricted cash	1,763	1,789
Net cash (used in) provided by operating activities of discontinued operations	(8,194)	9,120
Net change in other assets and liabilities	3,468	5,812
Net cash provided by operating activities	174,546	174,513
CASH FLOWS FROM INVESTING ACTIVITIES:
Net change in securitized mortgage collateral	739,154	640,610
Proceeds from the sale of mortgage servicing rights	2,988	8,800
Net change in mortgages held-for-investment	(55)
Purchase of premises and equipment	(362)	(252)
Net principal change on investment securities available-for-sale	72	182
Acquisition of noncontrolling interest	(350)
Proceeds from the sale of real estate owned	45,703	94,455
Net cash provided by investing activities	787,150	743,795
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of warehouse borrowings	(2,364,679)	(2,214,920)
Borrowings under warehouse agreement	2,376,709	2,263,798
Repayment of line of credit	(13,500)	(24,500)
Borrowings under line of credit	16,500	20,500
Repayment of securitized mortgage borrowings	(995,200)	(956,622)
Issuance of Convertible Notes	20,000
Issuance of note payable		7,500
Principal payments on notes payable	(3,451)	(9,943)
Principal payments on capital lease	(769)	(272)
Capitalized debt issuance costs	(267)
Proceeds from exercise of stock options	175	1,241
Net cash used in financing activities	(964,482)	(913,218)
Net change in cash and cash equivalents	(2,786)	5,090
Cash and cash equivalents at beginning of year	12,755	7,665
Cash and cash equivalents at end of period - continuing operations	9,969	12,711
Cash and cash equivalents at end of period - discontinued operations		44
Cash and cash equivalents at end of period	9,969	12,755
SUPPLEMENTARY INFORMATION (Continuing and Discontinued Operations):
Interest paid	65,525	77,601
Taxes paid, net of refunds	209	20
NON-CASH TRANSACTIONS (Continuing and Discontinued Operations):
Transfer of securitized mortgage collateral to real estate owned	38,224	50,151
Mortgage servicing rights retained from loan sales and issuance of mortgage backed securities	21,776	15,962
Common stock issued upon legal settlement	2,760
Increase in ownership of AmeriHome	911	677
Common stock issued for acquisition of noncontrolling interest	1,100
Acquisition of equipment purchased through capital leases	$ 1,171	$ 514

Summary of Business and Financial Statement Presentation including Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Summary of Business and Financial Statement Presentation including Significant Accounting Policies
Summary of Business and Financial Statement Presentation including Significant Accounting Policies	Note 1.—Summary of Business and Financial Statement Presentation including Significant Accounting Policies Business Summary Impac Mortgage Holdings, Inc. (the Company or IMH or Parent) is a Maryland corporation incorporated in August 1995 and has the following subsidiaries: Integrated Real Estate Service Corporation (IRES), IMH Assets Corp. (IMH Assets) and Impac Funding Corporation (IFC). The Company's continuing operations include the mortgage lending operations and real estate services conducted by IRES and the long-term mortgage portfolio (residual interests in securitizations reflected as net trust assets and liabilities in the consolidated balance sheets) conducted by IMH. The discontinued operations include the former non-conforming mortgage and retail operations conducted by IFC and subsidiaries. The information set forth in these notes is presented on a continuing operations basis, unless otherwise stated. Financial Statement Presentation Basis of Presentation The balance sheets, results of operations and cash flows have been presented in the accompanying consolidated financial statements as of December 31, 2013 and 2012 and for each of the years in the two-year period ended December 31, 2013 and include the financial results of IMH, IRES and IMH Assets within continuing operations and Impac Warehouse Lending Group, Inc. (IWLG) and IFC within discontinued operations. All significant inter-company balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods' consolidated financial statements have been reclassified to conform to the current year presentation. Principles of Consolidation The accompanying consolidated financial statements include accounts of IMH and other entities in which the Company has a controlling financial interest. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities (VIEs), through arrangements that do not involve voting interests. The VIE framework requires a variable interest holder (counterparty to a VIE) to consolidate the VIE if that party has the power to direct activities of the VIE that most significantly impact the entity's economic performance, will absorb a majority of the expected losses of the VIE, receive a majority of the residual returns of the VIE, or both, and directs the significant activities of the entity. This party is considered the primary beneficiary of the entity. The determination of whether the Company meets the criteria to be considered the primary beneficiary of a VIE requires an evaluation of all transactions (such as investments, liquidity commitments, derivatives and fee arrangements) with the entity. Noncontrolling Interests in Consolidated Subsidiaries The Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810-10-65-1, Noncontrolling Interests in Consolidated Financial Statements which requires a noncontrolling interest in a subsidiary to be reported as equity in the consolidated financial statements with sufficient disclosure provided to identify and distinguish between the interests of the parent and the interest of the noncontrolling owners. The Company reported the portion of AmeriHome Mortgage Corporation (AmeriHome) (a subsidiary of IRES) not owned by the Company as noncontrolling interests. At December 31, 2012, the noncontrolling interest in the consolidated balance sheet represents AmeriHome. During the third quarter of 2013, the Company and the noncontrolling interest holder entered into an agreement to transfer the remaining 20% ownership of AmeriHome to the Company. Effective July 1, 2013, the Company owned 100% of AmeriHome, which was subsequently sold in March 2014 (See Note 23—Subsequent Events). Use of Estimates and Assumptions The accompanying consolidated financial statements of IMH and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates. Significant Accounting Policies Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. The Company has elected the fair value option on investment securities available-for-sale, securitized mortgage collateral, mortgage servicing rights, mortgage loans held-for-sale within continuing operations, securitized mortgage borrowings and long-term debt. Elections were made to mitigate income statement volatility caused by differences in the measurement basis of elected instruments (for example, securitized mortgage collateral was previously accounted for at cost adjusted for net deferred origination costs and allowance for loan losses for credit losses inherent in the portfolio, where securitized mortgage borrowings was previously accounted for at amortized cost net of deferred financing costs). Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less at the date of acquisition. The carrying amount of cash and cash equivalents approximates fair value. Cash balances that have restrictions as to the Company's ability to withdraw funds are considered restricted cash. At December 31, 2013 and 2012, restricted cash totaled $1.5 million and $3.2 million, respectively. The restricted cash is the result of the terms of the Company's warehouse borrowings and structured debt agreement. In accordance with the terms of the Master Repurchase Agreements related to the warehouse borrowings, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings (See Note 5.—Warehouse Borrowings). In accordance with the terms of the structured debt agreement, any excess cash flows are deposited into a reserve account, which is included in restricted cash in the accompanying consolidated balance sheets (see Note 8.—Note Payable). Mortgage Loans Held-for-Sale During 2009, the Company established a residential mortgage lending operation after discontinuing its former residential and commercial lending operations in 2007 (see Note 21.—Discontinued Operations). Mortgage loans held-for-sale (LHFS) originated under the new lending operation are accounted for using the fair value option, with changes in fair value recorded in gain on sale of loans, net in the accompanying consolidated statements of operations. In accordance with FASB ASC 825, Financial Instruments, loan origination fees and expenses are recognized in earnings as incurred and not deferred. Revenue derived from the Company's mortgage lending activities includes loan fees collected at the time of origination and gain or loss from the sale of LHFS. Loan fees consist of fee income earned on all loan originations, including loans closed and held for sale. Loan fees are recognized as earned and consist of amounts collected for application and underwriting fees, fees on cancelled loans and discount points. The related direct loan origination costs are recognized when incurred. Gain or loss from the sale and mark-to-market of LHFS includes both realized and unrealized gains and losses and are included in gain on sale of loans, net in the accompanying consolidated statements of operations. The valuation of LHFS approximates a whole-loan price, which includes the value of the related mortgage servicing rights. The Company principally sells its LHFS to government sponsored entities and to a lesser extent investors. The Company evaluates its loan sales for sales treatment. To the extent the transfer of loans qualifies as a sale, the Company derecognizes the loans and records a realized gain or loss on the sale date. In the event the Company determines that the transfer of loans does not qualify as a sale, the transfer would be treated as a secured borrowing. Interest on loans is recorded as income when earned and deemed collectible. LHFS are placed on nonaccrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on nonaccrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. Mortgage Servicing Rights The Company accounts for mortgage loan sales in accordance with ASC 860, Transfers and Servicing. Upon sale of mortgage loans on a service-retained basis, the loan receivables are removed from the balance sheet, mortgage servicing rights (MSRs) are recorded as an asset for servicing rights retained. The Company elected to measure MSRs at fair value as prescribed by FASB ASC 860-50-35, and as such, servicing assets or liabilities are valued using discounted cash flow modeling techniques using assumptions regarding future net servicing cash flow, including prepayment rates, discount rates, servicing cost and other factors. Changes in estimated fair value are reported in the accompanying consolidated statement of operations within gain on sale of loans, net. The Company occasionally sells mortgage servicing rights. At the time of sale, the Company records a gain or loss on such sale based on the selling price of the mortgage servicing rights less the carrying value and transaction costs. Investment Securities Available-for-Sale Investment securities classified as available-for-sale are reported at fair value within the long-term mortgage portfolio. Unrealized gains and losses are recognized in earnings as changes in fair value of net trust assets. Gains and losses realized on the sale of investment securities available-for-sale and declines in value considered to be other-than-temporary are based on the specific identification method and reported in current earnings. Interest income from investment securities available-for-sale is recognized based on current market yields. Investment securities available-for-sale may be subject to credit, interest rate and/or prepayment risk. Securitized Mortgage Collateral The Company's long-term mortgage portfolio primarily includes adjustable rate and, to a lesser extent, fixed rate non-conforming mortgages and commercial mortgages that were acquired and originated by our mortgage and commercial operations prior to 2008. Non-conforming mortgages may not have certain documentation or verifications that are required by government sponsored entities and, therefore, in making our credit decisions, we were more reliant upon the borrower's credit score and the adequacy of the underlying collateral. Historically, the Company securitized mortgages in the form of collateralized mortgage obligations (CMO) or real estate mortgage investment conduits (REMICs). These securitizations are evaluated for consolidation based on the provisions of FASB ASC 810-10-25. Amounts consolidated are included in trust assets and liabilities as securitized mortgage collateral, real estate owned, derivative assets, securitized mortgage borrowings and derivative liabilities in the accompanying consolidated balance sheets. The Company accounts for securitized mortgage collateral at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest income on securitized mortgage collateral is recorded quarterly using the effective yield for the period based on the previous quarter-end's estimated fair value. Securitized mortgage collateral is generally not placed on nonaccrual status as the servicer remits the interest payments to the trust regardless of the delinquency status of the underlying mortgage loan. Real Estate Owned Real estate owned (REO) on the balance sheet, are primarily assets within the securitized trusts but are recorded as a separate asset for accounting and reporting purposes and are within the long-term mortgage portfolio. REO, which consists of residential real estate acquired in satisfaction of loans, is carried at net realizable value, which includes the estimated fair value of the residential real estate less estimated selling and holding costs. Adjustments to the loan carrying value required at the time of foreclosure affect the carrying amount of REO. Subsequent write-downs in the net realizable value of REO are included in losses from REO in the consolidated statements of operations. Securitized Mortgage Borrowings The Company records securitized mortgage borrowings in the accompanying consolidated balance sheets for the consolidated CMO and REMIC securitized trusts within the long-term mortgage portfolio. The debt from each issuance of a securitized mortgage borrowing is payable from the principal and interest payments on the underlying mortgages collateralizing such debt, as well as the proceeds from liquidations of REO. If the principal and interest payments are insufficient to repay the debt, the shortfall is allocated first to the residual interest holders (generally owned by the Company) then, if necessary, to the certificate holders (e.g. third party investors in the securitized mortgage borrowings) in accordance with the specific terms of the various respective indentures. Securitized mortgage borrowings typically are structured as one-month LIBOR "floaters" and fixed rate securities with interest payable to certificate holders monthly. The maturity of each class of securitized mortgage borrowing is directly affected by the amount of net interest spread, overcollateralization and the rate of principal prepayments and defaults on the related securitized mortgage collateral. The actual maturity of any class of a securitized mortgage borrowing can occur later than the stated maturities of the underlying mortgages. When the Company issued securitized mortgage borrowings, the Company generally sought an investment grade rating for the Company's securitized mortgages by nationally recognized rating agencies. To secure such ratings, it was often necessary to incorporate certain structural features that provide for credit enhancement. This generally included the pledge of collateral in excess of the principal amount of the securities to be issued, a bond guaranty insurance policy for some or all of the issued securities, or additional forms of mortgage insurance. The Company's total loss exposure is limited to the Company's initial net economic investment in each trust, which is referred to as a residual interest. The Company accounts for securitized mortgage borrowings at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest expense on securitized mortgage borrowings are recorded quarterly using the effective yield for the period based on the previous quarter-end's estimated fair value. Derivative Instruments In accordance with FASB ASC 815-10 Derivatives and Hedging—Overview, the Company records all derivative instruments at fair value. The Company has accounted for all its derivatives as non-designated hedge instruments or free-standing derivatives. Interest Rate Swaps, Caps and Floors The Company's interest rate risk management objective was to limit the exposure to the variability in future cash flows attributable to the variability of one-month LIBOR, which is the underlying index of adjustable rate securitized mortgage borrowings. The Company's interest rate risk management policies were formulated with the intent to offset the potential adverse effects of changing interest rates on securitized mortgage borrowings. To mitigate exposure to the effect of changing interest rates on cash flows on securitized mortgage borrowings, the Company purchased derivative instruments primarily in the form of interest rate swap agreements (swaps) and, to a lesser extent, interest rate cap agreements (caps) and interest rate floor agreements (floors). The Company has $10.2 million in derivative liabilities outstanding as of December 31, 2013 all of which are in the securitized trusts and included in trust liabilities in the consolidated balance sheets. The fair value of the Company's swaps, caps, floors and other derivative instruments is generally based on market prices provided by dealers and market makers, or estimates of future cash flows from these financial instruments. Lending derivatives The mortgage lending operation enters into interest rate lock commitments (IRLCs) with consumers to originate mortgage loans at a specified interest rate. These IRLCs are accounted for as derivative instruments. The fair values of IRLCs utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (Pull-through Rate). The fair value of IRLCs is subject to change primarily due to changes in interest rates and the estimated Pull-through Rate. The Company reports IRLCs within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The Company hedges the changes in fair value associated with changes in interest rates related to IRLCs and uncommitted mortgage loans held for sale by using forward sold commitments including Fannie Mae and Ginnie Mae mortgage-backed securities known as to-be-announced mortgage-backed securities (TBA MBS or Hedging Instruments). The Hedging Instruments are typically entered into at the time the IRLC is made and are accounted for as derivative instruments. The fair value of Hedging Instruments is subject to change primarily due to changes in interest rates. The Company reports Hedging Instruments within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The fair value of IRLCs and Hedging Instruments are represented as derivative assets, lending and derivative liabilities, lending in Note 14.—Fair Value of Financial Instruments. Options The Company had issued a call option and a put option in connection with the acquisition of AmeriHome. Options are derivative instruments and are recorded at fair value with changes in fair value reported in earnings. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder. As of December 31, 2013, the Company owned 100% of AmeriHome resulting in the call and put option having no fair value. Long-term Debt Long-term debt (consisting of trust preferred securities and junior subordinated notes) is reported at fair value. These securities are measured based upon an analysis prepared by management, which considers the Company's own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. Unrealized gains and losses are recognized in earnings in the accompanying consolidated statements of operations within change in fair value of long-term debt. The Company does not consolidate trust preferred entities (which are sometimes hereinafter referred to as capital trusts) since the Company does not have a significant variable interest in the trust. Instead, the Company records its investment in the trust preferred entities (included in other assets in the accompanying consolidated balance sheets) and accounts for such under the equity method of accounting and reflects a liability for the issuance of the notes to the trust preferred entities. Repurchase Reserve The Company sells mortgage loans to the secondary market, including U.S. government sponsored entities and issues mortgage-backed securities through Ginnie Mae and Fannie Mae. When the Company sells or issues securities, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer for any loss. Also, the Company's loss may be reduced by proceeds from the sale or liquidation of the repurchased loan. The Company's loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender. The Company records a provision for losses relating to such representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults including any loss on sale or liquidation of the repurchased loan and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and continually updates its estimated repurchase liability. The level of the repurchase liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demands for loan repurchases and other external conditions that may change over the lives of the underlying loans. Revenue Recognition for Fees from Services The Company follows SAB No. 104 Revenue Recognition in Financial Statements, which provides guidance on the application of GAAP to selected revenue recognition issues. The Company's real estate services segment provides various real estate related services and loss mitigation services including (i) managing distressed mortgage portfolios and foreclosed real estate assets, (ii) the disposition of such assets, (iii) surveillance services for residential and multifamily mortgage portfolios, (iv) loan modification services and (v) the master servicing on various mortgage and multifamily loan pools for loans in the long-term portfolio of IMH, and to a lesser extent, non-affiliated entities. The revenues from these services are recognized in income in the period when services are rendered and collectability is reasonably certain. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718 Compensation—Stock Compensation. Accordingly, the Company measures the cost of stock-based awards using the grant-date fair value of the award and recognizes that cost over the requisite service period. The fair value of each stock option granted under the Company's stock-based compensation plan is estimated on the date of grant using the Black-Scholes-Merton option-pricing model and assumptions noted in Note 19.—Share Based Payments and Employee Benefit Plans. The risk-free interest rate is based on the U.S. Treasury rate with a term equal to the expected term of the option grants on the date of grant. FASB ASC 718 requires forfeitures to be estimated at the time of grant and prospectively revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures for the years ended December 31, 2013 and 2012, such that the expense was recorded only for those stock-based awards that were expected to vest during such periods. Refer to Note 19.—Share Based Payments and Employee Benefit Plans. Income Taxes In accordance with ASC 740, the Company records income tax expense as well as deferred tax assets and liabilities. Current income tax expense approximates taxes to be paid or refunded for the current period and includes income tax expense related to uncertain tax positions and amortization/impairment of our deferred charge, explained below. The Company determines deferred income taxes using the balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and recognizes enacted changes in tax rates and laws in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized subject to management's judgment that realization is "more likely than not." Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. The Company is subject to federal income taxes as a regular (Subchapter C) corporation and files a consolidated U.S. federal income tax return on qualifying subsidiaries. The Company files income tax returns in the U.S. for federal and various states. In prior periods when the Company was taxed as a real estate investment trust (REIT), it recorded a deferred charge to eliminate the expense recognition of income taxes paid on inter-Company profits that result from the sale of mortgage loans from the taxable REIT subsidiaries to IMH. The deferred charge is included in other assets in the consolidated balance sheets and is amortized as a component of income tax expense in the consolidated statements of operations over the estimated life of the mortgages retained in the securitized mortgage collateral. Earnings per Common Share Basic earnings per common share is computed on the basis of the weighted average number of shares outstanding for the year divided into earnings for the year. Diluted earnings per common share is computed on the basis of the weighted average number of shares and dilutive common equivalent shares outstanding for the year divided by earnings for the year, unless anti-dilutive. Refer to Note 15.—Reconciliation of Earnings Per Share. Recent Accounting Pronouncements In July 2013, the FASB issued ASU 2013-11, Preparation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Prior to this ASU, U.S. GAAP did not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU requires, with limited exception, that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset (DTA) for a net operating loss carryforward, or similar tax loss, or a tax credit carryforward. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Since the Company does not currently have unrecognized tax benefits, this ASU will not have an effect on the Company's financial position or results of operations

Mortgage Loans Held-for-Sale

12 Months Ended

Dec. 31, 2013

Mortgage Loans Held-for-Sale

Mortgage Loans Held-for-Sale

Note 2.—Mortgage Loans Held-for-Sale

A summary of the unpaid principal balance of mortgage loans held-for-sale by type is presented below:

	December 31,

	2013		2012
Government (1)	$	81,292	$	57,992
Conventional (2)		44,303		54,303
Fair value adjustment		3,596		6,491


Total mortgage loans held-for-sale	$	129,191	$	118,786

(1): Includes all government-insured loans including FHA, VA and USDA.
(2): Includes loans eligible for sale to Fannie Mae and Freddie Mac.

The Company does not have any delinquent or nonaccrual mortgage loans held-for-sale as of December 31, 2013.

Gain on LHFS (included in gain on sale of loans, net in the consolidated statements of operations) is comprised of the following for the years ended December 31, 2013 and 2012:

	December 31,

	2013			2012
Gain on sale of mortgage loans	$	69,422		$	113,636
Premium from servicing retained loan sales		21,776			15,962
Unrealized (losses) gains from derivative financial instruments		(1,797	)		3,234
Realized gains (losses) from derivative financial instruments		14,589			(16,697	)
Mark to market (loss) gain on LHFS		(2,895	)		3,709
Direct origination expenses, net		(44,043	)		(45,336	)
Provision for repurchases		(1,750	)		(1,789	)


Total gain on sale of loans, net	$	55,302		$	72,719

Mortgage Servicing Rights

12 Months Ended

Dec. 31, 2013

Mortgage Servicing Rights

Mortgage Servicing Rights

Note 3.—Mortgage Servicing Rights

The Company retains mortgage servicing rights (MSRs) from its sales of certain mortgage loans. MSRs are reported at fair value based on the income derived from the net positive cash flows associated with the servicing contracts. The Company receives servicing fees, less subservicing costs, on the unpaid principal balances (UPB) of the loans. The servicing fees are collected from the monthly payments made by the mortgagors or when the underlying real estate is foreclosed upon and liquidated. The Company may receive other remuneration from rights to various mortgagor-contracted fees such as late charges, collateral reconveyance charges, nonsufficient fund fees and the Company is generally entitled to retain the interest earned on funds held pending remittance (or float) related to its collection of mortgagor principal, interest, tax and insurance payments.

Changes in the fair value of MSRs at December 31, 2013 and 2012 were as follows:

	December 31,

	2013			2012
Balance at beginning of period	$	10,703		$	4,141
Additions from servicing retained loan sales		21,776			15,962
Reductions from bulk sales		(2,988	)		(8,800	)
Changes in fair value (1)		6,490			(600	)


Fair value of MSRs at end of period	$	35,981		$	10,703

(1): Changes in fair value are included within other total revenues in the consolidated statements of operations.

At December 31, 2013, the mortgage servicing portfolio is comprised of the following:

	Outstanding Principal Balance

	2013 (1)		2012
Government	$	1,203,478	$	655,566
Conventional		1,837,475		722,815
2010 Acquisition of AmeriHome (2)		87,693		113,687


Total loans serviced	$	3,128,646	$	1,492,068

(1): Includes approximately $702.1 million in unpaid principal balance of servicing that will be transferred with the completion of the sale of AmeriHome in the first quarter of 2014. See Note 23. Subsequent Events for more details.
(2): Represents servicing portfolio acquired in the 2010 acquisition of AmeriHome and includes government and conventional loans originated by AmeriHome prior to the Company's acquisition.

The table below illustrates hypothetical changes in the fair value of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value.

Mortgage Servicing Rights Sensitivity Analysis	December 31, 2013

Fair value of MSRs	$	35,981
Prepayment Speed:
Decrease in fair value from 100 basis point (bp) adverse change		(1,433	)
Decrease in fair value from 200 bp adverse change		(2,775	)
Discount Rate:
Decrease in fair value from 100 bp adverse change		(1,342	)
Decrease in fair value from 200 bp adverse change		(2,594	)

Sensitivities are hypothetical changes in fair value and cannot be extrapolated because the relationship of changes in assumptions to changes in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption, whereas a change in one factor may result in changes to another. Accordingly, no assurance can be given that actual results would be consistent with the results of these estimates. As a result, actual future changes in MSR values may differ significantly from those displayed above.

Other Assets

12 Months Ended

Dec. 31, 2013

Other Assets

Other Assets

Note 4.—Other Assets

Other Assets

Other assets consisted of the following:

	December 31,

	2013		2012
Deferred charge (See Note 14)	$	11,974	$	11,974
Accounts receivable, net		4,012		4,544
Prepaid expenses		3,024		2,542
Premises and equipment, net		2,526		2,470
Derivatives assets – lending (See Note 11)		2,115		3,970
Servicing advances, net		1,343		1,086
Investment in limited partnership		322		2,042
Other		958		1,972


Total other assets	$	26,274	$	30,600

Premises and Equipment, net

Premises and equipment are stated at cost, less accumulated depreciation or amortization. Depreciation on premises and equipment is recorded using the straight-line method over the estimated useful lives of individual assets, typically three to twenty years. Premises and equipment and accumulated depreciation were as follows as of the dates indicated:

	December 31,

	2013			2012
Premises and equipment	$	14,805		$	13,481
Less: Accumulated depreciation		(12,279	)		(11,011	)


Total premises and equipment, net	$	2,526		$	2,470

Servicer Advances

The Company is required to advance certain amounts to meet its contractual loan servicing requirements. The Company advances principal, interest, property taxes and insurance for borrowers that have insufficient escrow accounts, plus any other costs to preserve the property. Also, the Company will advance funds to maintain, repair and market foreclosed real estate properties. The Company is entitled to recover advances from the borrowers for reinstated and performing loans or from proceeds of liquidated properties. Servicer advances totaled $1.3 million and $1.1 million at December 31, 2013 and 2012, respectively.

Investment in Limited Partnership

The investment in limited partnership represents an investment the Company made in a non-affiliated limited partnership fund that invests primarily in mortgage and mortgage-related financial institutions. The investment is accounted for using the equity method of accounting. The Company records its share of the profits and losses based upon its relative ownership percentage. The carrying value of the investment in limited partnership is based upon information received from the fund manager and approximates fair value. As of December 31, 2013, there are no outstanding commitments to fund the investment. During 2013, the Company received $2.3 million in distributions from the limited partnership, including a return of capital of $1.7 million and investment earnings of $579 thousand.

Warehouse Borrowings

12 Months Ended

Dec. 31, 2013

Warehouse Borrowings

Warehouse Borrowings

Note 5.—Warehouse Borrowings

The Company, through its subsidiaries, enters into Master Repurchase Agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund, and are secured by, residential mortgage loans that are held for sale. In accordance with the terms of the Master Repurchase Agreements, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings which are included in restricted cash in the accompanying consolidated balance sheets.

At December 31, 2013, the Company was not in compliance with a covenant for a warehouse line, however the Company received a waiver.

The following table presents certain information on warehouse borrowings for the periods indicated:

			Balance Outstanding at December 31,

	Maximum Borrowing Capacity		Balance Outstanding at December 31,				Allowable Advance Rates (%)		Rate Range (1)
	Maximum Borrowing Capacity		2013		2012		Allowable Advance Rates (%)		Rate Range (1)		Maturity Date
Short-term borrowings:
Repurchase agreement 1	$	75,000	$	50,794	$	31,600		90-98		1M L +3.5 - 6.5%		June 20, 2014
Repurchase agreement 2		40,000		19,493		19,780		75-98		Prime + 1-6%		July 1, 2014
Repurchase agreement 3 (2)		50,000		15,592		16,554		80-98		1M L +3.5 - 4.0%		March 27, 2014
Repurchase agreement 4 (3)		100,000		33,755		39,670		95		BR +3.5-4.0%		September 17, 2014


Total short-term borrowings	$	265,000	$	119,634	$	107,604

(1): 1 ML represents One-month LIBOR. BR represents the lender defined base rate.
(2): In September 2013, at the request of the Company, the maximum borrowing capacity was reduced from $75.0 million to $50.0 million. In March 2014, the maturity was extended to June 2014.
(3): In January 2014, the maximum borrowing capacity increased from $100.0 million to $125.0 million.

The following table presents certain information on warehouse borrowings for the periods indicated:

	For the year ended December 31,

	2013			2012
Maximum outstanding balance during the year	$	197,455		$	159,669
Average balance outstanding for the year		111,335			79,707
Underlying collateral (mortgage loans)		124,688			112,103
Weighted average rate for period		4.02	%		4.20	%

- Definition

The entire disclosure for short-term debt.

