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Loans Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2016
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:
 
2016
 
2015
Beginning balance
$
309,054

 
$
401,120

Originations and purchases
1,924,514

 
2,002,503

Proceeds from sales
(1,910,019
)
 
(2,137,272
)
Principal collections
(8,877
)
 
(5,185
)
Gain on sale of loans
16,009

 
26,772

Other (1)
9,006

 
(11,357
)
Ending balance
$
339,687

 
$
276,581

(1)
Other includes the increase (decrease) in fair value of $4.3 million and $(11.7) million for the six months ended June 30, 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 six months ended June 30:
 
2016
 
2015
Beginning balance
$
104,992

 
$
87,492

Purchases
958,610

 
311,985

Proceeds from sales
(856,426
)
 
(346,681
)
Principal collections
(14,109
)
 
(27,957
)
Transfers to accounts receivable
(137,605
)
 
(20,962
)
Transfers to real estate owned
(5,958
)
 
(1,583
)
Gain on sale of loans
12,962

 
33,068

Decrease (increase) in valuation allowance
(1,275
)
 
38,399

Other
912

 
2,056

Ending balance (1)
$
62,103

 
$
75,817


(1)
At June 30, 2016 and June 30, 2015, the balances include $45.5 million and $65.6 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 six months ended June 30 is as follows:
 
2016
 
2015
Beginning balance
$
14,658

 
$
49,676

Provision
2,163

 
386

Transfer from liability for indemnification obligations
1,705

 
974

Sales of loans
(2,249
)
 
(37,777
)
Other
(344
)
 
1,383

Ending balance
$
15,933

 
$
14,642
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 periods ended June 30:
 
Three Months
 
Six Months
 
2016
 
2015
 
2016
 
2015
Gain on sales of loans
$
19,086

 
$
47,816

 
$
37,025

 
$
100,126

Change in fair value of IRLCs
(794
)
 
(4,461
)
 
6,672

 
(1,011
)
Change in fair value of loans held for sale
18,191

 
(5,630
)
 
21,713

 
(10,548
)
Gain (loss) on economic hedge instruments
(8,425
)
 
7,648

 
(21,626
)
 
1,539

Other
(201
)
 
(241
)
 
(355
)
 
(470
)
 
$
27,857

 
$
45,132

 
$
43,429

 
$
89,636