Quarterly report pursuant to Section 13 or 15(d)

Mortgage Loans Held for Sale

v3.21.2
Mortgage Loans Held for Sale
 6 Months Ended
Jun. 30, 2021
Mortgage Loans Held For Sale [Abstract]  
Mortgage Loans Held for Sale MORTGAGE LOANS HELD FOR SALE
The Company sells substantially all of its originated mortgage loans into the secondary market. The Company may retain the right to service some of these loans upon sale through ownership of servicing rights. A reconciliation of the changes in mortgage loans held for sale to the amounts presented in the Condensed Consolidated Statements of Cash Flows is set forth below:
Six Months Ended June 30,
2021 2020
Balance at the beginning of period $ 2,368,777  $ 1,504,842 
Origination of mortgage loans held for sale 18,077,556  14,615,843 
Proceeds on sale of payments from mortgage loans held for sale (18,927,552) (14,662,777)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net 671,268  480,701 
Valuation adjustment of mortgage loans held for sale (36,059) 43,912 
Balance at the end of period $ 2,153,990  $ 1,982,521 
At June 30, 2021, mortgage loans held for sale included unpaid principal balances of the underlying loans of $2.1 billion and had a fair value of $2.2 billion. At December 31, 2020, mortgage loans held for sale included unpaid principal balances of the underlying loans of $2.3 billion and had a fair value of $2.4 billion.