XML 29 R13.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Residential Loans | 12 Months Ended
--- | ---
Dec. 31, 2017
Receivables [Abstract] |
Residential Loans | Residential Loans We acquire residential loans from third-party originators and may sell or securitize these loans or hold them for investment. The following table summarizes the classifications and carrying values of the residential loans owned at Redwood and at consolidated Sequoia entities at December 31, 2017 and December 31, 2016. Table 6.1 – Classifications and Carrying Values of Residential Loans
December 31, 2017 |  |  |  | Legacy |  | Sequoia |  |
(In Thousands) |  | Redwood |  | Sequoia |  | Choice |  | Total
Held-for-sale |  |  |  |  |  |  |  |
At fair value |  | $ | 1,427,052 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,427,052 |
At lower of cost or fair value |  | 893 |  |  | — |  |  | — |  |  | 893 |
Total held-for-sale |  | 1,427,945 |  |  | — |  |  | — |  |  | 1,427,945 |
Held-for-investment at fair value |  | 2,434,386 |  |  | 632,817 |  |  | 620,062 |  |  | 3,687,265 |
Total Residential Loans |  | $ | 3,862,331 |  |  | $ | 632,817 |  |  | $ | 620,062 |  |  | $ | 5,115,210 |
December 31, 2016 |  |  |  | Legacy |  | Sequoia |  |
(In Thousands) |  | Redwood |  | Sequoia |  | Choice |  | Total
Held-for-sale |  |  |  |  |  |  |  |
At fair value |  | $ | 834,193 |  |  | $ | — |  |  | $ | — |  |  | $ | 834,193 |
At lower of cost or fair value |  | 1,206 |  |  | — |  |  | — |  |  | 1,206 |
Total held-for-sale |  | 835,399 |  |  | — |  |  | — |  |  | 835,399 |
Held-for-investment at fair value |  | 2,261,016 |  |  | 791,636 |  |  | — |  |  | 3,052,652 |
Total Residential Loans |  | $ | 3,096,415 |  |  | $ | 791,636 |  |  | $ | — |  |  | $ | 3,888,051 |
At December 31, 2017, we owned mortgage servicing rights associated with $3.03 billion (principal balance) of consolidated residential loans purchased from third-party originators. The value of these MSRs is included in the carrying value of the associated loans on our consolidated balance sheets. We contract with licensed sub-servicers that perform servicing functions for these loans. Residential Loans Held-for-Sale At Fair Value At December 31, 2017, we owned 2,009 loans held-for-sale at fair value with an aggregate unpaid principal balance of $1.41 billion and a fair value of $1.43 billion, compared to 1,114 loans with an aggregate unpaid principal balance of $0.83 billion and a fair value of $0.83 billion at December 31, 2016. At December 31, 2017, one of these loans with a fair value of $0.5 million was greater than 90 days delinquent and none of these loans were in foreclosure. At December 31, 2016, none of these loans were greater than 90 days delinquent or in foreclosure. During the years ended December 31, 2017 and 2016, we purchased $5.64 billion and $4.85 billion (principal balance) of loans, respectively, for which we elected the fair value option, and we sold $4.21 billion and $4.04 billion (principal balance) of loans, respectively, for which we recorded net market valuation gain s of $31 million and $6 million, respectively, through Mortgage banking activities, net on our consolidated statements of income. At December 31, 2017, loans held-for-sale with a market value of $1.15 billion were pledged as collateral under short-term borrowing agreements. At Lower of Cost or Fair Value At December 31, 2017 and December 31, 2016, we held four and seven residential loans, respectively, at the lower of cost or fair value with $1 million and $2 million in outstanding principal balance, respectively, and a carrying value of $1 million for both periods. At both December 31, 2017 and December 31, 2016, one of these loans with an unpaid principal balance of $0.3 million was greater than 90 days delinquent and none of these loans were in foreclosure. Residential Loans Held-for-Investment at Fair Value At Redwood At December 31, 2017, we owned 3,292 