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Transfers of Financial Assets (Tables) | 6 Months Ended
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Jun. 30, 2022
Transfers and Servicing [Abstract] |
Schedule of Loan Securitization Transfers, Whole Loan Sales and Participating Interests | The following table summarizes our student and personal loan securitization transfers qualifying for sale accounting treatment for the three and six months ended June 30, 2021. There were no loan securitization transfers qualifying for sale accounting treatment during the three and six months ended June 30, 2022.
|  |  | Three Months Ended June 30, |  |  |  | Six Months Ended June 30,
|  |  | 2021 |  |  |  | 2021
Student loans |  |  |  |  |  |  |
Fair value of consideration received: |  |  |  |  |  |  |
Cash |  |  | $ | 196,223 |  |  |  |  | $ | 696,264 |
Securitization investments |  |  | 10,403 |  |  |  |  | 36,784 |
Servicing assets recognized |  |  | 2,370 |  |  |  |  | 31,101 |
Total consideration |  |  | 208,996 |  |  |  |  | 764,149 |
Aggregate unpaid principal balance and accrued interest of loans sold |  |  | 200,379 |  |  |  |  | 726,505 |
Gain from loan sales |  |  | $ | 8,617 |  |  |  |  | $ | 37,644 |
Personal loans |  |  |  |  |  |  |
Fair value of consideration received: |  |  |  |  |  |  |
Cash |  |  | $ | 198,491 |  |  |  |  | $ | 198,491 |
Securitization investments |  |  | 10,481 |  |  |  |  | 10,481 |
Servicing assets recognized |  |  | 1,238 |  |  |  |  | 1,238 |
Total consideration |  |  | 210,210 |  |  |  |  | 210,210 |
Aggregate unpaid principal balance and accrued interest of loans sold |  |  | 200,806 |  |  |  |  | 200,806 |
Gain from loan sales |  |  | $ | 9,404 |  |  |  |  | $ | 9,404 |
The following table summarizes our whole loan sales during the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Student loans |  |  |  |  |  |  |
Fair value of consideration received: |  |  |  |  |  |  |
Cash | $ | 257,859 |  |  | $ | 425,369 |  |  | $ | 806,770 |  |  | $ | 847,710 |
Servicing assets recognized | 2,991 |  |  | 3,740 |  |  | 8,815 |  |  | 8,598 |
Repurchase liabilities recognized | (41) |  |  | (79) |  |  | (121) |  |  | (158) |
Total consideration | 260,809 |  |  | 429,030 |  |  | 815,464 |  |  | 856,150 |
Aggregate unpaid principal balance and accrued interest of loans sold | 261,324 |  |  | 412,222 |  |  | 807,611 |  |  | 825,312 |
Gain (loss) from loan sales | $ | (515) |  |  | $ | 16,808 |  |  | $ | 7,853 |  |  | $ | 30,838 |
Home loans |  |  |  |  |  |  |
Fair value of consideration received: |  |  |  |  |  |  |
Cash | $ | 322,219 |  |  | $ | 856,317 |  |  | $ | 681,919 |  |  | $ | 1,552,514 |
Servicing assets recognized | 4,482 |  |  | 9,367 |  |  | 8,720 |  |  | 15,906 |
Repurchase liabilities recognized | (315) |  |  | (1,035) |  |  | (735) |  |  | (1,974) |
Total consideration | 326,386 |  |  | 864,649 |  |  | 689,904 |  |  | 1,566,446 |
Aggregate unpaid principal balance and accrued interest of loans sold | 342,952 |  |  | 841,734 |  |  | 708,512 |  |  | 1,519,303 |
Gain (loss) from loan sales | $ | (16,566) |  |  | $ | 22,915 |  |  | $ | (18,608) |  |  | $ | 47,143 |
Personal loans |  |  |  |  |  |  |
Fair value of consideration received: |  |  |  |  |  |  |
Cash | $ | 1,163,029 |  |  | $ | 801,437 |  |  | $ | 2,181,718 |  |  | $ | 1,612,689 |
Servicing assets recognized | 7,659 |  |  | 5,078 |  |  | 14,083 |  |  | 11,081 |
Repurchase liabilities recognized | (2,789) |  |  | (1,980) |  |  | (5,087) |  |  | (4,064) |
Total consideration received | 1,167,899 |  |  | 804,535 |  |  | 2,190,714 |  |  | 1,619,706 |