+ References+ Details

Convertible Notes (Convertible Notes)	12 Months Ended
Convertible Notes (Convertible Notes)	Dec. 31, 2013
Convertible Notes
Convertible notes
Convertible Notes	Note 6.—Convertible Notes In April 2013, the Company entered into a Note Purchase Agreement with the purchasers named therein (Noteholders), whereby the Company issued $20.0 million in original aggregate principal amount of Convertible Promissory Notes Due 2018 (Convertible Notes). The Convertible Notes mature on or before April 30, 2018 and accrue interest at a rate of 7.5% per annum, to be paid quarterly. Noteholders may convert all or a portion of the outstanding principal amount of the Convertible Notes into shares of the Company's Common Stock (Conversion Shares) at a rate of $10.875 per share, subject to adjustment for stock splits and dividends (the Conversion Price). The Company has the right to convert the entire outstanding principal of the Convertible Notes into Conversion Shares at the Conversion Price if the market price per share of the Common Stock, as measured by the average volume-weighted closing stock price per share of the Common Stock on the NYSE MKT (or any other U.S. national securities exchange then serving as the principal such exchange on which the shares of Common Stock are listed), reaches the level of $16.31, for any twenty (20) trading days in any period of thirty (30) consecutive trading days after the Closing Date. Upon conversion of the Convertible Notes by the Company, the entire amount of accrued and unpaid interest (and all other amounts owing) under the Convertible Notes are immediately due and payable. Furthermore, if the conversion of the Convertible Notes by the Company occurs prior to the third anniversary of the Closing Date, then the entire amount of interest under the Convertible Notes through the third anniversary is immediately due and payable. To the extent the Company pays any cash dividends on its shares of common stock prior to conversion of the Convertible Notes, upon conversion of the Convertible Notes, the Noteholders will also receive such dividends on an as-converted basis of the Convertible Notes less the amount of interest paid by the Company prior to such dividend. Unless an event of default has occurred and is continuing, each purchaser of the Convertible Notes agrees, for the three years after the Closing Date, to vote all Conversion Shares for each of the Company's nominees for election to the Company's board of directors and not to nominate any other candidate for election to the board of directors at any time within such three year period. In conjunction with the issuance of the Convertible Notes, the Company incurred $0.3 million in debt issuance costs related to legal fees. The Company accounts for direct costs related to the issuance of debt in accordance with ASC Topic 470, Debt. The deferred debt issuance costs are amortized to interest expense over the term of the Note Purchase Agreement using the effective interest method.

Long-term Debt (Long-term Debt)

12 Months Ended

Dec. 31, 2013

Long-term Debt

Long-term Debt

Long-term Debt

Note 7.—Long-term Debt

Trust Preferred Securities

During 2005, the Company formed four wholly-owned trust subsidiaries (Trusts) for the purpose of issuing an aggregate of $99.2 million of trust preferred securities (the Trust Preferred Securities). All proceeds from the sale of the Trust Preferred Securities and the common securities issued by the Trusts were originally invested in $96.3 million of junior subordinated debentures (subordinated debentures), which became the sole assets of the Trusts. The Trusts pay dividends on the Trust Preferred Securities at the same rate as paid by the Company on the debentures held by the Trusts.

During 2008 and 2009, the Company purchased and cancelled $36.5 million in outstanding Trust Preferred Securities for $5.5 million. Additionally, during 2009, the Company exchanged an aggregate of $51.3 million in outstanding Trust Preferred Securities for $62.0 million in Junior Subordinated Notes. As a result of these transactions, $8.5 million in Trust Preferred Securities remain outstanding.

The Company carries its Trust Preferred Securities at estimated fair value as more fully described in Note 14.—Fair Value of Financial Instruments. The following table shows the remaining principal balance and fair value of Trust Preferred Securities issued as of December 31, 2013 and 2012:

	December 31,

	2013			2012
Trust preferred securities (1)	$	8,500		$	8,500
Common securities		263			263
Fair value adjustment		(6,459	)		(6,785	)


Total	$	2,304		$	1,978

(1): Stated maturity of July 30, 2035. Redeemable at par at any time at a variable rate of three-month LIBOR plus 3.75% per annum. At December 31, 2013, the interest rate was 3.99%.

If an event of default occurs (such as a payment default that is outstanding for 30 days, a default in performance, a breach of any covenant or representation, bankruptcy or insolvency of the Company or liquidation or dissolution of the Trust), either the trustee of the Notes or the holders of at least 25% of the aggregate principal amount of the outstanding Notes may declare the principal amount of, and all accrued interest on, all the Notes to be due and payable immediately, or if the holders of the Notes fail to make such declaration, the holders of at least 25% in aggregate liquidation amount of the Trust Preferred Securities outstanding shall have a right to make such declaration.

Junior Subordinated Notes

The Company carries its Junior Subordinated Debt at estimated fair value as more fully described in Note 14.—Fair Value of Financial Instruments. The following table shows the remaining principal balance and fair value of junior subordinated notes issued as of December 31, 2013 and 2012:

	December 31,

	2013			2012
Junior subordinated notes (1)	$	62,000		$	62,000
Fair value adjustment		(48,433	)		(51,247	)


Total	$	13,567		$	10,753

(1): Stated maturity of March 2034; requires quarterly distributions initially at a fixed rate of 2.00% per annum through December 2013 with increases of 1.00% per year in 2014 through 2017. Starting in 2018, the interest rates become variable at 3-month LIBOR plus 3.75% per annum.

Notes Payable (Notes Payable)	12 Months Ended
Notes Payable (Notes Payable)	Dec. 31, 2013
Notes Payable
Notes Payable
Notes Payable	Note 8.—Notes Payable Note payable—Debt Agreement In February 2012, the Company entered into a $7.5 million structured debt agreement using eight of the Company's residual interests (net trust assets) as collateral. The Company used a portion of the proceeds to pay off the $408 thousand balance owed on the previous debt agreement. The Company received proceeds of $7.0 million, net of the aforementioned payoff and transaction costs of approximately $50 thousand. In April 2013, the Company fully satisfied the remaining scheduled payments on the note payable primarily using the related $1.5 million reserve balance, and the residuals held as collateral have been released to the Company.

Line of Credit Agreement (Line of Credit Agreement)

12 Months Ended

Dec. 31, 2013

Line of Credit Agreement

Line of Credit Agreement

Line of Credit Agreement

Note 9.—Line of Credit Agreement

In June 2013, the Company, through its subsidiaries, amended the $4.0 million working capital line of credit agreement with a national bank at an interest rate of one-month LIBOR plus 3.50% extending the expiration to June 2014. Under the terms of the agreement the Company and its subsidiaries are required to maintain various financial and other covenants. There was a $3.0 million outstanding balance on the working capital line of credit as of December 31, 2013 which is included in other liabilities in the accompanying consolidated balance sheets. At December 31, 2013, the Company was not in compliance with a covenant and received a waiver, which will remain effective until the end of 2013.

The following table presents certain information on the line of credit for the periods indicated:

	For the year ended December 31,

	2013			2012
Maximum outstanding balance during the year	$	3,000		$	4,000
Average balance outstanding for the year		597			1,753
Weighted average rate for period		3.85	%		3.65	%

Securitized Mortgage Trusts

12 Months Ended

Dec. 31, 2013

Securitized Mortgage Trusts

Securitized Mortgage Trusts

Note 10.—Securitized Mortgage Trusts

Trust Assets

Trust assets, which are recorded at FMV, are comprised of the following at December 31, 2013 and 2012:

	December 31,

	2013		2012
Investment securities available-for-sale	$	108	$	110
Securitized mortgage collateral		5,494,152		5,787,884
Derivative assets		-		37
Real estate owned		18,906		22,475


Total trust assets	$	5,513,166	$	5,810,506

Securitized Mortgage Collateral

Securitized mortgage collateral consisted of the following:

	December 31,

	2013			2012
Mortgages secured by residential real estate	$	6,581,235		$	7,460,212
Mortgages secured by commercial real estate		810,500			1,026,086
Fair value adjustment		(1,897,583	)		(2,698,414	)


Total securitized mortgage collateral	$	5,494,152		$	5,787,884

As of December 31, 2013, the Company was also a master servicer of mortgages for others of approximately $1.1 billion that were primarily collateralizing REMIC securitizations, compared to $1.3 billion at December 31, 2012. Related fiduciary funds are held in trust for investors in non-interest bearing accounts and therefore not included in the Company's consolidated balance sheets. The Company may also be required to advance funds or cause loan servicers to advance funds to cover principal and interest payments not received from borrowers depending on the status of their mortgages.

Real Estate Owned (REO)

The Company's REO consisted of the following:

	December 31,

	2013			2012
REO	$	23,601		$	31,116
Impairment (1)		(4,680	)		(8,605	)


Ending balance	$	18,921		$	22,511




REO inside trusts	$	18,906		$	22,475
REO outside trusts		15			36


Total	$	18,921		$	22,511

(1): Impairment represents the cumulative write-downs of net realizable value subsequent to foreclosure.

Trust Liabilities

Trust liabilities are comprised of the following at December 31, 2013 and 2012:

	December 31,

	2013		2012
Securitized mortgage borrowings	$	5,492,371	$	5,777,456
Derivative liabilities		10,214		17,200


Total trust liabilities	$	5,502,585	$	5,794,656

Securitized Mortgage Borrowings

Selected information on securitized mortgage borrowings for the periods indicated consisted of the following (dollars in millions):

			Securitized mortgage borrowings outstanding as of December 31,						Range of Interest Rates (1):

Year of Issuance	Original Issuance Amount		2013			2012			Fixed Interest Rates		Interest Rate Margins over One-Month LIBOR (2)		Interest Rate Margins after Contractual Call Date (3)
2002	$	3,876.1	$	14.5		$	18.4			5.25 - 12.00		0.27 - 2.75		0.54 - 3.68
2003		5,966.1		116.8			147.5			4.34 - 12.75		0.27 - 3.00		0.54 - 4.50
2004		17,710.7		1,035.1			1,212.0			3.58 - 5.56		0.25 - 2.50		0.50 - 3.75
2005		13,387.7		2,999.4			3,296.5			-		0.24 - 2.90		0.48 - 4.35
2006		5,971.4		3,321.2			3,603.6			6.25		0.10 - 2.75		0.20 - 4.13
2007		3,860.5		2,055.4			2,259.6			-		0.06 - 2.00		0.12 - 3.00


Subtotal securitized mortgage borrowings				9,542.4			10,537.6
Fair value adjustment				(4,050.0	)		(4,760.1	)


Total securitized mortgage borrowings			$	5,492.4		$	5,777.5

(1): Some rates have been modified subsequent to original issuance.
(2): One-month LIBOR was 0.17% as of December 31, 2013.
(3): Interest rate margins are generally adjusted when the unpaid principal balance is reduced to less than 10-20% of the original issuance amount, or if certain other triggers are met.

As of December 31, 2013, expected principal reductions of the securitized mortgage borrowings, which is based on contractual principal payments and expected prepayment and loss assumptions for securitized mortgage collateral, was as follows (dollars in millions):

	Payments Due by Period

	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Securitized mortgage borrowings	$	9,542.4	$	828.8	$	1,244.6	$	802.9	$	6,666.1

Derivative Liabilities

As of December 31, 2013, the net derivative liability included in the securitization trusts was $10.2 million, as compared to $17.2 million at December 31, 2012. As of December 31, 2013, the notional balance of derivative assets and liabilities, securitized trusts was $99.8 million. The derivative values are based on the net present value of cash receipts or payments expected to be received or paid by the bankruptcy remote trusts. The fair value of the derivatives fluctuates with changes in the future expectation of cash receipts or payments based on notional balances and estimated LIBOR rates.

On September 15, 2008, Lehman Brothers Holdings Inc. (LBHI) filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code. As of that date, LBHI, through affiliated companies, was an interest rate swap counterparty to several of the Company's CMO and REMIC securitizations. During the third quarter of 2013, the terminated LBHI swaps were settled with the bankruptcy court and the trustees for the securitization trusts. CMB 2004-4, CMB 2004-5 and CMB 2004-10 were settled and the corresponding fair values of the net derivative liabilities were removed from the consolidated balance sheet at September 30, 2013. At December 31, 2013, there was no estimated fair value of derivatives with LBHI as compared to $1.1 million at December 31, 2012. As the related securitization trusts are non-recourse to the Company, the Company is not required to replace or otherwise settle any derivative positions affected by counterparty default within the consolidated trusts. Accordingly, the settlement of the net derivative liabilities did not result in any gain or loss for the Company.

Change in fair value of net trust assets, including trust real estate owned (REO) gains (losses)

Changes in fair value of net trust assets, including trust REO gains (losses) are comprised of the following for the years ended December 31, 2013 and 2012:

	For the year ended December 31,

	2013			2012
Change in fair value of net trust assets, excluding REO	$	(12,495	)	$	5,335
Gains (losses) from REO		8,817			(13,226	)


Change in fair value of net trust assets, including trust REO gains (losses)	$	(3,678	)	$	(7,891	)

Derivative Instruments

12 Months Ended

Dec. 31, 2013

Derivative Instruments

Derivative Instruments

Note 11.—Derivative Instruments

Derivative Assets and Liabilities, Lending

The mortgage lending operation enters into IRLCs with prospective borrowers to originate mortgage loans at a specified interest rate and Hedging Instruments to hedge the fair value changes associated with changes in interest rates relating to its mortgage loan origination operations. The fair value of IRLCs and Hedging Instruments are included in other assets and other liabilities, respectively, in the consolidated balance sheets. As of December 31, 2013, the estimated fair value of IRLCs and Hedging Instruments associated with mortgage lending totaled $1.0 million and $1.1 million, respectively.

The following table includes information for the derivative assets and liabilities—lending for the periods presented:

					Total Gains (Losses) (1)

	Notional Balance				For the Year Ended December 31,
	December 31, 2013		December 31, 2012		For the Year Ended December 31,
	December 31, 2013		December 31, 2012		2013			2012
Derivative – IRLC's	$	137,254	$	221,461	$	(3,057	)	$	2,791
Derivative – TBA's		182,809		236,682		15,849			(16,255	)

(1): Amounts included in mortgage lending gains and fees, net within the accompanying consolidated statements of operations.

Other Derivatives

As part of the acquisition of AmeriHome, the purchase agreement included a call and put option. The call option allowed the Company to purchase an additional 39% of AmeriHome anytime between January 1, 2011 and December 31, 2013. Insofar that the Company does not exercise the call option, the Company wrote a put option to the founder of AmeriHome that provided the founder with the right to require the Company to acquire the remaining 49% of AmeriHome. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into an agreement to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to the Company for capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder for $350 thousand in cash and $1.1 million in IMH common stock. As of December 31, 2013, the Company owned 100% of AmeriHome, which was subsequently sold in March 2014 (See Note 23—Subsequent Events).

These options are considered derivative instruments and recorded at fair value using a multinomial option pricing model. The estimated fair value is based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors. The fair value of the options is included in other assets and other liabilities, in the consolidated balance sheets. As of December 31, 2013, the estimated fair value of the call and put options were zero. As of December 31, 2012, the estimated fair value of the call and put options were $368 thousand and $1 thousand, respectively.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4K

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4J

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4H

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4E

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4D

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

+ Details

Acquisition/Disposition of Noncontrolling Interest	12 Months Ended
Acquisition/Disposition of Noncontrolling Interest	Dec. 31, 2013
Acquisition/Disposition of Noncontrolling Interest
Acquisition/Disposition of Noncontrolling Interest	Note 13.—Acquisition/Disposition of Noncontrolling Interest In 2010, Excel Mortgage Servicing, Inc., a wholly-owned subsidiary of IRES, completed the acquisition of 51% of AmeriHome whereby the Company made a $1.1 million cash payment to AmeriHome and entered into a note payable for $720,000. As part of the transaction, the Company was granted an option to purchase an additional 39% of AmeriHome beginning January 1, 2011 for 1.5 times 39% of the lesser of $5 million or Issuer's Book Value (IBV) of AmeriHome plus $550,000 in cash (see call option in Note 14.—Fair Value of Financial Instruments). This option had a three-year term. In addition, the founder of AmeriHome had a put option to sell his remaining 49% ownership beginning January 1, 2014 to the Company for the lesser of $5 million or IBV (see put option in Note 14.—Fair Value of Financial Instruments). In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into an agreement to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. In July 2013, the Company and the noncontrolling interest holder entered into an agreement to transfer the remaining 20% ownership of AmeriHome to the Company in exchange for $350 thousand in cash and $1.1 million in IMH common stock. Effective July 1, 2013, the Company owned 100% of AmeriHome. In December 2013, the Company announced the sale of its fully licensed and agency approved seller/servicer subsidiary AmeriHome which closed during the first quarter of 2014 (See Note 23.—Subsequent Events).

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Note 14.—Fair Value of Financial Instruments

The use of fair value to measure the Company's financial instruments is fundamental to its consolidated financial statements and is a critical accounting estimate because a substantial portion of its assets and liabilities are recorded at estimated fair value.

FASB ASC 825 requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. The following table presents the estimated fair value of financial instruments included in the consolidated financial statements as of the dates indicated:

	December 31, 2013								December 31, 2012

			Estimated Fair Value								Estimated Fair Value
	Carrying Amount		Estimated Fair Value						Carrying Amount		Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	9,969	$	9,969	$	-	$	-	$	12,711	$	12,711	$	-	$	-
Restricted cash		1,467		1,467		-		-		3,230		3,230		-		-
Mortgage loans held-for-sale		129,191		-		129,191		-		118,786		-		118,786		-
Mortgage servicing rights		35,981		-		-		35,981		10,703		-		-		10,703
Derivative assets, lending, net		1,992		-		1,079		913		3,970		-		-		3,970
Investment securities available-for-sale		108		-		-		108		110		-		-		110
Securitized mortgage collateral		5,494,152		-		-		5,494,152		5,787,884		-		-		5,787,884
Derivative assets, securitized trusts, net		-		-		-		-		37		-		-		37
Call option		-		-		-		-		368		-		-		368
Liabilities
Warehouse borrowings	$	119,634	$	-	$	119,634	$	-	$	107,569	$	-	$	107,569	$	-
Notes payable		-		-		-		-		3,451		-		-		3,451
Convertible notes		20,000		-		-		20,000		-		-		-		-
Long-term debt		15,871		-		-		15,871		12,731		-		-		12,731
Securitized mortgage borrowings		5,492,371		-		-		5,492,371		5,777,456		-		-		5,777,456
Derivative liabilities, securitized trusts		10,214		-		-		10,214		17,200		-		-		17,200
Derivative liabilities, lending		-		-		-		-		181		-		181
Line of credit		3,000		-		3,000		-		-		-		-		-
Put option		-		-				-		1		-		-		1

The fair value amounts above have been estimated by management using available market information and appropriate valuation methodologies. Considerable judgment is required to interpret market data to develop the estimates of fair value in both inactive and orderly markets. Accordingly, the estimates presented are not necessarily indicative of the amounts that could be realized in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.

For securitized mortgage collateral and securitized mortgage borrowings, the underlying Alt-A residential and commercial loans and mortgage-backed securities market have experienced significant declines in market activity, along with a lack of orderly transactions. The Company's methodology to estimate fair value of these assets and liabilities include the use of internal pricing techniques such as the net present value of future expected cash flows (with observable market participant assumptions, where available) discounted at a rate of return based on the Company's estimates of market participant requirements. The significant assumptions utilized in these internal pricing techniques, which are based on the characteristics of the underlying collateral, include estimated credit losses, estimated prepayment speeds and appropriate discount rates.

Refer to Recurring Fair Value Measurements below for a description of the valuation methods used to determine the fair value of investment securities available-for-sale, securitized mortgage collateral and borrowings, derivative assets and liabilities, long-term debt, mortgage servicing rights, loans held-for-sale, and call and put options.

The carrying amount of cash and cash equivalents and restricted cash approximates fair value.

Warehouse borrowings carrying amounts approximates fair value due to the short-term nature of the liabilities and do not present unanticipated interest rate or credit concerns.

Line of credit carrying amount approximates fair value due to the short-term nature of the liability and does not present unanticipated interest rate or credit concerns.

Notes payable includes notes with maturities less than one year. Notes payable is recorded at amortized cost, net of any discounts. The estimated fair value is determined using a discounted cash flow model using estimated market rates.

Convertible notes are recorded at amortized cost. The estimated fair value is determined using a discounted cash flow model using estimated market rates.

Fair Value Hierarchy

The application of fair value measurements may be on a recurring or nonrecurring basis depending on the accounting principles applicable to the specific asset or liability or whether management has elected to carry the item at its estimated fair value.

FASB ASC 820-10-35 specifies a hierarchy of valuation techniques based on whether the inputs to those techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions. These two types of inputs create the following fair value hierarchy:

•

Level 1—Quoted prices (unadjusted) in active markets for identical instruments or liabilities that an entity has the ability to assess at measurement date.

•

Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices that are observable for an asset or liability, including interest rates and yield curves observable at commonly quoted intervals, prepayment speeds, loss severities, credit risks and default rates; and market-corroborated inputs.

•

Level 3—Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when estimating fair value.

As a result of the lack of observable market data resulting from inactive markets, the Company has classified its investment securities available-for-sale, mortgage servicing rights, call and put options, securitized mortgage collateral and borrowings, derivative assets and liabilities (trust and IRLCs), and long-term debt as Level 3 fair value measurements. Level 3 assets and liabilities were approximately 98% and 99%, respectively, of total assets and total liabilities measured at estimated fair value at December 31, 2013 and 2012.

Recurring Fair Value Measurements

The Company assesses its financial instruments on a quarterly basis to determine the appropriate classification within the fair value hierarchy, as defined by ASC Topic 810. Transfers between fair value classifications occur when there are changes in pricing observability levels. Transfers of financial instruments among the levels occur at the beginning of the reporting period. There were no material transfers between Level 1 and Level 2 classified instruments during the year ended December 31, 2013.

The following tables present the Company's assets and liabilities that are measured at estimated fair value on a recurring basis, including financial instruments for which the Company has elected the fair value option at December 31, 2013 and December 31, 2012, based on the fair value hierarchy:

	Recurring Fair Value Measurements

	December 31, 2013						December 31, 2012
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment securities available-for-sale	$	-	$	-	$	108	$	-	$	-	$	110
Mortgage loans held-for-sale		-		129,191		-		-		118,786		-
Derivative assets, lending, net (1)		-		1,079		913		-		-		3,970
Mortgage servicing rights		-		-		35,981		-		-		10,703
Call option (2)		-		-		-		-		-		368
Securitized mortgage collateral		-		-		5,494,152		-		-		5,787,884


Total assets at fair value	$	-	$	130,270	$	5,531,154	$	-	$	118,786	$	5,803,035




Liabilities
Securitized mortgage borrowings	$	-	$	-	$	5,492,371	$	-	$	-	$	5,777,456
Derivative liabilities, net, securitized trusts (3)		-		-		10,214		-		-		17,163
Long-term debt		-		-		15,871		-		-		12,731
Derivative liabilities, lending (1)		-		-		-		-		181		-
Put option (4)		-		-		-		-		-		1


Total liabilities at fair value	$	-	$	-	$	5,518,456	$	-	$	181	$	5,807,351

(1): At December 31, 2013, derivative assets, lending, net included $913 thousand in IRLCs and $1.1 million in Hedging Instruments, respectively, associated with the Company's mortgage lending operations, and is included in other assets and other liabilities in the accompanying consolidated balance sheets. At December 31, 2012, derivative assets, lending, net included $4.0 million in IRLCs and $181 thousand in Hedging Instruments, respectively.
(2): Included in other assets in the accompanying consolidated balance sheets.
(3): At December 31, 2013, derivative liabilities, net—securitized trusts, included no derivative assets and $10.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively. At December 31, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $17.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively.
(4): At December 31, 2012, derivative liabilities, lending included $181 thousand in Hedging Instruments.
(5): Included in other liabilities in the accompanying consolidated balance sheets.

The following tables present reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and December 31, 2012:

	Level 3 Recurring Fair Value Measurements

	For the year ended December 31, 2013
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net			Call option			Put option			Long- term debt
Fair value, December 31, 2012	$	110		$	5,787,884		$	(5,777,456	)	$	(17,163	)	$	10,703		$	3,970		$	368		$	(1	)	$	(12,731	)
Total gains (losses) included in earnings:
Interest income (1)		34			31,562			-			-			-			-			-			-			-
Interest expense (1)		-			-			(244,796	)					-			-			-			-			(2,453	)
Change in fair value		36			452,084			(465,189	)		574			6,490			(3,057	)		111			1			(687	)


Total gains (losses) included in earnings		70			483,646			(709,985	)		574			6,490			(3,057	)		111			1			(3,140	)
Transfers in and/or out of Level 3		-			-			-			-															-
Purchases, issuances and settlements
Purchases		-			-			-			-			-			-			-			-			-
Issuances		-			-			-			-			21,776			-			-			-			-
Settlements		(72	)		(777,378	)		995,070			6,375			(2,988	)		-			(479	)		-			-


Fair value, December 31, 2013	$	108		$	5,494,152		$	(5,492,371	)	$	(10,214	)	$	35,981		$	913		$	-		$	-		$	(15,871	)




Unrealized gains (losses) still held (2)	$	72		$	(1,897,583	)	$	4,050,051		$	(9,640	)	$	35,981		$	913		$	-		$	-		$	54,892

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. Net interest income, including cash received and paid, was $5.3 million for the year ended December 31, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
(2): Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at December 31, 2013.

	Level 3 Recurring Fair Value Measurements

	For the year ended December 31, 2012
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net		Call option		Put option			Long- term debt
Fair value, December 31, 2011	$	688		$	5,449,001		$	(5,454,901	)	$	(24,749	)	$	4,141		$	1,179	$	253	$	-		$	(11,561	)
Total gains (losses) included in earnings:
Interest income (1)		38			140,491			-			-			-			-		-		-			-
Interest expense (1)		-			-			(398,683	)		-			-			-		-		-			(2,316	)
Change in fair value		(434	)		889,145			(880,538	)		(2,838	)		(600	)		2,791		115		(1	)		1,146


Total (losses) gains included in earnings		(396	)		1,029,636			(1,279,221	)		(2,838	)		(600	)		2,791		115		(1	)		(1,170	)
Transfers in and/or out of Level 3		-			-			-			-			-			-		-		-
Purchases, issuances and settlements
Purchases		-			-			-			-			-			-		-		-			-
Issuances		-			-			-			-			15,962			-		-		-			-
Settlements		(182	)		(690,753	)		956,666			10,424			(8,800	)		-		-		-			-


Fair value, December 31, 2012	$	110		$	5,787,884		$	(5,777,456	)	$	(17,163	)	$	10,703		$	3,970	$	368	$	(1	)	$	(12,731	)




Unrealized gains (losses) still held (2)	$	43		$	(2,698,414	)	$	4,760,166		$	(16,458	)	$	10,703		$	3,970	$	368	$	(1	)	$	58,032

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. Net interest income, including cash received and paid, was $8.0 million for the year ended December 31, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
(2): Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at December 31, 2012.

The following table presents quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis at December 31, 2013.

Financial Instrument	Estimated Fair Value			Valuation Technique	Unobservable Input

Assets and liabilities backed by real estate
Investment securities available-for-sale,	$	108		DCF	Discount rates	4.0 - 30.0	%
Securitized mortgage collateral, and		5,494,152			Prepayment rates	0.6 - 28.2	%
Securitized mortgage borrowings		(5,492,371	)		Default rates	0.6 - 21.9	%
					Loss severities	11.8 - 72.3	%


Other assets and liabilities
Mortgage servicing rights	$	35,981		DCF	Discount rate	10.5 - 11.5	%
					Prepayment rates	7.7 - 24.0	%
Derivative liabilities, net, securitized trusts		(10,214	)	DCF	1M forward LIBOR	0.2 - 4.8	%
Interest rate lock commitments, net		913		Market pricing	Pull -through rate	41.0 - 99.0	%
Long-term debt		(15,871	)	DCF	Discount rate	25.0	%
Lease liability		(1,623	)	DCF	Discount rate	12.0	%

DCF = Discounted Cash Flow
1M = 1 Month

For assets and liabilities backed by real estate, a significant increase in discount rates, default rates or loss severities would result in a significantly lower estimated fair value. The effect of changes in prepayment speeds would have differing effects depending on the seniority or other characteristics of the instrument. For other assets and liabilities, a significant increase in discount rates would result in a significantly lower estimated fair value. A significant increase in one-month LIBOR would result in a significantly higher estimated fair value for derivative liabilities, net, securitized trusts. A significant increase or decrease in pull-through rate assumptions would result in a significant increase or decrease in the fair value of IRLCs. The Company believes that the imprecision of an estimate could be significant.

