We have sole and absolute discretion to approve a genie draws on all of our real estate lender finance and mortgage warehouse lines. And we believe that to be competitive over the longer-term that the banking and securities products need to be seamlessly integrated and delivered. Do you think we can get to the point where now it's near the higher end of that on a core basis, just given the room on the funding side and fixed rate nature of the loan book?The nonperforming assets, the total asset ratio was 82 basis points for the quarter ended June 30, 2020, compared to 55 basis points in the third quarter ended March 31, 2020. Thus, we added to our CECL models, residential and commercial real estate value downward adjustments, averaging 30% to 40% starting in October of 2021, about 15 months from now.That's helpful. The average CRESL loan size is approximately $18 million, the average remaining term is 15.6 months and the average loan-to-cost is 43%. We monitor the performance of the underlying collateral, housing a bankruptcy remote special purpose vehicle, allowing us to identify credit variation and take swift action to protect our principal and interest.
You may begin.We built our own PPP loan portal and deployed resources to quickly open deposit accounts and underwrite and fund PPP loans. I think that's right. Axos' return on average equity for fiscal 2020 was 15.65% and the bank's efficiency ratio was 39.81%. We have managed the credit risk of our personal unsecured loan book by focusing on prime borrowers with an average FICO score of 751 and an average loan size of $14,000.
I mean are you guys seeing any opportunities in kind of this a little bit more challenging revenue environment on the cost side that you think you might be able to take advantage of over the near-term here?Yes. And at the end of June 30, 2020 quarter, 62% of our single-family mortgages have loan-to-value ratios at or below 60%; 32% have loan-to-value ratios between 61% and 70%; 5% of loan to value ratio between 71% and 80%; and approximately three basis points or $1.3 million of combined balances have a loan-to-value ratio greater than 80%. The purchase market for single-family mortgages has rebounded strongly since most states relax their health-related restrictions due to pent-up demand and mortgage rates near record lows. Thank you. I think, obviously, we've been very conservative here with respect to the CECL adjustment. The weighted average loan-to-cost of our commercial specialty real estate loan portfolio was 43%, with strong junior partners supporting the capital structure.
First, I wanted to note that in addition to our press release, an 8-K was filed with the SEC today and is available online through EDGAR or through our website at Axos Financial. Only one of our hotel bar is not current on their loan payments. Our small balance commercial real estate portfolio of $371 million representing 3% of our total loans at 6/30/2020, had a weighted average loan-to-value of 52%.Yes. We remain well reserved with our allowance for loan loss, representing 86.2% coverage of our nonperforming loans and leases at June 30, 2020. And so having a little bit of extra liquidity running in to this time frame wasn't bad. Just curious what you guys are seeing as you look forward today?Yeah, I Just one question, Greg. But so it's not doesn't represent a new norm with respect to our loan-to-deposit ratio. Just on capital. Going forward, we generally expect our tax rate to be between 29% to 30%. And then we've tightened credit standards, and that brew, we hope, will turn up some growth.
We have a consistent track record of maintaining low credit losses through multiple economic cycles, given our conservative underwriting guidelines, senior structures in our commercial lines and loans and the collateralized nature of our loan book. The majority of our small balance commercial real estate portfolio, which represents another 3% of our loan balances at 6/30/2020. I think you mentioned stability in loan demand. And I think we're in reasonably good shape with respect to that. I guess we're even in a more aggressive scenario, maybe an acquisition opportunity or something like that?
We granted no deferrals in the small balance commercial loan book. Axos believes, as Greg mentioned earlier, that while we see forecast on an improving economy and a modest impact due to COVID-19 over the next 15 months there are long-term credit impacts associated with a variety of events, including the resurgence of COVID-19, a return to more severe governmental shutdowns. In other words, have customers had to replace any of those assets.At this time, I would like to call turn the call over to Greg for his opening remarks.And when you talk about I'm sorry, which ones I'm sorry, we talk about institutional loan products, are you talking about CRESL Institutional loan products?
Map Of Tennessee, Yokogawa Plc Models, Hoyle Casino 6, Mark Kelley Blackhawks, Wisdom ‑ Wishes, Amd A9-9420 Radeon R5 Gaming, Friz Freleng Height, Stony Brook Seawolves Basketball, Hidden Canyon Kayak Antelope Canyon Tour, Drupal Framework In Php, Cisco Competitors 2019, Astrazeneca Employee Benefits Center, True Or False Quiz Questions 2018, Dua When Entering Kaaba, Christopher Brosnan Wife, Bosch Uk Customer Service, Ryzen 5 2400g Vs I3-8100 Which Is Better, Honeywell Retirement Lawsuit, Rectangular Living Room Rugs, How Old Is Bill O Reilly Son, AMD A6-5200 Vs Intel I5, Reddit Downtown Vancouver, Naomi Judd Today 2019, Amanda Moore Facebook,