| Summary of Financial Performance and Results by Segment |
The following table presents the financial performance and results by segment for the year ended December 31, 2021:
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Origination |
|
Servicing |
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Total
Segments |
|
All Other |
|
Total |
| Revenue |
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| Loan origination fees and gain on sale of loans, net |
$ |
1,468,465 |
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|
$ |
12,051 |
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|
$ |
1,480,516 |
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|
$ |
— |
|
|
$ |
1,480,516 |
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| Loan servicing and other fees |
— |
|
|
194,759 |
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|
194,759 |
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|
— |
|
|
194,759 |
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| Valuation adjustment of mortgage servicing rights |
— |
|
|
(101,572) |
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|
(101,572) |
|
|
— |
|
|
(101,572) |
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| Interest income (expense) |
16,582 |
|
|
(7,882) |
|
|
8,700 |
|
|
(6,180) |
|
|
2,520 |
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| Other income, net |
(4) |
|
|
110 |
|
|
106 |
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|
(19) |
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|
87 |
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| Net revenue |
1,485,043 |
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|
97,466 |
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|
1,582,509 |
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|
(6,199) |
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|
1,576,310 |
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| Expenses |
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| Salaries, incentive compensation and benefits |
953,772 |
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|
27,697 |
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|
981,469 |
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|
38,321 |
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|
1,019,790 |
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| General and administrative |
71,480 |
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|
9,722 |
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|
81,202 |
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|
10,089 |
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|
91,291 |
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| Occupancy, equipment and communication |
57,718 |
|
|
4,196 |
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|
61,914 |
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|
5,414 |
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|
67,328 |
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| Depreciation and amortization |
9,319 |
|
|
742 |
|
|
10,061 |
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|
1,427 |
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|
11,488 |
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| Provision for foreclosure losses |
— |
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|
(518) |
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|
(518) |
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|
— |
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|
(518) |
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| Income tax expense |
— |
|
|
— |
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|
— |
|
|
103,149 |
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|
103,149 |
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| Net income (loss) |
$ |
392,754 |
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|
$ |
55,627 |
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|
$ |
448,381 |
|
|
$ |
(164,599) |
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|
$ |
283,782 |
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The following table presents the financial performance and results by segment for the year ended December 31, 2020:
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|
Origination |
|
Servicing |
|
Total
Segments |
|
All Other |
|
Total |
| Revenue |
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|
|
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| Loan origination fees and gain on sale of loans, net |
$ |
1,753,517 |
|
|
$ |
6,354 |
|
|
$ |
1,759,871 |
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|
$ |
— |
|
|
$ |
1,759,871 |
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| Loan servicing and other fees |
— |
|
|
160,237 |
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|
160,237 |
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|
— |
|
|
160,237 |
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| Valuation adjustment of mortgage servicing rights |
— |
|
|
(296,307) |
|
|
(296,307) |
|
|
— |
|
|
(296,307) |
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| Interest income (expense) |
13,993 |
|
|
(8,068) |
|
|
5,925 |
|
|
(8,444) |
|
|
(2,519) |
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| Other income, net |
25 |
|
|
133 |
|
|
158 |
|
|
607 |
|
|
765 |
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| Net revenue |
1,767,535 |
|
|
(137,651) |
|
|
1,629,884 |
|
|
(7,837) |
|
|
1,622,047 |
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| Expenses |
|
|
|
|
|
|
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|
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| Salaries, incentive compensation and benefits |
864,322 |
|
|
25,075 |
|
|
889,397 |
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|
64,361 |
|
|
953,758 |
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| General and administrative |
84,999 |
|
|
9,270 |
|
|
94,269 |
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|
7,679 |
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|
101,948 |
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| Occupancy, equipment and communication |
48,233 |
|
|
3,524 |
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|
51,757 |
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|
5,313 |
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|
57,070 |
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| Depreciation and amortization |
4,644 |
|
|
777 |
|
|
5,421 |
|
|
2,080 |
|
|
7,501 |
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| Provision for foreclosure losses |
— |
|
|
7,700 |
|
|
7,700 |
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|
— |
|
|
7,700 |
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| Income tax expense |
— |
|
|
— |
|
|
— |
|
|
123,493 |
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|
123,493 |
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| Net income (loss) |
$ |
765,337 |
|
|
$ |
(183,997) |
|
|
$ |
581,340 |
|
|
$ |
(210,763) |
|
|
$ |
370,577 |
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