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Loans Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2023
Loans Held For Sale  
Schedule 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 June 30,
2023		   As of December 31, 2022 
   As of June 30,
2023		   As of December 31, 2022 
         
Aggregate fair value  $161,310,060   $141,179,620 
Unpaid principal balance   162,075,374    141,337,811 
Unrealized loss   (765,314)   (158,191)
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:

 

   2023   2022   2023   2022 
   Three Months Ended June 30,   Six Months Ended June 30, 
   2023   2022   2023   2022 
Loan fees  $5,986,802   $7,950,227   $10,375,215   $15,037,410 
Interest income   2,620,489    2,923,446    4,627,546    4,955,315 
Secondary gains   19,298,213    37,161,287    37,259,571    76,763,900 
Change in fair value of loan commitments   (151,382)   (2,247,244)   526,570    428,127 
Change in fair value of loans held for sale   (1,401,738)   (3,463,922)   (607,123)   (6,210,487)
Provision for loan loss reserve   (273,631)   (292,896)   (114,020)   (598,922)
Mortgage fee income  $26,078,753   $42,030,898   $52,067,759   $90,375,343 
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 June 30,
2023		   As of December 31,
2022		 
Balance, beginning of period  $1,725,667   $2,447,139 
Provision on current loan originations (1)   513,431    1,078,812 
Charge-offs, net of recaptured amounts   (983,185)   (1,800,284)
Balance, end of period  $1,255,913   $1,725,667 

 

 

(1) Included in mortgage fee income