XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Loans Held for Sale
 6 Months Ended
Jun. 30, 2018
Receivables [Abstract]  
Loans Held for Sale
Note 4 – Loans Held for Sale
Loans Held for Sale - Fair Value
Six Months Ended June 30,
2018
 
2017
Beginning balance
$
214,262

 
$
284,632

Originations and purchases
497,980

 
1,547,169

Proceeds from sales
(559,042
)
 
(1,603,889
)
Principal collections
(7,315
)
 
(2,062
)
Transfers from Loans held for investment, at fair value
(1,628
)
 
—

Gain on sale of loans
21,030

 
9,396

Increase (decrease) in fair value of loans
(10,872
)
 
3,838

Other
(509
)
 
406

Ending balance (1)
$
153,906

 
$
239,490


(1)
At June 30, 2018 and 2017, the balances include $(5.9) million and $8.7 million, respectively, of fair value adjustments.
At June 30, 2018, loans held for sale, at fair value with a UPB of $59.0 million were pledged as collateral to warehouse lines of credit in our Lending segment.
Loans Held for Sale - Lower of Cost or Fair Value
Six Months Ended June 30,
2018
 
2017
Beginning balance
$
24,096

 
$
29,374

Purchases
340,601

 
696,306

Proceeds from sales
(227,041
)
 
(607,181
)
Principal collections
(7,584
)
 
(4,127
)
Transfers (to) from:
 
 
 
Receivables, net
(78,514
)
 
(96,918
)
Other assets
(1,358
)
 
(435
)
Gain (loss) on sale of loans
957

 
(2,434
)
(Increase) decrease in valuation allowance
(218
)
 
3,573

Other
4,608

 
3,311

Ending balance (1)
$
55,547

 
$
21,469


(1)
At June 30, 2018 and 2017, the balances include $48.6 million and $16.0 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 June 30,
 
Six Months Ended June 30,
2018
 
2017
 
2018
 
2017
Beginning balance
$
8,503

 
$
5,635

 
$
7,318

 
$
10,064

Provision
(572
)
 
490

 
281

 
854

Transfer from Liability for indemnification obligations (Other liabilities)
278

 
632

 
997

 
887

Sales of loans
(674
)
 
(600
)
 
(1,083
)
 
(5,646
)
Other
—

 
334

 
22

 
332

Ending balance
$
7,535

 
$
6,491

 
$
7,535

 
$
6,491



Gain on Loans Held for Sale, Net
Three Months Ended June 30,
 
Six Months Ended June 30,
2018
 
2017
 
2018
 
2017
Gain on sales of loans, net
 
 
 
 
 
 
 
MSRs retained on transfers of forward loans
$
2,075

 
$
6,906

 
$
4,453

 
$
15,032

Fair value gains related to transfers of reverse mortgage loans, net
16,481

 
14,049

 
27,449

 
21,687

Gain on sale of repurchased Ginnie Mae loans
265

 
4,753

 
957

 
3,756

Other, net
13,554

 
10,759

 
19,569

 
12,904

 
32,375

 
36,467

 
52,428

 
53,379

Change in fair value of IRLCs
(1,265
)
 
(2,487
)
 
111

 
(1,428
)
Change in fair value of loans held for sale
(6,222
)
 
(1,854
)
 
(10,146
)
 
5,813

Gain (loss) on economic hedge instruments
(401
)
 
(3,670
)
 
1,998

 
(6,184
)
Other
(94
)
 
(201
)
 
(198
)
 
(381
)
 
$
24,393

 
$
28,255

 
$
44,193

 
$
51,199