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Loans Held for Sale (Tables) | 12 Months Ended
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Dec. 31, 2016
Receivables [Abstract] |
Summary of Changes in Valuation Allowance of Loans Held for Sale | The change in the valuation allowance during the years ended December 31 is as follows:
| 2016 |  | 2015 |  | 2014
Beginning balance | $ | 14,658 |  |  | $ | 49,676 |  |  | $ | 30,711 |
Provision | 3,599 |  |  | (400 | ) |  | (1,301 | )
Transfer from liability for indemnification obligations | 2,368 |  |  | 1,180 |  |  | 20,441 |
Sales of loans | (10,208 | ) |  | (37,776 | ) |  | (7,614 | )
Other | (353 | ) |  | 1,978 |  |  | 7,439 |
Ending balance | $ | 10,064 |  |  | $ | 14,658 |  |  | $ | 49,676 |
Summary of Activity in Balance of Loans Held for Sale, at Fair Value | The following table summarizes the activity in the balance during the years ended December 31:
| 2016 |  | 2015 |  | 2014
Beginning balance | $ | 309,054 |  |  | $ | 401,120 |  |  | $ | 503,753 |
Originations and purchases | 4,211,871 |  |  | 3,944,509 |  |  | 4,967,767 |
Proceeds from sales | (4,236,158 | ) |  | (4,061,217 | ) |  | (5,001,935 | )
Principal collections | (11,620 | ) |  | (8,647 | ) |  | (13,300 | )
Transfers to loans held for investment - reverse mortgages | — |  |  | — |  |  | (110,874 | )
Transfers from loans held for sale at lower of cost or fair value | 3,266 |  |  | 1,200 |  |  | — |
Gain on sale of loans | 13,421 |  |  | 42,053 |  |  | 49,533 |
Increase (decrease) in fair value of loans | (7,030 | ) |  | (9,066 | ) |  | 6,198 |
Other | 1,828 |  |  | (898 | ) |  | (22 | )
Ending balance (1) | $ | 284,632 |  |  | $ | 309,054 |  |  | $ | 401,120 |
(1) | At December 31, 2016, 2015 and 2014, the balances include $4.9 million, $11.9 million and $21.0 million, respectively, of fair value adjustments.
Summary of Activity in Balance of Loans Held for Sale, at Lower of Cost or Fair Value | The following table summarizes the activity in the net balance during the years ended December 31:
| 2016 |  | 2015 |  | 2014
Beginning balance | $ | 104,992 |  |  | $ | 87,492 |  |  | $ | 62,907 |
Purchases | 1,878,561 |  |  | 1,056,172 |  |  | 2,462,573 |
Proceeds from sales | (1,699,427 | ) |  | (1,001,939 | ) |  | (2,067,965 | )
Principal collections | (22,607 | ) |  | (53,400 | ) |  | (262,196 | )
Transfers to accounts receivable | (256,336 | ) |  | (53,468 | ) |  | (114,675 | )
Transfers to real estate owned | (7,675 | ) |  | (18,594 | ) |  | (8,808 | )
Transfers to loans held for sale at fair value | (3,266 | ) |  | (1,200 | ) |  | — |
Gain on sale of loans | 24,565 |  |  | 43,449 |  |  | 31,853 |
Decrease (increase) in valuation allowance | 4,594 |  |  | 35,018 |  |  | (18,965 | )
Other | 5,973 |  |  | 11,462 |  |  | 2,768 |
Ending balance (1) | $ | 29,374 |  |  | $ | 104,992 |  |  | $ | 87,492 |
(1) | At December 31, 2016, 2015 and 2014, the balances include $24.8 million, $85.9 million and $42.0 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.
Summary of Activity in Gain on Loans Held for Sale, Net | The following table summarizes the activity in Gain on loans held for sale, net, during the years ended December 31:
| 2016 |  | 2015 |  | 2014
Gain on sales of loans, net | $ | 93,308 |  |  | $ | 152,970 |  |  | $ | 168,449 |
Change in fair value of IRLCs | (55 | ) |  | 14 |  |  | (25,822 | )
Change in fair value of loans held for sale | 4,595 |  |  | (8,525 | ) |  | 10,489 |
Loss on economic hedge instruments | (6,592 | ) |  | (8,675 | ) |  | (17,214 | )
Other | (865 | ) |  | (815 | ) |  | (1,605 | )
| $ | 90,391 |  |  | $ | 134,969 |  |  | $ | 134,297 |

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