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Loans Held for Sale (Tables)
 12 Months Ended
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.