Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2017

Allowance for Credit Losses and Recorded Investment on Conventional Mortgage Loans by Impairment Methodology (in thousands)



	June 30, 2017		December 31, 2016
Allowance for credit losses:
Collectively evaluated for impairment	$	970	$	1,142
Individually evaluated for impairment	—		—
Total allowance for credit losses	$	970	$	1,142
Recorded investment:
Collectively evaluated for impairment	$	9,109,542	$	8,772,681
Individually evaluated for impairment	9,648		9,889
Total recorded investment	$	9,119,190	$	8,782,570

Rollforward of Allowance for Credit Losses on Conventional Mortgage Loans (in thousands)

Changes in the LRA (in thousands)

Recorded Investment in Delinquent Mortgage Loans (dollars in thousands)



	June 30, 2017
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	39,029		$	21,256		$	60,285
Past due 60-89 days delinquent	6,888			5,670			12,558
Past due 90 days or more delinquent	18,492			10,856			29,348
Total past due	64,409			37,782			102,191
Total current mortgage loans	9,054,781			321,606			9,376,387
Total mortgage loans	$	9,119,190		$	359,388		$	9,478,578
Other delinquency statistics:
In process of foreclosure, included above ⁽¹⁾	$	12,342		$	5,628		$	17,970
Serious delinquency rate ⁽²⁾	0.21		%	3.06		%	0.32		%
Past due 90 days or more still accruing interest ⁽³⁾	$	16,838		$	10,856		$	27,694
Loans on non-accrual status, included above	$	3,204		$	—		$	3,204

	December 31, 2016
	Conventional MPP Loans			FHA Loans			Total
Past due 30-59 days delinquent	$	39,409		$	23,206		$	62,615
Past due 60-89 days delinquent	9,350			8,275			17,625
Past due 90 days or more delinquent	21,773			14,054			35,827
Total past due	70,532			45,535			116,067
Total current mortgage loans	8,712,038			351,299			9,063,337
Total mortgage loans	$	8,782,570		$	396,834		$	9,179,404
Other delinquency statistics:
In process of foreclosure, included above ⁽¹⁾	$	15,412		$	5,841		$	21,253
Serious delinquency rate ⁽²⁾	0.26		%	3.59		%	0.40		%
Past due 90 days or more still accruing interest ⁽³⁾	$	19,408		$	14,054		$	33,462
Loans on non-accrual status, included above	$	3,908		$	—		$	3,908


(1)	Includes loans where the decision of foreclosure or a similar alternative such as pursuit of deed-in-lieu has been reported. Loans in process of foreclosure are included in past due or current loans dependent on their delinquency status.


(2)	Loans that are 90 days or more past due or in the process of foreclosure (including past due or current loans in the process of foreclosure) expressed as a percentage of the total loan portfolio class recorded investment amount.


(3)	Each conventional loan past due 90 days or more still accruing interest is on a schedule/scheduled monthly settlement basis and contains one or more credit enhancements. Loans that are well secured and in the process of collection as a result of remaining credit enhancements and schedule/scheduled settlement are not placed on non-accrual status.

Average Recorded Investment of Individually Evaluated Impaired Loans and Related Interest Income Recognized (in thousands)



	Three Months Ended June 30,
	2017				2016
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	9,529	$	113	$	9,455	$	117

	Six Months Ended June 30,
	2017				2016
Individually impaired loans	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
Conventional MPP Loans	$	9,284	$	221	$	9,306	$	234

Individually Evaluated Impaired Loan Statistics by Product Class Level (in thousands)