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Commercial Loans (Tables) | 12 Months Ended
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Dec. 31, 2014
Commercial Loans |
Summary of Classifications and Carrying Value of Loans | The following table summarizes the classifications and carrying value of commercial loans at December 31, 2014 and 2013.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Held-for-sale, at fair value |  | $ | 166,234 |  |  | $ | 89,111 |
Held-for-investment |  |  |  |  |  |  |  |
At fair value |  |  | 71,262 |  |  |  | — |
At amortized cost |  |  | 329,431 |  |  |  | 343,344 |
Total Commercial Loans |  | $ | 566,927 |  |  | $ | 432,455 |
Geographic Concentration of Loans Recorded on Consolidated Balance Sheet | The following table displays the geographic concentration of commercial loans recorded on our consolidated balance sheets at December 31, 2014 and 2013.
|  | December 31, 2014 |  |  | December 31, 2013 |
Geographic Concentration (by Principal) |  | Held-for-Sale |  |  | Held-for- Investment |  |  | Held-for-Sale |  |  | Held-for- Investment |
Washington, District of Columbia |  |  | 25 | % |  |  | — |  |  |  | — |  |  |  | — |
Michigan |  |  | 18 | % |  |  | 8 | % |  |  | — |  |  |  | 8 | %
Colorado |  |  | 17 | % |  |  | — |  |  |  | — |  |  |  | — |
Connecticut |  |  | 10 | % |  |  | — |  |  |  | — |  |  |  | — |
Texas |  |  | 9 | % |  |  | — |  |  |  | — |  |  |  | 7 | %
Maryland |  |  | 7 | % |  |  | — |  |  |  | — |  |  |  | — |
California |  |  | 6 | % |  |  | 19 | % |  |  | — |  |  |  | 21 | %
Florida |  |  | — |  |  |  | 17 | % |  |  | — |  |  |  | 10 | %
New York |  |  | — |  |  |  | 18 | % |  |  | 39 | % |  |  | 19 | %
North Carolina |  |  | — |  |  |  | 6 | % |  |  | 28 | % |  |  | — |
New Jersey |  |  | — |  |  |  | — |  |  |  | 13 | % |  |  | — |
Ohio |  |  | — |  |  |  | — |  |  |  | 8 | % |  |  | — |
Indiana |  |  | — |  |  |  | — |  |  |  | 6 | % |  |  | — |
Illinois |  |  | — |  |  |  | — |  |  |  | 6 | % |  |  | 6 | %
Other states (none greater than 5%) |  |  | 8 | % |  |  | 32 | % |  |  | — |  |  |  | 29 | %
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
Loan Product Type and Accompanying Loan Characteristics of Loans | The following table displays the loan product type and accompanying loan characteristics of commercial loans recorded on our consolidated balance sheets at December 31, 2014 and 2013.
