MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

6 Months Ended

Jun. 30, 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 fair value of the Company’s mortgage loans held-for-sale as of June 30, 2015 and December 31, 2014:

	June 30, 2015		December 31, 2014
Unpaid principal balance	$	48,699,760	$	54,348,654
Fair value adjustment		278,939		329,728
Fair value	$	48,978,699	$	54,678,382

At June 30, 2015 and December 31, 2014, the Company pledged mortgage loans with a fair value of $49.0 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 June 30, 2015 are as follows:

	June 30, 2015
Massachussetts		34.3	%
California		25.6	%
New Jersey		14.4	%