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Loans Held for Sale (Tables)
 12 Months Ended
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