Velocity Financial (VEL) 10-Q 12 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	VEL
Entity Registrant Name	Velocity Financial, Inc.
Entity Central Index Key	0001692376
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-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		20,087,494
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	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 19,210	$ 21,465
Restricted cash	7,821	6,087
Loans held for sale, net		214,467
Loans held for investment, net	2,001,086	1,863,360
Loans held for investment, at fair value	3,327	2,960
Total loans, net	2,004,413	2,080,787
Accrued interest receivables	13,134	13,295
Receivables due from servicers	44,466	49,659
Other receivables	402	4,778
Real estate owned, net	14,653	13,068
Property and equipment, net	4,446	4,680
Net deferred tax asset	1,832	8,280
Other assets	16,489	12,667
Total assets	2,126,866	2,214,766
LIABILITIES
Accounts payable and accrued expenses	61,859	56,146
Secured financing, net	74,776	145,599
Securitizations, net	1,670,930	1,438,629
Warehouse and repurchase facilities, net	19,541	421,548
Total liabilities	1,827,106	2,061,922
Commitments and contingencies
STOCKHOLDERS' / MEMBERS' EQUITY
Preferred stock ($0.01 par value, 25,000,000 shares authorized; 45,000 issued and outstanding as reflected in Mezzanine Equity)
Common stock ($0.01 par value, 100,000,000 shares authorized; 20,087,494 shares issued and outstanding at September 30, 2020, none issued and outstanding at December 31, 2019)	201
Additional paid-in capital	203,937
Retained earnings	5,622
Members’ equity (at December 31, 2019)		152,844
Total stockholders' / members’ equity	209,760	152,844
Total liabilities, mezzanine equity and stockholders' / members’ equity	2,126,866	$ 2,214,766
Series A Preferred Stock
MEZZANINE EQUITY
Series A Convertible preferred stock (45,000 shares designated, $0.01 par value; 45,000 shares issued and outstanding)	$ 90,000

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	45,000	45,000
Preferred stock, shares outstanding	45,000	45,000
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	20,087,494	0
Common stock, shares, outstanding	20,087,494	0
Series A Preferred Stock
Class Of Stock [Line Items]
Convertible preferred stock shares designated	45,000	45,000
Convertible preferred stock par value per share	$ 0.01	$ 0.01
Convertible preferred shares issued	45,000	45,000
Convertible preferred shares outstanding	45,000	45,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Interest income	$ 41,374	$ 40,379	$ 125,766	$ 113,407
Interest expense — portfolio related	22,347	21,827	66,384	61,214
Net interest income — portfolio related	19,027	18,552	59,382	52,193
Interest expense — corporate debt	1,913	3,842	10,149	10,548
Net interest income	17,114	14,710	49,233	41,645
Provision for loan losses	1,573	338	4,662	898
Net interest income after provision for loan losses	15,541	14,372	44,571	40,747
Other operating income
Gain (loss) on disposition of loans	(51)	56	2,721	2,914
Unrealized gain (loss) on fair value loans	379	(18)	411	(51)
Other income (expense)	1,021	(250)	(1,504)	(1,046)
Total other operating (expense) income	1,349	(212)	1,628	1,817
Operating expenses
Compensation and employee benefits	5,692	3,712	16,595	11,519
Rent and occupancy	415	369	1,319	1,105
Loan servicing	2,168	1,957	5,825	5,457
Professional fees	1,051	398	2,823	1,587
Real estate owned, net	898	485	2,439	1,348
Other operating expenses	1,641	1,563	5,822	4,292
Total operating expenses	11,865	8,484	34,823	25,308
Income before income taxes	5,025	5,676	11,376	17,256
Income tax expense	1,544	1,796	3,175	5,146
Net income	3,481	$ 3,880	8,201	$ 12,110
Less deemed dividends on preferred stock			48,955
Net income (loss) allocated to common shareholders	$ 3,481		$ (40,754)
Earnings (loss) per common share
Basic	$ 0.17		$ (2.03)
Diluted	$ 0.11		$ (2.03)
Weighted average common shares outstanding
Basic	20,087		20,087
Diluted	32,435		20,087

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' / MEMBERS' EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	Class A equity units	Class D equity units	Members' Equity	Members' EquityClass A equity units	Members' EquityClass D equity units	Members' EquityClass C	Common Stock	Common Stock, Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2018						$ 136,800
Liquidation preference return									$ (463)
Net income						4,695
Ending balance at Mar. 31, 2019						141,032
Beginning balance at Dec. 31, 2018						136,800
Net income		$ 12,110
Ending balance at Sep. 30, 2019						147,661
Beginning balance at Mar. 31, 2019						141,032
Liquidation preference return									(471)
Net income						3,535
Ending balance at Jun. 30, 2019						144,096
Liquidation preference return									$ (315)
Net income		3,880				3,880
Ending balance at Sep. 30, 2019						147,661
Cumulative effect of change in accounting principle	[1]		$ (96)										$ (96)
Ending balance at Dec. 31, 2019		152,844				152,844
Beginning balance		152,748				152,844						$ (96)
Conversion				$ (92,650)	$ (60,194)		$ (92,650)	$ (60,194)
Issuance of common stock		247,740								$ 201	$ 247,539
Issuance of common stock, shares										20,087,494
Stock-based compensation		207									207
Net income		2,579										2,579
Ending balance at Mar. 31, 2020		250,430								$ 201	247,746	2,483
Ending balance at Mar. 31, 2020										20,087,494
Beginning balance at Dec. 31, 2019		152,748				152,844						(96)
Beginning balance		152,748				152,844						(96)
Beginning balance at Dec. 31, 2019		152,844				152,844
Net income		8,201
Ending balance at Sep. 30, 2020		209,760								$ 201	203,937	5,622
Ending balance at Sep. 30, 2020										20,087,494
Beginning balance at Dec. 31, 2019		152,748				152,844						(96)
Beginning balance		152,748				$ 152,844						(96)
Beginning balance at Mar. 31, 2020		250,430								$ 201	247,746	2,483
Beginning balance at Mar. 31, 2020										20,087,494
Deemed dividends-convertible preferred stock		(48,955)									(46,472)	(2,483)
Issuance of warrants		2,158									2,158
Stock-based compensation		253									253
Net income		2,141										2,141
Ending balance at Jun. 30, 2020		206,027								$ 201	203,685	2,141
Ending balance at Jun. 30, 2020										20,087,494
Stock-based compensation		252									252
Net income		3,481										3,481
Ending balance at Sep. 30, 2020		$ 209,760								$ 201	$ 203,937	$ 5,622
Ending balance at Sep. 30, 2020										20,087,494
[1]	Impact due to adoption of ASU 2016-13, "Measurement of Credit Losses on Financial Instruments", and related amendments on January 1, 2020.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 8,201	$ 12,110
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	918	1,004
Amortization of right-of-use assets	916	772
Provision for loan losses	4,662	898
Origination of loans held for sale	(96,064)	(214,370)
Proceeds from sales of loans held for sale	80,858	114,046
Purchase of held for sale loans	(1,232)
Repayments on loans held for sale	19,850	11,162
Net accretion of discount on purchased loans and deferred loan origination costs	3,288	3,393
Provision for uncollectible borrower advances	518	49
Gain on disposition of loans	(2,209)	(2,749)
Real estate acquired through foreclosure in excess of recorded investment	(511)	(165)
Amortization of debt issuance discount and costs	12,807	7,695
Loss on disposal of property and equipment	41	7
Change in valuation of real estate owned	1,744	572
Change in valuation of fair value loans	(411)	51
Change in valuation of held for sale loans	(345)	(84)
Gain on sale of real estate owned	(652)	(211)
Stock-based compensation	712
Net deferred tax expense (benefit)	6,489	(3,611)
(Increase) decrease in operating assets and liabilities:
Accrued interest and other receivables	(5,549)	(6,277)
Other assets	(5,112)	(13,511)
Accounts payable and accrued expenses	8,445	12,026
Net cash provided by (used in) operating activities	37,364	(77,193)
Cash flows from investing activities:
Purchase of loans held for investment	(3,571)	(9,276)
Origination of loans held for investment	(161,797)	(482,475)
Payoffs of loans held for investment and loans at fair value	242,166	268,671
Proceeds from sale of real estate owned	5,867	3,028
Capitalized real estate owned improvements	(598)	(1,122)
Change in advances	(5,272)	(614)
Change in impounds and deposits	(2,732)	3,132
Purchase of property and equipment	(724)	(378)
Net cash provided by (used in) investing activities	73,339	(219,034)
Cash flows from financing activities:
Warehouse repurchase facilities advances	267,539	650,331
Warehouse repurchase facilities repayments	(670,404)	(517,197)
Proceeds from secured financing		153,000
Repayment of secured financing	(75,000)	(127,594)
Proceeds of securitizations, net	517,995	444,105
Repayment of securitizations	(284,901)	(268,547)
Debt issuance costs	(8,552)	(14,833)
Net proceeds from issuance of preferred stock	41,044
Proceeds from issuance of warrants	2,158
Issuance of common stock	100,800
IPO deal costs	(1,903)
Net cash (used in) provided by financing activities	(111,224)	291,551
Net decrease in cash, cash equivalents, and restricted cash	(521)	(4,676)
Cash, cash equivalents, and restricted cash at beginning of period	27,552	16,677
Cash, cash equivalents, and restricted cash at end of period	27,031	12,001
Supplemental cash flow information:
Cash paid during the period for interest	63,516	61,846
Cash paid during the period for income taxes	2,861	14,073
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to real estate owned	7,435	10,741
Transfer of accrued interest to loans held for investment	6,574
Transfer of loans held for sale to held for investment	213,609
Deferred IPO costs charged against additional paid-in capital	$ (4,000)
Discount (premium) on issuance of securitizations		67
Class C
Cash flows from financing activities:
Repurchase of preferred units		(27,714)
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		1,249
Class D Preferred Units
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		$ 10,340

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2020
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, 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. 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 small balance 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 on the difference between the yield on its investor real estate loan portfolio and the cost of its borrowings. The Company does not engage in any other significant line of business or offer any other products or services, nor does it 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 2014-1 Trust through and including the 2020-MC1 Trust, all of which are New York common law trusts. 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

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2 — Basis of Presentation and Summary of Significant Accounting Policies The consolidated financial statements of the Company have been prepared on the accrual basis of accounting and in accordance with United States Generally Accepted Accounting Principles (U.S. GAAP). (a) Partnership to Corporation Conversion On January 16, 2020, Velocity Financial, LLC converted from a limited liability company to a corporation and changed its name to Velocity Financial, Inc. The Conversion was accounted for in accordance with ASC 805-50 – Business Combinations , as a transaction between entities under common control. All assets and liabilities of Velocity Financial, LLC were contributed to Velocity Financial, Inc. at their carrying value, and the results of operations are being presented as if the Conversion had occurred on January 1, 2020. Additionally, Class A and Class D’s partnership equity at December 31, 2019 were converted to stockholders’ equity and presented as such on the Consolidated Balance Sheets and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020. (b) 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. (c) 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, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). There have been no significant changes to the Company’s significant accounting policies as described in its 2019 Annual Report other than the adoption of Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as described in (d) Principles of 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 following table presents a summary of the assets and liabilities of the Trusts as of September 30, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): September 30, 2020 December 31, 2019 Restricted cash $ 7,278 $ — Loans held for investment, net 2,000,787 1,571,100 Accrued interest and other receivables 57,615 56,675 Real estate owned, net 8,832 6,091 Other assets 4 11 Total assets $ 2,074,516 $ 1,633,877 Accounts payable and accrued expenses $ 41,932 $ 21,265 Securities issued 1,670,930 1,438,629 Total liabilities $ 1,712,862 $ 1,459,894 The consolidated financial statements as of September 30, 2020 and December 31, 2019 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs, and do not include any assets, liabilities, revenues, and expenses attributable to limited liability members’ individual activities. The liability of each member in an LLC was limited to the amounts reflected in their respective member accounts.

