XML 115 R34.htm IDEA: XBRL DOCUMENT v2.4.1.9
Residential Loans (Tables) (Residential Loans)
 3 Months Ended
Mar. 31, 2015
Residential Loans
  
Mortgage Loans on Real Estate [Line Items]  
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 March 31, 2015 and December 31, 2014.
March 31, 2015
 
 
 
 
 
 
(In Thousands)
 
Redwood
 
Sequoia (1)
 
Total
Held-for-sale
 
 
 
 
 
 
Fair value - conforming
 
$
200,869

 
$
—

 
$
200,869

Fair value - jumbo
 
892,544

 
—

 
892,544

Lower of cost or fair value
 
1,472

 
—

 
1,472

Held-for-investment
 
 
 
 
 


Fair value - Jumbo
 
1,000,444

 
1,304,426

 
2,304,870

Total Residential Loans
 
$
2,095,329

 
$
1,304,426

 
$
3,399,755

December 31, 2014
 
 
 
 
 
 
(In Thousands)
 
Redwood
 
Sequoia (1)
 
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

(1)
Upon adoption of ASU 2014-13 on January 1, 2015, loans held-for-investment at consolidated Sequoia entities began to be recorded at fair value. See Note 3 for further discussion.
Carrying Value for Loans Held-for-Investment
The following table details the carrying value for residential loans held-for-investment at consolidated Sequoia entities at March 31, 2015 and December 31, 2014.
(In Thousands)
 
March 31, 2015
 
December 31, 2014
Principal balance
 
$
1,415,017

 
$
1,483,213

Unamortized premium, net
 
—

 
12,511

Allowance for loan losses
 
—

 
(21,338
)
Valuation adjustment
 
(110,591
)
 
—

Carrying value
 
$
1,304,426

 
$
1,474,386