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LOANS HELD FOR SALE | 9 Months Ended
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Sep. 30, 2024
Receivable, Held-for-Sale [Abstract] |
LOANS HELD FOR SALE | LOANS HELD FOR SALE The composition of loans held for sale as of September 30, 2024 and December 31, 2023 was as follows:
(amounts in thousands) | September 30, 2024 |  | December 31, 2023
Residential mortgage loans, at fair value | $ | 2,523 |  |  | $ | 1,215 |
Personal installment loans, at lower of cost or fair value | 55,799 |  |  | 151,040 |
Other installment loans, at fair value | 217,098 |  |  | 188,062 |
Total loans held for sale | $ | 275,420 |  |  | $ | 340,317 |
Total loans held for sale included NPLs of $5.3 million and $0.5 million as of September 30, 2024 and December 31, 2023, respectively. During the three and nine months ended September 30, 2024, Customers sold $202.5 million of personal and other installment loans that were classified as held for sale, inclusive of $53.0 million of personal installment loans transferred from held for investment to held for sale, accrued interest and unamortized deferred loan origination costs, to two third-party sponsored VIEs. Customers provided financing to the purchasers for a portion of the sales price in the form of $160.0 million of asset-backed securities while $40.2 million of the remaining sales proceeds were paid in cash. During the nine months ended September 30, 2023, Customers sold $556.7 million of personal and other installment loans that were classified as held for sale, inclusive of $154.0 million of other installment loans transferred from held for investment to held for sale, accrued interest and unamortized deferred loan origination costs, to two third-party sponsored VIEs. Customers provided financing to the purchasers for a portion of the sales price in the form of $436.8 million of asset backed securities while $115.1 million of the remaining sales proceeds were paid in cash. Refer to NOTE 5 – INVESTMENT SECURITIES for additional information.

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