held-for-investment loans at Redwood with an aggregate unpaid principal balance of $2.41 billion and a fair value of $2.43 billion, compared to 3,068 loans with an aggregate unpaid principal balance of $2.23 billion and a fair value of $2.26 billion at December 31, 2016. At December 31, 2017, none of these loans was greater than 90 days delinquent or in foreclosure. At December 31, 2016, one of these loans with an unpaid principal balance of $0.2 million was greater than 90 days delinquent and none of these loans were in foreclosure. During the years ended December 31, 2017 and 2016, we transferred loans with a fair value of $0.60 billion and $1.06 billion, respectively, from held-for-sale to held-for-investment. During the years ended December 31, 2017 and 2016, we transferred loans with a fair value of $99 million and $56 million, respectively, from held-for-investment to held-for-sale. During the year s ended December 31, 2017 and 2016, we recorded net market valuation loss es of $5 million and $23 million, respectively, on residential loans held-for-investment at fair value through Investment fair value changes, net on our consolidated statements of income. At December 31, 2017, loans with a fair value of $2.43 billion were pledged as collateral under a borrowing agreement with the FHLBC. The outstanding loans held-for-investment at Redwood at December 31, 2017 were prime-quality, first lien loans, of which 96% were originated between 2013 and 2017, and 4% were originated in 2012 and prior years. The weighted average FICO score of borrowers backing these loans was 770 (at origination) and the weighted average loan-to-value ("LTV") ratio of these loans was 65% (at origination). At December 31, 2017, these loans were comprised of 92% fixed-rate loans with a weighted average coupon of 4.08%, and the remainder were hybrid or ARM loans with a weighted average coupon of 4.07%. At Consolidated Legacy Sequoia Entities At December 31, 2017, we owned 3,178 held-for-investment loans at consolidated Legacy Sequoia entities, with an aggregate unpaid principal balance of $698 million and a fair value of $633 million, as compared to 3,735 loans at December 31, 2016 with an aggregate unpaid principal balance of $887 million and a fair value of $792 million. At origination, the weighted average FICO score of borrowers backing these loans was 728, the weighted average LTV ratio of these loans was 66%, and the loans were nearly all first lien and prime-quality. At December 31, 2017 and December 31, 2016, the unpaid principal balance of loans at consolidated Sequoia entities delinquent greater than 90 days was $25 million and $30 million, respectively, of which the unpaid principal balance of loans in foreclosure was $10 million and $11 million, respectively. During the years ended December 31, 2017 and 2016, we recorded a net market valuation gain of $23 million and a net market valuation loss of $14 million, respectively, on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the associated ABS issued. The net impact to our income statement associated with our retained economic investment in the Legacy Sequoia securitization entities is presented in Note 5. At Consolidated Sequoia Choice Entities At December 31, 2017, we owned 806 held-for-investment loans at consolidated Sequoia Choice entities, with an aggregate unpaid balance of $605 million and a fair value of $620 million. There were no loans held at the Sequoia Choice entities a t December 31, 2016. At origination, the weighted average FICO score of borrowers backing these loans was 742, the weighted average LTV ratio of these loans was 75%, and the loans were all first lien and prime-quality. At December 31, 2017, none of these loans were greater than 90 days delinquent or in foreclosure. During the year ended December 31, 2017, we transferred loans with a fair value of $646 million from held-for-sale to held-for-investment, associated with Choice