MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2017

Mortgage loans held-for-sale Disclosure [Abstract]

Carrying Value of Mortgage Loans Held-for-Sale

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

Geographic Concentrations

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	%

The geographic concentrations of credit risk exceeding 5% of the total loan balances related to the FREMF trusts as of March 31, 2017 and December 31, 2016 are as follows:

	March 31, 2017		December 31, 2016
Texas	17.9	%	17.9	%
New York	15.7	%	15.7	%
Washington	8.4	%	8.4	%
Colorado	7.5	%	7.5	%
Georgia	5.5	%	5.5	%