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LOANS HELD FOR SALE, AT FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2021
Receivables [Abstract] |
Schedule of Unpaid Principal Balance of LHFS by Type of Loan | The following table represents the unpaid principal balance of LHFS by product type as of September 30, 2021 and December 31, 2020:
|  | September 30, 2021 |  | December 31, 2020
|  | Amount |  | % |  | Amount |  | %
Conforming - fixed |  | $ | 5,764,345 |  |  | 66% |  | $ | 5,223,177 |  |  | 78%
Conforming - ARM |  | 192,737 |  |  | 2 |  | 260 |  |  | —
Government - fixed |  | 990,566 |  |  | 12 |  | 1,108,936 |  |  | 16
Government - ARM |  | 68,973 |  |  | 1 |  | 45,243 |  |  | 1
Other - residential mortgage loans |  | 1,659,792 |  |  | 19 |  | 312,954 |  |  | 5
Consumer loans |  | 2,020 |  |  | — |  | 2,541 |  |  | —
|  | 8,678,433 |  |  | 100% |  | 6,693,111 |  |  | 100%
Fair value adjustment |  | 195,303 |  |  |  |  | 262,313 |  |  |
Total |  | $ | 8,873,736 |  |  |  |  | $ | 6,955,424 |  |  |
Summary of Changes in Balance of Loans Held For Sale | A summary of the changes in the balance of loans held for sale is as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Balance at beginning of period |  | $ | 9,120,653 |  |  | $ | 3,303,438 |  |  | $ | 6,955,424 |  |  | $ | 3,681,840 |
Origination and purchase of loans |  | 31,902,260 |  |  | 27,101,570 |  |  | 107,717,154 |  |  | 63,183,309 |
Sales |  | (32,200,708) |  |  | (25,598,952) |  |  | (106,414,376) |  |  | (62,192,701) |
Repurchases |  | 138,666 |  |  | 36,767 |  |  | 802,366 |  |  | 145,049 |
Principal payments |  | (53,316) |  |  | (6,820) |  |  | (119,822) |  |  | (43,306) |
Fair value (loss) gain |  | (33,819) |  |  | 52,361 |  |  | (67,010) |  |  | 114,173 |
Balance at end of period |  | $ | 8,873,736 |  |  | $ | 4,888,364 |  |  | $ | 8,873,736 |  |  | $ | 4,888,364 |
Components of Gain on Origination and Sale of Loans, Net | Gain on origination and sale of loans, net is comprised of the following components:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Premium from loan sales |  | $ | 674,782 |  |  | $ | 968,550 |  |  | $ | 1,552,668 |  |  | $ | 2,125,730 |
Servicing rights |  | 345,882 |  |  | 262,401 |  |  | 1,302,884 |  |  | 574,768 |
Unrealized gains (losses) from derivative assets and liabilities |  | 42,984 |  |  | 195,383 |  |  | (139,483) |  |  | 498,090 |
Realized (losses) gains from derivative assets and liabilities |  | (156,514) |  |  | (184,861) |  |  | 194,035 |  |  | (456,969) |
Discount points, rebates and lender paid costs |  | (49,585) |  |  | (38,198) |  |  | (193,043) |  |  | (72,031) |
Fair value (loss) gain |  | (33,818) |  |  | 52,361 |  |  | (67,010) |  |  | 114,173 |
Provision for loan loss obligations for loans sold |  | (2,456) |  |  | (4,495) |  |  | (2,723) |  |  | (16,621) |
Total gain on origination and sale of loans, net |  | $ | 821,275 |  |  | $ | 1,251,141 |  |  | $ | 2,647,328 |  |  | $ | 2,767,140 |

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