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Transfers of Financial Assets
 6 Months Ended
Jun. 30, 2022
Transfers and Servicing [Abstract]  
Transfers of Financial Assets Transfers of Financial Assets
We regularly transfer financial assets and account for such transfers as either sales or secured borrowings depending on the facts and circumstances. When a transfer of financial assets qualifies as a sale, in many instances we have continued involvement as the servicer of those financial assets. As we expect the benefits of servicing to be more than just adequate, we recognize a servicing asset. Further, in the case of securitization-related transfers that qualify as sales, we have additional continued involvement as an investor, albeit at insignificant levels relative to the expected gains and losses of the securitization. In instances where a transfer is accounted for as a secured borrowing, we perform servicing (but we do not recognize a servicing asset) and typically maintain a significant investment relative to the expected gains and losses of the securitization. In whole loan sales, we do not have a residual financial interest in the loans, nor do we have any other power over the loans that would constrain us from recognizing a sale. Additionally, we have no repurchase requirements related to transfers of personal loans, student loans and non-Federal National Mortgage Association (“FNMA”) home loans other than standard origination representations and warranties, for which we record a liability based on expected repurchase obligations. For FNMA home loans, we have customary FNMA repurchase requirements, which do not constrain sale treatment but result in a liability for the expected repurchase requirement.
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,
20212021
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,
2022202120222021
Student loans
Fair value of consideration received:
Cash$257,859 $425,369 $806,770 $847,710 
Servicing assets recognized2,991 3,740 8,815 8,598 
Repurchase liabilities recognized(41)(79)(121)(158)
Total consideration260,809 429,030 815,464 856,150 
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 recognized4,482 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 recognized7,659 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 
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,
2022202120222021
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 
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(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.