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Loans Held for Investment and Loans Held for Investment at Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2021
Receivables [Abstract] |
Summary of Loans Held for Investment | The following tables summarize loans held for investment as of June 30, 2021 and December 31, 2020 (in thousands):
|  | June 30, 2021 |
|  | Loans held for investment, net |  |  | Loans held for investment, at fair value |  |  | Total loans held for investment |
Unpaid principal balance |  | $ | 2,061,008 |  |  | $ | 1,354 |  |  | $ | 2,062,362 |
Valuation adjustments on FVO loans |  |  | — |  |  |  | 16 |  |  |  | 16 |
Deferred loan origination costs |  |  | 26,708 |  |  |  | — |  |  |  | 26,708 |
|  |  | 2,087,716 |  |  |  | 1,370 |  |  |  | 2,089,086 |
Allowance for loan losses |  |  | (3,963 | ) |  |  | — |  |  |  | (3,963 | )
Total loans held for investment and loans held for investment at fair value, net |  | $ | 2,083,753 |  |  | $ | 1,370 |  |  | $ | 2,085,123 |
|  | December 31, 2020 |
|  | Loans held for investment, net |  |  | Loans held for investment, at fair value |  |  | Total loans held for investment |
Unpaid principal balance |  | $ | 1,930,334 |  |  | $ | 1,541 |  |  | $ | 1,931,875 |
Valuation adjustments on FVO loans |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Deferred loan origination costs |  |  | 23,600 |  |  |  | — |  |  |  | 23,600 |
|  |  | 1,953,934 |  |  |  | 1,539 |  |  |  | 1,955,473 |
Allowance for loan losses |  |  | (5,845 | ) |  |  | — |  |  |  | (5,845 | )
Total loans held for investment and loans held for investment at fair value, net |  | $ | 1,948,089 |  |  | $ | 1,539 |  |  | $ | 1,949,628 |
Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program | The following table presents the activity in the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and six months ended June 30, 2021 ($ in thousands):
|  | Three Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2021 |
|  | UPB |  |  | % |  |  | Amortized Cost |  |  | % |  |  | UPB |  |  | % |  |  | Amortized Cost |  |  | % |
Beginning balance |  | $ | 363,739 |  |  |  |  |  |  | $ | 368,230 |  |  |  |  |  |  | $ | 392,073 |  |  |  |  |  |  | $ | 396,918 |  |  |  |  |
Additions |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | 2,616 |  |  |  |  |  |  |  | 2,615 |  |  |  |  |
Foreclosures |  |  | — |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  | (253 | ) |  |  |  |  |  |  | (260 | ) |  |  |  |
Repayments |  |  | (21,297 | ) |  |  |  |  |  |  | (21,533 | ) |  |  |  |  |  |  | (51,994 | ) |  |  |  |  |  |  | (52,576 | ) |  |  |  |
Ending balance |  | $ | 342,442 |  |  |  |  |  |  | $ | 346,697 |  |  |  |  |  |  | $ | 342,442 |  |  |  |  |  |  | $ | 346,697 |  |  |  |  |
Performing/Accruing |  | $ | 251,929 |  |  | 73.6% |  |  | $ | 255,284 |  |  | 73.6% |  |  | $ | 251,929 |  |  | 73.6% |  |  | $ | 255,284 |  |  | 73.6% |
Nonperforming/Nonaccrual |  | $ | 90,513 |  |  | 26.4% |  |  | $ | 91,413 |  |  | 26.4% |  |  | $ | 90,513 |  |  | 26.4% |  |  | $ | 91,413 |  |  | 26.4% |
The following table presents the UPB and amortized cost basis of loans in the Company's COVID-19 forbearance program as of December 31, 2020 ($ in thousands):
|  | December 31, 2020 |
|  | UPB |  |  | % |  |  | Amortized Cost |  |  | % |
Ending balance |  | $ | 392,073 |  |  |  |  |  |  | $ | 396,918 |  |  |  |  |
Performing/Accruing |  | $ | 327,708 |  |  | 83.6% |  |  | $ | 330,495 |  |  | 83.3% |
