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MORTGAGE BANKING ACTIVITIES | 6 Months Ended
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Jun. 30, 2016
Mortgage Banking Activities [Abstract] |
MORTGAGE BANKING ACTIVITIES | MORTGAGE BANKING ACTIVITIES The Bank originates conforming SFR mortgage loans and sells these loans in the secondary market. The amount of net revenue on mortgage banking activities is a function of mortgage loans originated for sale and the fair values of these loans and related derivatives. Net revenue on mortgage banking activities includes mark to market pricing adjustments on loan commitments and forward sales contracts, and initial capitalized value of MSRs. During the three and six months ended June 30, 2016, the Bank originated $1.28 billion and $2.30 billion, respectively, and sold $1.30 billion and $2.27 billion, respectively, of conforming SFR mortgage loans in the secondary market. The net gain and margin were $38.9 million and 3.05 percent, respectively, and loan origination fees were $4.9 million for the three months ended June 30, 2016. For the six months ended June 30, 2016, the net gain and margin were $68.6 million and 2.98 percent, respectively, and loan origination fees were $8.9 million. Included in the net gain is the initial capitalized value of our MSRs, which totaled $12.4 million and $20.8 million on loans sold to Fannie Mae, Freddie Mac and Ginnie Mae for the three and six months ended June 30, 2016, respectively. During the three and six months ended June 30, 2015, the Bank originated $1.27 billion and $2.28 billion, respectively, and sold $1.22 billion and $2.14 billion, respectively, of conforming SFR mortgage loans in the secondary market. The net gain and margin were $34.8 million and 2.75 percent, respectively, and loan origination fees were $4.6 million for the three months ended June 30, 2015. For the six months ended June 30, 2015, the net gain and margin were $69.2 million and 3.04 percent, respectively, and loan origination fees were $8.1 million. Included in the net gain is the initial capitalized value of our MSRs, which totaled $13.6 million and $23.4 million on loans sold to Fannie Mae, Freddie Mac and Ginnie Mae for the three and six months ended June 30, 2015, respectively. Mortgage Loan Repurchase Obligations In addition to net revenue on mortgage banking activities, the Company records provisions to the representation and warranty reserve representing our initial estimate of losses on probable mortgage repurchases or loss reimbursements. Total provision for loan repurchases was $851 thousand and $1.6 million for the three months ended June 30, 2016 and 2015, respectively, and $1.2 million and $2.9 million for the six months ended June 30, 2016 and 2015, respectively. Of these total provisions for loan repurchases, the Company recorded an initial provision for loan repurchases of $992 thousand and $574 thousand for the three months ended June 30, 2016 and 2015, respectively, and $1.7 million and $1.1 million for the six months ended June 30, 2016 and 2015, respectively, against net revenue on mortgage banking activities, with the balance of the provision (reversal) for loan repurchase reserve recorded in noninterest expense of $(141) thousand and $1.0 million for the three months ended June 30, 2016 and 2015, respectively, and $(500) thousand and $1.8 million for the six months ended June 30, 2016 and 2015, respectively. The following table presents a summary of activity in the reserve for losses on repurchased loans for the periods indicated:
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
Balance at beginning of period | $ | 9,781 |  |  | $ | 8,432 |  |  | $ | 9,700 |  |  | $ | 8,303 |
Provision for loan repurchases | 851 |  |  | 1,573 |  |  | 1,230 |  |  | 2,901 |
Utilization of reserve for loan repurchases | (194 | ) |  | (594 | ) |  | (492 | ) |  | (1,793 | )
Balance at end of period | $ | 10,438 |  |  | $ | 9,411 |  |  | $ | 10,438 |  |  | $ | 9,411 |
In addition to the reserve for losses on repurchased loans at June 30, 2016, the Company may receive repurchase demands in future periods that could be material to the Company's financial position or results of operations. The Company believes that all known or probable and estimable demands were adequately reserved for at June 30, 2016.

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