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Loans Held for Sale (Tables)
 3 Months Ended
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