Loans, Notes and Certificates, and Loan Servicing Rights

Loans, Notes and Certificates

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



	Loans						Notes and Certificates
	March 31, 2015			December 31, 2014			March 31, 2015			December 31, 2014
Aggregate principal balance outstanding	$	3,276,356		$	2,836,729		$	3,295,034		$	2,851,837
Net fair value adjustments	(45,695		)	(38,224		)	(45,688		)	(38,219		)
Fair value	$	3,230,661		$	2,798,505		$	3,249,346		$	2,813,618
Original term	12 - 60 months			12 - 60 months
Interest rates (fixed)	5.79% - 29.90%			5.79% - 29.90%
Maturity dates	≤ March 2020			≤ December 2019

We place loans on non-accrual status once they are 120 days past due, including loans to borrowers who have filed for bankruptcy. At March 31, 2015 and December 31, 2014, loans for which the borrower has filed for bankruptcy or is deceased, or that were 90 days or more past due (including non-accrual loans), were as follows:



	March 31, 2015						December 31, 2014
	> 90 days past due⁽¹⁾			Non-accrual loans			> 90 days past due⁽¹⁾			Non-accrual loans
Outstanding principal balance	$	20,202		$	948		$	19,790		$	1,373
Net fair value adjustments	(19,186		)	(886		)	(18,825		)	(1,289		)
Fair value	$	1,016		$	62		$	965		$	84
# of loans (not in thousands)	1,869			95			1,797			125

⁽¹⁾ Includes all loans for which the borrower has filed for bankruptcy or is deceased, or that were 90 days or more past due (including non-accrual loans).

Loan Servicing Rights

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 March 31, 2015, loans underlying loan servicing rights had a total outstanding principal balance of $2,296.9 million, original terms between 12 and 84 months, monthly payments with fixed interest rates ranging from 3.99% to 33.15% and maturity dates through March 2022. At December 31, 2014, loans underlying loan servicing rights had a total outstanding principal balance of $1,872.4 million, 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.