XML 29 R49.htm IDEA: XBRL DOCUMENT v3.20.1
Residential Whole Loans (Allowance for Credit Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Jan. 01, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses at beginning of period $ 3,025 $ 968  
Transition adjustment on adoption of ASU 2016-13 70,555    
Current provision 74,897 2,569  
Write-offs (647) (512)  
Valuation adjustment on loans held for sale 70,181    
Allowance for credit and valuation losses at end of period 218,011 3,025  
Residential whole loans, at carrying value 4,968,583    
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition     $ (8,326)
Gross up of the amortized cost basis of Purchased Credit Deteriorated Loans 62,400    
Non-QM Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses at beginning of period 388 0  
Transition adjustment on adoption of ASU 2016-13 6,904    
Current provision 26,358 388  
Write-offs 0 0  
Valuation adjustment on loans held for sale 70,181    
Allowance for credit and valuation losses at end of period 103,831 388  
Rehabilitation loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses at beginning of period 2,331 0  
Transition adjustment on adoption of ASU 2016-13 517    
Current provision 33,213 2,843  
Write-offs (428) (512)  
Valuation adjustment on loans held for sale 0    
Allowance for credit and valuation losses at end of period 35,633 2,331  
Residential whole loans, at carrying value 110,800    
Single-family rental loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses at beginning of period 62 0  
Transition adjustment on adoption of ASU 2016-13 754    
Current provision 6,615 62  
Write-offs 0 0  
Valuation adjustment on loans held for sale 0    
Allowance for credit and valuation losses at end of period 7,431 62  
Seasoned performing loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses at beginning of period 0 0  
Transition adjustment on adoption of ASU 2016-13 19    
Current provision 230 0  
Write-offs 0 0  
Valuation adjustment on loans held for sale 0    
Allowance for credit and valuation losses at end of period 249 0  
Purchased Credit Deteriorated Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit losses at beginning of period 244 968  
Transition adjustment on adoption of ASU 2016-13 62,361    
Current provision 8,481 (724)  
Write-offs (219) 0  
Valuation adjustment on loans held for sale 0    
Allowance for credit and valuation losses at end of period 70,867 $ 244  
Residential whole loans, at carrying value 74,500    
Unfunded Loan Commitment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Allowance for credit and valuation losses at end of period 3,500    
Commitment to lend, unfunded 123,100    
Non-QM Loans      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Loans net carrying amount [1],[2] 895,300    
Residential whole loans, at carrying value $ 2,573,266    
Accounting Standards Update 2016-13      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Cumulative effect adjustment on adoption of new accounting standard for revenue recognition     $ 8,300
[1]
Includes Non-QM loans held-for-sale with an amortized cost of $965.5 million and a net carrying value of $895.3 million at March 31, 2020.
[2] Includes approximately $185.9 million and $186.4 million of Residential whole loans, at carrying value and $516.4 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE