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Loans Held for Sale (Tables)
9 Months Ended
Sep. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Schedule of Loans Held for Sale Fair Value
Loans Held for Sale - Fair Value
Nine Months Ended September 30,
2019
 
2018
Beginning balance
$
176,525

 
$
214,262

Originations and purchases
615,303

 
671,503

Proceeds from sales
(581,678
)
 
(728,531
)
Principal collections
(17,155
)
 
(14,201
)
Transfers from (to):
 
 
 
Loans held for investment, at fair value
1,405

 
694

Loans held for sale - Lower of cost or fair value
(1
)
 
(11,564
)
Receivables, net
(2,248
)
 
(1,165
)
REO (Other assets)
(1,501
)
 
(2,240
)
Gain on sale of loans
24,005

 
25,525

Decrease in fair value of loans
(197
)
 
(12,791
)
Other
(6,813
)
 
3,925

Ending balance (1)
$
207,645

 
$
145,417


(1)
At September 30, 2019 and 2018, the ending balances are net of fair value adjustments of $7.4 million and $6.5 million, respectively.
Schedule of Loans Held for Sale at Lower Cost or Fair Value, Activity
Loans Held for Sale - Lower of Cost or Fair Value
Nine Months Ended September 30,
2019
 
2018
Beginning balance
$
66,097

 
$
24,096

Purchases
257,611

 
563,327

Proceeds from sales
(183,048
)
 
(400,693
)
Principal collections
(5,802
)
 
(11,101
)
Transfers from (to):
 
 
 
Receivables, net
(78,865
)
 
(118,762
)
REO (Other assets)
(2,739
)
 
(1,681
)
Loans held for sale - Fair value
1

 
11,564

Gain on sale of loans
3,364

 
2,180

Decrease (increase) in valuation allowance
4,473

 
(3,144
)
Other
6,842

 
6,233

Ending balance (1)
$
67,934

 
$
72,019


(1)
At September 30, 2019 and 2018, the balances include $58.6 million and $53.0 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.
Schedule of Gains on Loans Held for Sale, Net
Gain on Loans Held for Sale, Net
Three Months Ended September 30,
 
Nine Months Ended September 30,
2019
 
2018
 
2019
 
2018
Gain on sales of loans, net
 
 
 
 
 
 
 
MSRs retained on transfers of forward mortgage loans
$
605

 
$
1,427

 
$
2,249

 
$
5,880

Fair value gains related to transfers of reverse mortgage loans, net
6,080

 
9,421

 
18,863

 
36,870

Gain on sale of repurchased Ginnie Mae loans
1,364

 
1,222

 
3,154

 
2,179

Gain on sale of forward mortgage loans
5,896

 
5,075

 
23,102

 
27,264

Other, net
921

 
(616
)
 
3,508

 
(3,236
)
 
14,866

 
16,529

 
50,876

 
68,957

Change in fair value of IRLCs
697

 
26

 
401

 
137

Change in fair value of loans held for sale
610

 
365

 
936

 
(9,781
)
(Loss) gain on economic hedge instruments
(106
)
 
84

 
(3,344
)
 
2,082

Other
(54
)
 
(62
)
 
(186
)
 
(260
)
 
$
16,013

 
$
16,942

 
$
48,683

 
$
61,135

Valuation Allowance for Loans Held for Sale [Member]  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
Schedule of Changes in Allowance For Losses
Valuation Allowance - Loans Held for Sale at Lower of Cost or Fair Value
Three Months Ended September 30,
 
Nine Months Ended September 30,
2019
 
2018
 
2019
 
2018
Beginning balance
$
10,057

 
$
7,535

 
$
11,569

 
$
7,318

Provision
769

 
2,755

 
1,805

 
3,036

Transfer from Liability for indemnification obligations (Other liabilities)
266

 
554

 
340

 
1,551

Sales of loans
(3,996
)
 
(382
)
 
(6,618
)
 
(1,464
)
Other

 

 

 
21

Ending balance
$
7,096

 
$
10,462

 
$
7,096

 
$
10,462