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Loans, Loans Held For Sale, Notes and Certificates and Loan Servicing Rights (Tables)
 9 Months Ended
Sep. 30, 2017
Fair Value Disclosures [Abstract]  
Loans and Notes and Certificates
At September 30, 2017 and December 31, 2016, loans, loans held for sale, notes and certificates measured at fair value on a recurring basis were as follows:
 
Loans(1)
 
Loans Held For Sale(1)(2)
 
Notes and Certificates
September 30, 
 2017
 
December 31, 
 2016
 
September 30, 
 2017
 
December 31, 
 2016
 
September 30, 
 2017
 
December 31, 
 2016
Aggregate principal balance outstanding
$
3,620,061

 
$
4,565,653

 
$
277,191

 
$
9,345

 
$
3,725,615

 
$
4,572,912

Net fair value adjustments
(206,168
)
 
(253,669
)
 
(11,266
)
 
(297
)
 
(210,037
)
 
(252,017
)
Fair value
$
3,413,893

 
$
4,311,984

 
$
265,925

 
$
9,048

 
$
3,515,578

 
$
4,320,895


(1)
Loans and loans held for sale include loans invested in by the Company for which there were no associated notes or certificates, as summarized in the table below.
(2) 
Loans held for sale at September 30, 2017, include $91.5 million in loans at fair value related to the LCAM legacy fund wind-down, as described in “Note 18. Subsequent Events.”
Loans Invested in by Company
At September 30, 2017 and December 31, 2016, loans invested in by the Company for which there were no associated notes or certificates were as follows:
 
Loans Invested in by the Company
 
Loans
 
Loans Held For Sale
 
Total
September 30, 2017
 
December 31, 2016
 
September 30, 2017
 
December 31, 2016
 
September 30, 2017
 
December 31, 2016
Aggregate principal balance outstanding
$
13,891

 
18,515

 
$
180,299

 
$
9,345

 
$
194,190

 
$
27,860

Net fair value adjustments
(1,488
)
 
(1,652
)
 
(5,908
)
 
(297
)
 
(7,396
)
 
(1,949
)
Fair value
$
12,403

 
16,863

 
$
174,391

 
$
9,048

 
$
186,794

 
$
25,911
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation Table
The following tables present loans invested in by the Company for the third quarters and first nine months of 2017 and 2016:
 
 
Loans invested in by the Company
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
Beginning
balance at
June 30, 2017
 
$
57,221

 
$
(2,371
)
 
$
54,850

 
Beginning
balance at
June 30, 2016
$
35,672

 
$
(1,126
)
 
$
34,546

Purchases
 
586,708

 
(473
)
 
586,235

 
Purchases
3,579

 
—

 
3,579

Sales
 
(429,481
)
 
1,741

 
(427,740
)
 
Sales
(6
)
 
—

 
(6
)
Principal payments
 
(18,720
)
 
—

 
(18,720
)
 
Principal payments
(4,352
)
 
—

 
(4,352
)
Charge-offs
 
(1,538
)
 
1,538

 
—

 
Charge-offs
(701
)
 
701

 
—

Recoveries
 
—

 
(56
)
 
(56
)
 
Recoveries
—

 
(562
)
 
(562
)
Change in fair value recorded in earnings
 
—

 
(7,775
)
 
(7,775
)
 
Change in fair value recorded in earnings
—

 
(476
)
 
(476
)
Ending
balance at September 30, 2017
 
$
194,190

 
$
(7,396
)
 
$
186,794

 
Ending
balance at September 30, 2016
$
34,192

 
$
(1,463
)
 
$
32,729

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans invested in by the Company
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
Beginning
balance at
December 31, 2016
 
$
27,860

 
$
(1,949
)
 
$
25,911

 
Beginning
balance at
December 31, 2015
$
3,462

 
$
(4
)
 
$
3,458

Purchases
 
777,117

 
(481
)
 
776,636

 
Purchases
175,600

 
—

 
175,600

Sales
 
(576,065
)
 
2,634

 
(573,431
)
 
Sales
(135,531
)
 
—

 
(135,531
)
Principal payments
 
(30,703
)
 
—

 
(30,703
)
 
Principal payments
(8,534
)
 
—

 
(8,534
)
Charge-offs
 
(4,019
)
 
4,019

 
—

 
Charge-offs
(805
)
 
805

 
—

Recoveries
 
—

 
(256
)
 
(256
)
 
Recoveries
—

 
(580
)
 
(580
)
Change in fair value recorded in earnings
 
—

 
(11,363
)
 
(11,363
)
 
Change in fair value recorded in earnings
—

 
(1,684
)
 