The following tables present the changes in recurring fair value measurements included in net earnings for the years ended December 31, 2013 and 2012:

	Recurring Fair Value Measurements

	Changes in Fair Value Included in Net Earnings
	For the year ended December 31, 2013
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt			Other Revenue		Gain on sale of loans, net			Total
Investment securities available-for-sale	$	34	$	-		$	36		$	-		$	-	$	-		$	70
Securitized mortgage collateral		31,562		-			452,084			-			-		-			483,646
Securitized mortgage borrowings		-		(244,796	)		(465,189	)		-			-		-			(709,985	)
Mortgage servicing rights		-		-			-			-			6,490		-			6,490
Call option		-		-			-			-			111		-			111
Put option		-		-			-			-			1		-			1
Derivative liabilities, net		-		-			574	(2)		-			-		-			574
Long-term debt		-		(2,453	)		-			(687	)		-		-			(3,140	)
Mortgage loans held-for-sale		-		-			-			-			-		(2,895	)		(2,895	)
Derivative assets—IRLCs		-		-			-			-			-		(3,057	)		(3,057	)
Derivative liabilities—Hedging Instruments		-		-			-			-			-		1,260			1,260


Total	$	31,596	$	(247,249	)	$	(12,495	) (3)	$	(687	)	$	6,602	$	(4,692	)	$	(226,925	)

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.
(2): Included in this amount is $6.8 million in changes in the fair value of derivative instruments, offset by $6.2 million in cash payments from the securitization trusts for the year ended December 31, 2013.
(3): For the year ended December 31, 2013, change in the fair value of trust assets, excluding REO was $12.5 million. Excluded from the $6.3 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $6.2 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

	Recurring Fair Value Measurements

	Changes in Fair Value Included in Net Earnings
	For the year ended December 31, 2012
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt		Other Revenue			Gain on sale of loans, net			Total
Investment securities available-for-sale	$	38	$	-		$	(434	)	$	-	$	-		$	-		$	(396	)
Securitized mortgage collateral		140,491		-			889,145			-		-			-			1,029,636
Securitized mortgage borrowings		-		(398,683	)		(880,538	)		-		-			-			(1,279,221	)
Mortgage servicing rights		-		-			-			-		-			(600	)		(600	)
Call option		-		-			-			-		115			-			115
Put option		-		-			-			-		(1	)		-			(1	)
Derivative liabilities, net		-		-			(2,838	) (2)		-		-			-			(2,838	)
Long-term debt		-		(2,316	)		-			1,146		-			-			(1,170	)
Mortgage loans held-for-sale		-		-			-			-		-			3,709			3,709
Derivative assets—IRLCs		-		-			-			-		-			2,791			2,791
Derivative liabilities—Hedging Instruments		-		-			-			-		-			442			442


Total	$	140,529	$	(400,999	)	$	5,335	(3)	$	1,146	$	114		$	6,342		$	(247,533	)

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.
(2): Included in this amount is $7.7 million in changes in the fair value of derivative instruments, offset by $10.5 million in cash payments from the securitization trusts for the year ended December 31, 2012.
(3): For the year ended December 31, 2012, change in the fair value of trust assets, excluding REO was $5.3 million. Excluded from the $15.8 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $10.5 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

The following is a description of the measurement techniques for items recorded at estimated fair value on a recurring basis.

Investment securities available-for-sale—Investment securities available-for-sale are carried at fair value. The investment securities consist primarily of non-investment grade mortgage-backed securities. The fair value of the investment securities is measured based upon the Company's expectation of inputs that other market participants would use. Such assumptions include judgments about the underlying collateral, prepayment speeds, future credit losses, forward interest rates and certain other factors. Given the lack of observable market data as of December 31, 2013 and 2012 relating to these securities, the estimated fair value of the investment securities available-for-sale was measured using significant internal expectations of market participants' assumptions. Investment securities available-for-sale are classified as a Level 3 measurement at December 31, 2013.

Mortgage servicing rights—The Company elected to carry its entire mortgage servicing rights arising from its mortgage loan origination operation at fair value. The fair value of mortgage servicing rights is based upon a discounted cash flow model. The valuation model incorporates assumptions that market participants would use in estimating the fair value of servicing. These assumptions include estimates of prepayment speeds, discount rate, cost to service, escrow account earnings, contractual servicing fee income, prepayment and late fees, among other considerations. Mortgage servicing rights are considered a Level 3 measurement at December 31, 2013.

Mortgage loans held-for-sale—The Company elected to carry its mortgage loans held-for-sale originated or acquired from its mortgage lending operation at fair value. Fair value is based on quoted market prices, where available, prices for other traded mortgage loans with similar characteristics, and purchase commitments and bid information received from market participants. Given the meaningful level of secondary market activity for mortgage loans, active pricing is available for similar assets and accordingly, the Company classifies its mortgage loans held-for-sale as a Level 2 measurement at December 31, 2013.

Call option—As part of the initial acquisition of AmeriHome, the purchase agreement included a call option to purchase an additional 39% of AmeriHome. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into agreements to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to the Company for capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder for $350 thousand in cash and $1.1 million in IMH common stock. As of December 31, 2013, the Company owned 100% of AmeriHome. The estimated fair value was based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors.

Put option—As part of the initial acquisition of AmeriHome, the purchase agreement included a put option which allows the noncontrolling interest holder to sell his then remaining 49% of AmeriHome to the Company in the event the Company does not exercise the call option discussed above. In June 2012 and January 2013, the Company and the noncontrolling interest holder entered into agreements to transfer an additional 27.5% and 1.5% ownership, respectively, of AmeriHome to the Company in exchange for the settlement of balances owed from the noncontrolling interest holder related to capital contributions made by the Company to AmeriHome and indemnification provisions included in the purchase agreement. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder for $350 thousand in cash and $1.1 million in IMH common stock. As of December 31, 2013, the Company owned 100% of AmeriHome. The estimated fair value was based on a model incorporating various assumptions including expected future book value of AmeriHome, the probability of the option being exercised, volatility, expected term and certain other factors.

Securitized mortgage collateral—The Company elected to carry all of its securitized mortgage collateral at fair value. These assets consist primarily of non-conforming mortgage loans securitized between 2002 and 2007. Fair value measurements are based on the Company's internal models used to compute the net present value of future expected cash flows, with observable market participant assumptions, where available. The Company's assumptions include its expectations of inputs that other market participants would use in pricing these assets. These assumptions include judgments about the underlying collateral, prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of December 31, 2013, securitized mortgage collateral had an unpaid principal balance of $7.4 billion, compared to an estimated fair value on the Company's balance sheet of $5.5 billion. The aggregate unpaid principal balance exceeds the fair value by $1.9 billion at December 31, 2013. As of December 31, 2013, the unpaid principal balance of loans 90 days or more past due was $1.3 billion compared to an estimated fair value of $0.5 billion. The aggregate unpaid principal balances of loans 90 days or more past due exceed the fair value by $0.8 billion at December 31, 2013. Securitized mortgage collateral is considered a Level 3 measurement at December 31, 2013.

Securitized mortgage borrowings—The Company elected to carry all of its securitized mortgage borrowings at fair value. These borrowings consist of individual tranches of bonds issued by securitization trusts and are primarily backed by non-conforming mortgage loans. Fair value measurements include the Company's judgments about the underlying collateral and assumptions such as prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. As of December 31, 2013, securitized mortgage borrowings had an outstanding principal balance of $7.4 billion, net of $2.2 billion in bond losses, compared to an estimated fair value of $5.5 billion. The aggregate outstanding principal balance exceeds the fair value by $1.9 billion at December 31, 2013. Securitized mortgage borrowings are considered a Level 3 measurement at December 31, 2013.

Long-term debt—The Company elected to carry all of its long-term debt (consisting of trust preferred securities and junior subordinated notes) at fair value. These securities are measured based upon an analysis prepared by management, which considered the Company's own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. As of December 31, 2013, long-term debt had an unpaid principal balance of $70.5 million compared to an estimated fair value of $15.9 million. The aggregate unpaid principal balance exceeds the fair value by $54.6 million at December 31, 2013. The long-term debt is considered a Level 3 measurement at December 31, 2013.

Derivative assets and liabilities, Securitized trusts—For non-exchange traded contracts, fair value is based on the amounts that would be required to settle the positions with the related counterparties as of the valuation date. Valuations of derivative assets and liabilities are based on observable market inputs, if available. To the extent observable market inputs are not available, fair values measurements include the Company's judgments about future cash flows, forward interest rates and certain other factors, including counterparty risk. Additionally, these values also take into account the Company's own credit standing, to the extent applicable; thus, the valuation of the derivative instrument includes the estimated value of the net credit differential between the counterparties to the derivative contract. As of December 31, 2013, the notional balance of derivative assets and liabilities, securitized trusts was $99.8 million. These derivatives are included in the consolidated securitization trusts, which are nonrecourse to the Company, and thus the economic risk from these derivatives is limited to the Company's residual interests in the securitization trusts. Derivative assets and liabilities, securitized trusts are considered a Level 3 measurement at December 31, 2013.

Derivative assets and liabilities, Lending—The Company's derivative assets and liabilities are carried at fair value as required by GAAP and are accounted for as free standing derivatives. The derivatives include IRLCs with prospective residential mortgage borrowers whereby the interest rate on the loan is determined prior to funding and the borrowers have locked in that interest rate. These commitments are determined to be derivative instruments in accordance with GAAP. The derivatives also include hedging instruments (typically TBA MBS) used to hedge the fair value changes associated with changes in interest rates relating to its mortgage lending operations. The Company hedges the period from the interest rate lock (assuming a fall-out factor) to the date of the loan sale. The estimated fair value of IRLCs are based on underlying loan types with similar characteristics using the TBA MBS market, which is actively quoted and easily validated through external sources. The data inputs used in this valuation include, but are not limited to, loan type, underlying loan amount, note rate, loan program, and expected sale date of the loan, adjusted for current market conditions. These valuations are adjusted at the loan level to consider the servicing release premium and loan pricing adjustments specific to each loan. For all IRLCs, the base value is then adjusted for the anticipated Pull-through Rate. The anticipated Pull-through Rate is an unobservable input based on historical experience, which results in classification of IRLCs as a Level 3 measurement at December 31, 2013.

The fair value of the Hedging Instruments is based on the actively quoted TBA MBS market using observable inputs related to characteristics of the underlying MBS stratified by product, coupon and settlement date. Therefore, the Hedging Instruments are classified as a Level 2 measurement at December 31, 2013.

Nonrecurring Fair Value Measurements

The Company is required to measure certain assets and liabilities at estimated fair value from time to time. These fair value measurements typically result from the application of specific accounting pronouncements under GAAP. The fair value measurements are considered nonrecurring fair value measurements under FASB ASC 820-10.

The following tables present financial and non-financial assets and liabilities measured using nonrecurring fair value measurements at December 31, 2013 and 2012, respectively:

	Nonrecurring Fair Value Measurements							Total Gains (Losses) For the Year Ended December 31, 2013 (3)

	December 31, 2013
	Level 1		Level 2		Level 3
REO (1)	$	-	$	3,109	$	-		$	8,760
Lease liability (2)		-		-		(1,623	)		(202	)

(1): Balance represents REO at December 31, 2013 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the year ended December 31, 2013, the $8.8 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV.
(2): For the year ended December 31, 2013, the Company recorded $202 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(3): Total losses reflect losses from all nonrecurring measurements during the period.

	Non-recurring Fair Value Measurements							Total Gains (Losses) For the Year Ended December 31, 2012 (3)

	December 31, 2012
	Level 1		Level 2		Level 3
REO (1)	$	-	$	10,172	$	-		$	(13,260	)
Lease liability (2)		-		-		(2,155	)		(625	)

(1): Balance represents REO at December 31, 2012 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the year ended December 31, 2012, the $13.3 million loss represents additional impairment write-downs during 2012.
(2): For the year ended December 31, 2012, the Company recorded $625 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(3): Total losses reflect losses from all nonrecurring measurements during the period.

Real estate owned—REO consists of residential real estate acquired in satisfaction of loans. Upon foreclosure, REO is adjusted to the estimated fair value of the residential real estate less estimated selling and holding costs, offset by expected contractual mortgage insurance proceeds to be received, if any. Subsequently, REO is recorded at the lower of carrying value or estimated fair value less costs to sell. REO balance representing REOs which have been impaired subsequent to foreclosure are subject to nonrecurring fair value measurement and included in the nonrecurring fair value measurements tables. Fair values of REO are generally based on observable market inputs, and considered Level 2 measurements at December 31, 2013.

Lease liability—In connection with the discontinuation of our non-conforming mortgage, retail mortgage, warehouse lending and commercial operations, a significant amount of office space that was previously occupied is no longer being used by the Company. The Company has subleased a significant amount of this office space. The Company has recorded a liability representing the present value of the minimum lease payments over the remaining life of the lease, offset by the expected proceeds from sublet revenue related to this office space. This liability is based on present value techniques that incorporate the Company's judgments about estimated sublet revenue and discount rates. Therefore, this liability is considered a Level 3 measurement at December 31, 2013.

Deferred charge—Deferred charge represents the deferral of income tax expense on inter-company profits that resulted from the sale of mortgages from taxable subsidiaries to IMH in prior years. The Company evaluates the deferred charge for impairment quarterly using internal estimates of estimated cash flows and lives of the related mortgages retained in the securitized mortgage collateral. If the deferred charge is determined to be impaired, it is recognized as a component of income tax expense. There was no impairment of the deferred charge in 2013 or 2012. Deferred charge is considered a Level 3 measurement at December 31, 2013.

Reconciliation of Earnings Per Share

12 Months Ended

Dec. 31, 2013

Reconciliation of Earnings Per Share

Reconciliation of Earnings Per Share

Note 15.—Reconciliation of Earnings Per Share

The following table presents the computation of basic and diluted earnings per common share, including the dilutive effect of stock options and cumulative redeemable preferred stock outstanding for the periods indicated:

	For the year ended December 31,

	2013			2012
Numerator for basic earnings (loss) per share:
(Loss) earnings from continuing operations	$	(5,011	)	$	13,045
Net earnings attributable to noncontrolling interest		(136	)		(871	)


(Loss) earnings from continuing operations attributable to IMH		(5,147	)		12,174
Loss from discontinued operations		(3,037	)		(15,549	)


Net loss attributable to IMH common stockholders	$	(8,184	)	$	(3,375	)




Numerator for diluted earnings (loss) per share:
(Loss) earnings from continuing operations attributable to IMH	$	(5,147	)	$	12,174
Interest expense attributable to convertible notes		-			-


(Loss) earnings from continuing operations attributable to IMH plus interest expense attributable to convertible notes		(5,147	)		12,174
Loss from discontinued operations		(3,037	)		(15,549	)


Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes	$	(8,184	)	$	(3,375	)




Denominator for basic earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		8,749			7,914




Denominator for diluted earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		8,749			7,914
Net effect of dilutive convertible notes		-			-
Net effect of dilutive stock options and RSU's		-			-


Diluted weighted average common shares		8,749			7,914




Earnings (loss) per common share – basic and diluted:
(Loss) earnings from continuing operations attributable to IMH	$	(0.59	)	$	1.54
Loss from discontinued operations	$	(0.35	)		(1.96	)




Net loss per share available to common stockholders	$	(0.94	)	$	(0.42	)

(1): Share amounts presented in thousands.

The anti-dilutive stock options outstanding for the years ending December 31, 2013 and 2012 were 2.6 million and 797 thousand shares, respectively. Included in the anti-dilutive shares for 2013 are 1.8 million shares attributable to the Convertible Notes.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Taxes

Income Taxes

Note 16.—Income Taxes

The Company is subject to federal income taxes as a regular (Subchapter C) corporation and files a consolidated U.S. federal income tax return.

Income taxes for the years ended December 31, 2013 and 2012 were as follows:

	For the year ended December 31,

	2013			2012
Current income taxes:
Federal	$	21		$	-
State		144			48


Total current income taxes		165			48


Deferred income taxes:
Federal		(1,038	)		1,081
State		(158	)		115


Total deferred income tax (benefit) expense		(1,196	)		1,196


Total income tax (benefit) expense	$	(1,031	)	$	1,244

The Company recorded income tax (benefit) expense of $(1.0) million and $1.2 million for the years ended December 31, 2013 and 2012, respectively. The income tax benefit for 2013 is the result of the inclusion of AmeriHome in the IMH federal income tax return due to the Company's increased ownership of AmeriHome during the first quarter of 2013. Additionally, federal alternative minimum tax was expensed during 2013. The state income taxes are primarily from states where the Company does not have net operating loss carryforwards. The income tax expense for 2012 is the result of deferred income tax for AmeriHome which was an unconsolidated tax subsidiary as well as state income taxes primarily from states where the Company does not have net operating loss carryforwards.

Deferred tax assets are comprised of the following temporary differences between the financial statement carrying value and the tax basis of assets:

	For the year ended December 31,

	2013			2012
Deferred tax assets:
Fair value and REMIC transactions (1)	$	420,342		$	428,910
Federal and state net operating losses		88,701			85,037
Derivative liabilities		2,980			5,641
Real estate owned		1,892			3,612
Depreciation and amortization		614			1,324
Compensation and other accruals		3,485			2,688
Other		1,622			1,005


Total gross deferred tax assets		519,636			528,217
Deferred tax liabilities:
Mortgage servicing rights		(14,359	)		(4,233	)


Total gross deferred tax liabilities		(14,359	)		(4,233	)
Valuation allowance		(505,277	)		(525,180	)


Total net deferred tax liability	$	-		$	(1,196	)

(1): Includes the (i) change in fair value of net trust assets and LHFS, (ii) REMIC transactions—tax versus book difference (iii) loan losses, and (iv) interest accretion.

The following is a reconciliation of income taxes to the expected statutory federal corporate income tax rates for the years ended December 31, 2013 and 2012:

	For the year ended December 31,

	2013			2012
Expected income tax (benefit) expense	$	(2,115	)	$	5,001
State tax, net of federal benefit		(178	)		955
Change in valuation allowance		1,214			(4,288	)
Other		48			(424	)


Total income tax (benefit) expense	$	(1,031	)	$	1,244

As of December 31, 2013, the Company had estimated federal and California net operating loss (NOL) carryforwards of approximately $518.7 million and $437.0 million, respectively, of which approximately $293.1 million (federal) relate to discontinued operations. Federal and state net operating loss carryforwards begin to expire in 2027 and 2018, respectively.

The Company has recorded a valuation allowance against its net deferred tax assets as management believes that as of December 31, 2013 and 2012, it is more likely than not that the deferred tax assets will not be recoverable. For December 31, 2012 the net deferred tax liability relates to AmeriHome and primarily represents mortgage servicing rights. At December 31, 2012, AmeriHome was not part of the Company's federal consolidated tax group, therefore the NOL carryforward of IMH could not be utilized to offset the subsidiary's income tax expense and deferred tax liabilities.

At December 31, 2013 discontinued operations had gross deferred tax assets of $113.0 million which had a full valuation allowance.

The Company files numerous tax returns in various jurisdictions. While the Company is subject to examination by various taxing authorities, the Company believes there are no unresolved issues or claims likely to be material to its financial position. A subsidiary of the Company had been examined by the IRS for tax years 2006 and 2008. The Company classifies interest and penalties on taxes as provision for income taxes. As of December 31, 2013 and 2012, the Company has no material uncertain tax positions.

The Company recognizes tax benefits associated with the exercise of stock options directly to stockholders' equity only when realized. A windfall tax benefit occurs when the actual tax benefit realized upon an employee's disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award. At December 31, 2013, deferred tax assets do not include $3.8 million of excess tax benefits from stock-based compensation.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Segment Reporting

12 Months Ended

Dec. 31, 2013

Segment Reporting

Segment Reporting

Note 17.—Segment Reporting

The Company has three primary reporting segments within continuing operations which include mortgage lending, real estate services and long-term mortgage portfolio. Unallocated corporate and other administrative costs, including the costs associated with being a public company, are presented in Corporate.

The following table presents selected balance sheet data by reporting segment as of the dates indicated:

Balance Sheet Items as of December 31, 2013:	Mortgage Lending			Real Estate Services			Long-term Portfolio		Corporate		Discontinued Operations		Consolidated

Cash and cash equivalents	$	9,451		$	(74	)	$	-	$	592	$	-	$	9,969
Restricted cash		1,467			-			-		-		-		1,467
Mortgage loans held-for-sale		129,191			-			-		-		-		129,191
Mortgage servicing rights		35,981			-			-		-		-		35,981
Trust assets		-			-			5,513,166		-		-		5,513,166
Other assets (1)		(671	)		8,122			56		18,767		2,277		28,551
Total assets		175,419			8,048			5,513,222		19,359		2,277		5,718,325
Total liabilities		141,857			1,305			5,502,765		33,644		12,883		5,692,454

Balance Sheet Items as of December 31, 2012:	Mortgage Lending			Real Estate Services		Long-term Portfolio		Corporate		Discontinued Operations		Consolidated

Cash and cash equivalents	$	10,617		$	1,010	$	-	$	1,084	$	-	$	12,711
Restricted cash		1,760			-		-		1,470		-		3,230
Mortgage loans held-for-sale		118,786			-		-		-		-		118,786
Mortgage servicing rights		10,703			-		-		-		-		10,703
Trust assets		-			-		5,810,506		-		-		5,810,506
Other assets (1)		(4,133	)		11,823		3,182		19,728		52		30,652
Total assets		137,733			12,833		5,813,688		22,282		52		5,986,588
Total liabilities		117,555			3,278		5,794,822		22,282		18,808		5,956,745

(1): Amounts represent reclassifications of balances within the discontinued operations segment to reflect balances within continuing operations as presented in the accompanying consolidated balance sheets.

The following table presents selected statement of operations information by reporting segment for the years ended December 31, 2013 and 2012:

Statement of Operations Items for the year ended December 31, 2013:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate			Consolidated

Gain on sale of loans, net	$	55,302		$	-		$	-		$	-		$	55,302
Servicing income, net		4,240			-			-			-			4,240
Real estate services fees, net		-			19,370			-			-			19,370
Other revenue		6,758			-			833			(20	)		7,571
Other income (expense)		4			19			(3,371	)		(1,103	)		(4,451	)
Total expense		(67,405	)		(6,139	)		(1,713	)		(12,817	)		(88,074	)


(Loss) earnings from continuing operations before income taxes	$	(1,101	)	$	13,250		$	(4,251	)	$	(13,940	)		(6,042	)




Income tax benefit from continuing operations														(1,031	)


Loss from continuing operations														(5,011	)
Loss from discontinued operations, net of tax														(3,037	)


Net loss														(8,048	)
Net earnings attributable to noncontrolling interest														(136	)


Net loss attributable to common stockholders													$	(8,184	)

Statement of Operations Items for the year ended December 31, 2012:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate			Consolidated

Gain on sale of loans, net	$	72,719		$	-		$	-		$	-		$	72,719
Servicing income, net		1,198			-			-			-			1,198
Real estate services fees, net		-			21,218			-			-			21,218
Other revenue		(901	)		-			1,904			(46	)		957
Other income (expense)		(673	)		27			(4,251	)		(30	)		(4,927	)
Total expense		(53,860	)		(8,664	)		(1,380	)		(12,972	)		(76,876	)


Earnings (loss) from continuing operations before income taxes	$	18,483		$	12,581		$	(3,727	)	$	(13,048	)		14,289




Income tax expense from continuing operations														1,244


Earnings from continuing operations														13,045
Loss from discontinued operations, net of tax														(15,549	)


Net loss														(2,504	)
Net earnings attributable to noncontrolling interest														(871	)


Net loss attributable to common stockholders													$	(3,375	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 32

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 10

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 29

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 34

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 35

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 41

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 30

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 42

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 31

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 40

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 33

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

+ Details

Commitments and Contingencies (Continuing and Discontinued Operations)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies (Continuing and Discontinued Operations)

Commitments and Contingencies (Continuing and Discontinued Operations)

Note 18.—Commitments and Contingencies (Continuing and Discontinued Operations)

Legal Proceedings

The Company is a defendant in or a party to a number of legal actions or proceedings that arise in the ordinary course of business. In some of these actions and proceedings, claims for monetary damages are asserted against the Company. In view of the inherent difficulty of predicting the outcome of such legal actions and proceedings, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss related to each pending matter may be, if any.

In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and estimable. In any cases, there may be an exposure to losses in excess of any such amounts whether accrued or not. Any estimated loss is subject to significant judgment and is based upon currently available information, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated loss will change from time to time, and actual results may vary significantly from the current estimate. Therefore, an estimate of possible loss represents what the Company believes to be an estimate of possible loss only for certain matters meeting these criteria. It does not represent the Company's maximum loss exposure. At December 31, 2013, the Company has a $4.2 million accrued liability recorded for such estimated loss exposure.

Based on the Company's current understanding of these pending legal actions and proceedings, management does not believe that judgments or settlements arising from pending or threatened legal matters, individually or in the aggregate, will have a material adverse effect on the consolidated financial position, operating results or cash flows of the Company. However, in light of the inherent uncertainties involved in these matters, some of which are beyond the Company's control, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to the Company's results of operations or cash flows for any particular reporting period.

The legal matters summarized below are ongoing and may have an effect on the Company's business and future financial condition and results of operations:

On or about April 20, 2011, an action was filed entitled Federal Home Loan Bank of Boston v. Ally Financial Inc., et al, naming IMH Assets Corp, IFC, the Company, and ISAC as defendants. The complaint alleges misrepresentations in the materials used to market mortgage-backed securities that the plaintiff purchased. The complaint seeks damages and attorney's fees in an amount to be established at time of trial. The case was removed to the United States District Court for the District of Massachusetts and on September 30, 2013, the Court granted the Company's motion to dismiss claims against it arising under the Massachusetts Uniform Securities Act. The case remains pending as to other claims against the Company.

On January 30, 2012, a Summons with Notice was filed entitled Deutsche Zentral-Genossenschaftsbank AG New York Branch, dba DZ Bank AG, New York Branch v. JPMorgan Chase & Co., et al. Named as a defendant in that action is ISAC. On August 3, 2012, a Consolidated Complaint was filed in which the above matter was consolidated with two other cases by the same plaintiff and DG Holding Trust. ISAC first received a copy of the complaint during the third quarter of 2012. The Consolidated Complaint alleges misrepresentations in connection with the marketing and sale of mortgage backed securities issued by ISAC that the plaintiff purchased. The complaint seeks rescission, damages, prejudgment interest, punitive damages, and attorney's fees in an amount to be proven at trial. On November 15, 2013, the plaintiff filed an amended complaint. Discovery in this matter is proceeding at this time.

On April 30, 2012 a purported class action was filed entitled Marentes v. Impac Mortgage Holdings, Inc., alleging that certain loan modification activities of the Company constitute an unfair business practice, false advertising and marketing, and that the fees charged are improper. The complaint seeks unspecified damages, restitution, injunctive relief, attorney's fees and pre-judgment interest. On August 22, 2012, the plaintiff filed an amended complaint adding Impac Funding Corporation as a defendant. On October 2, 2012, the plaintiff dismissed Impac Mortgage Holdings, Inc., without prejudice. On December 27, 2012, the court granted IFC's motion to dismiss and on January 30, 2013, the plaintiffs appealed the court's dismissal. The plaintiff's appeal remains pending.

In October 2011 and November 2012, the Company received letters from Countrywide Securities Corporation (Countrywide), Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), and UBS Securities LLC (UBS) claiming indemnification relating to mortgage backed securities bonds issued, originated or sold by ISAC, IFC, IMH Assets Corp. and the Company. The claims seek indemnification from claims asserted against Countrywide, Merrill Lynch, and UBS in specified legal actions entitled American International Group Inc. v. Bank of America Corp., et al, in the United States District Court for the Southern District of New York and Federal Home Loan Bank of Boston v. Ally Financial, Inc., et al, in the United States District Court for the District of Massachusetts. The notices each seek indemnification for all losses, liabilities, damages and legal fees and costs incurred in those actions. Further related to these claims, the Company received a demand from American International Group (AIG) for claims it purports to have based upon 12 Residential Mortgage Backed Securities it purchased in which the Company was depositor, sponsor, seller and/or originator. AIG contends it has suffered almost $800 million in losses on the securities and contends there were misrepresentations and breaches of representations and warranties regarding the securities. In October 2012 and January 2013, Deutsche Bank issued indemnification demands to IFC for claims asserted against them in the Superior Court of New York in a case entitled Royal Park Investments SA/NV v. Merrill Lynch, et. al and Dealink Funding Ltd. v. Deutsche Bank. In February of 2013 the Company also received a notice of intent to seek indemnification on behalf of Deutsche Bank AG, Deutsche Bank Securities, Inc., DB Structured Products, Inc., ACE Securities Corp and Deutsche Alt-A Securities, Inc. The claim relates to an action filed against those entities in the Superior Court of New York.

