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Schedule IV - Mortgage Loans On Real Estate
 12 Months Ended
Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans On Real Estate
(In Thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description
 
Number of
Loans
 
Interest
 Rate
 
Maturity
Date
 
Carrying
Amount(1)
 
Principal Amount Subject to Delinquent Principal or Interest
Residential Loans Held-for-Investment
 
 
 
 
 
 
 
 
At Redwood:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hybrid ARM loans
 
259

 
2.63
%
to
6.00%
 
2040-09
-
2047-11
 
$
204,771

 
$
—

Fixed loans
 
3,033

 
2.75
%
to
6.75%
 
2022-10
-
2048-01
 
2,229,616

 
—

At Legacy Sequoia:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ARM loans
 
3,145

 
1.00
%
to
5.63%
 
2019-02
-
2036-05
 
619,777

 
24,816

Hybrid ARM loans
 
33

 
2.63
%
to
3.75%
 
2033-07
-
2034-12
 
13,039

 
641

At Sequoia Choice:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed loans
 
806

 
2.75
%
to
6.50%
 
2037-02
-
2047-11
 
620,062

 
—

Total Residential Loans Held-for-Investment
 
 
 
 
 
 
$
3,687,265

 
$
25,457

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential Loans Held-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
 
ARM loans
 
3

 
1.50
%
to
3.00%
 
2032-11
-
2033-10
 
$
298

 
$
—

Hybrid ARM loans
 
93

 
2.88
%
to
4.00%
 
2044-08
-
2048-01
 
79,347

 
—

Fixed loans
 
1,917

 
2.88
%
to
6.25%
 
2029-05
-
2048-01
 
1,348,300

 
459

Total Residential Loans Held-for-Sale
 
 
 
 
 
 
 
$
1,427,945


$
459

(1)
The aggregate cost for Federal income tax purposes of our mortgage loans held at Redwood approximates the carrying values, as disclosed in the schedule. For our held-for-investment loans at consolidated Legacy Sequoia and Sequoia Choice entities, the aggregate cost for Federal income tax purposes at December 31, 2017 was zero, as the transfers of these loans into Sequoia securitizations were treated as sales for tax purposes.
    
The following table summarizes the changes in the carrying amount of mortgage loans on real estate during the years ended December 31, 2017, 2016, and 2015.
 
 
Years Ended December 31,
(In Thousands)
 
2017
 
2016
 
2015
Balance at beginning of period
 
$
3,890,751

 
$
4,331,450

 
$
3,965,500

ASU 2014-13 election adjustment
 
—

 
—

 
(103,649
)
Adjusted beginning balance
 
3,890,751

 
4,331,450

 
3,861,851

Additions during period:
 
 
 
 
 
 
Originations/acquisitions
 
5,741,427

 
4,983,049

 
11,115,486

Net discount accretion
 
—

 
330

 
747

Deductions during period:
 
 
 
 
 
 
Sales
 
(3,982,683
)
 
(4,509,644
)
 
(10,071,061
)
Principal repayments
 
(576,620
)
 
(879,188
)
 
(582,187
)
Reversal of provision for loan losses
 
—

 
7,102

 
355

Transfers to REO
 
(4,219
)
 
(11,566
)
 
(5,792
)
Deconsolidation adjustments
 
—

 
(6,871
)
 
—

Changes in fair value, net
 
46,554

 
(23,911
)
 
12,051

Balance at end of period
 
$
5,115,210

 
$
3,890,751

 
$
4,331,450