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Marketable Securities
 9 Months Ended
Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
Marketable Securities

The following table presents certain information on the Company's portfolio of available-for-sale securities as of September 30, 2015 and December 31, 2014 (dollars in thousands):
 
As of September 30, 2015
Description of Securities
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Marketable securities, current
 
 
 
 
 
 
 
Corporate notes and bonds
$
14,541

 
$
1

 
$
(6
)
 
$
14,536

Mortgage securities
598

 
1,897

 
—

 
2,495

Total
15,139

 
1,898

 
(6
)
 
17,031

 
 
 
 
 
 
 
 
Marketable securities, non-current
 
 
 
 
 
 
 
Corporate notes and bonds
6,843

 
—

 
(10
)
 
6,833

Total
$
6,843

 
$
—

 
$
(10
)
 
$
6,833

 
 
 
 
 
 
 
 
 
As of December 31, 2014
Description of Securities
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Estimated Fair Value
Marketable securities, current
 
 
 
 
 
 
 
Corporate notes and bonds
$
24,462

 
$
—

 
$
(26
)
 
$
24,436

Commercial paper
1,998

 
—

 
—

 
1,998

Mortgage securities
682

 
2,699

 
—

 
3,381

Total
27,142

 
2,699

 
(26
)
 
29,815

 
 
 
 
 
 
 
 
Marketable securities, non-current
 
 
 
 
 
 
 
Corporate notes and bonds
15,066

 
—

 
(52
)
 
15,014

Agency securities
1,000

 
—

 
(2
)
 
998

Total
$
16,066

 
$
—

 
$
(54
)
 
$
16,012

 
 
 
 
 
 
 
 


Prior to 2008, the Company originated, purchased, securitized, sold, invested in and serviced residential nonconforming mortgage loans and mortgage securities. As a result of those activities, the Company acquired mortgage securities that continue to be a source of its earnings and cash flow. As of September 30, 2015 and December 31, 2014, these mortgage securities consisted entirely of the Company's investment in the residual securities issued by securitization trusts sponsored by the Company. Residual securities consist of interest-only, prepayment penalty and overcollateralization bonds.
 
There were no other-than-temporary impairments relating to available-for-sale securities for the nine and three months ended September 30, 2015 and 2014. The average remaining maturities of the Company’s short-term and long-term available-for-sale investments at September 30, 2015 were approximately six months and 20 months, respectively. Maturities of mortgage securities owned by the Company depend on repayment characteristics and experience of the underlying financial instruments. See Note 10 to the condensed consolidated financial statements for details on the Company's fair value methodology.

The following table relates to the securitizations where the Company retained an interest in the assets issued by the securitization trust (dollars in thousands):
 
Size/Principal Outstanding (A)
 
Assets on Balance Sheet (B)
 
Liabilities on Balance Sheet
 
Maximum Exposure to Loss(C)
 
Year to Date Loss on Sale
 
Year to Date Cash Flows (D)
September 30, 2015
$
3,716,116

 
$
2,495

 
$
—

 
$
2,495

 
$
—

 
$
4,669

December 31, 2014
4,062,068

 
3,381

 
—

 
3,381

 
—

 
5,298

 
 
 
 
 
 
 
 
 
 
 
(A)
Size/Principal Outstanding reflects the estimated principal of the underlying assets held by the securitization trust.
(B)
Assets on balance sheet are securities issued by the entity and are recorded in the current marketable securities line item on the condensed consolidated balance sheets.
(C)
The maximum exposure to loss includes the assets held by the Company. The maximum exposure to loss assumes a total loss on the referenced assets held by the securitization trust.
(D)
Year to date cash flows are for the nine months ended September 30, 2015 and 2014, respectively.