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4) Loans Held For Sale (Tables)

3 Months Ended

Mar. 31, 2021

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 balance of loans held for sale for the periods presented:

		As of March 31 2021		As of December 31 2020

Aggregate fair value		$ 304,030,372		$ 422,772,418
Unpaid principal balance		294,207,728		406,407,323
Unrealized gain		9,822,644		16,365,095

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 March 31
	2021		2020
Loan fees	$ 9,539,956		$ 8,916,153
Interest income	2,311,802		1,680,459
Secondary gains	68,438,933		26,641,492
Change in fair value of loan commitments	314,466		3,275,032
Change in fair value of loans held for sale	(6,945,882)		381,734
Provision for loan loss reserve	(660,663)		(613,109)
Mortgage fee income	$ 72,998,612		$ 40,281,761

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 March 31 2021		As of December 31 2020
Balance, beginning of period	$ 20,583,618		$ 4,046,288
Provision on current loan originations (1)	660,663		4,938,214
Additional provision for loan loss reserve	-		16,506,030
Charge-offs, net of recaptured amounts	(19,039,298)		(4,906,914)
Balance, end of period	$ 2,204,983		$ 20,583,618

(1) Included in mortgage fee income