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Distressed and Other Residential Mortgage Loans, Net (Tables) | 3 Months Ended
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Mar. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Activity in Accretable Yield for Distressed Residential Mortgage Loans | The following table details activity in accretable yield for the distressed residential mortgage loans for the three months ended March 31, 2019 and 2018, respectively (dollar amounts in thousands):
| March 31, 2019 |  | March 31, 2018
Balance at beginning of period | $ | 195,559 |  |  | $ | 303,949 |
Additions | 587 |  |  | 1,694 |
Disposals | (15,080 | ) |  | (8,694 | )
Accretion | (1,825 | ) |  | (5,354 | )
Balance at end of period (1) | $ | 179,241 |  |  | $ | 291,595 |
(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, 2019 and 2018 is not necessarily indicative of future results.
Schedule of Geographic Concentration of Credit Risk Exceeding 5% of Balances | The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of distressed and other residential mortgage loans at fair value as of March 31, 2019 and December 31, 2018, respectively, are as follows:
| March 31, 2019 |  | December 31, 2018
California | 27.8 | % |  | 27.9 | %
Florida | 9.8 | % |  | 9.0 | %
Texas | 5.1 | % |  | 4.2 | %
New York | 5.0 | % |  | 5.1 | %
The geographic concentrations of credit risk exceeding 5% of the total loan balances in our residential mortgage loans held in securitization trusts as of March 31, 2019 and December 31, 2018 are as follows:
| March 31, 2019 |  | December 31, 2018
New York | 33.9 | % |  | 33.9 | %
Massachusetts | 18.3 | % |  | 20.0 | %
New Jersey | 14.9 | % |  | 14.5 | %
Florida | 10.5 | % |  | 9.9 | %
Maryland | 5.4 | % |  | 5.3 | %
The geographic concentrations of credit risk exceeding 5% of the unpaid principal balance of our distressed residential mortgage loans as of March 31, 2019 and December 31, 2018, respectively, are as follows:
| March 31, 2019 |  | December 31, 2018
Florida | 10.6 | % |  | 10.4 | %
North Carolina | 9.7 | % |  | 9.0 | %
Georgia | 5.9 | % |  | 7.2 | %
New York | 5.7 | % |  | 5.4 | %
Virginia | 5.6 | % |  | 5.3 | %
South Carolina | 5.6 | % |  | 5.6 | %
Ohio | 5.3 | % |  | 5.0 | %
Texas | 5.2 | % |  | 4.9 | %
California | 5.1 | % |  | 4.8 | %
Schedule of Residential Mortgage Loans Held in Securitization Trusts (Net) | Residential mortgage loans held in securitization trusts, net consist of the following as of March 31, 2019 and December 31, 2018, respectively (dollar amounts in thousands):
| March 31, 2019 |  | December 31, 2018
Unpaid principal balance | $ | 56,140 |  |  | $ | 60,171 |
Deferred origination costs – net | 359 |  |  | 383 |
Reserve for loan losses | (3,630 | ) |  | (3,759 | )
Total | $ | 52,869 |  |  | $ | 56,795 |
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 three months ended March 31, 2019 and 2018, respectively (dollar amounts in thousands):
| Three Months Ended March 31,
| 2019 |  | 2018
Balance at beginning of period | $ | 3,759 |  |  | $ | 4,191 |
Provision for (recovery of) loan losses | 38 |  |  | (110 | )
Transfer to real estate owned | (167 | ) |  | — |
Charge-offs | — |  |  | — |
Balance at the end of period | $ | 3,630 |  |  | $ | 4,081 |
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 as of December 31, 2018 (dollar amounts in thousands): December 31, 2018
Days Late | Number of Delinquent Loans |  | Total Unpaid Principal |  | % of Loan Portfolio
90 + | 19 |  | $ | 10,926 |  |  | 18.16 | %
The table below shows delinquencies in our portfolio of residential mortgage loans held in securitization trusts as of March 31, 2019 (dollar amounts in thousands): March 31, 2019
Days Late | Number of Delinquent Loans |  | Total Unpaid Principal |  | % of Loan Portfolio
90 + | 18 |  | $ | 10,530 |  |  | 18.65 | %
Real estate owned through foreclosure | 1 |  | $ | 360 |  |  | 0.64 | %

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