(1,684
)
Ending
balance at September 30, 2017
 
$
194,190

 
$
(7,396
)
 
$
186,794

 
Ending
balance at September 30, 2016
$
34,192

 
$
(1,463
)
 
$
32,729

The following tables present additional information about Level 3 loans, loans held for sale, notes and certificates measured at fair value on a recurring basis for the third quarters and first nine months of 2017 and 2016:
 
 
 
Loans(1)
 
Loans Held For Sale(1)
 
Notes and Certificates
 
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Beginning balance at
June 30, 2017
 
$
4,041,550

 
$
(244,551
)
 
$
3,796,999

 
$
37,287

 
$
(956
)
 
$
36,331

 
$
4,048,717

 
$
(243,135
)
 
$
3,805,582

 
Purchases
 
405,472

 
(469
)
 
405,003

 
1,931,088

 
(2,136
)
 
1,928,952

 
—

 
—

 
—

 
Transfers from loans to loans held for sale
 
(113,587
)
 
—

 
(113,587
)
 
113,587

 
—

 
113,587

 
—

 
—

 
—

 
Issuances
 
—

 
—

 
—

 
—

 
—

 
—

 
394,013

 
—

 
394,013

 
Sales
 
—

 
—

 
—

 
(1,787,527
)
 
3,874

 
(1,783,653
)
 
—

 
—

 
—

 
Principal payments and retirements
 
(597,304
)
 
—

 
(597,304
)
 
(16,710
)
 
—

 
(16,710
)
 
(602,051
)
 
2

 
(602,049
)
 
Charge-offs
 
(116,070
)
 
116,070

 
—

 
(534
)
 
534

 
—

 
(115,064
)
 
115,064

 
—

 
Recoveries
 
—

 
(12,114
)
 
(12,114
)
 
—

 
—

 
—

 
—

 
(12,057
)
 
(12,057
)
 
Change in fair value recorded in earnings
 
—

 
(65,104
)
 
(65,104
)
 
—

 
(12,582
)
 
(12,582
)
 
—

 
(69,911
)
 
(69,911
)
 
Ending
balance at September 30, 2017
 
$
3,620,061

 
$
(206,168
)
 
$
3,413,893

 
$
277,191

 
$
(11,266
)
 
$
265,925

 
$
3,725,615

 
$
(210,037
)
 
$
3,515,578

 
 
 
 
 
 
Loans(1)
 
Loans Held For Sale(1)
 
Notes and Certificates
 
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Beginning balance at
June 30, 2016
 
$
4,748,631

 
$
(340,870
)
 
$
4,407,761

 
$
16,627

 
$
(217
)
 
$
16,410

 
$
4,755,846

 
$
(339,961
)
 
$
4,415,885

 
Purchases
 
646,662

 
—

 
646,662

 
1,093,868

 
—

 
1,093,868

 
—

 
—

 
—

 
Transfers from loans to loans held for sale
 
(2,269
)
 
—

 
(2,269
)
 
2,269

 
—

 
2,269

 
—

 
—

 
—

 
Issuances
 
—

 
—

 
—

 
—

 
—

 
—

 
644,168

 
—

 
644,168

 
Sales
 
—

 
—

 
—

 
(1,095,716
)
 
—

 
(1,095,716
)
 
—

 
—

 
—

 
Principal payments and retirements
 
(603,452
)
 
—

 
(603,452
)
 
(2,143
)
 
—

 
(2,143
)
 
(604,160
)
 
—

 
(604,160
)
 
Charge-offs
 
(112,517
)
 
112,517

 
—

 
—

 
—

 
—

 
(111,816
)
 
111,816

 
—

 
Recoveries
 
—

 
(10,517
)
 
(10,517
)
 
—

 
—

 
—

 
—

 
(9,955
)
 
(9,955
)
 
Change in fair value recorded in earnings
 
—

 
(26,559
)
 
(26,559
)
 
—

 
56

 
56

 
—

 
(26,027
)
 
(26,027
)
 
Ending
balance at September 30, 2016
 
$
4,677,055

 
$
(265,429
)
 
$
4,411,626

 
$
14,905

 
$
(161
)
 
$
14,744

 
$
4,684,038

 
$
(264,127
)
 
$
4,419,911

(1)
Loans and loans held for sale include loans invested in by the Company for which there were no associated notes or certificates, as summarized in the tables below.

