MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

12 Months Ended

Dec. 31, 2014

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 December 31, 2014 and December 31, 2013:

	December 31, 2014		December 31, 2013
Unpaid principal balance	$	54,348,654	$	-
Fair value adjustment		329,728		-
Carrying value	$	54,678,382	$	-

At December 31, 2014 and December 31, 2013, the Company pledged mortgage loans with a fair value of $54.7 million and $0, 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 December 31, 2014 are as follows:

	December 31, 2014
Massachussetts		46.2	%
New Jersey		25.6	%
California		21.2	%

At December 31, 2014, none of the Company’s mortgage loans held-for-sale was more than 30 days past due.