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Loans Held for Sale | 3 Months Ended
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Mar. 31, 2021
Receivables [Abstract] |
Loans Held for Sale |
Note 4 – Loans Held for Sale
Loans Held for Sale - Fair Value | Three Months Ended March 31,
2021 |  | 2020
Beginning balance | $ | 366,364 |  |  | $ | 208,752 |
Originations and purchases | 3,333,901 |  |  | 831,474 |
Proceeds from sales | (3,169,015) |  |  | (805,202) |
Principal collections | (5,418) |  |  | (6,833) |
Transfers from (to): |  |  |
Loans held for investment, at fair value | 901 |  |  | 578 |
Receivables, net | (8,633) |  |  | (31,302) |
REO (Other assets) | (2,052) |  |  | (768) |
Gain (loss) on sale of loans | (13,732) |  |  | 6,418 |
Decrease in fair value of loans | (5,256) |  |  | (1,642) |
Other | 3,754 |  |  | 2,117 |
Ending balance (1) | $ | 500,814 |  |  | $ | 203,592 |
(1)At March 31, 2021 and 2020, the balances include $(12.0) million and $(9.4) million, respectively, of fair value adjustments.
Loans Held for Sale - Lower of Cost or Fair Value | Three Months Ended March 31,
2021 |  | 2020
Beginning balance - before Valuation Allowance | $ | 27,652 |  |  | $ | 73,160 |
Purchases | 98 |  |  | — |
Proceeds from sales | (4,840) |  |  | (30,492) |
Principal collections | (214) |  |  | (651) |
Transfers from (to): |  |  |
Receivables, net | — |  |  | 266 |
Gain on sale of loans | 389 |  |  | 1,842 |
Other | (614) |  |  | 5,079 |
Ending balance - before Valuation Allowance | 22,471 |  |  | 49,204 |
Beginning balance - Valuation Allowance | $ | (6,180) |  |  | $ | (6,643) |
Provision | 703 |  |  | (570) |
Transfer to (from) Liability for indemnification obligations (Other liabilities) | 15 |  |  | (25) |
Sales of loans | — |  |  | 457 |
Ending balance - Valuation Allowance | (5,462) |  |  | (6,781) |
Ending balance, net | $ | 17,009 |  |  | $ | 42,423 |
Gain on Loans Held for Sale, Net | Three Months Ended March 31, |  |
2021 |  | 2020 |  |  |  |
Gain on sales of loans, net |  |  |  |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 34,260 |  |  | $ | 6,561 |  |  |  |  |
Gain (loss) on sale of forward mortgage loans | (18,567) |  |  | 6,418 |  |  |  |  |
Gain on sale of repurchased Ginnie Mae loans | 4,900 |  |  | 1,842 |  |  |  |  |
| 20,593 |  |  | 14,821 |  |  |  |  |
Change in fair value of IRLCs | (8,618) |  |  | 5,714 |  |  |  |  |
Change in fair value of loans held for sale | (4,981) |  |  | 159 |  |  |  |  |
Gain (loss) on economic hedge instruments (1) | — |  |  | (7,192) |  |  |  |  |
Other | (1,273) |  |  | (171) |  |  |  |  |
| $ | 5,721 |  |  | $ | 13,331 |  |  |  |  |
(1)Excludes $35.4 million gain on inter-segment economic hedge derivative presented within MSR valuation adjustments, net for the three months ended March 31, 2021. Third-party derivatives are hedging the net exposure of MSR and pipeline, and the change in fair value of derivatives are reported within MSR valuation adjustments, net. Inter-segment derivatives are established to transfer risk and allocate hedging gains/losses to the pipeline separately from the MSR portfolio. Refer to Note 18 – Business Segment Reporting.

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