Mortgage Loans (Tables)

9 Months Ended

Sep. 30, 2015

Investments Debt And Equity Securities [Abstract]

Geographic Distribution of Mortgage Loans Held for Investment

The following table provides the geographic distribution of mortgage loans held for investment at September 30, 2015 and December 31, 2014, based on unpaid principal balance.

	September 30, 2015			December 31, 2014
California		54	%		82	%
Texas		9	%		3	%
Illinois		6	%		2	%
Washington		5	%		2	%
All other		26	%		11	%
Total		100	%		100	%

Components for Mortgage Loan Held for Investment Portfolio

The following table provides additional data on the Company’s mortgage loans held for investment portfolio at September 30, 2015 and December 31, 2014.

	September 30, 2015			December 31, 2014
		Portfolio			Portfolio
	Portfolio Range	Weighted Average		Portfolio Range	Weighted Average
Unpaid principal balance	$8 to $1,990	$	764	$447 to $1,332	$	790
Interest rate	2.50% to 4.13%		3.41%	2.75% to 3.75%		3.43%
Maturity	5/2044 to 10/2045	2/2045		6/2044 to 12/2044	9/2044
FICO score at loan origination	700 to 815	768		705 to 813	762
Loan-to-value ratio at loan origination	24% to 80%		69%	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 September 30					Nine Months Ended September 30
	2015			2014		2015			2014
Fair value, beginning of period	$	183,320		$	-	$	31,460		$	-
Principal purchased		92,982			-		259,752			-
Principal repaid		(12,153	)		-		(26,618	)		-
Change in fair value		1,132			-		687			-
Fair value, end of period	$	265,281		$	-	$	265,281		$	-

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 September 30, 2015 and December 31, 2014.

	September 30, 2015				December 31, 2014
		Weighted-				Weighted-
Unobservable Input	Range	Average			Range	Average
Discount rate	2.0% - 3.3%		3.1	%	3.6% - 3.9%		3.8	%
Conditional refinance rate	12.8% - 21.1%		16.4	%	12.4% - 19.3%		15.3	%
Default rate	0% - 2.6%		0.6	%	0% - 1.5%		0.4	%
Loss severity	0% - 25.6%		15.2	%	10.2% - 19.9%		13.8	%