Velocity Financial (VEL) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 01, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	VEL
Entity Registrant Name	Velocity Financial, Inc.
Entity Central Index Key	0001692376
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		32,384,645
Entity File Number	001-39183
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0659719
Entity Address, Address Line One	30699 Russell Ranch Road
Entity Address, Address Line Two	Suite 295
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91362
City Area Code	818
Local Phone Number	532-3700
Title of 12(b) Security	Common stock, par value $0.01 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 36,629	$ 35,965
Restricted cash	10,837	11,639
Loans held for sale, net	77,503	87,908
Loans held for investment, net	2,828,302	2,527,564
Loans held for investment, at fair value	1,352	1,359
Total loans, net	2,907,157	2,616,831
Accrued interest receivables	14,169	13,159
Receivables due from servicers	78,278	74,330
Other receivables	4,527	1,812
Real estate owned, net	16,177	17,557
Property and equipment, net	3,690	3,830
Deferred tax asset	16,477	16,604
Mortgage servicing rights, at fair value	7,661	7,152
Goodwill	6,775	6,775
Other assets	7,345	6,824
Total assets	3,109,722	2,812,478
LIABILITIES
Accounts payable and accrued expenses	92,768	92,195
Secured financing, net	208,956	162,845
Securitizations, net	2,035,374	1,911,879
Warehouse and repurchase facilities, net	424,692	301,069
Total liabilities	2,761,790	2,467,988
Commitments and contingencies
EQUITY
Common stock ($0.01 par value, 100,000,000 shares authorized at March 31, 2022 and December 31, 2021; 32,384,645 and 32,293,042 shares issued and outstanding, respectively)	325	323
Treasury stock, at cost (33,647 common shares at March 31, 2022 and none December 31, 2021)	(458)
Additional paid-in capital	297,031	296,364
Retained earnings	47,543	44,422
Total Velocity Financial Inc. stockholders' equity	344,441	341,109
Noncontrolling interest in subsidiary	3,491	3,381
Total equity	347,932	344,490
Total liabilities and equity	$ 3,109,722	$ 2,812,478

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Class Of Stock [Line Items]
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,384,645	32,293,042
Common stock, shares, outstanding	32,384,645	32,293,042
Treasury stock, common shares	33,647	33,647
ASSETS
Restricted cash	$ 10,837	$ 11,639
Loans held for investment, net	2,828,302	2,527,564
Real estate owned, net	16,177	17,557
Other assets	7,345	6,824
Total assets	3,109,722	2,812,478
LIABILITIES
Accounts payable and accrued expenses	92,768	92,195
Total liabilities	2,761,790	2,467,988
Variable Interest Entity Primary Beneficiary
ASSETS
Restricted cash	4,014	4,713
Loans held for investment, net	2,335,880	2,202,010
Accrued interest and other receivables	87,451	83,493
Real estate owned, net	11,148	9,861
Other assets	11	9
Total assets	2,438,504	2,300,086
LIABILITIES
Accounts payable and accrued expenses	45,454	45,705
Securities issued	2,035,374	1,911,879
Total liabilities	$ 2,080,828	$ 1,957,584

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Interest income	$ 52,049	$ 40,707
Interest expense — portfolio related	23,556	20,832
Net interest income — portfolio related	28,493	19,875
Interest expense — corporate debt	17,140	7,350
Net interest income	11,353	12,525
Provision for loan losses	730	105
Net interest income after provision for loan losses	10,623	12,420
Other operating income
Gain on disposition of loans	4,540	2,839
Unrealized gain (loss) on fair value loans	11	(2)
Other income (expense)	1,097	(36)
Total other operating income	5,648	2,801
Operating expenses
Compensation and employee benefits	5,323	5,186
Rent and occupancy	442	463
Loan servicing	2,450	1,867
Professional fees	1,362	533
Real estate owned, net	(175)	509
Other operating expenses	2,848	2,059
Total operating expenses	12,250	10,617
Income before income taxes	4,021	4,604
Income tax expense	790	1,208
Net income	3,231	3,396
Net income attributable to noncontrolling interest	110
Net income attributable to Velocity Financial, Inc.	3,121	3,396
Less undistributed earnings attributable to participating securities	48	1,281
Net earnings attributable to common stockholders	$ 3,073	$ 2,115
Earnings per common share
Basic	$ 0.10	$ 0.11
Diluted	$ 0.09	$ 0.10
Weighted average common shares outstanding
Basic	31,892	20,087
Diluted	34,204	33,407

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock	Parent	Noncontrolling Interest
Beginning balance at Dec. 31, 2020	$ 219,589	$ 201	$ 204,190	$ 15,198		$ 219,589
Beginning balance, shares at Dec. 31, 2020		20,087,494
Restricted stock awarded and earned stock compensation	231	$ 5	226			231
Restricted stock awarded and earned stock compensation, shares		480,000
Stock-based compensation	254		254			254
Net income	3,396			3,396		3,396
Ending balance at Mar. 31, 2021	223,470	$ 206	204,670	18,594		223,470
Ending balance, shares at Mar. 31, 2021		20,567,494
Beginning balance at Dec. 31, 2021	344,490	$ 323	296,364	44,422		341,109	$ 3,381
Beginning balance, shares at Dec. 31, 2021		32,293,042
Purchase of treasury stock, at cost	(458)				$ (458)	(458)
Purchase of treasury stock, at cost, shares					(33,647)
Restricted stock awarded and earned stock compensation	418	$ 2	416			418
Restricted stock awarded and earned stock compensation, shares		125,250
Stock-based compensation	251		251			251
Net income	3,231			3,121		3,121	110
Ending balance at Mar. 31, 2022	$ 347,932	$ 325	$ 297,031	$ 47,543	$ (458)	$ 344,441	$ 3,491
Ending balance, shares at Mar. 31, 2022		32,418,292			(33,647)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income including noncontrolling interest	$ 3,231	$ 3,396
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	206	301
Amortization of right-of-use assets	330	367
Provision for loan losses	730	105
Provision for repurchase of loans	228
Purchase of held for sale loans		(1,950)
Repayments on loans held for sale		(121)
Net accretion of discount on purchased loans and deferred loan origination costs	1,927	1,368
Provision for uncollectible borrower advances	50	261
Gain on disposition of loans	(4,254)	(2,592)
Real estate acquired through foreclosure in excess of recorded investment	(286)	(247)
Amortization of debt issuance discount and costs	12,092	6,403
Loss on disposal of property and equipment		1
Change in valuation of real estate owned	(235)	435
Change in valuation of fair value loans	(10)	2
Change in valuation of mortgage servicing rights	(510)
Change in valuation of held for sale loans		(17)
Gain on sale of real estate owned	(320)	(188)
Stock-based compensation	669	485
Deferred tax expense (benefit)	127	(2,592)
(Increase) decrease in operating assets and liabilities:
Accrued interest and other receivables	(1,870)	2,800
Other assets	(858)	(930)
Accounts payable and accrued expenses	589	3,137
Net cash provided by operating activities	11,836	10,424
Cash flows from investing activities:
Purchase of loans held for investment	(4,629)
Origination of loans held for investment	(585,713)	(236,484)
Payoffs of loans held for investment and loans at fair value	146,217	124,189
Proceeds from sales of loans originally classified as held for investment	147,340	57,924
Proceeds from sale of real estate owned	4,630	2,942
Capitalized real estate owned improvements		(10)
Change in advances	(193)	(548)
Change in impounds and deposits	(1,244)	(1,620)
Purchase of property and equipment	(66)	(49)
Net cash used in investing activities	(293,658)	(53,656)
Cash flows from financing activities:
Warehouse repurchase facilities advances	607,760	196,633
Warehouse repurchase facilities repayments	(483,600)	(68,261)
Proceeds from secured financing	215,000	140,000
Repayment of secured financing	(170,844)	(78,875)
Proceeds of securitizations, net	268,967
Repayment of securitizations	(145,057)	(128,357)
Purchase of treasury stock	(458)
Debt issuance costs	(10,084)	(10,959)
Net cash provided by financing activities	281,684	50,181
Net (decrease) increase in cash, cash equivalents, and restricted cash	(138)	6,949
Cash, cash equivalents, and restricted cash at beginning of period	47,604	20,293
Cash, cash equivalents, and restricted cash at end of period	47,466	27,242
Supplemental cash flow information:
Cash paid during the period for interest	27,316	21,594
Cash paid during the period for income taxes	277	100
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to held for sale	149,379	44,892
Transfer of loans held for investment to real estate owned	2,408	1,652
Transfer of accrued interest to loans held for investment	466	618
Discount on issuance of securitizations	4,627
Transfer of loans held for sale to held for investment	$ 13,975	$ 1,747

Organization and Description of

Organization and Description of Business	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization And Description of Business	Note 1 — Organization and Description of Business Velocity Financial, LLC (VF or the Company) was a Delaware limited liability company formed on July 9, 2012 for the purpose of acquiring all membership units in Velocity Commercial Capital, LLC (VCC). On January 16, 2020, Velocity Financial, LLC converted from a Delaware limited liability company to a Delaware corporation and changed its name to Velocity Financial, Inc. Upon completion of the conversion, Velocity Financial, LLC’s Class A equity units of 97,513,533 and Class D equity units of 60,193,989 were converted to 11,749,994 shares of Velocity Financial, Inc. common stock. On January 22, 2020, the Company completed its initial public offering of 7,250,000 shares of common stock at a price to the public of $ 13.00 per share. On January 28, 2020, the Company completed the sale of an additional 1,087,500 shares of its common stock, representing the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $ 13.00 per share. The Company’s stock trades on The New York Stock Exchange under the symbol “VEL”. VCC, a California LLC formed on June 2, 2004, is a mortgage lender that originates and acquires commercial investor real estate loans, providing capital to the investor real estate loan market. The Company is licensed as a California Finance Lender and, as such, is required to maintain a minimum net worth of $ 250 thousand. The Company does not believe there is any potential risk of not being able to meet this regulatory requirement. The Company uses its equity capital and borrowed funds to originate and invest in investor real estate loans and seeks to generate income based primarily on the difference between the yield on its investor real estate loan portfolio and the cost of its borrowings. The Company may also sell loans from time to time. The Company does not originate or acquire investments outside of the United States of America. The Company, through its wholly owned subsidiaries, is the sole beneficial owner of the Velocity Commercial Capital Loan Trusts, from the 2015-1 Trust through and including the 2022-1 Trust, all of which are New York common law trusts, with the exception of VCC 2020-MC1 Trust which is a Delaware statutory trust. The Trusts are bankruptcy remote, variable interest entities (VIE) formed for the purpose of providing secured borrowings to the Company and are consolidated with the accounts of the Company. On December 28, 2021, the Company acquired an 80 % ownership interest in Century Health & Housing Capital, LLC (“Century”), paying a cash purchase price of $ 12.8 million. Century is a licensed “Ginnie Mae” issuer/servicer that provides government-insured Federal Housing Administration (FHA) mortgage financing for multifamily housing, senior housing and long-term care/assisted living facilities. Century originates loans through its borrower-direct origination channel and services the loans through its in-house servicing platform, which enables the formation of long-term relationships with its clients and drives strong portfolio retention. Century is a consolidated subsidiary of the Company as of completion of the acquisition.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited Consolidated Financial Statements as of and for the three months ended March 31, 2022 and 2021 have been prepared on a basis that is substantially consistent with the accounting principles applied to the Company’s audited Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for each respective period presented. Such adjustments are of a normal, recurring nature. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for any other quarter for the full year. The interim financial information should be read in conjunction with the Company’s audited Consolidated Financial Statements. (a) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period. (b) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the Securities and Exchange Commission. There have been no significant changes to the Company’s significant accounting policies as described in its 2021 Annual Report. (c) Principles of Consolidation The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The consolidated financial statements as of March 31, 2022 and December 31, 2021 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs.

Current Accounting Developments

Current Accounting Developments	3 Months Ended
	Mar. 31, 2022
Accounting Changes And Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments (a) Recently Issued Accounting Standards ASU 2022-2, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." The amendments in this ASU eliminate the recognition and measurement guidance for troubled debt restructuring by Creditors, and require enhanced disclosures for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. ASU 2022-4 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables. This ASU is effective January 1, 2023 for the Company. The adoption of this standard is not expected to have a significant impact on the Company’s consolidated financial statements. (b) Treasury Shares The Company separately presents treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Treasury shares are carried at cost.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2022
Cash And Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	Note 4 — Cash, Cash Equivalents, and Restricted Cash The Company is required to hold cash for potential future advances due to certain borrowers. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Cash and cash equivalents $ 36,629 $ 20,434 Restricted cash 10,837 6,808 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 47,466 $ 27,242

Loans Held for Sale, Net

Loans Held for Sale, Net	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Loans Held for Sale, Net	Note 5 — Loans Held for Sale, Net The following table summarizes loans held for sale as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Unpaid principal balance $ 76,869 $ 87,422 Valuation adjustments — — Deferred loan origination costs 634 486 Ending balance $ 77,503 $ 87,908

