MORTGAGE LOANS HELD-FOR-SALE, at FAIR VALUE

9 Months Ended

Sep. 30, 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 September 30, 2017 and December 31, 2016:

	September 30, 2017		December 31, 2016
Amortized cost	$	495,486	$	2,867,263
Fair value adjustment	—		(17,727		)
Carrying value	$	495,486	$	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 September 30, 2017 and December 31, 2016 are as follows:

	September 30, 2017		December 31, 2016
Texas	100.0	%	56.0	%
Kentucky	—	%	24.4	%
North Carolina	—	%	19.6	%