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Residential Loans at Amortized Cost, Net (Tables)
 12 Months Ended
Dec. 31, 2014
Receivables [Abstract]  
Summary of Residential Loans, Net
Residential loans at amortized cost, net, are comprised of the following components (in thousands):
 
 
December 31,
 
 
2014
 
2013
Residential loans, principal balance
 
$
1,442,838

 
$
1,542,056

Unamortized discounts and other cost basis adjustments, net (1)
 
(118,266
)
 
(132,865
)
Allowance for loan losses
 
(10,033
)
 
(14,320
)
Residential loans at amortized cost, net (2)
 
$
1,314,539

 
$
1,394,871

__________
(1)
Included in unamortized discounts and other cost-basis adjustments, net, is $12.0 million and $12.8 million of accrued interest receivable at December 31, 2014 and 2013, respectively.
(2)
Included in residential loans at amortized cost, net, is $21.8 million and $17.2 million of unencumbered mortgage loans at December 31, 2014 and 2013, respectively.
Activity in Allowance for Loan Losses on Residential Loans at Amortized Cost
The following table summarizes the activity in the allowance for loan losses on residential loans at amortized cost, net (in thousands):
 
 
For the Years Ended December 31,
 
 
2014
 
2013
 
2012
Balance at beginning of the year
 
$
14,320

 
$
20,435

 
$
13,824

Provision for loan losses (1)
 
1,491

 
1,229

 
13,352

Charge-offs, net of recoveries (2)
 
(5,778
)
 
(7,344
)
 
(6,741
)
Balance at end of the year
 
$
10,033

 
$
14,320

 
$
20,435

__________
(1)
Provision for loan losses is included in other expense, net, on the consolidated statements of comprehensive income (loss).
(2)
Includes charge-offs recognized upon foreclosure of real estate in satisfaction of residential loans of $4.3 million, $7.2 million and $5.9 million for the years ended December 31, 2014, 2013 and 2012, respectively.
Schedule of Ending Balance of Allowance for Loan Losses and Recorded Investment in Residential Loans Carried at Amortized Cost by Basis of Accounting
The following table summarizes the ending balance of the allowance for loan losses and the recorded investment in residential loans at amortized cost by basis of accounting (in thousands):
 
 
December 31,
 
 
2014
 
2013
Allowance for loan losses
 
 
 
 
Loans collectively evaluated for impairment
 
$
8,437

 
$
13,058

Loans collectively evaluated for impairment and acquired with deteriorated credit quality
 
1,596

 
1,262

Total
 
$
10,033

 
$
14,320

 
 
 
 
 
Recorded investment in residential loans at amortized cost
 
 
 
 
Loans collectively evaluated for impairment
 
$
1,299,514

 
$
1,383,252

Loans collectively evaluated for impairment and acquired with deteriorated credit quality
 
25,058

 
25,939

Total
 
$
1,324,572

 
$
1,409,191
Aging of Past Due Residential Loans Portfolio Accounted for Amortized Cost
The following table presents the aging of the residential loan portfolio accounted for at amortized cost, net (in thousands):
 
 
30-59
Days Past
Due
 
60-89
Days Past
Due
 
90 Days
or More
Past Due
 
Total
Past Due (1)
 
Current (2)
 
Total
Residential
Loans
 
Non-
Accrual
Loans
December 31, 2014
 
$
24,096

 
$
8,884

 
$
55,663

 
$
88,643

 
$
1,235,929

 
$
1,324,572

 
$
55,663

December 31, 2013
 
18,798

 
7,186

 
54,836

 
80,820

 
1,328,371

 
1,409,191

 
54,836


_________
(1)
Balances represent non-performing loans for the credit quality profile.
(2)
Balances represent performing loans for the credit quality profile.
Schedule Of Percentage Of Residential Loans By State
The table below provides the percentage of residential loans carried at amortized cost on the Company’s consolidated balance sheets at December 31, 2014 and 2013 by the state in which the home securing the loan is located and is based on their unpaid principal balances. Other consists of loans in states in which concentration individually represents less than 5% of total unpaid principal balance.
Texas
 
35
%
Mississippi
 
15
%
Alabama
 
8
%
Florida
 
7
%
Louisiana
 
6
%
South Carolina
 
6
%
Georgia
5
%
Other
 
18
%
Total
 
100
%