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Loans Held for Investment and Loans Held for Investment at Fair Value	Note 6 — Loans Held for Investment and Loans Held for Investment at Fair Value The following tables summarize loans held for investment as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,798,632 $ 1,315 $ 2,799,947 Valuation adjustments on FVO loans — 37 37 Deferred loan origination costs 34,334 — 34,334 2,832,966 1,352 2,834,318 Allowance for loan losses ( 4,664 ) — ( 4,664 ) Total loans held for investment and loans held for investment at $ 2,828,302 $ 1,352 $ 2,829,654 December 31, 2021 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,498,466 $ 1,332 $ 2,499,798 Valuation adjustments on FVO loans — 27 27 Deferred loan origination costs 33,360 — 33,360 2,531,826 1,359 2,533,185 Allowance for loan losses ( 4,262 ) — ( 4,262 ) Total loans held for investment and loans held for investment at $ 2,527,564 $ 1,359 $ 2,528,923 The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three months ended March 31, 2022 and the year ended December 31, 2021 ($ in thousands): March 31, 2022 UPB % Amortized Cost % Beginning balance $ 292,429 $ 295,990 Additions — — Foreclosures — — Repayments ( 31,720 ) ( 32,130 ) Ending balance $ 260,709 $ 263,860 Performing/Accruing $ 206,495 79.2 % $ 209,033 79.2 % Nonperforming/Nonaccrual $ 54,214 20.8 % $ 54,827 20.8 % December 31, 2021 UPB % Amortized Cost % Beginning balance $ 392,073 $ 396,918 Additions 2,616 2,615 Foreclosures ( 402 ) ( 408 ) Repayments ( 101,858 ) ( 103,135 ) Ending balance $ 292,429 $ 295,990 Performing/Accruing $ 233,307 79.8 % $ 236,076 79.8 % Nonperforming/Nonaccrual $ 59,122 20.2 % $ 59,914 20.2 % Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $ 408.7 million in UPB of loans, which includes capitalized interest of $ 10.5 million. As of March 31, 2022, $ 167.4 million in UPB of modified loans has been paid down, which includes $ 3.3 million of capitalized interest received and we have not forgiven any capitalized interest. Approximately 79.2 % and 79.8 % of the COVID forbearance loans in UPB were performing, and 20.8 % and 20.2 % were on nonaccrual status as of March 31, 2022 and December 31, 2021, respectively. As of March 31, 2022 and December 31, 2021, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facilities, and securitizations issued were as follows (in thousands): March 31, 2022 December 31, 2021 The 2013 repurchase agreement $ 249,172 $ 202,511 The 2021 repurchase agreement 214,612 114,072 The Bank credit agreement 47,153 30,959 The 2021 term repurchase agreement 42,151 53,217 The July 2021 term repurchase agreement 2,873 — Total pledged loans $ 555,961 $ 400,759 2015-1 Trust 29,198 31,931 2016-1 Trust 48,686 52,623 2017-2 Trust 84,592 94,809 2018-1 Trust 63,955 71,051 2018-2 Trust 138,776 154,974 2019-1 Trust 127,360 144,727 2019-2 Trust 122,774 132,358 2019-3 Trust 98,414 103,266 2020-1 Trust 174,770 189,547 2020-2 Trust 90,335 98,403 2020-MC1 Trust 115,709 134,957 2021-1 Trust 242,200 249,396 2021-2 Trust 192,130 198,039 2021-3 Trust 198,949 202,138 2021-4 Trust 302,541 314,547 2022-1 Trust 274,402 — Total $ 2,304,791 $ 2,172,766 (a) Nonaccrual Loans The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of March 31, 2022 and December 31, 2021. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2022 and December 31, 2021. March 31, 2022 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans with Allowance ($ in thousands) Commercial - Purchase $ 16,712 $ 15,731 $ 981 $ 28 0.2 % Commercial - Refinance 83,695 77,673 6,022 770 5.4 Residential 1-4 Unit - Purchase 24,934 24,677 257 96 0.7 Residential 1-4 Unit - Refinance 107,362 105,273 2,089 198 1.4 Short Term 1-4 Unit - Purchase 2,869 2,764 105 32 0.2 Short Term 1-4 Unit - Refinance 43,231 38,506 4,725 475 3.4 Total $ 278,803 $ 264,624 $ 14,179 $ 1,599 11.3 % Troubled Debt Restructuring included $ 165 $ — $ — $ 25 — December 31, 2021 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans with Allowance ($ in thousands) Commercial - Purchase $ 17,260 $ 16,501 $ 759 $ 9 0.1 % Commercial - Refinance 85,935 79,131 6,804 826 6.2 Residential 1-4 Unit - Purchase 17,385 17,128 257 96 0.7 Residential 1-4 Unit - Refinance 107,552 105,515 2,037 138 1.0 Short Term 1-4 Unit - Purchase 2,986 2,881 105 31 0.2 Short Term 1-4 Unit - Refinance 45,300 41,870 3,430 306 2.3 Total $ 276,418 $ 263,026 $ 13,392 $ 1,406 10.5 % Troubled Debt Restructuring included $ 165 $ — $ — $ 25 — The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. The Company has also made the accounting policy election to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due. The Company will continue to evaluate the COVID-19 forbearance-granted loans on an individual basis to determine if a reserve should be established on the collectability of the accrued interest and whether any loans should be placed on nonaccrual status at a future date. The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of March 31, 2022 and 2021, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 609,232 $ ( 115 ) $ 326,082 $ ( 140 ) Commercial - Refinance 889,829 ( 253 ) 693,247 ( 468 ) Residential 1-4 Unit - Purchase 448,727 ( 219 ) 239,201 ( 58 ) Residential 1-4 Unit - Refinance 782,105 ( 298 ) 598,744 ( 521 ) Short Term 1-4 Unit - Purchase 38,683 ( 22 ) 40,739 ( 46 ) Short Term 1-4 Unit - Refinance 64,390 ( 238 ) 116,373 ( 242 ) Total $ 2,832,966 $ ( 1,145 ) $ 2,014,386 $ ( 1,475 ) For the three months ended March 31, 2022 and 2021 cash basis interest income recognized on nonaccrual loans was $ 7.3 million and $ 6.7 million, respectively. No accrued interest income was recognized on nonaccrual loans for the three months ended March 31, 2022, and i nterest income recognized on loans 90 days or more past due and still accruing for the three months ended March 31, 2021 was $ 5.0 thousand. The average recorded investment of individually evaluated loans, computed using month-end balances, was $ 281.9 million and $ 337.1 million for the three months ended March 31, 2022 and 2021, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified as of March 31, 2022 and 2021. (b) Allowance for Credit Losses The allowance for credit losses is maintained at a level deemed adequate by management to provide for expected losses in the portfolio at the balance sheet date. The allowance for credit losses is measured using two components. A component that measures expected credit losses on a collective (pool) basis when similar risk characteristics exist and a component that measures expected credit losses on an individual loan basis. To estimate the allowance for credit losses in the loans held for investment portfolio, management follows a detailed internal process, considering a number of different factors including, but not limited to, the ongoing analyses of loans, historical loss rates, relevant environmental factors, relevant market research, trends in delinquencies, effects and changes in credit concentrations, and ongoing evaluation of fair values. The Company uses an open pool loss rate methodology to model expected credit losses on a collective basis. To determine the loss rates for the open pool method, the Company starts with its historical database of losses, segmenting the loans by loan purpose, product type and repayment period. A third-party model applying the open pool method is used to estimate an annual average loss rates by dividing the respective pool's quarterly historical losses by the pool's respective prior quarter’s ending unamortized loan cost balance and deriving an annual average loss rate from the historical quarterly loss rates. The model then adjusts the annual average loss rates based upon macroeconomic forecasts over a reasonable and supportable period, followed by a straight-line reversion to the historical loss rates. The adjusted annual average loss rates are applied to the forecasted pool balance within each segment. The forecasted balances in the loan pool segments are calculated based on a principal amortization using contractual maturity, factoring in further principal reductions from estimated prepayments. For the March 31, 2022 estimate, the Company considered a severe stress scenario with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the severe stress scenario was appropriate given the uncertainty around future COVID cases, the war between Russia and Ukraine, spike in inflation, and the continued disruption in the supply chain. Once a loan becomes nonperforming (90 or more days past due), it no longer shares the same risk characteristics of the other loans within its segment of homogeneous loans (pool). Nonperforming loans are considered collateral dependent by the Company. These loans are evaluated individually using the practical expedient to determine the credit exposure. The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - January 1, 2022 $ 385 $ 2,144 $ 400 $ 948 $ 43 $ 342 $ 4,262 Provision for loan losses (1) 281 1 ( 11 ) 186 7 266 730 Charge-offs ( 147 ) ( 5 ) — ( 105 ) — ( 71 ) ( 328 ) Ending balance $ 519 $ 2,140 $ 389 $ 1,029 $ 50 $ 537 $ 4,664 Allowance related to: Loans individually evaluated $ 28 $ 770 $ 96 $ 198 $ 32 $ 475 $ 1,599 Loans collectively evaluated 490 1,370 293 832 17 62 3,064 Amortized cost related to: Loans individually evaluated $ 16,712 $ 83,695 $ 24,934 $ 107,362 $ 2,869 $ 43,231 $ 278,803 Loans collectively evaluated 592,520 806,134 423,793 674,743 35,814 21,159 2,554,163 Three Months Ended March 31, 2021 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - January 1,2021 $ 373 $ 2,093 $ 333 $ 1,216 $ 595 $ 1,235 5,845 Provision for loan losses (1) ( 45 ) ( 103 ) 26 11 ( 195 ) 411 105 Charge-offs — — ( 37 ) — ( 14 ) ( 18 ) ( 69 ) Ending balance $ 328 $ 1,990 $ 322 $ 1,227 $ 386 $ 1,646 $ 5,881 Allowance related to: Loans individually evaluated $ 116 $ 570 $ 96 $ 525 $ 323 $ 1,347 2,977 Loans collectively evaluated 212 1,419 226 703 63 281 2,904 Amortized cost related to: Loans individually evaluated $ 22,241 $ 103,778 $ 21,857 $ 127,106 $ 4,345 $ 59,434 $ 338,761 Loans collectively evaluated 303,841 589,469 217,344 471,638 36,394 56,939 1,675,625 (1) The provision for loan losses increased from approximately $ 0.1 million for the three months ended March 31,2021 to $ 0.7 million for the three months ended March 31, 2022 due mainly to an increase in the held for investment loan portfolio. (c) Credit Quality Indicator A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-off rate in relation to its nonperforming loans as its credit quality indicator. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. As of March 31, 2022, the annualized charge-off rate was 0.47 % of average nonperforming loans. The charge-off rate was 0.42 % for the year ended December 31, 2021. Other credit quality indicators include aging status and accrual status. The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, excluding loans held for investment at fair value, which include $ 263.9 million and $ 296.0 million loans in the Company’s COVID-19 forbearance program as of March 31, 2022 and December 31, 2021, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2022 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 2,132 $ 1,468 $ 13,112 $ 16,712 $ — $ 16,712 Commercial - Refinance 4,074 6,660 72,961 83,695 — 83,695 Residential 1-4 Unit - Purchase 322 249 24,363 24,934 — 24,934 Residential 1-4 Unit - Refinance 3,209 3,948 100,205 107,362 — 107,362 Short Term 1-4 Unit - Purchase — 99 2,770 2,869 — 2,869 Short Term 1-4 Unit - Refinance 2,749 1,580 38,902 43,231 — 43,231 Total loans individually evaluated $ 12,486 $ 14,004 $ 252,313 $ 278,803 $ — $ 278,803 Loans collectively evaluated Commercial - Purchase $ 16,861 $ 7,650 $ — $ 24,511 $ 568,009 $ 592,520 Commercial - Refinance 33,414 15,803 — 49,217 756,917 806,134 Residential 1-4 Unit - Purchase 11,000 1,993 — 12,993 410,800 423,793 Residential 1-4 Unit - Refinance 27,634 14,535 — 42,169 632,574 674,743 Short Term 1-4 Unit - Purchase 3,350 — — 3,350 32,464 35,814 Short Term 1-4 Unit - Refinance 3,081 2,306 — 5,387 15,772 21,159 Total loans collectively evaluated $ 95,340 $ 42,287 $ — $ 137,627 $ 2,416,536 $ 2,554,163 Ending balance $ 107,826 $ 56,291 $ 252,313 $ 416,430 $ 2,416,536 $ 2,832,966 30–59 days 60–89 days 90+days Total Total December 31, 2021 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 700 $ 2,314 $ 14,246 $ 17,260 $ — $ 17,260 Commercial - Refinance 4,464 6,818 74,488 85,770 165 85,935 Residential 1-4 Unit - Purchase — 682 16,703 17,385 — 17,385 Residential 1-4 Unit - Refinance 807 1,088 105,657 107,552 — 107,552 Short Term 1-4 Unit - Purchase 1,224 — 1,762 2,986 — 2,986 Short Term 1-4 Unit - Refinance 615 1,010 43,675 45,300 — 45,300 Total loans individually evaluated $ 7,810 $ 11,912 $ 256,531 $ 276,253 $ 165 $ 276,418 Loans collectively evaluated Commercial - Purchase $ 17,319 $ 4,034 $ — $ 21,353 $ 470,808 $ 492,161 Commercial - Refinance 31,769 7,025 — 38,794 658,532 697,326 Residential 1-4 Unit - Purchase 14,905 5,580 — 20,485 370,900 391,385 Residential 1-4 Unit - Refinance 39,045 9,548 — 48,593 574,175 622,768 Short Term 1-4 Unit - Purchase 21,412 217 — 21,629 4,374 26,003 Short Term 1-4 Unit - Refinance 4,060 5,561 — 9,621 16,144 25,765 Total loans collectively evaluated $ 128,510 $ 31,965 $ — $ 160,475 $ 2,094,933 $ 2,255,408 Ending balance $ 136,320 $ 43,877 $ 256,531 $ 436,728 $ 2,095,098 $ 2,531,826 (1) Includes loans in bankruptcy and foreclosure less than 90 days past due. In addition to the aging status, the Company also evaluates credit quality by accrual status. The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of March 31, 2022 and December 31, 2021 (in thousands). Term Loans Amortized Cost Basis by Origination Year March 31, 2022: 2022 2021 2020 2019 2018 Pre-2018 Total Commercial - Purchase Payment performance Performing $ 126,178 $ 271,850 $ 43,643 $ 72,467 $ 41,001 $ 37,381 $ 592,520 Nonperforming — 1,310 186 6,945 3,335 4,936 16,712 Total Commercial - Purchase $ 126,178 $ 273,160 $ 43,829 $ 79,412 $ 44,336 $ 42,317 $ 609,232 Commercial - Refinance Payment performance Performing $ 150,900 $ 233,066 $ 63,018 $ 136,891 $ 108,844 $ 113,415 $ 806,134 Nonperforming — 5,644 3,240 23,869 23,908 27,034 83,695 Total Commercial - Refinance $ 150,900 $ 238,710 $ 66,258 $ 160,760 $ 132,752 $ 140,449 $ 889,829 Residential 1-4 Unit - Purchase Payment performance Performing $ 59,343 $ 251,221 $ 12,751 $ 44,716 $ 24,706 $ 31,056 $ 423,793 Nonperforming — 9,742 2,171 4,126 3,566 5,329 24,934 Total Residential 1-4 $ 59,343 $ 260,963 $ 14,922 $ 48,842 $ 28,272 $ 36,385 $ 448,727 Residential 1-4 Unit - Refinance Payment performance Performing $ 95,030 $ 328,551 $ 27,422 $ 103,584 $ 51,501 $ 68,655 $ 674,743 Nonperforming — 16,473 7,005 30,117 28,765 25,002 107,362 Total Residential 1-4 $ 95,030 $ 345,024 $ 34,427 $ 133,701 $ 80,266 $ 93,657 $ 782,105 Short Term 1-4 Unit - Purchase Payment performance Performing $ 9,018 $ 7,412 $ 14,980 $ 4,404 $ — $ — $ 35,814 Nonperforming — — 1,562 1,202 105 — 2,869 Total Short Term 1-4 $ 9,018 $ 7,412 $ 16,542 $ 5,606 $ 105 $ — $ 38,683 Short Term 1-4 Unit - Refinance Payment performance Performing $ 7,301 $ 1,638 $ 8,051 $ 4,169 $ — $ — $ 21,159 Nonperforming — 243 13,679 23,695 5,614 — 43,231 Total Short Term 1-4 $ 7,301 $ 1,881 $ 21,730 $ 27,864 $ 5,614 $ — $ 64,390 Total Portfolio $ 447,770 $ 1,127,150 $ 197,708 $ 456,185 $ 291,345 $ 312,808 $ 2,832,966 Term Loans Amortized Cost Basis by Origination Year December 31, 2021 2021 2020 2019 2018 2017 Pre-2017 Total Commercial - Purchase Payment performance Performing $ 277,618 $ 45,836 $ 81,541 $ 46,637 $ 24,164 $ 16,365 $ 492,161 Nonperforming 288 1,781 5,541 4,180 3,539 1,931 17,260 Total Commercial - Purchase $ 277,906 $ 47,617 $ 87,082 $ 50,817 $ 27,703 $ 18,296 $ 509,421 Commercial - Refinance Payment performance Performing $ 239,688 $ 64,966 $ 144,017 $ 118,735 $ 62,374 $ 67,545 $ 697,325 Nonperforming 2,482 3,949 26,012 26,869 16,492 10,131 85,935 Total Commercial - Refinance $ 242,170 $ 68,915 $ 170,029 $ 145,604 $ 78,866 $ 77,676 $ 783,260 Residential 1-4 Unit - Purchase Payment performance Performing $ 263,180 $ 12,878 $ 48,930 $ 29,544 $ 12,863 $ 23,990 $ 391,385 Nonperforming 1,372 2,749 3,896 3,736 3,487 2,145 17,385 Total Residential 1-4 $ 264,552 $ 15,627 $ 52,826 $ 33,280 $ 16,350 $ 26,135 $ 408,770 Residential 1-4 Unit - Refinance Payment performance Performing $ 343,199 $ 31,334 $ 114,145 $ 59,825 $ 31,774 $ 42,492 $ 622,769 Nonperforming 11,646 6,040 31,816 30,626 16,677 10,747 107,552 Total Residential 1-4 $ 354,845 $ 37,374 $ 145,961 $ 90,451 $ 48,451 $ 53,239 $ 730,321 Short Term 1-4 Unit - Purchase Payment performance Performing $ 1,890 $ 15,582 $ 8,531 $ — $ — $ — $ 26,003 Nonperforming — 1,565 1,316 105 — — 2,986 Total Short Term 1-4 $ 1,890 $ 17,147 $ 9,847 $ 105 $ — $ — $ 28,989 Short Term 1-4 Unit - Refinance Payment performance Performing $ 1,448 $ 11,991 $ 12,326 $ — $ — $ — $ 25,765 Nonperforming 1,038 15,819 22,618 5,825 — — 45,300 Total Short Term 1-4 $ 2,486 $ 27,810 $ 34,944 $ 5,825 $ — $ — $ 71,065 Total Portfolio $ 1,143,849 $ 214,490 $ 500,689 $ 326,082 $ 171,370 $ 175,346 $ 2,531,826

