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Loans Held for Sale (Tables)
 9 Months Ended
Sep. 30, 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
September 30
2022		   As of
December 31
2021		 
         
Aggregate fair value  $161,981,923   $302,776,827 
Unpaid principal balance   161,668,488    294,481,503 
Unrealized gain   313,435    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:

 

                     
   Three Months Ended
September 30		   Nine Months Ended
September 30		 
   2022   2021   2022   2021 
Loan fees  $4,729,445   $9,552,788   $19,766,856   $28,247,365 
Interest income   2,570,511    2,336,573    7,525,826    6,836,754 
Secondary gains   28,940,898    55,440,961    103,336,118    179,900,770 
Change in fair value of loan commitments   (3,271,282)   (380,696)   (2,843,155)   (549,093)
Change in fair value of loans held for sale   (4,131,363)   (259,307)   (7,973,171)   (8,319,820)
Provision for loan loss reserve   (230,321)   (432,468)   (829,243)   (1,701,700)
Mortgage fee income  $28,607,888   $66,257,851   $118,983,231   $204,414,276 
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
September 30
2022		   As of
December 31
2021		 
Balance, beginning of period  $2,447,139   $20,583,618 
Provision on current loan originations (1)   829,243    2,211,230 
Charge-offs, net of recaptured amounts   (1,450,626)   (20,347,709)
Balance, end of period  $1,825,756   $2,447,139 

 

 

(1)Included in mortgage fee income