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Loans Held for Sale (Tables)
 9 Months Ended
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