MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

3 Months Ended

Mar. 31, 2015

Mortgage loans held-for-sale Disclosure [Abstract]

Mortgage loans held-for-sale Disclosure [Text Block]

NOTE 5 – MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

Mortgage loans held-for-sale consists of residential mortgage loans carried at fair value as a result of the fair value option. The following table presents the carrying value of the Company’s mortgage loans held-for-sale as of March 31, 2015 and December 31, 2014:

	March 31, 2015		December 31, 2014
Unpaid principal balance	$	110,775,080	$	54,348,654
Fair value adjustment		881,111		329,728
Carrying value	$	111,656,191	$	54,678,382

At March 31, 2015 and December 31, 2014, the Company pledged mortgage loans with a fair value of $111.7 million and $54.7, respectively, as collateral for repurchase or warehouse agreements. See Note 10 – Repurchase Agreements.

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the mortgage loans held-for-sale as of March 31, 2015 are as follows:

	March 31, 2015
Massachussetts		49.6	%
California		13.7	%
New Jersey		13.1	%