Nonperforming/Nonaccrual |  | $ | 64,365 |  |  | 16.4% |  |  | $ | 66,423 |  |  | 16.7% |
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued | As of June 30, 2021 and December 31, 2020, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facilities, and securitizations issued were as follows (in thousands):
|  | June 30, 2021 |  |  | December 31, 2020 |
The 2013 repurchase agreement |  | $ | 51,819 |  |  | $ | 91,074 |
The 2015 repurchase agreement |  |  | 118,950 |  |  |  | — |
The Bank credit agreement |  |  | 31,022 |  |  |  | — |
The 2021 term repurchase agreement |  |  | 2,159 |  |  |  | — |
Total pledged loans |  | $ | 203,950 |  |  | $ | 91,074 |
2014-1 Trust |  |  | 19,622 |  |  |  | 22,228 |
2015-1 Trust |  |  | 38,829 |  |  |  | 48,179 |
2016-1 Trust |  |  | 61,430 |  |  |  | 71,271 |
2016-2 Trust |  |  | 38,625 |  |  |  | 47,282 |
2017-1 Trust |  |  | 64,463 |  |  |  | 81,376 |
2017-2 Trust |  |  | 112,962 |  |  |  | 137,970 |
2018-1 Trust |  |  | 88,449 |  |  |  | 112,042 |
2018-2 Trust |  |  | 194,078 |  |  |  | 224,195 |
2019-1 Trust |  |  | 175,707 |  |  |  | 203,144 |
2019-2 Trust |  |  | 154,113 |  |  |  | 175,560 |
2019-3 Trust |  |  | 121,069 |  |  |  | 135,527 |
2020-1 Trust |  |  | 216,118 |  |  |  | 241,664 |
2020-2 Trust |  |  | 113,023 |  |  |  | 123,646 |
2020-MC1 Trust |  |  | 174,909 |  |  |  | 228,470 |
2021-1 Trust |  |  | 261,965 |  |  |  | — |
Total |  | $ | 1,835,362 |  |  | $ | 1,852,554 |
Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment | The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of June 30, 2021 and December 31, 2020, and accruing loans that were 90 days or more past due (“DPD”) as of June 30, 2021 and December 31, 2020. These accruing loans that were 90 or more days past due represent loans that were granted a forbearance under the Company’s COVID-19 payment forbearance programs.
|  | June 30, 2021 |
|  | Total Nonaccrual |  |  | Nonaccrual with No Allowance for Loan Loss |  |  | Nonaccrual with Allowance for Loan Loss |  |  | Allowance for Loans Individually Evaluated |  |  | % of Allowance to Total Nonaccrual Loans |  |  | Loans 90+ DPD Still Accruing COVID-19 Program |
|  | ($ in thousands) |
Commercial - Purchase |  | $ | 19,314 |  |  | $ | 18,768 |  |  | $ | 546 |  |  | $ | 57 |  |  |  | 0.3 |  | % | $ | — |
Commercial - Refinance |  |  | 92,397 |  |  |  | 82,097 |  |  |  | 10,300 |  |  |  | 1,005 |  |  |  | 4.6 |  |  |  | — |
Residential 1-4 Unit - Purchase |  |  | 21,084 |  |  |  | 20,736 |  |  |  | 348 |  |  |  | 120 |  |  |  | 0.6 |  |  |  | — |
Residential 1-4 Unit - Refinance |  |  | 112,294 |  |  |  | 107,468 |  |  |  | 4,826 |  |  |  | 342 |  |  |  | 1.6 |  |  |  | 156 |
Quick Fix 1-4 Unit - Purchase |  |  | 23,883 |  |  |  | 23,467 |  |  |  | 416 |  |  |  | 56 |  |  |  | 0.3 |  |  |  | — |
Quick Fix 1-4 Unit - Refinance |  |  | 50,002 |  |  |  | 44,870 |  |  |  | 5,132 |  |  |  | 369 |  |  |  | 1.7 |  |  |  | — |
Total |  | $ | 318,974 |  |  | $ | 297,406 |  |  | $ | 21,568 |  |  | $ | 1,949 |  |  |  | 9.1 |  | % | $ | 156 |
Troubled Debt Restructuring included in nonaccrual loans: |  | $ | 169 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  |  | — |  |  | $ | — |
|  | December 31, 2020 |
|  | Total Nonaccrual |  |  | Nonaccrual with No Allowance for Loan Loss |  |  | Nonaccrual with Allowance for Loan Loss |  |  | Allowance for Loans Individually Evaluated |  |  | % of Allowance to Total Nonaccrual Loans |  |  | Loans 90+ DPD Still Accruing COVID-19 Program |