On December 7, 2011 a purported class action was filed entitled Timm, v. Impac Mortgage Holdings, Inc, et al. alleging on behalf of holders of the Company's 9.375% Series B Cumulative Redeemable Preferred Stock (Preferred B) and 9.125% Series C Cumulative Redeemable Preferred Stock (Preferred C) who did not tender their stock in connection with the Company's 2009 completion of its Offer to Purchase and Consent Solicitation that the Company failed to achieve the required consent of the Preferred B and C holders, the consents to amend the Preferred stock were not effective because they were given on unissued stock (after redemption), the Company tied the tender offer with a consent requirement that constituted an improper "vote buying" scheme, and that the tender offer was a breach of a fiduciary duty. The action seeks the payment of two quarterly dividends for the Preferred B and C holders, the unwinding of the consents and reinstatement of the cumulative dividend on the Preferred B and C stock, and the election of two directors by the Preferred B and C holders. The action also seeks punitive damages and legal expenses. The court, on January 28, 2013, dismissed all individual director and officer defendants from the case and further dismissed the Second, Third and Fifth causes of action. The remaining causes of action against the Company allege the Preferred B holders did not approve amendments to its Articles Supplementary and the holders thereof seek to recover two quarters of dividends and to elect two members to the Board of Directors of the Company. On November 27, 2013, the court denied the plaintiff's motion to reconsider the court's January 28, 2013, order. The Company has filed a motion for summary judgment on the remaining claims and that motion is currently pending.

The legal matters summarized below are ongoing but management believes these matters have been resolved in a satisfactory manner.

On October 16, 2012, a matter was filed entitled Deutsche Bank National Trust Company, in its individual capacity, and as Indenture Trustee of Impac Secured Assets CMB Trust Series 1998-1, Impac CMB Trust Series 1999-2, 2000-2, 2001-4, 2002-1, and 2003-5, and Impac Real Estate Asset Trust Series 2006-SD1 v. Impac Mortgage Holdings, Inc., et al. The action alleges the defendants owe the plaintiff indemnification for settlements that the plaintiff allegedly entered into in connection with the Gilmor, et al. v. Preferred Credit Corp., et al. matter described above. The plaintiff seeks declaratory and injunctive relief and unspecified damages and the case remains pending. On March 11, 2014, the parties entered into a settlement agreement, subject to court approval, whereby the Company agreed to pay$1.65 million which is payable in installments in either cash or Company stock, at the Company's option.

On May 15, 2013, a matter was filed entitled Wilmington Trust Company, in its individual capacity, and as Owner Trustee of Impac Secured Assets CMN Trust Series 1998-1 and Impac CMB Trust Series 1999-1, 1999-2, 2000-1, 2000-2, 2001-4, 2002-1, and 2003-5 v. Impac Secured Assets Corp., et al. The action alleges the defendants owe the plaintiff indemnification for settlements that the plaintiff allegedly entered into in connection with the Gilmor, et al. v. Preferred Credit Corp., et al. matter, which was settled and approved by the court in March 2013. The plaintiff seeks declaratory and injunctive relief and unspecified damages. On January 10, 2014, the parties entered into a settlement agreement whereby the Company agreed to pay $1.05 million, which is payable in either cash or Company stock, at the Company's option.

We are a party to other litigation and claims which are normal in the course of our operations. While the results of such other litigation and claims cannot be predicted with certainty, we believe the final outcome of such matters will not have a material adverse effect on our financial condition or results of operations.

The Company believes that it has meritorious defenses to the above claims and intends to defend these claims vigorously and as such the Company believes the final outcome of such matters will not have a material adverse effect on its financial condition or results of operations. Nevertheless, litigation is uncertain and the Company may not prevail in the lawsuits and can express no opinion as to their ultimate resolution. An adverse judgment in any of these matters could have a material adverse effect on the Company's financial position and results of operations.

Lease Commitments

The Company leases office space and certain office equipment under long-term leases expiring at various dates through 2016. Future minimum commitments under non-cancelable leases are as follows:

	Operating Leases			Capital Leases		Total

Year 2014	$	8,697		$	657	$	9,354
Year 2015		8,391			516		8,907
Year 2016		6,543			145		6,688
Year 2017		-			-		-
Year 2018 and thereafter		-			-		-


Subtotal		23,631			1,318		24,949
Sublet income		(8,415	)		-		(8,415	)


Total lease commitments	$	15,216		$	1,318	$	16,534

Total rental expense for the years ended December 31, 2013 and 2012 was $5.8 million and $5.3 million, respectively. During 2013 and 2012, approximately $5.7 million and $5.3 million, respectively, were charged to continuing operations, and are included in occupancy expense in the consolidated statements of operations. Included in rent expense for 2013 and 2012, is an increase of $202 thousand and $625 thousand, respectively, related to changes in estimated lease liabilities as a result of changes in our expected minimum future lease payments.

Interest expense on the capital leases was $58 thousand and $25 thousand for the years ended December 31, 2013 and 2012, respectively.

Repurchase Reserve

When the Company sells mortgage loans, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. The Company's whole loan sale agreements generally required it to repurchase loans if the Company breached a representation or warranty given to the loan purchaser.

The activity related to the continuing operations repurchase reserve for previously sold loans for the years ended December 31, 2013 and 2012 is as follows:

	For the year ended December 31,

	2013			2012
Beginning balance	$	2,392		$	603
Provision for repurchases		1,750			1,789
Settlements		(129	)		-


Total repurchase reserve	$	4,013		$	2,392

The activity related to the discontinued operations repurchase reserve for previously sold loans for the years ended December 31, 2013 and 2012 is as follows:

	For the year ended December 31,

	2013			2012
Beginning balance	$	8,170		$	5,213
Provision for repurchases		1,312			5,713
Settlements		(4,017	)		(2,756	)


Total repurchase reserve	$	5,465		$	8,170

Concentration of Risk

The aggregate unpaid principal balance of loans in the Company's long-term mortgage portfolio secured by properties in California and Florida was $3.8 billion and $802.2 million, or 52% and 11%, respectively, at December 31, 2013.

The Company does not have a significant concentration of risk to any individual client except for the U.S. government and its agencies relating to its concentration of loan sales. However, a geographic concentration arises because the Company originates mortgage loans primarily in the following states California (33%), Oregon (16%), Washington (11%) and Idaho (5%).

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

Share Based Payments and Employee Benefit Plans

12 Months Ended

Dec. 31, 2013

Share Based Payments and Employee Benefit Plans

Share Based Payments and Employee Benefit Plans

Note 19.—Share Based Payments and Employee Benefit Plans

The Company maintains a stock-based incentive compensation plan, the terms of which are governed by the 2010 Omnibus Incentive Plan (the 2010 Incentive Plan). The 2010 Incentive Plan provides for the grant of stock appreciation rights, restricted stock units, performance shares and other stock and cash-based incentive awards. Employees, directors, consultants or other persons providing services to the Company or its affiliates are eligible to receive awards pursuant to the 2010 Incentive Plan. In connection with the adoption of the 2010 Incentive Plan, the Company's 2001 Stock Plan, which was scheduled to expire in March 2011, was frozen. Further, all outstanding awards under the 2001 Stock Plan, as well as the Company's previous 1995 Stock Option, Deferred Stock and Restricted Stock Plan (together with the 2001 Stock Plan, the "Prior Plans"), were assumed by the 2010 Incentive Plan. During the third quarter of 2013, the shareholders voted on and approved the amendment to the 2010 Omnibus Incentive Plan to increase the shares subject to the plan by 300,000 shares. As of December 31, 2013, the aggregate number of shares reserved under the 2010 Incentive Plan is 1,136,510 shares (including all outstanding awards assumed from Prior Plans), and there were 77,322 shares available for grant as stock options, restricted stock and deferred stock awards. The Company issues new shares of common stock to satisfy stock option exercises. There were 255,000 options granted during the third quarter of 2013.

The fair value of options granted, which is amortized to expense over the option vesting period, is estimated on the date of grant with the following weighted average assumptions:

	For the year ended December 31,

	2013	2012
Risk-free interest rate	1.46%	0.60% - 0.65%
Expected lives (in years)	5.56	4.55 - 4.90
Expected volatility (1)	78.58%	209.30% - 214.13%
Expected dividend yield	0.00%	0.00%
Fair value per share	$7.03	$13.51 - $13.53

(1): Expected volatilities are based on both the implied and historical volatility of the Company's stock over the expected option life.

The following table summarizes activity, pricing and other information for the Company's stock options for the years presented below:

	For the year ended December 31,

	2013					2012
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price
Options outstanding at beginning of year		796,795		$	7.89		1,241,808		$	3.64
Options granted		255,000			10.65		269,500			13.81
Options exercised		(121,576	)		1.45		(659,071	)		1.88
Options forfeited / cancelled		(143,087	)		11.76		(55,442	)		12.96


Options outstanding at end of year		787,132		$	9.07		796,795		$	7.89




Options exercisable at end of year		424,888		$	6.72		420,475		$	5.39

The aggregate intrinsic value in the following table represents the total pre-tax intrinsic value, based on the Company's closing stock price of $5.98 and $14.10 per common share as of December 31, 2013 and 2012, respectively. Aggregate intrinsic value represents the amount of proceeds the option holders would have received had all option holders exercised their options and sold the stock as of that date.

	As of December 31,

	2013				2012
	Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at end of year		7.92	$	1,325,207		7.32	$	5,766




Options exercisable at end of year		6.73	$	1,325,207		5.51	$	4,476

As of December 31, 2013, there was approximately $3.0 million of total unrecognized compensation cost related to stock option compensation arrangements granted under the plan, net of estimated forfeitures. That cost is expected to be recognized over the remaining weighted average period of 1.97 years.

For the years ended December 31, 2013 and 2012, the aggregate grant-date fair value of stock options granted was approximately $2.7 million and $3.7 million, respectively.

For the years ended December 31, 2013 and 2012, total stock-based compensation expense was $2.0 million and $449 thousand, respectively.

Additional information regarding stock options outstanding as of December 31, 2013 is as follows:

	Stock Options Outstanding						Options Exercisable

Exercise Price Range	Number Outstanding		Weighted- Average Remaining Contractual Life in Years		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$ 0 - 0.53		132,510		5.44	$	0.53		132,510	$	0.53
0.54 - 2.73		114,000		6.93		2.73		114,000		2.73
2.74 - 2.80		73,122		6.58		2.80		73,122		2.80
2.81 - 10.65		227,000		9.56		10.65		-		-
10.66 - 13.81		236,500		8.76		13.81		101,256		13.81
13.82 - 217.70		4,000		0.47		217.70		4,000		217.70


$ 0.53 - 217.70		787,132		7.92		9.07		424,888		6.72

In addition to the options granted, the Company has granted deferred stock units (DSU's), which vest over two and three year periods. The fair value of each DSU was measured on the date of grant using the grant date price of the Company's stock. For the years ended December 31, 2013 and 2012, the aggregate grant-date fair value of DSU's granted was approximately $320 thousand and $249 thousand, respectively.

The following table summarizes activity, pricing and other information for the Company's DSU's for the years presented below:

	For the year ended December 31,

	2013				2012
	Number of Shares		Weighted- Average Grant Date Fair Value		Number of Shares		Weighted- Average Grant Date Fair Value
DSU's outstanding at beginning of year		42,000	$	7.48		24,000	$	2.73
DSU's granted		30,000		10.65		18,000		13.81
DSU's exercised		-		-		-		-
DSU's forfeited/cancelled		-		-		-		-


DSU's outstanding at end of period		72,000	$	8.80		42,000	$	7.48

As of December 31, 2013, there was approximately $385 thousand of total unrecognized compensation cost related to the DSU compensation arrangements granted under the plan. This cost is expected to be recognized over a weighted average period of 2.08 years.

401(k) Plan

After meeting certain employment requirements, employees can participate in the Company's 401(k) plan. Under the 401(k) plan, employees may contribute up to 25% of their salaries, pursuant to certain restrictions. The Company matches 50% of the first 4% of employee contributions. Additional contributions may be made at the discretion of the board of directors. During the year ended December 31, 2013, the Company recorded approximately $473 thousand for basic matching contributions. During the year ended December 31, 2012, the Company recorded approximately $274 thousand for basic matching contributions. There were no discretionary matching contributions recorded during the years ended December 31, 2013 or 2012.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2013
Related Party Transactions
Related Party Transactions	Note 20.—Related Party Transactions Historically, mortgage loans have been extended to officers and directors of the Company. All such loans were made at the prevailing market rates and conditions existing at the time. During 2013, no mortgage loans were extended to officers or directors. During 2012, a mortgage loan was extended to an officer at market terms. The loan was subsequently sold to a third party. During 2013, the Company incurred an expense of $132,000 from a vendor partially owned by an officer. Services were at arms-length and performed at prevailing market rates. During 2012, Excel acquired assets from a company which was partially owned by certain officers of IMH for consideration of $72 thousand. The Company earns mortgage lending gains and fees and real estate service fees by providing such services to its long-term mortgage portfolio.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

Discontinued Operations

12 Months Ended

Dec. 31, 2013

Discontinued Operations

Discontinued Operations

Note 21.—Discontinued Operations

During 2007, the Company announced plans to exit substantially all of its non-conforming mortgage, commercial, retail, and warehouse lending operations. Consequently, the amounts related to these operations are presented as discontinued operations in the Company's consolidated statements of operations and comprehensive loss and its consolidated statements of cash flows, and the asset groups exited are reported as assets and liabilities of discontinued operations in its consolidated balance sheets for the periods presented.

The following table presents the discontinued operations' condensed balance sheets as of December 31, 2013 and 2012:

	At December 31,

	2013		2012
Cash and cash equivalents	$	-	$	44
Other assets		2,277		8


Total assets	$	2,277	$	52




Repurchase reserve	$	5,465	$	8,170
Legal settlements		3,775		6,100
Other liabilities		3,643		4,538


Total liabilities	$	12,883	$	18,808

The following table presents discontinued operations' condensed statement of operations for the years ended December 31, 2013 and 2012:

	For the years ended December 31,

	2013			2012
Provision for repurchases	$	(1,312	)	$	(5,713	)
Legal settlements		(3,775	)		(6,100	)
Other income (expense)		2,050			(3,736	)


Net loss	$	(3,037	)	$	(15,549	)

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 45

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

+ Details

Tax Benefits Preservation Rights Plan	12 Months Ended
Tax Benefits Preservation Rights Plan	Dec. 31, 2013
Tax Benefits Preservation Rights Plan
Tax Benefits Preservation Rights Plan	Note 22.—Tax Benefits Preservation Rights Plan In September 2013, the Company adopted a Tax Benefits Preservation Rights Agreement (Rights Plan), which is subject to stockholder approval, to help preserve the value of certain deferred tax benefits, including those generated by net operating losses (collectively, Tax Benefits). In general, the Company may "carry forward" net operating losses in certain circumstances to offset current and future taxable income, which will reduce federal and state income tax liability, subject to certain requirements and restrictions. The Company's ability to use these Tax Benefits would be substantially limited and impaired if it were to experience an "ownership change" for purposes of Section 382 of the Internal Revenue Code of 1986, as amended (the "Code") and the Treasury Regulations promulgated thereunder. Generally, the Company will experience an "ownership change" if the percentage of the shares of Common Stock owned by one or more "five-percent shareholders" increases by more than 50 percentage points over the lowest percentage of shares of Common Stock owned by such stockholder at any time during the prior three year on a rolling basis. As such, the Rights Plan has a 4.99% "trigger" threshold that is intended to act as a deterrent to any person or entity seeking to acquire 4.99% or more of the outstanding Common Stock without the prior approval of the Board. The Rights Plan also has certain ancillary anti-takeover effects. The rights accompany each share of common stock of the Company and are evidenced by ownership of common stock. The rights are not exercisable except upon the occurrence of certain change of control events. Once triggered, the rights would entitle the stockholders, other than a person qualifying as an "Acquiring Person" pursuant to the rights plan, to certain "flip-in", "flip-over" and exchange rights. The rights issued under the Rights Plan may be redeemed by the board of directors at a nominal redemption price of $0.001 per right, and the board of directors may amend the rights in any respect until the rights are triggered.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events
Subsequent Events	Note 23.—Subsequent Events On January 15, 2014, pursuant to the terms of the Settlement Agreement with Citigroup Global Market, Inc. ("Citigroup"), the Company made its final installment with the issuance to Citigroup of 75,000 shares of the Company's common stock. As previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2012, on December 20, 2012, the Company entered into a Settlement Agreement with Citigroup regarding a lawsuit initially filed on May 26, 2011 in the U.S. District Court of Central District of California. Pursuant to the Settlement Agreement, the Company agreed to pay Citigroup an aggregate of $3.1 million of its common stock within a 12 month period. On January 24, 2013, the court approved the Settlement Agreement. The Company previously issued to Citigroup 84,942 shares of its common stock on January 30, 2013, 100,000 shares of common stock on June 26, 2013 and 100,000 shares on December 23, 2013. In January 2014, repurchase agreement 4 was amended to increase the maximum borrowing capacity from $100.0 million to $125.0 million. In March 2014, the Company sold AmeriHome for $10.2 million in cash, recording a gain of approximately $3.0 million dollars. In conjunction with the transaction, as required by Fannie Mae, the Company used $3.0 million of the proceeds to reduce our legacy repurchase liability with Fannie Mae. In March 2014, repurchase agreement 3 was amended to extend the maturity date to June 2014. Subsequent events have been evaluated through the date of this filing.

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Summary of Business and Financial Statement Presentation including Significant Accounting Policies
Basis of Presentation	Basis of Presentation The balance sheets, results of operations and cash flows have been presented in the accompanying consolidated financial statements as of December 31, 2013 and 2012 and for each of the years in the two-year period ended December 31, 2013 and include the financial results of IMH, IRES and IMH Assets within continuing operations and Impac Warehouse Lending Group, Inc. (IWLG) and IFC within discontinued operations. All significant inter-company balances and transactions have been eliminated in consolidation. In addition, certain amounts in the prior periods' consolidated financial statements have been reclassified to conform to the current year presentation.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include accounts of IMH and other entities in which the Company has a controlling financial interest. The usual condition for a controlling financial interest is ownership of a majority of the voting interests of an entity. However, a controlling financial interest may also exist in entities, such as variable interest entities (VIEs), through arrangements that do not involve voting interests. The VIE framework requires a variable interest holder (counterparty to a VIE) to consolidate the VIE if that party has the power to direct activities of the VIE that most significantly impact the entity's economic performance, will absorb a majority of the expected losses of the VIE, receive a majority of the residual returns of the VIE, or both, and directs the significant activities of the entity. This party is considered the primary beneficiary of the entity. The determination of whether the Company meets the criteria to be considered the primary beneficiary of a VIE requires an evaluation of all transactions (such as investments, liquidity commitments, derivatives and fee arrangements) with the entity.
Noncontrolling Interests in Consolidated Subsidiaries	Noncontrolling Interests in Consolidated Subsidiaries The Company follows the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810-10-65-1, Noncontrolling Interests in Consolidated Financial Statements which requires a noncontrolling interest in a subsidiary to be reported as equity in the consolidated financial statements with sufficient disclosure provided to identify and distinguish between the interests of the parent and the interest of the noncontrolling owners. The Company reported the portion of AmeriHome Mortgage Corporation (AmeriHome) (a subsidiary of IRES) not owned by the Company as noncontrolling interests. At December 31, 2012, the noncontrolling interest in the consolidated balance sheet represents AmeriHome. During the third quarter of 2013, the Company and the noncontrolling interest holder entered into an agreement to transfer the remaining 20% ownership of AmeriHome to the Company. Effective July 1, 2013, the Company owned 100% of AmeriHome, which was subsequently sold in March 2014 (See Note 23—Subsequent Events).
Use of Estimates and Assumptions	Use of Estimates and Assumptions The accompanying consolidated financial statements of IMH and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods to prepare these consolidated financial statements in conformity with GAAP. Actual results could differ from those estimates.
Fair Value Option	Fair Value Option The fair value option provides an option to elect fair value as an alternative measurement for selected financial assets, financial liabilities, unrecognized firm commitments, and written loan commitments not previously carried at fair value. The Company has elected the fair value option on investment securities available-for-sale, securitized mortgage collateral, mortgage servicing rights, mortgage loans held-for-sale within continuing operations, securitized mortgage borrowings and long-term debt. Elections were made to mitigate income statement volatility caused by differences in the measurement basis of elected instruments (for example, securitized mortgage collateral was previously accounted for at cost adjusted for net deferred origination costs and allowance for loan losses for credit losses inherent in the portfolio, where securitized mortgage borrowings was previously accounted for at amortized cost net of deferred financing costs).
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash and highly liquid investments with maturities of three months or less at the date of acquisition. The carrying amount of cash and cash equivalents approximates fair value. Cash balances that have restrictions as to the Company's ability to withdraw funds are considered restricted cash. At December 31, 2013 and 2012, restricted cash totaled $1.5 million and $3.2 million, respectively. The restricted cash is the result of the terms of the Company's warehouse borrowings and structured debt agreement. In accordance with the terms of the Master Repurchase Agreements related to the warehouse borrowings, the Company is required to maintain cash balances with the lender as additional collateral for the borrowings (See Note 5.—Warehouse Borrowings). In accordance with the terms of the structured debt agreement, any excess cash flows are deposited into a reserve account, which is included in restricted cash in the accompanying consolidated balance sheets (see Note 8.—Note Payable).
Mortgage Loans Held-for-Sale	Mortgage Loans Held-for-Sale During 2009, the Company established a residential mortgage lending operation after discontinuing its former residential and commercial lending operations in 2007 (see Note 21.—Discontinued Operations). Mortgage loans held-for-sale (LHFS) originated under the new lending operation are accounted for using the fair value option, with changes in fair value recorded in gain on sale of loans, net in the accompanying consolidated statements of operations. In accordance with FASB ASC 825, Financial Instruments, loan origination fees and expenses are recognized in earnings as incurred and not deferred. Revenue derived from the Company's mortgage lending activities includes loan fees collected at the time of origination and gain or loss from the sale of LHFS. Loan fees consist of fee income earned on all loan originations, including loans closed and held for sale. Loan fees are recognized as earned and consist of amounts collected for application and underwriting fees, fees on cancelled loans and discount points. The related direct loan origination costs are recognized when incurred. Gain or loss from the sale and mark-to-market of LHFS includes both realized and unrealized gains and losses and are included in gain on sale of loans, net in the accompanying consolidated statements of operations. The valuation of LHFS approximates a whole-loan price, which includes the value of the related mortgage servicing rights. The Company principally sells its LHFS to government sponsored entities and to a lesser extent investors. The Company evaluates its loan sales for sales treatment. To the extent the transfer of loans qualifies as a sale, the Company derecognizes the loans and records a realized gain or loss on the sale date. In the event the Company determines that the transfer of loans does not qualify as a sale, the transfer would be treated as a secured borrowing. Interest on loans is recorded as income when earned and deemed collectible. LHFS are placed on nonaccrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on nonaccrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible.
Mortgage Servicing Rights	Mortgage Servicing Rights The Company accounts for mortgage loan sales in accordance with ASC 860, Transfers and Servicing. Upon sale of mortgage loans on a service-retained basis, the loan receivables are removed from the balance sheet, mortgage servicing rights (MSRs) are recorded as an asset for servicing rights retained. The Company elected to measure MSRs at fair value as prescribed by FASB ASC 860-50-35, and as such, servicing assets or liabilities are valued using discounted cash flow modeling techniques using assumptions regarding future net servicing cash flow, including prepayment rates, discount rates, servicing cost and other factors. Changes in estimated fair value are reported in the accompanying consolidated statement of operations within gain on sale of loans, net. The Company occasionally sells mortgage servicing rights. At the time of sale, the Company records a gain or loss on such sale based on the selling price of the mortgage servicing rights less the carrying value and transaction costs.
Investment Securities Available-for-Sale	Investment Securities Available-for-Sale Investment securities classified as available-for-sale are reported at fair value within the long-term mortgage portfolio. Unrealized gains and losses are recognized in earnings as changes in fair value of net trust assets. Gains and losses realized on the sale of investment securities available-for-sale and declines in value considered to be other-than-temporary are based on the specific identification method and reported in current earnings. Interest income from investment securities available-for-sale is recognized based on current market yields. Investment securities available-for-sale may be subject to credit, interest rate and/or prepayment risk.
Securitized Mortgage Collateral	Securitized Mortgage Collateral The Company's long-term mortgage portfolio primarily includes adjustable rate and, to a lesser extent, fixed rate non-conforming mortgages and commercial mortgages that were acquired and originated by our mortgage and commercial operations prior to 2008. Non-conforming mortgages may not have certain documentation or verifications that are required by government sponsored entities and, therefore, in making our credit decisions, we were more reliant upon the borrower's credit score and the adequacy of the underlying collateral. Historically, the Company securitized mortgages in the form of collateralized mortgage obligations (CMO) or real estate mortgage investment conduits (REMICs). These securitizations are evaluated for consolidation based on the provisions of FASB ASC 810-10-25. Amounts consolidated are included in trust assets and liabilities as securitized mortgage collateral, real estate owned, derivative assets, securitized mortgage borrowings and derivative liabilities in the accompanying consolidated balance sheets. The Company accounts for securitized mortgage collateral at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest income on securitized mortgage collateral is recorded quarterly using the effective yield for the period based on the previous quarter-end's estimated fair value. Securitized mortgage collateral is generally not placed on nonaccrual status as the servicer remits the interest payments to the trust regardless of the delinquency status of the underlying mortgage loan.
Real Estate Owned	Real Estate Owned Real estate owned (REO) on the balance sheet, are primarily assets within the securitized trusts but are recorded as a separate asset for accounting and reporting purposes and are within the long-term mortgage portfolio. REO, which consists of residential real estate acquired in satisfaction of loans, is carried at net realizable value, which includes the estimated fair value of the residential real estate less estimated selling and holding costs. Adjustments to the loan carrying value required at the time of foreclosure affect the carrying amount of REO. Subsequent write-downs in the net realizable value of REO are included in losses from REO in the consolidated statements of operations.
Securitized Mortgage Borrowings	Securitized Mortgage Borrowings The Company records securitized mortgage borrowings in the accompanying consolidated balance sheets for the consolidated CMO and REMIC securitized trusts within the long-term mortgage portfolio. The debt from each issuance of a securitized mortgage borrowing is payable from the principal and interest payments on the underlying mortgages collateralizing such debt, as well as the proceeds from liquidations of REO. If the principal and interest payments are insufficient to repay the debt, the shortfall is allocated first to the residual interest holders (generally owned by the Company) then, if necessary, to the certificate holders (e.g. third party investors in the securitized mortgage borrowings) in accordance with the specific terms of the various respective indentures. Securitized mortgage borrowings typically are structured as one-month LIBOR "floaters" and fixed rate securities with interest payable to certificate holders monthly. The maturity of each class of securitized mortgage borrowing is directly affected by the amount of net interest spread, overcollateralization and the rate of principal prepayments and defaults on the related securitized mortgage collateral. The actual maturity of any class of a securitized mortgage borrowing can occur later than the stated maturities of the underlying mortgages. When the Company issued securitized mortgage borrowings, the Company generally sought an investment grade rating for the Company's securitized mortgages by nationally recognized rating agencies. To secure such ratings, it was often necessary to incorporate certain structural features that provide for credit enhancement. This generally included the pledge of collateral in excess of the principal amount of the securities to be issued, a bond guaranty insurance policy for some or all of the issued securities, or additional forms of mortgage insurance. The Company's total loss exposure is limited to the Company's initial net economic investment in each trust, which is referred to as a residual interest. The Company accounts for securitized mortgage borrowings at fair value, with changes in fair value during the period reflected in earnings. Fair value measurements are based on the Company's estimated cash flow models, which incorporate assumptions, inputs of other market participants and quoted prices for the underlying bonds. The Company's assumptions include its expectations of inputs that other market participants would use. These assumptions include judgments about the underlying collateral, prepayment speeds, credit losses, investor yield requirements, forward interest rates and certain other factors. Interest expense on securitized mortgage borrowings are recorded quarterly using the effective yield for the period based on the previous quarter-end's estimated fair value.
Derivative Instruments	Derivative Instruments In accordance with FASB ASC 815-10 Derivatives and Hedging—Overview, the Company records all derivative instruments at fair value. The Company has accounted for all its derivatives as non-designated hedge instruments or free-standing derivatives. Interest Rate Swaps, Caps and Floors The Company's interest rate risk management objective was to limit the exposure to the variability in future cash flows attributable to the variability of one-month LIBOR, which is the underlying index of adjustable rate securitized mortgage borrowings. The Company's interest rate risk management policies were formulated with the intent to offset the potential adverse effects of changing interest rates on securitized mortgage borrowings. To mitigate exposure to the effect of changing interest rates on cash flows on securitized mortgage borrowings, the Company purchased derivative instruments primarily in the form of interest rate swap agreements (swaps) and, to a lesser extent, interest rate cap agreements (caps) and interest rate floor agreements (floors). The Company has $10.2 million in derivative liabilities outstanding as of December 31, 2013 all of which are in the securitized trusts and included in trust liabilities in the consolidated balance sheets. The fair value of the Company's swaps, caps, floors and other derivative instruments is generally based on market prices provided by dealers and market makers, or estimates of future cash flows from these financial instruments. Lending derivatives The mortgage lending operation enters into interest rate lock commitments (IRLCs) with consumers to originate mortgage loans at a specified interest rate. These IRLCs are accounted for as derivative instruments. The fair values of IRLCs utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (Pull-through Rate). The fair value of IRLCs is subject to change primarily due to changes in interest rates and the estimated Pull-through Rate. The Company reports IRLCs within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The Company hedges the changes in fair value associated with changes in interest rates related to IRLCs and uncommitted mortgage loans held for sale by using forward sold commitments including Fannie Mae and Ginnie Mae mortgage-backed securities known as to-be-announced mortgage-backed securities (TBA MBS or Hedging Instruments). The Hedging Instruments are typically entered into at the time the IRLC is made and are accounted for as derivative instruments. The fair value of Hedging Instruments is subject to change primarily due to changes in interest rates. The Company reports Hedging Instruments within other assets and other liabilities at fair value with changes in fair value being recorded in the accompanying statements of operations within gain on sale of loans, net. The fair value of IRLCs and Hedging Instruments are represented as derivative assets, lending and derivative liabilities, lending in Note 14.—Fair Value of Financial Instruments. Options The Company had issued a call option and a put option in connection with the acquisition of AmeriHome. Options are derivative instruments and are recorded at fair value with changes in fair value reported in earnings. In July 2013, the Company acquired the remaining 20% ownership of AmeriHome from the noncontrolling interest holder. As of December 31, 2013, the Company owned 100% of AmeriHome resulting in the call and put option having no fair value.
Long-term Debt	Long-term Debt Long-term debt (consisting of trust preferred securities and junior subordinated notes) is reported at fair value. These securities are measured based upon an analysis prepared by management, which considers the Company's own credit risk, including settlements with trust preferred debt holders and discounted cash flow analysis. Unrealized gains and losses are recognized in earnings in the accompanying consolidated statements of operations within change in fair value of long-term debt. The Company does not consolidate trust preferred entities (which are sometimes hereinafter referred to as capital trusts) since the Company does not have a significant variable interest in the trust. Instead, the Company records its investment in the trust preferred entities (included in other assets in the accompanying consolidated balance sheets) and accounts for such under the equity method of accounting and reflects a liability for the issuance of the notes to the trust preferred entities.
Repurchase Reserve	Repurchase Reserve The Company sells mortgage loans to the secondary market, including U.S. government sponsored entities and issues mortgage-backed securities through Ginnie Mae and Fannie Mae. When the Company sells or issues securities, it makes customary representations and warranties to the purchasers about various characteristics of each loan such as the origination and underwriting guidelines, including but not limited to the validity of the lien securing the loan, property eligibility, borrower credit, income and asset requirements, and compliance with applicable federal, state and local law. In the event of a breach of its representations and warranties, the Company may be required to either repurchase the mortgage loans with the identified defects or indemnify the investor or insurer for any loss. Also, the Company's loss may be reduced by proceeds from the sale or liquidation of the repurchased loan. The Company's loss may be reduced by any recourse it has to correspondent lenders that, in turn, had sold such mortgage loans to the Company and breached similar or other representations and warranties. In such event, the Company has the right to seek a recovery of related repurchase losses from that correspondent lender. The Company records a provision for losses relating to such representations and warranties as part of its loan sale transactions. The method used to estimate the liability for representations and warranties is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults including any loss on sale or liquidation of the repurchased loan and the probability of reimbursement by the correspondent loan seller. The Company establishes a liability at the time loans are sold and continually updates its estimated repurchase liability. The level of the repurchase liability for representations and warranties is difficult to estimate and requires considerable management judgment. The level of mortgage loan repurchase losses is dependent on economic factors, investor demands for loan repurchases and other external conditions that may change over the lives of the underlying loans.
Revenue Recognition for Fees from Services	Revenue Recognition for Fees from Services The Company follows SAB No. 104 Revenue Recognition in Financial Statements, which provides guidance on the application of GAAP to selected revenue recognition issues. The Company's real estate services segment provides various real estate related services and loss mitigation services including (i) managing distressed mortgage portfolios and foreclosed real estate assets, (ii) the disposition of such assets, (iii) surveillance services for residential and multifamily mortgage portfolios, (iv) loan modification services and (v) the master servicing on various mortgage and multifamily loan pools for loans in the long-term portfolio of IMH, and to a lesser extent, non-affiliated entities. The revenues from these services are recognized in income in the period when services are rendered and collectability is reasonably certain.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation in accordance with FASB ASC 718 Compensation—Stock Compensation. Accordingly, the Company measures the cost of stock-based awards using the grant-date fair value of the award and recognizes that cost over the requisite service period. The fair value of each stock option granted under the Company's stock-based compensation plan is estimated on the date of grant using the Black-Scholes-Merton option-pricing model and assumptions noted in Note 19.—Share Based Payments and Employee Benefit Plans. The risk-free interest rate is based on the U.S. Treasury rate with a term equal to the expected term of the option grants on the date of grant. FASB ASC 718 requires forfeitures to be estimated at the time of grant and prospectively revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. Stock-based compensation expense is recorded net of estimated forfeitures for the years ended December 31, 2013 and 2012, such that the expense was recorded only for those stock-based awards that were expected to vest during such periods. Refer to Note 19.—Share Based Payments and Employee Benefit Plans.
Income Taxes	Income Taxes In accordance with ASC 740, the Company records income tax expense as well as deferred tax assets and liabilities. Current income tax expense approximates taxes to be paid or refunded for the current period and includes income tax expense related to uncertain tax positions and amortization/impairment of our deferred charge, explained below. The Company determines deferred income taxes using the balance sheet method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and recognizes enacted changes in tax rates and laws in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized subject to management's judgment that realization is "more likely than not." Uncertain tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. The Company is subject to federal income taxes as a regular (Subchapter C) corporation and files a consolidated U.S. federal income tax return on qualifying subsidiaries. The Company files income tax returns in the U.S. for federal and various states. In prior periods when the Company was taxed as a real estate investment trust (REIT), it recorded a deferred charge to eliminate the expense recognition of income taxes paid on inter-Company profits that result from the sale of mortgage loans from the taxable REIT subsidiaries to IMH. The deferred charge is included in other assets in the consolidated balance sheets and is amortized as a component of income tax expense in the consolidated statements of operations over the estimated life of the mortgages retained in the securitized mortgage collateral.
Earnings per Common Share	Earnings per Common Share Basic earnings per common share is computed on the basis of the weighted average number of shares outstanding for the year divided into earnings for the year. Diluted earnings per common share is computed on the basis of the weighted average number of shares and dilutive common equivalent shares outstanding for the year divided by earnings for the year, unless anti-dilutive. Refer to Note 15.—Reconciliation of Earnings Per Share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2013, the FASB issued ASU 2013-11, Preparation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. Prior to this ASU, U.S. GAAP did not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU requires, with limited exception, that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset (DTA) for a net operating loss carryforward, or similar tax loss, or a tax credit carryforward. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. Since the Company does not currently have unrecognized tax benefits, this ASU will not have an effect on the Company's financial position or results of operations