Current Accounting Developments

Current Accounting Developments	9 Months Ended
	Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments Accounting Standards Adopted in 2019 Effective January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU 2016-13 replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables held for investment. Under the CECL methodology, the allowance for credit losses is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments based on risk characteristics of the loans in its loan portfolio (pool): • Residential 1– 4 Unit – Purchase (loans to purchase 1– 4 unit residential rental properties); • Residential 1– 4 Unit – Refinance (refinance loans on 1– 4 unit residential rental properties); • Commercial – Purchase (loans to purchase traditional commercial properties) and • Commercial – Refinance (refinance loans on traditional commercial properties). The Company determines the collectability of its loans by evaluating certain risk characteristics. The segmentation of its loan portfolio was determined based on analyses of the Company’s loan portfolio performance over the past seven years. Based on analyses of the loan portfolio’s historical performance, the Company concluded that loan purpose and product types are the most significant risk factors in determining its expectation of future loan losses. Loan purpose considers whether a borrower is acquiring the property or refinancing an existing property. The Company’s historical experience shows that refinance loans have higher loss rates than acquisitions. Product type includes residential 1-4 unit property and traditional commercial property. The Company’s historical experience shows that traditional commercial property loans have higher loss rates than residential 1-4 unit property. To determine the loss rates used for the open pool methodology, the Company starts with its historical database of losses, segments the loans by loan purpose and product type, and then adjusts the loss rates based upon macroeconomic forecasts over a reasonable and supportable period. The reasonable and supportable period is meant to represent the period in which the Company believes the forecasted macroeconomic variables can be reasonably estimated. In determining the January 1, 2020 CECL transition impact, the Company used a third-party model with a four-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management determined that a four-quarter forecast period and four-quarter straight-line reversion period were appropriate for the January 1, 2020 initial CECL estimate because, as of the beginning of the year, the economy was strong, unemployment and interest rates were low, and GDP was expected to have a modest increase during 2020. Management concluded that using a 1-year forecast trending steadily back to the Company’s historical loss levels best fit the strong, stable economy at that time. For the March 31, 2020 CECL estimate, the Company used a COVID-19 stress scenario with a six-quarter reasonable and supportable forecast period followed by a three-quarter straight-line reversion period. Management concluded that using a six-quarter forecast and a three-quarter straight-line reversion best coincided with management and analysts’ sentiments that the impact of the COVID crisis would linger into 2021, with expectation of a quick recovery. This forecast period and reversion to historical loss is subject to change as conditions in the market change and the Company’s ability to forecast economic events evolves. For the June 30, 2020 CECL estimate, the Company used a COVID-19 stress scenario with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that the original six-quarter COVID-19 stress forecast was still appropriate and, therefore, used five remaining forecasted quarters as of June 30, 2020. Given the second wave of the COVID pandemic, management decided to extend its reversion period by a quarter and used a four-quarter reversion period as of June 30, 2020. This forecast period and reversion to historical loss is subject to change as conditions in the market change and the Company’s ability to forecast economic events evolves. For the September 30, 2020 CECL estimate, the Company used a COVID-19 stress scenario with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that using the same forecast and reversion periods as last quarter was still appropriate given the extended COVID-19 pandemic and prolonged shutdowns . Loans 90 days or more delinquent and not included in our COVID-19 forbearance program, in bankruptcy, or in foreclosure, are evaluated individually for determination of allowance for credit losses. Loans individually evaluated are excluded from loans evaluated collectively by segment. The Company primarily relies on the value of the underlying real estate, coupled with low loan-to-value ratios, to satisfy the loan obligation, either through successful loss mitigation efforts or foreclosure and sale of the underlying real estate. Expected loan losses are based on the fair value of the collateral underlying the loans at the reporting date, adjusted for estimated selling costs as appropriate. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when the Company believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company estimates the allowance using relevant available information, from internal and external sources, relating to historical performance, current conditions, and reasonable and supportable macroeconomic forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are considered for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term, as well as for changes in environmental conditions, such as unemployment rates, property values and changes in the competitive or regulatory environment. 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. While management uses available information to estimate its required allowance for credit losses, future additions to the allowance for credit losses may be necessary based on changes in estimates resulting from economic and other conditions. Interest income on loans held for investment is accrued on the unpaid principal balance (UPB) at their respective stated interest rates. Generally, loans are placed on nonaccrual status when they become 90 days past due. Loans are considered past due when contractually required principal or interest payments have not been made on the due As of September 30, 2020, approximately $335.1 million or 81% The deferred loans are considered current at the time of deferral, and the Company continues to accrue interest on the loans. The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. When The Company adopted ASU 2016-13, or ASU 326 using the modified-retrospective transition approach. Upon adoption, the Company recognized a cumulative effect adjustment to decrease retained earnings by $96,000, net of taxes. Results for reporting periods after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. The following table illustrates the impact of ASC 326 on the Company’s allowance for credit losses (in thousands): January 1, 2020 As Reported Impact of Under Pre-ASC 326 ASC 326 Allowance for credit losses ASC 326 Adoption Adoption Commercial - Purchase $ 323 $ 304 $ 19 Commercial - Refinance 1,078 1,016 62 Residential 1-4 Unit - Purchase 157 148 9 Residential 1-4 Unit - Refinance 819 772 47 Total $ 2,377 $ 2,240 $ 137 Recent Regulatory and Legislative Developments On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), which, among other things, allows the Company to (i) elect to suspend the requirements under GAAP for loan modifications related to COVID-19 that would otherwise be categorized as troubled debt restructurings (TDRs), and (ii) suspend any determination of a loan modified as a result of the effects of COVID-19 as being a TDR, including impairment for accounting purposes. On March 22, 2020, the federal banking agencies issued an interagency statement to provide additional guidance to financial institutions who are working with borrowers affected by COVID-19. The agencies have confirmed with staff of the Financial Accounting Standards Board that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief, are not TDRs. This includes short-term (e.g., six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. In response to the COVID-19 pandemic, the Company has implemented a COVID-19 forbearance program allowing customers to primarily defer payments for up to 90 days. Deferrals under the CARES Act or interagency guidance are not considered troubled debt restructurings. Interest on loans in the COVID-19 forbearance program that were less than 90 days past due at forbearance grant date or contractually became 90 days past due during the forbearance period continued to accrue through the forbearance period. Approximately $335.1 million

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
	Sep. 30, 2020
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 statement of financial condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 (in thousands): Nine Months Ended September 30, 2020 2019 Cash and cash equivalents $ 19,210 $ 8,849 Restricted cash 7,821 3,152 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 27,031 $ 12,001

Loans Held for Sale, Net

Loans Held for Sale, Net	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Loans Held for Sale, Net	Note 5 — Loans Held for Sale, Net The following table summarizes loans held for sale as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Unpaid principal balance $ — $ 216,054 Valuation adjustments — (396 ) Deferred loan origination costs — (1,191 ) Ending balance $ — $ 214,467 Effective July 1, 2020, the loans held for sale portfolio with unpaid principal balance of $214.4 million were transferred to the held for investment loan portfolio. The related valuation allowance of $1.3 million on these loans were reversed through earnings and included in “Other income” in the consolidated statements of income.