Aggregate unpaid principal balance and accrued interest of loans sold | 1,129,237 |  |  | 773,194 |  |  | 2,111,092 |  |  | 1,555,723 |
Gain from loan sales | $ | 38,662 |  |  | $ | 31,341 |  |  | $ | 79,622 |  |  | $ | 63,983 |
Schedule of Transferred Loans with Continued Involvement but Not Recorded on Consolidated Balance Sheet and Cash Flows Received | The following table presents information as of the dates indicated about the unpaid principal balances of transferred loans that are not recorded in our unaudited condensed consolidated balance sheets, but with which we have a continuing involvement through our servicing agreements:
| Student Loans |  | Home Loans |  | Personal Loans |  | Total
June 30, 2022 |  |  |  |  |  |  |
Loans in repayment | $ | 8,911,840 |  |  | $ | 4,971,034 |  |  | $ | 5,291,541 |  |  | $ | 19,174,415 |
Loans in-school/grace/deferment | 39,721 |  |  | — |  |  | — |  |  | 39,721 |
Loans in forbearance | 46,176 |  |  | 14,092 |  |  | 542 |  |  | 60,810 |
Loans in delinquency | 102,946 |  |  | 8,565 |  |  | 100,602 |  |  | 212,113 |
Total loans serviced | $ | 9,100,683 |  |  | $ | 4,993,691 |  |  | $ | 5,392,685 |  |  | $ | 19,487,059 |
December 31, 2021 |  |  |  |  |  |  |
Loans in repayment | $ | 9,852,957 |  |  | $ | 4,575,001 |  |  | $ | 5,138,299 |  |  | $ | 19,566,257 |
Loans in-school/grace/deferment | 37,949 |  |  | — |  |  | — |  |  | 37,949 |
Loans in forbearance | 44,833 |  |  | 40,353 |  |  | 1,120 |  |  | 86,306 |
Loans in delinquency | 112,885 |  |  | 7,465 |  |  | 75,275 |  |  | 195,625 |
Total loans serviced | $ | 10,048,624 |  |  | $ | 4,622,819 |  |  | $ | 5,214,694 |  |  | $ | 19,886,137 |
The following table presents additional information during the periods indicated about the servicing cash flows received and net charge-offs related to transferred loans with which we have a continuing involvement:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Student loans |  |  |  |  |  |  |
Servicing fees collected | $ | 11,045 |  |  | $ | 14,269 |  |  | $ | 20,213 |  |  | $ | 23,294 |
Charge-offs, net of recoveries(1) | 9,192 |  |  | 4,651 |  |  | 17,412 |  |  | 7,704 |
Home Loans |  |  |  |  |  |  |
Servicing fees collected | $ | 2,930 |  |  | $ | 1,918 |  |  | $ | 5,566 |  |  | $ | 3,531 |
Personal Loans |  |  |  |  |  |  |
Servicing fees collected | $ | 8,951 |  |  | $ | 7,785 |  |  | $ | 17,588 |  |  | $ | 17,275 |
Charge-offs, net of recoveries(1) | 23,908 |  |  | 28,359 |  |  | 41,046 |  |  | 66,176 |
Total |  |  |  |  |  |  |
Servicing fees collected | $ | 22,926 |  |  | $ | 23,972 |  |  | $ | 43,367 |  |  | $ | 44,100 |
Charge-offs, net of recoveries | 33,100 |  |  | 33,010 |  |  | 58,458 |  |  | 73,880 |
_____________________ (1)Student loan and personal loan charge-offs, net of recoveries, are impacted by the timing of charge-off sales performed on behalf of the purchasers of our loans, which lower the net amount disclosed.

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- Definition Tabular disclosure of amounts pertaining to the excess over or deficiency from the carrying amounts of financial assets which are recognized upon the sale of financial assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (b)(3) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719 + Details
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- Definition Tabular disclosure of transferred financial assets that continue to be recognized and other financial assets that it manages together with them. Includes, but is not limited to, delinquencies and credit losses, after recoveries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=121570589&loc=d3e107314-111719 + Details
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