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Loans Held for Sale | 3 Months Ended
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Mar. 31, 2018
Receivables [Abstract] |
Loans Held for Sale | Note 4 – Loans Held for Sale
Loans Held for Sale - Fair Value | Three Months Ended March 31,
2018 |  | 2017
Beginning balance | $ | 214,262 |  |  | $ | 284,632 |
Originations and purchases | 205,994 |  |  | 840,999 |
Proceeds from sales | (293,063 | ) |  | (817,033 | )
Principal collections | (804 | ) |  | (744 | )
Transfers from Loans held for investment, at fair value | 184 |  |  | — |
Gain on sale of loans | 4,652 |  |  | (396 | )
Increase (decrease) in fair value of loans | (3,871 | ) |  | 5,628 |
Other | (1,506 | ) |  | 472 |
Ending balance (1) | $ | 125,848 |  |  | $ | 313,558 |
(1) | At March 31, 2018 and 2017, the balances include $3.8 million and $10.5 million, respectively, of fair value adjustments.
At March 31, 2018, loans held for sale, at fair value with a UPB of $108.7 million were pledged as collateral to warehouse lines of credit in our Lending segment.
Loans Held for Sale - Lower of Cost or Fair Value | Three Months Ended March 31,
2018 |  | 2017
Beginning balance | $ | 24,096 |  |  | $ | 29,374 |
Purchases | 152,084 |  |  | 396,536 |
Proceeds from sales | (86,421 | ) |  | (354,285 | )
Principal collections | (3,446 | ) |  | (1,850 | )
Transfers to Receivables, net | (35,666 | ) |  | (48,752 | )
Transfers to Other assets | (1,195 | ) |  | (55 | )
Gain on sale of loans | 692 |  |  | (998 | )
(Increase) decrease in valuation allowance | (1,185 | ) |  | 4,429 |
Other | 3,271 |  |  | 1,196 |
Ending balance (1) | $ | 52,230 |  |  | $ | 25,595 |
(1) | At March 31, 2018 and 2017, the balances include $46.1 million and $20.0 million, respectively, of loans that we repurchased from Ginnie Mae guaranteed securitizations pursuant to Ginnie Mae servicing guidelines. We may repurchase loans that have been modified, to facilitate loss reduction strategies, or as otherwise obligated as a Ginnie Mae servicer. Repurchased loans may be modified or otherwise remediated through loss mitigation activities, may be sold to a third party, or are reclassified to receivables.
Valuation Allowance - Loans Held for Sale at Lower of Cost or Fair Value | Three Months Ended March 31,
2018 |  | 2017
Beginning balance | $ | 7,318 |  |  | $ | 10,064 |
Provision | 853 |  |  | 364 |
Transfer from Liability for indemnification obligations (Other liabilities) | 719 |  |  | 255 |
Sales of loans | (409 | ) |  | (5,045 | )
Other | 22 |  |  | (3 | )
Ending balance | $ | 8,503 |  |  | $ | 5,635 |
Gain on Loans Held for Sale, Net | Three Months Ended March 31,
2018 |  | 2017
Gain on sales of loans, net |  |  |
MSRs retained on transfers of forward loans | $ | 2,378 |  |  | $ | 8,126 |
Fair value gains related to transfers of reverse mortgage loans, net | 10,968 |  |  | 7,638 |
Gain (loss) on sale of repurchased Ginnie Mae loans | 692 |  |  | (998 | )
Other, net | 6,015 |  |  | 2,146 |
| 20,053 |  |  | 16,912 |
Change in fair value of IRLCs | 1,377 |  |  | 1,060 |
Change in fair value of loans held for sale | (3,924 | ) |  | 7,666 |
Gain (loss) on economic hedge instruments | 2,398 |  |  | (2,514 | )
Other | (104 | ) |  | (180 | )
| $ | 19,800 |  |  | $ | 22,944 |

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