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Total loans held for investment Unpaid principal balance $ 1,982,984 $ 3,360 $ 1,986,344 $ 1,843,290 Valuation adjustments on FVO loans — (33 ) (33 ) (444 ) Deferred loan origination costs 23,850 — 23,850 25,714 2,006,834 3,327 2,010,161 1,868,560 Allowance for loan losses (5,748 ) — (5,748 ) (2,240 ) Total loans held for investment and loans held for investment at fair value, net $ 2,001,086 $ 3,327 $ 2,004,413 $ 1,866,320 As of September 30, 2020, $411.2 million in UPB with a $416.2 million amortized costs basis of loans held for investment have participated in the COVID-19 forbearance program. Accrued interest on these loans was $24.8 million as of September 30, 2020. Approximately $335.1 million As of September 30, 2020 and December 31, 2019, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitizations issued were as follows (in thousands): September 30, 2020 December 31, 2019 The 2013 repurchase agreement $ 8,094 $ 108,504 The 2015 repurchase agreement — 175,689 The Bank credit agreement — 3,331 Total pledged loans $ 8,094 $ 287,524 2014-1 Trust 25,066 29,559 2015-1 Trust 55,032 64,876 2016-1 Trust 78,125 97,727 2016-2 Trust 52,430 68,961 2017-1 Trust 89,888 116,670 2017-2 Trust 150,330 173,390 2018-1 Trust 122,763 141,567 2018-2 Trust 230,982 260,278 2019-1 Trust 215,248 229,151 2019-2 Trust 184,820 210,312 2019-3 Trust 142,646 157,119 2020-1 Trust 252,406 — 2020-2 Trust 126,694 — 2020-MC1 Trust 250,644 — Total $ 1,977,074 $ 1,549,610 (a) Nonaccrual 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 September 30, 2020 and December 31, 2019, and accruing loans that were 90 days or more past due as of September 30, 2020 under the Company’s COVID-19 payment forbearance programs. There were no loans accruing interest that were greater than 90 days past due as of December 31, 2019. September 30, 2020 Nonaccrual With Loans 90+ DPD No Allowance Total Still Accruing for Loan Loss Nonaccrual COVID-19 Program (In thousands) Commercial - Purchase $ 19,201 $ 20,544 $ 1,222 Commercial - Refinance 97,846 102,336 4,026 Residential 1-4 Unit - Purchase 26,206 27,800 2,662 Residential 1-4 Unit - Refinance 150,275 165,434 6,871 Total $ 293,528 $ 316,114 $ 14,781 Troubled Debt Restructuring included in nonaccrual loans: $ — $ 175 $ — December 31, 2019 ($ in thousands) Nonaccrual loans: Recorded investment $ 125,819 Percentage of the originated loans held for investment 6.7 % Impaired loans: Unpaid principal balance $ 124,050 Recorded investment 125,998 Recorded investment of impaired loans requiring a specific allowance 12,286 Specific allowance 913 Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance 7.4 % Recorded investment of impaired loans not requiring a specific allowance $ 113,712 Percentage of recorded investment of impaired loans not requiring a specific allowance 90.2 % TDRs included in impaired loans: Recorded investment of TDRs $ 179 Recorded investment of TDRs with a specific allowance 179 Specific allowance 25 Recorded investment of TDRs without a specific allowance — 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, other than the COVID-19 forbearance-granted loans. 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 table presents the amortized cost basis in the loans held for investment as of September 30, 2020 and 2019, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the nine months ended September 30, 2020 and 2019 (in thousands): September 30, 2020 September 30, 2019 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 293,886 $ 576 $ 272,344 $ 219 Commercial - Refinance 695,664 3,092 672,877 990 Residential 1-4 Unit - Purchase 282,212 724 243,972 210 Residential 1-4 Unit - Refinance 735,072 4,156 588,725 894 Total $ 2,006,834 $ 8,548 $ 1,777,918 $ 2,313 Any future payments received for these loans will be recognized on a cash basis. For the nine months ended September 30, 2020 and 2019, cash basis interest income recognized on nonaccrual loans was $11.6 million and $8.7 million, respectively, and there was no accrued interest income recognized on nonaccrual loans. The average recorded investment of individually evaluated loans, computed using month-end balances, was $223.7 million and $106.3 million for nine months ended September 30, 2020 and 2019, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified as of September 30, 2020 and December 31, 2019. (b) Allowance for Credit Losses The following tables present the activity in the allowance for credit losses for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance $ 524 $ 2,687 $ 403 $ 1,607 $ 5,221 $ 2,096 Provision for loan losses (1) (90 ) (101 ) 171 1,593 1,573 338 Charge-offs — (210 ) (37 ) (799 ) (1,046 ) (323 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ 5,748 $ 2,111 (1) The provision for loans losses would have been approximately $0.4 million for the three months ended September 30, 2020, excluding the $1.2 million impact from the loans held for sale transferred to loans held for investment. The additional $1.2 million provision was mainly offset by the reversal of the $1.3 million valuation allowance on the held for sale loans, which was recorded to “Other income” in the consolidated statements of income. Nine Months Ended September 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ 2,240 $ 1,680 Impact of adopting ASC 326 19 62 9 47 137 — Balance - January 1, 2020 $ 323 $ 1,078 $ 157 $ 819 $ 2,377 Provision for loan losses (1) 190 1,508 553 2,411 4,662 898 Charge-offs (79 ) (210 ) (173 ) (829 ) (1,291 ) (467 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ 5,748 $ 2,111 Allowance related to: Loans individually evaluated $ 179 $ 549 $ 266 $ 1,389 $ 2,383 $ 739 Loans collectively evaluated 255 1,828 271 1,011 3,365 1,372 Amortized cost related to: Loans individually evaluated $ 20,544 $ 102,337 $ 27,800 $ 165,434 $ 316,115 $ 110,134 Loans collectively evaluated 273,342 593,327 254,412 569,638 1,690,719 1,667,784 (1) The provision for loans losses would have been approximately $3.5 million for the nine months ended September 30, 2020, excluding the $1.2 million impact from the loans held for sale transferred to loans held for investment. The additional $1.2 million provision was mainly offset by the reversal of the $1.3 million valuation allowance on the held for sale loans, which was recorded to “Other income” in the consolidated statements of income. (c) Credit Quality 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 September 30, 2020, the annualized charge-off rate was 0.55% of average nonperforming loans. The charged-off rate was 0.52% for the year ended December 31, 2019. 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, which includes $416.2 million loans in the Company’s COVID-19 forbearance program as of September 30, 2020, and as of December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total September 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 1,737 $ 455 $ 18,352 $ 20,544 $ — $ 20,544 Commercial - Refinance 5,775 7,856 88,706 102,337 102,337 Residential 1-4 Unit - Purchase 519 — 27,281 27,800 — 27,800 Residential 1-4 Unit - Refinance 2,067 5,410 157,957 165,434 — 165,434 Total loans individually evaluated $ 10,098 $ 13,721 $ 292,296 $ 316,115 $ — $ 316,115 Loans collectively evaluated Commercial - Purchase $ 15,729 $ 6,857 $ 1,222 $ 23,808 $ 249,535 $ 273,343 Commercial - Refinance 39,343 18,666 4,026 62,035 531,291 593,326 Residential 1-4 Unit - Purchase 11,582 27,962 2,662 42,206 212,207 254,413 Residential 1-4 Unit - Refinance 43,226 21,703 6,871 71,800 497,837 569,637 Total loans collectively evaluated $ 109,880 $ 75,188 $ 14,781 $ 199,849 $ 1,490,870 $ 1,690,719 Ending balance $ 119,978 $ 88,909 $ 307,077 $ 515,964 $ 1,490,870 $ 2,006,834 December 31, 2019: Impaired loans $ 6,195 $ 7,696 $ 111,928 $ 125,819 $ 179 $ 125,998 Nonimpaired loans 119,465 41,138 — 160,603 1,578,984 1,739,587 Ending balance $ 125,660 $ 48,834 $ 111,928 $ 286,422 $ 1,579,163 $ 1,865,585 (1) Includes loans in bankruptcy and foreclosure less than 90 days past As of September 30, 2020, borrowers on approximately $308.3 million or 75% of the $411.2 million COVID-19 forbearance granted loans made their next scheduled payment. The following table presents the aging of the amortized cost basis of loans held for investment in the Company's COVID-19 forbearance program as of September 30, 2020 (in thousands): 30–59 days 60–89 days 90+days Total Total September 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ — $ — $ 2,533 $ 2,533 $ — $ 2,533 Commercial - Refinance — — 13,793 13,793 — 13,793 Residential 1-4 Unit - Purchase 178 — 2,359 2,537 — 2,537 Residential 1-4 Unit - Refinance — 431 16,143 16,574 — 16,574 Total loans individually evaluated $ 178 $ 431 $ 34,828 $ 35,437 $ — $ 35,437 Loans collectively evaluated Commercial - Purchase $ 8,079 $ 6,253 $ 1,222 $ 15,554 $ 34,053 $ 49,607 Commercial - Refinance 18,456 10,383 4,026 32,865 105,132 137,997 Residential 1-4 Unit - Purchase 2,039 24,308 2,662 29,009 29,913 58,922 Residential 1-4 Unit - Refinance 14,620 12,281 6,871 33,772 100,505 134,277 Total loans collectively evaluated $ 43,194 $ 53,225 $ 14,781 $ 111,200 $ 269,603 $ 380,803 Ending balance $ 43,372 $ 53,656 $ 49,609 $ 146,637 $ 269,603 $ 416,240 (1) Includes loans in bankruptcy and foreclosure less than 90 days past In addition to the aging status, the Company also evaluates credit quality by accrual status. The following table presents 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. Term Loans Amortized Cost Basis by Origination Year September 30, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 35,424 $ 104,154 $ 67,331 $ 41,042 $ 11,409 $ 13,982 $ 273,342 Nonperforming 218 3,716 6,696 5,956 1,800 2,159 20,545 Total Commercial - Purchase $ 35,642 $ 107,870 $ 74,027 $ 46,998 $ 13,209 $ 16,141 $ 293,887 Commercial - Refinance Payment performance Performing $ 49,796 $ 189,642 $ 158,836 $ 95,872 $ 40,744 $ 58,437 $ 593,327 Nonperforming 3,309 23,191 38,192 20,757 7,330 9,557 102,336 Total Commercial - Refinance $ 53,105 $ 212,833 $ 197,028 $ 116,629 $ 48,074 $ 67,994 $ 695,663 Residential 1-4 Unit - Purchase Payment performance Performing $ 43,613 $ 95,082 $ 48,847 $ 30,471 $ 7,405 $ 28,994 $ 254,412 Nonperforming 2,314 7,177 7,340 4,563 1,348 5,059 27,801 Total Residential 1-4 Unit - Purchase $ 45,927 $ 102,259 $ 56,187 $ 35,034 $ 8,753 $ 34,053 $ 282,213 Residential 1-4 Unit - Refinance Payment performance Performing $ 93,414 $ 232,548 $ 107,433 $ 69,918 $ 25,157 $ 41,168 $ 569,638 Nonperforming 18,810 67,792 40,706 16,836 7,350 13,939 165,433 Total Residential 1-4 Unit - Purchase $ 112,224 $ 300,340 $ 148,139 $ 86,754 $ 32,507 $ 55,107 $ 735,071 Total Portfolio $ 246,898 $ 723,302 $ 475,381 $ 285,415 $ 102,543 $ 173,295 $ 2,006,834