|  | ($ in thousands) |
Commercial - Purchase |  | $ | 22,166 |  |  | $ | 20,955 |  |  | $ | 1,211 |  |  | $ | 153 |  |  |  | 0.7 |  | % | $ | — |
Commercial - Refinance |  |  | 101,117 |  |  |  | 96,804 |  |  |  | 4,313 |  |  |  | 519 |  |  |  | 2.3 |  |  |  | 1,747 |
Residential 1-4 Unit - Purchase |  |  | 26,373 |  |  |  | 25,839 |  |  |  | 534 |  |  |  | 128 |  |  |  | 0.6 |  |  |  | — |
Residential 1-4 Unit - Refinance |  |  | 120,152 |  |  |  | 113,206 |  |  |  | 6,946 |  |  |  | 465 |  |  |  | 2.1 |  |  |  | 109 |
Quick Fix 1-4 Unit - Purchase |  |  | 6,585 |  |  |  | 3,808 |  |  |  | 2,777 |  |  |  | 525 |  |  |  | 2.4 |  |  |  | — |
Quick Fix 1-4 Unit - Refinance |  |  | 59,843 |  |  |  | 53,616 |  |  |  | 6,227 |  |  |  | 878 |  |  |  | 4.0 |  |  |  | 123 |
Total |  | $ | 336,236 |  |  | $ | 314,228 |  |  | $ | 22,008 |  |  | $ | 2,668 |  |  |  | 12.1 |  | % | $ | 1,979 |
Troubled Debt Restructuring included in nonaccrual loans: |  | $ | 173 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |  |  |  | — |  |  | $ | — |
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment | The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of June 30, 2021 and 2020, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and six months ended June 30, 2021 and 2020 (in thousands):
|  | Three Months Ended June 30, |
|  | 2021 |  |  | 2020 |
|  | Amortized Cost |  |  | Interest Reversal |  |  | Amortized Cost |  |  | Interest Reversal |
Commercial - Purchase |  | $ | 366,737 |  |  | $ | 53 |  |  | $ | 303,373 |  |  | $ | 303 |
Commercial - Refinance |  |  | 690,964 |  |  |  | 225 |  |  |  | 711,397 |  |  |  | 1,961 |
Residential 1-4 Unit - Purchase |  |  | 276,896 |  |  |  | 63 |  |  |  | 245,579 |  |  |  | 321 |
Residential 1-4 Unit - Refinance |  |  | 608,543 |  |  |  | 281 |  |  |  | 606,432 |  |  |  | 1,643 |
Quick Fix 1-4 Unit - Purchase |  |  | 40,205 |  |  |  | 639 |  |  |  | — |  |  |  | — |
Quick Fix 1-4 Unit - Refinance |  |  | 104,371 |  |  |  | 117 |  |  |  | — |  |  |  | — |
Total |  | $ | 2,087,716 |  |  | $ | 1,378 |  |  | $ | 1,866,781 |  |  | $ | 4,228 |
|  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |
|  | Amortized Cost |  |  | Interest Reversal |  |  | Amortized Cost |  |  | Interest Reversal |
Commercial - Purchase |  | $ | 366,737 |  |  | $ | 192 |  |  | $ | 303,373 |  |  | $ | 425 |
Commercial - Refinance |  |  | 690,964 |  |  |  | 693 |  |  |  | 711,397 |  |  |  | 2,633 |
Residential 1-4 Unit - Purchase |  |  | 276,896 |  |  |  | 121 |  |  |  | 245,579 |  |  |  | 404 |
Residential 1-4 Unit - Refinance |  |  | 608,543 |  |  |  | 801 |  |  |  | 606,432 |  |  |  | 2,255 |
Quick Fix 1-4 Unit - Purchase |  |  | 40,205 |  |  |  | 685 |  |  |  | — |  |  |  | — |
Quick Fix 1-4 Unit - Refinance |  |  | 104,371 |  |  |  | 358 |  |  |  | — |  |  |  | — |
Total |  | $ | 2,087,716 |  |  | $ | 2,850 |  |  | $ | 1,866,781 |  |  | $ | 5,717 |
Schedule of Activity in Allowance for Credit Losses | The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2021 and 2020 (in thousands):
|  | Three Months Ended June 30, 2021 |
|  |  |  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Quick Fix |  |  | Quick Fix |  |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance - April 1,2021 |  | $ | 328 |  |  | $ | 1,990 |  |  | $ | 322 |  |  | $ | 1,227 |  |  | $ | 386 |  |  | $ | 1,628 |  |  | $ | 5,881 |
