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Mortgage Servicing Rights (Tables)
12 Months Ended
Dec. 31, 2020
Mortgage Servicing Rights  
Schedule of changes in the fair value of MSRs

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

 

2020

 

2019

Balance at beginning of year

    

$

41,470

    

$

64,728

Additions from servicing retained loan sales

 

 

2,094

 

 

2,491

Reductions from bulk sales

 

 

(21,263)

 

 

 —

Other

 

 

 —

 

 

22

Changes in fair value (1)

 

 

(21,962)

 

 

(25,771)

Fair value of MSRs at end of period

 

$

339

 

$

41,470


(1)

Changes in fair value are included within loss on mortgage servicing rights, net in the accompanying consolidated statements of operations and comprehensive loss.

 

Schedule of the outstanding loans serviced by entity

 

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

 

 

2020

 

2019

 

Government insured

    

$

30,524

    

$

105,442

 

Conventional

 

 

 —

 

 

4,826,407

 

Total loans serviced (1)

 

$

30,524

 

$

4,931,849

 


(1)

The MSR Financing line expired in May 2020.  No collateral was pledged as part of the MSR Financing at December 31, 2019.

 

Schedule of hypothetical changes in the fair values of MSRs

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

Mortgage Servicing Rights Sensitivity Analysis

 

2020

 

2019

Fair value of MSRs

    

$

339

 

$

41,470

Prepayment Speed:

 

 

 

 

 

 

Decrease in fair value from 10% adverse change

 

 

(13)

 

 

(1,850)

Decrease in fair value from 20% adverse change

 

 

(26)

 

 

(3,631)

Decrease in fair value from 30% adverse change

 

 

(38)

 

 

(5,325)

Discount Rate:

 

 

 

 

 

 

Decrease in fair value from 10% adverse change

 

 

(13)

 

 

(1,330)

Decrease in fair value from 20% adverse change

 

 

(25)

 

 

(2,579)

Decrease in fair value from 30% adverse change

 

 

(37)

 

 

(3,753)

 

Schedule of gain (loss) on mortgage servicing rights

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

December 31, 

 

    

2020

    

2019

Change in fair value of mortgage servicing rights

 

$

(21,962)

 

$

(25,771)

(Loss) gain on sale of mortgage servicing rights

 

 

(6,547)

 

 

860

Loss on mortgage servicing rights, net

 

$

(28,509)

 

$

(24,911)

 

Schedule of components of servicing (expenses) fees, net

 

 

 

 

 

 

 

 

 

For the Year Ended

 

 

December 31, 

 

    

2020

    

2019

Contractual servicing fees

 

$

5,159

 

$

15,147

Late and ancillary fees

 

 

67

 

 

180

Subservicing and other costs

 

 

(1,623)

 

 

(2,384)

Servicing fees, net

 

$

3,603

 

$

12,943