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Loans Held for Investment (Tables)
 3 Months Ended
Mar. 31, 2020
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]  
Summary of changes in carrying value of securitized loans held for investment carried at fair value
The following table provides a summary of the changes in the carrying value of Loans held for investment at fair value at March 31, 2020 and December 31, 2019:
 
For the Quarter Ended
For the Year Ended
 
March 31, 2020
December 31, 2019
 
(dollars in thousands)
Balance, beginning of period
$
14,292,815

$
12,572,581

Purchases
183,566

5,086,491

Principal paydowns
(461,594
)
(1,717,745
)
Sales and settlements
(171
)
(1,812,760
)
Net periodic accretion (amortization)
(26,284
)
(77,491
)
Realized gains (losses) on sales and settlements
—

1,590

Change in fair value
(681,514
)
240,149

Balance, end of period
$
13,306,818

$
14,292,815
Schedule of percentage of securitized loans held for investment carried at fair value by year originated
The loan portfolio for all residential mortgages were originated during the following periods:

Origination Year
March 31, 2020
December 31, 2019
2002 and prior
6.7
%
6.8
%
2003
5.8
%
6.0
%
2004
12.4
%
12.6
%
2005
18.7
%
18.6
%
2006
23.2
%
22.5
%
2007
21.7
%
20.7
%
2008
6.2
%
6.4
%
2009
1.2
%
1.5
%
2010 and later
4.1
%
4.9
%
Total
100.0
%
100.0
%

(1) The table above excludes approximately $310 million and $754 million of Loans held for investments for March 31, 2020 and December 31, 2019, respectively, which were purchased prior to those reporting dates and will settle subsequent to those reporting periods.
Schedule of securitized loans held for investment types and characteristics of underlying collateral
 
30 Days Delinquent
60 Days Delinquent
90+ Days Delinquent
Bankruptcy
Foreclosure
Loss Mitigation
REO
Total
Unpaid Principal Balance
(dollars in thousands)
March 31, 2020 (1)
$
967,534

$
333,270

$
339,452

$
299,129

$
296,935

$
4

$
58,728

$
2,295,052

$
13,284,786

% of Unpaid Principal Balance
7.3
%
2.5
%
2.6
%
2.3
%
2.2
%
—
%
0.4
%
17.3
%
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019(1)
$
1,070,173

$
336,950

$
291,866

$
322,288

$
298,526

$
—

$
59,389

$
2,379,192

$
13,169,843

% of Unpaid Principal Balance
8.1
%
2.6
%
2.2
%
2.4
%
2.3
%
—
%
0.5
%
18.1
%
 
(1) The table above excludes approximately $310 million and $754 million of Loans held for investments for March 31, 2020 and December 31, 2019, respectively, which were purchased prior to those reporting dates and will settle subsequent to those reporting periods.
Seasoned Subprime Residential Mortgage Loans  
Securitized Loans Held For Investment By Consolidated Variable Interest Entities [Line Items]  
Schedule of securitized loans held for investment carried at fair value key characteristics of underlying collateral
The following table presents a summary of key characteristics of the residential loan portfolio at March 31, 2020 and December 31, 2019:

 
March 31, 2020
December 31, 2019
Number of loans
 
137,605

 
139,194

Weighted average maturity (years)
 
19.5

 
19.3

Weighted average loan to value (2)
 
86.5
%
 
87.4
%
Weighted average FICO (2)
 
631

 
627

Weighted average loan balance (in thousands)
 
$
97

 
$
95

Weighted average percentage owner occupied
 
87.8
%
 
88.0
%
Weighted average percentage single family residence
 
83.8
%
 
84.4
%
Weighted average geographic concentration of top five states
CA
12.4
%
CA
11.6
%
 
FL
7.7
%
FL
7.4
%
 
NY
7.1
%
NY
6.9
%
 
PA
5.1
%
OH
5.3
%
 
OH
5.1
%
PA
5.3
%
(1) The table above excludes approximately $310 million and $754 million of Loans held for investments for March 31, 2020 and December 31, 2019, respectively, which were purchased prior to those reporting dates and will settle subsequent to those reporting periods.
(2) As provided by the Trustee.