Reserve for Repurchased Loans and Loss Sharing Obligations

9 Months Ended

Sep. 30, 2016

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Reserve for Repurchased Loans and Loss Sharing Obligations

Note 6. Reserve for Repurchased Loans and Loss Sharing Obligations

The reserve for repurchased loans and loss sharing obligations was $986,000 at September 30, 2016, unchanged from December 31, 2015, as compared to $1,032,000, at September 30, 2015, unchanged from December 31, 2014. The reserve for repurchased loans and loss sharing obligations was established to provide for expected losses related to repurchase requests which may be received on residential mortgage loans previously sold to investors and other loss sharing obligations. The reserve is included in other liabilities in the accompanying statements of financial condition.

At September 30, 2016, and December 31, 2015, there were no outstanding loan repurchase requests.