Voya 2013 Annual Report Download - page 275

ING U.S., Inc.
Notes to the Consolidated Financial Statements
(Dollar amounts in millions, unless otherwise stated)
The following table presents the aging of past due mortgage loans at carrying value as of the dates indicated:
($ in millions)
30 days or less
past due
31 to 90 days
past due
91 to 180 days
past due
181 days or
more past due Total
As of December 31, 2013 .................. $— $5.1 $— $— $5.1
As of December 31, 2012 .................. — — — 9.0 9.0
There were no mortgage loans in the Company’s portfolio in process of foreclosure as of December 31, 2013.
There were four mortgage loans in the Company’s portfolio in process of foreclosure as of December 31, 2012
with a total amortized cost of $9.0.
There was one loan in arrears with respect to principal and interest as of December 31, 2013 with a total
amortized cost of $5.1. There were no loans in arrears with respect to principal and interest as of December 31,
2012.
The following table presents information on the average investment during the period in impaired loans and
interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
Years Ended December 31,
2013 2012 2011
Impaired loans, average investment during the period (amortized cost)(1) . . $55.6 $32.7 $43.7
Interest income recognized on impaired loans, on an accrual basis(1) ...... 2.9 0.7 1.8
Interest income recognized on impaired loans, on a cash basis(1) ......... 2.9 0.8 1.8
Interest income recognized on troubled debt restructured loans, on an
accrual basis ................................................ 2.4 0.3 0.3
(1) Includes amounts for Troubled debt restructured loans.
Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk
and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of
the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates
the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received
financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service
payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to
cover debt payments. These ratios are utilized as part of the review process described above.
The following table presents the LTV ratios as of the dates indicated:
December 31, 2013(1) December 31, 2012(1)
Loan-to-Value Ratio: ...............
0%-50% ........................ $1,782.6 $1,987.9
50%-60% ....................... 2,390.0 2,425.2
60%-70% ....................... 4,668.3 3,736.1
70%-80% ....................... 455.8 481.7
80% and above .................... 19.3 35.3
Total Commercial mortgage loans ..... $9,316.0 $8,666.2
(1) Balances do not include allowance for mortgage loan credit losses.
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