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Loans Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2015
Receivables [Abstract]  
Schedule of Loans Held for Sale Fair Value
The following table summarizes the activity in the balance during the six months ended June 30:
 
2015
 
2014
Beginning balance
$
401,120

 
$
503,753

Originations and purchases
2,002,503

 
2,636,800

Proceeds from sales
(2,137,272
)
 
(2,649,366
)
Principal collections
(5,185
)
 
(6,609
)
Transfers to loans held for investment - reverse mortgages
—

 
(110,874
)
Gain on sale of loans
26,772

 
29,735

Other
(11,357
)
 
6,896

Ending balance
$
276,581

 
$
410,335
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity
The following table summarizes the activity in the balance during the six months ended June 30:
 
2015
 
2014
Beginning balance
$
87,492

 
$
62,907

Purchases
311,985

 
1,864,931

Proceeds from sales
(346,681
)
 
(1,574,715
)
Principal collections
(27,957
)
 
(191,870
)
Transfers to accounts receivable
(20,962
)
 
(79,808
)
Transfers to real estate owned
(1,583
)
 
(209
)
Gain on sale of loans
33,068

 
22,570

Decrease (increase) in valuation allowance
38,399

 
(14,380
)
Other
2,056

 
2,082

Ending balance (1) (2)
$
75,817

 
$
91,508


(1)
At June 30, 2015 and June 30, 2014, the balances are net of valuation allowances of $14.7 million and $45.3 million, respectively. The decrease in the valuation allowance for the six months ended June 30, 2015 resulted principally from the reversal of $37.8 million of the allowance that was associated with loans that were sold to unrelated third parties during the six months ended June 30, 2015. This decrease was partly offset by an increase of $1.1 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 six months ended June 30, 2014, the increase in the allowance was principally the result of $13.9 million of such transfers from the liability for indemnification obligations.
(2)
At June 30, 2015 and June 30, 2014, the balances include $65.6 million and $44.2 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 and six months ended June 30:
 
Three Months
 
Six Months
 
2015
 
2014
 
2015
 
2014
Gain on sales of loans
$
47,816

 
$
48,539

 
$
100,126

 
$
103,501

Change in fair value of IRLCs
(4,461
)
 
887

 
(1,011
)
 
1,874

Change in fair value of loans held for sale
(5,630
)
 
7,184

 
(10,548
)
 
9,015

Loss (gain) on economic hedge instruments
7,648

 
(17,428
)
 
1,539

 
(31,038
)
Other
(241
)
 
(346
)
 
(470
)
 
(529
)
 
$
45,132

 
$
38,836

 
$
89,636

 
$
82,823