Securitizations Net

Securitizations Net	9 Months Ended
	Sep. 30, 2020
Transfers And Servicing [Abstract]
Securitization, Net	Note 7 — Securitizations, Net From May 2011 through September 2020, the Company completed fifteen securitizations of $3.4 billion of loans, issuing $3.1 billion of securities to third parties through fifteen respective Trusts. The Company is the sole beneficial interest holder of the 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 July 2050. The following table summarizes the outstanding balance, net of discounts and deals costs, of the securities and the effective interest rate for the nine months ended September 30, 2020 and 2019 (dollars in thousands): Nine Months Ended September 30, 2020 2019 Securitizations: Securitizations, net $ 1,670,930 $ 1,377,733 Interest expense 58,749 51,852 Average outstanding balance 1,728,131 1,318,649 Effective interest rate (1) 4.53 % 5.24 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (3.94%) and debt issue cost amortization (0.59%) and average rate (4.60%) and debt issue cost amortization (0.64%) for the nine months ended September 30, 2020 and 2019, respectively.

Other Debt

Other Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Other Debt	Note 8 — Other Debt The secured financing 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 On August 29, 2019, the Company entered into a five-year $153.0 million corporate debt agreement with Owl Rock Capital Corporation, the “2019 Term Loan”. The 2019 Term Loan under this agreement bears interest at a rate equal to one-month LIBOR (with a LIBOR floor that is generally 1.0%) plus 7.50% and matures in August 2024. As of September 30, 2020 and December 31, 2019, the balance of the 2019 Term Loan was $78.0 million and $153.0 million, respectively. In January 2020, the Company used a portion of its IPO proceeds to pay down $75.0 million in principal amount of the 2019 Term Loan. The balance in the consolidated Statements (b) Warehouse Repurchase and Revolving Loan Facilities, On May 29, 2015, the Company entered into a Repurchase Agreement (“the 2015 Repurchase Agreement”) with a warehouse lender. The 2015 Repurchase Agreement matured on August 3, 2020, and was a short-term borrowing facility, collateralized by a pool of loans, with an initial maximum capacity of $300.0 million, and bore interest at one-month LIBOR plus a margin that ranged from 3.000% to 3.125%. All borrower payments on loans financed under the warehouse repurchase facility were first used to pay interest on the facility. For the nine months ended September 30, 2020 and 2019, the effective interest rates were 5.17% and 5.83%, respectively. On May 17, 2013, the Company entered into a Repurchase Agreement (“the 2013 Repurchase Agreement”) with another warehouse lender. The 2013 Repurchase Agreement has a current maturity date of September 29, 2021, and is a short-term borrowing facility, collateralized by a pool of performing loans, with a maximum capacity of $100.0 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. For the nine months ended September 30, 2020 and 2019, the effective interest rates were 4.39% and 5.68%, respectively. On September 12, 2018, the Company entered into a three-year secured revolving loan facility agreement (“the Bank Credit Agreement) with a bank. The Bank Credit Agreement matures September 12, 2021. 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 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 loan amount under this facility is $50 million. This facility was paid down to zero as of September 30, 2020. 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%, and matures the earlier of (i) January 1, 2021, and (ii) the date on which the unpaid principal balance of this loan becomes due and payable by acceleration or otherwise pursuant to the loan documents or the exercise by the lender of any right or remedy under any loan document. The maturity date of the 2019 Loan is subject to extension up to July 1, 2021 . On August 4, 2020, the Company entered into a $10.6 million repurchase agreement (“the 2020 Repurchase Agreement) with a large investment bank. The 2020 Repurchase Agreement is secured by $19.7 million of securities issued and retained by the Company through a securitization, and bears interest at three-month LIBOR plus 4.00%. The interest rate was 4.23% as of September 30, 2020. The repurchase date under this agreement is November 24, 2020. 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 September 30, 2020 and December 31, 2019, the Company was in compliance with these covenants. The following table summarizes the maximum borrowing capacity and current gross balances outstanding for the Company’s warehouse facilities and loan agreements as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity The 2015 repurchase agreement $ — $ — $ 226,212 $ 250,000 The 2013 repurchase agreement 6,476 100,000 190,977 200,000 The Bank credit agreement — — 2,499 50,000 The 2019 loan agreement 2,700 3,000 3,000 3,000 The 2020 repurchase agreement 10,647 10,647 — — (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.3 million and $1.1 million as of September 30, 2020 and December 31, 2019, respectively. The following table provides an overview of the activity and effective interest rate for the nine months ended September 30, 2020 and 2019 (dollars in thousands): Nine Months Ended September 30, 2020 2019 Warehouse and repurchase facilities: Average outstanding balance $ 204,110 $ 216,613 Highest outstanding balance at any month-end 450,194 349,859 Effective interest rate (1) 4.99 % 5.76 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.34%) and debt issue cost amortization (0.65%) and average rate (5.35%) and debt issue cost amortization (0.41%) for the nine months ended September 30, 2020 and 2019, 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 nine months ended September 30, 2020 and 2019 (in thousands): Nine Months Ended September 30, Warehouse and repurchase facilities $ 7,635 $ 9,362 Securitizations 58,749 51,852 Interest expense — portfolio related 66,384 61,214 Interest expense — corporate debt 10,149 (1) 10,548 Total interest expense $ 76,533 $ 71,762 (1) Included in the $10.1 million of interest expense – corporate debt for the nine months ended September 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated repayment of $75.0 million in outstanding principal amount