Provision for loan losses (1) |  |  | 48 |  |  |  | 28 |  |  |  | (41 | ) |  |  | (229 | ) |  |  | (313 | ) |  |  | (493 | ) |  |  | (1,000 | )
Charge-offs |  |  | (114 | ) |  |  | (95 | ) |  |  | — |  |  |  | (151 | ) |  |  | — |  |  |  | (558 | ) |  |  | (918 | )
Ending balance |  | $ | 262 |  |  | $ | 1,923 |  |  | $ | 281 |  |  | $ | 847 |  |  | $ | 73 |  |  | $ | 577 |  |  | $ | 3,963 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 57 |  |  | $ | 1,005 |  |  | $ | 120 |  |  | $ | 342 |  |  | $ | 56 |  |  | $ | 369 |  |  | $ | 1,949 |
Loans collectively evaluated |  |  | 205 |  |  |  | 918 |  |  |  | 161 |  |  |  | 507 |  |  |  | 16 |  |  |  | 207 |  |  |  | 2,014 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 19,314 |  |  | $ | 92,397 |  |  | $ | 21,084 |  |  | $ | 112,294 |  |  | $ | 23,883 |  |  | $ | 50,002 |  |  | $ | 318,974 |
Loans collectively evaluated |  |  | 347,423 |  |  |  | 598,567 |  |  |  | 255,812 |  |  |  | 496,249 |  |  |  | 16,322 |  |  |  | 54,369 |  |  |  | 1,768,742 |
|  | Three Months Ended June 30, 2020 |
|  |  |  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Quick Fix |  |  | Quick Fix |  |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance - April 1,2021 |  | $ | 352 |  |  | $ | 1,594 |  |  | $ | 250 |  |  | $ | 1,300 |  |  | $ | — |  |  | $ | — |  |  |  | 3,496 |
Provision for loan losses (1) |  |  | 172 |  |  |  | 1,093 |  |  |  | 211 |  |  |  | 324 |  |  |  | — |  |  |  | — |  |  |  | 1,800 |
Charge-offs |  |  | — |  |  |  | — |  |  |  | (58 | ) |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | (76 | )
Ending balance |  | $ | 524 |  |  | $ | 2,687 |  |  | $ | 403 |  |  | $ | 1,606 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,220 |
|  | Six Months Ended June 30, 2021 |
|  |  |  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Quick Fix |  |  | Quick Fix |  |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance - January 1,2021 |  | $ | 373 |  |  | $ | 2,093 |  |  | $ | 333 |  |  | $ | 1,216 |  |  | $ | 595 |  |  | $ | 1,235 |  |  | $ | 5,845 |
Provision for loan losses (1) |  |  | 3 |  |  |  | (76 | ) |  |  | (15 | ) |  |  | (218 | ) |  |  | (508 | ) |  |  | (81 | ) |  |  | (895 | )
Charge-offs |  |  | (114 | ) |  |  | (94 | ) |  |  | (37 | ) |  |  | (151 | ) |  |  | (14 | ) |  |  | (577 | ) |  |  | (987 | )
Ending balance |  | $ | 262 |  |  | $ | 1,923 |  |  | $ | 281 |  |  | $ | 847 |  |  | $ | 73 |  |  | $ | 577 |  |  | $ | 3,963 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 57 |  |  | $ | 1,005 |  |  | $ | 120 |  |  | $ | 342 |  |  | $ | 56 |  |  | $ | 369 |  |  | $ | 1,949 |
Loans collectively evaluated |  |  | 205 |  |  |  | 918 |  |  |  | 161 |  |  |  | 507 |  |  |  | 16 |  |  |  | 207 |  |  |  | 2,014 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 19,314 |  |  | $ | 92,397 |  |  | $ | 21,084 |  |  | $ | 112,294 |  |  | $ | 23,883 |  |  | $ | 50,002 |  |  | $ | 318,974 |
Loans collectively evaluated |  |  | 347,423 |  |  |  | 598,567 |  |  |  | 255,812 |  |  |  | 496,249 |  |  |  | 16,322 |  |  |  | 54,369 |  |  |  | 1,768,742 |
|  | Six Months Ended June 30, 2020 |
|  |  |  |  |  |  |  |  |  | Residential |  |  | Residential |  |  | Quick Fix |  |  | Quick Fix |  |  |  |  |
|  | Commercial |  |  | Commercial |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  | 1-4 Unit |  |  |  |  |
|  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Purchase |  |  | Refinance |  |  | Total |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance, prior to adoption of ASC 326 |  | $ | 304 |  |  | $ | 1,016 |  |  | $ | 148 |  |  | $ | 772 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,240 |
