Commitments and Guarantees Commitments to Extend Credit To accommodate the financial needs its customers, the Corporation issues off-balance sheet financial instruments in connection with commercial and consumer lending activities. The credit risk associated with these instruments is essentially the same as that involved in extending loans to customers and is subject to the Corporation's normal credit approval policies. The Corporation maintains an allowance to cover probable credit losses inherent in lending-related commitments. The reserve for unfunded lending commitments at March 31, 2015 , December 31, 2014 , and March 31, 2014 , included in  accrued expenses and other liabilities  on the Consolidated Balance Sheets, was $4.3 million , $5.8 million , and $7.5 million , respectively. The Corporation's credit risk associated with these instruments is represented by the contractual amounts indicated in the following table. Unused commitments to extend credit (In thousands) March 31, 2015 December 31, 2014 March 31, 2014 Commercial $ 3,691,193 $ 3,748,690 $ 3,394,877 Consumer 2,343,677 2,387,623 2,237,324 Total unused commitments to extend credit $ 6,034,870 $ 6,136,313 $ 5,632,201 Unused Commitments to Extend Credit. Commitments to extend credit are legally binding agreements to lend to a customer, provided there is no violation of any condition established in the contract. These commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Collateral held varies but may include accounts receivable, inventory, property, plant and equipment, and income-producing commercial properties. Since many commitments expire without being drawn upon, the total contractual amount of commitments does not necessarily represent future cash requirements of the Corporation. Loan commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments