Loans, Notes and Certificates, and Loan Servicing Rights

Loans, Notes and Certificates

The Company sells loans and issues notes and the Trust issues certificates as a means to allow investors to invest in the associated loans. At March 31, 2016 and December 31, 2015, loans, notes and certificates measured at fair value on a recurring basis were as follows:



	Loans						Notes and Certificates
	March 31, 2016			December 31, 2015			March 31, 2016			December 31, 2015
Aggregate principal balance outstanding	$	4,932,346		$	4,681,671		$	4,929,468		$	4,697,169
Net fair value adjustments	(216,190		)	(125,590		)	(216,019		)	(125,586		)
Fair value	$	4,716,156		$	4,556,081		$	4,713,449		$	4,571,583
Original term	12 - 60 months			12 - 60 months
Interest rates (fixed)	4.99% - 31.89%			4.99% - 29.90%
Maturity dates	≤ March 2021			≤ December 2020

Loans at fair value include $23.8 million of loans purchased by the Company, of which $15.1 million are pledged under a loan transfer that was accounted for as secured borrowings at March 31, 2016. See “Note 12 – Secured Borrowings” for additional information.

At March 31, 2016 and December 31, 2015, loans that were 90 days or more past due (including non-accrual loans) were as follows:



	March 31, 2016						December 31, 2015
	> 90 days past due			Non-accrual loans			> 90 days past due			Non-accrual loans
Outstanding principal balance	$	28,398		$	2,904		$	30,094		$	4,513
Net fair value adjustments	(23,622		)	(2,398		)	(25,312		)	(3,722		)
Fair value	$	4,776		$	506		$	4,782		$	791
# of loans (not in thousands)	2,440			282			2,606			382

Loan Servicing Rights

At March 31, 2016, loans underlying loan servicing rights had a total outstanding principal balance of $5.27 billion, original terms between 12 and 84 months, monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through March 2023. At December 31, 2015, loans underlying loan servicing rights had a total outstanding principal balance of $4.29 billion, original terms between 3 and 84 months, monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through December 2022.