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Loans Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2019
Receivables [Abstract]  
Summary of Activity in Balance of Loans Held for Sale, at Fair Value
Loans Held for Sale - Fair Value
Years Ended December 31,
2019
 
2018
 
2017
Beginning balance
$
176,525

 
$
214,262

 
$
284,632

Originations and purchases
1,168,885

 
944,627

 
2,678,372

Proceeds from sales
(1,124,247
)
 
(1,019,211
)
 
(2,785,422
)
Principal collections
(23,116
)
 
(20,774
)
 
(4,867
)
Acquired in connection with the acquisition of PHH
—

 
42,324

 
—

Transfers from (to):
 
 
 
 
 
Loans held for investment, at fair value
1,892

 
1,038

 
3,803

Receivables
(2,480
)
 
(1,132
)
 
—

REO (Other assets)
(2,520
)
 
(1,886
)
 
—

Gain on sale of loans
25,253

 
34,724

 
35,429

(Decrease) increase in fair value of loans
(589
)
 
(13,435
)
 
151

Other
(10,851
)
 
(4,012
)
 
2,164

Ending balance (1)
$
208,752

 
$
176,525

 
$
214,262


(1)
At December 31, 2019, 2018 and 2017, the balances include $(7.8) million, $(7.2) million and $5.0 million, respectively, of fair value adjustments.
Summary of Activity in Balance of Loans Held for Sale, at Lower of Cost or Fair Value
Loans Held for Sale - Lower of Cost or Fair Value
Years Ended December 31,
2019
 
2018
 
2017
Beginning balance
$
66,097

 
$
24,096

 
$
29,374

Purchases
320,089

 
770,563

 
1,016,791

Proceeds from sales
(221,471
)
 
(569,718
)
 
(861,569
)
Principal collections
(11,304
)
 
(15,413
)
 
(10,207
)
Transfers from (to):
 
 
 
 
 
Receivables, net
(104,635
)
 
(155,586
)
 
(171,797
)
REO (Other assets)
(4,116
)
 
(2,355
)
 
(875
)
Gain on sale of loans
4,974

 
3,659

 
11,683

Decrease (increase) in valuation allowance
4,926

 
(4,251
)
 
2,746

Other
11,957

 
15,102

 
7,950

Ending balance (1)
$
66,517

 
$
66,097

 
$
24,096


(1)
At December 31, 2019, 2018 and 2017, the balances include $60.6 million, $51.8 million and $19.6 million, respectively, of loans that we repurchased from Ginnie Mae guaranteed securitizations pursuant to Ginnie Mae servicing guidelines. We may repurchase loans that have been modified, to facilitate loss reduction strategies, or as otherwise obligated as a Ginnie Mae servicer. Repurchased loans may be modified or otherwise remediated through loss mitigation activities, may be sold to a third party, or are reclassified to Receivables.
Summary of Changes in Valuation Allowance of Loans Held for Sale
Valuation Allowance - Loans Held for Sale at Lower of Cost or Fair Value
Years Ended December 31,
2019
 
2018
 
2017
Beginning balance
$
11,569

 
$
7,318

 
$
10,064

Provision
2,537

 
4,033

 
3,109

Transfer from Liability for indemnification obligations (Other liabilities)
403

 
2,021

 
3,246

Sales of loans
(7,866
)
 
(1,824
)
 
(9,415
)
Other
—

 
21

 
314

Ending balance
$
6,643

 
$
11,569

 
$
7,318
Summary of Activity in Gain on Loans Held for Sale, Net

 
Years Ended December 31,
Gains on Loans Held for Sale, Net
2019
 
2018
 
2017
Gain on sales of loans, net
 
 
 
 
 
MSRs retained on transfers of forward mortgage loans
$
7,458

 
$
7,412

 
$
20,900

Gain on sale of forward mortgage loans
25,310

 
34,216

 
35,445

Gain on sale of repurchased Ginnie Mae loans
4,764

 
3,659

 
11,683

 
37,532

 
45,287

 
68,028

Change in fair value of IRLCs
756

 
3,809

 
(3,089
)
Change in fair value of loans held for sale
3,005

 
(11,569
)
 
1,475

(Loss) gain on economic hedge instruments
(2,689
)
 
136

 
(8,529
)
Other
(304
)
 
(327
)
 
(702
)
 
$
38,300

 
$
37,336

 
$
57,183