MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

3 Months Ended

Mar. 31, 2016

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, 2016 and December 31, 2015:

	March 31, 2016		December 31, 2015
Unpaid principal balance	$	12,475,857	$	10,767,856
Fair value adjustment		330,450		132,546
Carrying value	$	12,806,307	$	10,900,402

At March 31, 2016 and December 31, 2015, the Company pledged mortgage loans with a fair value of $10.9 million and $10.9, respectively, as collateral for repurchase or warehouse agreements. See Note 10 – Borrowings.

 

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, 2016 are as follows:

	March 31, 2016
Texas		21.9	%
Arizona		14.4	%
Massachusetts		11.0	%
California		10.2	%
Minnesota		8.6	%
Georgia		5.8	%
New York		5.7	%
Pennsylvania		5.1	%