Receivables Due From Servicers

Receivables Due From Servicers	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Receivables Due From Servicers	Note 7 — Receivables Due From Servicers The following tables summarize receivables due from servicers as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 43,392 $ 1,115 $ 44,507 Other loan servicing receivables 13,437 817 14,254 Loan servicing receivables 56,829 1,932 58,761 Corporate and escrow advances receivable 17,837 1,680 19,517 Total receivables due from servicers $ 74,666 $ 3,612 $ 78,278 December 31, 2021 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 42,344 $ 1,165 $ 43,509 Other loan servicing receivables 10,718 730 11,448 Loan servicing receivables 53,062 1,895 54,957 Corporate and escrow advances receivable 17,884 1,489 19,373 Total receivables due from servicers $ 70,946 $ 3,384 $ 74,330

Mortgage Servicing Rights

Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2022
Transfers And Servicing [Abstract]
Mortgage Servicing Rights	Note 8 — Mortgage Servicing Rights Mortgage loans serviced are related to the Century business and not included in the consolidated balance sheets. The unpaid principal balance of mortgage loans serviced for others amounted to $ 514.8 million and $ 520.6 million as of March 31, 2022 and December 31, 2021, respectively. The Company has elected to record its mortgage servicing rights using the fair value measurement method. Significant assumptions used in determining the fair value of servicing rights as of March 31, 2022 and December 31, 2021 include: 1) Weighted average discount rate of 8.0 %, and 2) Weighted average conditional prepayment rate of 3.1 % and 3.2 %, respectively. The following table presents the Company's mortgage servicing rights (in thousands): March 31, 2022 December 31, 2021 Balance at the beginning of year $ 7,152 $ — Mortgage servicing rights acquired, at fair value — 7,152 Additions — — Fair value adjustments 509 — Balance at end of period $ 7,661 $ 7,152

Securitizations Net

Securitizations Net	3 Months Ended
	Mar. 31, 2022
Transfers And Servicing [Abstract]
Securitization, Net	Note 9 — Securitizations, Net From May 2011 through March 2022, the Company completed twenty sec uritizations of $ 4.7 billion of loans, issuing $ 4.3 billion of securities to third parties through twenty respective Trusts. The Company is the sole beneficial interest holder of the remaining Trusts, which are variable interest entities included in the consolidated financial statements. The transactions are accounted for as secured borrowings under U.S. GAAP. The securities are subject to redemption by the Company when the stated principal balance is less than a certain percentage, ranging from 5 %– 30 % of the original stated principal balance of loans at issuance. As a result, the actual maturity dates of the securities issued could be earlier than their respective stated maturity dates, ranging from September 2044 through February 2052 . The following table summarizes the outstanding balance, net of discounts and deal costs, of the securities and the effective interest rate for the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended March 31, Securitizations: 2022 2021 Securitizations, net $ 2,035,374 $ 1,453,386 Interest expense 19,791 19,127 Average outstanding balance 2,018,186 1,548,642 Effective interest rate (1) 3.92 % 4.94 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.22 % and debt issuance cost amortization of 0.70 % and average rate of 4.24 % and debt issuance cost amortization of 0.70 % for the three months ended March 31, 2022 and 2021 , respectively.

Other Debt

Other Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Other Debt	Note 10 — Other Debt Secured financings and warehouse facilities were utilized to finance the origination and purchase of commercial real estate mortgage loans. Warehouse facilities are designated to fund mortgage loans that are purchased and originated within specified underwriting guidelines. These lines of credit fund less than 100 % of the principal balance of the mortgage loans originated and purchased, requiring the use of working capital to fund the remaining portion. (a) Secured Financing, Net (Corporate Debt) On February 5, 2021, the Company entered into a five-year $ 175.0 million syndicated corporate debt agreement, the (“the 2021 Term Loan”). The 2021 Term Loan had an interest rate equal to one-month LIBOR plus 8.00 % with a 1.00 % LIBOR floor, and matured on February 4, 2026 . A portion of the net proceeds from the 2021 Term Loan was used to redeem all the amounts owed pursuant to the 2019 debt agreement (“2019 Term Loan”). The remaining portion of the net proceeds from the 2021 Term Loan was used for loan originations and general corporate purposes. The 2021 Term Loan was paid off in March 2022 . On March 15, 2022, the Company entered into a five-year $ 215.0 million syndicated corporate debt agreement, the (“the 2022 Term Loan”). The 2022 Term Loan bears interest at a fixed rate of 7.125 % and matures on March 15, 2027 . Interest on the 2022 Term Loan is paid every six months . A portion of the net proceeds from the 2022 Term Loan was used to redeem all the amounts owed pursuant to the 2021 Term Loan. The remaining portion of the net proceeds from the 2022 Term Loan will be used for loan originations and general corporate purposes. As of March 31, 2022 , the balance of the 2022 Term Loan was $ 215.0 million. The balance in the consolidated balance sheets is net of debt issuance costs of $ 6.0 million as of March 31, 2022 . The 2022 Term Loan is secured by substantially all assets of the Company not otherwise pledged under a securitization or warehouse facility and contains certain reporting and financial covenants. Should the Company fail to adhere to those covenants, the lenders have the right to demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of March 31, 2022, the Company was in compliance with these covenants. (b) Warehouse Repurchase and Revolving Loan Facilities, Net On May 17, 2013 , the Company entered into a Repurchase Agreement (“the 2013 Repurchase Agreement”) with a warehouse lender. The 2013 Repurchase Agreement is a modified mark-to-market agreement and has a current maturity date of September 29, 2023 , and is a short-term borrowing facility, collateralized by a pool of performing loans, with a maximum capacity of $ 200.0 million, and bears interest at one-month LIBOR plus 3.25 %. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. The effective interest rates were 4.0 % and 4.2 % as of March 31, 2022 and December 31, 2021, respectively. On September 12, 2018 , the Company entered into a three-year non-mark-to-market secured revolving loan facility agreement (“the Bank Credit Agreement”) with a bank. The Bank Credit Agreement has a current extended maturity date of November 10, 2023 . During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at the lesser of the one-month LIBOR Rate with a 0.75 % floor, plus 3.5 % per annum and the maximum rate, which is the highest lawful and non-usurious rate of interest applicable to the loan. The maximum capacity under this facility is $ 50.0 million. The effective interest rates were 4.7 % and 7.3 % as of March 31, 2022 and December 31, 2021, respectively. On December 26, 2019 , the Company entered into a $ 3.0 million loan agreement (“the 2019 Loan”) with a lender. The 2019 Loan is secured by five real properties acquired by the Company through foreclosure or by deed-in lieu of foreclosure. The 2019 Loan bears a fixed interest rate of 9.5 % with an extended maturity date of June 1, 2022 . This loan was paid off in March 2022 . The effective interest rate was 10.5 % as of March 31, 2022 and December 31, 2021. On January 29, 2021 , the Company entered into a non-mark-to-market Repurchase Agreement (“the 2021 Repurchase Agreement”) with a warehouse lender. The 2021 Repurchase Agreement has a maturity date of February 28, 2023 , and was a short-term borrowing facility, collateralized by a pool of loans, with a maximum capacity of $ 200.0 million, and bore interest at one-month LIBOR plus a margin of 3.50 % during the availability period and 4.50 % during the amortization period. All borrower payments on loans financed under the warehouse repurchase facility are first used to pay interest on the facility. The effective interest rates were 4.9 % and 5.9 % as of March 31, 2022 and December 31, 2021, respectively. On April 16, 2021 , The Company entered into a non-mark-to-market Term Repurchase Agreement (“the 2021 Term Repurchase Agreement”) with a warehouse lender. The 2021 Term Repurchase Agreement has a maturity date of April 16, 2024 , with a borrowing period through April 16, 2023. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at one-month LIBOR plus 3.0 % per annum. The maximum capacity under this facility is $ 100.0 million. The effective interest rates were 3.6 % and 3.5 % as of March 31, 2022 and December 31, 2021, respectively. On July 29, 2021, the Company entered into a non-mark-to-market Term Repurchase Agreement (“the July 2021 Term Repurchase Agreement”) with a warehouse lender. The July 2021 Term Repurchase Agreement has a maturity date of July 29, 2024 , with an option to extend the term to July 29, 2025 . During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at one-month LIBOR with a 0.5 % floor plus 4.5 % per annum. The maximum capacity under this facility is $ 100.0 million. The effective interest rates was 21.9 % as of March 31, 2022 and there was no balance outstanding as of December 31, 2021. Certain of the Company’s loans are pledged as security under the warehouse repurchase facilities and the revolving loan facility, which contain covenants. Should the Company fail to adhere to those covenants or otherwise default under the facilities, the lenders have the right to terminate the facilities and demand immediate repayment that may require the Company to sell the collateral at less than the carrying amounts. As of March 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. The following table summarizes the maximum borrowing capacity and current gross balances outstanding of the Company’s warehouse facilities and loan agreements as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Period end (1) Maximum Period end (1) Maximum The 2021 term repurchase agreement $ 32,112 $ 100,000 $ 41,636 $ 100,000 The 2021 repurchase agreement 164,563 200,000 82,580 200,000 The July 2021 term repurchase agreement 2,742 100,000 — 100,000 The 2013 repurchase agreement 192,214 200,000 153,499 200,000 The Bank credit agreement 35,328 50,000 22,385 50,000 The 2019 loan agreement — — 2,700 3,000 Total $ 426,959 $ 650,000 $ 302,800 $ 653,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 2.3 million and $ 1.7 million as of March 31, 2022 and December 31, 2021 , respectively. The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended March 31, 2022 2021 Warehouse and repurchase facilities: Average outstanding balance $ 338,247 $ 113,528 Highest outstanding balance at any month-end 426,959 204,574 Effective interest rate (1) 4.45 % 6.01 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.89 % and debt issuance cost amortization of 0.56 %, and average rate of 4 .77 % and debt issuance cost amortization of 1.24 %, for the three months ended March 31, 2022 and 2021 , respectively. The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Warehouse and repurchase facilities $ 3,765 $ 1,705 Securitizations 19,791 19,127 Interest expense — portfolio related 23,556 20,832 Interest expense — corporate debt 17,140 (1) 7,350 (2) Total interest expense $ 40,696 $ 28,182 (1) Included in the $ 17.1 million of interest expense – corporate debt for the three months ended March 31, 2022 was the one-time debt issuance costs write-off of $ 7.7 million and prepayment fee of $ 5.1 million associated with the repayment of $ 170.8 million in outstanding principal amount in March 2022. (2) Included in the $ 7.4 million of interest expense – corporate debt for the March 31, 2021 was the one-time debt issuance costs write-off of $ 2.9 million and prepayment fee of $ 1.6 million associated with the payoff of $ 78.0 million in outstanding principal amount in February 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11 — Commitments and Contingencies (a) Repurchase Liability When the Company sells loans, it is required to make normal and customary representations and warranties about the loans to the purchaser. The loan sale agreements generally require the Company to repurchase loans if the Company breaches a representation or warranty given to the loan purchaser. In addition, the Company may be required to repurchase loans as a result of borrower fraud or if a payment default occurs on a loan shortly after its sale. The Company records a repurchase liability relating to representations and warranties and early payment defaults. The method used to estimate the liability for repurchase is a function of the representations and warranties given and considers a combination of factors, including, but not limited to, estimated future defaults and loan repurchase rates and the potential severity of loss in the event of defaults. The Company establishes a liability at the time loans are sold and continually updates the estimated repurchase liability. The level of the repurchase liability for representations and warranties and early payment default requires considerable management judgment. As of March 31, 2022 and December 31, 2021, the balance of repurchase liabili ty was $ 369 thousand and $ 141 thousand, respectively, and it is included in accounts payable and accrued expenses in the consolidated balance sheets. (b) Legal Proceedings The Company is a party to various legal proceedings in the normal course of business. The Company, after consultation with legal counsel, believes the disposition of all pending litigation will not have a material effect on the Company’s consolidated financial condition or results of operations.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 12 — Stock-Based Compensation The Company’s 2020 Omnibus Incentive Plan, or the 2020 Plan, authorized grants of stock‑based compensation instruments to purchase or issue up to 1,520,000 shares of Company common stock. In connection with its IPO in January 2020, the Company granted stock options to non-employee directors and certain employees, including named executive officers to purchase approximately 782,500 shares of common stock with an exercise price per share equal to the initial public offering price of $ 13.00 . 10,000 shares were forfeited in January 2020. On December 24, 2020, the Company granted stock options to a non-employee director to purchase 12,500 shares of common stock with an exercise price per share equal to the grant date market price of $ 6.28 . In January 2021, the Company issued 480,000 shares of restricted stock awards to certain employees, including named executive officers at no cost to employees. In May 2021, the Company issued 26,511 shares of restricted stock awards to certain non-employee directors. In February 2022, the Company issued 125,250 shares of restricted stock awards and 102,750 shares of performance stock unit awards to certain employees, including named executive officers at no cost to employees. Restricted stock-based awards vest ratably over a service period of three years from the date of the grant. Performance-based stock unit awards are linked to the average core net income annual growth over the three-year period of 2022 – 2024. Settlement of vested performance-based stock units will be made on the date that the Compensation Committee certifies the average core net income annual growth for the three-year period. Compensation expense related to restricted stock-based awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight-line method. Compensation expense related to performance-based stock unit awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using an estimate of the probability of achieving the performance target. The estimates will be reviewed quarterly and the expense adjusted accordingly. The Company recognized $ 0.6 million and $ 0.5 million compensation expense related to the outstanding stock options, unvested restricted stock awards, and unvested performance-based stock unit awards granted to employees for the three months ended March 31, 2022 and 2021, respectively. Such amount is included in “Compensation and employee benefits” on the Consolidated Statement of Income. The amount of unrecognized compensation expense related to unvested stock options, restricted stock awards and performance-based stock unit awards tota led $ 5.8 millio n and $ 5.0 million as of March 31, 2022 and 2021, respectively. Treasury share purchases represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. During the three months ended March 31, 2022, the Company purchased treasury shares of 33,647 at an average price of $ 13.61 per share. No share was purchased during the three months ended March 31, 2021.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 13 — Earnings Per Share The two-class method is used in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings. The following table presents the basic and diluted earnings per share calculations for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In thousands, except per share data) Basic EPS: Net income attributable to common stockholders $ 3,121 $ 3,396 Less: earnings attributable to participating securities 48 1,281 Net earnings attributable to common stock $ 3,073 $ 2,115 Weighted average common shares outstanding 31,892 20,087 Basic earnings per common share $ 0.10 $ 0.11 Diluted EPS: Net income attributable to common stockholders $ 3,121 $ 3,396 Weighted average common shares outstanding 31,892 20,087 Add dilutive effects for assumed conversion of Series A preferred stock — 11,688 Add dilutive effects for warrants 2,127 1,587 Add dilutive effects for stock options 5 — Add dilutive effects of unvested restricted stock awards 180 45 Weighted average diluted common shares outstanding 34,204 33,407 Diluted income per common share $ 0.09 $ 0.10 The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2022 2021 Shares underlying warrants — — Stock options 773 785 Unvested restricted stock awards — — Unvested performance-based stock units 103 — Share equivalents excluded from EPS 876 785

