Loans Held For Investment, Loans Held For Sale, Notes, Certificates and Secured Borrowings and Loan Servicing Rights |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held For Investment, Loans Held For Sale, Notes, Certificates and Secured Borrowings and Loan Servicing Rights | Loans Held For Investment, Loans Held For Sale, Notes, Certificates and Secured Borrowings and Loan Servicing Rights Loans Held For Investment, Loans Held For Sale, Notes, Certificates and Secured Borrowings The Company sells loans and issues notes and the Trust issues certificates as a means to allow investors to invest in the corresponding loans. At March 31, 2018 and December 31, 2017, loans held for investment, notes, certificates and secured borrowings measured at fair value on a recurring basis were as follows:
At March 31, 2018, $187.0 million of the aggregate principal balance outstanding and a fair value of $175.4 million included in “Loans held for investment” were pledged as collateral for secured borrowings. At December 31, 2017, $242.7 million of the aggregate principal balance outstanding and a fair value of $228.1 million included in “Loans held for investment” were pledged as collateral for secured borrowings. See “Note 14. Secured Borrowings” for additional information. At March 31, 2018 and December 31, 2017, loans invested in by the Company for which there were no associated notes, certificates or secured borrowings were as follows:
The net change in fair value recorded in earnings on loans invested in by the Company was $(28.5) million during the first quarter of 2018. This change was offset by $25.2 million in net interest income earned on loans held by the Company during the first quarter of 2018. The Company used its own capital to purchase $793.2 million in loans during the first quarter of 2018 and sold $742.7 million in loans during the first quarter of 2018, of which $191.6 million were securitized or contributed to CLUB Certificates and $551.1 million was sold to whole loan investors. The aggregate principal balance outstanding of loans invested in by the Company was $598.1 million at March 31, 2018, of which $258.5 million was held for sale primarily to support upcoming securitization and CLUB Certificate initiatives as well as sales to whole loan investors. See “Note 8. Fair Value of Assets and Liabilities” for a fair value rollforward of loans invested in by the Company for the three months ended March 31, 2018 and 2017. At March 31, 2018 and December 31, 2017, $328.2 million and $359.4 million of the aggregate principal balance outstanding included in “Loans held for investment by the Company at fair value” were pledged as collateral for payables to securitization note and residual certificate holders, respectively. Additionally, $89.5 million and $62.1 million of the aggregate principal balance outstanding included in “Loans held for sale by the Company at fair value” at March 31, 2018 and December 31, 2017, respectively, were pledged as collateral for the Company’s revolving warehouse credit facilities. See “Note 13. Debt” for additional information related to these debt obligations. The Company continues to evaluate the impact of natural disasters that occurred in 2017 on loans held by LendingClub and investors. Temporary relief measures on payment obligations have been provided to borrowers who reside in the affected areas. At March 31, 2018 and December 31, 2017, $12.1 million and $14.0 million of loans issued prior to the natural disasters and invested in by the Company were to borrowers who reside in the affected areas, respectively. The Company continues to monitor performance of these loans. Loans that were 90 days or more past due (including non-accrual loans) were as follows:
Loan Servicing Rights Loans underlying loan servicing rights had a total outstanding principal balance of $8.6 billion and $8.2 billion as of March 31, 2018 and December 31, 2017, respectively. |