Loans Held for Sale

9 Months Ended

Sep. 30, 2015

Receivables Held-for-sale [Abstract]

Loans Held for Sale

LOANS HELD FOR SALE

The composition of loans held for sale as of September 30, 2015 and December 31, 2014 was as follows:

	September 30, 2015		December 31, 2014
(amounts in thousands)
Commercial loans:
Mortgage warehouse loans at fair value	$	1,677,995	$	1,332,019
Multi-family loans at lower of cost or fair value	49,992		99,791
Commercial loans held for sale	1,727,987		1,431,810
Consumer loans:
Residential mortgage loans at fair value	2,015		3,649
Loans held for sale	$	1,730,002	$	1,435,459

Effective September 30, 2015, Customers Bank transferred $30.4 million of multi-family loans from held for sale to loans receivable (held for investment) because the Bank no longer has the intent to sell these loans. Customers Bank transferred these loans at their carrying value, which was lower than the estimated fair value at the time of transfer.