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Loans Held for Sale (Tables) | 9 Months Ended
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Sep. 30, 2015
Receivables [Abstract] |
Schedule of Loans Held for Sale Fair Value | The following table summarizes the activity in the balance during the nine months ended September 30:
| 2015 |  | 2014
Beginning balance | $ | 401,120 |  |  | $ | 503,753 |
Originations and purchases | 3,119,457 |  |  | 3,923,870 |
Proceeds from sales | (3,306,180 | ) |  | (4,010,644 | )
Principal collections | (6,512 | ) |  | (9,156 | )
Transfers to loans held for investment - reverse mortgages | — |  |  | (110,874 | )
Gain on sale of loans | 37,580 |  |  | 39,486 |
Other (1) | (9,556 | ) |  | (485 | )
Ending balance | $ | 235,909 |  |  | $ | 335,950 |
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity | The following table summarizes the activity in the balance during the nine months ended September 30:
| 2015 |  | 2014
Beginning balance | $ | 87,492 |  |  | $ | 62,907 |
Purchases | 769,631 |  |  | 2,083,282 |
Proceeds from sales | (577,591 | ) |  | (1,744,273 | )
Principal collections | (45,137 | ) |  | (248,552 | )
Transfers to accounts receivable | (4,811 | ) |  | (96,257 | )
Transfers to real estate owned | (18,479 | ) |  | (4,575 | )
Gain on sale of loans | 38,327 |  |  | 32,471 |
Decrease (increase) in valuation allowance | 37,998 |  |  | (16,282 | )
Other | 3,633 |  |  | 3,216 |
Ending balance (1) (2) | $ | 291,063 |  |  | $ | 71,937 |
(1) | At September 30, 2015 and September 30, 2014, the balances are net of valuation allowances of $15.4 million and $47.0 million, respectively. The decrease in the valuation allowance for the nine months ended September 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 nine months ended September 30, 2014, the increase in the allowance was principally the result of $15.3 million of such transfers from the liability for indemnification obligations.
(2) | At September 30, 2015 and September 30, 2014, the balances include $98.7 million and $24.1 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 and nine months ended September 30:
| Three Months |  | Nine Months
| 2015 |  | 2014 |  | 2015 |  | 2014
Gain on sales of loans | $ | 34,038 |  |  | $ | 42,185 |  |  | $ | 130,425 |  |  | $ | 145,455 |
Change in fair value of IRLCs | 4,956 |  |  | (4,188 | ) |  | 3,944 |  |  | (2,315 | )
Change in fair value of loans held for sale | 915 |  |  | (9,348 | ) |  | (5,893 | ) |  | (97 | )
Loss on economic hedge instruments | (12,416 | ) |  | (1,145 | ) |  | (10,878 | ) |  | (32,183 | )
Other losses | (195 | ) |  | (286 | ) |  | (664 | ) |  | (819 | )
| $ | 27,298 |  |  | $ | 27,218 |  |  | $ | 116,934 |  |  | $ | 110,041 |

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