December 31, 2014 (In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  | Number of Loans |  |  | Interest Rate |  | Maturity Date |  | Total Principal |  |  | 30-89 Days DQ |  |  | 90+ Days DQ |
Held-for-Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $5,000 |  |  | 37 |  |  | 9.50% to 12.50% |  | 8/2016 - 12/2024 |  | $ | 102,994 |  |  | $ | — |  |  | $ | — |
$5,001 to $10,000 |  |  | 14 |  |  | 4.43% to 11.00% |  | 4/2015 - 1/2025 |  |  | 109,551 |  |  |  | — |  |  |  | — |
$10,001 to $15,000 |  |  | 2 |  |  | 9.50% to 9.50% |  | 1/2018 - 6/2021 |  |  | 24,874 |  |  |  | — |  |  |  | — |
$15,001 to $20,000 |  |  | 2 |  |  | 10.0% to 11.00% |  | 6/2016 - 6/2022 |  |  | 37,700 |  |  |  | — |  |  |  | — |
$25,001 to $30,000 |  |  | 1 |  |  | 10.00% |  | 10/2016 |  |  | 25,629 |  |  |  | — |  |  |  | — |
|  |  | 56 |  |  |  |  |  |  |  | 300,748 |  |  |  | — |  |  |  | — |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$5,001 to $10,000 |  |  | 2 |  |  | 10.80% to 12.00% |  | 2/2015 - 10/2016 |  |  | 15,478 |  |  |  | — |  |  |  | — |
$10,001 to $15,000 |  |  | 2 |  |  | 9.16% to 11.20% |  | 11/2014 - 8/2016 |  |  | 25,524 |  |  |  | — |  |  |  | — |
|  |  | 4 |  |  |  |  |  |  |  | 41,002 |  |  |  | — |  |  |  | — |
Total Held-for-Investment |  |  | 60 |  |  |  |  |  |  | $ | 341,750 |  |  | $ | — |  |  | $ | — |
Held-for-Investment, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $5,000 |  |  | 3 |  |  | 10.00% to 10.00% |  | 12/2023 to 4/2024 |  | $ | 4,555 |  |  | $ | — |  |  | $ | — |
$10,001 to $15,000 |  |  | 1 |  |  | 4.95% to 4.95% |  | 1/2024 |  |  | 11,399 |  |  |  | — |  |  |  | — |
$20,001 to $25,000 |  |  | 1 |  |  | 4.83% to 4.83% |  | 12/2023 |  |  | 22,102 |  |  |  | — |  |  |  | — |
$25,001 to $30,000 |  |  | 1 |  |  | 4.79% |  | 4/2024 |  |  | 29,500 |  |  |  | — |  |  |  | — |
|  |  | 6 |  |  |  |  |  |  | $ | 67,556 |  |  | $ | — |  |  | $ | — |
Held-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate loans: |  |  | 13 |  |  | 4.19% to 4.79% |  | 12/2024 to 1/2045 |  | $ | 162,790 |  |  | $ | — |  |  | $ | — |
December 31, 2013 (In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  | Number of Loans |  |  | Interest Rate |  | Maturity Date |  |  | Total Principal |  |  | 30-89 Days DQ |  |  | 90+ Days DQ |
Held-for-Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $5,000 |  |  | 24 |  |  | 9.75% to 12.50% |  |  | 8/2016 - 1/2024 |  |  | $ | 70,597 |  |  | $ | — |  |  | $ | — |
$5,001 to $10,000 |  |  | 15 |  |  | 4.43% to 12.25% |  |  | 4/2015 - 6/2023 |  |  |  | 112,887 |  |  |  | — |  |  |  | — |
$10,001 to $15,000 |  |  | 3 |  |  | 9.50% to 10.00% |  |  | 6/2015 - 6/2021 |  |  |  | 35,463 |  |  |  | — |  |  |  | — |
$15,001 to $20,000 |  |  | 2 |  |  | 10.50% to 11.00% |  |  | 6/2016 - 6/2022 |  |  |  | 37,700 |  |  |  | — |  |  |  | — |
$20,001 to $25,000 |  |  | 1 |  |  | 9.50% |  |  | 12/2014 |  |  |  | 21,500 |  |  |  | — |  |  |  | — |
$25,001 to $30,000 |  |  | 1 |  |  | 10.00% |  |  | 10/2016 |  |  |  | 25,839 |  |  |  | — |  |  |  | — |
|  |  | 46 |  |  |  |  |  |  |  |  |  | 303,986 |  |  |  | — |  |  |  | — |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$5,001 to $10,000 |  |  | 2 |  |  | 10.80% to 12.00% |  |  | 2/2015 - 10/2016 |  |  |  | 15,497 |  |  |  | — |  |  |  | — |
$10,001 to $15,000 |  |  | 1 |  |  | 11.20% |  |  | 11/2014 |  |  |  | 14,598 |  |  |  | — |  |  |  | — |
