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Real Estate Acquired in Settlement of Loans (Tables)
 12 Months Ended
Dec. 31, 2016
Banking And Thrift [Abstract]  
Summary of Financial Information Relating to REO

Following is a summary of financial information relating to REO:

 

 

 

Year ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

(in thousands)

 

Balance at beginning of year

 

$

341,846

 

 

$

303,228

 

 

$

138,942

 

Purchases

 

 

—

 

 

 

—

 

 

 

3,049

 

Transfers from mortgage loans at fair value and

   advances

 

 

207,431

 

 

 

307,455

 

 

 

364,945

 

Transfer of real estate acquired in settlement of

   mortgage loans to real estate held for investment

 

 

(21,406

)

 

 

(8,827

)

 

 

—

 

Transfers from REO under forward purchase

   agreements

 

 

—

 

 

 

—

 

 

 

12,737

 

Results of REO:

 

 

 

 

 

 

 

 

 

 

 

 

Valuation adjustments, net

 

 

(36,193

)

 

 

(40,432

)

 

 

(45,476

)

Gain on sale, net

 

 

17,075

 

 

 

21,255

 

 

 

13,498

 

 

 

 

(19,118

)

 

 

(19,177

)

 

 

(31,978

)

Proceeds from sales

 

 

(234,684

)

 

 

(240,833

)

 

 

(184,467

)

Balance at end of year

 

$

274,069

 

 

$

341,846

 

 

$

303,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At the end of year:

 

 

 

 

 

 

 

 

 

 

 

 

REO pledged to secure assets sold under

   agreements to repurchase

 

$

167,430

 

 

$

245,647

 

 

 

 

 

REO held in a consolidated subsidiary whose

   stock is pledged to secure financings of such

   properties

 

 

48,283

 

 

 

37,696

 

 

 

 

 

 

 

$

215,713

 

 

$

283,343