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Loans Held for Sale (Tables) | 9 Months Ended
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Sep. 30, 2016
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:
| 2016 |  | 2015
Beginning balance | $ | 309,054 |  |  | $ | 401,120 |
Originations and purchases | 3,141,205 |  |  | 3,119,457 |
Proceeds from sales | (3,167,640 | ) |  | (3,306,180 | )
Principal collections | (10,995 | ) |  | (6,512 | )
Gain on sale of loans | 23,627 |  |  | 37,580 |
Other (1) | 6,863 |  |  | (9,556 | )
Ending balance | $ | 302,114 |  |  | $ | 235,909 |
(1) | Other includes the increase (decrease) in fair value of $1.0 million and $(9.9) million for the nine months ended September 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 nine months ended September 30:
| 2016 |  | 2015
Beginning balance | $ | 104,992 |  |  | $ | 87,492 |
Purchases | 1,434,059 |  |  | 769,631 |
Proceeds from sales | (1,295,101 | ) |  | (577,591 | )
Principal collections | (20,151 | ) |  | (45,137 | )
Transfers to accounts receivable | (199,047 | ) |  | (4,811 | )
Transfers to real estate owned | (6,434 | ) |  | (18,479 | )
Gain on sale of loans | 18,259 |  |  | 38,327 |
Decrease in valuation allowance | 4,637 |  |  | 37,998 |
Other | (3,563 | ) |  | 3,633 |
Ending balance (1) | $ | 37,651 |  |  | $ | 291,063 |
(1) | At September 30, 2016 and September 30, 2015, the balances include $28.1 million and $98.7 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 nine months ended September 30 is as follows:
| 2016 |  | 2015
Beginning balance | $ | 14,658 |  |  | $ | 49,676 |
Provision | 2,100 |  |  | 542 |
Transfer from liability for indemnification obligations | 2,306 |  |  | 1,140 |
Sales of loans | (8,699 | ) |  | (37,776 | )
Other | (344 | ) |  | 1,796 |
Ending balance | $ | 10,021 |  |  | $ | 15,378 |
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 September 30:
| Three Months |  | Nine Months
| 2016 |  | 2015 |  | 2016 |  | 2015
Gain on sales of loans | $ | 40,707 |  |  | $ | 34,038 |  |  | $ | 77,732 |  |  | $ | 130,425 |
Change in fair value of IRLCs | (2,523 | ) |  | 4,956 |  |  | 4,148 |  |  | 3,944 |
Change in fair value of loans held for sale | (8,226 | ) |  | 915 |  |  | 13,486 |  |  | (5,893 | )
Loss on economic hedge instruments | (4,051 | ) |  | (12,416 | ) |  | (25,677 | ) |  | (10,878 | )
Other | (262 | ) |  | (195 | ) |  | (615 | ) |  | (664 | )
| $ | 25,645 |  |  | $ | 27,298 |  |  | $ | 69,074 |  |  | $ | 116,934 |

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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=66008989&loc=SL6953423-111524 + Details
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