Convertible Preferred Stock

Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2022
Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	Note 14 — Convertible Preferred Stock On April 7, 2020, the Company issued and sold in a private placement Series A Convertible Preferred Stock plus warrants (the “Warrants”) to purchase additional shares of the Company’s common stock to funds affiliated with Snow Phipps and a fund affiliated with Pacific Investment Management Company LLC (TOBI). Snow Phipps and TOBI are considered affiliates and, therefore, are related parties to the Company. The Warrants are exercisable at the warrant holder’s option at any time and from time to time, in whole or in part, until April 7, 2025 at an exercise price of $ 2.96 per share of common stock, with respect to 2,008,750 of the Warrants, and at an exercise price of $ 4.94 per share of common stock, with respect to 1,004,375 of the Warrants. The exercise price and the number of shares of common stock issuable upon exercise of the Warrants are subject to customary antidilution adjustments and certain issuances of common stock (or securities convertible into or exercisable for common stock) at a price (or having a conversion or exercise price) that is less than the then current exercise price. The Company is not required to affect an exercise of Warrants, if after giving effect to the issuance of common stock upon exercise of such Warrants such warrant holder together with its affiliates would beneficially own 49 % or more of the Company’s outstanding common stock.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 15 — Fair Value Measurements Fair Value Determination ASC Topic 820, “ Fair Value Measurement ,” defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and requires disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: o Level 1 - Valuation is based on quoted prices for identical instruments traded in active markets. o Level 2 - Valuation is based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. o Level 3 - Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. Given the nature of some of the Company’s assets and liabilities, clearly determinable market-based valuation inputs are often not available; therefore, these assets and liabilities are valued using internal estimates. As subjectivity exists with respect to the valuation estimates used, the fair values disclosed may not equal prices that can ultimately be realized if the assets are sold or the liabilities are settled with third parties. Below is a description of the valuation methods for the assets and liabilities recorded at fair value on either a recurring or nonrecurring basis and for estimating fair value of financial instruments not recorded at fair value for disclosure purposes. While management believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the measurement date. Cash and Cash Equivalents and Restricted Cash Cash and restricted cash are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities and interest rates that approximate market, a Level 1 measurement. Loans Held for Investment Loans held for investment are recorded at their outstanding principal balance, net of purchase discounts, deferred loan origination fees/costs, and allowance for credit losses. The Company determined the fair value estimate of loans held for investment using a third-party loan valuation model, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment are discount rates, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs could result in a significant change to the loans’ fair value measurement. Collateral Dependent or Loans Individually Evaluated Nonaccrual loans held for investment are evaluated individually and are adjusted to the fair value of the collateral when the fair value of the collateral is below the carrying value of the loan. To the extent a loan is collateral dependent, the Company determines the allowance for credit losses based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on appraisals or broker price opinions obtained, less estimated costs to sell, a Level 3 measurement. Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The Company uses a discounted cash flow model to estimate the fair value of loans held for sale, a Level 3 measurement. Interest-Only Strips The Company retains an interest-only strip on certain sales of held for sale loans. The interest-only strips are classified as trading securities under FASB ASC Topic 320, Investments-Debt Securities . The interest-only strips are measured based on their estimated fair values using a discounted cash flow model, a Level 3 measurement. Changes in fair value are reflected in income as they occur. Loans Held for Investment, at Fair Value The Company has elected to account for certain purchased distressed loans held for investment, at fair value (the FVO Loans) using FASB ASC Topic 825, Financial Instruments (ASC 825). The FVO loans are measured based on their estimated fair values. Management identified all of these loans to be accounted for at estimated fair value at the instrument level. Changes in fair value are reflected in income as they occur. The Company uses a third-party loan valuation model to estimate the fair value at instrument level, a Level 3 measurement. The significant unobservable inputs used in the fair value measurement of the Company’s mortgage loans held for investment, at fair value are discount rate, property values, prepayment speeds, loss severity, and default rates. Significant changes in any of those inputs in isolation could result in a significant change to the loans’ fair value measurement. Real Estate Owned, Net (REO) Real estate owned, net is initially recorded at the property’s estimated fair value, based on appraisals or broker price opinions obtained, less estimated costs to sell, at the acquisition date, a Level 3 measurement. From time to time, nonrecurring fair value adjustments are made to real estate owned, net based on the current updated appraised value of the property, or management’s judgment and estimation of value based on recent market trends or negotiated sales prices with potential buyers. Mortgage Servicing Rights The Company determined the fair values based on a third-party valuation model that calculates the present value of estimated future net servicing income, a Level 3 measurement. Secured Financing, Net (Corporate Debt) The Company determined the fair values estimate of the secured financing using the estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. Warehouse Repurchase Facilities, Net Warehouse repurchase facilities are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities of one-year or less and interest rates that approximate market plus a spread, a Level 2 measurement. Securitizations, Net The fair value estimate of securities issued is determined by using estimated cash flows discounted at an appropriate market rate, a Level 3 measurement. Accrued Interest Receivable and Accrued Interest Payable The carrying amounts of accrued interest receivable and accrued interest payable approximate fair value due to the short-term nature of these instruments, a Level 1 measurement. The Company does not have any off-balance sheet financial instruments. Receivables Due From Servicers The carrying amounts of receivables due from servicers approximate fair value due to the short-term nature of these instruments, a Level 1 measurement. Fair Value Disclosures The following tables present information on assets measured and recorded at fair value as of March 31, 2022 and December 31, 2021, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2022 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,352 $ 1,352 Mortgage servicing rights — — 7,661 7,661 Total recurring fair value measurements — — 9,013 9,013 Nonrecurring fair value measurements: Loans held for sale, net — — 76,869 76,869 Real estate owned, net — — 16,177 16,177 Individually evaluated loans requiring specific allowance, net — — 12,580 12,580 Total nonrecurring fair value measurements — — 105,626 105,626 Total assets $ — $ — $ 114,639 $ 114,639 Fair value measurements using Total at December 31, 2021 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,359 $ 1,359 Mortgage servicing rights — — 7,152 7,152 Total recurring fair value measurements — — 8,511 8,511 Nonrecurring fair value measurements: Loans held for sale, net — — 87,422 87,422 Real estate owned, net — — 17,557 17,557 Impaired loans requiring specific allowance, net — — 11,987 11,987 Total nonrecurring fair value measurements — — 116,966 116,966 Total assets $ — $ — $ 125,477 $ 125,477 The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2022 2021 Loans held for sale, net $ — $ 17 Real estate held for sale, net 235 ( 435 ) Individually evaluated loans requiring specific allowance, net ( 192 ) ( 308 ) Total net loss $ 43 $ ( 726 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 12,580 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 16,177 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, 1,352 Discounted cash flow Discount rate 5.7 % 5.7 % Collateral value (% of UPB) 96.0 % to 120.0 % 106.0 % Timing of resolution/payoff (months) 1 - 40 37.0 Prepayment rate 1.0 % - 30.0 % 21.5 % Default rate 0.4 % - 6.6 % 1.0 % Loss severity rate 0 % - 21 % 8.0 % Loans held for sale 76,869 Discounted cash flow Discount rate 5.7 % 5.7 % Timing of resolution/payoff (months) 38 to 40 39.0 Mortgage servicing rights 7,661 Discounted cash flow Discount rate 8.0 % - 12.0 % 8.0 % Prepayment rate 2.0 % - 7.0 % 3.1 % December 31, 2021 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 11,987 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 17,557 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, 1,359 Discounted cash flow Discount rate 5.8 % 5.8 % Collateral value (% of UPB) 95.0 % to 120.0 % 106.0 % Timing of resolution/payoff (months) 1 to 38 34.8 Prepayment rate 19.2 % to 50 % 19.2 % to 50 % Default rate 0.0 % to 6.7 % 1.0 % Loss severity rate 0.0 % to 13.4 % 3.0 % Loans held for sale 87,422 Discounted cash flow Discount rate 5.8 % 5.8 % Timing of resolution/payoff (months) 3 to 37 13.0 Mortgage servicing rights 7,152 Discounted cash flow Discount rate 8.0 % to 12.0 % 8.0 % Prepayment rate 2.4 % to 3.5 % 3.2 % The following is a rollforward of loans that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 1,359 $ 1,539 Loans liquidated — ( 163 ) Principal paydowns ( 17 ) ( 10 ) Total unrealized gain (loss) included in net income 10 ( 2 ) Ending balance $ 1,352 $ 1,364 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ — $ 238 Interest-only strip additions — — Interest-only strip write-offs — ( 113 ) Total unrealized loss included in net income — — Ending balance $ — $ 125 The Company estimates the fair value of certain financial instruments on a quarterly basis. These instruments are recorded at fair value through the use of a valuation allowance only if they are individually evaluated. As described above, these adjustments to fair value usually result from the application of lower of cost or fair value accounting or write-downs of individual assets. As of March 31, 2022 and December 31, 2021, the only financial assets measured at fair value, or lower of cost or fair value, were certain individually evaluated loans held for investment, loans held for sale, mortgage servicing rights, interest-only strips, REO and FVO loans, which were measured using unobservable inputs, including appraisals and broker price opinions on the values of the underlying collateral. Individually evaluated loans requiring an allowance were carried at approximatel y $ 12.6 million and $ 12.0 million as of March 31, 2022 and December 31, 2021 , net of specific allowance for credit losses of approximately $ 1.6 million and $ 1.4 million, respectively. A financial instrument is cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity on potentially favorable terms. The methods and assumptions used in estimating the fair values of the Company’s financial instruments are described above. The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): March 31, 2022 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 36,629 $ 36,629 $ — $ — $ 36,629 Restricted cash 10,837 10,837 — — 10,837 Loans held for sale, net 77,503 — — 77,503 77,503 Loans held for investment, net 2,828,302 — — 2,973,430 2,973,430 Loans held for investment, at fair value 1,352 — — 1,352 1,352 Accrued interest receivables 14,169 14,169 — — 14,169 Mortgage servicing rights 7,661 — — 7,661 7,661 Liabilities: Secured financing, net $ 208,956 $ — $ — $ 215,000 $ 215,000 Warehouse repurchase facilities, net 424,692 — 424,692 — 424,692 Securitizations, net 2,035,374 — — 1,966,780 1,966,780 Accrued interest payable 7,467 7,467 — — 7,467 December 31, 2021 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 35,965 $ 35,965 $ — $ — $ 35,965 Restricted cash 11,639 11,639 — — 11,639 Loans held for sale, net 87,908 — — 87,908 87,908 Loans held for investment, net 2,527,564 — — 2,655,357 2,655,357 Loans held for investment, at fair value 1,359 — — 1,359 1,359 Accrued interest receivable 13,159 13,159 — — 13,159 Mortgage servicing rights 7,152 — — 7,152 7,152 Liabilities: Secured financing, net $ 162,845 $ — $ — $ 170,843 $ 170,843 Warehouse repurchase facilities, net 301,069 — 301,069 — 301,069 Securitizations, net 1,911,879 — — 1,931,002 1,931,002 Accrued interest payable 6,254 6,254 — — 6,254

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 16 — Subsequent Events The Company completed the securitization of $ 252.6 million of investor real estate loans on April 8, 2022, which will be accounted for as secured borrowings during the quarter ended June 30, 2022. The Company has evaluated events that have occurred subsequent to March 31, 2022 through the issuance of the accompanying consolidated financial statements and has concluded there are no other subsequent events that would require recognition or disclosure in the accompanying consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	(a) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of consolidated income and expenses during the reporting period.
Significant Accounting Policies	(b) Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 — Basis of Presentation and Summary of Significant Accounting Policies , of its audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the Securities and Exchange Commission. There have been no significant changes to the Company’s significant accounting policies as described in its 2021 Annual Report.
Principles of Consolidation	(c) Principles of Consolidation The principles of consolidation require management to determine and reassess the requirement to consolidate VIEs each reporting period, and therefore, the determination may change based on new facts and circumstances pertaining to each VIE. This could result in a material impact to the Company’s consolidated financial statements in subsequent reporting periods. The Company consolidates the assets, liabilities, and remainder interests of the Trusts as management determined that VCC is the primary beneficiary of these entities. The Company’s ongoing asset management responsibilities provide the Company with the power to direct the activities that most significantly impact the VIE’s economic performance, and the remainder interests provide the Company with the right to receive benefits and the obligation to absorb losses, limited to its investment in the remainder interest of the Trusts. The consolidated financial statements as of March 31, 2022 and December 31, 2021 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs.

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2022
Cash And Cash Equivalents [Abstract]
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company’s consolidated balance sheets to the total of the same such amounts shown in the consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Cash and cash equivalents $ 36,629 $ 20,434 Restricted cash 10,837 6,808 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 47,466 $ 27,242

Loans Held for Sale, Net (Table

Loans Held for Sale, Net (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of Loans Held for Sale	The following table summarizes loans held for sale as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Unpaid principal balance $ 76,869 $ 87,422 Valuation adjustments — — Deferred loan origination costs 634 486 Ending balance $ 77,503 $ 87,908

