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MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE
3 Months Ended
Mar. 31, 2017
Mortgage loans held-for-sale Disclosure [Abstract]  
MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE
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, 2017 and December 31, 2016:
 
 
March 31, 2017
 
December 31, 2016
Unpaid principal balance
 
$
2,844,189

 
$
2,867,263

Fair value adjustment
 
(21,438
)
 
(17,727
)
Carrying value
 
$
2,822,751

 
$
2,849,536



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, 2017 and December 31, 2016 are as follows:
 
 
March 31, 2017
 
December 31, 2016
Texas
 
56.2
%
 
56.0
%
Kentucky
 
24.4
%
 
24.4
%
North Carolina
 
19.4
%
 
19.6
%