$15,001 to $20,000 |  |  | 1 |  |  | 11.99% |  |  | 8/2014 |  |  |  | 19,250 |  |  |  | — |  |  |  | — |
|  |  | 4 |  |  |  |  |  |  |  |  |  | 49,345 |  |  |  | — |  |  |  | — |
Total Held-for-Investment |  |  | 50 |  |  |  |  |  |  |  |  | $ | 353,331 |  |  | $ | — |  |  | $ | — |
Held-for-Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed-rate loans: |  |  | 7 |  |  | 4.79% to 5.52% |  |  | 12/2023 - 1/2024 |  |  | $ | 87,650 |  |  | $ | — |  |  | $ | — |
Carrying Value for Loans Held-for-Investment | The following table provides additional information for our commercial loans held-for-investment at December 31, 2014 and 2013.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Principal balance |  | $ | 341,750 |  |  | $ | 353,331 |
Unamortized discount, net |  |  | (4,862 | ) |  |  | (2,614 | )
Recorded investment |  |  | 336,888 |  |  |  | 350,717 |
Allowance for loan losses |  |  | (7,457 | ) |  |  | (7,373 | )
Carrying Value |  | $ | 329,431 |  |  | $ | 343,344 |
Summary of Activity in Allowance for Loans Losses | The following table summarizes the activity in the allowance for commercial loan losses for the years ended December 31, 2014, 2013, and 2012.
|  | Year Ended December 31, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Balance at beginning of period |  | $ | 7,373 |  |  | $ | 4,084 |  |  | $ | 608 |
Charge-offs, net |  |  | — |  |  |  | — |  |  |  | — |
Provision for loan losses |  |  | 84 |  |  |  | 3,289 |  |  |  | 3,476 |
Balance at End of Period |  | $ | 7,457 |  |  | $ | 7,373 |  |  | $ | 4,084 |
Commercial Loans Held For Investment |
Commercial Loans Held-for-Investment by Risk Category | The following table presents the principal balance of commercial loans held-for-investment by risk category.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Pass |  | $ | 316,122 |  |  | $ | 309,792 |
Watch list |  |  | 25,628 |  |  |  | 43,539 |
Total Commercial Loans Held-for-Investment |  | $ | 341,750 |  |  | $ | 353,331 |
Residential Loans |
Summary of Classifications and Carrying Value of Loans | The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia entities at December 31, 2014 and 2013.
December 31, 2014 (In Thousands) |  | Redwood |  |  | Sequoia |  |  | Total |
Held-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Fair value - Conforming |  | $ | 244,714 |  |  | $ | — |  |  | $ | 244,714 |
Fair value - Jumbo |  |  | 1,096,317 |  |  |  | — |  |  |  | 1,096,317 |
Lower of cost or fair value |  |  | 1,488 |  |  |  | — |  |  |  | 1,488 |
Held-for-investment |  |  |  |  |  |  |  |  |  |  |  |
Fair value - Jumbo |  |  | 581,668 |  |  |  | — |  |  |  | 581,668 |
At amortized cost |  |  | — |  |  |  | 1,474,386 |  |  |  | 1,474,386 |
Total Residential Loans |  | $ | 1,924,187 |  |  | $ | 1,474,386 |  |  | $ | 3,398,573 |
December 31, 2013 (In Thousands) |  | Redwood |  |  | Sequoia |  |  | Total |
Held-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Fair value - Conforming |  | $ | 11,502 |  |  | $ | — |  |  | $ | 11,502 |
Fair value - Jumbo |  |  | 391,100 |  |  |  | — |  |  |  | 391,100 |
Lower of cost or fair value |  |  | 1,665 |  |  |  | — |  |  |  | 1,665 |
Held-for-investment, at amortized cost |  |  | — |  |  |  | 1,762,167 |  |  |  | 1,762,167 |
Total Residential Loans |  | $ | 404,267 |  |  | $ | 1,762,167 |  |  | $ | 2,166,434 |
Geographic Concentration of Loans Recorded on Consolidated Balance Sheet | The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2014 and 2013.
