MORTGAGE LOANS HELD FOR SALE

3 Months Ended

Mar. 31, 2017

Mortgage Loans on Real Estate [Abstract]

MORTGAGE LOANS HELD FOR SALE

MORTGAGE LOANS HELD FOR SALE

As of March 31, 2017 and December 31, 2016, the Company had three loans outstanding with an aggregate average principal and interest balance of $4.4 million. Of these three loans, we had one performing loan with an average outstanding principal and accrued interest balance of $0.4 million and bearing an interest rate of 11.0% and two non-performing loans which have been fully reserved and have a zero carrying value. During three months endedMarch 31, 2017 and 2016 we recorded mortgage interest income of $8.0 thousand and $0.2 million, respectively. As of March 31, 2017 and December 31, 2016, the valuation allowance was $12.7 million and represented 97.1% of the total outstanding loan principal and interest balances.

For the three months ended March 31, 2017, the Company did not originate any new loans or collect any mortgage loan principal payments. During the three months ended March 31, 2016, the Company received mortgage loan principal payoffs totaling $7.6 million.