Loans Held for Sale (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Receivables [Abstract] |
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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 |
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| | (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. |
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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 |
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| | (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. |
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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 |
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