Mortgage Loans Held-for-Sale (Tables)

12 Months Ended

Dec. 31, 2013

Mortgage Loans Held-for-Sale

Summary of the unpaid principal balance of mortgage loans held-for-sale by type

	December 31,

	2013		2012
Government (1)	$	81,292	$	57,992
Conventional (2)		44,303		54,303
Fair value adjustment		3,596		6,491


Total mortgage loans held-for-sale	$	129,191	$	118,786

(1): Includes all government-insured loans including FHA, VA and USDA.
(2): Includes loans eligible for sale to Fannie Mae and Freddie Mac.

Schedule of gain on LHFS (included in gain on sale of loans, net in the consolidated statements of operations)

	December 31,

	2013			2012
Gain on sale of mortgage loans	$	69,422		$	113,636
Premium from servicing retained loan sales		21,776			15,962
Unrealized (losses) gains from derivative financial instruments		(1,797	)		3,234
Realized gains (losses) from derivative financial instruments		14,589			(16,697	)
Mark to market (loss) gain on LHFS		(2,895	)		3,709
Direct origination expenses, net		(44,043	)		(45,336	)
Provision for repurchases		(1,750	)		(1,789	)


Total gain on sale of loans, net	$	55,302		$	72,719

Mortgage Servicing Rights (Tables)

12 Months Ended

Dec. 31, 2013

Mortgage Servicing Rights

Schedule of hypothetical changes in the fair values of MSRs, caused by assumed immediate changes to key assumptions that are used to determine fair value.

Mortgage Servicing Rights Sensitivity Analysis	December 31, 2013

Fair value of MSRs	$	35,981
Prepayment Speed:
Decrease in fair value from 100 basis point (bp) adverse change		(1,433	)
Decrease in fair value from 200 bp adverse change		(2,775	)
Discount Rate:
Decrease in fair value from 100 bp adverse change		(1,342	)
Decrease in fair value from 200 bp adverse change		(2,594	)

Mortgage Servicing Rights

Mortgage Servicing Rights

Schedule of changes in the fair value of MSRs

	December 31,

	2013			2012
Balance at beginning of period	$	10,703		$	4,141
Additions from servicing retained loan sales		21,776			15,962
Reductions from bulk sales		(2,988	)		(8,800	)
Changes in fair value (1)		6,490			(600	)


Fair value of MSRs at end of period	$	35,981		$	10,703

(1): Changes in fair value are included within other total revenues in the consolidated statements of operations.

Schedule of the loans serviced by entity

	Outstanding Principal Balance

	2013 (1)		2012
Government	$	1,203,478	$	655,566
Conventional		1,837,475		722,815
2010 Acquisition of AmeriHome (2)		87,693		113,687


Total loans serviced	$	3,128,646	$	1,492,068

(1): Includes approximately $702.1 million in unpaid principal balance of servicing that will be transferred with the completion of the sale of AmeriHome in the first quarter of 2014. See Note 23. Subsequent Events for more details.
(2): Represents servicing portfolio acquired in the 2010 acquisition of AmeriHome and includes government and conventional loans originated by AmeriHome prior to the Company's acquisition.

Other Assets (Tables)

12 Months Ended

Dec. 31, 2013

Other Assets

Schedule of Other Assets

	December 31,

	2013		2012
Deferred charge (See Note 14)	$	11,974	$	11,974
Accounts receivable, net		4,012		4,544
Prepaid expenses		3,024		2,542
Premises and equipment, net		2,526		2,470
Derivatives assets – lending (See Note 11)		2,115		3,970
Servicing advances, net		1,343		1,086
Investment in limited partnership		322		2,042
Other		958		1,972


Total other assets	$	26,274	$	30,600

Schedule of Premises and equipment and accumulated depreciation

	December 31,

	2013			2012
Premises and equipment	$	14,805		$	13,481
Less: Accumulated depreciation		(12,279	)		(11,011	)


Total premises and equipment, net	$	2,526		$	2,470

Warehouse Borrowings (Tables)

12 Months Ended

Dec. 31, 2013

Warehouse Borrowings

Schedule of information on warehouse borrowings

			Balance Outstanding at December 31,

	Maximum Borrowing Capacity		Balance Outstanding at December 31,				Allowable Advance Rates (%)		Rate Range (1)
	Maximum Borrowing Capacity		2013		2012		Allowable Advance Rates (%)		Rate Range (1)		Maturity Date
Short-term borrowings:
Repurchase agreement 1	$	75,000	$	50,794	$	31,600		90-98		1M L +3.5 - 6.5%		June 20, 2014
Repurchase agreement 2		40,000		19,493		19,780		75-98		Prime + 1-6%		July 1, 2014
Repurchase agreement 3 (2)		50,000		15,592		16,554		80-98		1M L +3.5 - 4.0%		March 27, 2014
Repurchase agreement 4 (3)		100,000		33,755		39,670		95		BR +3.5-4.0%		September 17, 2014


Total short-term borrowings	$	265,000	$	119,634	$	107,604

(1): 1 ML represents One-month LIBOR. BR represents the lender defined base rate.
(2): In September 2013, at the request of the Company, the maximum borrowing capacity was reduced from $75.0 million to $50.0 million. In March 2014, the maturity was extended to June 2014.
(3): In January 2014, the maximum borrowing capacity increased from $100.0 million to $125.0 million.

Schedule of information on warehouse borrowings

	For the year ended December 31,

	2013			2012
Maximum outstanding balance during the year	$	197,455		$	159,669
Average balance outstanding for the year		111,335			79,707
Underlying collateral (mortgage loans)		124,688			112,103
Weighted average rate for period		4.02	%		4.20	%

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Trust Preferred Securities

Note payable

Schedule of remaining principal balance and fair value

	December 31,

	2013			2012
Trust preferred securities (1)	$	8,500		$	8,500
Common securities		263			263
Fair value adjustment		(6,459	)		(6,785	)


Total	$	2,304		$	1,978

(1): Stated maturity of July 30, 2035. Redeemable at par at any time at a variable rate of three-month LIBOR plus 3.75% per annum. At December 31, 2013, the interest rate was 3.99%.

Junior subordinated notes

Note payable

Schedule of remaining principal balance and fair value

	December 31,

	2013			2012
Junior subordinated notes (1)	$	62,000		$	62,000
Fair value adjustment		(48,433	)		(51,247	)


Total	$	13,567		$	10,753

(1): Stated maturity of March 2034; requires quarterly distributions initially at a fixed rate of 2.00% per annum through December 2013 with increases of 1.00% per year in 2014 through 2017. Starting in 2018, the interest rates become variable at 3-month LIBOR plus 3.75% per annum.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(e),(f))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 55

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 835

-SubTopic 30

-Section 45

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Securitized Mortgage Trusts (Tables)

12 Months Ended

Dec. 31, 2013

Securitized Mortgage Trusts

Schedule of trust assets, which are recorded at FMV

	December 31,

	2013		2012
Investment securities available-for-sale	$	108	$	110
Securitized mortgage collateral		5,494,152		5,787,884
Derivative assets		-		37
Real estate owned		18,906		22,475


Total trust assets	$	5,513,166	$	5,810,506

Securitized Mortgage Collateral

Schedule of real estate owned

	December 31,

	2013			2012
REO	$	23,601		$	31,116
Impairment (1)		(4,680	)		(8,605	)


Ending balance	$	18,921		$	22,511




REO inside trusts	$	18,906		$	22,475
REO outside trusts		15			36


Total	$	18,921		$	22,511

(1): Impairment represents the cumulative write-downs of net realizable value subsequent to foreclosure.

Schedule of trust liabilities

	December 31,

	2013		2012
Securitized mortgage borrowings	$	5,492,371	$	5,777,456
Derivative liabilities		10,214		17,200


Total trust liabilities	$	5,502,585	$	5,794,656

Schedule of securitized mortgage borrowings

Selected information on securitized mortgage borrowings for the periods indicated consisted of the following (dollars in millions):

			Securitized mortgage borrowings outstanding as of December 31,						Range of Interest Rates (1):

Year of Issuance	Original Issuance Amount		2013			2012			Fixed Interest Rates		Interest Rate Margins over One-Month LIBOR (2)		Interest Rate Margins after Contractual Call Date (3)
2002	$	3,876.1	$	14.5		$	18.4			5.25 - 12.00		0.27 - 2.75		0.54 - 3.68
2003		5,966.1		116.8			147.5			4.34 - 12.75		0.27 - 3.00		0.54 - 4.50
2004		17,710.7		1,035.1			1,212.0			3.58 - 5.56		0.25 - 2.50		0.50 - 3.75
2005		13,387.7		2,999.4			3,296.5			-		0.24 - 2.90		0.48 - 4.35
2006		5,971.4		3,321.2			3,603.6			6.25		0.10 - 2.75		0.20 - 4.13
2007		3,860.5		2,055.4			2,259.6			-		0.06 - 2.00		0.12 - 3.00


Subtotal securitized mortgage borrowings				9,542.4			10,537.6
Fair value adjustment				(4,050.0	)		(4,760.1	)


Total securitized mortgage borrowings			$	5,492.4		$	5,777.5

(1): Some rates have been modified subsequent to original issuance.
(2): One-month LIBOR was 0.17% as of December 31, 2013.
(3): Interest rate margins are generally adjusted when the unpaid principal balance is reduced to less than 10-20% of the original issuance amount, or if certain other triggers are met.

Schedule of expected principal reductions of securitized mortgage borrowings

	Payments Due by Period

	Total		Less Than One Year		One to Three Years		Three to Five Years		More Than Five Years
Securitized mortgage borrowings	$	9,542.4	$	828.8	$	1,244.6	$	802.9	$	6,666.1

Schedule of changes in fair value of net trust assets, including trust REO gains (losses)

	For the year ended December 31,

	2013			2012
Change in fair value of net trust assets, excluding REO	$	(12,495	)	$	5,335
Gains (losses) from REO		8,817			(13,226	)


Change in fair value of net trust assets, including trust REO gains (losses)	$	(3,678	)	$	(7,891	)

Securitized mortgage collateral

Securitized Mortgage Collateral

Schedule of securitized mortgage collateral

	December 31,

	2013			2012
Mortgages secured by residential real estate	$	6,581,235		$	7,460,212
Mortgages secured by commercial real estate		810,500			1,026,086
Fair value adjustment		(1,897,583	)		(2,698,414	)


Total securitized mortgage collateral	$	5,494,152		$	5,787,884

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments

Schedule of information for derivative assets and liabilities - lending

					Total Gains (Losses) (1)

	Notional Balance				For the Year Ended December 31,
	December 31, 2013		December 31, 2012		For the Year Ended December 31,
	December 31, 2013		December 31, 2012		2013			2012
Derivative – IRLC's	$	137,254	$	221,461	$	(3,057	)	$	2,791
Derivative – TBA's		182,809		236,682		15,849			(16,255	)

(1): Amounts included in mortgage lending gains and fees, net within the accompanying consolidated statements of operations.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 25

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1A

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4C

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 815

-SubTopic 10

-Section 50

-Paragraph 4B

-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(n)(2))

-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value of Financial Instruments

Schedule of estimated fair value of financial instruments included in consolidated financial statements

	December 31, 2013								December 31, 2012

			Estimated Fair Value								Estimated Fair Value
	Carrying Amount		Estimated Fair Value						Carrying Amount		Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3		Carrying Amount		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents	$	9,969	$	9,969	$	-	$	-	$	12,711	$	12,711	$	-	$	-
Restricted cash		1,467		1,467		-		-		3,230		3,230		-		-
Mortgage loans held-for-sale		129,191		-		129,191		-		118,786		-		118,786		-
Mortgage servicing rights		35,981		-		-		35,981		10,703		-		-		10,703
Derivative assets, lending, net		1,992		-		1,079		913		3,970		-		-		3,970
Investment securities available-for-sale		108		-		-		108		110		-		-		110
Securitized mortgage collateral		5,494,152		-		-		5,494,152		5,787,884		-		-		5,787,884
Derivative assets, securitized trusts, net		-		-		-		-		37		-		-		37
Call option		-		-		-		-		368		-		-		368
Liabilities
Warehouse borrowings	$	119,634	$	-	$	119,634	$	-	$	107,569	$	-	$	107,569	$	-
Notes payable		-		-		-		-		3,451		-		-		3,451
Convertible notes		20,000		-		-		20,000		-		-		-		-
Long-term debt		15,871		-		-		15,871		12,731		-		-		12,731
Securitized mortgage borrowings		5,492,371		-		-		5,492,371		5,777,456		-		-		5,777,456
Derivative liabilities, securitized trusts		10,214		-		-		10,214		17,200		-		-		17,200
Derivative liabilities, lending		-		-		-		-		181		-		181
Line of credit		3,000		-		3,000		-		-		-		-		-
Put option		-		-				-		1		-		-		1

Schedule of assets and liabilities that are measured at estimated fair value on recurring basis

	Recurring Fair Value Measurements

	December 31, 2013						December 31, 2012
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Investment securities available-for-sale	$	-	$	-	$	108	$	-	$	-	$	110
Mortgage loans held-for-sale		-		129,191		-		-		118,786		-
Derivative assets, lending, net (1)		-		1,079		913		-		-		3,970
Mortgage servicing rights		-		-		35,981		-		-		10,703
Call option (2)		-		-		-		-		-		368
Securitized mortgage collateral		-		-		5,494,152		-		-		5,787,884


Total assets at fair value	$	-	$	130,270	$	5,531,154	$	-	$	118,786	$	5,803,035




Liabilities
Securitized mortgage borrowings	$	-	$	-	$	5,492,371	$	-	$	-	$	5,777,456
Derivative liabilities, net, securitized trusts (3)		-		-		10,214		-		-		17,163
Long-term debt		-		-		15,871		-		-		12,731
Derivative liabilities, lending (1)		-		-		-		-		181		-
Put option (4)		-		-		-		-		-		1


Total liabilities at fair value	$	-	$	-	$	5,518,456	$	-	$	181	$	5,807,351

(1): At December 31, 2013, derivative assets, lending, net included $913 thousand in IRLCs and $1.1 million in Hedging Instruments, respectively, associated with the Company's mortgage lending operations, and is included in other assets and other liabilities in the accompanying consolidated balance sheets. At December 31, 2012, derivative assets, lending, net included $4.0 million in IRLCs and $181 thousand in Hedging Instruments, respectively.
(2): Included in other assets in the accompanying consolidated balance sheets.
(3): At December 31, 2013, derivative liabilities, net—securitized trusts, included no derivative assets and $10.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively. At December 31, 2012, derivative liabilities, net—securitized trusts, included $37 thousand in derivative assets and $17.2 million in derivative liabilities, included within trust assets and trust liabilities, respectively.
(4): At December 31, 2012, derivative liabilities, lending included $181 thousand in Hedging Instruments.
(5): Included in other liabilities in the accompanying consolidated balance sheets.

Schedule of reconciliation for all assets and liabilities measured at estimated fair value on recurring basis using significant unobservable inputs (Level 3)

	Level 3 Recurring Fair Value Measurements

	For the year ended December 31, 2013
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net			Call option			Put option			Long- term debt
Fair value, December 31, 2012	$	110		$	5,787,884		$	(5,777,456	)	$	(17,163	)	$	10,703		$	3,970		$	368		$	(1	)	$	(12,731	)
Total gains (losses) included in earnings:
Interest income (1)		34			31,562			-			-			-			-			-			-			-
Interest expense (1)		-			-			(244,796	)					-			-			-			-			(2,453	)
Change in fair value		36			452,084			(465,189	)		574			6,490			(3,057	)		111			1			(687	)


Total gains (losses) included in earnings		70			483,646			(709,985	)		574			6,490			(3,057	)		111			1			(3,140	)
Transfers in and/or out of Level 3		-			-			-			-															-
Purchases, issuances and settlements
Purchases		-			-			-			-			-			-			-			-			-
Issuances		-			-			-			-			21,776			-			-			-			-
Settlements		(72	)		(777,378	)		995,070			6,375			(2,988	)		-			(479	)		-			-


Fair value, December 31, 2013	$	108		$	5,494,152		$	(5,492,371	)	$	(10,214	)	$	35,981		$	913		$	-		$	-		$	(15,871	)




Unrealized gains (losses) still held (2)	$	72		$	(1,897,583	)	$	4,050,051		$	(9,640	)	$	35,981		$	913		$	-		$	-		$	54,892

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. Net interest income, including cash received and paid, was $5.3 million for the year ended December 31, 2013. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
(2): Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at December 31, 2013.

	Level 3 Recurring Fair Value Measurements

	For the year ended December 31, 2012
	Investment securities available- for-sale			Securitized mortgage collateral			Securitized mortgage borrowings			Derivative liabilities, net, securitized trusts			Mortgage servicing rights			Interest rate lock commitments, net		Call option		Put option			Long- term debt
Fair value, December 31, 2011	$	688		$	5,449,001		$	(5,454,901	)	$	(24,749	)	$	4,141		$	1,179	$	253	$	-		$	(11,561	)
Total gains (losses) included in earnings:
Interest income (1)		38			140,491			-			-			-			-		-		-			-
Interest expense (1)		-			-			(398,683	)		-			-			-		-		-			(2,316	)
Change in fair value		(434	)		889,145			(880,538	)		(2,838	)		(600	)		2,791		115		(1	)		1,146


Total (losses) gains included in earnings		(396	)		1,029,636			(1,279,221	)		(2,838	)		(600	)		2,791		115		(1	)		(1,170	)
Transfers in and/or out of Level 3		-			-			-			-			-			-		-		-
Purchases, issuances and settlements
Purchases		-			-			-			-			-			-		-		-			-
Issuances		-			-			-			-			15,962			-		-		-			-
Settlements		(182	)		(690,753	)		956,666			10,424			(8,800	)		-		-		-			-


Fair value, December 31, 2012	$	110		$	5,787,884		$	(5,777,456	)	$	(17,163	)	$	10,703		$	3,970	$	368	$	(1	)	$	(12,731	)




Unrealized gains (losses) still held (2)	$	43		$	(2,698,414	)	$	4,760,166		$	(16,458	)	$	10,703		$	3,970	$	368	$	(1	)	$	58,032

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities. Net interest income, including cash received and paid, was $8.0 million for the year ended December 31, 2012. The difference between accretion of interest income and expense and the amounts of interest income and expense recognized in the consolidated statements of operations is primarily from contractual interest on the securitized mortgage collateral and borrowings.
(2): Represents the amount of unrealized gains (losses) relating to assets and liabilities classified as Level 3 that are still held and reflected in the fair values at December 31, 2012.

