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Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2015
Receivables [Abstract]  
Schedule of Loans Held for Sale Fair Value
The following table summarizes the activity in the balance during the three months ended March 31:
 
2015
 
2014
Beginning balance
$
401,120

 
$
503,753

Originations and purchases
922,254

 
1,416,797

Proceeds from sales
(990,634
)
 
(1,481,403
)
Transfers to loans held for investment - reverse mortgages
—

 
(110,874
)
Gain on sale of loans
15,265

 
12,863

Other
(8,497
)
 
(2,908
)
Ending balance
$
339,508

 
$
338,228
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity
The following table summarizes the activity in the balance during the three months ended March 31:
 
2015
 
2014
Beginning balance
$
87,492

 
$
62,907

Purchases
113,896

 
959,756

Proceeds from sales
(140,948
)
 
(835,786
)
Principal collections
(13,863
)
 
(96,300
)
Transfers to accounts receivable
(16,572
)
 
(66,187
)
Transfers to real estate owned
(2,296
)
 
(648
)
Gain on sale of loans
17,271

 
23,031

Decrease (increase) in valuation allowance
19,728

 
(4,163
)
Other
3,781

 
2,865

Ending balance (1) (2)
$
68,489

 
$
45,475


(1)
The balances at March 31, 2015 and March 31, 2014 are net of valuation allowances of $29.9 million and $36.0 million, respectively. The decrease in the valuation allowance for the three months ended March 31, 2015 resulted principally from the reversal of $22.5 million of the allowance that was associated with loans that were sold to an unrelated third party in March 2015. This decrease was partly offset by an increase of $0.9 million in the allowance resulting from transfers from the liability for indemnification obligations for the initial valuation adjustment that we recognized on certain loans that we repurchased from Fannie Mae and Freddie Mac guaranteed securitizations. For the three months ended March 31, 2014 the increase in the allowance was principally the result of $5.4 million of such transfers from the liability for indemnification obligations.
(2)
The balances at March 31, 2015 and March 31, 2014 include $43.9 million and $6.1 million, respectively, of loans that we were required to repurchase from Ginnie Mae guaranteed securitizations as part of our servicing obligations. Repurchased loans are modified or otherwise remediated through loss mitigation activities or are reclassified to receivables.
Schedule of Gains on Loans Held for Sale, Net
The following table summarizes the activity in Gain on loans held for sale, net, during the three months ended March 31:
 
2015
 
2014
Gain on sales of loans
$
51,400

 
$
54,993

Change in fair value of IRLCs
(2,233
)
 
986

Change in fair value of loans held for sale
(4,008
)
 
1,800

Loss on economic hedge instruments
(427
)
 
(13,610
)
Other
(228
)
 
(182
)
 
$
44,504

 
$
43,987