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Loans Held for Sale (Tables) | 3 Months Ended
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Mar. 31, 2017
Receivables [Abstract] |
Schedule of 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.
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity | 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.
Schedule of Changes in Valuation Allowance | 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 |
Schedule of Gains 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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- 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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