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 — 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 September 30, 2020 and December 31, 2019, the balance of repurchase liability was $76 thousand, 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.

Members' Equity

Members' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Members' Equity	Note 10 — Members’ Equity Prior to the conversion of Velocity Financial, LLC into a corporation, the Company had the authority to issue four types of membership units, Class A, Class B, Class C, and Class D units. The Class A units represented ownership interests in VF. Class B units were profit interest units, which represented a right to share, with the Class A units, in the distribution of profits earned by the Company. The Class C and Class D units were preferred units, which had the right to convert to Class A units. The Company repurchased all outstanding Class C preferred units for an aggregate purchase price equal to the Class C liquidation preference of approximately $27.7 million on August 29, 2019. All Class A and Class D units were converted to common stock upon the conversion of the Company into a corporation on January 16, 2020. All Class B units were converted at zero value upon the conversion of the Company into a corporation on January 16, 2020. Prior to the Company’s IPO, the outstanding Class A, Class B and Class D units and equity balance were as follows as of December 31, 2019 ($ in thousands): December 31, 2019 Class A units issued and outstanding 97,514 Class A equity balance $ 92,650 Class B units issued and outstanding 16,072 Class B equity balance $ — Class D units issued and outstanding 60,194 Class D equity balance $ 60,194

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 11 — 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. Stock options vest ratably over a service period of three years from the date of the grant. Compensation expense related to stock options 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. For the nine months ended September 30, 2020, 10,000 shares of stock options were forfeited, and the Company recognized $0.5 million compensation expense related to the outstanding stock options granted to employees. 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 totaled $2.3 million as of September 30, 2020. As of September 30, 2020, unvested stock options outstanding were 772,500 shares at an exercise price per share of $13.00.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 12 — Earnings (Loss) 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. B asic 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 (loss) per share calculations for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 (In thousands, except per share data) Basic EPS: Net income $ 3,481 $ 8,201 Less deemed dividends on preferred stock — 48,955 Net income (loss) allocated to common stock $ 3,481 $ (40,754 ) Less earnings allocated to participating securities — — Net earnings (loss) allocated to common stock $ 3,481 $ (40,754 ) Weighted average common shares outstanding 20,087 20,087 Basic earnings (loss) per common share $ 0.17 $ (2.03 ) Diluted EPS: Net income (loss) allocated to common shareholders $ 3,481 $ (40,754 ) Weighted average common shares outstanding 20,087 20,087 Add dilutive effects for assumed conversion of Series A preferred stock 11,688 — Add dilutive effects for warrants 659 — Add dilutive effects for stock options — — Weighted average diluted common shares outstanding 32,435 20,087 Diluted income (loss) per common share $ 0.11 $ (2.03 ) Earnings per common share is not applicable to periods prior to the Company's IPO on January 17, 2020. The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Shares underlying Series A Convertible Preferred Stock — 11,688,312 Shares underlying warrants 1,004,375 3,013,125 Stock options 772,500 772,500 Share equivalents excluded from EPS 1,776,875 15,473,937

Convertible Preferred Stock

Convertible Preferred Stock	9 Months Ended
	Sep. 30, 2020
Convertible Preferred Stock [Abstract]
Convertible Preferred Stock	Note 13 — Convertible Preferred Stock On April 7, 2020, the Company issued and sold in a private placement 45,000 newly issued shares of Series A Convertible Preferred Stock, par value $0.01 per share (the “Preferred”), at a price per share of $1,000, plus warrants (the “Warrants”) to purchase an aggregate of 3,013,125 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. This offering resulted in net proceeds to the Company of $43.2 million. In connection with these transactions, the Company entered into a securities purchase agreement with Snow Phipps and TOBI granting TOBI the right to nominate an additional director to the Company’s board of directors for so long as TOBI and its permitted transferees meet certain ownership thresholds. The Preferred ranks senior to the Company’s common stock with respect to the payment of dividends and distribution of assets upon liquidation, dissolution and winding up. It is entitled to receive any dividends or distributions paid in respect of the common stock on an as-converted basis and has no stated maturity and will remain outstanding indefinitely unless converted into common stock or repurchased by the Company. Holders of the Preferred will be entitled to vote, together with the holders of common stock, on an as-converted basis, subject to limitations of the rules of the New York Stock Exchange, on all matters submitted to a vote of the holders of common stock, and as a separate class as required by law. The holders of the Preferred will also have the right to elect two directors to the board of directors of the Company if the Company defaults under its obligation to repurchase the Preferred. The Preferred has a liquidation preference equal to the greater of (i) $2,000 per share from April 7, 2020 through October 7, 2022, which amount increases ratably to $3,000 per share from October 8, 2022 through November 28, 2024 and to $3,000 per share from and after November 28, 2024 and (ii) the amount such holder would have received if the Preferred had converted into common stock immediately prior to such liquidation. Following shareholder approval at the Special Meeting of Shareholders held on August 13, 2020, each share of the Preferred is convertible at the option of the holder into the number of shares of common stock equal to then applicable conversion rate of $1,000 divided by the applicable conversion price plus cash in lieu of fractional shares, if any. The initial conversion price is $3.85 and is subject to customary antidilution adjustments. In addition, the Company has the right to cause the Preferred to convert beginning October 7, 2021 if the Company’s common stock meets certain weighted average price targets. Beginning on October 7, 2022, if permitted by the terms of the Company’s material indebtedness, and in no event later than November 28, 2024, holders of the Preferred have the option to cause the Company to repurchase all or a portion of such holder’s shares of Preferred, for an amount in cash equal to such share’s liquidation preference. If the Company defaults on its repurchase obligation, the holders of the Preferred have the right (until the repurchase price has been paid in full, in cash, or such the Preferred has been converted) to force a sale of the Company and the holders of the Preferred will have the right to elect two directors of the Company’s Board until such default is cured. The Company is also required to redeem the Preferred upon a change of control (as defined in the certificate of designation governing the Preferred). The Warrants are exercisable at the warrantholder’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 warrantholder together with its affiliates would beneficially own 49% or more of the Company’s outstanding common stock. The Company determined that none of the features embedded in the Preferred were required to be accounted for separately as a derivative. The Preferred is recorded as mezzanine equity (temporary equity) on the consolidated balance sheets because it is not mandatorily redeemable, but does contain a redemption feature at the option of the preferred stock holders that is considered not solely within the Company’s control. Because the Preferred becomes redeemable at any time after 2.5 years from the Closing Date of April 7, 2020, the Company has elected to recognize the changes in the maximum redemption value immediately as they occur and adjust the carrying value of the Preferred to equal the maximum redemption value at the end of each reporting period which is viewed as the redemption date for the Preferred. At June 30, 2020, the Company recognized the Preferred maximum redemption value of $90 million, which is the maximum redemption value on the earliest redemption date based on a redemption value of $2,000 per share and 45,000 shares of Preferred. The recording of the Preferred maximum redemption value was treated as a deemed dividend and resulted in a $49 million charge to Shareholders’ Equity