|  | December 31, 2014 |  |  | December 31, 2013 |
Geographic Concentration (by Principal) |  | Held-for-Sale |  |  | Held-for- Investment |  |  | Held-for- Investment at FVO |  |  | Held-for-Sale |  |  | Held-for- Investment |  |  | Held-for- Investment at FVO |
California |  |  | 39 | % |  |  | 20 | % |  |  | 24 | % |  |  | 44 | % |  |  | 20 | % |  |  | — |
Texas |  |  | 9 | % |  |  | 5 | % |  |  | 14 | % |  |  | 7 | % |  |  | 5 | % |  |  | — |
Massachusetts |  |  | 6 | % |  |  | 2 | % |  |  | 5 | % |  |  | 4 | % |  |  | — |  |  |  | — |
Virginia |  |  | 5 | % |  |  | 3 | % |  |  | 7 | % |  |  | 6 | % |  |  | — |  |  |  | — |
Washington |  |  | 5 | % |  |  | 2 | % |  |  | 4 | % |  |  | 6 | % |  |  | — |  |  |  | — |
Florida |  |  | 4 | % |  |  | 13 | % |  |  | 6 | % |  |  | — |  |  |  | 13 | % |  |  | — |
New York |  |  | 2 | % |  |  | 8 | % |  |  | 3 | % |  |  | 3 | % |  |  | 9 | % |  |  | — |
Georgia |  |  | 2 | % |  |  | 5 | % |  |  | — |  |  |  | 1 | % |  |  | 5 | % |  |  | — |
Colorado |  |  | — |  |  |  | — |  |  |  | 8 | % |  |  |  |  |  |  |  |  |  |  |  |
Other states (none greater than 5%) |  |  | 28 | % |  |  | 42 | % |  |  | 29 | % |  |  | 29 | % |  |  | 48 | % |  |  | — |
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | 100 | % |  |  | — |
Loan Product Type and Accompanying Loan Characteristics of Loans | The following table displays the loan product type and accompanying loan characteristics of residential loans recorded on our consolidated balance sheets at December 31, 2014 and 2013.
December 31, 2014 (In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  | Number of Loans |  |  | Interest Rate (1) |  | Maturity Date |  |  | Total Principal |  |  | 30-89 Days DQ |  |  | 90+ Days DQ |
Held-for-Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 3,400 |  |  | 0.25% to 5.5% |  |  | 12/2012 - 11/2035 |  |  | $ | 400,779 |  |  | $ | 14,604 |  |  | $ | 16,332 |
$251 to $500 |  |  | 1,041 |  |  | 0% to 5.63% |  |  | 12/2013 - 05/2036 |  |  |  | 360,848 |  |  |  | 14,536 |  |  |  | 13,955 |
$501 to $750 |  |  | 328 |  |  | 0.5% to 4.66% |  |  | 08/2013 - 09/2035 |  |  |  | 198,661 |  |  |  | 7,218 |  |  |  | 12,862 |
$751 to $1,000 |  |  | 162 |  |  | 0.25% to 2.38% |  |  | 02/2019 - 07/2035 |  |  |  | 143,687 |  |  |  | 2,396 |  |  |  | 9,262 |
over $1,000 |  |  | 132 |  |  | 0% to 2.63% |  |  | 01/2022 - 05/2036 |  |  |  | 207,539 |  |  |  | 2,494 |  |  |  | 16,106 |
|  |  | 5,063 |  |  |  |  |  |  |  |  |  | 1,311,514 |  |  |  | 41,248 |  |  |  | 68,517 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 3 |  |  | 2.63% to 2.63% |  |  | 09/2033 - 03/2034 |  |  |  | 364 |  |  |  | — |  |  |  | — |
$251 to $500 |  |  | 26 |  |  | 2.5% to 5.15% |  |  | 07/2033 - 12/2039 |  |  |  | 10,056 |  |  |  | — |  |  |  | 319 |
$501 to $750 |  |  | 23 |  |  | 2.5% to 4.65% |  |  | 07/2033 - 09/2040 |  |  |  | 14,711 |  |  |  | — |  |  |  | — |
