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NOTE 6 LOANS HELD FOR SALE, AT FAIR VALUE | 6 Months Ended
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Jun. 30, 2013
Loans Held For Sale At Fair Value [Abstract] |
LOANS HELD FOR SALE, AT FAIR VALUE |
NOTE 6 | LOANS HELD FOR SALE, AT FAIR VALUE
Loans held for sale, at fair value, represent residential forward and reverse mortgage loans originated or purchased and held until sold to secondary market investors, such as GSEs or other third party investors. The following table summarizes the activity in the balance of loans held for sale during the six months ended June 30, 2013:
Balance at December 31, 2012 |  | $ | 426,480 |
Originations and purchases (1) |  |  | 4,511,255 |
Proceeds from sale |  |  | (4,526,875 | )
Loss on sale of loans |  |  | (37,794 | )
Decrease in fair value |  |  | (11,821 | )
Other |  |  | (101 | )
Balance at June 30, 2013 |  | $ | 361,144 |
| (1) | Purchases include $60.0 million of reverse mortgages acquired in the Liberty Acquisition.
The following table summarizes the activity in Gain on loans held for sale, net, during the periods ended June 30:
|  | Three Months |  |  | Six Months |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Gain on sales of loans (1) |  | $ | 10,179 |  |  | $ | — |  |  | $ | 9,098 |  |  | $ | — |
Changes in fair value of IRLCs |  |  | (11,757 | ) |  |  | — |  |  |  | (12,994 | ) |  |  | — |
Change in fair value of loans held for sale (2) |  |  | (5,216 | ) |  |  | — |  |  |  | (5,656 | ) |  |  | — |
Gain on hedge instruments |  |  | 28,814 |  |  |  | — |  |  |  | 39,003 |  |  |  | — |
Provision for representations and warranties |  |  | (370 | ) |  |  | — |  |  |  | (883 | ) |  |  | — |
Other |  |  | (19 | ) |  |  | — |  |  |  | (188 | ) |  |  | — |
|  | $ | 21,631 |  |  | $ | — |  |  | $ | 28,380 |  |  | $ | — |
| (1) | Includes gains of $18.2 million and $46.9 million for the three and six months ended June 30, 2013, respectively, representing the value assigned to MSRs retained on sales of loans.
| (2) | Includes a gain of $6.2 million recorded during the three months ended June 30, 2013 to adjust Loans – Restricted for Securitization Investors to fair value.

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