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Summary of Significant Accounting Policies: Real Estate Owned ('REO'), Policy (Policies) | 12 Months Ended
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Mar. 31, 2016
Policies |
Real Estate Owned ('REO'), Policy | Real Estate Owned (“REO”) – REO consists of properties acquired through foreclosure and is recorded initially at the estimated fair value of the properties, less estimated costs of disposal. At the time of foreclosure, specific charge-offs are taken against the allowance for loan losses based upon detailed analysis of the fair value of collateral on the underlying loans on which the Company is in the process of foreclosing. Subsequently, the Company performs an evaluation of the properties and records a valuation allowance with an offsetting charge to real estate owned expenses for any declines in value. Management considers third-party appraisals, as well as independent fair market value assessments from realtors or persons involved in selling real estate, in determining the estimated fair value of particular properties. In addition, as certain of these third-party appraisals and independent fair market value assessments are only updated periodically, changes in the values of specific properties may have occurred subsequent to the most recent appraisals. The amounts the Company will ultimately recover and be recorded in the accompany consolidated balance sheets from the disposition of REO may differ from the amounts used in arriving at the net carrying value of these assets because of future market factors beyond the Company’s control or because of changes in the Company’s strategy for the sale of the property. Costs relating to development and improvement of the properties or assets are capitalized, while costs relating to holding the properties or assets are expensed.

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- Definition Descriptive disclosure of policy related to other real estate owned. + References No definition available. + Details
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- References No definition available. + Details
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Period Type: | duration