Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016 and December 31, 2015 (in thousands):

	March 31, 2016
Description	Level 1		Level 2		Level 3		Total
Assets:
Servicing assets	$	—	$	—	$	2,647	$	2,647
Total assets	$	—	$	—	$	2,647	$	2,647

	December 31, 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 present quantitative information about the significant unobservable inputs used for certain of our Level 3 fair value measurement as of March 31, 2016 and December 31, 2015:

		March 31, 2016
	Unobservable input	Minimum		Maximum		Weighted-Average
Servicing Assets	Discount rate	30.00	%	30.00	%	30.00	%
	Cost of service (1)	0.08	%	0.10	%	0.09	%
	Renewal rate	37.47	%	56.90	%	52.23	%
	Default rate	10.21	%	10.79	%	10.56	%

		December 31, 2015
	Unobservable input	Minimum		Maximum		Weighted-Average
Servicing Assets	Discount rate	30.00	%	30.00	%	30.00	%
	Cost of service (1)	0.09	%	0.09	%	0.09	%
	Renewal rate	31.78	%	53.21	%	53.21	%
	Default rate	6.43	%	10.36	%	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 March 31, 2016 and December 31, 2015 given hypothetical changes in default rate and cost to service (in thousands):

	March 31, 2016			December 31, 2015
	Servicing Assets
Default rate assumption:
Default rate increase of 25%	$	(145	)	$	(145	)
Default rate increase of 50%	$	(280	)	$	(282	)
Cost to service assumption:
Cost to service increase by 25%	$	(79	)	$	(79	)
Cost to service increase by 50%	$	(158	)	$	(159	)

Schedule of Assets and Liabilities Disclosed at Fair Value

This determination requires significant judgments to be made.

	March 31, 2016
Description	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Loans held for investment	$	601,682	$	660,240	$	—	$	—	$	660,240
Loans held for sale	4,507		4,913		—		—		4,913
Total assets	$	606,189	$	665,153	$	—	$	—	$	665,153
Description
Liabilities:
Fixed-rate debt	$	191,397	$	185,156	$	—	$	—	$	185,156
Total fixed-rate debt	$	191,397	$	185,156	$	—	$	—	$	185,156

	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