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Loans Held for Sale
 6 Months Ended
Jun. 30, 2019
Receivables [Abstract]  
Loans Held for Sale
Note 6 – Loans Held for Sale
Loans Held for Sale - Fair Value
Six Months Ended June 30,
2019
 
2018
Beginning balance
$
176,525

 
$
214,262

Originations and purchases
370,207

 
497,980

Proceeds from sales
(405,999
)
 
(559,042
)
Principal collections
(11,046
)
 
(7,315
)
Transfers from (to):
 
 
 
Loans held for investment, at fair value
884

 
(1,628
)
Loans held for sale - Lower of cost or fair value
(2,866
)
 
—

Receivables, net
(746
)
 
—

REO (Other assets)
(866
)
 
—

Gain on sale of loans
18,148

 
21,030

Decrease in fair value of loans
(292
)
 
(10,872
)
Other
(8,258
)
 
(509
)
Ending balance (1)
$
135,691

 
$
153,906


(1)
At June 30, 2019 and 2018, the balances include fair value adjustments of $(7.5) million and $(5.9) million, respectively.
Loans Held for Sale - Lower of Cost or Fair Value
Six Months Ended June 30,
2019
 
2018
Beginning balance
$
66,097

 
$
24,096

Purchases
131,489

 
340,601

Proceeds from sales
(92,478
)
 
(227,041
)
Principal collections
(4,183
)
 
(7,584
)
Transfers from (to):
 
 
 
Receivables, net
(53,657
)
 
(78,514
)
REO (Other assets)
(2,287
)
 
(1,358
)
Loans held for sale - Fair value
2,866

 
—

Gain on sale of loans
1,815

 
957

Decrease (increase) in valuation allowance
1,512

 
(217
)
Other
9,206

 
4,607

Ending balance (1)
$
60,380

 
$
55,547


(1)
At June 30, 2019 and 2018, the balances include $34.9 million and $48.6 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,
2019
 
2018
 
2019
 
2018
Beginning balance
$
10,863

 
$
8,503

 
$
11,569

 
$
7,318

Provision
394

 
(572
)
 
1,036

 
281

Transfer from Liability for indemnification obligations (Other liabilities)
7

 
278

 
74

 
997

Sales of loans
(1,207
)
 
(674
)
 
(2,622
)
 
(1,083
)
Other
—

 
—

 
—

 
22

Ending balance
$
10,057

 
$
7,535

 
$
10,057

 
$
7,535



Gain on Loans Held for Sale, Net
Three Months Ended June 30,
 
Six Months Ended June 30,
2019
 
2018
 
2019
 
2018
Gain on sales of loans, net
 
 
 
 
 
 
 
MSRs retained on transfers of forward mortgage loans
$
816

 
$
2,075

 
$
1,644

 
$
4,453

Fair value gains related to transfers of reverse mortgage loans, net
6,300

 
16,481

 
12,783

 
27,449

Gain on sale of repurchased Ginnie Mae loans
1,252

 
265

 
1,790

 
957

Gain on sale of forward mortgage loans
6,762

 
16,422

 
17,206

 
22,189

Other, net
457

 
(2,868
)
 
2,587

 
(2,620
)
 
15,587

 
32,375

 
36,010

 
52,428

Change in fair value of IRLCs
45

 
(1,265
)
 
(296
)
 
111

Change in fair value of loans held for sale
468

 
(6,222
)
 
326

 
(10,146
)
(Loss) gain on economic hedge instruments
(968
)
 
(401
)
 
(3,238
)
 
1,998

Other
(57
)
 
(94
)
 
(132
)
 
(198
)
 
$
15,075

 
$
24,393

 
$
32,670

 
$
44,193