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 14 — Fair Value Measurements (a) Fair Value ASC Topic 820, “ Fair Value Measurement • Level 1 - Valuation is based on quoted prices for identical instruments traded in active • 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 • Level 3 - Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant 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. (b) 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. (c) 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. (d) Collateral Dependent or Loans Individually Evaluated Nonaccrual loans held for investment are evaluated individually and are recorded at fair value on a nonrecurring basis. 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. (e) 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. (f) 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 (g) 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 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. (h) 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. (i) 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. (j) 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. (k) 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. (l) 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. (m) Fair Value Disclosures The following tables present information on assets measured and recorded at fair value as of September 30, 2020 and December 31, 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at September 30, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 3,327 $ 3,327 Interest-only strips — — 473 473 Total recurring fair value measurements — — 3,800 3,800 Nonrecurring fair value measurements: Real estate owned, net — — 14,653 14,653 Individually evaluated loans requiring specific allowance, net — — 20,202 20,202 Total nonrecurring fair value measurements — — 34,855 34,855 Total assets $ — $ — $ 38,655 $ 38,655 Fair value measurements using Total at December 31, 2019 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,960 $ 2,960 Interest-only strips — — 894 894 Total recurring fair value measurements — — 3,854 3,854 Nonrecurring fair value measurements: Loans held for sale, net — — 214,467 214,467 Real estate owned, net — — 13,068 13,068 Impaired loans requiring specific allowance, net — — 11,373 11,373 Total nonrecurring fair value measurements — — 238,908 238,908 Total assets $ — $ — $ 242,762 $ 242,762 The following table presents gains and losses recognized on assets measured on a nonrecurring basis for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 2020 2019 Loans held for sale, net $ 1,307 $ 15 $ 345 $ 84 Real estate held for sale, net (528 ) (195 ) (1,744 ) (572 ) Individually evaluated loans requiring specific allowance, net (1,109 ) 65 (1,469 ) (103 ) Total net loss $ (330 ) $ (115 ) $ (2,868 ) $ (591 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 20,202 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 14,653 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 3,327 Discounted cash flow Discount rate 7.11% 7.11% Collateral value (% of UPB) 92% to 102% 99% Timing of resolution/payoff (months) 1 to 32 12 Prepayment rate 13.83% 13.83% Default rate 4.75% to 15.44% 11.0% Loss severity rate 0.60% 0.60% Interest-only strips 473 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 2.0 December 31, 2019 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Collateral dependent impaired loans requiring specific allowance, net $ 11,373 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,068 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,960 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 18.0% to 94.0% 87.0% Timing of resolution/payoff (months) 5 to 218 65.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 214,467 Discounted cash flow Discount rate 12.0% to 15.0% 14.7% Timing of resolution/payoff (months) 0 to 12 7.0 Interest-only strips 894 Discounted cash flow Discount rate 15% 15% Timing of resolution/payoff (months) 0 to 7.0 210.0% 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 2,956 $ 2,974 $ 2,960 $ 3,463 Loans liquidated — — — (421 ) Principal paydowns (9 ) (21 ) (44 ) (55 ) Total unrealized gain (loss) included in net income 380 (17 ) 411 (51 ) Ending balance $ 3,327 $ 2,936 $ 3,327 $ 2,936 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 845 $ 1,193 $ 894 $ 812 Interest-only strip additions — — 1,820 1,634 Interest-only strip write-offs (365 ) (499 ) (2,234 ) (1,630 ) Total unrealized loss included in net income (7 ) — (7 ) (122 ) Ending balance $ 473 $ 694 $ 473 $ 694 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 September 30, 2020 and December 31, 2019, the only financial assets measured at fair value were certain individually evaluated loans held for investment, loans held for sale, 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 approximately $20.2 million and $11.4 million as of September 30, 2020 and December 31, 2019, net of specific allowance for credit losses of approximately $2.4 million and $0.9 million, respectively. A financial instrument is cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated (in thousands): September 30, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 19,210 $ 19,210 $ — $ — $ 19,210 Restricted cash 7,821 7,821 — — 7,821 Loans held for investment, net 2,001,086 — — 2,019,669 2,019,669 Loans held for investment, at fair value 3,327 — — 3,327 3,327 Accrued interest receivables 13,134 13,134 — — 13,134 Interest-only strips 473 — — 473 473 Liabilities: Secured financing, net $ 74,776 $ — $ — $ 77,900 $ 77,900 Warehouse repurchase facilities, net 19,541 — 19,541 — 19,541 Securitizations, net 1,670,930 — — 1,714,210 1,714,210 Accrued interest payable 7,399 7,399 — — 7,399 December 31, 2019 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 21,465 $ 21,465 $ — $ — $ 21,465 Restricted cash 6,087 6,087 — — 6,087 Loans held for sale, net 214,467 — — 222,260 222,260 Loans held for investment, net 1,863,360 — — 1,913,481 1,913,481 Loans held for investment, at fair value 2,960 — — 2,960 2,960 Accrued interest receivable 13,295 13,295 — — 13,295 Real estate owned, net 13,068 — — 13,068 13,068 Interest-only strips 894 — — 894 894 Liabilities: Secured financing, net $ 145,599 $ — $ — $ 153,000 $ 153,000 Warehouse repurchase facilities, net 421,548 — 421,548 — 421,548 Securitizations, net 1,438,629 — — 1,486,990 1,486,990 Accrued interest payable 7,190 7,190 — — 7,190

