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Loans Held for Sale | 3 Months Ended
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Mar. 31, 2017
Receivables [Abstract] |
Loans Held for Sale | Note 5 – Loans Held for Sale Loans Held for Sale - Fair Value The following table summarizes the activity in the balance:
| For the Three Months Ended March 31,
| 2017 |  | 2016
Beginning balance | $ | 284,632 |  |  | $ | 309,054 |
Originations and purchases | 840,999 |  |  | 789,180 |
Proceeds from sales | (817,033 | ) |  | (783,187 | )
Principal collections | (744 | ) |  | (3,280 | )
Gain (loss) on sale of loans | (396 | ) |  | 7,646 |
Increase in fair value of loans | 5,628 |  |  | 1,785 |
Other | 472 |  |  | 541 |
Ending balance (1) | $ | 313,558 |  |  | $ | 321,739 |
(1) | At March 31, 2017 and 2016, the balances include $10.5 million and $13.7 million, respectively, of fair value adjustments.
At March 31, 2017, loans held for sale, at fair value with a UPB of $231.9 million were pledged as collateral to warehouse lines of credit in our Lending segment. Loans Held for Sale - Lower of Cost or Fair Value The following table summarizes the activity in the net balance:
| For the Three Months Ended March 31,
| 2017 |  | 2016
Beginning balance | $ | 29,374 |  |  | $ | 104,992 |
Purchases | 396,536 |  |  | 421,896 |
Proceeds from sales | (354,285 | ) |  | (372,583 | )
Principal collections | (1,850 | ) |  | (6,453 | )
Transfers to accounts receivable | (48,752 | ) |  | (61,212 | )
Transfers to real estate owned | (55 | ) |  | (1,224 | )
Gain (loss) on sale of loans | (998 | ) |  | 5,010 |
Decrease (increase) in valuation allowance | 4,429 |  |  | (3,335 | )
Other | 1,196 |  |  | (21 | )
Ending balance (1) | $ | 25,595 |  |  | $ | 87,070 |
(1) | At March 31, 2017 and 2016, the balances include $20.0 million and $55.5 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.
The changes in the valuation allowance are as follows:
| For the Three Months Ended March 31,
| 2017 |  | 2016
Beginning balance | $ | 10,064 |  |  | $ | 14,658 |
Provision | 364 |  |  | 2,597 |
Transfer from liability for indemnification obligations | 255 |  |  | 1,030 |
Sales of loans | (5,045 | ) |  | — |
Other | (3 | ) |  | (292 | )
Ending balance | $ | 5,635 |  |  | $ | 17,993 |
At March 31, 2017, Loans held for sale, at lower of cost or fair value, with a UPB of $13.4 million were pledged as collateral to a warehouse line of credit in our Servicing segment. Gain on Loans Held for Sale, Net The following table summarizes the activity in Gain on loans held for sale, net:
| For the Three Months Ended March 31,
| 2017 |  | 2016
MSRs retained on transfers of forward loans | $ | 8,126 |  |  | $ | 6,484 |
Fair value gains related to transfers of reverse mortgage loans, net | 7,638 |  |  | 356 |
Gain (loss) on sale of repurchased Ginnie Mae loans | (998 | ) |  | 5,010 |
Other gains related to loans held for sale, net | 2,146 |  |  | 6,089 |
Gain on sales of loans, net | 16,912 |  |  | 17,939 |
Change in fair value of IRLCs | 1,060 |  |  | 7,465 |
Change in fair value of loans held for sale | 7,666 |  |  | 3,521 |
Loss on economic hedge instruments | (2,514 | ) |  | (13,202 | )
Other | (180 | ) |  | (151 | )
| $ | 22,944 |  |  | $ | 15,572 |

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