Reserve for Repurchased Loans and Loss Sharing Obligations

9 Months Ended

Sep. 30, 2015

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Reserve for Repurchased Loans and Loss Sharing Obligations

Note 6. Reserve for Repurchased Loans and Loss Sharing Obligations

The reserve for repurchased loans and loss sharing obligations was $1.0 million at September 30, 2015, unchanged from December 31, 2014 and was $1.1 million at September 30, 2014 a decrease of $388,000 from December 31, 2013 due to realized losses. The reserve for repurchased loans and loss sharing obligations was established to provide for expected losses related to repurchase requests which may be received on residential mortgage loans previously sold to investors and other loss sharing obligations. The reserve is included in other liabilities in the accompanying statements of financial condition.

At September 30, 2015, and December 31, 2014, there were no outstanding loan repurchase requests.