$751 to $1,000 |  |  | 11 |  |  | 2.5% to 4.8% |  |  | 07/2033 - 12/2040 |  |  |  | 9,393 |  |  |  | — |  |  |  | — |
over $1,000 |  |  | 7 |  |  | 2.5% to 4.95% |  |  | 09/2033 - 11/2040 |  |  |  | 11,786 |  |  |  | — |  |  |  | — |
|  |  | 70 |  |  |  |  |  |  |  |  |  | 46,310 |  |  |  | — |  |  |  | 319 |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 7 |  |  | 3.70% to 4.9% |  |  | 04/2039 - 02/2041 |  |  |  | 1,040 |  |  |  | — |  |  |  | — |
$251 to $500 |  |  | 42 |  |  | 3.45% to 5.13% |  |  | 02/2039 - 07/2041 |  |  |  | 17,574 |  |  |  | — |  |  |  | — |
$501 to $750 |  |  | 71 |  |  | 3.65% to 5.25% |  |  | 02/2039 - 08/2041 |  |  |  | 42,609 |  |  |  | — |  |  |  | — |
$751 to $1,000 |  |  | 38 |  |  | 4.2% to 5.25% |  |  | 08/2040 - 08/2041 |  |  |  | 32,966 |  |  |  | — |  |  |  | 726 |
over $1,000 |  |  | 24 |  |  | 4.3% to 5.38% |  |  | 09/2040 - 06/2041 |  |  |  | 31,200 |  |  |  | — |  |  |  | — |
|  |  | 182 |  |  |  |  |  |  |  |  |  | 125,389 |  |  |  | — |  |  |  | 726 |
Total Held-for-Investment |  |  | 5,315 |  |  |  |  |  |  |  |  | $ | 1,483,213 |  |  | $ | 41,248 |  |  | $ | 69,562 |
Held-for-Investment at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$251 to $500 |  |  | 29 |  |  | 2.38% to 3.75% |  |  | 01/2044 - 10/2044 |  |  | $ | 12,487 |  |  | $ | — |  |  | $ | — |
$501 to $750 |  |  | 80 |  |  | 2.38% to 4.25% |  |  | 02/2044 - 11/2044 |  |  |  | 49,085 |  |  |  | 619 |  |  |  | — |
$751 to $1,000 |  |  | 51 |  |  | 2.38% to 3.75% |  |  | 05/2043 - 11/2044 |  |  |  | 43,835 |  |  |  | — |  |  |  | — |
over $1,000 |  |  | 14 |  |  | 2.38% to 3.25% |  |  | 03/2044 - 11/2044 |  |  |  | 17,720 |  |  |  | — |  |  |  | — |
|  |  | 174 |  |  |  |  |  |  |  |  |  | 123,127 |  |  |  | 619 |  |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 1 |  |  | 4.13% to 4.13% |  |  | 07/2044 - 07/2044 |  |  |  | 75 |  |  |  | — |  |  |  | — |
$251 to $500 |  |  | 158 |  |  | 3.13% to 4.75% |  |  | 01/2029 - 12/2044 |  |  |  | 72,931 |  |  |  | 894 |  |  |  | — |
$501 to $750 |  |  | 272 |  |  | 3.13% to 5% |  |  | 04/2029 - 12/2044 |  |  |  | 165,574 |  |  |  | 624 |  |  |  | — |
$751 to $1,000 |  |  | 136 |  |  | 3.13% to 4.88% |  |  | 01/2029 - 12/2044 |  |  |  | 116,892 |  |  |  | — |  |  |  | — |
over $1,000 |  |  | 63 |  |  | 3.25% to 5% |  |  | 01/2024 - 12/2044 |  |  |  | 87,773 |  |  |  | — |  |  |  | — |
|  |  | 630 |  |  |  |  |  |  |  |  |  | 443,245 |  |  |  | 1,518 |  |  |  | — |
Total Held-for-Investment |  |  | 804 |  |  |  |  |  |  |  |  | $ | 566,372 |  |  | $ | 2,137 |  |  | $ | — |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$66 to $359 |  |  | 8 |  |  | 1.88% to 2.25% |  |  | 11/2032 - 10/2033 |  |  | $ | 1,286 |  |  | $ | 170 |  |  | $ | 471 |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$252 to $1,985 |  |  | 109 |  |  | 2.63% - 4% |  |  | 06/2037 - 01/2045 |  |  |  | 84,271 |  |  |  | — |  |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$75 to $2,496 |  |  | 2,165 |  |  | 2.88% - 5% |  |  | 12/2024 - 01/2045 |  |  |  | 1,219,936 |  |  |  | 1,178 |  |  |  | — |
