SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of Provision (Benefit) for Credit Losses

	For the three months ended
	March 31,
(in thousands)	2018		2017
Provision (benefit) for loan losses	$	(14)	$	25
Provision (benefit) for risk-sharing obligations		(463)		(157)
Provision (benefit) for credit losses	$	(477)	$	(132)

Schedule of Net Warehouse Interest Income

	For the three months ended
	March 31,
(in thousands)	2018		2017
Warehouse interest income - loans held for sale	$	8,763	$	11,939
Warehouse interest expense - loans held for sale		(7,655)		(8,264)
Net warehouse interest income - loans held for sale	$	1,108	$	3,675
Warehouse interest income - loans held for investment	$	1,422	$	4,678
Warehouse interest expense - loans held for investment		(673)		(1,733)
Net warehouse interest income - loans held for investment	$	749	$	2,945
Total net warehouse interest income	$	1,857	$	6,620

Schedule of Pledged Securities at Fair Value

	March 31,				December 31,
(in thousands)	2018		2017		2017		2016
Pledged cash and cash equivalents:
Cash	$	2,630	$	1,524	$	2,201	$	4,358
Money market funds		71,815		83,284		86,584		78,384
Total pledged cash and cash equivalents	$	74,445	$	84,808	$	88,785	$	82,742
Agency debt securities		27,614		2,092		9,074		2,108
Total pledged securities, at fair value	$	102,059	$	86,900	$	97,859	$	84,850

Schedule of Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

	March 31,				December 31,
(in thousands)	2018		2017		2017		2016
Cash and cash equivalents	$	193,695	$	50,745	$	191,218	$	118,756
Restricted cash		16,991		9,313		6,677		9,861
Pledged cash and cash equivalents		74,445		84,808		88,785		82,742
Total cash, cash equivalents, restricted cash, and restricted cash equivalents	$	285,131	$	144,866	$	286,680	$	211,359