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Loans Held for Sale | 12 Months Ended
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Dec. 31, 2018
Receivables [Abstract] |
Loans Held for Sale | Note 5 — Loans Held for Sale
Loans Held for Sale - Fair Value | Years Ended December 31,
2018 |  | 2017 |  | 2016
Beginning balance | $ | 214,262 |  |  | $ | 284,632 |  |  | $ | 309,054 |
Originations and purchases | 944,627 |  |  | 2,678,372 |  |  | 4,211,871 |
Proceeds from sales | (1,019,211 | ) |  | (2,785,422 | ) |  | (4,236,158 | )
Principal collections | (20,774 | ) |  | (4,867 | ) |  | (11,620 | )
Acquired in connection with the acquisition of PHH | 42,324 |  |  | — |  |  | — |
Transfers from (to): |  |  |  |  |
Loans held for investment, at fair value | 1,038 |  |  | 3,803 |  |  | — |
Loans held for sale - Lower of cost or fair value | — |  |  | — |  |  | 3,266 |
Receivables | (1,132 | ) |  | — |  |  | — |
Real estate owned (Other assets) | (1,886 | ) |  | — |  |  | — |
Gain on sale of loans | 34,724 |  |  | 35,429 |  |  | 13,421 |
Increase (decrease) in fair value of loans | (13,435 | ) |  | 151 |  |  | (7,030 | )
Other | (4,012 | ) |  | 2,164 |  |  | 1,828 |
Ending balance (1) | $ | 176,525 |  |  | $ | 214,262 |  |  | $ | 284,632 |
(1) | At December 31, 2018, 2017 and 2016, the balances include $(7.2) million, $5.0 million and $4.9 million, respectively, of fair value adjustments.
Loans Held for Sale - Lower of Cost or Fair Value | Years Ended December 31,
2018 |  | 2017 |  | 2016
Beginning balance | $ | 24,096 |  |  | $ | 29,374 |  |  | $ | 104,992 |
Purchases | 770,563 |  |  | 1,016,791 |  |  | 1,878,561 |
Proceeds from sales | (569,718 | ) |  | (861,569 | ) |  | (1,699,427 | )
Principal collections | (15,413 | ) |  | (10,207 | ) |  | (22,607 | )
Transfers from (to): |  |  |  |  |
Receivables, net | (155,586 | ) |  | (171,797 | ) |  | (256,336 | )
Real estate owned (Other assets) | (2,355 | ) |  | (875 | ) |  | (7,675 | )
Loans held for sale - Fair value | — |  |  | — |  |  | (3,266 | )
Gain on sale of loans | 3,659 |  |  | 11,683 |  |  | 24,565 |
(Increase) decrease in valuation allowance | (4,251 | ) |  | 2,746 |  |  | 4,594 |
Other | 15,102 |  |  | 7,950 |  |  | 5,973 |
Ending balance (1) | $ | 66,097 |  |  | $ | 24,096 |  |  | $ | 29,374 |
(1) | At December 31, 2018, 2017 and 2016, the balances include $51.8 million, $19.6 million and $24.8 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 | Years Ended December 31,
2018 |  | 2017 |  | 2016
Beginning balance | $ | 7,318 |  |  | $ | 10,064 |  |  | $ | 14,658 |
Provision | 4,033 |  |  | 3,109 |  |  | 3,599 |
Transfer from Liability for indemnification obligations (Other liabilities) | 2,021 |  |  | 3,246 |  |  | 2,368 |
Sales of loans | (1,824 | ) |  | (9,415 | ) |  | (10,208 | )
Other | 21 |  |  | 314 |  |  | (353 | )
Ending balance | $ | 11,569 |  |  | $ | 7,318 |  |  | $ | 10,064 |
| Years Ended December 31,
Gains on Loans Held for Sale, Net | 2018 |  | 2017 |  | 2016
Gain on sales of loans, net |  |  |  |  |
MSRs retained on transfers of forward loans | $ | 7,412 |  |  | $ | 20,900 |  |  | $ | 36,049 |
Fair value gains related to transfers of reverse mortgage loans, net | 45,020 |  |  | 50,194 |  |  | 24,742 |
Gain on sale of repurchased Ginnie Mae loans | 3,659 |  |  | 11,683 |  |  | 24,565 |
Other, net | 29,603 |  |  | 31,470 |  |  | 7,952 |
| 85,694 |  |  | 114,247 |  |  | 93,308 |
Change in fair value of IRLCs | 3,809 |  |  | (3,089 | ) |  | (55 | )
Change in fair value of loans held for sale | (11,569 | ) |  | 1,475 |  |  | 4,595 |
Loss on economic hedge instruments | 136 |  |  | (8,529 | ) |  | (6,592 | )
Other | (327 | ) |  | (702 | ) |  | (865 | )
| $ | 77,743 |  |  | $ | 103,402 |  |  | $ | 90,391 |

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