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Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2016
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:
 
2016
 
2015
Beginning balance
$
309,054

 
$
401,120

Originations and purchases
789,180

 
922,254

Proceeds from sales
(783,187
)
 
(990,634
)
Principal collections
(3,280
)
 
(2,667
)
Gain on sale of loans
7,646

 
15,265

Other (1)
2,326

 
(5,830
)
Ending balance
$
321,739

 
$
339,508

(1)
Other includes the increase (decrease) in fair value of $1.8 million and $(6.9) million for the three months ended March 31, 2016 and 2015, respectively.
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity
The following table summarizes the activity in the net balance during the three months ended March 31:
 
2016
 
2015
Beginning balance
$
104,992

 
$
87,492

Purchases
421,896

 
113,896

Proceeds from sales
(372,583
)
 
(140,948
)
Principal collections
(6,453
)
 
(13,863
)
Transfers to accounts receivable
(61,212
)
 
(16,572
)
Transfers to real estate owned
(1,224
)
 
(2,296
)
Gain on sale of loans
5,010

 
17,271

Decrease (increase) in valuation allowance
(3,335
)
 
19,728

Other
(21
)
 
3,781

Ending balance (1)
$
87,070

 
$
68,489


(1)
At March 31, 2016 and March 31, 2015, the balances include $55.5 million and $43.9 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 Changes in Valuation Allowance
The change in the valuation allowance during the three months ended March 31 is as follows:
 
2016
 
2015
Beginning balance
$
14,658

 
$
49,676

Provision
2,597

 
1,104

Transfer from liability for indemnification obligations
1,030

 
664

Sales of loans
—

 
(22,488
)
Other
(292
)
 
992

Ending balance
$
17,993

 
$
29,948
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:
 
2016
 
2015
Gain on sales of loans
$
17,939

 
$
51,400

Change in fair value of IRLCs
7,465

 
(2,233
)
Change in fair value of loans held for sale
3,521

 
(4,008
)
Loss on economic hedge instruments
(13,202
)
 
(427
)
Other
(151
)
 
(228
)
 
$
15,572

 
$
44,504