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Loans Held for Sale | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Loans Held for Sale |
Note 4 – Loans Held for Sale
Loans Held for Sale - Fair Value | Three Months Ended September 30, |  | Nine Months Ended September 30,
2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance | $ | 680,866 |  |  | $ | 253,037 |  |  | $ | 366,364 |  |  | $ | 208,752 |
Originations and purchases | 6,366,795 |  |  | 2,429,977 |  |  | 12,987,522 |  |  | 4,378,999 |
Proceeds from sales | (6,098,495) |  |  | (2,317,579) |  |  | (12,362,149) |  |  | (4,190,355) |
Principal collections | (22,334) |  |  | (5,721) |  |  | (39,037) |  |  | (21,479) |
Transfers from (to): |  |  |  |  |  |  |
Loans held for investment, at fair value | 1,220 |  |  | 781 |  |  | 2,898 |  |  | 1,900 |
Receivables, net | (7,625) |  |  | (14,723) |  |  | (25,151) |  |  | (62,949) |
REO (Other assets) | (1,767) |  |  | (1,713) |  |  | (5,312) |  |  | (2,554) |
Gain (loss) on sale of loans | 1,793 |  |  | 17,509 |  |  | (13,006) |  |  | 45,762 |
Increase (decrease) in fair value of loans | (5,336) |  |  | 4,220 |  |  | (6,025) |  |  | 1,925 |
Other | 6,504 |  |  | 1,178 |  |  | 15,517 |  |  | 6,965 |
Ending balance (1) | $ | 921,621 |  |  | $ | 366,966 |  |  | $ | 921,621 |  |  | $ | 366,966 |
(1)At September 30, 2021 and 2020, the balances include $(9.3) million and $(5.8) million, respectively, of fair value adjustments.
Loans Held for Sale - Lower of Cost or Fair Value | Three Months Ended September 30, |  | Nine Months Ended September 30,
2021 |  | 2020 |  | 2021 |  | 2020
Beginning balance - before Valuation Allowance | $ | 20,278 |  |  | $ | 31,880 |  |  | $ | 27,652 |  |  | $ | 73,160 |
Proceeds from sales | (2,916) |  |  | 891 |  |  | (9,583) |  |  | (45,974) |
Principal collections | (415) |  |  | (514) |  |  | (629) |  |  | (1,319) |
Transfers from (to): |  |  |  |  |  |  |
Receivables, net | (444) |  |  | — |  |  | (936) |  |  | 61 |
Gain (loss) on sale of loans | 35 |  |  | (1,141) |  |  | 549 |  |  | 474 |
Other | 123 |  |  | (1,220) |  |  | (392) |  |  | 3,494 |
Ending balance - before Valuation Allowance | 16,661 |  |  | 29,896 |  |  | 16,661 |  |  | 29,896 |
Beginning balance - Valuation Allowance | $ | (5,124) |  |  | $ | (6,400) |  |  | $ | (6,180) |  |  | $ | (6,643) |
(Provision for) reversal of valuation allowance | 602 |  |  | 45 |  |  | 1,582 |  |  | (1,084) |
Transfer to (from) Liability for indemnification obligations (Other liabilities) | (60) |  |  | (42) |  |  | 16 |  |  | (117) |
Sales of loans | — |  |  | 166 |  |  | — |  |  | 1,613 |
Ending balance - Valuation Allowance | (4,582) |  |  | (6,231) |  |  | (4,582) |  |  | (6,231) |
Ending balance, net | $ | 12,079 |  |  | $ | 23,665 |  |  | $ | 12,079 |  |  | $ | 23,665 |
Gain on Loans Held for Sale, Net | Three Months Ended September 30, |  | Nine Months Ended September 30,
2021 |  | 2020 |  | 2021 |  | 2020
Gain on sales of loans, net |  |  |  |  |  |  |
MSRs retained on transfers of forward mortgage loans | $ | 66,420 |  |  | $ | 22,096 |  |  | $ | 136,482 |  |  | $ | 37,785 |
Gain (loss) on sale of forward mortgage loans (1) | (2,601) |  |  | 11,897 |  |  | (25,440) |  |  | 35,201 |
Gain on sale of repurchased Ginnie Mae loans | 3,962 |  |  | 4,663 |  |  | 12,277 |  |  | 11,036 |
| 67,781 |  |  | 38,656 |  |  | 123,319 |  |  | 84,022 |
Change in fair value of IRLCs | (4,135) |  |  | 4,828 |  |  | (9,225) |  |  | 16,876 |
Change in fair value of loans held for sale | (3,491) |  |  | 3,061 |  |  | (3,323) |  |  | 3,367 |
Loss on economic hedge instruments (2) | 780 |  |  | 179 |  |  | 592 |  |  | (10,141) |
Other | (1,233) |  |  | (838) |  |  | (3,227) |  |  | (1,360) |
| $ | 59,702 |  |  | $ | 45,886 |  |  | $ | 108,136 |  |  | $ | 92,764 |
(1)Includes $22.5 million gain in the three and nine months ended September 30, 2021 related to loans purchased through the exercise of our servicer call rights with respect to certain Non-Agency trusts and sold, servicing release, in the three months ended September 30, 2021. (2)Excludes gains of $1.5 million and $25.5 million on inter-segment economic hedge derivative presented within MSR valuation adjustments, net for the three and nine months ended September 30, 2021, respectively, and a loss of $7.8 million for the three and nine months ended September 30, 2020. 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 19 – Business Segment Reporting.

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