Residential Mortgage Loans Held-For-Securitization (Tables)

9 Months Ended

Sep. 30, 2019

Residential Mortgage Loans Held-For-Securitization

Summary of Residential Mortgage Loans Held-for-Investment

	September 30,		December 31,
	2019		2018
		(in thousands)
Principal balance	$	125,565	$	11,281
Unamortized premium and costs, net of discount		3,449		379
Carrying value	$	129,014	$	11,660

Summary of Reconciliation of Carrying Value of Residential Mortgage Loans Held-for-Investment

	Three Months Ended		Nine Months Ended		Year Ended
	September 30,		September 30,		December 31,
	2019		2019		2018
	(in thousands)
Balance at beginning of period	$	121,715	$	11,660	$	—
Loan acquisitions		35,402		145,838		11,660
Deductions during period:
Principal paydowns and other deductions		(27,534)		(27,899)		—
Amortization of premium		(569)		(585)		—
Balance at end of period	$	129,014	$	129,014	$	11,660

Summary of Portfolio Characteristics of Residential Mortgage Loans Held-for-Investment

	September 30,			December 31,
	2019			2018
	(dollar amounts in thousands)
Portfolio Characteristics:
12-months bank statements		8			2
24-months bank statements		40			18
Alt documentation		106			—
Full documentation		8			2
Written Verification of Employment		101			—
Number of loans outstanding		263			22
Current principal balance	$	125,565		$	11,281
Simple Average loan balance	$	477		$	513
Net weighted average coupon rate		5.52	%		5.95	%
Weighted average FICO score		746			722
Weighted average LTV (loan-to-value)		70			77
Weighted average DTI (debt-to-income)		38			40
Performance:
Current	$	125,565		$	11,281
Total	$	125,565		$	11,281

Summary of Geographic Concentrations of Residential Mortgage Loans Held-for-Investment

	September 30,		December 31,
State	2019		2018
California	76	%	49	%
Florida	7		43
Texas	3		5
Other states (none greater than 5%)	14		3
Total	100	%	100	%