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Loans Held for Sale | 9 Months Ended
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Sep. 30, 2020
Receivables [Abstract] |
Loans Held for Sale |
Note 5 – Loans Held for Sale
Loans Held for Sale - Fair Value | Nine Months Ended September 30,
2020 |  | 2019
Beginning balance | $ | 208,752 |  |  | $ | 176,525 |
Originations and purchases (1) | 4,378,999 |  |  | 615,303 |
Proceeds from sales | (4,190,355) |  |  | (581,678) |
Principal collections | (21,479) |  |  | (17,155) |
Transfers from (to): |  |  |
Loans held for investment, at fair value | 1,900 |  |  | 1,405 |
Loans held for sale - Lower of cost or fair value | — |  |  | (1) |
Receivables, net | (62,949) |  |  | (2,248) |
REO (Other assets) | (2,554) |  |  | (1,501) |
Gain on sale of loans | 45,762 |  |  | 24,005 |
Increase (decrease) in fair value of loans | 1,925 |  |  | (197) |
Other | 6,965 |  |  | (6,813) |
Ending balance (1) (2) (3) | $ | 366,966 |  |  | $ | 207,645 |
(1)We elected the fair value option for all newly repurchased loans after December 31, 2019, consistent with our fair value election of originated loans. (2)At September 30, 2020 and 2019, the balances include $(5.8) million and $(7.4) million, respectively, of fair value adjustments. (3)At September 30, 2020 and 2019, the balances include $26.4 million and zero, 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.
Loans Held for Sale - Lower of Cost or Fair Value | Nine Months Ended September 30,
2020 |  | 2019
Beginning balance | $ | 66,517 |  |  | $ | 66,097 |
Purchases | — |  |  | 257,611 |
Proceeds from sales | (45,974) |  |  | (183,048) |
Principal collections | (1,319) |  |  | (5,802) |
Transfers from (to): |  |  |
Receivables, net | 61 |  |  | (78,865) |
REO (Other assets) | — |  |  | (2,739) |
Loans held for sale - Fair value | — |  |  | 1 |
Gain on sale of loans | 474 |  |  | 3,364 |
Decrease in valuation allowance | 412 |  |  | 4,473 |
Other | 3,494 |  |  | 6,842 |
Ending balance (1) | $ | 23,665 |  |  | $ | 67,934 |
(1)At September 30, 2020 and 2019, the balances include $14.8 million and $58.6 million, respectively, of loans that we repurchased from Ginnie Mae guaranteed securitizations pursuant to Ginnie Mae servicing guidelines. Loans repurchased after December 31, 2019 are classified as Loans Held for Sale - Fair Value since we elected the fair value option, consistent with our fair value election for originated or purchased loans.
Valuation Allowance - Loans Held for Sale at Lower of Cost or Fair Value | Three Months Ended September 30, |  | Nine Months Ended September 30,
2020 |  | 2019 |  | 2020 |  | 2019
Beginning balance | $ | 6,400 |  |  | $ | 10,057 |  |  | $ | 6,643 |  |  | $ | 11,569 |
Provision | (45) |  |  | 769 |  |  | 1,084 |  |  | 1,805 |
Transfer from Liability for indemnification obligations (Other liabilities) | 42 |  |  | 266 |  |  | 117 |  |  | 340 |
Sales of loans | (166) |  |  | (3,996) |  |  | (1,613) |  |  | (6,618) |
Ending balance | $ | 6,231 |  |  | $ | 7,096 |  |  | $ | 6,231 |  |  | $ | 7,096 |
Gain on Loans Held for Sale, Net | Three Months Ended September 30, |  | Nine Months Ended September 30,
2020 |  | 2019 |  | 2020 |  | 2019
Gain on sales of loans, net |  |  |  |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 22,096 |  |  | $ | 605 |  |  | $ | 37,785 |  |  | $ | 2,249 |
Gain on sale of repurchased Ginnie Mae loans | 4,663 |  |  | 1,364 |  |  | 11,036 |  |  | 3,154 |
Gain on sale of forward mortgage loans | 11,897 |  |  | 5,896 |  |  | 35,201 |  |  | 23,102 |
| 38,656 |  |  | 7,865 |  |  | 84,022 |  |  | 28,505 |
Change in fair value of IRLCs | 4,828 |  |  | 697 |  |  | 16,876 |  |  | 401 |
Change in fair value of loans held for sale | 3,061 |  |  | 610 |  |  | 3,367 |  |  | 936 |
Gain (loss) on economic hedge instruments | 179 |  |  | (106) |  |  | (10,141) |  |  | (3,344) |
Other | (838) |  |  | (54) |  |  | (1,360) |  |  | (186) |
| $ | 45,886 |  |  | $ | 9,012 |  |  | $ | 92,764 |  |  | $ | 26,312 |

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