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Loans Held for Sale (Tables) | 12 Months Ended
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Dec. 31, 2013
Receivables [Abstract] |
Components of Loans Receivable Held-for-sale | Loans held for sale are comprised of the following at December 31:
| 2013 |  | 2012
Loans held for sale - fair value | $ | 503,753 |  |  | $ | 426,480 |
Loans held for sale - lower of cost or fair value | 62,907 |  |  | 82,866 |
| $ | 566,660 |  |  | $ | 509,346 |
Schedule of Loans Held for Sale Fair Value | The following table summarizes the activity in the balance of Loans held for sale, at fair value, during the years ended December 31:
| 2013 |  | 2012
Beginning balance | $ | 426,480 |  |  | $ | — |
Originations and purchases (1) | 8,106,742 |  |  | 670,147 |
Proceeds from sales | (7,999,235 | ) |  | (241,960 | )
Gain (loss) on sale of loans (2) | (26,981 | ) |  | 3,889 |
Other | (3,253 | ) |  | (5,596 | )
Ending balance | $ | 503,753 |  |  | $ | 426,480 |
(1) | Purchases include $60.0 million of reverse mortgages acquired in the Liberty Acquisition in 2013 and $558.7 million of forward mortgages acquired in the Homeward Acquisition in 2012. See Note 3 — Business Acquisitions for additional information.
(2) | Includes gains of $41.7 million recorded during 2013 to adjust Loans Held for investment - reverse mortgages to fair value.
Schedule of Loans Held For Sale At Lower Cost Or Fair Value, Activity | The following table summarizes the activity in the balance of Loans held for sale, at lower of cost or fair value, during the years ended December 31:
| 2013 |  | 2012 |  | 2011
Beginning balance | $ | 82,866 |  |  | $ | 20,633 |  |  | $ | 25,803 |
Purchases | 1,632,390 |  |  | 65,756 |  |  | — |
Proceeds from sales | (1,036,316 | ) |  | — |  |  | — |
Principal payments | (432,423 | ) |  | (1,474 | ) |  | (1,468 | )
Transfers to accounts receivable | (218,629 | ) |  | — |  |  | — |
Transfers to real estate owned | (4,775 | ) |  | (999 | ) |  | (2,599 | )
Gain on sale of loans | 35,087 |  |  | — |  |  | — |
Decrease (increase) in valuation allowance | (10,644 | ) |  | 568 |  |  | 354 |
Modifications, charge offs and other | 15,351 |  |  | (1,618 | ) |  | (1,457 | )
Ending balance | $ | 62,907 |  |  | $ | 82,866 |  |  | $ | 20,633 |
Schedule of Gains on Loans Held for Sale | The following table summarizes the activity in Gain on loans held for sale, net, during the years ended December 31:
| 2013 |  | 2012 |  | 2011
Gain (loss) on sales of loans (1) | $ | 82,518 |  |  | $ | 6,797 |  |  | $ | (2 | )
Change in fair value of IRLCs | 523 |  |  | 2 |  |  | — |
Change in fair value of loans held for sale | (1,709 | ) |  | (5,462 | ) |  | — |
Gain (loss) on economic hedge instruments | 42,732 |  |  | (1,075 | ) |  | — |
Other | (2,370 | ) |  | (47 | ) |  | — |
| $ | 121,694 |  |  | $ | 215 |  |  | $ | (2 | )
(1) | Includes gains of $74.8 million and $2.9 million for 2013 and 2012, respectively, representing the value assigned to MSRs retained on sales of loans. Also includes gains of $35.1 million recorded during 2013 on sales of repurchased loans into Ginnie Mae guaranteed securitizations.

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