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Loans Held for Sale
 3 Months Ended
Mar. 31, 2019
Receivables [Abstract]  
Loans Held for Sale
Note 6 – Loans Held for Sale
Loans Held for Sale - Fair Value
Three Months Ended March 31,
2019
 
2018
Beginning balance
$
176,525

 
$
214,262

Originations and purchases
219,867

 
205,994

Proceeds from sales
(235,895
)
 
(293,063
)
Principal collections
(5,516
)
 
(804
)
Transfers from (to):
 
 
 
Loans held for investment, at fair value
396

 
184

Receivables, net
(581
)
 
—

Real estate owned (Other assets)
(696
)
 
—

Gain on sale of loans
8,191

 
4,652

Decrease in fair value of loans
(228
)
 
(3,871
)
Other
(8,923
)
 
(1,506
)
Ending balance (1)
$
153,140

 
$
125,848


(1)
At March 31, 2019 and 2018, the balances include $(7.8) million and $3.8 million, respectively, of fair value adjustments.
Loans Held for Sale - Lower of Cost or Fair Value
Three Months Ended March 31,
2019
 
2018
Beginning balance
$
66,097

 
$
24,096

Purchases
84,315

 
152,084

Proceeds from sales
(62,135
)
 
(86,421
)
Principal collections
(1,776
)
 
(3,446
)
Transfers from (to):
 
 
 
Receivables, net
(27,411
)
 
(35,666
)
Real estate owned (Other assets)
(1,095
)
 
(1,195
)
Gain on sale of loans
551

 
692

(Increase) decrease in valuation allowance
706

 
(1,185
)
Other
10,295

 
3,271

Ending balance (1)
$
69,547

 
$
52,230


(1)
At March 31, 2019 and 2018, the balances include $42.7 million and $46.1 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,
2019
 
2018
Beginning balance
$
11,569

 
$
7,318

Provision
642

 
853

Transfer from Liability for indemnification obligations (Other liabilities)
67

 
719

Sales of loans
(1,415
)
 
(409
)
Other
—

 
22

Ending balance
$
10,863

 
$
8,503



Gain on Loans Held for Sale, Net
Three Months Ended March 31,
2019
 
2018
Gain on sales of loans, net
 
 
 
MSRs retained on transfers of forward mortgage loans
$
828

 
$
2,378

Fair value gains related to transfers of reverse mortgage loans, net
6,483

 
10,968

Gain on sale of repurchased Ginnie Mae loans
538

 
692

Gain on sale of forward mortgage loans
10,444

 
5,767

Other, net
2,130

 
248

 
20,423

 
20,053

Change in fair value of IRLCs
(341
)
 
1,377

Change in fair value of loans held for sale
(142
)
 
(3,924
)
Gain (loss) on economic hedge instruments
(2,270
)
 
2,398

Other
(75
)
 
(104
)
 
$
17,595

 
$
19,800