The following table summarizes the changes in credit loss reserves for real estate secured receivables by product and the related receivable balance by product during the three months ended March 31, 2016 and 2015:



	First Lien			Second Lien			Total
	(in millions)
Three Months Ended March 31, 2016:
Credit loss reserve rollforward:
Credit loss reserve balance at beginning of period	$	137		$	174		$	311
Provision for credit losses⁽¹⁾	23			14			37
Net charge-offs:
Charge-offs⁽¹⁾⁽²⁾	(53		)	(26		)	(79		)
Recoveries	2			1			3
Total net charge-offs	(51		)	(25		)	(76		)
Credit loss reserve balance at end of period	$	109		$	163		$	272
Reserve components:
Collectively evaluated for impairment	$	36		$	30		$	66
Individually evaluated for impairment⁽³⁾	63			133			196
Receivables carried at the lower of amortized cost or fair value of the collateral less cost to sell	10			—			10
Total credit loss reserves	$	109		$	163		$	272
Receivables:
Collectively evaluated for impairment	$	6,028		$	1,119		$	7,147
Individually evaluated for impairment⁽³⁾	532			620			1,152
Receivables carried at the lower of amortized cost or fair value of the collateral less cost to sell	247			27			274
Total receivables	$	6,807		$	1,766		$	8,573
Three Months Ended March 31, 2015:
Credit loss reserve rollforward:
Credit loss reserve balance at beginning of period	$	1,898		$	319		$	2,217
Provision for credit losses⁽¹⁾	37			(10		)	27
Net charge-offs:
Charge-offs⁽²⁾	(108		)	(39		)	(147		)
Recoveries	12			1			13
Total net charge-offs	(96		)	(38		)	(134		)
Credit loss reserve balance at end of period	$	1,839		$	271		$	2,110
Reserve components:
Collectively evaluated for impairment	$	155		$	53		$	208
Individually evaluated for impairment⁽³⁾	1,657			218			1,875
Receivables carried at the lower of amortized cost or fair value of the collateral less cost to sell	27			—			27
Total credit loss reserves	$	1,839		$	271		$	2,110
Receivables:
Collectively evaluated for impairment	$	9,872		$	1,526		$	11,398
Individually evaluated for impairment⁽³⁾	8,936			866			9,802
Receivables carried at the lower of amortized cost or fair value of the collateral less cost to sell	500			29			529
Total receivables	$	19,308		$	2,421		$	21,729

⁽¹⁾

The provision for credit losses and charge-offs for real estate secured receivables during the three months ended March 31, 2016 include $13 million related to the lower of amortized cost or fair value adjustment attributable to credit factors for receivables transferred to held for sale. See Note 5, "Receivables Held for Sale," for additional information. The provision for credit losses for real estate secured receivables during the three months ended March 31, 2015 was impacted by a release of approximately $19 million associated with a correction to our credit loss reserve calculation for a segment of our portfolio.

⁽²⁾

For collateral dependent receivables that are transferred to held for sale, existing credit loss reserves at the time of transfer are recognized as a charge-off. We transferred to held for sale certain real estate secured receivables during the three months ended March 31, 2016 and 2015 and, accordingly, we recognized the existing credit loss reserves on these receivables as additional charge-off totaling $20 million during the three months ended March 31, 2016 compared with $15 million during the three months ended March 31, 2015.

⁽³⁾

These amounts represent TDR Loans for which we evaluate reserves using a discounted cash flow methodology. Each loan is individually identified as a TDR Loan and then grouped together with other TDR Loans with similar characteristics. The discounted cash flow impairment analysis is then applied to these groups of TDR Loans. The receivable balance above excludes TDR Loans that are carried at the lower of amortized cost or fair value of the collateral less cost to sell which totaled $211 million and $399 million at March 31, 2016 and 2015, respectively. The reserve component above excludes credit loss reserves totaling $9 million and $22 million at March 31, 2016 and 2015, respectively, for TDR Loans that are carried at the lower of amortized cost or fair value of the collateral less cost to sell. These receivables and credit loss reserves are reflected within receivables and credit loss reserves carried at the lower of amortized cost or fair value of the collateral less cost to sell in the table above.