XML 89 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
Repurchase Reserve Liability
3 Months Ended
Mar. 31, 2015
Repurchase Reserve Liability [Abstract]  
Repurchase Reserve Liability
(13) Repurchase Reserve Liability

 

The Company’s repurchase reserve liability for estimated losses incurred on sold loans was $199,000 and $160,000 at March 31, 2015 and December 31, 2014, respectively. This liability represents management’s estimate of the potential repurchase or make-whole liability for residential mortgage loans originated for sale that may arise from representation and warranty claims that could relate to a variety of issues, including but not limited to, misrepresentation of facts, appraisal issues, or program requirements that may not meet investor guidelines. At March 31, 2015, the Company accrued $39,000 for one repurchase loss that was remitted in April 2015. At March 31, 2015, the Company was servicing 3,023 loans sold to the secondary market with a balance of approximately $312.3 million compared to 3,057 loans sold with a balance of approximately $313.9 million at December 31, 2014.