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Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2014
Receivables [Abstract]  
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 three months ended March 31:
 
2014
 
2013
Beginning balance
$
503,753

 
$
426,480

Originations and purchases
1,416,797

 
2,462,531

Proceeds from sales
(1,481,403
)
 
(2,563,247
)
Transfers to loans held for investment - reverse mortgages
(110,874
)
 
—

Gain (loss) on sale of loans
12,863

 
(29,786
)
Other
(2,908
)
 
(464
)
Ending balance
$
338,228

 
$
295,514
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 three months ended March 31:
 
2014
 
2013
Beginning balance
$
62,907

 
$
82,866

Purchases
959,756

 
53,674

Proceeds from sales
(835,786
)
 
(66,868
)
Principal payments
(96,300
)
 
(460
)
Transfers to accounts receivable
(66,187
)
 
—

Gain on sale of loans
23,031

 
1,423

Increase in valuation allowance
(4,163
)
 
(7,269
)
Modifications, charge offs and other
2,217

 
(751
)
Ending balance
$
45,475

 
$
62,615
Schedule of Gains on Loans Held for Sale
The following table summarizes the activity in Gain on loans held for sale, net, during the three months ended March 31:
 
2014
 
2013
Gain on sales of loans (1)(2)
$
54,993

 
$
(1,081
)
Change in fair value of IRLCs
986

 
(1,237
)
Change in fair value of loans held for sale
1,800

 
(440
)
Gain (loss) on economic hedge instruments
(13,610
)
 
10,189

Other
(182
)
 
(682
)
 
$
43,987

 
$
6,749

(1)
Includes gains of $11.6 million and $28.7 million for the three months ended March 31, 2014 and 2013, respectively, representing the value assigned to MSRs retained on sales of loans. Also includes gains of $22.8 million recorded during the three months ended March 31, 2014 on sales of repurchased loans into Ginnie Mae guaranteed securitizations.
(2)
Includes gains of $16.1 million recorded during the three months ended March 31, 2014 in connection with sales of reverse mortgages into Ginnie Mae guaranteed securitizations.