Asset-Backed Securities Issued (Tables)

12 Months Ended

Dec. 31, 2016

Carrying Value of ABS Issued by Consolidated Securitization Entities Sponsored, along with Other Selected Information

The carrying values of ABS issued by consolidated securitization entities we sponsored at December 31, 2016 and December 31, 2015, along with other selected information, are summarized in the following table.

Table 13.1 – Asset-Backed Securities Issued



	December 31, 2016									December 31, 2015
(Dollars in Thousands)	Sequoia			Commercial Securitization			Total			Sequoia			Commercial Securitization			Total
Certificates with principal balance	$	880,517		$	—		$	880,517		$	1,108,785		$	53,137		$	1,161,922
Interest-only certificates	3,774			—			3,774			4,672			—			4,672
Market valuation adjustments	(110,829		)	—			(110,829		)	(116,637		)	—			(116,637		)
Total ABS issued	773,462			—			773,462			996,820			53,137			1,049,957
Deferred debt issuance costs	—			—			—			—			(542		)	(542		)
ABS Issued, Net ⁽¹⁾	$	773,462		$	—		$	773,462		$	996,820		$	52,595		$	1,049,415
Range of weighted average interest rates, by series	0.15% to 1.95%			—		%				0.41% to 2.21%			5.62		%
Stated maturities	2024 - 2036			N/A						2017 - 2037			2018
Number of series	20			—						21			1


(1)	Upon adoption of ASU 2015-03 on January 1, 2016, we began to present ABS issued, net of deferred debt issuance costs. See Note 3 for further discussion.

Summary of Accrued Interest Payable on ABS Issued

The following table summarizes the accrued interest payable on ABS issued at December 31, 2016 and December 31, 2015. Interest due on consolidated ABS issued is payable monthly.

Table 13.2 – Accrued Interest Payable on Asset-Backed Securities Issued



(In Thousands)	December 31, 2016		December 31, 2015
Sequoia	$	518	$	555
Commercial Securitization	—		249
Total Accrued Interest Payable on ABS Issued	$	518	$	804

Summary of Carrying Value Components of Collateral for ABS Issued and Outstanding

The following table summarizes the carrying value components of the collateral for ABS issued and outstanding at December 31, 2016 and December 31, 2015.

Table 13.3 – Collateral for Asset-Backed Securities Issued



	December 31, 2016						December 31, 2015
(In Thousands)	Sequoia		Commercial Securitization		Total		Sequoia		Commercial Securitization		Total
Residential loans	$	791,636	$	—	$	791,636	$	1,021,870	$	—	$	1,021,870
Commercial loans	—		—		—		—		166,016		166,016
Restricted cash	148		—		148		228		137		365
Accrued interest receivable	1,000		—		1,000		1,131		1,297		2,428
REO	5,533		—		5,533		4,895		—		4,895
Total Collateral for ABS Issued	$	798,317	$	—	$	798,317	$	1,028,124	$	167,450	$	1,195,574