LOANS HELD FOR SALE

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



	December 31,
	2015		2014
(amounts in thousands)
Commercial loans:
Mortgage warehouse loans at fair value	$	1,754,950	$	1,332,019
Multi-family loans at lower of cost or fair value	39,257		99,791
Total commercial loans held for sale	1,794,207		1,431,810
Consumer loans:
Residential mortgage loans at fair value	2,857		3,649
Total loans held for sale	$	1,797,064	$	1,435,459

Effective September 30, 2015, Customers 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 transferred these loans at their carrying value, which was lower than the estimated fair value at the time of transfer.

Effective September 30, 2014, Customers transferred $164.7 million of multi-family loans from loans receivable to held for sale because Customers was actively marketing these loans and no longer had the intent to retain these loans in its portfolio. Effective December 31, 2014, Customers transferred $18.8 million of these loans back to loans receivable because Customers no longer had the intent to sell these loans. Customers transferred these loans at their amortized cost, which was lower than the estimated fair value at the time of transfer.