Impact of adopting ASC 326 |  |  | 19 |  |  |  | 62 |  |  |  | 9 |  |  |  | 47 |  |  |  | — |  |  |  | — |  |  |  | 137 |
Balance - January 1, 2020 |  | $ | 323 |  |  | $ | 1,078 |  |  | $ | 157 |  |  | $ | 819 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,377 |
Provision for loan losses (1) |  |  | 280 |  |  |  | 1,609 |  |  |  | 382 |  |  |  | 817 |  |  |  | — |  |  |  | — |  |  |  | 3,088 |
Charge-offs |  |  | (79 | ) |  |  | — |  |  |  | (136 | ) |  |  | (30 | ) |  |  | — |  |  |  | — |  |  |  | (245 | )
Ending balance |  | $ | 524 |  |  | $ | 2,687 |  |  | $ | 403 |  |  | $ | 1,606 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,220 |
Allowance related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 181 |  |  | $ | 592 |  |  | $ | 96 |  |  | $ | 404 |  |  | $ | — |  |  | $ | — |  |  |  | 1,273 |
Loans collectively evaluated |  |  | 342 |  |  |  | 2,095 |  |  |  | 307 |  |  |  | 1,203 |  |  |  | — |  |  |  | — |  |  |  | 3,947 |
Amortized cost related to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans individually evaluated |  | $ | 20,615 |  |  | $ | 113,350 |  |  | $ | 22,017 |  |  | $ | 114,790 |  |  | $ | — |  |  | $ | — |  |  |  | 270,772 |
Loans collectively evaluated |  |  | 282,759 |  |  |  | 598,046 |  |  |  | 223,561 |  |  |  | 491,643 |  |  |  | — |  |  |  | — |  |  |  | 1,596,009 |
| (1) | The provision for loan losses decreased from approximately $1.8 million and $3.1 million for the three and six months ended June 30,2020 respectively to reversal of $(1.0) and $(0.9) million for the three and six months ended June 30, 2021 respectively due mainly to an improved economic outlook as the economy recovers from the COVID-19 pandemic.
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio | The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, excluding loans held for investment at fair value, which includes $346.7 million and $396.9 million loans in the Company’s COVID-19 forbearance program as of June 30, 2021 and December 31, 2020, respectively (in thousands):
|  | 30–59 days |  |  | 60–89 days |  |  | 90+days |  |  | Total |  |  |  |  |  |  | Total |
June 30, 2021 |  | past due |  |  | past due |  |  | past due(1) |  |  | past due |  |  | Current |  |  | loans |
Loans individually evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 762 |  |  | $ | 1,571 |  |  | $ | 16,981 |  |  | $ | 19,314 |  |  | $ | — |  |  | $ | 19,314 |
Commercial - Refinance |  |  | 4,668 |  |  |  | 7,065 |  |  |  | 80,664 |  |  |  | 92,397 |  |  |  | — |  |  |  | 92,397 |
Residential 1-4 Unit - Purchase |  |  | 84 |  |  |  | 1,099 |  |  |  | 19,901 |  |  |  | 21,084 |  |  |  | — |  |  |  | 21,084 |
Residential 1-4 Unit - Refinance |  |  | 1,344 |  |  |  | 1,566 |  |  |  | 109,384 |  |  |  | 112,294 |  |  |  | — |  |  |  | 112,294 |
Quick Fix 1-4 Unit - Purchase |  |  | — |  |  |  | — |  |  |  | 23,883 |  |  |  | 23,883 |  |  |  | — |  |  |  | 23,883 |
Quick Fix 1-4 Unit - Refinance |  |  | 1,322 |  |  |  | 1,682 |  |  |  | 46,998 |  |  |  | 50,002 |  |  |  | — |  |  |  | 50,002 |
Total loans individually evaluated |  | $ | 8,180 |  |  | $ | 12,983 |  |  | $ | 297,811 |  |  | $ | 318,974 |  |  | $ | — |  |  | $ | 318,974 |
Loans collectively evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 9,168 |  |  | $ | 4,931 |  |  | $ | — |  |  | $ | 14,099 |  |  | $ | 333,324 |  |  | $ | 347,423 |
