Quarterly report pursuant to Section 13 or 15(d)

Mortgage Loans Held for Sale

v3.21.2
Mortgage Loans Held for Sale
 9 Months Ended
Sep. 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:
Nine Months Ended September 30,
2021 2020
Balance — beginning of period $ 2,368,777  $ 1,504,842 
Origination of mortgage loans held for sale 28,192,471  24,657,750 
Proceeds on sale of payments from mortgage loans held for sale (29,847,321) (24,873,813)
Mortgage loans acquired (see Note 3) 465,020  — 
Gain on sale of mortgage loans excluding fair value of other financial instruments, net 1,019,439  897,467 
Valuation adjustment of mortgage loans held for sale (59,040) 52,904 
Balance — end of period $ 2,139,346  $ 2,239,150 
At September 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 $2.1 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.