Loans, Notes and Certificates, and Loan Servicing Rights

Loans, Notes and Certificates

At September 30, 2015 and December 31, 2014, loans, notes and certificates measured at fair value on a recurring basis were as follows:



	Loans						Notes and Certificates
	September 30, 2015			December 31, 2014			September 30, 2015			December 31, 2014
Aggregate principal balance outstanding	$	4,149,442		$	2,836,729		$	4,175,947		$	2,851,837
Net fair value adjustments	(80,468		)	(38,224		)	(80,466		)	(38,219		)
Fair value	$	4,068,974		$	2,798,505		$	4,095,481		$	2,813,618
Original term	12 - 60 months			12 - 60 months
Interest rates (fixed)	4.99% - 29.90%			5.79% - 29.90%
Maturity dates	≤ September 2020			≤ December 2019

We place loans on non-accrual status at the earlier of 120 days past due or when the Compay is notified that borrowers have filed for bankruptcy or are deceased. At September 30, 2015 and December 31, 2014, loans that were 90 days or more past due (including non-accrual loans) were as follows:



	September 30, 2015						December 31, 2014
	> 90 days past due			Non-accrual loans⁽¹⁾			> 90 days past due			Non-accrual loans⁽¹⁾
Outstanding principal balance	$	28,716		$	1,174		$	19,790		$	1,373
Net fair value adjustments	(27,102		)	(1,091		)	(18,825		)	(1,289		)
Fair value	$	1,614		$	83		$	965		$	84
# of loans (not in thousands)	2,512			94			1,797			125


⁽¹⁾	Includes all loans for which the Company has been notified that the borrower has filed for bankruptcy or is deceased, or that were 120 days or more past due.

Loan Servicing Rights

Loan servicing assets and liabilities related to retained servicing rights are recorded at fair value in “Other assets” and “Accrued expenses and other liabilities,” respectively. At September 30, 2015, loans underlying loan servicing rights had a total outstanding principal balance of $3.548 billion, original terms between 3 and 84 months, monthly payments with interest rates ranging from 2.99% to 33.15% and maturity dates through September 2022. At December 31, 2014, loans underlying loan servicing rights had a total outstanding principal balance of $1.872 billion, original terms between 12 and 60 months, monthly payments with fixed interest rates ranging from 5.90% to 33.15% and maturity dates through December 2019.