Quarterly report pursuant to Section 13 or 15(d)

Collateralized Borrowings in Securitization Trusts, at Fair Value

v3.8.0.1
Collateralized Borrowings in Securitization Trusts, at Fair Value
9 Months Ended
Sep. 30, 2017
Collateralized Borrowings in Securitization Trusts [Abstract]  
Collateralized Borrowings in Securitization Trusts, at Fair Value
Collateralized Borrowings in Securitization Trusts, at Fair Value
The Company retains subordinated debt and excess servicing rights purchased from securitization trusts sponsored by either third parties or the Company’s subsidiaries. The debt associated with the underlying residential mortgage loans held by the trusts, which are consolidated on the Company’s condensed consolidated balance sheets, is classified as collateralized borrowings in securitization trusts and carried at fair value as a result of a fair value option election. See Note 3 - Variable Interest Entities for additional information regarding consolidation of the securitization trusts. As of September 30, 2017 and December 31, 2016, collateralized borrowings in securitization trusts had a carrying value of $2.8 billion and $3.0 billion, respectively, with a weighted average interest rate of 3.4% for both periods. The stated maturity dates for all collateralized borrowings were more than five years from both September 30, 2017 and December 31, 2016.