 
 
 
Loans(1)
 
Loans Held For Sale(1)
 
Notes and Certificates
 
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Beginning balance at December 31, 2016
 
$
4,565,653

 
$
(253,669
)
 
$
4,311,984

 
$
9,345

 
$
(297
)
 
$
9,048

 
$
4,572,912

 
$
(252,017
)
 
$
4,320,895

 
Purchases
 
1,408,138

 
(474
)
 
1,407,664

 
4,829,498

 
4,287

 
4,833,785

 
—

 
—

 
—

 
Transfers from loans to loans held for sale
 
(113,587
)
 
—

 
(113,587
)
 
113,587

 
—

 
113,587

 
—

 
—

 
—

 
Issuances
 
—

 
—

 
—

 
—

 
—

 
—

 
1,389,999

 
—

 
1,389,999

 
Sales
 
—

 
—

 
—

 
(4,648,913
)
 
(1,656
)
 
(4,650,569
)
 
—

 
—

 
—

 
Principal payments and retirements
 
(1,862,767
)
 
—

 
(1,862,767
)
 
(25,431
)
 
—

 
(25,431
)
 
(1,863,045
)
 
4

 
(1,863,041
)
 
Charge-offs
 
(377,376
)
 
377,376

 
—

 
(895
)
 
895

 
—

 
(374,251
)
 
374,251

 
—

 
Recoveries
 
—

 
(34,808
)
 
(34,808
)
 
—

 
—

 
—

 
—

 
(34,550
)
 
(34,550
)
 
Change in fair value recorded in earnings
 
—

 
(294,593
)
 
(294,593
)
 
—

 
(14,495
)
 
(14,495
)
 
—

 
(297,725
)
 
(297,725
)
 
Ending
balance at
September 30, 2017
 
$
3,620,061

 
$
(206,168
)
 
$
3,413,893

 
$
277,191

 
$
(11,266
)
 
$
265,925

 
$
3,725,615

 
$
(210,037
)
 
$
3,515,578

 
 
 
 
 
 
Loans(1)
 
Loans Held For Sale(1)
 
Notes and Certificates
 
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
Beginning balance at December 31, 2015
 
$
4,681,671

 
$
(125,590
)
 
$
4,556,081

 
$
—

 
$
—

 
$
—

 
$
4,697,169

 
$
(125,586
)
 
$
4,571,583

 
Purchases
 
2,093,692

 
—

 
2,093,692

 
3,623,453

 
—

 
3,623,453

 
—

 
—

 
—

 
Transfers from loans to loans held for sale
 
(30,802
)
 
—

 
(30,802
)
 
30,802

 
—

 
30,802

 
—

 
—

 
—

 
Issuances
 
—

 
—

 
—

 
—

 
—

 
—

 
2,047,714

 
—

 
2,047,714

 
Sales
 
—

 
—

 
—

 
(3,635,330
)
 
—

 
(3,635,330
)
 
—

 
—

 
—

 
Principal payments and retirements
 
(1,782,603
)
 
—

 
(1,782,603
)
 
(4,020
)
 
—

 
(4,020
)
 
(1,776,747
)
 
—

 
(1,776,747
)
 
Charge-offs
 
(284,903
)
 
284,903

 
—

 
—

 
—

 
—

 
(284,098
)
 
284,098

 
—

 
Recoveries
 
—

 
(27,451
)
 
(27,451
)
 
—

 
—

 
—

 
—

 
(26,871
)
 
(26,871
)
 
Change in fair value recorded in earnings
 
—

 
(397,291
)
 
(397,291
)
 
—

 
(161
)
 
(161
)
 
—

 
(395,768
)
 
(395,768
)
 
Ending
balance at September 30, 2016
 
$
4,677,055

 
$
(265,429
)
 
$
4,411,626

 
$
14,905

 
$
(161
)
 
$
14,744

 
$
4,684,038

 
$
(264,127
)
 
$
4,419,911

(1)
Loans and loans held for sale include loans invested in by the Company for which there were no associated notes or certificates, as summarized in the tables below.

The following tables present additional information about Level 3 loans invested in by the Company measured at fair value on a recurring basis for the third quarters and first nine months of 2017 and 2016:
 
 
Loans invested in by the Company
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
Beginning
balance at
June 30, 2017
 
$
57,221

 
$
(2,371
)
 
$
54,850

 
Beginning
balance at
June 30, 2016
$
35,672

 
$
(1,126
)
 
$
34,546

Purchases
 
586,708

 
(473
)
 
586,235

 
Purchases
3,579

 
—

 
3,579

Sales
 
(429,481
)
 
1,741

 
(427,740
)
 
Sales
(6
)
 
—

 
(6
)
Principal payments
 
(18,720
)
 
—

 
(18,720
)
 
Principal payments
(4,352
)
 
—

 
(4,352
)
Charge-offs
 
(1,538
)
 
1,538

 
—

 
Charge-offs
(701
)
 
701

 
—

Recoveries
 
—

 
(56
)
 
(56
)
 
Recoveries
—

 
(562
)
 
(562
)
Change in fair value recorded in earnings
 
—

 
(7,775
)
 
(7,775
)
 
Change in fair value recorded in earnings
—

 
(476
)
 
(476
)
Ending
balance at September 30, 2017
 
$
194,190

 
$
(7,396
)
 
$
186,794

 
Ending
balance at September 30, 2016
$
34,192

 
$
(1,463
)
 
$
32,729

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loans invested in by the Company
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
 
 
Outstanding Principal Balance
 
Valuation Adjustment
 
Fair Value
Beginning
balance at
December 31, 2016
 
$
27,860

 
$
(1,949
)
 
$
25,911

 
Beginning
balance at
December 31, 2015
$
3,462

 
$
(4
)
 
$
3,458

Purchases
 
777,117

 
(481
)
 
776,636

 
Purchases
175,600

 
—

 
175,600

Sales
 
(576,065
)
 
2,634

 
(573,431
)
 
Sales
(135,531
)
 
—

 
(135,531
)
Principal payments
 
(30,703
)
 
—

 
(30,703
)
 
Principal payments
(8,534
)
 
—

 
(8,534
)
Charge-offs
 
(4,019
)
 
4,019

 
—

 
Charge-offs
(805
)
 
805

 
—

Recoveries
 
—

 
(256
)
 
(256
)
 
Recoveries
—

 
(580
)
 
(580
)
Change in fair value recorded in earnings
 
—

 
(11,363
)
 
(11,363
)
 
Change in fair value recorded in earnings
—

 
(1,684
)
 
(1,684
)
Ending
balance at September 30, 2017
 
$
194,190

 
$
(7,396
)
 
$
186,794

 
Ending
balance at September 30, 2016
$
34,192

 
$
(1,463
)
 
$
32,729

The following tables present additional information about Level 3 servicing assets and liabilities measured at fair value on a recurring basis for the third quarters and first nine months of 2017 and 2016:
 
 
Three Months Ended September 30, 2017
 
Three Months Ended September 30, 2016
 
 
Servicing Assets
 
Servicing Liabilities
 
Servicing Assets
 
Servicing Liabilities
Fair value at beginning of period
 
$
25,901

 
$
1,711

 
$
16,126

 
$
3,412

Issuances (1)
 
10,563

 
19

 
3,009

 
712

Change in fair value, included in investor fees
 
(6,961
)
 
(499
)
 
(2,429
)
 
(727
)
Other net changes included in deferred revenue
 
118

 
—

 
(451
)
 
—

Fair value at end of period
 
$
29,621

 
$
1,231

 
$
16,255

 
$
3,397

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended 
 September 30, 2017
 
Nine Months Ended 
 September 30, 2016
 
 
Servicing Assets
 
Servicing Liabilities
 
Servicing Assets
 
Servicing Liabilities
Fair value at beginning of period
 
$
21,398

 
$
2,846

 
$
10,250

 
$
3,973

Issuances (1)
 
24,460

 
332

 
12,984

 
2,452

Change in fair value, included in investor fees
 
(16,083
)
 
(1,947
)
 
(7,092
)
 
(3,028
)
Other net changes included in deferred revenue
 
(154
)
 
—

 
113

 
—

Fair value at end of period
 
$
29,621

 
$
1,231

 
$
16,255

 
$
3,397

(1) 
Represents the gains or losses on sales of the related loans, recorded in other revenue.
Past Due Financing Receivables
At September 30, 2017 and December 31, 2016, loans that were 90 days or more past due (including non-accrual loans) were as follows:
 
September 30, 2017
 
December 31, 2016
 
> 90 days
past due
 
Non-accrual loans
 
> 90 days
past due
 
Non-accrual loans
Loans and loans held for sale (1):
 
 
 
 
 
 
 
Outstanding principal balance
$
42,258

 
$
4,945

 
$
45,718

 
$
5,055

Net fair value adjustments
(35,499
)
 
(4,123
)
 
(40,183
)
 
(4,392
)
Fair value
$
6,759

 
$
822

 
$
5,535

 
$
663

Number of loans (not in thousands)
4,023

 
507

 
4,041

 
483

 
 
 
 
 
 
 
 
Loans invested in by the Company:
 
 
 
 
 
 
 
Outstanding principal balance
$
1,087

 
$
189

 
$
511

 
$
90

Net fair value adjustments
(932
)
 
(165
)
 
(449
)
 
(80
)
Fair value
$
155

 
$
24

 
$
62

 
$
10

Number of loans (not in thousands)
265

 
38

 
154

 
18

(1)
Loans and loans held for sale include loans invested in by the Company for which there were no associated notes or certificates.