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,798,632 $ 1,315 $ 2,799,947 Valuation adjustments on FVO loans — 37 37 Deferred loan origination costs 34,334 — 34,334 2,832,966 1,352 2,834,318 Allowance for loan losses ( 4,664 ) — ( 4,664 ) Total loans held for investment and loans held for investment at $ 2,828,302 $ 1,352 $ 2,829,654 December 31, 2021 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Unpaid principal balance $ 2,498,466 $ 1,332 $ 2,499,798 Valuation adjustments on FVO loans — 27 27 Deferred loan origination costs 33,360 — 33,360 2,531,826 1,359 2,533,185 Allowance for loan losses ( 4,262 ) — ( 4,262 ) Total loans held for investment and loans held for investment at $ 2,527,564 $ 1,359 $ 2,528,923
Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program	The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three months ended March 31, 2022 and the year ended December 31, 2021 ($ in thousands): March 31, 2022 UPB % Amortized Cost % Beginning balance $ 292,429 $ 295,990 Additions — — Foreclosures — — Repayments ( 31,720 ) ( 32,130 ) Ending balance $ 260,709 $ 263,860 Performing/Accruing $ 206,495 79.2 % $ 209,033 79.2 % Nonperforming/Nonaccrual $ 54,214 20.8 % $ 54,827 20.8 % December 31, 2021 UPB % Amortized Cost % Beginning balance $ 392,073 $ 396,918 Additions 2,616 2,615 Foreclosures ( 402 ) ( 408 ) Repayments ( 101,858 ) ( 103,135 ) Ending balance $ 292,429 $ 295,990 Performing/Accruing $ 233,307 79.8 % $ 236,076 79.8 % Nonperforming/Nonaccrual $ 59,122 20.2 % $ 59,914 20.2 %
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued	As of March 31, 2022 and December 31, 2021, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facilities, and securitizations issued were as follows (in thousands): March 31, 2022 December 31, 2021 The 2013 repurchase agreement $ 249,172 $ 202,511 The 2021 repurchase agreement 214,612 114,072 The Bank credit agreement 47,153 30,959 The 2021 term repurchase agreement 42,151 53,217 The July 2021 term repurchase agreement 2,873 — Total pledged loans $ 555,961 $ 400,759 2015-1 Trust 29,198 31,931 2016-1 Trust 48,686 52,623 2017-2 Trust 84,592 94,809 2018-1 Trust 63,955 71,051 2018-2 Trust 138,776 154,974 2019-1 Trust 127,360 144,727 2019-2 Trust 122,774 132,358 2019-3 Trust 98,414 103,266 2020-1 Trust 174,770 189,547 2020-2 Trust 90,335 98,403 2020-MC1 Trust 115,709 134,957 2021-1 Trust 242,200 249,396 2021-2 Trust 192,130 198,039 2021-3 Trust 198,949 202,138 2021-4 Trust 302,541 314,547 2022-1 Trust 274,402 — Total $ 2,304,791 $ 2,172,766
Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment	The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of March 31, 2022 and December 31, 2021. There were no loans accruing interest that were greater than 90 days past due as of March 31, 2022 and December 31, 2021. March 31, 2022 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans with Allowance ($ in thousands) Commercial - Purchase $ 16,712 $ 15,731 $ 981 $ 28 0.2 % Commercial - Refinance 83,695 77,673 6,022 770 5.4 Residential 1-4 Unit - Purchase 24,934 24,677 257 96 0.7 Residential 1-4 Unit - Refinance 107,362 105,273 2,089 198 1.4 Short Term 1-4 Unit - Purchase 2,869 2,764 105 32 0.2 Short Term 1-4 Unit - Refinance 43,231 38,506 4,725 475 3.4 Total $ 278,803 $ 264,624 $ 14,179 $ 1,599 11.3 % Troubled Debt Restructuring included $ 165 $ — $ — $ 25 — December 31, 2021 Total Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual Loans with Allowance ($ in thousands) Commercial - Purchase $ 17,260 $ 16,501 $ 759 $ 9 0.1 % Commercial - Refinance 85,935 79,131 6,804 826 6.2 Residential 1-4 Unit - Purchase 17,385 17,128 257 96 0.7 Residential 1-4 Unit - Refinance 107,552 105,515 2,037 138 1.0 Short Term 1-4 Unit - Purchase 2,986 2,881 105 31 0.2 Short Term 1-4 Unit - Refinance 45,300 41,870 3,430 306 2.3 Total $ 276,418 $ 263,026 $ 13,392 $ 1,406 10.5 % Troubled Debt Restructuring included $ 165 $ — $ — $ 25 —
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment	The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of March 31, 2022 and 2021, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 609,232 $ ( 115 ) $ 326,082 $ ( 140 ) Commercial - Refinance 889,829 ( 253 ) 693,247 ( 468 ) Residential 1-4 Unit - Purchase 448,727 ( 219 ) 239,201 ( 58 ) Residential 1-4 Unit - Refinance 782,105 ( 298 ) 598,744 ( 521 ) Short Term 1-4 Unit - Purchase 38,683 ( 22 ) 40,739 ( 46 ) Short Term 1-4 Unit - Refinance 64,390 ( 238 ) 116,373 ( 242 ) Total $ 2,832,966 $ ( 1,145 ) $ 2,014,386 $ ( 1,475 )
Schedule of Activity in Allowance for Credit Losses	The following tables present the activity in the allowance for credit losses for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - January 1, 2022 $ 385 $ 2,144 $ 400 $ 948 $ 43 $ 342 $ 4,262 Provision for loan losses (1) 281 1 ( 11 ) 186 7 266 730 Charge-offs ( 147 ) ( 5 ) — ( 105 ) — ( 71 ) ( 328 ) Ending balance $ 519 $ 2,140 $ 389 $ 1,029 $ 50 $ 537 $ 4,664 Allowance related to: Loans individually evaluated $ 28 $ 770 $ 96 $ 198 $ 32 $ 475 $ 1,599 Loans collectively evaluated 490 1,370 293 832 17 62 3,064 Amortized cost related to: Loans individually evaluated $ 16,712 $ 83,695 $ 24,934 $ 107,362 $ 2,869 $ 43,231 $ 278,803 Loans collectively evaluated 592,520 806,134 423,793 674,743 35,814 21,159 2,554,163 Three Months Ended March 31, 2021 Residential Residential Short Term Short Term Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Purchase Refinance Total Allowance for credit losses: Beginning Balance - January 1,2021 $ 373 $ 2,093 $ 333 $ 1,216 $ 595 $ 1,235 5,845 Provision for loan losses (1) ( 45 ) ( 103 ) 26 11 ( 195 ) 411 105 Charge-offs — — ( 37 ) — ( 14 ) ( 18 ) ( 69 ) Ending balance $ 328 $ 1,990 $ 322 $ 1,227 $ 386 $ 1,646 $ 5,881 Allowance related to: Loans individually evaluated $ 116 $ 570 $ 96 $ 525 $ 323 $ 1,347 2,977 Loans collectively evaluated 212 1,419 226 703 63 281 2,904 Amortized cost related to: Loans individually evaluated $ 22,241 $ 103,778 $ 21,857 $ 127,106 $ 4,345 $ 59,434 $ 338,761 Loans collectively evaluated 303,841 589,469 217,344 471,638 36,394 56,939 1,675,625 (1) The provision for loan losses increased from approximately $ 0.1 million for the three months ended March 31,2021 to $ 0.7 million for the three months ended March 31, 2022 due mainly to an increase in the held for investment loan portfolio.
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio	The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, excluding loans held for investment at fair value, which include $ 263.9 million and $ 296.0 million loans in the Company’s COVID-19 forbearance program as of March 31, 2022 and December 31, 2021, respectively (in thousands): 30–59 days 60–89 days 90+days Total Total March 31, 2022 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 2,132 $ 1,468 $ 13,112 $ 16,712 $ — $ 16,712 Commercial - Refinance 4,074 6,660 72,961 83,695 — 83,695 Residential 1-4 Unit - Purchase 322 249 24,363 24,934 — 24,934 Residential 1-4 Unit - Refinance 3,209 3,948 100,205 107,362 — 107,362 Short Term 1-4 Unit - Purchase — 99 2,770 2,869 — 2,869 Short Term 1-4 Unit - Refinance 2,749 1,580 38,902 43,231 — 43,231 Total loans individually evaluated $ 12,486 $ 14,004 $ 252,313 $ 278,803 $ — $ 278,803 Loans collectively evaluated Commercial - Purchase $ 16,861 $ 7,650 $ — $ 24,511 $ 568,009 $ 592,520 Commercial - Refinance 33,414 15,803 — 49,217 756,917 806,134 Residential 1-4 Unit - Purchase 11,000 1,993 — 12,993 410,800 423,793 Residential 1-4 Unit - Refinance 27,634 14,535 — 42,169 632,574 674,743 Short Term 1-4 Unit - Purchase 3,350 — — 3,350 32,464 35,814 Short Term 1-4 Unit - Refinance 3,081 2,306 — 5,387 15,772 21,159 Total loans collectively evaluated $ 95,340 $ 42,287 $ — $ 137,627 $ 2,416,536 $ 2,554,163 Ending balance $ 107,826 $ 56,291 $ 252,313 $ 416,430 $ 2,416,536 $ 2,832,966 30–59 days 60–89 days 90+days Total Total December 31, 2021 past due past due past due (1) past due Current loans Loans individually evaluated Commercial - Purchase $ 700 $ 2,314 $ 14,246 $ 17,260 $ — $ 17,260 Commercial - Refinance 4,464 6,818 74,488 85,770 165 85,935 Residential 1-4 Unit - Purchase — 682 16,703 17,385 — 17,385 Residential 1-4 Unit - Refinance 807 1,088 105,657 107,552 — 107,552 Short Term 1-4 Unit - Purchase 1,224 — 1,762 2,986 — 2,986 Short Term 1-4 Unit - Refinance 615 1,010 43,675 45,300 — 45,300 Total loans individually evaluated $ 7,810 $ 11,912 $ 256,531 $ 276,253 $ 165 $ 276,418 Loans collectively evaluated Commercial - Purchase $ 17,319 $ 4,034 $ — $ 21,353 $ 470,808 $ 492,161 Commercial - Refinance 31,769 7,025 — 38,794 658,532 697,326 Residential 1-4 Unit - Purchase 14,905 5,580 — 20,485 370,900 391,385 Residential 1-4 Unit - Refinance 39,045 9,548 — 48,593 574,175 622,768 Short Term 1-4 Unit - Purchase 21,412 217 — 21,629 4,374 26,003 Short Term 1-4 Unit - Refinance 4,060 5,561 — 9,621 16,144 25,765 Total loans collectively evaluated $ 128,510 $ 31,965 $ — $ 160,475 $ 2,094,933 $ 2,255,408 Ending balance $ 136,320 $ 43,877 $ 256,531 $ 436,728 $ 2,095,098 $ 2,531,826 (1) Includes loans in bankruptcy and foreclosure less than 90 days past due.
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year	The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of March 31, 2022 and December 31, 2021 (in thousands). Term Loans Amortized Cost Basis by Origination Year March 31, 2022: 2022 2021 2020 2019 2018 Pre-2018 Total Commercial - Purchase Payment performance Performing $ 126,178 $ 271,850 $ 43,643 $ 72,467 $ 41,001 $ 37,381 $ 592,520 Nonperforming — 1,310 186 6,945 3,335 4,936 16,712 Total Commercial - Purchase $ 126,178 $ 273,160 $ 43,829 $ 79,412 $ 44,336 $ 42,317 $ 609,232 Commercial - Refinance Payment performance Performing $ 150,900 $ 233,066 $ 63,018 $ 136,891 $ 108,844 $ 113,415 $ 806,134 Nonperforming — 5,644 3,240 23,869 23,908 27,034 83,695 Total Commercial - Refinance $ 150,900 $ 238,710 $ 66,258 $ 160,760 $ 132,752 $ 140,449 $ 889,829 Residential 1-4 Unit - Purchase Payment performance Performing $ 59,343 $ 251,221 $ 12,751 $ 44,716 $ 24,706 $ 31,056 $ 423,793 Nonperforming — 9,742 2,171 4,126 3,566 5,329 24,934 Total Residential 1-4 $ 59,343 $ 260,963 $ 14,922 $ 48,842 $ 28,272 $ 36,385 $ 448,727 Residential 1-4 Unit - Refinance Payment performance Performing $ 95,030 $ 328,551 $ 27,422 $ 103,584 $ 51,501 $ 68,655 $ 674,743 Nonperforming — 16,473 7,005 30,117 28,765 25,002 107,362 Total Residential 1-4 $ 95,030 $ 345,024 $ 34,427 $ 133,701 $ 80,266 $ 93,657 $ 782,105 Short Term 1-4 Unit - Purchase Payment performance Performing $ 9,018 $ 7,412 $ 14,980 $ 4,404 $ — $ — $ 35,814 Nonperforming — — 1,562 1,202 105 — 2,869 Total Short Term 1-4 $ 9,018 $ 7,412 $ 16,542 $ 5,606 $ 105 $ — $ 38,683 Short Term 1-4 Unit - Refinance Payment performance Performing $ 7,301 $ 1,638 $ 8,051 $ 4,169 $ — $ — $ 21,159 Nonperforming — 243 13,679 23,695 5,614 — 43,231 Total Short Term 1-4 $ 7,301 $ 1,881 $ 21,730 $ 27,864 $ 5,614 $ — $ 64,390 Total Portfolio $ 447,770 $ 1,127,150 $ 197,708 $ 456,185 $ 291,345 $ 312,808 $ 2,832,966 Term Loans Amortized Cost Basis by Origination Year December 31, 2021 2021 2020 2019 2018 2017 Pre-2017 Total Commercial - Purchase Payment performance Performing $ 277,618 $ 45,836 $ 81,541 $ 46,637 $ 24,164 $ 16,365 $ 492,161 Nonperforming 288 1,781 5,541 4,180 3,539 1,931 17,260 Total Commercial - Purchase $ 277,906 $ 47,617 $ 87,082 $ 50,817 $ 27,703 $ 18,296 $ 509,421 Commercial - Refinance Payment performance Performing $ 239,688 $ 64,966 $ 144,017 $ 118,735 $ 62,374 $ 67,545 $ 697,325 Nonperforming 2,482 3,949 26,012 26,869 16,492 10,131 85,935 Total Commercial - Refinance $ 242,170 $ 68,915 $ 170,029 $ 145,604 $ 78,866 $ 77,676 $ 783,260 Residential 1-4 Unit - Purchase Payment performance Performing $ 263,180 $ 12,878 $ 48,930 $ 29,544 $ 12,863 $ 23,990 $ 391,385 Nonperforming 1,372 2,749 3,896 3,736 3,487 2,145 17,385 Total Residential 1-4 $ 264,552 $ 15,627 $ 52,826 $ 33,280 $ 16,350 $ 26,135 $ 408,770 Residential 1-4 Unit - Refinance Payment performance Performing $ 343,199 $ 31,334 $ 114,145 $ 59,825 $ 31,774 $ 42,492 $ 622,769 Nonperforming 11,646 6,040 31,816 30,626 16,677 10,747 107,552 Total Residential 1-4 $ 354,845 $ 37,374 $ 145,961 $ 90,451 $ 48,451 $ 53,239 $ 730,321 Short Term 1-4 Unit - Purchase Payment performance Performing $ 1,890 $ 15,582 $ 8,531 $ — $ — $ — $ 26,003 Nonperforming — 1,565 1,316 105 — — 2,986 Total Short Term 1-4 $ 1,890 $ 17,147 $ 9,847 $ 105 $ — $ — $ 28,989 Short Term 1-4 Unit - Refinance Payment performance Performing $ 1,448 $ 11,991 $ 12,326 $ — $ — $ — $ 25,765 Nonperforming 1,038 15,819 22,618 5,825 — — 45,300 Total Short Term 1-4 $ 2,486 $ 27,810 $ 34,944 $ 5,825 $ — $ — $ 71,065 Total Portfolio $ 1,143,849 $ 214,490 $ 500,689 $ 326,082 $ 171,370 $ 175,346 $ 2,531,826

Receivables Due From Servicers

Receivables Due From Servicers (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Summary of Receivables Due from Servicers	The following tables summarize receivables due from servicers as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 43,392 $ 1,115 $ 44,507 Other loan servicing receivables 13,437 817 14,254 Loan servicing receivables 56,829 1,932 58,761 Corporate and escrow advances receivable 17,837 1,680 19,517 Total receivables due from servicers $ 74,666 $ 3,612 $ 78,278 December 31, 2021 Securitizations Warehouse and repurchase facilities and other Total Loan principal payments due from servicers $ 42,344 $ 1,165 $ 43,509 Other loan servicing receivables 10,718 730 11,448 Loan servicing receivables 53,062 1,895 54,957 Corporate and escrow advances receivable 17,884 1,489 19,373 Total receivables due from servicers $ 70,946 $ 3,384 $ 74,330

Mortgage Servicing Rights (Tabl

Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2022
Transfers And Servicing [Abstract]
Summary of Mortgage Servicing Rights	The following table presents the Company's mortgage servicing rights (in thousands): March 31, 2022 December 31, 2021 Balance at the beginning of year $ 7,152 $ — Mortgage servicing rights acquired, at fair value — 7,152 Additions — — Fair value adjustments 509 — Balance at end of period $ 7,661 $ 7,152

Securitizations Net (Tables)

Securitizations Net (Tables)	3 Months Ended
	Mar. 31, 2022
Transfers And Servicing [Abstract]
Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate	The following table summarizes the outstanding balance, net of discounts and deal costs, of the securities and the effective interest rate for the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended March 31, Securitizations: 2022 2021 Securitizations, net $ 2,035,374 $ 1,453,386 Interest expense 19,791 19,127 Average outstanding balance 2,018,186 1,548,642 Effective interest rate (1) 3.92 % 4.94 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.22 % and debt issuance cost amortization of 0.70 % and average rate of 4.24 % and debt issuance cost amortization of 0.70 % for the three months ended March 31, 2022 and 2021 , respectively.

Other Debt (Tables)

Other Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding	The following table summarizes the maximum borrowing capacity and current gross balances outstanding of the Company’s warehouse facilities and loan agreements as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Period end (1) Maximum Period end (1) Maximum The 2021 term repurchase agreement $ 32,112 $ 100,000 $ 41,636 $ 100,000 The 2021 repurchase agreement 164,563 200,000 82,580 200,000 The July 2021 term repurchase agreement 2,742 100,000 — 100,000 The 2013 repurchase agreement 192,214 200,000 153,499 200,000 The Bank credit agreement 35,328 50,000 22,385 50,000 The 2019 loan agreement — — 2,700 3,000 Total $ 426,959 $ 650,000 $ 302,800 $ 653,000 (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $ 2.3 million and $ 1.7 million as of March 31, 2022 and December 31, 2021 , respectively.
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the three months ended March 31, 2022 and 2021 ($ in thousands): Three Months Ended March 31, 2022 2021 Warehouse and repurchase facilities: Average outstanding balance $ 338,247 $ 113,528 Highest outstanding balance at any month-end 426,959 204,574 Effective interest rate (1) 4.45 % 6.01 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate of 3.89 % and debt issuance cost amortization of 0.56 %, and average rate of 4 .77 % and debt issuance cost amortization of 1.24 %, for the three months ended March 31, 2022 and 2021 , respectively.
Summary of Interest Expense	The following table provides a summary of interest expense that includes debt issuance cost amortization, interest, amortization of discount, and deal cost amortization for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Warehouse and repurchase facilities $ 3,765 $ 1,705 Securitizations 19,791 19,127 Interest expense — portfolio related 23,556 20,832 Interest expense — corporate debt 17,140 (1) 7,350 (2) Total interest expense $ 40,696 $ 28,182 (1) Included in the $ 17.1 million of interest expense – corporate debt for the three months ended March 31, 2022 was the one-time debt issuance costs write-off of $ 7.7 million and prepayment fee of $ 5.1 million associated with the repayment of $ 170.8 million in outstanding principal amount in March 2022. (2) Included in the $ 7.4 million of interest expense – corporate debt for the March 31, 2021 was the one-time debt issuance costs write-off of $ 2.9 million and prepayment fee of $ 1.6 million associated with the payoff of $ 78.0 million in outstanding principal amount in February 2021.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Calculations	The following table presents the basic and diluted earnings per share calculations for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (In thousands, except per share data) Basic EPS: Net income attributable to common stockholders $ 3,121 $ 3,396 Less: earnings attributable to participating securities 48 1,281 Net earnings attributable to common stock $ 3,073 $ 2,115 Weighted average common shares outstanding 31,892 20,087 Basic earnings per common share $ 0.10 $ 0.11 Diluted EPS: Net income attributable to common stockholders $ 3,121 $ 3,396 Weighted average common shares outstanding 31,892 20,087 Add dilutive effects for assumed conversion of Series A preferred stock — 11,688 Add dilutive effects for warrants 2,127 1,587 Add dilutive effects for stock options 5 — Add dilutive effects of unvested restricted stock awards 180 45 Weighted average diluted common shares outstanding 34,204 33,407 Diluted income per common share $ 0.09 $ 0.10
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	The following table sets forth the number of shares excluded from the computation of diluted earnings per share, as their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2022 2021 Shares underlying warrants — — Stock options 773 785 Unvested restricted stock awards — — Unvested performance-based stock units 103 — Share equivalents excluded from EPS 876 785

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Information on Assets Measured and Recorded at Fair Value	The following tables present information on assets measured and recorded at fair value as of March 31, 2022 and December 31, 2021, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at March 31, 2022 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,352 $ 1,352 Mortgage servicing rights — — 7,661 7,661 Total recurring fair value measurements — — 9,013 9,013 Nonrecurring fair value measurements: Loans held for sale, net — — 76,869 76,869 Real estate owned, net — — 16,177 16,177 Individually evaluated loans requiring specific allowance, net — — 12,580 12,580 Total nonrecurring fair value measurements — — 105,626 105,626 Total assets $ — $ — $ 114,639 $ 114,639 Fair value measurements using Total at December 31, 2021 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,359 $ 1,359 Mortgage servicing rights — — 7,152 7,152 Total recurring fair value measurements — — 8,511 8,511 Nonrecurring fair value measurements: Loans held for sale, net — — 87,422 87,422 Real estate owned, net — — 17,557 17,557 Impaired loans requiring specific allowance, net — — 11,987 11,987 Total nonrecurring fair value measurements — — 116,966 116,966 Total assets $ — $ — $ 125,477 $ 125,477
Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis	The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, Gain (loss) on assets measured on a nonrecurring basis 2022 2021 Loans held for sale, net $ — $ 17 Real estate held for sale, net 235 ( 435 ) Individually evaluated loans requiring specific allowance, net ( 192 ) ( 308 ) Total net loss $ 43 $ ( 726 )
Valuation Techniques and Unobservable Inputs Related to Level 3 Assets	The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of March 31, 2022 and December 31, 2021 ($ in thousands): March 31, 2022 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 12,580 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 16,177 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, 1,352 Discounted cash flow Discount rate 5.7 % 5.7 % Collateral value (% of UPB) 96.0 % to 120.0 % 106.0 % Timing of resolution/payoff (months) 1 - 40 37.0 Prepayment rate 1.0 % - 30.0 % 21.5 % Default rate 0.4 % - 6.6 % 1.0 % Loss severity rate 0 % - 21 % 8.0 % Loans held for sale 76,869 Discounted cash flow Discount rate 5.7 % 5.7 % Timing of resolution/payoff (months) 38 to 40 39.0 Mortgage servicing rights 7,661 Discounted cash flow Discount rate 8.0 % - 12.0 % 8.0 % Prepayment rate 2.0 % - 7.0 % 3.1 % December 31, 2021 Asset category Fair value Primary Unobservable Range Weighted Individually evaluated $ 11,987 Market comparables Selling costs 8.0 % 8.0 % Real estate owned, net 17,557 Market comparables Selling costs 8.0 % 8.0 % Loans held for investment, 1,359 Discounted cash flow Discount rate 5.8 % 5.8 % Collateral value (% of UPB) 95.0 % to 120.0 % 106.0 % Timing of resolution/payoff (months) 1 to 38 34.8 Prepayment rate 19.2 % to 50 % 19.2 % to 50 % Default rate 0.0 % to 6.7 % 1.0 % Loss severity rate 0.0 % to 13.4 % 3.0 % Loans held for sale 87,422 Discounted cash flow Discount rate 5.8 % 5.8 % Timing of resolution/payoff (months) 3 to 37 13.0 Mortgage servicing rights 7,152 Discounted cash flow Discount rate 8.0 % to 12.0 % 8.0 % Prepayment rate 2.4 % to 3.5 % 3.2 %
Rollforward of Loans and Interest Only Strips Measured at Estimated Fair Value on Recurring Basis	The following is a rollforward of loans that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ 1,359 $ 1,539 Loans liquidated — ( 163 ) Principal paydowns ( 17 ) ( 10 ) Total unrealized gain (loss) included in net income 10 ( 2 ) Ending balance $ 1,352 $ 1,364 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the periods indicated (in thousands): Three Months Ended March 31, 2022 2021 Beginning balance $ — $ 238 Interest-only strip additions — — Interest-only strip write-offs — ( 113 ) Total unrealized loss included in net income — — Ending balance $ — $ 125
Carrying Amounts and Estimated Fair Values of Financial Instruments	The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): March 31, 2022 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 36,629 $ 36,629 $ — $ — $ 36,629 Restricted cash 10,837 10,837 — — 10,837 Loans held for sale, net 77,503 — — 77,503 77,503 Loans held for investment, net 2,828,302 — — 2,973,430 2,973,430 Loans held for investment, at fair value 1,352 — — 1,352 1,352 Accrued interest receivables 14,169 14,169 — — 14,169 Mortgage servicing rights 7,661 — — 7,661 7,661 Liabilities: Secured financing, net $ 208,956 $ — $ — $ 215,000 $ 215,000 Warehouse repurchase facilities, net 424,692 — 424,692 — 424,692 Securitizations, net 2,035,374 — — 1,966,780 1,966,780 Accrued interest payable 7,467 7,467 — — 7,467 December 31, 2021 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 35,965 $ 35,965 $ — $ — $ 35,965 Restricted cash 11,639 11,639 — — 11,639 Loans held for sale, net 87,908 — — 87,908 87,908 Loans held for investment, net 2,527,564 — — 2,655,357 2,655,357 Loans held for investment, at fair value 1,359 — — 1,359 1,359 Accrued interest receivable 13,159 13,159 — — 13,159 Mortgage servicing rights 7,152 — — 7,152 7,152 Liabilities: Secured financing, net $ 162,845 $ — $ — $ 170,843 $ 170,843 Warehouse repurchase facilities, net 301,069 — 301,069 — 301,069 Securitizations, net 1,911,879 — — 1,931,002 1,931,002 Accrued interest payable 6,254 6,254 — — 6,254

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)	Dec. 28, 2021	Jan. 28, 2020	Jan. 22, 2020	Mar. 31, 2022	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation				Jul. 9, 2012
Minimum net worth required				$ 250,000
Century
Class Of Stock [Line Items]
Payments to acquire businesses	$ 12,800,000
Percentage of voting interests acquired	80.00%
Class A equity units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					97,513,533
Class D equity units
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					60,193,989
Common Stock
Class Of Stock [Line Items]
Shares issued upon conversion of equity units					11,749,994
Issuance of common stock, shares		1,087,500	7,250,000
Stock price		$ 13	$ 13

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 36,629	$ 35,965	$ 20,434
Restricted cash	10,837	11,639	6,808
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 47,466	$ 47,604	$ 27,242	$ 20,293

Loans Held for Sale, Net - Summ

Loans Held for Sale, Net - Summary of Loans Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Loans Held For Sale [Abstract]
Unpaid principal balance	$ 76,869	$ 87,422
Deferred loan origination costs	634	486
Ending balance	$ 77,503	$ 87,908

Loans Held for Investment and_3

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (4,664)	$ (4,262)	$ (5,881)	$ (5,845)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	2,798,632	2,498,466
Deferred loan origination costs	34,334	33,360
Total loans held for investment and loans held for investment at fair value, gross	2,832,966	2,531,826
Allowance for loan losses	(4,664)	(4,262)
Total loans held for investment and loans held for investment at fair value, net	2,828,302	2,527,564
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,315	1,332
Valuation adjustments on FVO loans	37	27
Total loans held for investment and loans held for investment at fair value, gross	1,352	1,359
Total loans held for investment and loans held for investment at fair value, net	1,352	1,359
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	2,799,947	2,499,798
Valuation adjustments on FVO loans	37	27
Deferred loan origination costs	34,334	33,360
Total loans held for investment and loans held for investment at fair value, gross	2,834,318	2,533,185
Allowance for loan losses	(4,664)	(4,262)
Total loans held for investment and loans held for investment at fair value, net	$ 2,829,654	$ 2,528,923

Loans Held for Investment and_4

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program (Details) - COVID 19 Forbearance Program - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
UPB Beginning balance	$ 292,429	$ 392,073
UPB Additions		2,616
UPB Foreclosures		(402)
UPB Repayments	(31,720)	(101,858)
UPB Ending balance	260,709	292,429
UPB Performing/Accruing, Amount	206,495	233,307
UPB Nonperforming/Nonaccrual, Amount	$ 54,214	$ 59,122
UPB Performing/Accruing, Percentage	79.20%	79.80%
UPB Nonperforming/Nonaccrual, Percentage	20.80%	20.20%
Amortized Cost Beginning balance	$ 295,990	$ 396,918
Amortized Cost Additions		2,615
Amortized Cost Foreclosures		(408)
Amortized Cost Repayments	(32,130)	(103,135)
Amortized Cost Ending balance	263,860	295,990
Amortized Cost Performing/Accruing, Amount	209,033	236,076
Amortized Cost Nonperforming/Nonaccrual, Amount	$ 54,827	$ 59,914
Amortized Cost Performing/Accruing, Percentage	79.20%	79.80%
Amortized Cost Nonperforming/Nonaccrual, Percentage	20.80%	20.20%

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended	24 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Mar. 31, 2022	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Accrued interest income recognized on nonaccrual loans	$ 0	$ 5,000
Cash basis interest income recognized on nonaccrual loans	7,300,000	6,700,000
Average recorded investment of individually evaluated loans, computed using month-end balances	$ 281,900,000	$ 337,100,000
Stress Scenario , Descriptions	For the March 31, 2022 estimate, the Company considered a severe stress scenario with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the severe stress scenario was appropriate given the uncertainty around future COVID cases, the war between Russia and Ukraine, spike in inflation, and the continued disruption in the supply chain.
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 263,900,000		$ 296,000,000	$ 263,900,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans	0.47%		0.42%
COVID 19 Forbearance Program
Accounts Notes And Loans Receivable [Line Items]
Amount of loan granted for unusual risk forbearance	$ 167,400,000			167,400,000	$ 408,700,000
Accrued interest income recognized on nonaccrual loans	$ 3,300,000			$ 10,500,000
Loans held for investment unpaid principal balance performing and accruing, percentage	79.20%		79.80%	79.20%
Loans held for investment unpaid principal balance nonperforming and nonaccrual percentage	20.80%		20.20%	20.80%

Loans Held for Investment and_6

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facilities and Securitizations Issued (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	$ 555,961	$ 400,759
Total	2,304,791	2,172,766
2013 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	249,172	202,511
2021 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	214,612	114,072
Bank Credit Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	47,153	30,959
2021 Term Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	42,151	53,217
July 2021 Term Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	2,873
2015-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	29,198	31,931
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	48,686	52,623
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	84,592	94,809
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	63,955	71,051
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	138,776	154,974
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	127,360	144,727
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	122,774	132,358
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	98,414	103,266
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	174,770	189,547
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	90,335	98,403
2020-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	115,709	134,957
2021-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	242,200	249,396
2021-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	192,130	198,039
2021-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	198,949	202,138
2021-4 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	302,541	$ 314,547
2022-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 274,402

Loans Held for Investment and_7

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 278,803	$ 276,418
Nonaccrual with No Allowance for Loan Loss	264,624	263,026
Nonaccrual with Allowance for Loan Loss	14,179	13,392
Allowance for Loans Individually Evaluated	$ 1,599	$ 1,406	$ 2,977
Percentage of Allowance to Total Nonaccrual Loans with Allowance	11.30%	10.50%
Troubled Debt Restructuring included in nonaccrual loans:	$ 165	$ 165
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	16,712	17,260
Nonaccrual with No Allowance for Loan Loss	15,731	16,501
Nonaccrual with Allowance for Loan Loss	981	759
Allowance for Loans Individually Evaluated	$ 28	$ 9	116
Percentage of Allowance to Total Nonaccrual Loans with Allowance	0.20%	0.10%
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 83,695	$ 85,935
Nonaccrual with No Allowance for Loan Loss	77,673	79,131
Nonaccrual with Allowance for Loan Loss	6,022	6,804
Allowance for Loans Individually Evaluated	$ 770	$ 826	570
Percentage of Allowance to Total Nonaccrual Loans with Allowance	5.40%	6.20%
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 24,934	$ 17,385
Nonaccrual with No Allowance for Loan Loss	24,677	17,128
Nonaccrual with Allowance for Loan Loss	257	257
Allowance for Loans Individually Evaluated	$ 96	$ 96	96
Percentage of Allowance to Total Nonaccrual Loans with Allowance	0.70%	0.70%
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 107,362	$ 107,552
Nonaccrual with No Allowance for Loan Loss	105,273	105,515
Nonaccrual with Allowance for Loan Loss	2,089	2,037
Allowance for Loans Individually Evaluated	$ 198	$ 138	525
Percentage of Allowance to Total Nonaccrual Loans with Allowance	1.40%	1.00%
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 2,869	$ 2,986
Nonaccrual with No Allowance for Loan Loss	2,764	2,881
Nonaccrual with Allowance for Loan Loss	105	105
Allowance for Loans Individually Evaluated	$ 32	$ 31	323
Percentage of Allowance to Total Nonaccrual Loans with Allowance	0.20%	0.20%
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Total Nonaccrual	$ 43,231	$ 45,300
Nonaccrual with No Allowance for Loan Loss	38,506	41,870
Nonaccrual with Allowance for Loan Loss	4,725	3,430
Allowance for Loans Individually Evaluated	$ 475	$ 306	$ 1,347
Percentage of Allowance to Total Nonaccrual Loans with Allowance	3.40%	2.30%
Individual Loan Evaluation
Financing Receivable Impaired [Line Items]
Troubled Debt Restructuring included in nonaccrual loans:	$ 25	$ 25