Total Held-for-Sale |  |  | 2,282 |  |  |  |  |  |  |  |  | $ | 1,305,493 |  |  | $ | 1,348 |  |  | $ | 471 |
December 31, 2013 (In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  | Number of Loans |  |  | Interest Rate(1) |  | Maturity Date |  |  | Total Principal |  |  | 30-89 Days DQ |  |  | 90+ Days DQ |
Held-for-Investment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 3,917 |  |  | 0.25% to 6.45% |  |  | 12/2012 - 11/2035 |  |  | $ | 449,458 |  |  | $ | 16,038 |  |  | $ | 16,856 |
$251 to $500 |  |  | 1,231 |  |  | -0.13% to 5.63% |  |  | 07/2013 - 05/2036 |  |  |  | 428,503 |  |  |  | 14,111 |  |  |  | 15,775 |
$501 to $750 |  |  | 395 |  |  | 0.50% to 4.66% |  |  | 08/2013 - 09/2035 |  |  |  | 240,407 |  |  |  | 8,951 |  |  |  | 14,527 |
$751 to $1,000 |  |  | 191 |  |  | 0.25% to 2.25% |  |  | 09/2022 - 07/2035 |  |  |  | 170,454 |  |  |  | 3,108 |  |  |  | 7,886 |
over $1,000 |  |  | 169 |  |  | -0.13% to 2.38% |  |  | 02/2019 - 05/2036 |  |  |  | 269,153 |  |  |  | 5,309 |  |  |  | 23,340 |
|  |  | 5,903 |  |  |  |  |  |  |  |  |  | 1,557,975 |  |  |  | 47,517 |  |  |  | 78,384 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 2 |  |  | 2.63% to 4.25% |  |  | 10/2033 - 07/2039 |  |  |  | 428 |  |  |  | — |  |  |  | — |
$251 to $500 |  |  | 34 |  |  | 2.63% to 5.15% |  |  | 07/2033 - 07/2040 |  |  |  | 13,491 |  |  |  | 335 |  |  |  | 350 |
$501 to $750 |  |  | 26 |  |  | 2.63% to 4.75% |  |  | 07/2033 - 09/2040 |  |  |  | 16,376 |  |  |  | 597 |  |  |  | — |
$751 to $1,000 |  |  | 20 |  |  | 2.63% to 4.88% |  |  | 07/2033 - 12/2040 |  |  |  | 16,592 |  |  |  | — |  |  |  | — |
over $1,000 |  |  | 10 |  |  | 2.63% to 4.95% |  |  | 09/2033 - 11/2040 |  |  |  | 15,662 |  |  |  | — |  |  |  | — |
|  |  | 92 |  |  |  |  |  |  |  |  |  | 62,549 |  |  |  | 932 |  |  |  | 350 |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$0 to $250 |  |  | 9 |  |  | 3.70% to 4.90% |  |  | 04/2039 - 02/2041 |  |  |  | 1,529 |  |  |  | — |  |  |  | — |
$251 to $500 |  |  | 40 |  |  | 3.45% to 5.63% |  |  | 02/2039 - 07/2041 |  |  |  | 16,929 |  |  |  | — |  |  |  | — |
$501 to $750 |  |  | 86 |  |  | 3.65% to 5.25% |  |  | 02/2039 - 08/2041 |  |  |  | 52,642 |  |  |  | — |  |  |  | — |
$751 to $1,000 |  |  | 47 |  |  | 4.20% to 5.25% |  |  | 08/2040 - 08/2041 |  |  |  | 41,225 |  |  |  | — |  |  |  | — |
over $1,000 |  |  | 29 |  |  | 4.00% to 5.38% |  |  | 09/2040 - 06/2041 |  |  |  | 37,954 |  |  |  | — |  |  |  | — |
|  |  | 211 |  |  |  |  |  |  |  |  |  | 150,279 |  |  |  | — |  |  |  | — |
Total Held-for-Investment |  |  | 6,206 |  |  |  |  |  |  |  |  | $ | 1,770,803 |  |  | $ | 48,449 |  |  | $ | 78,734 |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans |  |  | 9 |  |  | 1.88% to 2.50% |  |  | 11/2032 - 10/2033 |  |  | $ | 1,490 |  |  | $ | 166 |  |  | $ | 352 |