Schedule of quantitative information about the valuation techniques and unobservable inputs applied to Level 3 fair value measurements for financial instruments measured at fair value on a recurring and non-recurring basis

Financial Instrument	Estimated Fair Value			Valuation Technique	Unobservable Input

Assets and liabilities backed by real estate
Investment securities available-for-sale,	$	108		DCF	Discount rates	4.0 - 30.0	%
Securitized mortgage collateral, and		5,494,152			Prepayment rates	0.6 - 28.2	%
Securitized mortgage borrowings		(5,492,371	)		Default rates	0.6 - 21.9	%
					Loss severities	11.8 - 72.3	%


Other assets and liabilities
Mortgage servicing rights	$	35,981		DCF	Discount rate	10.5 - 11.5	%
					Prepayment rates	7.7 - 24.0	%
Derivative liabilities, net, securitized trusts		(10,214	)	DCF	1M forward LIBOR	0.2 - 4.8	%
Interest rate lock commitments, net		913		Market pricing	Pull -through rate	41.0 - 99.0	%
Long-term debt		(15,871	)	DCF	Discount rate	25.0	%
Lease liability		(1,623	)	DCF	Discount rate	12.0	%

DCF = Discounted Cash Flow
1M = 1 Month

Schedule of changes in recurring fair value measurements included in net earnings

	Recurring Fair Value Measurements

	Changes in Fair Value Included in Net Earnings
	For the year ended December 31, 2013
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt			Other Revenue		Gain on sale of loans, net			Total
Investment securities available-for-sale	$	34	$	-		$	36		$	-		$	-	$	-		$	70
Securitized mortgage collateral		31,562		-			452,084			-			-		-			483,646
Securitized mortgage borrowings		-		(244,796	)		(465,189	)		-			-		-			(709,985	)
Mortgage servicing rights		-		-			-			-			6,490		-			6,490
Call option		-		-			-			-			111		-			111
Put option		-		-			-			-			1		-			1
Derivative liabilities, net		-		-			574	(2)		-			-		-			574
Long-term debt		-		(2,453	)		-			(687	)		-		-			(3,140	)
Mortgage loans held-for-sale		-		-			-			-			-		(2,895	)		(2,895	)
Derivative assets—IRLCs		-		-			-			-			-		(3,057	)		(3,057	)
Derivative liabilities—Hedging Instruments		-		-			-			-			-		1,260			1,260


Total	$	31,596	$	(247,249	)	$	(12,495	) (3)	$	(687	)	$	6,602	$	(4,692	)	$	(226,925	)

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.
(2): Included in this amount is $6.8 million in changes in the fair value of derivative instruments, offset by $6.2 million in cash payments from the securitization trusts for the year ended December 31, 2013.
(3): For the year ended December 31, 2013, change in the fair value of trust assets, excluding REO was $12.5 million. Excluded from the $6.3 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $6.2 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

	Recurring Fair Value Measurements

	Changes in Fair Value Included in Net Earnings
	For the year ended December 31, 2012
						Change in Fair Value of
	Interest Income (1)		Interest Expense (1)			Net Trust Assets			Long-term Debt		Other Revenue			Gain on sale of loans, net			Total
Investment securities available-for-sale	$	38	$	-		$	(434	)	$	-	$	-		$	-		$	(396	)
Securitized mortgage collateral		140,491		-			889,145			-		-			-			1,029,636
Securitized mortgage borrowings		-		(398,683	)		(880,538	)		-		-			-			(1,279,221	)
Mortgage servicing rights		-		-			-			-		-			(600	)		(600	)
Call option		-		-			-			-		115			-			115
Put option		-		-			-			-		(1	)		-			(1	)
Derivative liabilities, net		-		-			(2,838	) (2)		-		-			-			(2,838	)
Long-term debt		-		(2,316	)		-			1,146		-			-			(1,170	)
Mortgage loans held-for-sale		-		-			-			-		-			3,709			3,709
Derivative assets—IRLCs		-		-			-			-		-			2,791			2,791
Derivative liabilities—Hedging Instruments		-		-			-			-		-			442			442


Total	$	140,529	$	(400,999	)	$	5,335	(3)	$	1,146	$	114		$	6,342		$	(247,533	)

(1): Amounts primarily represent accretion to recognize interest income and interest expense using effective yields based on estimated fair values for trust assets and trust liabilities.
(2): Included in this amount is $7.7 million in changes in the fair value of derivative instruments, offset by $10.5 million in cash payments from the securitization trusts for the year ended December 31, 2012.
(3): For the year ended December 31, 2012, change in the fair value of trust assets, excluding REO was $5.3 million. Excluded from the $15.8 million change in fair value of net trust assets, excluding REO, in the accompanying consolidated statement of cash flows is $10.5 million in cash payments from the securitization trusts related to the Company's net derivative liabilities.

Schedule of financial and non-financial assets and liabilities measured using nonrecurring fair value measurements

	Nonrecurring Fair Value Measurements							Total Gains (Losses) For the Year Ended December 31, 2013 (3)

	December 31, 2013
	Level 1		Level 2		Level 3
REO (1)	$	-	$	3,109	$	-		$	8,760
Lease liability (2)		-		-		(1,623	)		(202	)

(1): Balance represents REO at December 31, 2013 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the year ended December 31, 2013, the $8.8 million gain represents recovery of the net realizable value (NRV) attributable to an improvement in state specific loss severities on properties held during the period which resulted in an increase to NRV.
(2): For the year ended December 31, 2013, the Company recorded $202 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(3): Total losses reflect losses from all nonrecurring measurements during the period.

	Non-recurring Fair Value Measurements							Total Gains (Losses) For the Year Ended December 31, 2012 (3)

	December 31, 2012
	Level 1		Level 2		Level 3
REO (1)	$	-	$	10,172	$	-		$	(13,260	)
Lease liability (2)		-		-		(2,155	)		(625	)

(1): Balance represents REO at December 31, 2012 which has been impaired subsequent to foreclosure. Amounts are included in continuing operations. For the year ended December 31, 2012, the $13.3 million loss represents additional impairment write-downs during 2012.
(2): For the year ended December 31, 2012, the Company recorded $625 thousand in losses resulting from changes in lease liabilities as a result of changes in the Company's expected minimum future lease payments, net.
(3): Total losses reflect losses from all nonrecurring measurements during the period.

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

Reconciliation of Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliation of Earnings Per Share

Schedule of computation of basic and diluted earnings (loss) per common share

	For the year ended December 31,

	2013			2012
Numerator for basic earnings (loss) per share:
(Loss) earnings from continuing operations	$	(5,011	)	$	13,045
Net earnings attributable to noncontrolling interest		(136	)		(871	)


(Loss) earnings from continuing operations attributable to IMH		(5,147	)		12,174
Loss from discontinued operations		(3,037	)		(15,549	)


Net loss attributable to IMH common stockholders	$	(8,184	)	$	(3,375	)




Numerator for diluted earnings (loss) per share:
(Loss) earnings from continuing operations attributable to IMH	$	(5,147	)	$	12,174
Interest expense attributable to convertible notes		-			-


(Loss) earnings from continuing operations attributable to IMH plus interest expense attributable to convertible notes		(5,147	)		12,174
Loss from discontinued operations		(3,037	)		(15,549	)


Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes	$	(8,184	)	$	(3,375	)




Denominator for basic earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		8,749			7,914




Denominator for diluted earnings (loss) per share (1):
Basic weighted average common shares outstanding during the year		8,749			7,914
Net effect of dilutive convertible notes		-			-
Net effect of dilutive stock options and RSU's		-			-


Diluted weighted average common shares		8,749			7,914




Earnings (loss) per common share – basic and diluted:
(Loss) earnings from continuing operations attributable to IMH	$	(0.59	)	$	1.54
Loss from discontinued operations	$	(0.35	)		(1.96	)




Net loss per share available to common stockholders	$	(0.94	)	$	(0.42	)

(1): Share amounts presented in thousands.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of income taxes

	For the year ended December 31,

	2013			2012
Current income taxes:
Federal	$	21		$	-
State		144			48


Total current income taxes		165			48


Deferred income taxes:
Federal		(1,038	)		1,081
State		(158	)		115


Total deferred income tax (benefit) expense		(1,196	)		1,196


Total income tax (benefit) expense	$	(1,031	)	$	1,244

Schedule of deferred tax assets and liabilities temporary differences between the financial statement carrying value and the tax basis of assets

	For the year ended December 31,

	2013			2012
Deferred tax assets:
Fair value and REMIC transactions (1)	$	420,342		$	428,910
Federal and state net operating losses		88,701			85,037
Derivative liabilities		2,980			5,641
Real estate owned		1,892			3,612
Depreciation and amortization		614			1,324
Compensation and other accruals		3,485			2,688
Other		1,622			1,005


Total gross deferred tax assets		519,636			528,217
Deferred tax liabilities:
Mortgage servicing rights		(14,359	)		(4,233	)


Total gross deferred tax liabilities		(14,359	)		(4,233	)
Valuation allowance		(505,277	)		(525,180	)


Total net deferred tax liability	$	-		$	(1,196	)

(1): Includes the (i) change in fair value of net trust assets and LHFS, (ii) REMIC transactions—tax versus book difference (iii) loan losses, and (iv) interest accretion.

Schedule of a reconciliation of income taxes to the expected statutory federal corporate income tax rates

	For the year ended December 31,

	2013			2012
Expected income tax (benefit) expense	$	(2,115	)	$	5,001
State tax, net of federal benefit		(178	)		955
Change in valuation allowance		1,214			(4,288	)
Other		48			(424	)


Total income tax (benefit) expense	$	(1,031	)	$	1,244

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting

Schedule of the selected balance sheet data by reporting segment

Balance Sheet Items as of December 31, 2013:	Mortgage Lending			Real Estate Services			Long-term Portfolio		Corporate		Discontinued Operations		Consolidated

Cash and cash equivalents	$	9,451		$	(74	)	$	-	$	592	$	-	$	9,969
Restricted cash		1,467			-			-		-		-		1,467
Mortgage loans held-for-sale		129,191			-			-		-		-		129,191
Mortgage servicing rights		35,981			-			-		-		-		35,981
Trust assets		-			-			5,513,166		-		-		5,513,166
Other assets (1)		(671	)		8,122			56		18,767		2,277		28,551
Total assets		175,419			8,048			5,513,222		19,359		2,277		5,718,325
Total liabilities		141,857			1,305			5,502,765		33,644		12,883		5,692,454

Balance Sheet Items as of December 31, 2012:	Mortgage Lending			Real Estate Services		Long-term Portfolio		Corporate		Discontinued Operations		Consolidated

Cash and cash equivalents	$	10,617		$	1,010	$	-	$	1,084	$	-	$	12,711
Restricted cash		1,760			-		-		1,470		-		3,230
Mortgage loans held-for-sale		118,786			-		-		-		-		118,786
Mortgage servicing rights		10,703			-		-		-		-		10,703
Trust assets		-			-		5,810,506		-		-		5,810,506
Other assets (1)		(4,133	)		11,823		3,182		19,728		52		30,652
Total assets		137,733			12,833		5,813,688		22,282		52		5,986,588
Total liabilities		117,555			3,278		5,794,822		22,282		18,808		5,956,745

(1): Amounts represent reclassifications of balances within the discontinued operations segment to reflect balances within continuing operations as presented in the accompanying consolidated balance sheets.

Schedule of the selected statement of operations information by reporting segment

Statement of Operations Items for the year ended December 31, 2013:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate			Consolidated

Gain on sale of loans, net	$	55,302		$	-		$	-		$	-		$	55,302
Servicing income, net		4,240			-			-			-			4,240
Real estate services fees, net		-			19,370			-			-			19,370
Other revenue		6,758			-			833			(20	)		7,571
Other income (expense)		4			19			(3,371	)		(1,103	)		(4,451	)
Total expense		(67,405	)		(6,139	)		(1,713	)		(12,817	)		(88,074	)


(Loss) earnings from continuing operations before income taxes	$	(1,101	)	$	13,250		$	(4,251	)	$	(13,940	)		(6,042	)




Income tax benefit from continuing operations														(1,031	)


Loss from continuing operations														(5,011	)
Loss from discontinued operations, net of tax														(3,037	)


Net loss														(8,048	)
Net earnings attributable to noncontrolling interest														(136	)


Net loss attributable to common stockholders													$	(8,184	)

Statement of Operations Items for the year ended December 31, 2012:	Mortgage Lending			Real Estate Services			Long-term Portfolio			Corporate			Consolidated

Gain on sale of loans, net	$	72,719		$	-		$	-		$	-		$	72,719
Servicing income, net		1,198			-			-			-			1,198
Real estate services fees, net		-			21,218			-			-			21,218
Other revenue		(901	)		-			1,904			(46	)		957
Other income (expense)		(673	)		27			(4,251	)		(30	)		(4,927	)
Total expense		(53,860	)		(8,664	)		(1,380	)		(12,972	)		(76,876	)


Earnings (loss) from continuing operations before income taxes	$	18,483		$	12,581		$	(3,727	)	$	(13,048	)		14,289




Income tax expense from continuing operations														1,244


Earnings from continuing operations														13,045
Loss from discontinued operations, net of tax														(15,549	)


Net loss														(2,504	)
Net earnings attributable to noncontrolling interest														(871	)


Net loss attributable to common stockholders													$	(3,375	)

Commitments and Contingencies (Continuing and Discontinued Operations) (Tables)

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies (Continuing and Discontinued Operations)

Schedule of future minimum commitments under non-cancelable leases

	Operating Leases			Capital Leases		Total

Year 2014	$	8,697		$	657	$	9,354
Year 2015		8,391			516		8,907
Year 2016		6,543			145		6,688
Year 2017		-			-		-
Year 2018 and thereafter		-			-		-


Subtotal		23,631			1,318		24,949
Sublet income		(8,415	)		-		(8,415	)


Total lease commitments	$	15,216		$	1,318	$	16,534

Schedule of the activity related to the continued operations repurchase reserve for previously sold loans

	For the year ended December 31,

	2013			2012
Beginning balance	$	2,392		$	603
Provision for repurchases		1,750			1,789
Settlements		(129	)		-


Total repurchase reserve	$	4,013		$	2,392

Schedule of the activity related to the discontinued operations repurchase reserve for previously sold loans

	For the year ended December 31,

	2013			2012
Beginning balance	$	8,170		$	5,213
Provision for repurchases		1,312			5,713
Settlements		(4,017	)		(2,756	)


Total repurchase reserve	$	5,465		$	8,170

Share Based Payments and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Share Based Payments and Employee Benefit Plans

Schedule of weighted average assumptions used in estimation of the fair value of options granted

	For the year ended December 31,

	2013	2012
Risk-free interest rate	1.46%	0.60% - 0.65%
Expected lives (in years)	5.56	4.55 - 4.90
Expected volatility (1)	78.58%	209.30% - 214.13%
Expected dividend yield	0.00%	0.00%
Fair value per share	$7.03	$13.51 - $13.53

(1): Expected volatilities are based on both the implied and historical volatility of the Company's stock over the expected option life.

Summary of activity, pricing and other information for the Company's stock options

	For the year ended December 31,

	2013					2012
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price
Options outstanding at beginning of year		796,795		$	7.89		1,241,808		$	3.64
Options granted		255,000			10.65		269,500			13.81
Options exercised		(121,576	)		1.45		(659,071	)		1.88
Options forfeited / cancelled		(143,087	)		11.76		(55,442	)		12.96


Options outstanding at end of year		787,132		$	9.07		796,795		$	7.89




Options exercisable at end of year		424,888		$	6.72		420,475		$	5.39

Schedule of aggregate intrinsic value

	As of December 31,

	2013				2012
	Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
Options outstanding at end of year		7.92	$	1,325,207		7.32	$	5,766




Options exercisable at end of year		6.73	$	1,325,207		5.51	$	4,476

Schedule of additional information regarding stock options outstanding

Additional information regarding stock options outstanding as of December 31, 2013 is as follows:

	Stock Options Outstanding						Options Exercisable

Exercise Price Range	Number Outstanding		Weighted- Average Remaining Contractual Life in Years		Weighted- Average Exercise Price		Number Exercisable		Weighted- Average Exercise Price
$ 0 - 0.53		132,510		5.44	$	0.53		132,510	$	0.53
0.54 - 2.73		114,000		6.93		2.73		114,000		2.73
2.74 - 2.80		73,122		6.58		2.80		73,122		2.80
2.81 - 10.65		227,000		9.56		10.65		-		-
10.66 - 13.81		236,500		8.76		13.81		101,256		13.81
13.82 - 217.70		4,000		0.47		217.70		4,000		217.70


$ 0.53 - 217.70		787,132		7.92		9.07		424,888		6.72

Summary of activity, pricing and other information for the Company's (DSU's)

	For the year ended December 31,

	2013				2012
	Number of Shares		Weighted- Average Grant Date Fair Value		Number of Shares		Weighted- Average Grant Date Fair Value
DSU's outstanding at beginning of year		42,000	$	7.48		24,000	$	2.73
DSU's granted		30,000		10.65		18,000		13.81
DSU's exercised		-		-		-		-
DSU's forfeited/cancelled		-		-		-		-


DSU's outstanding at end of period		72,000	$	8.80		42,000	$	7.48

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Discontinued Operations

Schedule of the discontinued operations' condensed balance sheets

	At December 31,

	2013		2012
Cash and cash equivalents	$	-	$	44
Other assets		2,277		8


Total assets	$	2,277	$	52




Repurchase reserve	$	5,465	$	8,170
Legal settlements		3,775		6,100
Other liabilities		3,643		4,538


Total liabilities	$	12,883	$	18,808

Schedule of discontinued operations' condensed statement of operations

	For the years ended December 31,

	2013			2012
Provision for repurchases	$	(1,312	)	$	(5,713	)
Legal settlements		(3,775	)		(6,100	)
Other income (expense)		2,050			(3,736	)


Net loss	$	(3,037	)	$	(15,549	)

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Details 2) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash and Cash Equivalents and Restricted Cash
Restricted cash	$ 1,467	$ 3,230

- Definition

The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations.

+ References+ Details

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Details 3) (USD $)	12 Months Ended
	Dec. 31, 2013 item	Dec. 31, 2013 AmeriHome	Jul. 31, 2013 AmeriHome	Dec. 31, 2013 Put option AmeriHome	Dec. 31, 2012 Put option AmeriHome	Dec. 31, 2013 Call option AmeriHome	Dec. 31, 2012 Call option AmeriHome
Securitized Mortgage Borrowings
Number of consolidated securitizations insured by bond guaranty insurance provided by FGIC	3
Derivative Instruments
Derivative liabilities	$ 10,200,000
Derivative Instruments
Remaining ownership interest acquired (as a percent)			20.00%
Ownership interest (as a percent)		100.00%
Assets fair value						0	368,000
Liabilities fair value				$ 0	$ 1,000
Mortgage Loans Held-for-Sale
Maximum past due period of principal or interest based on LHFS are placed on nonaccrual status	90 days

Mortgage Loans Held-for-Sale (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	$ 129,191	$ 118,786
Gain on LHFS
Premium from servicing retained loan sales	4,240	1,198
Provision for repurchases	(1,750)	(1,789)
Total gain on sale of loans, net	61,743	67,565
Government
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	81,292	57,992
Conventional
Mortgage Loans held-for-Sale
Total mortgage loans held-for-sale	44,303	54,303
Mortgage loans, held-for-sale
Mortgage Loans held-for-Sale
Fair value adjustment	3,596	6,491
Gain on LHFS
Gain on sale of mortgage loans	69,422	113,636
Premium from servicing retained loan sales	21,776	15,962
Unrealized (losses) gains from derivative financial instruments	(1,797)	3,234
Realized gains (losses) from derivative financial instruments	14,589	(16,697)
Mark to market (loss) gain on LHFS	(2,895)	3,709
Direct origination expenses, net	(44,043)	(45,336)
Provision for repurchases	(1,750)	(1,789)
Total gain on sale of loans, net	$ 55,302	$ 72,719

Mortgage Servicing Rights (Details) (USD $)	12 Months Ended
Mortgage Servicing Rights (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Changes in the fair value of MSRs
Fair value of MSRs at end of period	$ 35,981,000	$ 10,703,000
Total loans serviced	3,128,646,000	1,492,068,000
2010 Acquisition of AmeriHome
Changes in the fair value of MSRs
Total loans serviced	87,693,000	113,687,000
Unpaid principal balance of servicing to be transferred with the completion of the sale	702,100,000
Government
Changes in the fair value of MSRs
Total loans serviced	1,203,478,000	655,566,000
Conventional
Changes in the fair value of MSRs
Total loans serviced	1,837,475,000	722,815,000
Mortgage Servicing Rights
Changes in the fair value of MSRs
Balance at beginning of period	10,703,000	4,141,000
Additions from servicing retained loan sales	21,776,000	15,962,000
Reductions from bulk sales	(2,988,000)	(8,800,000)
Changes in fair value	6,490,000	(600,000)
Fair value of MSRs at end of period	35,981,000	10,703,000
Mortgage Servicing Rights Sensitivity Analysis
Prepayment Speed, Decrease in fair value from 100 basis point (bp) adverse change	(1,433,000)
Prepayment Speed, Decrease in fair value from 200 bps adverse change	(2,775,000)
Discount Rate, Decrease in fair value from 100 bps adverse change	(1,342,000)
Discount Rate, Decrease in fair value from 200 bps adverse change	$ (2,594,000)

Other Assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Other Assets
Deferred charge	$ 11,974	$ 11,974
Accounts receivable, net	4,012	4,544
Prepaid expenses	3,024	2,542
Premises and equipment, net	2,526	2,470
Derivative assets - lending (See Note 11)	2,115	3,970
Servicing advances, net	1,343	1,086
Investment in limited partnership	322	2,042
Other	958	1,972
Total other assets	$ 26,274	$ 30,600

Other Assets (Details 2) (USD $) In Thousands, unless otherwise specified			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Minimum	Dec. 31, 2013 Maximum
Premises and Equipment, net
Useful lives			P3Y	P20Y
Premises and equipment	$ 14,805	$ 13,481
Accumulated depreciation	(12,279)	(11,011)
Total premises and equipment, net	2,526	2,470
Servicer Advances
Servicer advances	$ 1,343	$ 1,086

Other Assets (Details 3) (USD $)	12 Months Ended
Other Assets (Details 3) (USD $)	Dec. 31, 2013
Investment in Limited Partnership
Outstanding commitments	$ 0
Distributions from the limited partnership	2,300,000
Return of capital	1,700,000
Prior investment earnings	$ 579,000

Warehouse Borrowings (Details) (USD $)	12 Months Ended				12 Months Ended		12 Months Ended				12 Months Ended					12 Months Ended					12 Months Ended
Warehouse Borrowings (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Warehouse borrowings	Dec. 31, 2012 Warehouse borrowings	Dec. 31, 2013 Repurchase agreement 1	Dec. 31, 2012 Repurchase agreement 1	Dec. 31, 2013 Repurchase agreement 1 Minimum	Dec. 31, 2013 Repurchase agreement 1 Maximum	Dec. 31, 2013 Repurchase agreement 2	Dec. 31, 2012 Repurchase agreement 2	Dec. 31, 2013 Repurchase agreement 2 Minimum	Dec. 31, 2013 Repurchase agreement 2 Maximum	Dec. 31, 2013 Repurchase agreement 3	Sep. 30, 2013 Repurchase agreement 3	Dec. 31, 2012 Repurchase agreement 3	Dec. 31, 2013 Repurchase agreement 3 Minimum	Dec. 31, 2013 Repurchase agreement 3 Maximum	Dec. 31, 2013 Repurchase agreement 4	Dec. 31, 2012 Repurchase agreement 4	Jan. 31, 2014 Repurchase agreement 4 Subsequent Event	Dec. 31, 2013 Repurchase agreement 4 Minimum	Dec. 31, 2013 Repurchase agreement 4 Maximum
Warehouse Borrowings
Maximum Borrowing Capacity			$ 265,000,000		$ 75,000,000				$ 40,000,000				$ 50,000,000	$ 50,000,000				$ 100,000,000		$ 125,000,000
Balance Outstanding			119,634,000	107,604,000	50,794,000	31,600,000			19,493,000	19,780,000			15,592,000		16,554,000			33,755,000	39,670,000
Allowable Advance Rates (as a percent)							90.00%	98.00%			75.00%	98.00%				80.00%	98.00%	95.00%
Description of variable rate					1ML				Prime				1ML					BR
Interest rate margin (as a percent)							3.50%	6.50%			1.00%	6.00%				3.50%	4.00%				3.50%	4.00%
Aggregate principal borrowing capacity before amendment														75,000,000
Information on warehouse borrowings
Maximum outstanding balance during the year	197,455,000	159,669,000
Average balance outstanding for the year	111,335,000	79,707,000
Underlying collateral (mortgage loans)	$ 124,688,000	$ 112,103,000
Weighted average rate for period (as a percent)	4.02%	4.20%

Convertible Notes (Details) (Convertible Notes, USD $)	1 Months Ended
Convertible Notes (Details) (Convertible Notes, USD $)	Apr. 30, 2013 D
Convertible Notes
Convertible notes
Amount of debt issued	$ 20,000,000
Accrued interest rate of debt (as a percent)	7.50%
Conversion price (in dollars per share)	$ 10.875
Number of trading days for which average volume-weighted closing stock price must exceed specified price	20
Number of consecutive trading days during which average volume-weighted closing stock price must exceed specified price	30 days
Market price at which the Company has the right to convert the entire outstanding principal of the Convertible notes	$ 16.31
Convertible notes voting restriction period	3 years
Debt issuance costs	$ 300,000

Long-term Debt (Details) (USD $)			12 Months Ended			24 Months Ended		12 Months Ended						12 Months Ended				12 Months Ended
Long-term Debt (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Trust Preferred Securities	Dec. 31, 2012 Trust Preferred Securities	Dec. 31, 2009 Trust Preferred Securities	Dec. 31, 2009 Trust Preferred Securities	Dec. 31, 2008 Trust Preferred Securities	Dec. 31, 2013 Trust Preferred Securities Minimum	Dec. 31, 2013 Trust Preferred Securities After July 30, 2010	Dec. 31, 2013 Junior subordinated notes	Dec. 31, 2012 Junior subordinated notes	Dec. 31, 2009 Junior subordinated notes	Dec. 31, 2013 Junior subordinated notes Through December 2013	Dec. 31, 2013 Junior subordinated notes January 2014 through 2017	Dec. 31, 2013 Junior subordinated notes From 2018	Dec. 31, 2013 Common securities	Dec. 31, 2012 Common securities	Dec. 31, 2005 Trusts item	Dec. 31, 2005 Trusts Trust Preferred Securities	Dec. 31, 2005 Trusts Junior subordinated notes
Note payable
Number of wholly owned subsidiaries formed to issue securities																		4
Debt issued																			$ 99,200,000	$ 96,300,000
Amount of debt purchased and cancelled					36,500,000	36,500,000	36,500,000
Amount for which debt was purchased and cancelled						5,500,000
Amount of debt exchanged					51,300,000
Amount for which debt was exchanged												62,000,000
Total	15,871,000	12,731,000	8,500,000	8,500,000						62,000,000	62,000,000					263,000	263,000
Fair value adjustment			(6,459,000)	(6,785,000)						(48,433,000)	(51,247,000)
Total			$ 2,304,000	$ 1,978,000						$ 13,567,000	$ 10,753,000
Fixed interest rate (as a percent)													2.00%
Variable rate basis									three-month LIBOR						3-month LIBOR
Applicable margin (as a percent)									3.75%						3.75%
Interest rate at the end of the period (as a percent)			3.99%
Default period to declare principal amount and interest payable immediately			30 days
Percentage of debt, holders of which are to declare principal amount and interest payable immediately in the event of default								25.00%
Increase in interest rate (as a percent)														1.00%

Notes Payable (Details) (USD $)	12 Months Ended
Notes Payable (Details) (USD $)	Dec. 31, 2012	Apr. 30, 2013	Feb. 29, 2012 item
Previous debt agreement
Note payable
Repayment of the previous debt by using proceeds of new debt	$ 408,000
Structured debt agreement
Note payable
Debt issued			7,500,000
Number of residual interests used as collateral for structured debt facility			8
Proceeds from issuance of debt, net of payoff and transaction costs	7,000,000
Transaction costs incurred	50,000
Amount of reserve for payment of notes payable		$ 1,500,000

Line of Credit Agreement (Details) (USD $)	12 Months Ended
Line of Credit Agreement (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
Line of Credit Agreement
Maximum outstanding balance during the year	$ 197,455,000	$ 159,669,000
Average balance outstanding for the year	111,335,000	79,707,000
Weighted average rate for period (as a percent)	4.02%	4.20%
Working capital line of credit agreement
Line of Credit Agreement
Maximum borrowing capacity			4,000,000
Variable interest rate base	one-month LIBOR
Interest margin over base rate (as a percent)	3.50%
Outstanding balance	3,000,000
Maximum outstanding balance during the year	3,000,000	4,000,000
Average balance outstanding for the year	$ 597,000	$ 1,753,000
Weighted average rate for period (as a percent)	3.85%	3.65%

Securitized Mortgage Trusts (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Trust Assets
Investment securities available-for-sale	$ 108,000	$ 110,000
Securitized mortgage collateral	5,494,152,000	5,787,884,000
Derivative assets		37,000
Real estate owned	18,906,000	22,475,000
Total trust assets	5,513,166,000	5,810,506,000
Securitized Mortgage Collateral
Total securitized mortgage collateral	5,494,152,000	5,787,884,000
Mortgages secured by residential real estate
Trust Assets
Securitized mortgage collateral	6,581,235,000	7,460,212,000
Securitized Mortgage Collateral
Total securitized mortgage collateral	6,581,235,000	7,460,212,000
Mortgages secured by commercial real estate
Trust Assets
Securitized mortgage collateral	810,500,000	1,026,086,000
Securitized Mortgage Collateral
Total securitized mortgage collateral	810,500,000	1,026,086,000
Securitized mortgage collateral
Trust Assets
Securitized mortgage collateral	5,494,152,000	5,787,884,000
Securitized Mortgage Collateral
Fair value adjustment	(1,897,583,000)	(2,698,414,000)
Total securitized mortgage collateral	5,494,152,000	5,787,884,000
Mortgages serviced for others
Securitized Mortgage Collateral
Other mortgages primarily collateralized by REMIC	$ 1,100,000,000	$ 1,300,000,000

