MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

12 Months Ended

Dec. 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 December 31, 2016 and December 31, 2015:

	December 31, 2016			December 31, 2015
Unpaid principal balance	$	2,867,263		$	10,767,856
Fair value adjustment		(17,727	)		132,546
Carrying value	$	2,849,536		$	10,900,402

At December 31, 2016 and December 31, 2015, the Company pledged mortgage loans with a fair value of $0.0 million and $10.9 million, 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 December 31, 2016 are as follows:

	December 31, 2016			December 31, 2015
Texas		56.0	%		20.7	%
Arizona		-			16.8	%
Massachusetts		-			12.8	%
California		24.4	%		11.9	%
Minnesota		-			9.9	%
New York		-			6.6	%
Pennsylvania		-			5.9	%
North Carolina		19.6	%		5.5	%
Illinois		-			5.1	%