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Organization, Consolidation and Presentation of Financial Statements (Tables) | 6 Months Ended
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Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Gain Loss from Derivative Instruments | The following table presents the gains (losses) recognized on our derivative instruments during the periods indicated:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Derivative contracts to manage future loan sale execution risk(1) | $ | 69,535 |  |  | $ | (13,937) |  |  | $ | 230,142 |  |  | $ | 22,134 |
Derivative contracts to manage securitization investment interest rate risk(1)(2) | 2,749 |  |  | — |  |  | 9,068 |  |  | — |
Interest rate lock commitments (“IRLCs”)(1) | 4,159 |  |  | 642 |  |  | (2,639) |  |  | (7,860) |
Interest rate caps(1) | (903) |  |  | — |  |  | (3,027) |  |  | — |
Purchase price earn-out(1) | 211 |  |  | — |  |  | 1,042 |  |  | — |
Third-party warrants(3) | (244) |  |  | — |  |  | (169) |  |  | — |
Total | $ | 75,507 |  |  | $ | (13,295) |  |  | $ | 234,417 |  |  | $ | 14,274 |
_____________________ (1) Recorded within noninterest income—loan origination and sales in the unaudited condensed consolidated statements of operations and comprehensive income (loss). (2) Represents derivative instruments utilized to manage interest rate risk associated with certain of our securitization investments. (3) For the three and six months ended June 30, 2022, includes $(461) and $(603), respectively, recorded within noninterest income—other and $217 and $434, respectively, recorded within noninterest expense—general and administrative in the unaudited condensed consolidated statements of operations and comprehensive income (loss), the latter of which represents the amortization of a deferred liability recognized at the initial fair value of the third party warrants acquired of $964, as we are also a customer of the third party. The following table presents information about derivative instruments subject to enforceable master netting arrangements as of the dates indicated:
| June 30, 2022 |  | December 31, 2021
| Gross Derivative Assets |  | Gross Derivative Liabilities |  | Gross Derivative Assets |  | Gross Derivative Liabilities
Interest rate swaps | $ | — |  |  | $ | (21,762) |  |  | $ | 5,444 |  |  | $ | — |
Interest rate caps | — |  |  | (3,695) |  |  | — |  |  | (668) |
Home loan pipeline hedges | 2,243 |  |  | (259) |  |  | 117 |  |  | (313) |
Total, gross | $ | 2,243 |  |  | $ | (25,716) |  |  | $ | 5,561 |  |  | $ | (981) |
Derivative netting | (1,371) |  |  | 1,371 |  |  | (117) |  |  | 117 |
Total, net(1) | $ | 872 |  |  | $ | (24,345) |  |  | $ | 5,444 |  |  | $ | (864) |
_____________________ (1) As of June 30, 2022 and December 31, 2021, we had a cash collateral requirement of $21,762 and $299, respectively, related to these instruments.
Schedule of Derivative Notional Amounts Outstanding | The following table presents the notional amounts of derivative contracts outstanding as of the dates indicated:
| June 30, 2022 |  | December 31, 2021
Derivative contracts to manage future loan sale execution risk: |  |  |
Interest rate swaps | $ | 5,360,000 |  |  | $ | 4,210,000 |
Home loan pipeline hedges | 326,000 |  |  | 421,000 |
Interest rate caps | 405,000 |  |  | 405,000 |
Interest rate swaps(1) | 310,000 |  |  | — |
IRLCs(2) | 314,096 |  |  | 357,529 |
Interest rate caps(3) | 405,000 |  |  | 405,000 |
Total | $ | 7,120,096 |  |  | $ | 5,798,529 |
_____________________ (1) Represents interest rate swaps utilized to manage interest rate risk associated with certain of our securitization investments. (2) Amounts correspond with home loan funding commitments subject to IRLC agreements. (3) We sold an interest rate cap that was subject to master netting to offset an interest rate cap purchase made in conjunction with a contract to manage future loan sale execution risk. While the notional amounts of derivative instruments give an indication of the volume of our derivative activity, they do not necessarily represent amounts exchanged by parties and are not a direct measure of our financial exposure.
Schedule of Revenues | The table below presents revenue from contracts with customers disaggregated by type of service, which best depicts how the revenue and cash flows are affected by economic factors, and by the reportable segment to which each revenue stream relates. Revenues from contracts with customers are presented within noninterest income—technology products and solutions and noninterest income—other in the unaudited condensed consolidated statements of operations and comprehensive income (loss). There were no revenues from contracts with customers attributable to our Lending segment for any of the periods presented.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Financial Services |  |  |  |  |  |  |
Referrals | $ | 8,805 |  |  | $ | 3,140 |  |  | $ | 16,573 |  |  | $ | 5,394 |
Brokerage | 4,156 |  |  | 7,054 |  |  | 8,886 |  |  | 11,666 |
Payment network | 3,007 |  |  | 1,473 |  |  | 7,293 |  |  | 2,675 |
Equity capital markets services | — |  |  | 1,760 |  |  | — |  |  | 1,760 |
Enterprise services | 225 |  |  | 2,696 |  |  | 428 |  |  | 2,754 |
Total | $ | 16,193 |  |  | $ | 16,123 |  |  | $ | 33,180 |  |  | $ | 24,249 |
Technology Platform |  |  |  |  |  |  |
Technology services | $ | 81,111 |  |  | $ | 44,950 |  |  | $ | 140,268 |  |  | $ | 90,609 |
Software licenses | 558 |  |  | — |  |  | 1,258 |  |  | — |
Payment network | 558 |  |  | 379 |  |  | 736 |  |  | 821 |
Total | $ | 82,227 |  |  | $ | 45,329 |  |  | $ | 142,262 |  |  | $ | 91,430 |
Total Revenue from Contracts with Customers |  |  |  |  |  |  |
Technology services | $ | 81,111 |  |  | $ | 44,950 |  |  | $ | 140,268 |  |  | $ | 90,609 |
Software licenses | 558 |  |  | — |  |  | 1,258 |  |  | — |
Referrals | 8,805 |  |  | 3,140 |  |  | 16,573 |  |  | 5,394 |
Brokerage | 4,156 |  |  | 7,054 |  |  | 8,886 |  |  | 11,666 |
Payment network | 3,565 |  |  | 1,852 |  |  | 8,029 |  |  | 3,496 |
Equity capital markets services | — |  |  | 1,760 |  |  | — |  |  | 1,760 |
Enterprise services | 225 |  |  | 2,696 |  |  | 428 |  |  | 2,754 |
Total | $ | 98,420 |  |  | $ | 61,452 |  |  | $ | 175,442 |  |  | $ | 115,679 |
Schedule of Interest-Bearing Deposits | The following table presents a detail of interest-bearing deposits as of the date indicated:
|  | June 30, 2022
Interest-bearing deposits: |  |
Demand deposits(1) |  | $ | 1,561,339 |
Savings deposits(1) |  | 1,049,650 |
Time deposits |  | 18,474 |
Total interest-bearing deposits |  | $ | 2,629,463 |
_____________________ (1) For deposit liabilities with no defined maturities, the fair value of the liabilities reflects the amount payable on demand at the reporting date.
Schedule of Future Maturities of Time Deposits | As of June 30, 2022, future maturities of our total time deposits were as follows:
Remainder of 2022 | $ | 13,842 |
2023 | 3,565 |
2024 | 654 |
2025 | 30 |
2026 | 281 |
Thereafter | 102 |
Total | $ | 18,474 |

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