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

Securitized Mortgage Trusts (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Real Estate Owned (REO)
REO	$ 23,601	$ 31,116
Impairment	(4,680)	(8,605)
Ending balance	18,906	22,475
Trust Liabilities
Securitized mortgage borrowings	5,492,371	5,777,456
Derivative liabilities	10,214	17,200
Total trust liabilities	5,502,585	5,794,656
Inside trusts
Real Estate Owned (REO)
Ending balance	18,906	22,475
Outside trusts
Real Estate Owned (REO)
Ending balance	$ 15	$ 36

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

Securitized Mortgage Trusts (Details 3) (USD $)	12 Months Ended
Securitized Mortgage Trusts (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Minimum
Range of interest rates
Interest rate margin adjustment trigger, percentage of unpaid principal balance to original issuance amount	10.00%
Maximum
Range of interest rates
Interest rate margin adjustment trigger, percentage of unpaid principal balance to original issuance amount	20.00%
2002
Securitized Mortgage Borrowings
Original Issuance Amount	$ 3,876,100,000
Subtotal securitized mortgage borrowings	14,500,000	18,400,000
2002 \| Minimum
Range of interest rates
Fixed interest rate (as a percent)	5.25%
Interest Rate Margins over One-Month LIBOR (as a percent)	0.27%
Interest Rate Margins after Contractual Call Date (as a percent)	0.54%
2002 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	12.00%
Interest Rate Margins over One-Month LIBOR (as a percent)	2.75%
Interest Rate Margins after Contractual Call Date (as a percent)	3.68%
2003
Securitized Mortgage Borrowings
Original Issuance Amount	5,966,100,000
Subtotal securitized mortgage borrowings	116,800,000	147,500,000
2003 \| Minimum
Range of interest rates
Fixed interest rate (as a percent)	4.34%
Interest Rate Margins over One-Month LIBOR (as a percent)	0.27%
Interest Rate Margins after Contractual Call Date (as a percent)	0.54%
2003 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	12.75%
Interest Rate Margins over One-Month LIBOR (as a percent)	3.00%
Interest Rate Margins after Contractual Call Date (as a percent)	4.50%
2004
Securitized Mortgage Borrowings
Original Issuance Amount	17,710,700,000
Subtotal securitized mortgage borrowings	1,035,100,000	1,212,000,000
2004 \| Minimum
Range of interest rates
Fixed interest rate (as a percent)	3.58%
Interest Rate Margins over One-Month LIBOR (as a percent)	0.25%
Interest Rate Margins after Contractual Call Date (as a percent)	0.50%
2004 \| Maximum
Range of interest rates
Fixed interest rate (as a percent)	5.56%
Interest Rate Margins over One-Month LIBOR (as a percent)	2.50%
Interest Rate Margins after Contractual Call Date (as a percent)	3.75%
2005
Securitized Mortgage Borrowings
Original Issuance Amount	13,387,700,000
Subtotal securitized mortgage borrowings	2,999,400,000	3,296,500,000
2005 \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.24%
Interest Rate Margins after Contractual Call Date (as a percent)	0.48%
2005 \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.90%
Interest Rate Margins after Contractual Call Date (as a percent)	4.35%
2006
Securitized Mortgage Borrowings
Original Issuance Amount	5,971,400,000
Subtotal securitized mortgage borrowings	3,321,200,000	3,603,600,000
Range of interest rates
Fixed interest rate (as a percent)	6.25%
2006 \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.10%
Interest Rate Margins after Contractual Call Date (as a percent)	0.20%
2006 \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.75%
Interest Rate Margins after Contractual Call Date (as a percent)	4.13%
2007
Securitized Mortgage Borrowings
Original Issuance Amount	3,860,500,000
Subtotal securitized mortgage borrowings	2,055,400,000	2,259,600,000
2007 \| Minimum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	0.06%
Interest Rate Margins after Contractual Call Date (as a percent)	0.12%
2007 \| Maximum
Range of interest rates
Interest Rate Margins over One-Month LIBOR (as a percent)	2.00%
Interest Rate Margins after Contractual Call Date (as a percent)	3.00%
Securitized Mortgage Borrowings
Securitized Mortgage Borrowings
Subtotal securitized mortgage borrowings	9,542,400,000	10,537,600,000
Fair value adjustment	(4,050,000,000)	(4,760,100,000)
Total securitized mortgage borrowings	$ 5,492,400,000	$ 5,777,500,000
Securitized Mortgage Borrowings \| London Interbank Offered Rate (LIBOR)
Range of interest rates
Basis of variable rate	One-month LIBOR
Reference rate (as a percent)	0.17%

Securitized Mortgage Trusts (Details 4) (Securitized Mortgage Borrowings, USD $) In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Securitized Mortgage Borrowings
Securitized Mortgage Borrowings
Total	$ 9,542.4	$ 10,537.6
Less Than One Year	828.8
One to Three Years	1,244.6
Three to Five Years	802.9
More Than Five Years	$ 6,666.1

Securitized Mortgage Trusts (Details 5) (USD $)	12 Months Ended
Securitized Mortgage Trusts (Details 5) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Derivative Liabilities
Net derivative liability	$ 10,214,000	$ 17,200,000
Change in fair value of net trust assets, including trust REO gains (losses)
Change in fair value of net trust assets, excluding REO	(12,495,000)	5,335,000
Gains (losses) from REO	8,816,000	(13,226,000)
Change in fair value of net trust assets, including trust REO gains (losses)	(3,678,000)	(7,891,000)
LBHI \| Securitized trusts
Derivative Liabilities
Net derivative liability	0	1,100,000
Mortgage lending operations \| Derivative liabilities
Derivative Liabilities
Net derivative liability	10,200,000	17,200,000
Notional balance	99,800,000
Mortgage lending operations \| Derivative assets
Derivative Liabilities
Notional balance	$ 99,800,000

- Definition

+ References+ Details

Derivative Instruments (Details) (USD $)	12 Months Ended	1 Months Ended			3 Months Ended	12 Months Ended								12 Months Ended			12 Months Ended
Derivative Instruments (Details) (USD $)	Dec. 31, 2013	Jul. 31, 2013 AmeriHome	Jan. 31, 2013 AmeriHome	Jun. 30, 2012 AmeriHome	Sep. 30, 2013 AmeriHome	Dec. 31, 2010 AmeriHome	Dec. 31, 2013 AmeriHome	Jul. 02, 2013 AmeriHome	Dec. 31, 2013 Put option AmeriHome	Dec. 31, 2012 Put option AmeriHome	Dec. 31, 2013 Call option AmeriHome	Dec. 31, 2012 Call option AmeriHome	Dec. 31, 2013 Mortgage lending operations IRLCs	Dec. 31, 2013 Mortgage lending operations IRLCs Derivative assets	Dec. 31, 2012 Mortgage lending operations IRLCs Derivative assets	Dec. 31, 2013 Mortgage lending operations TBA/FNMA's	Dec. 31, 2013 Mortgage lending operations TBA/FNMA's Derivative liabilities	Dec. 31, 2012 Mortgage lending operations TBA/FNMA's Derivative liabilities
Derivative assets and liabilities - lending
Assets fair value											$ 0	$ 368,000	$ 1,000,000
Liabilities fair value									0	1,000						1,100,000
Derivative assets, Notional Balance														137,254,000	221,461,000
Derivative liabilities, Notional Balance																	182,809,000	236,682,000
Total Gains (Losses)														(3,057,000)	2,791,000		15,849,000	(16,255,000)
Percentage of ownership interest in acquiree for which option to purchase is available in the purchase agreement						39.00%
Percentage of ownership interest in acquiree that can be sold by the noncontrolling interest holder to the company						49.00%
Ownership interest agreed to be acquired (as a percent)			1.50%	27.50%
Transfer of remaining ownership (as a percent)		20.00%			20.00%
Amount paid for transfer of remaining ownership	350,000	350,000
IMH common stock issued for settlement		$ 1,100,000
Ownership interest (as a percent)							100.00%	100.00%

Redeemable Preferred Stock (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013
Redeemable Preferred Stock
Outstanding liquidation preference of Series B and Series C Preferred Stock	$ 51,800
Liquidation preference amount per share (in dollars per share)	$ 25.00

- Definition

The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.

+ References+ Details

Acquisition/Disposition of Noncontrolling Interest (Details) (USD $)	12 Months Ended	1 Months Ended			3 Months Ended	12 Months Ended			12 Months Ended
	Dec. 31, 2013	Jul. 31, 2013 AmeriHome	Jan. 31, 2013 AmeriHome	Jun. 30, 2012 AmeriHome	Sep. 30, 2013 AmeriHome	Dec. 31, 2010 AmeriHome item	Dec. 31, 2013 AmeriHome	Jul. 02, 2013 AmeriHome	Dec. 31, 2010 IRES AmeriHome
Acquisition of noncontrolling interest
Ownership interest acquired (as a percent)									51.00%
Cash payment									$ 1,100,000
Note payable incurred									720,000
Percentage of ownership interest in acquiree for which option to purchase is available in the purchase agreement						39.00%
Multiplier at which option to purchase ownership interest in acquiree is available in purchase agreement						1.5
Maximum amount considered for purchase of ownership interest in acquiree available in purchase agreement						5,000,000
Additional cash to be paid for purchase of ownership interest in acquiree available in purchase agreement						550,000
Option term						3 years
Percentage of ownership interest in acquiree that can be sold by the noncontrolling interest holder to the company						49.00%
Maximum amount at which ownership interest in acquiree that can be sold by the noncontrolling interest holder to the company						5,000,000
Ownership interest agreed to be acquired (as a percent)			1.50%	27.50%
Transfer of remaining ownership (as a percent)		20.00%			20.00%
Amount paid for transfer of remaining ownership	350,000	350,000
IMH common stock issued for settlement		$ 1,100,000
Ownership interest (as a percent)							100.00%	100.00%

Fair Value of Financial Instruments (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 Notes payable Maximum	Dec. 31, 2013 Carrying Amount Warehouse borrowings	Dec. 31, 2012 Carrying Amount Warehouse borrowings	Dec. 31, 2012 Carrying Amount Notes payable	Dec. 31, 2013 Carrying Amount Convertible Notes	Dec. 31, 2013 Carrying Amount Long-term debt	Dec. 31, 2012 Carrying Amount Long-term debt	Dec. 31, 2013 Carrying Amount Securitized mortgage borrowings	Dec. 31, 2012 Carrying Amount Securitized mortgage borrowings	Dec. 31, 2013 Carrying Amount Derivative liabilities, securitized trusts	Dec. 31, 2012 Carrying Amount Derivative liabilities, securitized trusts	Dec. 31, 2012 Carrying Amount Derivative liabilities, lending	Dec. 31, 2013 Carrying Amount Line of credit	Dec. 31, 2012 Carrying Amount Put option	Dec. 31, 2013 Carrying Amount Cash and cash equivalents	Dec. 31, 2012 Carrying Amount Cash and cash equivalents	Dec. 31, 2013 Carrying Amount Restricted cash	Dec. 31, 2012 Carrying Amount Restricted cash	Dec. 31, 2013 Carrying Amount Mortgage loans held-for-sale	Dec. 31, 2012 Carrying Amount Mortgage loans held-for-sale	Dec. 31, 2013 Carrying Amount Mortgage servicing rights	Dec. 31, 2012 Carrying Amount Mortgage servicing rights	Dec. 31, 2013 Carrying Amount Derivative assets, lending, net	Dec. 31, 2012 Carrying Amount Derivative assets, lending, net	Dec. 31, 2013 Carrying Amount Investment securities available-for-sale	Dec. 31, 2012 Carrying Amount Investment securities available-for-sale	Dec. 31, 2013 Carrying Amount Securitized mortgage collateral	Dec. 31, 2012 Carrying Amount Securitized mortgage collateral	Dec. 31, 2012 Carrying Amount Derivative assets, securitized trusts, net	Dec. 31, 2012 Carrying Amount Call option	Dec. 31, 2013 Estimated Fair Value Level 1 Line of credit	Dec. 31, 2013 Estimated Fair Value Level 1 Cash and cash equivalents	Dec. 31, 2012 Estimated Fair Value Level 1 Cash and cash equivalents	Dec. 31, 2013 Estimated Fair Value Level 1 Restricted cash	Dec. 31, 2012 Estimated Fair Value Level 1 Restricted cash	Dec. 31, 2013 Estimated Fair Value Level 2 Warehouse borrowings	Dec. 31, 2012 Estimated Fair Value Level 2 Warehouse borrowings	Dec. 31, 2012 Estimated Fair Value Level 2 Derivative liabilities, lending	Dec. 31, 2013 Estimated Fair Value Level 2 Mortgage loans held-for-sale	Dec. 31, 2012 Estimated Fair Value Level 2 Mortgage loans held-for-sale	Dec. 31, 2013 Estimated Fair Value Level 2 Derivative assets, lending, net	Dec. 31, 2012 Estimated Fair Value Level 3 Notes payable	Dec. 31, 2013 Estimated Fair Value Level 3 Convertible Notes	Dec. 31, 2013 Estimated Fair Value Level 3 Long-term debt	Dec. 31, 2012 Estimated Fair Value Level 3 Long-term debt	Dec. 31, 2013 Estimated Fair Value Level 3 Securitized mortgage borrowings	Dec. 31, 2012 Estimated Fair Value Level 3 Securitized mortgage borrowings	Dec. 31, 2013 Estimated Fair Value Level 3 Derivative liabilities, securitized trusts	Dec. 31, 2012 Estimated Fair Value Level 3 Derivative liabilities, securitized trusts	Dec. 31, 2012 Estimated Fair Value Level 3 Put option	Dec. 31, 2013 Estimated Fair Value Level 3 Mortgage servicing rights	Dec. 31, 2012 Estimated Fair Value Level 3 Mortgage servicing rights	Dec. 31, 2013 Estimated Fair Value Level 3 Derivative assets, lending, net	Dec. 31, 2012 Estimated Fair Value Level 3 Derivative assets, lending, net	Dec. 31, 2013 Estimated Fair Value Level 3 Investment securities available-for-sale	Dec. 31, 2012 Estimated Fair Value Level 3 Investment securities available-for-sale	Dec. 31, 2013 Estimated Fair Value Level 3 Securitized mortgage collateral	Dec. 31, 2012 Estimated Fair Value Level 3 Securitized mortgage collateral	Dec. 31, 2012 Estimated Fair Value Level 3 Derivative assets, securitized trusts, net	Dec. 31, 2012 Estimated Fair Value Level 3 Call option
Assets
Assets fair value															$ 9,969	$ 12,711	$ 1,467	$ 3,230	$ 129,191	$ 118,786	$ 35,981	$ 10,703	$ 1,992	$ 3,970	$ 108	$ 110	$ 5,494,152	$ 5,787,884	$ 37	$ 368		$ 9,969	$ 12,711	$ 1,467	$ 3,230				$ 129,191	$ 118,786	$ 1,079										$ 35,981	$ 10,703	$ 913	$ 3,970	$ 108	$ 110	$ 5,494,152	$ 5,787,884	$ 37	$ 368
Liabilities
Liabilities fair value		$ 119,634	$ 107,569	$ 3,451	$ 20,000	$ 15,871	$ 12,731	$ 5,492,371	$ 5,777,456	$ 10,214	$ 17,200	$ 181	$ 3,000	$ 1																	$ 3,000					$ 119,634	$ 107,569	$ 181				$ 3,451	$ 20,000	$ 15,871	$ 12,731	$ 5,492,371	$ 5,777,456	$ 10,214	$ 17,200	$ 1
Notes Payable
Maturity period of notes payable	1 year

Fair Value of Financial Instruments (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Level 3
Fair Value Measurements
Percentage of level three assets to total assets measured at fair value	98.00%	98.00%
Percentage of level three Liabilities to total Liabilities measured at fair value	99.00%	99.00%
Recurring basis \| Level 2
Assets
Total assets at fair value	$ 130,270,000	$ 118,786,000
Liabilities
Total liabilities at fair value		181,000
Recurring basis \| Level 3
Assets
Total assets at fair value	5,531,154,000	5,803,035,000
Liabilities
Total liabilities at fair value	5,518,456,000	5,807,351,000
Recurring basis \| Securitized mortgage borrowings \| Level 3
Liabilities
Total liabilities at fair value	5,492,371,000	5,777,456,000
Recurring basis \| Derivative liabilities, net, securitized trusts \| Level 3
Liabilities
Total liabilities at fair value	10,214,000	17,163,000
Derivative assets/liabilities, net
Derivative assets	0	37,000
Derivative liabilities	10,200,000	17,200,000
Recurring basis \| Long-term debt \| Level 3
Liabilities
Total liabilities at fair value	15,871,000	12,731,000
Recurring basis \| Derivative liabilities, lending \| Level 2
Liabilities
Total liabilities at fair value		181,000
Recurring basis \| Derivative liabilities, lending \| Hedging Instruments \| Level 2
Liabilities
Total liabilities at fair value		181,000
Recurring basis \| Put option \| Level 3
Liabilities
Total liabilities at fair value		1,000
Recurring basis \| Investment securities available-for-sale \| Level 3
Assets
Total assets at fair value	108,000	110,000
Liabilities
Total liabilities at fair value		110,000
Recurring basis \| Mortgage loans held-for-sale \| Level 2
Assets
Total assets at fair value	129,191,000	118,786,000
Recurring basis \| Derivative assets, lending \| Level 2
Assets
Total assets at fair value	1,079,000
Recurring basis \| Derivative assets, lending \| Level 3
Assets
Total assets at fair value	913,000	3,970,000
Recurring basis \| Derivative assets, lending \| Interest rate lock commitments (IRLCs) \| Level 2
Assets
Total assets at fair value		4,000,000
Recurring basis \| Derivative assets, lending \| Interest rate lock commitments (IRLCs) \| Level 3
Assets
Total assets at fair value	913,000
Recurring basis \| Derivative assets, lending \| Hedging Instruments \| Level 2
Assets
Total assets at fair value	1,100,000	181,000
Recurring basis \| Mortgage servicing rights \| Level 3
Assets
Total assets at fair value	35,981,000	10,703,000
Recurring basis \| Call option \| Level 3
Assets
Total assets at fair value		368,000
Recurring basis \| Securitized mortgage collateral \| Level 3
Assets
Total assets at fair value	$ 5,494,152,000	$ 5,787,884,000

Fair Value of Financial Instruments (Details 3) (USD $)	12 Months Ended
Fair Value of Financial Instruments (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Level 3
Purchases, issuances and settlements
Net interest income including cash received and paid	$ 5,300,000	$ 8,000,000
Securitized mortgage borrowings
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(5,777,456,000)	(5,454,901,000)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(709,985,000)	(1,279,221,000)
Purchases, issuances and settlements
Settlements	995,070,000	956,666,000
Fair value at the end of the period	(5,492,371,000)	(5,777,456,000)
Unrealized gains (losses) still held	4,050,051,000	4,760,166,000
Securitized mortgage borrowings \| Interest expense
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(244,796,000)	(398,683,000)
Securitized mortgage borrowings \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(465,189,000)	(880,538,000)
Derivative liabilities, net, securitized trusts
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(17,163,000)	(24,749,000)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	574,000	(2,838,000)
Purchases, issuances and settlements
Settlements	6,375,000	10,424,000
Fair value at the end of the period	(10,214,000)	(17,163,000)
Unrealized gains (losses) still held	(9,640,000)	(16,458,000)
Derivative liabilities, net, securitized trusts \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	574,000	(2,838,000)
Put option
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(1,000)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	1,000	(1,000)
Purchases, issuances and settlements
Fair value at the end of the period		(1,000)
Unrealized gains (losses) still held		(1,000)
Put option \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	1,000	(1,000)
Long-term debt
Changes in fair value of liabilities during the period
Fair value in the beginning of the period	(12,731,000)	(11,561,000)
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(3,140,000)	(1,170,000)
Purchases, issuances and settlements
Fair value at the end of the period	(15,871,000)	(12,731,000)
Unrealized gains (losses) still held	54,892,000	58,032,000
Long-term debt \| Interest expense
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(2,453,000)	(2,316,000)
Long-term debt \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(687,000)	1,146,000
Investment securities available-for-sale
Changes in fair value of assets during the period
Fair value at the beginning of the period	110,000	688,000
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	70,000	(396,000)
Purchases, issuances and settlements
Settlements	(72,000)	(182,000)
Fair value at the end of the period	108,000	110,000
Unrealized gains (losses) still held	72,000	43,000
Investment securities available-for-sale \| Interest income
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	34,000	38,000
Investment securities available-for-sale \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	36,000	(434,000)
Securitized mortgage collateral
Changes in fair value of assets during the period
Fair value at the beginning of the period	5,787,884,000	5,449,001,000
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	483,646,000	1,029,636,000
Purchases, issuances and settlements
Settlements	(777,378,000)	(690,753,000)
Fair value at the end of the period	5,494,152,000	5,787,884,000
Unrealized gains (losses) still held	(1,897,583,000)	(2,698,414,000)
Securitized mortgage collateral \| Interest income
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	31,562,000	140,491,000
Securitized mortgage collateral \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	452,084,000	889,145,000
Mortgage servicing rights
Changes in fair value of assets during the period
Fair value at the beginning of the period	10,703,000	4,141,000
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	6,490,000	(600,000)
Purchases, issuances and settlements
Issuances	21,776,000	15,962,000
Settlements	(2,988,000)	(8,800,000)
Fair value at the end of the period	35,981,000	10,703,000
Unrealized gains (losses) still held	35,981,000	10,703,000
Mortgage servicing rights \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	6,490,000	(600,000)
Interest rate lock commitments, net
Changes in fair value of assets during the period
Fair value at the beginning of the period	3,970,000	1,179,000
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(3,057,000)	2,791,000
Purchases, issuances and settlements
Fair value at the end of the period	913,000	3,970,000
Unrealized gains (losses) still held	913,000	3,970,000
Interest rate lock commitments, net \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	(3,057,000)	2,791,000
Call option
Changes in fair value of assets during the period
Fair value at the beginning of the period	368,000	253,000
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	111,000	115,000
Purchases, issuances and settlements
Settlements	(479,000)
Fair value at the end of the period		368,000
Unrealized gains (losses) still held		368,000
Call option \| Change in fair value
Total gains (losses) included in earnings:
Total gains (losses) included in earnings	$ 111,000	$ 115,000

Fair Value of Financial Instruments (Details 4) (Level 3, USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013
Securitized mortgage borrowings backed by real estate \| DCF
Valuation techniques
Estimated fair value of liabilities	$ (5,492,371)
Securitized mortgage borrowings backed by real estate \| DCF \| Minimum
Unobservable input
Default rates (as a percent)	0.60%
Loss severities (as a percent)	11.80%
Securitized mortgage borrowings backed by real estate \| DCF \| Maximum
Unobservable input
Default rates (as a percent)	21.90%
Loss severities (as a percent)	72.30%
Derivative liabilities, net, securitized trusts \| DCF
Valuation techniques
Estimated fair value of liabilities	(10,214)
Unobservable input
Variable rate basis	1M forward LIBOR
Derivative liabilities, net, securitized trusts \| DCF \| Minimum
Unobservable input
Variable rate (as a percent)	0.20%
Derivative liabilities, net, securitized trusts \| DCF \| Maximum
Unobservable input
Variable rate (as a percent)	4.80%
Long-term debt \| DCF
Valuation techniques
Estimated fair value of liabilities	(15,871)
Unobservable input
Discount rates (as a percent)	25.00%
Lease Liability \| DCF
Valuation techniques
Estimated fair value of liabilities	(1,623)
Unobservable input
Discount rates (as a percent)	12.00%
Investment securities available-for-sale backed by real estate \| DCF
Valuation techniques
Estimated fair value of assets	108
Investment securities available-for-sale backed by real estate \| DCF \| Minimum
Unobservable input
Discount rates (as a percent)	4.00%
Investment securities available-for-sale backed by real estate \| DCF \| Maximum
Unobservable input
Discount rates (as a percent)	30.00%
Securitized mortgage collateral backed by real estate \| DCF
Valuation techniques
Estimated fair value of assets	5,494,152
Securitized mortgage collateral backed by real estate \| DCF \| Minimum
Unobservable input
Prepayment rates (as a percent)	0.60%
Securitized mortgage collateral backed by real estate \| DCF \| Maximum
Unobservable input
Prepayment rates (as a percent)	28.20%
Mortgage servicing rights \| DCF
Valuation techniques
Estimated fair value of assets	35,981
Mortgage servicing rights \| DCF \| Minimum
Unobservable input
Discount rates (as a percent)	10.50%
Prepayment rates (as a percent)	7.70%
Mortgage servicing rights \| DCF \| Maximum
Unobservable input
Discount rates (as a percent)	11.50%
Prepayment rates (as a percent)	24.00%
Interest rate lock commitments, net \| Market pricing
Valuation techniques
Estimated fair value of assets	$ 913
Interest rate lock commitments, net \| Market pricing \| Minimum
Unobservable input
Pull-through rate (as a percent)	41.00%
Interest rate lock commitments, net \| Market pricing \| Maximum
Unobservable input
Pull-through rate (as a percent)	99.00%

