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Loans Held for Sale (Tables)
12 Months Ended
Dec. 31, 2015
Receivables [Abstract]  
Summary of Activity in the Balance of Loans Held for Sale, at Fair Value
The following table summarizes the activity in the balance during the years ended December 31:
 
2015
 
2014
 
2013
Beginning balance
$
401,120

 
$
503,753

 
$
426,480

Originations and purchases
3,944,509

 
4,967,767

 
8,106,742

Proceeds from sales
(4,061,217
)
 
(5,001,935
)
 
(7,999,235
)
Principal collections
(8,647
)
 
(13,300
)
 
(653
)
Transfers to loans held for investment - reverse mortgages

 
(110,874
)
 

Gain (loss) on sale of loans
42,053

 
49,533

 
(26,981
)
Other (1)
(8,764
)
 
6,176

 
(2,600
)
Ending balance
$
309,054

 
$
401,120

 
$
503,753


(1)
Other includes the increase (decrease) in fair value of $(9.1) million, $6.2 million and $(3.7) million for 2015, 2014 and 2013, respectively.
Summary of Activity in the Balance of Loans Held for Sale, at Lower of Cost or Fair Value
The following table summarizes the activity in the balance during the years ended December 31:
 
2015
 
2014
 
2013
Beginning balance
$
87,492

 
$
62,907

 
$
82,866

Purchases
1,056,172

 
2,462,573

 
1,632,390

Proceeds from sales
(1,001,939
)
 
(2,067,965
)
 
(1,036,316
)
Principal payments
(53,400
)
 
(262,196
)
 
(432,423
)
Transfers to accounts receivable
(53,468
)
 
(114,675
)
 
(218,629
)
Transfers to real estate owned
(18,594
)
 
(8,808
)
 
(4,775
)
Gain on sale of loans
43,449

 
31,853

 
35,087

Decrease (increase) in valuation allowance
35,018

 
(18,965
)
 
(10,644
)
Other
10,262

 
2,768

 
15,351

Ending balance (1) (2)
$
104,992

 
$
87,492

 
$
62,907


(1)
At December 31, 2015, 2014 and 2013, the balances include $85.9 million, $42.0 million and $43.1 million, respectively, of loans that we were required to repurchase from Ginnie Mae guaranteed securitizations as part of our servicing obligations. Repurchased loans are modified or otherwise remediated through loss mitigation activities or are reclassified to receivables.
(2)
At December 31, 2015, 2014 and 2013, the balances are net of valuation allowances of $14.7 million, $49.7 million and $30.7 million, respectively. The decrease in the valuation allowance during 2015 includes $37.8 million resulting from the reversal of the allowance associated with loans that were sold during the year. The increase in the valuation allowance during 2014 and 2013 includes $20.4 million and $15.7 million, respectively, resulting from transfers of the liability for indemnification obligations for the initial valuation adjustment that we recognized on certain loans that we repurchased from Fannie Mae and Freddie Mac guaranteed securitizations.
Summary of Activity in Gain on Loans Held for Sale, Net
The following table summarizes the activity in Gain on loans held for sale, net, during the years ended December 31:
 
2015
 
2014
 
2013
Gain on sales of loans
$
152,970

 
$
168,449

 
$
82,518

Change in fair value of IRLCs
14

 
(25,822
)
 
523

Change in fair value of loans held for sale
(8,525
)
 
10,489

 
(1,709
)
Gain (loss) on economic hedge instruments
(8,675
)
 
(17,214
)
 
42,732

Other
(815
)
 
(1,605
)
 
(2,370
)
 
$
134,969

 
$
134,297

 
$
121,694