securitizations. During the year ended December 31, 2017, we recorded a net market valuation loss of $5 million on these loans through Investment fair value changes, net on our consolidated statements of income. Pursuant to the collateralized financing entity guidelines, the market valuation changes of these loans are based on the estimated fair value of the ABS issued associated with Choice securitizations. The net impact to our income statement associated with our retained economic investment in the Sequoia Choice securitization entities is presented in Note 5. Residential Loan Characteristics The following table presents the geographic concentration of residential loans recorded on our consolidated balance sheets at December 31, 2017 and December 31, 2016. Table 6.2 – Geographic Concentration of Residential Loans
|  | December 31, 2017
Geographic Concentration (by Principal) |  | Held-for-Sale |  | Held-for- Investment at Legacy Sequoia |  | Held-for- Investment at Sequoia Choice |  | Held-for- Investment at FVO
California |  | 35 | % |  | 18 | % |  | 39 | % |  | 45 | %
Washington |  | 9 | % |  | 2 | % |  | 7 | % |  | 5 | %
Texas |  | 7 | % |  | 5 | % |  | 10 | % |  | 9 | %
Florida |  | 4 | % |  | 13 | % |  | 4 | % |  | 5 | %
Georgia |  | 2 | % |  | 5 | % |  | 3 | % |  | 1 | %
New York |  | 2 | % |  | 9 | % |  | 3 | % |  | 4 | %
Other states (none greater than 5%) |  | 41 | % |  | 48 | % |  | 34 | % |  | 31 | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
|  | December 31, 2016
Geographic Concentration (by Principal) |  | Held-for-Sale |  | Held-for- Investment at Legacy Sequoia |  | Held-for- Investment at Sequoia Choice |  | Held-for- Investment at FVO
California |  | 40 | % |  | 18 | % |  | — | % |  | 42 | %
Texas |  | 9 | % |  | 6 | % |  | — | % |  | 10 | %
Washington |  | 8 | % |  | 2 | % |  | — | % |  | 4 | %
Florida |  | 3 | % |  | 14 | % |  | — | % |  | 5 | %
Georgia |  | 2 | % |  | 5 | % |  | — | % |  | 1 | %
New York |  | 2 | % |  | 8 | % |  | — | % |  | 4 | %
Other states (none greater than 5%) |  | 36 | % |  | 47 | % |  | — | % |  | 34 | %
Total |  | 100 | % |  | 100 | % |  | — | % |  | 100 | %
T he following table displays the loan product type and accompanying loan characteristics of residential loans recorded on our consolidated balance sheets at December 31, 2017 and December 31, 2016. Table 6.3 – Product Types and Characteristics of Residential Loans
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Investment at Redwood: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 7 |  |  | 3.50 | % | to | 3.88% |  | 2043-08 | - | 2044-01 |  | $ | 1,589 |  |  | $ | 438 |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 43 |  |  | 2.63 | % | to | 4.88% |  | 2043-07 | - | 2047-10 |  | 16,703 |  |  | 566 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 87 |  |  | 2.88 | % | to | 5.13% |  | 2040-09 | - | 2047-11 |  | 55,709 |  |  | 1,226 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 82 |  |  | 2.88 | % | to | 6.00% |  | 2043-12 | - | 2047-11 |  | 71,819 |  |  | 984 |  |  | — |
|  | over | $1,000 |  |  | 40 |  |  | 3.00 | % | to | 5.00% |  | 2040-10 | - | 2047-11 |  | 57,641 |  |  | — |  |  | — |
|  |  |  |  |  | 259 |  |  |  |  |  |  |  |  |  |  | 203,461 |  |  | 3,214 |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 34 |  |  | 3.13 | % | to | 5.08% |  | 2022-10 | - | 2046-02 |  | 6,758 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 681 |  |  | 2.80 | % | to | 6.13% |  | 2028-02 | - | 2047-12 |  | 296,950 |  |  | 1,380 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 1,261 |  |  | 2.75 | % | to | 6.75% |  | 2027-09 | - | 2047-12 |  | 777,103 |  |  | 3,818 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 649 |  |  | 2.75 | % | to | 5.00% |  | 2027-07 | - | 2047-12 |  | 559,426 |  |  | 2,566 |  |  | — |
|  |  | over | $1,000 |  |  | 408 |  |  | 2.80 | % | to | 5.00% |  | 2030-11 | - | 2048-01 |  | 564,295 |  |  | — |  |  | — |
