Mortgage Loans Held For Investment (Tables)

3 Months Ended

Mar. 31, 2015

Investments Debt And Equity Securities [Abstract]

Geographic Distribution of Mortgage Loans Held

The following table provides the geographic distribution of mortgage loans held at March 31, 2015 and December 31, 2014, based on unpaid principal balance.

	March 31, 2015			December 31, 2014
California		64	%		82	%
Washington		9	%		2	%
Illinois		8	%		2	%
Texas		6	%		3	%
All other		13	%		11	%
Total		100	%		100	%

Components for Mortgage Loan Portfolio

The following table provides additional data on the Company’s mortgage loan portfolio at March 31, 2015 and December 31, 2014.

	March 31, 2015			December 31, 2014
		Portfolio			Portfolio
	Portfolio Range	Weighted Average		Portfolio Range	Weighted Average
Unpaid principal balance	$213 to $1,966	$	777	$447 to $1,332	$	790
Current interest rate	2.50% to 4.13%		3.41%	2.75% to 3.75%		3.43%
Maturity	5/2044 to 3/2045	10/2044		6/2044 to 12/2044	9/2044
FICO score at loan origination	700 to 813	772		705 to 813	762
Loan-to-value ratio at loan origination	24% to 80%		68%	28% to 80%		65%

Rollforward of Mortgage Loans Held for Investment

The following table presents the rollforward of mortgage loans held for investment for the periods presented.

	Three Months Ended March 31
	2015			2014
Fair value, beginning of period	$	31,460		$	-
Purchases		95,769			-
Principal repaid		(4,172	)		-
Change in fair value		244			-
Fair value, end of period	$	123,301		$	-

Schedule of Unobservable Inputs Used in Level 3 Valuation of Mortgage Loans Held for Investment

The following table provides information about the significant unobservable inputs used in the Level 3 valuation of the Company’s mortgage loans held for investment at March 31, 2015 and December 31, 2014.

	March 31, 2015				December 31, 2014
		Weighted-				Weighted-
Unobservable Input	Range	Average			Range	Average
Discount rate	2.4% - 3.9%		3.0	%	3.6% - 3.9%		3.8	%
Conditional refinance rate	13.6% - 22.7%		17.2	%	12.4% - 19.3%		15.3	%
Default rate	0% - 1.8%		0.5	%	0% - 1.5%		0.4	%
Loss severity	10.4% - 20.0%		14.0	%	10.2% - 19.9%		13.8	%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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