Commercial - Refinance |  |  | 19,366 |  |  |  | 12,264 |  |  |  | — |  |  |  | 31,630 |  |  |  | 566,937 |  |  |  | 598,567 |
Residential 1-4 Unit - Purchase |  |  | 4,697 |  |  |  | 1,307 |  |  |  | — |  |  |  | 6,004 |  |  |  | 249,808 |  |  |  | 255,812 |
Residential 1-4 Unit - Refinance |  |  | 29,397 |  |  |  | 8,481 |  |  |  | 156 |  |  |  | 38,034 |  |  |  | 458,215 |  |  |  | 496,249 |
Quick Fix 1-4 Unit - Purchase |  |  | 2,983 |  |  |  | 1,572 |  |  |  | — |  |  |  | 4,555 |  |  |  | 11,767 |  |  |  | 16,322 |
Quick Fix 1-4 Unit - Refinance |  |  | 4,231 |  |  |  | 4,291 |  |  |  | — |  |  |  | 8,522 |  |  |  | 45,847 |  |  |  | 54,369 |
Total loans collectively evaluated |  | $ | 69,842 |  |  | $ | 32,846 |  |  | $ | 156 |  |  | $ | 102,844 |  |  | $ | 1,665,898 |  |  | $ | 1,768,742 |
Ending balance |  | $ | 78,022 |  |  | $ | 45,829 |  |  | $ | 297,967 |  |  | $ | 421,818 |  |  | $ | 1,665,898 |  |  | $ | 2,087,716 |
|  | 30–59 days |  |  | 60–89 days |  |  | 90+days |  |  | Total |  |  |  |  |  |  | Total |
December 31, 2020 |  | past due |  |  | past due |  |  | past due(1) |  |  | past due |  |  | Current |  |  | loans |
Loans individually evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 961 |  |  | $ | 1,307 |  |  | $ | 19,898 |  |  | $ | 22,166 |  |  | $ | — |  |  | $ | 22,166 |
Commercial - Refinance |  |  | 2,118 |  |  |  | 7,532 |  |  |  | 91,467 |  |  |  | 101,117 |  |  |  | — |  |  |  | 101,117 |
Residential 1-4 Unit - Purchase |  |  | 192 |  |  |  | 2,915 |  |  |  | 23,266 |  |  |  | 26,373 |  |  |  | — |  |  |  | 26,373 |
Residential 1-4 Unit - Refinance |  |  | 1,440 |  |  |  | 3,010 |  |  |  | 115,702 |  |  |  | 120,152 |  |  |  | — |  |  |  | 120,152 |
Quick Fix 1-4 Unit - Purchase |  |  | — |  |  |  | — |  |  |  | 6,585 |  |  |  | 6,585 |  |  |  | — |  |  |  | 6,585 |
Quick Fix 1-4 Unit - Refinance |  |  | 964 |  |  |  | 760 |  |  |  | 58,119 |  |  |  | 59,843 |  |  |  | — |  |  |  | 59,843 |
Total loans individually evaluated |  | $ | 5,675 |  |  | $ | 15,524 |  |  | $ | 315,037 |  |  | $ | 336,236 |  |  | $ | — |  |  | $ | 336,236 |
Loans collectively evaluated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial - Purchase |  | $ | 8,000 |  |  | $ | 7,081 |  |  | $ | — |  |  | $ | 15,081 |  |  | $ | 263,657 |  |  | $ | 278,738 |
Commercial - Refinance |  |  | 33,725 |  |  |  | 13,224 |  |  |  | 1,747 |  |  |  | 48,696 |  |  |  | 535,285 |  |  |  | 583,981 |
Residential 1-4 Unit - Purchase |  |  | 5,030 |  |  |  | 1,261 |  |  |  | — |  |  |  | 6,291 |  |  |  | 191,928 |  |  |  | 198,219 |
Residential 1-4 Unit - Refinance |  |  | 33,144 |  |  |  | 14,567 |  |  |  | 109 |  |  |  | 47,820 |  |  |  | 398,953 |  |  |  | 446,773 |
Quick Fix 1-4 Unit - Purchase |  |  | 1,972 |  |  |  | 21,780 |  |  |  | — |  |  |  | 23,752 |  |  |  | 12,987 |  |  |  | 36,739 |
Quick Fix 1-4 Unit - Refinance |  |  | 8,406 |  |  |  | 5,383 |  |  |  | 123 |  |  |  | 13,912 |  |  |  | 59,336 |  |  |  | 73,248 |
Total loans collectively evaluated |  | $ | 90,277 |  |  | $ | 63,296 |  |  | $ | 1,979 |  |  | $ | 155,552 |  |  | $ | 1,462,146 |  |  | $ | 1,617,698 |
Ending balance |  | $ | 95,952 |  |  | $ | 78,820 |  |  | $ | 317,016 |  |  | $ | 491,788 |  |  | $ | 1,462,146 |  |  | $ | 1,953,934 |
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year | The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of June 30, 2021 and December 31, 2020 (in thousands).