|  |  |  |  |  | 3,033 |  |  |  |  |  |  |  |  |  |  | 2,204,532 |  |  | 7,764 |  |  | — |
Total HFI at Redwood: |  | 3,292 |  |  |  |  |  |  |  |  |  |  | $ | 2,407,993 |  |  | $ | 10,978 |  |  | $ | — |
Held-for-Investment at Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2,324 |  |  | 1.25 | % | to | 5.16% |  | 2019-02 | - | 2035-11 |  | $ | 253,438 |  |  | $ | 7,436 |  |  | $ | 7,284 |
| $ | 251 |  | to | $500 |  |  | 541 |  |  | 1.00 | % | to | 5.63% |  | 2021-03 | - | 2036-05 |  | 189,360 |  |  | 9,082 |  |  | 9,178 |
| $ | 501 |  | to | $750 |  |  | 151 |  |  | 1.63 | % | to | 4.00% |  | 2024-05 | - | 2035-09 |  | 91,244 |  |  | 1,995 |  |  | 2,589 |
| $ | 751 |  | to | $1,000 |  |  | 76 |  |  | 1.38 | % | to | 3.38% |  | 2022-01 | - | 2035-07 |  | 65,276 |  |  | 1,790 |  |  | 1,725 |
|  |  | over | $1,000 |  |  | 53 |  |  | 1.00 | % | to | 4.63% |  | 2027-03 | - | 2036-05 |  | 83,393 |  |  | — |  |  | 4,040 |
|  |  |  |  |  | 3,145 |  |  |  |  |  |  |  |  |  |  | 682,711 |  |  | 20,303 |  |  | 24,816 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 4 |  |  | 3.25 | % | to | 3.75% |  | 2033-08 | - | 2034-06 |  | 530 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 17 |  |  | 2.63 | % | to | 3.75% |  | 2033-07 | - | 2034-12 |  | 6,170 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 11 |  |  | 3.38 | % | to | 3.75% |  | 2033-07 | - | 2034-11 |  | 7,091 |  |  | — |  |  | 641 |
|  |  | over | $1,000 |  |  | 1 |  |  | 3.75 | % | to | 3.75% |  | 2033-09 | - | 2033-09 |  | 1,420 |  |  | — |  |  | — |
|  |  |  |  |  | 33 |  |  |  |  |  |  |  |  |  |  | 15,211 |  |  | — |  |  | 641 |
Total HFI at Legacy Sequoia: |  | 3,178 |  |  |  |  |  |  |  |  |  |  | $ | 697,922 |  |  | $ | 20,303 |  |  | $ | 25,457 |
Held-for-Investment at Sequoia Choice: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 0 |  | to | $250 |  |  | 4 |  |  | 2.75 | % | to | 4.75% |  | 2043-05 | - | 2047-07 |  | $ | 641 |  |  | $ | — |  |  | $ | — |
| $ | 251 |  | to | $500 |  |  | 85 |  |  | 3.13 | % | to | 5.75% |  | 2042-11 | - | 2047-10 |  | 38,900 |  |  | 486 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 388 |  |  | 3.13 | % | to | 6.25% |  | 2037-02 | - | 2047-11 |  | 240,538 |  |  | 672 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 239 |  |  | 3.25 | % | to | 6.50% |  | 2043-05 | - | 2047-10 |  | 210,235 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 90 |  |  | 3.13 | % | to | 5.88% |  | 2045-01 | - | 2047-10 |  | 114,433 |  |  | — |  |  | — |
Total HFI at Sequoia Choice: |  | 806 |  |  |  |  |  |  |  |  |  |  | $ | 604,747 |  |  | $ | 1,158 |  |  | $ | — |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 58 |  | to | $290 |  |  | 3 |  |  | 1.50 | % | to | 3.00% |  | 2032-11 | - | 2033-10 |  | $ | 444 |  |  | $ | — |  |  | $ | — |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 443 |  | to | $2,000 |  |  | 93 |  |  | 2.88 | % | to | 4.00% |  | 2044-08 | - | 2048-01 |  | 78,884 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 132 |  | to | $1,950 |  |  | 1,917 |  |  | 2.88 | % | to | 6.25% |  | 2029-05 | - | 2048-01 |  | 1,329,851 |  |  | 1,913 |  |  | 459 |
Total Held-for-Sale |  | 2,013 |  |  |  |  |  |  |  |  |  |  | $ | 1,409,179 |  |  | $ | 1,913 |  |  | $ | 459 |
December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(In Thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loan Balance |  |  | Number of Loans |  | Interest Rate(1) |  | Maturity Date |  | Total Principal |  | 30-89 Days DQ |  | 90+ Days DQ
Held-for-Investment at Redwood: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 251 |  | to | $500 |  |  | 1 |  |  | 3.63 | % | to | 3.63% |  | 2044-07 | - | 2044-07 |  | $ | 264 |  |  | $ | — |  |  | $ | — |
| $ | 501 |  | to | $750 |  |  | 4 |  |  | 2.88 | % | to | 4.65% |  | 2040-09 | - | 2045-10 |  | 2,722 |  |  | — |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 2 |  |  | 3.50 | % | to | 4.00% |  | 2045-09 | - | 2045-10 |  | 1,726 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 4 |  |  | 3.00 | % | to | 4.20% |  | 2040-10 | - | 2045-10 |  | 5,545 |  |  | — |  |  | — |