Fair Value of Financial Instruments (Details 5) (USD $)	12 Months Ended		1 Months Ended			12 Months Ended			12 Months Ended
Fair Value of Financial Instruments (Details 5) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Jul. 31, 2013 AmeriHome	Jan. 31, 2013 AmeriHome	Jun. 30, 2012 AmeriHome	Dec. 31, 2010 AmeriHome	Dec. 31, 2013 AmeriHome	Dec. 31, 2012 AmeriHome	Dec. 31, 2013 Recurring Fair Value Measurements	Dec. 31, 2012 Recurring Fair Value Measurements	Dec. 31, 2013 Recurring Fair Value Measurements Interest income	Dec. 31, 2012 Recurring Fair Value Measurements Interest income	Dec. 31, 2013 Recurring Fair Value Measurements Interest expense	Dec. 31, 2012 Recurring Fair Value Measurements Interest expense	Dec. 31, 2013 Recurring Fair Value Measurements Change in Fair Value of Net Trust Assets	Dec. 31, 2012 Recurring Fair Value Measurements Change in Fair Value of Net Trust Assets	Dec. 31, 2013 Recurring Fair Value Measurements Change in Fair Value of Long-term Debt	Dec. 31, 2012 Recurring Fair Value Measurements Change in Fair Value of Long-term Debt	Dec. 31, 2013 Recurring Fair Value Measurements Other revenue	Dec. 31, 2012 Recurring Fair Value Measurements Other revenue	Dec. 31, 2013 Recurring Fair Value Measurements Gain on sale of loans, net	Dec. 31, 2012 Recurring Fair Value Measurements Gain on sale of loans, net	Dec. 31, 2013 Recurring Fair Value Measurements Securitized mortgage borrowings	Dec. 31, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings	Dec. 31, 2013 Recurring Fair Value Measurements Securitized mortgage borrowings Interest expense	Dec. 31, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings Interest expense	Dec. 31, 2013 Recurring Fair Value Measurements Securitized mortgage borrowings Change in Fair Value of Net Trust Assets	Dec. 31, 2012 Recurring Fair Value Measurements Securitized mortgage borrowings Change in Fair Value of Net Trust Assets	Dec. 31, 2013 Recurring Fair Value Measurements Put option	Dec. 31, 2012 Recurring Fair Value Measurements Put option	Dec. 31, 2013 Recurring Fair Value Measurements Put option Other revenue	Dec. 31, 2012 Recurring Fair Value Measurements Put option Other revenue	Dec. 31, 2013 Recurring Fair Value Measurements Derivative liabilities, net	Dec. 31, 2012 Recurring Fair Value Measurements Derivative liabilities, net	Dec. 31, 2013 Recurring Fair Value Measurements Derivative liabilities, net Change in Fair Value of Net Trust Assets	Dec. 31, 2012 Recurring Fair Value Measurements Derivative liabilities, net Change in Fair Value of Net Trust Assets	Dec. 31, 2013 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments	Dec. 31, 2012 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments	Dec. 31, 2013 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments Gain on sale of loans, net	Dec. 31, 2012 Recurring Fair Value Measurements Derivative liabilities, net Hedging Instruments Gain on sale of loans, net	Dec. 31, 2013 Recurring Fair Value Measurements Long-term debt	Dec. 31, 2012 Recurring Fair Value Measurements Long-term debt	Dec. 31, 2013 Recurring Fair Value Measurements Long-term debt Interest expense	Dec. 31, 2012 Recurring Fair Value Measurements Long-term debt Interest expense	Dec. 31, 2013 Recurring Fair Value Measurements Long-term debt Change in Fair Value of Long-term Debt	Dec. 31, 2012 Recurring Fair Value Measurements Long-term debt Change in Fair Value of Long-term Debt	Dec. 31, 2013 Recurring Fair Value Measurements Investment securities available-for-sale	Dec. 31, 2012 Recurring Fair Value Measurements Investment securities available-for-sale	Dec. 31, 2013 Recurring Fair Value Measurements Investment securities available-for-sale Interest income	Dec. 31, 2012 Recurring Fair Value Measurements Investment securities available-for-sale Interest income	Dec. 31, 2013 Recurring Fair Value Measurements Investment securities available-for-sale Change in Fair Value of Net Trust Assets	Dec. 31, 2012 Recurring Fair Value Measurements Investment securities available-for-sale Change in Fair Value of Net Trust Assets	Dec. 31, 2013 Recurring Fair Value Measurements Securitized mortgage collateral	Dec. 31, 2012 Recurring Fair Value Measurements Securitized mortgage collateral	Dec. 31, 2013 Recurring Fair Value Measurements Securitized mortgage collateral Interest income	Dec. 31, 2012 Recurring Fair Value Measurements Securitized mortgage collateral Interest income	Dec. 31, 2013 Recurring Fair Value Measurements Securitized mortgage collateral Change in Fair Value of Net Trust Assets	Dec. 31, 2012 Recurring Fair Value Measurements Securitized mortgage collateral Change in Fair Value of Net Trust Assets	Dec. 31, 2013 Recurring Fair Value Measurements Mortgage servicing rights	Dec. 31, 2012 Recurring Fair Value Measurements Mortgage servicing rights	Dec. 31, 2012 Recurring Fair Value Measurements Mortgage servicing rights Gain on sale of loans, net	Dec. 31, 2013 Recurring Fair Value Measurements Call option	Dec. 31, 2012 Recurring Fair Value Measurements Call option	Dec. 31, 2013 Recurring Fair Value Measurements Call option Other revenue	Dec. 31, 2012 Recurring Fair Value Measurements Call option Other revenue	Dec. 31, 2013 Recurring Fair Value Measurements Mortgage loans held-for-sale	Dec. 31, 2012 Recurring Fair Value Measurements Mortgage loans held-for-sale	Dec. 31, 2013 Recurring Fair Value Measurements Mortgage loans held-for-sale Other revenue	Dec. 31, 2013 Recurring Fair Value Measurements Mortgage loans held-for-sale Gain on sale of loans, net	Dec. 31, 2012 Recurring Fair Value Measurements Mortgage loans held-for-sale Gain on sale of loans, net	Dec. 31, 2013 Recurring Fair Value Measurements Derivative assets, net IRLCs	Dec. 31, 2012 Recurring Fair Value Measurements Derivative assets, net IRLCs	Dec. 31, 2013 Recurring Fair Value Measurements Derivative assets, net IRLCs Gain on sale of loans, net	Dec. 31, 2012 Recurring Fair Value Measurements Derivative assets, net IRLCs Gain on sale of loans, net	Dec. 31, 2013 Recurring Fair Value Measurements Level 3	Dec. 31, 2013 Recurring Fair Value Measurements Level 3 Long-term debt	Dec. 31, 2013 Recurring Fair Value Measurements Level 3 Securitized mortgage collateral
Change in Fair Value Included in Net Earnings (Loss)
Change in fair value of assets																																															$ 70,000	$ (396,000)	$ 34,000	$ 38,000	$ 36,000	$ (434,000)	$ 483,646,000	$ 1,029,636,000	$ 31,562,000	$ 140,491,000	$ 452,084,000	$ 889,145,000	$ 6,490,000	$ (600,000)	$ (600,000)	$ 111,000	$ 115,000	$ 111,000	$ 115,000	$ (2,895,000)	$ 3,709,000	$ 6,490,000	$ (2,895,000)	$ 3,709,000	$ (3,057,000)	$ 2,791,000	$ (3,057,000)	$ 2,791,000
Change in fair value of liabilities																							(709,985,000)	(1,279,221,000)	(244,796,000)	(398,683,000)	(465,189,000)	(880,538,000)	1,000	(1,000)	1,000	(1,000)	574,000	(2,838,000)	574,000	(2,838,000)	1,260,000	442,000	1,260,000	442,000	(3,140,000)	(1,170,000)	(2,453,000)	(2,316,000)	(687,000)	1,146,000
Total									(226,925,000)	(247,533,000)	31,596,000	140,529,000	(247,249,000)	(400,999,000)	(12,495,000)	5,335,000	(687,000)	1,146,000	6,602,000	114,000	(4,692,000)	6,342,000
Changes in the fair value of derivative instruments																																			6,800,000	7,700,000
Cash payments from the securitization trusts																																			6,200,000	10,500,000
Change in the fair value of trust assets, excluding REO	(12,495,000)	5,335,000													12,500,000	5,300,000
Change in fair value of net trust assets, excluding REO	(6,250,000)	15,803,000													6,300,000	15,800,000
Percentage of ownership interest in acquiree for which option to purchase is available in the purchase agreement						39.00%
Percentage of ownership interest in acquiree that can be sold by the noncontrolling interest holder to the company						49.00%
Ownership interest agreed to be acquired (as a percent)				1.50%	27.50%
Remaining ownership interest acquired (as a percent)			20.00%
Amount paid for transfer of remaining ownership	350,000		350,000
IMH common stock issued for settlement			1,100,000
Ownership interest (as a percent)							100.00%
Securitized mortgage collateral
Unpaid principal balance of securitized mortgage collateral																																																																													7,400,000,000
Estimated fair value of securitized mortgage collateral																																																																													5,500,000,000
Difference between aggregate unpaid principal balance and fair value of securitized mortgage collateral																																																																													1,900,000,000
Unpaid principal balance of loans 90 days or more past due																																																																													1,300,000,000
Estimated fair value of loans 90 days or more past due																																																																													500,000,000
Difference between aggregate unpaid principal balances and fair value of mortgage loans																																																																													800,000,000
Securitized mortgage borrowings
Outstanding principal balance of securitized mortgage borrowings	3,128,646,000	1,492,068,000					87,693,000	113,687,000																																																																					7,400,000,000
Estimated fair value of securitized mortgage borrowings																																																																													5,500,000,000
Bond losses																																																																													2,200,000,000
Difference between aggregate unpaid principal balances and fair value of securitized mortgage borrowings																																																																													1,900,000,000
Long-term debt
Long-term debt unpaid principal balance																																																																												70,500,000
Estimated fair value of long-term debt																																																																												54,600,000
Difference between aggregate unpaid principal balances and fair value of long-term debt																																																																												15,900,000
Derivative assets and liabilities
Notional balance of derivative assets and liabilities, securitized trusts																																																																											$ 99,800,000

Fair Value of Financial Instruments (Details 6) (USD $)	12 Months Ended
Fair Value of Financial Instruments (Details 6) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Total Gains (Losses)
Impairment of deferred charge	$ 0	$ 0
Nonrecurring Fair Value Measurements
Total Gains (Losses)
Additional impairment write-downs attributable to higher expected loss severities on properties held	8,760,000	(13,260,000)
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments	(202,000)	(625,000)
Nonrecurring Fair Value Measurements \| Discontinued operations
Total Gains (Losses)
Losses from changes in lease liabilities as a result of changes in expected minimum future lease payments	202,000	625,000
Gains (losses) resulting from recovery (impairment write-downs) of the net realizable value	8,800,000
Nonrecurring Fair Value Measurements \| Continuing operations
Total Gains (Losses)
Gains (losses) resulting from recovery (impairment write-downs) of the net realizable value		(13,300,000)
Nonrecurring Fair Value Measurements \| Level 2
Fair Value of Financial Instruments
REO	3,109,000	10,172,000
Nonrecurring Fair Value Measurements \| Level 3
Fair Value of Financial Instruments
Lease liability	$ (1,623,000)	$ (2,155,000)

Reconciliation of Earnings Per Share (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Numerator for basic earnings (loss) per share:
(Loss) earnings from continuing operations	$ (5,011)	$ 13,045
Net earnings attributable to noncontrolling interest	(136)	(871)
(Loss) earnings from continuing operations attributable to IMH	(5,147)	12,174
Loss from discontinued operations, net of tax	(3,037)	(15,549)
Net loss attributable to common stockholders	(8,184)	(3,375)
Numerator for diluted earnings (loss) per share:
(Loss) earnings from continuing operations attributable to IMH	(5,147)	12,174
(Loss) earnings from continuing operations attributable to IMH plus interest expense attributable to convertible notes	(5,147)	12,174
Loss from discontinued operations	(3,037)	(15,549)
Net loss attributable to IMH common stockholders plus interest expense attributable to convertible notes	$ (8,184)	$ (3,375)
Denominator for basic earnings (loss) per share:
Basic weighted average common shares outstanding during the year	8,749	7,914
Denominator for diluted earnings (loss) per share:
Basic weighted average common shares outstanding during the year	8,749	7,914
Diluted weighted average common shares	8,749	7,914
Earnings (loss) per common share - basic and diluted:
(Loss) earnings from continuing operations attributable to IMH (in dollars per share)	$ (0.59)	$ 1.54
Loss from discontinued operations (in dollars per share)	$ (0.35)	$ (1.96)
Net loss per share available to common stockholders (in dollars per share)	$ (0.94)	$ (0.42)
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive stock options excluded from weighted average share calculations (in shares)	2,600	797
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share
Antidilutive stock options excluded from weighted average share calculations (in shares)	1,800

Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Current income taxes:
Federal	$ 21
State	144	48
Total current income taxes	165	48
Deferred income taxes:
Federal	(1,038)	1,081
State	(158)	115
Total deferred income tax (benefit) expense	(1,196)	1,196
Total income tax (benefit) expense	(1,031)	1,244
Deferred tax assets:
Fair value and REMIC transactions	420,342	428,910
Federal and state net operating losses	88,701	85,037
Derivative liabilities	2,980	5,641
Real estate owned	1,892	3,612
Depreciation and amortization	614	1,324
Compensation and other accruals	3,485	2,688
Other	1,622	1,005
Total gross deferred tax assets	519,636	528,217
Deferred tax liabilities:
Mortgage servicing rights	(14,359)	(4,233)
Total gross deferred tax liabilities	(14,359)	(4,233)
Valuation allowance	(505,277)	(525,180)
Total net deferred tax liability		(1,196)
Reconciliation of income taxes to the expected statutory federal corporate income tax rates
Expected income tax (benefit) expense	(2,115)	5,001
State tax, net of federal benefit	(178)	955
Change in valuation allowance	1,214	(4,288)
Other	48	(424)
Total income tax (benefit) expense	$ (1,031)	$ 1,244

Income Taxes (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets
Gross deferred tax assets	$ 519,636,000	$ 528,217,000
Excess tax benefits from stock-based compensation	3,800,000
Discontinued operations
Deferred tax assets
Gross deferred tax assets	113,000,000
Federal
Operating loss carryforwards
Net operating loss carryforwards	518,700,000
Federal \| Discontinued operations
Operating loss carryforwards
Net operating loss carryforwards	293,100,000
California
Operating loss carryforwards
Net operating loss carryforwards	$ 437,000,000

Segment Reporting (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 item	Dec. 31, 2012
Segment Reporting
Number of reporting segments	3
Segment Reporting
Cash and cash equivalents	$ 9,969	$ 12,711
Restricted cash	1,467	3,230
Mortgage loans held-for-sale	129,191	118,786
Mortgage servicing rights	35,981	10,703
Trust assets	5,513,166	5,810,506
Other assets	28,551	30,652
Total assets	5,718,325	5,986,588
Total liabilities	5,692,454	5,956,745
Corporate
Segment Reporting
Cash and cash equivalents	592	1,084
Restricted cash		1,470
Other assets	18,767	19,728
Total assets	19,359	22,282
Total liabilities	33,644	22,282
Discontinued Operations
Segment Reporting
Other assets	2,277	52
Total assets	2,277	52
Total liabilities	12,883	18,808
Mortgage Lending
Segment Reporting
Mortgage loans held-for-sale	129,191	118,786
Mortgage servicing rights	35,981	10,703
Mortgage Lending \| Operating segments
Segment Reporting
Cash and cash equivalents	9,451	10,617
Restricted cash	1,467	1,760
Other assets	(671)	(4,133)
Total assets	175,419	137,733
Total liabilities	141,857	117,555
Real Estate Services \| Operating segments
Segment Reporting
Cash and cash equivalents	(74)	1,010
Other assets	8,122	11,823
Total assets	8,048	12,833
Total liabilities	1,305	3,278
Long-term Mortgage Portfolio
Segment Reporting
Trust assets	5,513,166	5,810,506
Long-term Mortgage Portfolio \| Operating segments
Segment Reporting
Other assets	56	3,182
Total assets	5,513,222	5,813,688
Total liabilities	$ 5,502,765	$ 5,794,822

Segment Reporting (Details 2) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting
Gain on sale of loans, net	$ 55,302	$ 72,719
Servicing income, net	4,240	1,198
Real estate services fees, net	19,370	21,218
Other revenue	7,571	957
Other income (expense)	(4,451)	(4,927)
Total expenses	(88,074)	(76,876)
(Loss) earnings from continuing operations before income taxes	(6,042)	14,289
Income tax (benefit) expense from continuing operations	(1,031)	1,244
Net (loss) earnings from continuing operations	(5,011)	13,045
Loss from discontinued operations, net of tax	(3,037)	(15,549)
Net loss	(8,048)	(2,504)
Net earnings attributable to noncontrolling interest	(136)	(871)
Net loss attributable to common stockholders	(8,184)	(3,375)
Corporate
Segment Reporting
Other revenue	(20)	(46)
Other income (expense)	(1,103)	(30)
Total expenses	(12,817)	(12,972)
(Loss) earnings from continuing operations before income taxes	(13,940)	(13,048)
Mortgage Lending
Segment Reporting
Gain on sale of loans, net	55,302	72,719
Servicing income, net	4,240	1,198
Mortgage Lending \| Operating segments
Segment Reporting
Other revenue	6,758	(901)
Other income (expense)	4	(673)
Total expenses	(67,405)	(53,860)
(Loss) earnings from continuing operations before income taxes	(1,101)	18,483
Real Estate Services
Segment Reporting
Real estate services fees, net	19,370	21,218
Real Estate Services \| Operating segments
Segment Reporting
Other income (expense)	19	27
Total expenses	(6,139)	(8,664)
(Loss) earnings from continuing operations before income taxes	13,250	12,581
Long-term Mortgage Portfolio \| Operating segments
Segment Reporting
Other revenue	833	1,904
Other income (expense)	(3,371)	(4,251)
Total expenses	(1,713)	(1,380)
(Loss) earnings from continuing operations before income taxes	$ (4,251)	$ (3,727)

Commitments and Contingencies (Continuing and Discontinued Operations) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended					0 Months Ended			12 Months Ended		12 Months Ended	0 Months Ended
	Dec. 31, 2013 Series B 9.375% redeemable preferred stock	Dec. 31, 2012 Series B 9.375% redeemable preferred stock	Dec. 31, 2013 Series C 9.125% redeemable preferred stock	Dec. 31, 2012 Series C 9.125% redeemable preferred stock	Dec. 07, 2011 Curtis J. Timm Series B and C Preferred Stock item	Dec. 07, 2011 Curtis J. Timm Series B 9.375% redeemable preferred stock item	Dec. 07, 2011 Curtis J. Timm Series C 9.125% redeemable preferred stock	Dec. 20, 2012 Citigroup Global Markets, Inc	Dec. 31, 2013 Citigroup Global Markets, Inc	Aug. 03, 2012 Deutsche Zentral, dba DZ , JPMorgan Chase & Co and DG Holding Trust item	Dec. 31, 2013 AIG Residential Mortgage backed Securities item	Jan. 10, 2014 Wilmington Trust Company Subsequent Event	Mar. 11, 2014 Deutsche Bank National Trust Company Subsequent Event	Dec. 31, 2011 Unfavorable significant judgment
Commitments and Contingencies
Accrued liability recorded for estimated loss exposure														$ 4.2
Number of securities included in litigation											12
Plaintiff's demand											800
Preferred stock, dividend rate (as a percent)	9.375%	9.375%	9.125%	9.125%		9.375%	9.125%
Number of quarterly payments of dividends sought for Preferred holders					2	2
Number of directors elected by Preferred holders					2	2
Number of other cases consolidated										2
Settlement amount								$ 3.10	$ 3.10			$ 1.05	$ 1.65

Commitments and Contingencies (Continuing and Discontinued Operations) (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Lease commitments for operating leases
Year 2014	$ 8,697,000
Year 2015	8,391,000
Year 2016	6,543,000
Subtotal	23,631,000
Sublet income	(8,415,000)
Total lease commitments	15,216,000
Lease commitments for capital leases
Year 2014	657,000
Year 2015	516,000
Year 2016	145,000
Subtotal	1,318,000
Total lease commitments	1,318,000
Lease Commitments
Year 2014	9,354,000
Year 2015	8,907,000
Year 2016	6,688,000
Subtotal	24,949,000
Sublet income	(8,415,000)
Total lease commitments	16,534,000
Rental expense
Rental expense incurred	5,800,000	5,300,000
Increase in expected minimum future lease payments	202,000	625,000
Interest expense on capital leases	58,000	25,000
Continuing operations
Rental expense
Rental expense incurred	$ 5,700,000	$ 5,300,000

Commitments and Contingencies (Continuing and Discontinued Operations) (Details 3) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Continuing operations
Changes in repurchase reserve
Beginning balance	$ 2,392	$ 603
Provision for repurchases	1,750	1,789
Settlements	(129)
Total repurchase reserve	4,013	2,392
Discontinued Operations
Changes in repurchase reserve
Beginning balance	8,170	5,213
Provision for repurchases	1,312	5,713
Settlements	(4,017)	(2,756)
Total repurchase reserve	$ 5,465	$ 8,170

Commitments and Contingencies (Continuing and Discontinued Operations) (Details 4) (USD $) In Thousands, unless otherwise specified			12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013 Mortgage loans Geographic concentration California	Dec. 31, 2013 Mortgage loans Geographic concentration Oregon	Dec. 31, 2013 Mortgage loans Geographic concentration Washington	Dec. 31, 2013 Mortgage loans Geographic concentration Idaho	Dec. 31, 2013 Properties kept as security for long-term mortgage portfolio Geographic concentration California	Dec. 31, 2013 Properties kept as security for long-term mortgage portfolio Geographic concentration Florida
Concentration of Risk
Aggregate unpaid principal balance of loans secured by properties	$ 129,191	$ 118,786					$ 3,800,000	$ 802,200
Percentage of risk			33.00%	16.00%	11.00%	5.00%	52.00%	11.00%

Share Based Payments and Employee Benefit Plans (Details) (USD $)	3 Months Ended		12 Months Ended
	Sep. 30, 2013 2010 Incentive Plan	Dec. 31, 2013 2010 Incentive Plan	Dec. 31, 2013 Stock options	Dec. 31, 2012 Stock options	Dec. 31, 2012 Stock options Minimum	Dec. 31, 2012 Stock options Maximum
Stock-Based Compensation
Increase in shares under amendment to the 2010 Omnibus Incentive Plan	300,000
Aggregate number of shares reserved under the 2010 Incentive Plan		1,136,510
Shares available for grant as stock options, restricted stock and deferred stock awards		77,322
Weighted average assumptions used in estimating fair value of options granted
Risk-free interest rate (as a percent)			1.46%		0.60%	0.65%
Expected lives (in years)			5 years 6 months 22 days		4 years 6 months 18 days	4 years 10 months 24 days
Expected volatility (as a percent)			78.58%		209.30%	214.13%
Expected dividend yield (as a percent)			0.00%	0.00%
Fair value per share (in dollars per share)			$ 7.03		$ 13.51	$ 13.53
Number of Shares
Options outstanding at beginning of period (in shares)			796,795	1,241,808
Options granted (in shares)			255,000	269,500
Options exercised (in shares)			(121,576)	(659,071)
Options forfeited / cancelled (in shares)			(143,087)	(55,442)
Options outstanding at end of period (in shares)			787,132	796,795
Options exercisable at end of period (in shares)			424,888	420,475
Weighted-Average Exercise Price
Options outstanding at beginning of period (in dollars per share)			$ 7.89	$ 3.64
Options granted (in dollars per share)			$ 10.65	$ 13.81
Options exercised (in dollars per share)			$ 1.45	$ 1.88
Options forfeited / cancelled (in dollars per share)			$ 11.76	$ 12.96
Options outstanding at end of year (in dollars per share)			$ 9.07	$ 7.89
Options exercisable at end of period (in dollars per share)			$ 6.72	$ 5.39
Weighted-Average Remaining Life
Weighted-Average Remaining Life, Options outstanding at end of year			7 years 11 months 1 day	7 years 3 months 25 days
Weighted-Average Remaining Life, Options exercisable at end of year			6 years 8 months 23 days	5 years 6 months 4 days
Aggregate Intrinsic Value (in thousands)
Aggregate Intrinsic Value, Options outstanding at end of year (in dollars)			$ 1,325,207,000	$ 5,766,000
Aggregate Intrinsic Value, Options exercisable at end of year (in dollars)			1,325,207,000	4,476,000
Additional disclosure related to options
Closing stock price of common share (in dollars per share)			$ 5.98	$ 14.10
Unrecognized compensation cost			3,000,000
Weighted-average period over which compensation cost is expected to be recognized			1 year 11 months 19 days
Aggregate grant-date fair value of stock options granted			2,700,000	3,700,000
Stock-based compensation expense			$ 2,000,000	$ 449,000

Share Based Payments and Employee Benefit Plans (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013
$0 - 0.53
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 0.00
Exercise price range, upper limit (in dollars per share)	$ 0.53
Stock Options Outstanding, Number Outstanding (in shares)	132,510
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	5 years 5 months 8 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 0.53
Options Exercisable, Number Exercisable (in shares)	132,510
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 0.53
$ 0.54 - 2.73
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 0.54
Exercise price range, upper limit (in dollars per share)	$ 2.73
Stock Options Outstanding, Number Outstanding (in shares)	114,000
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 11 months 5 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 2.73
Options Exercisable, Number Exercisable (in shares)	114,000
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 2.73
$ 2.74 - 2.80
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 2.74
Exercise price range, upper limit (in dollars per share)	$ 2.80
Stock Options Outstanding, Number Outstanding (in shares)	73,122
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	6 years 6 months 29 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 2.80
Options Exercisable, Number Exercisable (in shares)	73,122
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 2.80
$ 2.81 - 10.65
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 2.81
Exercise price range, upper limit (in dollars per share)	$ 10.65
Stock Options Outstanding, Number Outstanding (in shares)	227,000
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	9 years 6 months 22 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 10.65
$ 10.66 - 13.81
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 10.66
Exercise price range, upper limit (in dollars per share)	$ 13.81
Stock Options Outstanding, Number Outstanding (in shares)	236,500
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	8 years 9 months 4 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 13.81
Options Exercisable, Number Exercisable (in shares)	101,256
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 13.81
$ 13.82 - 217.7
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 13.82
Exercise price range, upper limit (in dollars per share)	$ 217.70
Stock Options Outstanding, Number Outstanding (in shares)	4,000
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	5 months 19 days
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 217.70
Options Exercisable, Number Exercisable (in shares)	4,000
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 217.70
$ 0.53 - 217.7
Additional information regarding stock options outstanding
Exercise price range, lower limit (in dollars per share)	$ 0.53
Exercise price range, upper limit (in dollars per share)	$ 217.70
Stock Options Outstanding, Number Outstanding (in shares)	787,132
Stock Options Outstanding, Weighted-Average Remaining Contractual Life	7 years 11 months 1 day
Stock Options Outstanding, Weighted-Average Exercise Price (in dollars per share)	$ 9.07
Options Exercisable, Number Exercisable (in shares)	424,888
Options Exercisable, Weighted-Average Exercise Price (in dollars per share)	$ 6.72

Share Based Payments and Employee Benefit Plans (Details 3) (DSU, USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Deferred stock units
Fair value of DSU's granted	$ 320	$ 249
Number of Shares
DSU's outstanding at beginning of period (in shares)	42,000	24,000
DSU's granted (in shares)	30,000	18,000
DSU's outstanding at end of period (in shares)	72,000	42,000
Weighted-Average Grant Date Fair Value
DSU's outstanding at beginning of period (in dollars per share)	$ 7.48	$ 2.73
DSU's granted (in dollars per share)	$ 10.65	$ 13.81
DSU's outstanding at end of period (in dollars per share)	$ 8.80	$ 7.48
Additional information regarding DSUs
Unrecognized compensation cost	$ 385
Weighted-average period over which compensation cost is expected to be recognized	2 years 29 days
Minimum
Deferred stock units
Vesting period	2 years
Maximum
Deferred stock units
Vesting period	3 years

Share Based Payments and Employee Benefit Plans (Details 4) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share Based Payments and Employee Benefit Plans
Employee contribution (as a percent)	25.00%
Employer's match of the first 4% of employee contributions (as a percent)	50.00%
Percentage of eligible compensation, matched 50% by employer	4.00%
Basic matching contributions recorded	$ 473	$ 274

Related Party Transactions (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012 Excel Mortgage Servicing, Inc.
Related Party Transactions
Expenses for services received from related party	$ 132
Mortgage loans extended to officers or directors	0
Assets sold to related party		$ 72

Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Discontinued operations' condensed balance sheets
Cash and cash equivalents		$ 44
Other assets	2,277	8
Total assets	2,277	52
Repurchase reserve	5,465	8,170
Legal settlements	3,775	6,100
Other liabilities	3,643	4,538
Total liabilities	12,883	18,808
Discontinued operations' condensed statement of operations
Provision for repurchases	(1,312)	(5,713)
Legal settlements	(3,775)	(6,100)
Other income (expense)	2,050	(3,736)
Net loss	$ (3,037)	$ (15,549)

Tax Benefits Preservation Rights Plan (Details) (USD $)	1 Months Ended
Tax Benefits Preservation Rights Plan (Details) (USD $)	Sep. 30, 2013
Tax Benefits Preservation Rights Plan
Ownership percentage held by shareholder	5.00%
Minimum percentage points increase in ownership over the lowest percentage of shares of common stock by five-percent shareholders	50.00%
Prior period on a rolling basis of increase in ownership over the lowest percentage of shares of common stock by five-percent shareholders	3 years
Trigger threshold for acquisition of shares of common stock without prior approval of board	4.99%
Nominal redemption price of rights issued under the Rights Plan	$ 0.001

Subsequent Events (Details) (USD $)		0 Months Ended				12 Months Ended		1 Months Ended	0 Months Ended
Subsequent Events (Details) (USD $)	Dec. 31, 2013 Repurchase agreement 4	Dec. 23, 2013 Citigroup	Jun. 26, 2013 Citigroup	Jan. 30, 2013 Citigroup	Dec. 20, 2012 Citigroup	Dec. 31, 2013 Citigroup	Jan. 31, 2014 Subsequent Event Repurchase agreement 4	Mar. 31, 2014 Subsequent Event AmeriHome	Jan. 15, 2014 Subsequent Event Citigroup
Subsequent events
Shares issued for settlement		100,000	100,000	84,942					75,000
Settlement amount					$ 3,100,000	$ 3,100,000
Period within which settlement amount is agreed to be paid					12 months
Maximum borrowing capacity	100,000,000						125,000,000
Cash consideration received on sale of business								10,200,000
Gain on sale of business								3,000,000
Proceeds on sale of business used to reduce legacy repurchase liability								$ 3,000,000

Summary of Business and Financial Statement Presentation including Significant Accounting Policies (Details) (AmeriHome)	1 Months Ended	3 Months Ended
	Jul. 31, 2013	Sep. 30, 2013	Dec. 31, 2013	Jul. 02, 2013
AmeriHome
Noncontrolling interest
Transfer of remaining ownership (as a percent)	20.00%	20.00%
Ownership interest (as a percent)			100.00%	100.00%