Repurchase Reserve Liability

9 Months Ended

Sep. 30, 2014

Repurchase Reserve Liability [Abstract]

Repurchase Reserve Liability

(13) Repurchase Reserve Liability

The Company’s repurchase reserve liability for estimated losses incurred on sold loans was $160,000 at September 30, 2014. This liability represents management’s estimate of the potential repurchase or make-whole liability for residential mortgage loans originated for sale that may arise from representation and warranty claims that could relate to a variety of issues, including but not limited to, misrepresentation of facts, appraisal issues, or program requirements that may not meet investor guidelines. The Company has not experienced any repurchase losses during the nine months ended September 30, 2014. At September 30, 2014, the Company was servicing 3,058 loans sold to the secondary market with a balance of approximately $314.4 million compared to 3,114 loans sold with a balance of approximately $322.5 million at December 31, 2013.