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Loans Held for Sale (Tables)
 3 Months Ended
Mar. 31, 2022
Loans Held For Sale  
Summary of Aggregate fair value - Loans Held for Sale

The following table presents the aggregate fair value and the aggregate unpaid principal balance of loans held for sale.

 

  

As of

March 31
2022

   As of December 31 2021 
         
Aggregate fair value  $234,012,872   $302,776,827 
Unpaid principal balance   228,907,138    294,481,503 
Unrealized gain   5,105,734    8,295,324 
Schedule of Mortgage Fee Income for Loans Held for Sale

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

 

   2022   2021 
   Three Months Ended March 31 
   2022   2021 
Loan fees  $7,087,182   $9,539,956 
Interest income   2,031,869    2,311,802 
Secondary gains   39,602,614    68,438,933 
Change in fair value of loan commitments   2,675,371    314,466 
Change in fair value of loans held for sale   (2,746,565)   (6,945,882)
Provision for loan loss reserve   (306,026)   (660,663)
Mortgage fee income  $48,344,445   $72,998,612 
Summary of Loan Loss Reserve Included in Other Liabilities and Accrued Expenses

The loan loss reserve, which is included in other liabilities and accrued expenses, is summarized as follows:

 

   As of March 31
2022		   As of December 31
2021		 
Balance, beginning of period  $2,447,139   $20,583,618 
Provision on current loan originations (1)   306,026    2,211,230 
Charge-offs, net of recaptured amounts   (609,775)   (20,347,709)
Balance, end of period  $2,143,390   $2,447,139 

 

 

(1) Included in mortgage fee income