|  |  |  |  |  | 11 |  |  |  |  |  |  |  |  |  |  | 10,257 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 26 |  |  | 3.67 | % | to | 5.08% |  | 2039-04 | - | 2045-10 |  | 4,643 |  |  | — |  |  | 237 |
| $ | 251 |  | to | $500 |  |  | 633 |  |  | 2.80 | % | to | 5.13% |  | 2028-02 | - | 2046-12 |  | 278,560 |  |  | 264 |  |  | — |
| $ | 501 |  | to | $750 |  |  | 1,306 |  |  | 2.75 | % | to | 6.25% |  | 2027-09 | - | 2046-12 |  | 807,714 |  |  | 2,803 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 690 |  |  | 2.75 | % | to | 5.63% |  | 2027-07 | - | 2046-12 |  | 597,002 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 402 |  |  | 2.80 | % | to | 5.00% |  | 2027-04 | - | 2047-01 |  | 535,621 |  |  | 1,232 |  |  | — |
|  |  |  |  |  | 3,057 |  |  |  |  |  |  |  |  |  |  | 2,223,540 |  |  | 4,299 |  |  | 237 |
Total HFI at Redwood: |  | 3,068 |  |  |  |  |  |  |  |  |  |  | $ | 2,233,797 |  |  | $ | 4,299 |  |  | $ | 237 |
Held-for-Investment at Legacy Sequoia: |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 2,623 |  |  | 0.63 | % | to | 5.60% |  | 2019-02 | - | 2035-11 |  | $ | 297,646 |  |  | $ | 9,158 |  |  | $ | 7,410 |
| $ | 251 |  | to | $500 |  |  | 694 |  |  | 0.25 | % | to | 5.75% |  | 2019-12 | - | 2036-05 |  | 241,253 |  |  | 9,177 |  |  | 10,059 |
| $ | 501 |  | to | $750 |  |  | 203 |  |  | 0.88 | % | to | 3.89% |  | 2024-05 | - | 2035-09 |  | 121,919 |  |  | 5,812 |  |  | 5,069 |
| $ | 751 |  | to | $1,000 |  |  | 100 |  |  | 0.63 | % | to | 3.00% |  | 2022-01 | - | 2035-07 |  | 86,988 |  |  | 2,750 |  |  | 3,322 |
|  |  | over | $1,000 |  |  | 78 |  |  | 0.25 | % | to | 3.75% |  | 2027-03 | - | 2036-05 |  | 121,484 |  |  | 4,790 |  |  | 4,306 |
|  |  |  |  |  | 3,698 |  |  |  |  |  |  |  |  |  |  | 869,290 |  |  | 31,687 |  |  | 30,166 |
Hybrid ARM loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | — |  | to | $250 |  |  | 4 |  |  | 3.00 | % | to | 3.00% |  | 2033-09 | - | 2034-06 |  | 453 |  |  | — |  |  | — |
| $ | 251 |  | to | $500 |  |  | 18 |  |  | 2.63 | % | to | 3.13% |  | 2033-07 | - | 2034-12 |  | 6,516 |  |  | — |  |  | — |
| $ | 501 |  | to | $750 |  |  | 13 |  |  | 2.75 | % | to | 3.13% |  | 2033-07 | - | 2034-12 |  | 8,483 |  |  | 669 |  |  | — |
| $ | 751 |  | to | $1,000 |  |  | 1 |  |  | 3.13 | % | to | 3.13% |  | 2033-08 | - | 2033-08 |  | 751 |  |  | — |  |  | — |
|  |  | over | $1,000 |  |  | 1 |  |  | 3.00 | % | to | 3.00% |  | 2033-09 | - | 2033-09 |  | 1,488 |  |  | — |  |  | — |
|  |  |  |  |  | 37 |  |  |  |  |  |  |  |  |  |  | 17,691 |  |  | 669 |  |  | — |
Total HFI at Legacy Sequoia: |  | 3,735 |  |  |  |  |  |  |  |  |  |  | $ | 886,981 |  |  | $ | 32,356 |  |  | $ | 30,166 |
Held-for-Sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 61 |  | to | $396 |  |  | 6 |  |  | 1.88 | % | to | 2.75% |  | 2033-10 | - | 2032-11 |  | $ | 882 |  |  | $ | — |  |  | $ | 300 |
Hybrid ARM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 2 |  | to | $1,947 |  |  | 173 |  |  | 2.50 | % | to | 6.00% |  | 2037-06 | - | 2047-01 |  | 144,174 |  |  | — |  |  | — |
Fixed loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| $ | 404 |  | to | $1,997 |  |  | 942 |  |  | 2.99 | % | to | 6.25% |  | 2026-12 | - | 2047-01 |  | 688,329 |  |  | — |  |  | — |
Total Held-for-Sale |  | 1,121 |  |  |  |  |  |  |  |  |  |  | $ | 833,385 |  |  | $ | — |  |  | $ | 300 |
(1) | Rate is net of servicing fee for consolidated loans for which we do not own the MSR.

X
- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(6)) -URI http://asc.fasb.org/extlink&oid=6488278&loc=d3e603758-122996 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5162-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=66008989&loc=d3e5074-111524 + Details
Name: | us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration