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Loans Held for Sale
 12 Months Ended
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