Transfers of Financial Assets (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Loan Securitization Transfers, Whole Loan Sales and Participating Interests

The following table summarizes the loan securitization transfers qualifying for sale accounting treatment for the years indicated. There were no home loan securitization transfers qualifying for sale accounting treatment during any of the years presented.


	Year Ended December 31,
	2021		2020		2019
Student loans
Fair value of consideration received and obligations settled:
Cash	$	1,187,714	$	2,015,357	$	4,542,431
Securitization investments	62,783		130,807		239,698
Deconsolidation of debt(1)	—		458,375		—
Servicing assets recognized	36,948		19,903		42,826
Total consideration	1,287,445		2,624,442		4,824,955
Aggregate unpaid principal balance and accrued interest of loans sold	1,227,379		2,540,052		4,677,471
Gain from loan sales(1)	$	60,066	$	84,390	$	147,484








Personal loans
Fair value of consideration received and obligations settled:
Cash	$	1,050,062	$	316,503	$	397,962
Securitization investments	55,491		20,961		111,556
Deconsolidation of debt(1)	—		414,261		1,464,920
Servicing assets recognized	6,003		2,086		11,229
Total consideration	1,111,556		753,811		1,985,667
Aggregate unpaid principal balance and accrued interest of loans sold	1,054,171		708,346		1,906,757
Gain from loan sales(1)	$	57,385	$	45,465	$	78,910

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(1)Deconsolidation of debt reflects the impacts of previously consolidated VIEs that became deconsolidated during the year because we no longer held a significant financial interest in the underlying securitization entity, which can fluctuate from period to period. See Note 6 for further discussion of deconsolidations. For the year ended December 31, 2020, the gains from sales excluded losses from deconsolidations on student loans and personal loans of $8,601 and $6,098, respectively. For the year ended December 31, 2019, the gains from sales excluded losses from deconsolidations on personal loans of $38,741. Losses on deconsolidations are presented within noninterest income—securitizations in the consolidated statements of operations and comprehensive income (loss).

The following table summarizes the whole loan sales for the years indicated:


	Year Ended December 31,
	2021		2020		2019
Student loans
Fair value of consideration received:
Cash	$	1,676,892	$	2,596,719	$	1,399,921
Servicing assets recognized	15,526		25,734		21,145
Repurchase liabilities recognized	(300)		(510)		(314)
Total consideration	1,692,118		2,621,943		1,420,752
Aggregate unpaid principal balance and accrued interest of loans sold	1,635,280		2,503,821		1,389,986
Gain from loan sales	$	56,838	$	118,122	$	30,766
Home loans
Fair value of consideration received:
Cash	$	2,989,813	$	2,173,709	$	733,860
Servicing assets recognized	31,294		20,440		5,724
Repurchase liabilities recognized	(3,288)		(3,034)		(1,720)
Total consideration	3,017,819		2,191,115		737,864
Aggregate unpaid principal balance and accrued interest of loans sold	2,935,343		2,101,895		726,379
Gain from loan sales	$	82,476	$	89,220	$	11,485
Personal loans
Fair value of consideration received:
Cash	$	3,373,655	$	1,285,689	$	2,316,771
Servicing assets recognized	21,811		8,429		31,138
Repurchase liabilities recognized	(8,168)		(3,535)		(2,948)
Total consideration received	3,387,298		1,290,583		2,344,961
Aggregate unpaid principal balance and accrued interest of loans sold	3,253,645		1,238,474		2,257,223
Gain from loan sales	$	133,653	$	52,109	$	87,738

Schedule of Transferred Loans with Continued Involvement but Not Recorded on Consolidated Balance Sheet

The following table presents information as of the dates indicated about the unpaid principal balances of transferred loans that are not recorded in our consolidated balance sheets, but with which we have a continuing involvement through our servicing agreements:


	Student Loans		Home Loans		Personal Loans		Total
December 31, 2021
Loans in repayment	$	9,852,957	$	4,575,001	$	5,138,299	$	19,566,257
Loans in-school/grace/deferment	37,949		—		—		37,949
Loans in forbearance	44,833		40,353		1,120		86,306
Loans in delinquency	112,885		7,465		75,275		195,625
Total loans serviced	$	10,048,624	$	4,622,819	$	5,214,694	$	19,886,137
December 31, 2020
Loans in repayment	$	12,059,702	$	2,629,015	$	4,796,404	$	19,485,121
Loans in-school/grace/deferment	26,158		—		—		26,158
Loans in forbearance	275,659		46,357		35,677		357,693
Loans in delinquency	91,424		8,493		110,640		210,557
Total loans serviced	$	12,452,943	$	2,683,865	$	4,942,721	$	20,079,529

The following table presents additional information about the servicing cash flows received and net charge-offs related to transferred loans with which we have a continuing involvement during the years indicated:


	Year Ended December 31,
	2021		2020		2019
Student loans
Servicing fees collected	$	46,657	$	50,794	$	47,038
Charge-offs, net of recoveries(1)	$	24,675	$	16,999	$	27,740
Home Loans
Servicing fees collected	8,749		4,499		2,635
Charge-offs, net of recoveries	—		—		—
Personal Loans
Servicing fees collected	34,421		45,574		31,268
Charge-offs, net of recoveries(1)	102,276		197,927		233,628
Total
Servicing fees collected	$	89,827	$	100,867	$	80,941
Charge-offs, net of recoveries(1)	$	126,951	$	214,926	$	261,368

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(1)Student loan and personal loan charge-offs, net of recoveries, are impacted by the timing of charge-off sales performed on behalf of the purchasers of our loans, which lower the net amount disclosed. For both loan products, charge-off sales were meaningfully higher in 2020 relative to 2021.