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Distressed Residential Mortgage Loans (Tables) | 3 Months Ended
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Mar. 31, 2018
Mortgage Loans on Real Estate [Line Items] |
Schedule of Information of Distressed Residential Mortgage Loans Acquired | The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected, and the estimated fair value of the distressed residential mortgage loans acquired during the three months ended March 31, 2017 (dollar amounts in thousands):
| March 31, 2017
Contractually required principal and interest | $ | 69,263 |
Nonaccretable yield | (5,892 | )
Expected cash flows to be collected | 63,371 |
Accretable yield | (55,448 | )
Fair value at the date of acquisition | $ | 7,923 |
Activity in Accretable Yield for Distressed Residential Mortgage Loans | The following table details activity in accretable yield for the distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, for the three months ended March 31, 2018 and 2017, respectively (dollar amounts in thousands):
| March 31, 2018 |  | March 31, 2017
Balance at beginning of period | $ | 303,949 |  |  | $ | 530,511 |
Additions | 1,694 |  |  | 81,211 |
Disposals | (8,694 | ) |  | (104,956 | )
Accretion | (5,354 | ) |  | (6,038 | )
Balance at end of period (1) | $ | 291,595 |  |  | $ | 500,728 |
(1) | Accretable yield is the excess of the distressed residential mortgage loans’ cash flows expected to be collected over the purchase price. The cash flows expected to be collected represents the Company’s estimate of the amount and timing of undiscounted principal and interest cash flows. Additions include accretable yield estimates for purchases made during the period and reclassification to accretable yield from nonaccretable yield. Disposals include distressed residential mortgage loan dispositions, which include refinancing, sale and foreclosure of the underlying collateral and resulting removal of the distressed residential mortgage loans from the accretable yield, and reclassifications from accretable to nonaccretable yield. The reclassifications between accretable and nonaccretable yield and the accretion of interest income is based on various estimates regarding loan performance and the value of the underlying real estate securing the loans. As the Company continues to update its estimates regarding the loans and the underlying collateral, the accretable yield may change. Therefore, the amount of accretable income recorded in each of the three month periods ended March 31, 2018 and 2017 is not necessarily indicative of future results.
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 REO held in residential securitization trusts as of March 31, 2018 and December 31, 2017 are as follows:
| March 31, 2018 |  | December 31, 2017
New York | 32.4 | % |  | 31.8 | %
Massachusetts | 20.1 | % |  | 20.7 | %
New Jersey | 12.3 | % |  | 11.9 | %
Florida | 9.1 | % |  | 8.8 | %
Connecticut | 7.5 | % |  | 7.3 | %
Maryland | 5.4 | % |  | 5.2 | %
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of residential mortgage loans at fair value as of March 31, 2018 and December 31, 2017, respectively, are as follows:
| March 31, 2018 |  | December 31, 2017
California | 36.4 | % |  | 35.9 | %
New Jersey | 7.9 | % |  | 7.7 | %
Florida | 6.6 | % |  | 6.6 | %
Distressed residential mortgage loans held in securitization trusts, net |
Mortgage Loans on Real Estate [Line Items] |
Schedule of Geographic Concentration of Credit Risk | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans, including distressed residential mortgage loans held in securitization trusts, as of March 31, 2018 and December 31, 2017, respectively, are as follows:
| March 31, 2018 |  | December 31, 2017
Florida | 11.2 | % |  | 11.2 | %
North Carolina | 8.4 | % |  | 8.3 | %
California | 7.0 | % |  | 6.9 | %
Georgia | 5.9 | % |  | 5.8 | %
New York | 5.7 | % |  | 5.7 | %
South Carolina | 5.1 | % |  | 5.0 | %
Ohio | 5.0 | % |  | 5.1 | %

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- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6351-108592 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13537-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13531-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6442-108592 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6327-108592 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=84177426&loc=d3e6404-108592 + Details
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