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4) Loans Held For Sale (Tables)

9 Months Ended

Sep. 30, 2020

Table Text Block Supplement [Abstract]

Aggregate fair value - Loans Held for Sale

The following is a summary of the aggregate fair value and the aggregate unpaid principal balanceof loans held for sale for the periods presented:

	As of September 30 2020	As of December 31 2019

Aggregate fair value	$ 445,878,979	$ 213,457,632
Unpaid principal balance	428,860,105	206,417,122
Unrealized gain	17,018,874	7,040,510

Schedule of Mortgage Fee Income for Loans Held for Sale

Major categories of mortgage fee income for loans held for sale are as follows:

	Three Months Ended September 30				Nine Months Ended September 30
	2020		2019		2020		2019
Loan fees	$ 20,630,052		$ 8,438,471		$ 40,167,476		$ 22,162,455
Interest income	3,348,929		2,127,775		7,630,993		5,032,505
Secondary gains	70,627,864		27,574,294		151,215,666		66,434,923
Change in fair value of loan commitments	3,901,086		378,899		12,454,218		1,915,223
Change in fair value of loans held for sale	1,404,131		1,411,322		4,231,347		2,065,978
Provision for loan loss reserve	(1,352,438)		(195,009)		(3,489,982)		(449,894)
Mortgage fee income	$ 98,559,624		$ 39,735,752		$ 212,209,718		$ 97,161,190

Schedule of loan loss reserve which is included in other liabilities and accrued expenses

The following is a summary of the loan loss reserve that is included in other liabilities and accrued expenses:

	As of September 30 2020		As of December 31 2019
Balance, beginning of period	$ 4,046,288		$ 3,604,869
Provision on current loan originations (1)	3,489,982		643,284
Charge-offs, net of recaptured amounts	(4,527,157)		(201,865)
Balance, end of period	$ 3,009,113		$ 4,046,288

(1) Included in mortgage fee income