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LOANS HELD FOR SALE, AT FAIR VALUE (Tables) | 6 Months Ended
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Jun. 30, 2022
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 of loan as of June 30, 2022 and December 31, 2021:
|  | June 30, 2022 |  | December 31, 2021
|  | Amount |  | % |  | Amount |  | %
Conforming - fixed |  | $ | 3,018,321 |  |  | 64% |  | $ | 4,881,222 |  |  | 61%
Conforming - ARM |  | 26,694 |  |  | 1 |  | 351,408 |  |  | 4
Government - fixed |  | 1,003,598 |  |  | 21 |  | 1,156,890 |  |  | 15
Government - ARM |  | 6,951 |  |  | — |  | 10,906 |  |  | —
Other - residential mortgage loans |  | 648,560 |  |  | 14 |  | 1,576,858 |  |  | 20
Consumer loans |  | 1,819 |  |  | — |  | 1,942 |  |  | —
|  | 4,705,943 |  |  | 100% |  | 7,979,226 |  |  | 100%
Fair value adjustment |  | (49,605) |  |  |  |  | 157,591 |  |  |
Total |  | $ | 4,656,338 |  |  |  |  | $ | 8,136,817 |  |  |
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 June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Balance at beginning of period |  | $ | 6,558,668 |  |  | $ | 8,787,756 |  |  | $ | 8,136,817 |  |  | $ | 6,955,424 |
Origination and purchase of loans |  | 15,769,229 |  |  | 34,413,319 |  |  | 37,142,855 |  |  | 75,814,894 |
Sales |  | (17,876,229) |  |  | (34,294,254) |  |  | (40,681,596) |  |  | (74,213,668) |
Repurchases |  | 194,650 |  |  | 111,385 |  |  | 333,666 |  |  | 663,700 |
Principal payments |  | (40,598) |  |  | (43,206) |  |  | (100,885) |  |  | (66,506) |
Fair value gain (loss) |  | 50,618 |  |  | 145,653 |  |  | (174,519) |  |  | (33,191) |
Balance at end of period |  | $ | 4,656,338 |  |  | $ | 9,120,653 |  |  | $ | 4,656,338 |  |  | $ | 9,120,653 |
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 June 30, |  | Six Months Ended June 30,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
(Discount) premium from loan sales |  | $ | (437,194) |  |  | $ | 407,314 |  |  | $ | (673,291) |  |  | $ | 877,887 |
Servicing rights |  | 180,455 |  |  | 427,458 |  |  | 450,215 |  |  | 957,002 |
Unrealized losses from derivative assets and liabilities |  | (190,545) |  |  | (510,788) |  |  | (31,803) |  |  | (182,467) |
Realized gains from derivative assets and liabilities |  | 553,834 |  |  | 250,912 |  |  | 902,875 |  |  | 350,548 |
Discount points, rebates and lender paid costs |  | 71,767 |  |  | (28,603) |  |  | 131,834 |  |  | (143,458) |
Fair value gain (loss) |  | 50,618 |  |  | 145,653 |  |  | (174,519) |  |  | (33,191) |
Provision for loan loss obligation for loans sold |  | (82,373) |  |  | 533 |  |  | (95,619) |  |  | (267) |
Total gain on origination and sale of loans, net |  | $ | 146,562 |  |  | $ | 692,479 |  |  | $ | 509,692 |  |  | $ | 1,826,054 |

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