|  | Term Loans Amortized Cost Basis by Origination Year |
June 30, 2021: |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | Pre-2017 |  |  | Total |
Commercial - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 95,441 |  |  | $ | 55,726 |  |  | $ | 91,153 |  |  | $ | 59,586 |  |  | $ | 25,578 |  |  | $ | 19,939 |  |  | $ | 347,423 |
Nonperforming |  |  | — |  |  |  | 402 |  |  |  | 4,606 |  |  |  | 6,396 |  |  |  | 5,625 |  |  |  | 2,285 |  |  |  | 19,314 |
Total Commercial - Purchase |  | $ | 95,441 |  |  | $ | 56,128 |  |  | $ | 95,759 |  |  | $ | 65,982 |  |  | $ | 31,203 |  |  | $ | 22,224 |  |  | $ | 366,737 |
Commercial - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 87,103 |  |  | $ | 67,946 |  |  | $ | 157,006 |  |  | $ | 137,078 |  |  | $ | 70,672 |  |  | $ | 78,762 |  |  | $ | 598,567 |
Nonperforming |  |  | — |  |  |  | 4,046 |  |  |  | 29,316 |  |  |  | 29,124 |  |  |  | 18,856 |  |  |  | 11,055 |  |  |  | 92,397 |
Total Commercial - Refinance |  | $ | 87,103 |  |  | $ | 71,992 |  |  | $ | 186,322 |  |  | $ | 166,202 |  |  | $ | 89,528 |  |  | $ | 89,817 |  |  | $ | 690,964 |
Residential 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 101,387 |  |  | $ | 13,212 |  |  | $ | 60,395 |  |  | $ | 34,837 |  |  | $ | 17,858 |  |  | $ | 28,123 |  |  | $ | 255,812 |
Nonperforming |  |  | 232 |  |  |  | 3,668 |  |  |  | 5,478 |  |  |  | 3,977 |  |  |  | 4,398 |  |  |  | 3,331 |  |  |  | 21,084 |
Total Residential 1-4 Unit - Purchase |  | $ | 101,619 |  |  | $ | 16,880 |  |  | $ | 65,873 |  |  | $ | 38,814 |  |  | $ | 22,256 |  |  | $ | 31,454 |  |  | $ | 276,896 |
Residential 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 141,385 |  |  | $ | 35,589 |  |  | $ | 138,095 |  |  | $ | 83,511 |  |  | $ | 46,183 |  |  | $ | 51,486 |  |  | $ | 496,249 |
Nonperforming |  |  | 1,143 |  |  |  | 7,714 |  |  |  | 40,030 |  |  |  | 32,693 |  |  |  | 17,267 |  |  |  | 13,447 |  |  |  | 112,294 |
Total Residential 1-4 Unit - Purchase |  | $ | 142,528 |  |  | $ | 43,303 |  |  | $ | 178,125 |  |  | $ | 116,204 |  |  | $ | 63,450 |  |  | $ | 64,933 |  |  | $ | 608,543 |
Quick Fix 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 5,222 |  |  | $ | 6,578 |  |  | $ | 4,336 |  |  | $ | 186 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,322 |
Nonperforming |  |  | — |  |  |  | 14,042 |  |  |  | 9,425 |  |  |  | 416 |  |  |  | — |  |  |  | — |  |  |  | 23,883 |
Total Quick Fix 1-4 Unit - Purchase |  | $ | 5,222 |  |  | $ | 20,620 |  |  | $ | 13,761 |  |  | $ | 602 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,205 |
Quick Fix 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 9,512 |  |  | $ | 21,736 |  |  | $ | 23,121 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 54,369 |
Nonperforming |  |  | — |  |  |  | 17,655 |  |  |  | 26,679 |  |  |  | 5,668 |  |  |  | — |  |  |  | — |  |  |  | 50,002 |
Total Quick Fix 1-4 Unit - Refinance |  | $ | 9,512 |  |  | $ | 39,391 |  |  | $ | 49,800 |  |  | $ | 5,668 |  |  | $ | — |  |  | $ | — |  |  | $ | 104,371 |
Total Portfolio |  | $ | 441,425 |  |  | $ | 248,314 |  |  | $ | 589,640 |  |  | $ | 393,472 |  |  | $ | 206,437 |  |  | $ | 208,428 |  |  | $ | 2,087,716 |
|  | Term Loans Amortized Cost Basis by Origination Year |
December 31, 2020 |  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2016 |  |  | Pre-2016 |  |  | Total |
