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Residential Mortgage Loans Held in Securitization Trusts (Net) and Real Estate Owned (Tables)

9 Months Ended

Sep. 30, 2017

Mortgage Loans on Real Estate [Abstract]

Schedule of Residential Mortgage Loans Held in Securitization Trusts (Net)

Residential mortgage loans held in securitization trusts (net) consist of the following as of September 30, 2017 and December 31, 2016, respectively (dollar amounts in thousands):

	September 30, 2017				December 31, 2016
Unpaid principal balance	$	83,068			$	98,303
Deferred origination costs – net	532				623
Reserve for loan losses	(3,725		)		(3,782		)
Total	$	79,875			$	95,144

Allowance for Loan Losses on Residential Mortgage Loans Held in Securitization Trusts

The following table presents the activity in the Company's allowance for loan losses on residential mortgage loans held in securitization trusts for the nine months ended September 30, 2017 and 2016, respectively (dollar amounts in thousands):

	Nine Months Ended September 30,
	2017				2016
Balance at beginning of period	$	3,782			$	3,399
Provisions for loan losses	306				557
Transfer to real estate owned	(303		)		—
Charge-offs	(60		)		(123		)
Balance at the end of period	$	3,725			$	3,833

Activity in Real Estate Owned Held in Residential Securitization Trust

The following table presents the activity in the Company’s real estate owned held in residential securitization trusts for the nine months ended September 30, 2017 and 2016, respectively (dollar amounts in thousands):

	Nine Months Ended September 30,
	2017				2016
Balance at beginning of period	$	150			$	411
Write downs	—				—
Transfer from/(to) mortgage loans held in securitization trusts	742				173
Disposal	(150		)		(411		)
Balance at the end of period	$	742			$	173

Delinquencies in Portfolio of Residential Mortgage Loans Held in Securitization Trusts

The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including real estate owned through foreclosure (REO), as of December 31, 2016 (dollar amounts in thousands):

December 31, 2016

Days Late	Number of Delinquent Loans		Total Unpaid Principal				% of Loan Portfolio
30 - 60	1		$	247			0.25	%
61 - 90	—		$	—			—
90 +	30		$	18,416			18.68	%
Real estate owned through foreclosure	1		$	268			0.27	%

The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts, including REO through foreclosure, as of September 30, 2017 (dollar amounts in thousands):

September 30, 2017

Days Late	Number of Delinquent Loans		Total Unpaid Principal				% of Loan Portfolio
30 - 60	—		$	—			—
61 - 90	—		$	—			—
90 +	24		$	15,410			18.32	%
Real estate owned through foreclosure	2		$	1,045			1.24	%

Schedule of Geographic Concentration of Credit Risk

The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts and real estate owned held in residential securitization trusts as of September 30, 2017 and December 31, 2016 are as follows:

	September 30, 2017			December 31, 2016
New York	32.0	%		33.8	%
Massachusetts	19.9	%		19.9	%
New Jersey	11.1	%		10.8	%
Florida	10.0	%		8.9	%
Connecticut	8.1	%		7.4	%
Maryland	5.3	%		5.1	%

The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of September 30, 2017 and December 31, 2016, respectively, are as follows:

	September 30, 2017			December 31, 2016
California	34.98	%		63.32	%
Florida	8.48	%		5.63	%
New Jersey	8.28	%		2.46	%

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