Hybrid ARM loans |  |  | 114 |  |  | 2.38% to 4.63% |  |  | 06/2037 - 01/2044 |  |  |  | 91,976 |  |  |  | — |  |  |  | — |
Fixed loans |  |  | 424 |  |  | 3.13% to 5.63% |  |  | 06/2037 - 01/2044 |  |  |  | 307,407 |  |  |  | — |  |  |  | — |
Total Held-for-Sale |  |  | 547 |  |  |  |  |  |  |  |  | $ | 400,873 |  |  | $ | 166 |  |  | $ | 352 |
(1) | Rate is net of servicing fee for consolidated loans for which we do not own the MSR. For borrowers whose current rate is less than the applicable servicing fee, the rate shown in the table above is zero.
Carrying Value for Loans Held-for-Investment | The following table details the carrying value for residential loans held-for-investment at amortized cost at December 31, 2014 and 2013. These loans are owned at Sequoia securitization entities that we consolidate for financial reporting purposes.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Principal balance |  | $ | 1,483,213 |  |  | $ | 1,770,803 |
Unamortized premium, net |  |  | 12,511 |  |  |  | 16,791 |
Recorded investment |  |  | 1,495,724 |  |  |  | 1,787,594 |
Allowance for loan losses |  |  | (21,338 | ) |  |  | (25,427 | )
Carrying Value |  | $ | 1,474,386 |  |  | $ | 1,762,167 |
Recorded Investment in Residential Loans Held-For-Investment Organized by Year of Origination | The following table displays our recorded investment in residential loans held-for-investment at December 31, 2014 and 2013, organized by year of origination.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
2003 & Earlier |  | $ | 717,783 |  |  | $ | 881,364 |
2004 |  |  | 437,221 |  |  |  | 513,458 |
2005 |  |  | 58,931 |  |  |  | 62,675 |
2006 |  |  | 135,872 |  |  |  | 149,776 |
2007 |  |  | — |  |  |  | — |
2008 |  |  | — |  |  |  | — |
2009 |  |  | 17,943 |  |  |  | 25,860 |
2010 |  |  | 76,944 |  |  |  | 92,728 |
2011 |  |  | 51,030 |  |  |  | 61,733 |
Total Recorded Investment |  | $ | 1,495,724 |  |  | $ | 1,787,594 |
Summary of Activity in Allowance for Loans Losses | The following table summarizes the activity in the allowance for loan losses for the years ended December 31, 2014, 2013, and 2012.
|  | Years Ended December 31, |
(In Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Balance at beginning of period |  | $ | 25,427 |  |  | $ | 28,504 |  |  | $ | 66,881 |
Charge-offs, net |  |  | (4,966 | ) |  |  | (4,525 | ) |  |  | (11,903 | )
Provision for loan losses |  |  | 877 |  |  |  | 1,448 |  |  |  | 171 |
Deconsolidation adjustment |  |  | — |  |  |  | — |  |  |  | (26,645 | )
Balance at End of Period |  | $ | 21,338 |  |  | $ | 25,427 |  |  | $ | 28,504 |
Loan Modifications Determined to be Troubled Debt Restructuring | The following table presents the details of the loan modifications determined to be TDRs for the years ended December 31, 2014, 2013, and 2012.
|  | Years Ended December 31, |
(Dollars in Thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
TDRs |  |  |  |  |  |  |  |  |  |  |  |
Number of modifications |  |  | 28 |  |  |  | 12 |  |  |  | 15 |
Pre-modification outstanding recorded investment |  | $ | 8,652 |  |  | $ | 2,939 |  |  | $ | 6,603 |
Post-modification outstanding recorded investment |  |  | 8,639 |  |  |  | 2,838 |  |  |  | 6,540 |
Loan modification effect on net interest income after provision and other MVA |  |  | (2,214 | ) |  |  | (863 | ) |  |  | (1,448 | )
TDRs that Subsequently Defaulted |  |  |  |  |  |  |  |  |  |  |  |
Number of modifications |  |  | 7 |  |  |  | 6 |  |  |  | 10 |
Recorded investment |  | $ | 3,427 |  |  | $ | 1,462 |  |  | $ | 5,078 |
Collectively Evaluated for Impairment | Commercial Loans |
Loans Evaluated for Impairment | The following table summarizes the balances for loans collectively evaluated for impairment at December 31, 2014 and 2013.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Principal balance |  | $ | 341,750 |  |  | $ | 353,331 |
Recorded investment |  |  | 336,888 |  |  |  | 350,717 |
Related allowance |  |  | 7,457 |  |  |  | 7,373 |
Collectively Evaluated for Impairment | Residential Loans |
Loans Evaluated for Impairment | The following table summarizes the balances for loans collectively evaluated for impairment at December 31, 2014 and 2013.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Principal balance |  | $ | 1,466,819 |  |  | $ | 1,762,165 |
Recorded investment |  |  | 1,479,667 |  |  |  | 1,779,161 |
Related allowance |  |  | 19,840 |  |  |  | 24,762 |
Recorded Investment and Past Due Status of Loans | The following table summarizes the recorded investment and past due status of residential loans collectively evaluated for impairment at December 31, 2014 and 2013.
(In Thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90+ Days Past Due |  |  | Current |  |  | Total Loans |
December 31, 2014 |  | $ | 28,484 |  |  | $ | 8,464 |  |  | $ | 69,223 |  |  | $ | 1,373,496 |  |  | $ | 1,479,667 |
December 31, 2013 |  |  | 34,187 |  |  |  | 13,248 |  |  |  | 79,010 |  |  |  | 1,652,716 |  |  |  | 1,779,161 |
Individually Evaluated for Impairment | Residential Loans |
Recorded Investment and Past Due Status of Loans | The following table summarizes the recorded investment and past due status of residential loans individually evaluated for impairment at December 31, 2014 and 2013.
(In Thousands) |  | 30-59 Days Past Due |  |  | 60-89 Days Past Due |  |  | 90+ Days Past Due |  |  | Current |  |  | Total Loans |
December 31, 2014 |  | $ | 2,419 |  |  | $ | 2,295 |  |  | $ | 1,015 |  |  | $ | 10,328 |  |  | $ | 16,057 |
December 31, 2013 |  |  | 1,560 |  |  |  | — |  |  |  | 567 |  |  |  | 6,306 |  |  |  | 8,433 |
Loans Evaluated for Impairment | The following table summarizes the balances for loans individually evaluated for impairment, all of which had an allowance, at December 31, 2014 and 2013.
(In Thousands) |  | December 31, 2014 |  |  | December 31, 2013 |
Principal balance |  | $ | 16,394 |  |  | $ | 8,638 |
Recorded investment |  |  | 16,057 |  |  |  | 8,433 |
Related allowance |  |  | 1,498 |  |  |  | 665 |

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