Loans Held for Investment and_8

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	$ 2,832,966	$ 2,014,386
Financing Receivable, Accrued Interest, Writeoff	(1,145)	(1,475)
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	609,232	326,082
Financing Receivable, Accrued Interest, Writeoff	(115)	(140)
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	889,829	693,247
Financing Receivable, Accrued Interest, Writeoff	(253)	(468)
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	448,727	239,201
Financing Receivable, Accrued Interest, Writeoff	(219)	(58)
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	782,105	598,744
Financing Receivable, Accrued Interest, Writeoff	(298)	(521)
Short Term 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	38,683	40,739
Financing Receivable, Accrued Interest, Writeoff	(22)	(46)
Short Term 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	64,390	116,373
Financing Receivable, Accrued Interest, Writeoff	$ (238)	$ (242)

Loans Held for Investment and_9

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Allowance for credit losses:
Beginning balance	$ 4,262	$ 5,845
Provision for loan losses	730	105
Charge-offs	(328)	(69)
Ending balance	4,664	5,881
Allowance for Loans Individually Evaluated	1,599	2,977	$ 1,406
Allowance related to Loans collectively evaluated	3,064	2,904
Amortized cost related to Loans individually evaluated	278,803	338,761
Amortized cost related to Loans collectively evaluated	2,554,163	1,675,625
Commercial - Purchase
Allowance for credit losses:
Beginning balance	385	373
Provision for loan losses	281	(45)
Charge-offs	(147)
Ending balance	519	328
Allowance for Loans Individually Evaluated	28	116	9
Allowance related to Loans collectively evaluated	490	212
Amortized cost related to Loans individually evaluated	16,712	22,241
Amortized cost related to Loans collectively evaluated	592,520	303,841
Commercial - Refinance
Allowance for credit losses:
Beginning balance	2,144	2,093
Provision for loan losses	1	(103)
Charge-offs	(5)
Ending balance	2,140	1,990
Allowance for Loans Individually Evaluated	770	570	826
Allowance related to Loans collectively evaluated	1,370	1,419
Amortized cost related to Loans individually evaluated	83,695	103,778
Amortized cost related to Loans collectively evaluated	806,134	589,469
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	400	333
Provision for loan losses	(11)	26
Charge-offs		(37)
Ending balance	389	322
Allowance for Loans Individually Evaluated	96	96	96
Allowance related to Loans collectively evaluated	293	226
Amortized cost related to Loans individually evaluated	24,934	21,857
Amortized cost related to Loans collectively evaluated	423,793	217,344
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	948	1,216
Provision for loan losses	186	11
Charge-offs	(105)
Ending balance	1,029	1,227
Allowance for Loans Individually Evaluated	198	525	138
Allowance related to Loans collectively evaluated	832	703
Amortized cost related to Loans individually evaluated	107,362	127,106
Amortized cost related to Loans collectively evaluated	674,743	471,638
Short Term 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance	43	595
Provision for loan losses	7	(195)
Charge-offs		(14)
Ending balance	50	386
Allowance for Loans Individually Evaluated	32	323	31
Allowance related to Loans collectively evaluated	17	63
Amortized cost related to Loans individually evaluated	2,869	4,345
Amortized cost related to Loans collectively evaluated	35,814	36,394
Short Term 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance	342	1,235
Provision for loan losses	266	411
Charge-offs	(71)	(18)
Ending balance	537	1,646
Allowance for Loans Individually Evaluated	475	1,347	$ 306
Allowance related to Loans collectively evaluated	62	281
Amortized cost related to Loans individually evaluated	43,231	59,434
Amortized cost related to Loans collectively evaluated	$ 21,159	$ 56,939

Loans Held for Investment an_10

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for Loan Losses (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for loan losses	$ 730	$ 105
Allowance For Credit Losses
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for loan losses	$ 700	$ 100

Loans Held for Investment an_11

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio (Details) - COVID19 Pandemic - Aging Status and Accrual Status - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	$ 2,832,966	$ 2,531,826
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	278,803	276,418
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	16,712	17,260
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	83,695	85,935
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	24,934	17,385
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	107,362	107,552
Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,869	2,986
Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	43,231	45,300
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	2,554,163	2,255,408
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	592,520	492,161
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	806,134	697,326
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	423,793	391,385
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	674,743	622,768
Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	35,814	26,003
Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Total loans	21,159	25,765
30-59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	107,826	136,320
30-59 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,486	7,810
30-59 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,132	700
30-59 days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	4,074	4,464
30-59 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	322
30-59 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,209	807
30-59 days | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,224
30-59 days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,749	615
30-59 days | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	95,340	128,510
30-59 days | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	16,861	17,319
30-59 days | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	33,414	31,769
30-59 days | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	11,000	14,905
30-59 days | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	27,634	39,045
30-59 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,350	21,412
30-59 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,081	4,060
60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	56,291	43,877
60-89 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	14,004	11,912
60-89 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,468	2,314
60-89 days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	6,660	6,818
60-89 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	249	682
60-89 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,948	1,088
60-89 days | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	99
60-89 days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,580	1,010
60-89 days | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	42,287	31,965
60-89 days | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	7,650	4,034
60-89 days | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	15,803	7,025
60-89 days | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	1,993	5,580
60-89 days | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	14,535	9,548
60-89 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		217
60-89 days | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,306	5,561
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	252,313	256,531
90+days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	252,313	256,531
90+days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	13,112	14,246
90+days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	72,961	74,488
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	24,363	16,703
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	100,205	105,657
90+days | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,770	1,762
90+days | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	38,902	43,675
Past Due
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	416,430	436,728
Past Due | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	278,803	276,253
Past Due | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	16,712	17,260
Past Due | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	83,695	85,770
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	24,934	17,385
Past Due | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	107,362	107,552
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,869	2,986
Past Due | Loans Individually Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	43,231	45,300
Past Due | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	137,627	160,475
Past Due | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	24,511	21,353
Past Due | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	49,217	38,794
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	12,993	20,485
Past Due | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	42,169	48,593
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	3,350	21,629
Past Due | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	5,387	9,621
Current
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,416,536	2,095,098
Current | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		165
Current | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		165
Current | Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	2,416,536	2,094,933
Current | Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	568,009	470,808
Current | Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	756,917	658,532
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	410,800	370,900
Current | Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	632,574	574,175
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	32,464	4,374
Current | Loans Collectively Evaluated | Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	$ 15,772	$ 16,144

Loans Held for Investment an_12

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year (Details) - Accrual Status - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	$ 447,770	$ 1,143,849
Term Loans Amortized Cost Basis by Origination Year, 2021	1,127,150	214,490
Term Loans Amortized Cost Basis by Origination Year, 2020	197,708	500,689
Term Loans Amortized Cost Basis by Origination Year, 2019	456,185	326,082
Term Loans Amortized Cost Basis by Origination Year, 2018	291,345	171,370
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	312,808	175,346
Total	2,832,966	2,531,826
Commercial Purchase Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	126,178	277,906
Term Loans Amortized Cost Basis by Origination Year, 2021	273,160	47,617
Term Loans Amortized Cost Basis by Origination Year, 2020	43,829	87,082
Term Loans Amortized Cost Basis by Origination Year, 2019	79,412	50,817
Term Loans Amortized Cost Basis by Origination Year, 2018	44,336	27,703
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	42,317	18,296
Total	609,232	509,421
Commercial Purchase Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	126,178	277,618
Term Loans Amortized Cost Basis by Origination Year, 2021	271,850	45,836
Term Loans Amortized Cost Basis by Origination Year, 2020	43,643	81,541
Term Loans Amortized Cost Basis by Origination Year, 2019	72,467	46,637
Term Loans Amortized Cost Basis by Origination Year, 2018	41,001	24,164
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	37,381	16,365
Total	592,520	492,161
Commercial Purchase Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022		288
Term Loans Amortized Cost Basis by Origination Year, 2021	1,310	1,781
Term Loans Amortized Cost Basis by Origination Year, 2020	186	5,541
Term Loans Amortized Cost Basis by Origination Year, 2019	6,945	4,180
Term Loans Amortized Cost Basis by Origination Year, 2018	3,335	3,539
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	4,936	1,931
Total	16,712	17,260
Commercial Refinance Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	150,900	242,170
Term Loans Amortized Cost Basis by Origination Year, 2021	238,710	68,915
Term Loans Amortized Cost Basis by Origination Year, 2020	66,258	170,029
Term Loans Amortized Cost Basis by Origination Year, 2019	160,760	145,604
Term Loans Amortized Cost Basis by Origination Year, 2018	132,752	78,866
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	140,449	77,676
Total	889,829	783,260
Commercial Refinance Portfolio Segment | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	150,900	239,688
Term Loans Amortized Cost Basis by Origination Year, 2021	233,066	64,966
Term Loans Amortized Cost Basis by Origination Year, 2020	63,018	144,017
Term Loans Amortized Cost Basis by Origination Year, 2019	136,891	118,735
Term Loans Amortized Cost Basis by Origination Year, 2018	108,844	62,374
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	113,415	67,545
Total	806,134	697,325
Commercial Refinance Portfolio Segment | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022		2,482
Term Loans Amortized Cost Basis by Origination Year, 2021	5,644	3,949
Term Loans Amortized Cost Basis by Origination Year, 2020	3,240	26,012
Term Loans Amortized Cost Basis by Origination Year, 2019	23,869	26,869
Term Loans Amortized Cost Basis by Origination Year, 2018	23,908	16,492
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	27,034	10,131
Total	83,695	85,935
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	59,343	264,552
Term Loans Amortized Cost Basis by Origination Year, 2021	260,963	15,627
Term Loans Amortized Cost Basis by Origination Year, 2020	14,922	52,826
Term Loans Amortized Cost Basis by Origination Year, 2019	48,842	33,280
Term Loans Amortized Cost Basis by Origination Year, 2018	28,272	16,350
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	36,385	26,135
Total	448,727	408,770
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	59,343	263,180
Term Loans Amortized Cost Basis by Origination Year, 2021	251,221	12,878
Term Loans Amortized Cost Basis by Origination Year, 2020	12,751	48,930
Term Loans Amortized Cost Basis by Origination Year, 2019	44,716	29,544
Term Loans Amortized Cost Basis by Origination Year, 2018	24,706	12,863
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	31,056	23,990
Total	423,793	391,385
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022		1,372
Term Loans Amortized Cost Basis by Origination Year, 2021	9,742	2,749
Term Loans Amortized Cost Basis by Origination Year, 2020	2,171	3,896
Term Loans Amortized Cost Basis by Origination Year, 2019	4,126	3,736
Term Loans Amortized Cost Basis by Origination Year, 2018	3,566	3,487
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	5,329	2,145
Total	24,934	17,385
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	95,030	354,845
Term Loans Amortized Cost Basis by Origination Year, 2021	345,024	37,374
Term Loans Amortized Cost Basis by Origination Year, 2020	34,427	145,961
Term Loans Amortized Cost Basis by Origination Year, 2019	133,701	90,451
Term Loans Amortized Cost Basis by Origination Year, 2018	80,266	48,451
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	93,657	53,239
Total	782,105	730,321
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	95,030	343,199
Term Loans Amortized Cost Basis by Origination Year, 2021	328,551	31,334
Term Loans Amortized Cost Basis by Origination Year, 2020	27,422	114,145
Term Loans Amortized Cost Basis by Origination Year, 2019	103,584	59,825
Term Loans Amortized Cost Basis by Origination Year, 2018	51,501	31,774
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	68,655	42,492
Total	674,743	622,769
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022		11,646
Term Loans Amortized Cost Basis by Origination Year, 2021	16,473	6,040
Term Loans Amortized Cost Basis by Origination Year, 2020	7,005	31,816
Term Loans Amortized Cost Basis by Origination Year, 2019	30,117	30,626
Term Loans Amortized Cost Basis by Origination Year, 2018	28,765	16,677
Term Loans Amortized Cost Basis by Origination Year, Pre-2018	25,002	10,747
Total	107,362	107,552
Short Term 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	9,018	1,890
Term Loans Amortized Cost Basis by Origination Year, 2021	7,412	17,147
Term Loans Amortized Cost Basis by Origination Year, 2020	16,542	9,847
Term Loans Amortized Cost Basis by Origination Year, 2019	5,606	105
Term Loans Amortized Cost Basis by Origination Year, 2018	105
Total	38,683	28,989
Short Term 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	9,018	1,890
Term Loans Amortized Cost Basis by Origination Year, 2021	7,412	15,582
Term Loans Amortized Cost Basis by Origination Year, 2020	14,980	8,531
Term Loans Amortized Cost Basis by Origination Year, 2019	4,404
Total	35,814	26,003
Short Term 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2021		1,565
Term Loans Amortized Cost Basis by Origination Year, 2020	1,562	1,316
Term Loans Amortized Cost Basis by Origination Year, 2019	1,202	105
Term Loans Amortized Cost Basis by Origination Year, 2018	105
Total	2,869	2,986
Short Term 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	7,301	2,486
Term Loans Amortized Cost Basis by Origination Year, 2021	1,881	27,810
Term Loans Amortized Cost Basis by Origination Year, 2020	21,730	34,944
Term Loans Amortized Cost Basis by Origination Year, 2019	27,864	5,825
Term Loans Amortized Cost Basis by Origination Year, 2018	5,614
Total	64,390	71,065
Short Term 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022	7,301	1,448
Term Loans Amortized Cost Basis by Origination Year, 2021	1,638	11,991
Term Loans Amortized Cost Basis by Origination Year, 2020	8,051	12,326
Term Loans Amortized Cost Basis by Origination Year, 2019	4,169
Total	21,159	25,765
Short Term 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2022		1,038
Term Loans Amortized Cost Basis by Origination Year, 2021	243	15,819
Term Loans Amortized Cost Basis by Origination Year, 2020	13,679	22,618
Term Loans Amortized Cost Basis by Origination Year, 2019	23,695	5,825
Term Loans Amortized Cost Basis by Origination Year, 2018	5,614
Total	$ 43,231	$ 45,300

Receivables Due From Servicer_2

Receivables Due From Servicers - Summary of Receivables Due From Servicers (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Loan principal payments due from servicers	$ 44,507	$ 43,509
Other loan servicing receivables	14,254	11,448
Loan Servicing Receivables Current, Total	58,761	54,957
Corporate and escrow advances receivable	19,517	19,373
Total receivables due from servicers	78,278	74,330
Securitizations
Related Party Transaction [Line Items]
Loan principal payments due from servicers	43,392	42,344
Other loan servicing receivables	13,437	10,718
Loan Servicing Receivables Current, Total	56,829	53,062
Corporate and escrow advances receivable	17,837	17,884
Total receivables due from servicers	74,666	70,946
Warehouse and Repurchase Facilities and Other
Related Party Transaction [Line Items]
Loan principal payments due from servicers	1,115	1,165
Other loan servicing receivables	817	730
Loan Servicing Receivables Current, Total	1,932	1,895
Corporate and escrow advances receivable	1,680	1,489
Total receivables due from servicers	$ 3,612	$ 3,384

Mortgage Servicing Rights - Add

Mortgage Servicing Rights - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Transfers And Servicing [Abstract]
Unpaid principal balance of mortgage loans serviced for others, amount	$ 514.8	$ 520.6
Fair value of servicing rights, weighted average discount rate	8.00%	8.00%
Fair value of servicing rights, weighted average constant prepayment rate	3.10%	3.20%