Commercial - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 56,446 |  |  | $ | 99,534 |  |  | $ | 64,706 |  |  | $ | 34,862 |  |  | $ | 9,500 |  |  | $ | 13,690 |  |  | $ | 278,738 |
Nonperforming |  |  | 1,046 |  |  |  | 4,666 |  |  |  | 5,799 |  |  |  | 7,182 |  |  |  | 1,539 |  |  |  | 1,934 |  |  |  | 22,166 |
Total Commercial - Purchase |  | $ | 57,492 |  |  | $ | 104,200 |  |  | $ | 70,505 |  |  | $ | 42,044 |  |  | $ | 11,039 |  |  | $ | 15,624 |  |  | $ | 300,904 |
Commercial - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 75,376 |  |  | $ | 176,854 |  |  | $ | 157,499 |  |  | $ | 87,476 |  |  | $ | 34,858 |  |  | $ | 51,918 |  |  | $ | 583,981 |
Nonperforming |  |  | 4,929 |  |  |  | 26,776 |  |  |  | 32,955 |  |  |  | 18,980 |  |  |  | 10,392 |  |  |  | 7,085 |  |  |  | 101,117 |
Total Commercial - Refinance |  | $ | 80,305 |  |  | $ | 203,630 |  |  | $ | 190,454 |  |  | $ | 106,456 |  |  | $ | 45,250 |  |  | $ | 59,003 |  |  | $ | 685,098 |
Residential 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 26,215 |  |  | $ | 69,775 |  |  | $ | 42,537 |  |  | $ | 25,874 |  |  | $ | 7,056 |  |  | $ | 26,762 |  |  | $ | 198,219 |
Nonperforming |  |  | 1,611 |  |  |  | 5,973 |  |  |  | 8,949 |  |  |  | 5,059 |  |  |  | 1,348 |  |  |  | 3,433 |  |  |  | 26,373 |
Total Residential 1-4 Unit - Purchase |  | $ | 27,826 |  |  | $ | 75,748 |  |  | $ | 51,486 |  |  | $ | 30,933 |  |  | $ | 8,404 |  |  | $ | 30,195 |  |  | $ | 224,592 |
Residential 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 57,945 |  |  | $ | 168,912 |  |  | $ | 96,568 |  |  | $ | 61,033 |  |  | $ | 22,949 |  |  | $ | 39,366 |  |  | $ | 446,773 |
Nonperforming |  |  | 3,934 |  |  |  | 42,159 |  |  |  | 37,451 |  |  |  | 17,942 |  |  |  | 7,653 |  |  |  | 11,013 |  |  |  | 120,152 |
Total Residential 1-4 Unit - Purchase |  | $ | 61,879 |  |  | $ | 211,071 |  |  | $ | 134,019 |  |  | $ | 78,975 |  |  | $ | 30,602 |  |  | $ | 50,379 |  |  | $ | 566,925 |
Quick Fix 1-4 Unit - Purchase |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 20,563 |  |  | $ | 15,990 |  |  | $ | 186 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 36,739 |
Nonperforming |  |  | 3,764 |  |  |  | 2,217 |  |  |  | 604 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,585 |
Total Quick Fix 1-4 Unit - Purchase |  | $ | 24,327 |  |  | $ | 18,207 |  |  | $ | 790 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 43,324 |
Quick Fix 1-4 Unit - Refinance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payment performance |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 35,234 |  |  | $ | 37,818 |  |  | $ | 196 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 73,248 |
Nonperforming |  |  | 17,318 |  |  |  | 33,711 |  |  |  | 8,719 |  |  |  | 95 |  |  |  | — |  |  |  | — |  |  |  | 59,843 |
Total Quick Fix 1-4 Unit - Refinance |  | $ | 52,552 |  |  | $ | 71,529 |  |  | $ | 8,915 |  |  | $ | 95 |  |  | $ | — |  |  | $ | — |  |  | $ | 133,091 |
Total Portfolio |  | $ | 304,381 |  |  | $ | 684,385 |  |  | $ | 456,169 |  |  | $ | 258,503 |  |  | $ | 95,295 |  |  | $ | 155,201 |  |  | $ | 1,953,934 |

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- Definition Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
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