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Loans Held for Sale
12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Loans Held for Sale
LOANS HELD FOR SALE
The composition of loans held for sale was as follows:
 
 
December 31,
 
2014
 
2013
(in thousands)
 
Commercial Loans:
 
 
 
Mortgage warehouse loans at fair value
$
1,332,019

 
$
740,694

Multi-family loans at lower of cost or fair value
99,791

 

Total Commercial Loans Held for Sale
1,431,810

 
740,694

Consumer Loans:
 
 
 
Residential mortgage loans at fair value
3,649

 
6,899

Loans held for sale
$
1,435,459

 
$
747,593


Effective September 30, 2014, Customers Bank transferred $164.7 million of multi-family loans from loans receivable to held for sale because the Bank was actively marketing these loans and no longer had the intent to retain these loans in its portfolio. Effective December 31, 2014, Customers Bank transferred 18.8 million of these loans back to loans receivable because the Bank no longer has the intent to sell the loans. Customers Bank transfered these loans at their amortized cost, which was lower than the estimated fair value at the time of transfer.