Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about our assets and liabilities that are measured at fair value on a recurring basis as of December 31 (in thousands):

	2015
Description	Level 1		Level 2		Level 3		Total
Assets:
Servicing assets	$	—	$	—	$	3,489	$	3,489
Total assets	$	—	$	—	$	3,489	$	3,489

Summary of Significant Unobservable Inputs for Level 3 Fair Value Measurement

The following tables presents quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurement at December 31, 2015.

	December 31, 2015
	Unobservable input	Weighted Average
Servicing assets	Discount rate	30.00	%
	Cost of service(1)	0.09	%
	Renewal rate	53.21	%
	Default rate	10.00	%
(1)Estimated cost of servicing a loan as a percentage of unpaid principal balance.

Summary of Effect on Changes in Estimate for Servicing Asset Fair Value

The following table summarizes the effect adverse changes in estimate would have on the fair value of the servicing asset as of December 31, 2015 given a hypothetical changes in default rate and cost to service (in thousands):

	Servicing Assets
Default rate assumption:
Default rate increase of 25%	$	(145	)
Default rate increase of 50%	$	(282	)
Cost to service assumption:
Cost to service increase by 25%	$	(79	)
Cost to service increase by 50%	$	(159	)

Schedule of Changes in Level 3 Instruments Measured at Fair Value on Recurring Basis

The following table presents the changes in the Level 3 instruments measured at fair value on a recurring basis for the years ended December 31 (in thousands):

	2014
Warrant liability balance at January 1	$	4,446
Exercise of warrants	(10,766		)
Change in fair value	11,232
Conversion of preferred stock warrants to common stock warrants upon IPO	(4,912		)
Warrant liability balance at December 31	$	—

Schedule of Assets and Liabilities Disclosed at Fair Value

This determination requires significant judgments to be made.

	December 31, 2015
Description	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Loans held for investment	$	499,431	$	545,740	$	—	$	—	$	545,740
Loans held for sale	706		763		—		—		763
Total assets	$	500,137	$	546,503	$	—	$	—	$	546,503
Description
Liabilities:
Fixed-rate debt	$	194,624	$	190,411	$	—	$	—	$	190,411
Total fixed-rate debt	$	194,624	$	190,411	$	—	$	—	$	190,411