Mortgage Servicing Rights - Sum

Mortgage Servicing Rights - Summary of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Transfers And Servicing [Abstract]
Balance at the beginning of year	$ 7,152
Mortgage servicing rights acquired, at fair value		$ 7,152
Fair value adjustments	509
Balance at end of year	$ 7,661	$ 7,152

Securitizations, Net - Addition

Securitizations, Net - Additional Information (Detail) $ in Billions	3 Months Ended
	Mar. 31, 2022USD ($)Securities
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations | Securities	20
Securitization loans	$ 4.7
Issuing of securities to third parties	$ 4.3
Minimum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	5.00%
Maturity dates of the securities	2044-09
Maximum
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Securities redemption when principal balance is less than a certain percentage	30.00%
Maturity dates of the securities	2052-02

Securitizations Net - Summary o

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Debt Instrument [Line Items]
Securitizations, net	$ 2,035,374	$ 1,453,386	$ 1,911,879
Average outstanding balance	$ 2,018,186	$ 1,548,642
Effective interest rate	3.92%	4.94%
Securitizations
Debt Instrument [Line Items]
Interest expense - portfolio related	$ 19,791	$ 19,127

Securitizations Net - Summary_2

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Transfers And Servicing [Abstract]
Average interest rate	3.22%	4.24%
Debt issue cost amortization rate	0.70%	0.70%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)	Mar. 15, 2022	Feb. 05, 2021	Dec. 26, 2019	Sep. 12, 2018	Apr. 16, 2021	Jan. 29, 2021	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Lines of credit fund maximum percentage of principle balance of mortgage loans							100.00%
Line of credit, maximum capacity							$ 650,000,000	$ 653,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term				3 years
Debt instrument, description							one-month LIBOR
Debt Instrument, effective interest rate							4.70%	7.30%
Agreement entered date							Sep. 12, 2018
Debt instrument, maturity date							Nov. 10, 2023
Line of credit, maximum capacity				$ 50,000,000
LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, floor rate							0.75%
Debt instrument, spread rate							3.50%
2022 Term Loan
Debt Instrument [Line Items]
Interest payments, frequency							six months
Corporate Debt Agreement | 2022 Term Loan
Debt Instrument [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 215,000,000
Term loans, balance							$ 215,000,000
Debt issuance costs, net							$ 6,000,000
Debt instrument, maturity date	Mar. 15, 2027
Debt instrument, fixed interest rate	7.125%
Corporate Debt Agreement | 2021 Term Loan
Debt Instrument [Line Items]
Debt instrument, term		5 years
Debt instrument, face amount		$ 175,000,000
Debt instrument, description							one-month LIBOR
Debt instrument paid off							2022-03
Debt instrument, maturity date		Feb. 4, 2026
Corporate Debt Agreement | 2021 Term Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate		1.00%
Debt instrument, spread rate		8.00%
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, description							one-month LIBOR
Debt instrument, spread rate							3.25%
Debt Instrument, effective interest rate							4.00%	4.20%
Agreement entered date							May 17, 2013
Debt instrument, maturity date							Sep. 29, 2023
Line of credit, maximum capacity							$ 200,000,000	$ 200,000,000
2019 Term Loan | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 3,000,000
Debt Instrument, effective interest rate							10.50%	10.50%
Debt instrument paid off							2022-03
Agreement entered date			Dec. 26, 2019
Debt instrument, maturity date			Jun. 1, 2022
Line of credit, maximum capacity								$ 3,000,000
Debt instrument, fixed interest rate			9.50%
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, description						one-month LIBOR
Debt Instrument, effective interest rate							4.90%	5.90%
Agreement entered date						Jan. 29, 2021
Debt instrument, maturity date						Feb. 28, 2023
Line of credit, maximum capacity						$ 200,000,000	$ 200,000,000	$ 200,000,000
2021 Repurchase Agreement | Minimum | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate						3.50%
2021 Repurchase Agreement | Maximum | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate						4.50%
2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Debt instrument, description					one-month LIBOR
Debt Instrument, effective interest rate							3.60%	3.50%
Agreement entered date					Apr. 16, 2021
Debt instrument, maturity date					Apr. 16, 2024
Line of credit, maximum capacity					$ 100,000,000		$ 100,000,000	$ 100,000,000
2021 Term Repurchase Agreement | Minimum | Secured Debt
Debt Instrument [Line Items]
Debt instrument, spread rate					3.00%
July 2021 Term Repurchase Agreement
Debt Instrument [Line Items]
Debt instrument, description							one-month LIBOR
Debt Instrument, effective interest rate							21.90%
Line of credit, maximum capacity							$ 100,000,000
Line of credit, outstanding amount								0
Interest rate description							Each loan advance bears interest at one-month LIBOR with a 0.5% floor plus 4.5% per annum.
Line of credit , maturity date							Jul. 29, 2024
Line of credit facility, description							The July 2021 Term Repurchase Agreement has a maturity date of July 29, 2024, with an option to extend the term to July 29, 2025
July 2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Line of credit, maximum capacity							$ 100,000,000	$ 100,000,000
July 2021 Term Repurchase Agreement | LIBOR | Secured Debt
Debt Instrument [Line Items]
Debt instrument, floor rate							0.50%
Debt instrument, spread rate							4.50%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Apr. 16, 2021	Jan. 29, 2021	Sep. 12, 2018
Debt Instrument [Line Items]
Period end balance	$ 426,959,000	$ 302,800,000
Maximum borrowing capacity	650,000,000	653,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 50,000,000
2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	32,112,000	41,636,000
Maximum borrowing capacity	100,000,000	100,000,000	$ 100,000,000
2021 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	164,563,000	82,580,000
Maximum borrowing capacity	200,000,000	200,000,000		$ 200,000,000
July 2021 Term Repurchase Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity	100,000,000
July 2021 Term Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	2,742,000
Maximum borrowing capacity	100,000,000	100,000,000
2013 Repurchase Agreement | Secured Debt
Debt Instrument [Line Items]
Period end balance	192,214,000	153,499,000
Maximum borrowing capacity	200,000,000	200,000,000
Bank Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Period end balance	35,328,000	22,385,000
Maximum borrowing capacity	$ 50,000,000	50,000,000
2019 Term Loan | Secured Debt
Debt Instrument [Line Items]
Period end balance		2,700,000
Maximum borrowing capacity		$ 3,000,000

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 2.3	$ 1.7

Other Debt - Schedule of Activi

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse and Repurchase Facilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Average outstanding balance	$ 338,247	$ 113,528
Highest outstanding balance at any month-end	$ 426,959	$ 204,574
Effective interest rate	4.45%	6.01%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt Instrument, average rate	3.89%	0.77%
Debt issue cost amortization percentage	0.56%	1.24%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 23,556	$ 20,832
Interest expense — corporate debt	17,140	7,350
Total interest expense	40,696	28,182
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related	3,765	1,705
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 19,791	$ 19,127

Other Debt - Summary of Inter_2

Other Debt - Summary of Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2022	Feb. 28, 2021	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Interest expense — corporate debt			$ 17,140	$ 7,350
Repayment of outstanding principal amount			170,844	78,875
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Interest expense — corporate debt			17,100	7,400
Write off of debt issuance cost			7,700	2,900
Prepayment penalties			$ 5,100	$ 1,600
Repayment of outstanding principal amount	$ 170,800	$ 78,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Repurchase liability	$ 369	$ 141

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 24, 2020	Jan. 31, 2020	Feb. 28, 2022	May 31, 2021	Jan. 31, 2021	Jan. 31, 2020	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awarded and earned stock compensation, shares			125,250		480,000
Compensation expense related to the outstanding stock options granted							$ 0.6	$ 0.5
Amount of unrecognized compensation expense related to unvested stock options							$ 5.8	$ 5
Treasury shares purchased							33,647	0
Treasury shares, average price per share							$ 13.61
Restricted Stock-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards granted requisite service period							3 years
Description of compensation expense related to stock options							Compensation expense related to restricted stock-based awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight-line method.
Performance Stock Unit
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued			102,750
Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock awarded and earned stock compensation, shares				26,511
2020 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares authorized to grant							1,520,000
Number of shares of stock options forfeited						10,000
Stock options granted	12,500	782,500
Exercise price of unvested stock options	$ 6.28
2020 Omnibus Incentive Plan | Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of unvested stock options		$ 13				$ 13

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic EPS:
Net income attributable to common stockholders	$ 3,121	$ 3,396
Less: earnings attributable to participating securities	48	1,281
Net earnings attributable to common stockholders	$ 3,073	$ 2,115
Weighted average common shares outstanding	31,892	20,087
Basic earnings per common share	$ 0.10	$ 0.11
Diluted EPS:
Net income attributable to common stockholders	$ 3,121	$ 3,396
Weighted average common shares outstanding	31,892	20,087
Add dilutive effects for warrants	2,127	1,587
Add dilutive effects for stock options	5
Add dilutive effects of unvested restricted stock awards	180	45
Weighted Average Number of Shares Outstanding, Diluted, Total	34,204	33,407
Diluted income per common share	$ 0.09	$ 0.10
Series A Preferred Stock
Diluted EPS:
Add dilutive effects for assumed conversion of Series A preferred stock		11,688

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	876	785
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	773	785
Unvested performance-based stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	103

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details)	Mar. 31, 2022$ / sharesshares
Convertible Redeemable Preferred Stock [Line Items]
Percentage of common stock held by warrant holder and affiliates	49.00%
Exercise Price of $2.96 per Share of Common Stock
Convertible Redeemable Preferred Stock [Line Items]
Exercise price per share | $ / shares	$ 2.96
Warrants to purchase an aggregate shares | shares	2,008,750
Exercise Price of $4.94 per Share of Common Stock
Convertible Redeemable Preferred Stock [Line Items]
Exercise price per share | $ / shares	$ 4.94
Warrants to purchase an aggregate shares | shares	1,004,375

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 1,352	$ 1,359
Mortgage servicing rights	7,661	7,152
Assets	114,639	125,477
Real estate owned, net	16,177	17,557
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1,352	1,359
Mortgage servicing rights	7,661	7,152
Assets	9,013	8,511
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	105,626	116,966
Loans held for sale, net	76,869	87,422
Real estate owned, net	16,177	17,557
Individually evaluated/Impaired loans requiring specific allowance, net	12,580	11,987
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	114,639	125,477
Level 3 | Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1,352	1,359
Mortgage servicing rights	7,661	7,152
Assets	9,013	8,511
Level 3 | Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	105,626	116,966
Loans held for sale, net	76,869	87,422
Real estate owned, net	16,177	17,557
Individually evaluated/Impaired loans requiring specific allowance, net	$ 12,580	$ 11,987

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Gains and Losses Recognized on Assets Measured on Nonrecurring Basis (Details) - Nonrecurring Fair Value Measurements - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ 43	$ (726)
Loans Held for Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss		17
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	235	(435)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (192)	$ (308)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 114,639	$ 125,477
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 114,639	$ 125,477
Level 3 | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.080	0.080
Real estate owned, net	0.080	0.080
Level 3 | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.057	0.058
Loans held for sale	0.057	0.058
Level 3 | Minimum | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value	0.080	0.080
Level 3 | Minimum | Discounted Cash Flow | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.960	0.950
Level 3 | Minimum | Discounted Cash Flow | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	1 month	1 month
Loans held for sale	38 months	3 months
Level 3 | Minimum | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.010	0.192
Mortgage servicing rights, at fair value	0.020	0.024
Level 3 | Minimum | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.004	0
Level 3 | Minimum | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0	0
Level 3 | Maximum | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Mortgage servicing rights, at fair value	0.120	0.120
Level 3 | Maximum | Discounted Cash Flow | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1.200	1.200
Level 3 | Maximum | Discounted Cash Flow | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	40 months	38 months
Loans held for sale	40 months	37 months
Level 3 | Maximum | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.300	0.50
Mortgage servicing rights, at fair value	0.070	0.035
Level 3 | Maximum | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.066	0.067
Level 3 | Maximum | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.21	0.134
Level 3 | Weighted Average | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring specific allowance, net	0.080	0.080
Real estate owned, net	0.080	0.080
Level 3 | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.057	0.058
Loans held for sale	0.057	0.058
Mortgage servicing rights, at fair value	0.080	0.080
Level 3 | Weighted Average | Discounted Cash Flow | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1.060	1.060
Level 3 | Weighted Average | Discounted Cash Flow | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	37 months	34 months 24 days
Loans held for sale	39 months	13 months
Level 3 | Weighted Average | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.215
Mortgage servicing rights, at fair value	0.031	0.032
Level 3 | Weighted Average | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.010	0.010
Level 3 | Weighted Average | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.080	0.030
Level 3 | Individually evaluated loans requiring allowance net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 12,580	$ 11,987
Level 3 | Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	16,177	17,557
Level 3 | Loans Held for Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	1,352	1,359
Level 3 | Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	76,869	87,422
Level 3 | Mortgage Servicing Rights
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 7,661	$ 7,152

Fair Value Measurements - Rollf

Fair Value Measurements - Rollforward of Loans and Interest Only Strips Measured at Estimated Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 1,359	$ 1,539
Loans liquidated		(163)
Principal paydowns	(17)	(10)
Total unrealized gain (loss) included in net income	10	(2)
Ending balance	$ 1,352	1,364
Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance		238
Interest-only strip write-offs		(113)
Ending balance		$ 125

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 12,600	$ 12,000
Allowance for loan losses	$ 1,599	$ 1,406	$ 2,977

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Assets:
Restricted cash	$ 10,837	$ 11,639	$ 6,808
Loans held for investment, net	2,828,302	2,527,564
Loans held for investment, at fair value	1,352	1,359
Mortgage servicing rights	7,661	7,152
Liabilities:
Secured financing, net	208,956	162,845
Securitizations, net	2,035,374	1,911,879	$ 1,453,386
Carrying Value
Assets:
Cash	36,629	35,965
Restricted cash	10,837	11,639
Loans held for sale, net	77,503	87,908
Loans held for investment, net	2,828,302	2,527,564
Loans held for investment, at fair value	1,352	1,359
Accrued interest receivables	14,169	13,159
Mortgage servicing rights	7,661	7,152
Liabilities:
Secured financing, net	208,956	162,845
Warehouse repurchase facilities, net	424,692	301,069
Securitizations, net	2,035,374	1,911,879
Accrued interest payable	7,467	6,254
Estimate of Fair Value Measurement
Assets:
Cash	36,629	35,965
Restricted cash	10,837	11,639
Loans held for sale, net	77,503	87,908
Loans held for investment, net	2,973,430	2,655,357
Loans held for investment, at fair value	1,352	1,359
Accrued interest receivables	14,169	13,159
Mortgage servicing rights	7,661	7,152
Liabilities:
Secured financing, net	215,000	170,843
Warehouse repurchase facilities, net	424,692	301,069
Securitizations, net	1,966,780	1,931,002
Accrued interest payable	7,467	6,254
Level 1 | Estimate of Fair Value Measurement
Assets:
Cash	36,629	35,965
Restricted cash	10,837	11,639
Accrued interest receivables	14,169	13,159
Liabilities:
Accrued interest payable	7,467	6,254
Level 2 | Estimate of Fair Value Measurement
Liabilities:
Warehouse repurchase facilities, net	424,692	301,069
Level 3 | Estimate of Fair Value Measurement
Assets:
Loans held for sale, net	77,503	87,908
Loans held for investment, net	2,973,430	2,655,357
Loans held for investment, at fair value	1,352	1,359
Mortgage servicing rights	7,661	7,152
Liabilities:
Secured financing, net	215,000	170,843
Securitizations, net	$ 1,966,780	$ 1,931,002

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Apr. 08, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Securitization loans		$ 4,700
Subsequent Event
Subsequent Event [Line Items]
Securitization loans	$ 252.6