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 15 — Subsequent Events The Company has evaluated events that have occurred subsequent to September 30, 2020 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)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Partnership to Corporation Conversion	(a) Partnership to Corporation Conversion On January 16, 2020, Velocity Financial, LLC converted from a limited liability company to a corporation and changed its name to Velocity Financial, Inc. The Conversion was accounted for in accordance with ASC 805-50 – Business Combinations , as a transaction between entities under common control. All assets and liabilities of Velocity Financial, LLC were contributed to Velocity Financial, Inc. at their carrying value, and the results of operations are being presented as if the Conversion had occurred on January 1, 2020. Additionally, Class A and Class D’s partnership equity at December 31, 2019 were converted to stockholders’ equity and presented as such on the Consolidated Balance Sheets and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020.
Use of Estimates	(b) 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	(c) 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, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). There have been no significant changes to the Company’s significant accounting policies as described in its 2019 Annual Report other than the adoption of Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments as described in
Principles of Consolidation	(d) Principles of 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 following table presents a summary of the assets and liabilities of the Trusts as of September 30, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): September 30, 2020 December 31, 2019 Restricted cash $ 7,278 $ — Loans held for investment, net 2,000,787 1,571,100 Accrued interest and other receivables 57,615 56,675 Real estate owned, net 8,832 6,091 Other assets 4 11 Total assets $ 2,074,516 $ 1,633,877 Accounts payable and accrued expenses $ 41,932 $ 21,265 Securities issued 1,670,930 1,438,629 Total liabilities $ 1,712,862 $ 1,459,894 The consolidated financial statements as of September 30, 2020 and December 31, 2019 include only those assets, liabilities, and results of operations related to the business of the Company, its subsidiaries, and VIEs, and do not include any assets, liabilities, revenues, and expenses attributable to limited liability members’ individual activities. The liability of each member in an LLC was limited to the amounts reflected in their respective member accounts.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Assets and Liabilities of Trusts	The following table presents a summary of the assets and liabilities of the Trusts as of September 30, 2020 and December 31, 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): September 30, 2020 December 31, 2019 Restricted cash $ 7,278 $ — Loans held for investment, net 2,000,787 1,571,100 Accrued interest and other receivables 57,615 56,675 Real estate owned, net 8,832 6,091 Other assets 4 11 Total assets $ 2,074,516 $ 1,633,877 Accounts payable and accrued expenses $ 41,932 $ 21,265 Securities issued 1,670,930 1,438,629 Total liabilities $ 1,712,862 $ 1,459,894

Current Accounting Developmen_2

Current Accounting Developments (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract]
Schedule of Impact of ASC 326 on Allowance for Credit Losses	The following table illustrates the impact of ASC 326 on the Company’s allowance for credit losses (in thousands): January 1, 2020 As Reported Impact of Under Pre-ASC 326 ASC 326 Allowance for credit losses ASC 326 Adoption Adoption Commercial - Purchase $ 323 $ 304 $ 19 Commercial - Refinance 1,078 1,016 62 Residential 1-4 Unit - Purchase 157 148 9 Residential 1-4 Unit - Refinance 819 772 47 Total $ 2,377 $ 2,240 $ 137

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2020
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 statement of financial condition that sum to the total of the same such amounts shown in the consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 (in thousands): Nine Months Ended September 30, 2020 2019 Cash and cash equivalents $ 19,210 $ 8,849 Restricted cash 7,821 3,152 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 27,031 $ 12,001

Loans Held for Sale, Net (Table

Loans Held for Sale, Net (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Summary of Loans Held for Sale	The following table summarizes loans held for sale as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Unpaid principal balance $ — $ 216,054 Valuation adjustments — (396 ) Deferred loan origination costs — (1,191 ) Ending balance $ — $ 214,467

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Loans held for investment, net Loans held for investment, at fair value Total loans held for investment Total loans held for investment Unpaid principal balance $ 1,982,984 $ 3,360 $ 1,986,344 $ 1,843,290 Valuation adjustments on FVO loans — (33 ) (33 ) (444 ) Deferred loan origination costs 23,850 — 23,850 25,714 2,006,834 3,327 2,010,161 1,868,560 Allowance for loan losses (5,748 ) — (5,748 ) (2,240 ) Total loans held for investment and loans held for investment at fair value, net $ 2,001,086 $ 3,327 $ 2,004,413 $ 1,866,320
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued	As of September 30, 2020 and December 31, 2019, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facility agreements, and securitizations issued were as follows (in thousands): September 30, 2020 December 31, 2019 The 2013 repurchase agreement $ 8,094 $ 108,504 The 2015 repurchase agreement — 175,689 The Bank credit agreement — 3,331 Total pledged loans $ 8,094 $ 287,524 2014-1 Trust 25,066 29,559 2015-1 Trust 55,032 64,876 2016-1 Trust 78,125 97,727 2016-2 Trust 52,430 68,961 2017-1 Trust 89,888 116,670 2017-2 Trust 150,330 173,390 2018-1 Trust 122,763 141,567 2018-2 Trust 230,982 260,278 2019-1 Trust 215,248 229,151 2019-2 Trust 184,820 210,312 2019-3 Trust 142,646 157,119 2020-1 Trust 252,406 — 2020-2 Trust 126,694 — 2020-MC1 Trust 250,644 — Total $ 1,977,074 $ 1,549,610
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 September 30, 2020 and December 31, 2019, and accruing loans that were 90 days or more past due as of September 30, 2020 under the Company’s COVID-19 payment forbearance programs. There were no loans accruing interest that were greater than 90 days past due as of December 31, 2019. September 30, 2020 Nonaccrual With Loans 90+ DPD No Allowance Total Still Accruing for Loan Loss Nonaccrual COVID-19 Program (In thousands) Commercial - Purchase $ 19,201 $ 20,544 $ 1,222 Commercial - Refinance 97,846 102,336 4,026 Residential 1-4 Unit - Purchase 26,206 27,800 2,662 Residential 1-4 Unit - Refinance 150,275 165,434 6,871 Total $ 293,528 $ 316,114 $ 14,781 Troubled Debt Restructuring included in nonaccrual loans: $ — $ 175 $ — December 31, 2019 ($ in thousands) Nonaccrual loans: Recorded investment $ 125,819 Percentage of the originated loans held for investment 6.7 % Impaired loans: Unpaid principal balance $ 124,050 Recorded investment 125,998 Recorded investment of impaired loans requiring a specific allowance 12,286 Specific allowance 913 Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance 7.4 % Recorded investment of impaired loans not requiring a specific allowance $ 113,712 Percentage of recorded investment of impaired loans not requiring a specific allowance 90.2 % TDRs included in impaired loans: Recorded investment of TDRs $ 179 Recorded investment of TDRs with a specific allowance 179 Specific allowance 25 Recorded investment of TDRs without a specific allowance —
Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment	The following table presents the amortized cost basis in the loans held for investment as of September 30, 2020 and 2019, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the nine months ended September 30, 2020 and 2019 (in thousands): September 30, 2020 September 30, 2019 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 293,886 $ 576 $ 272,344 $ 219 Commercial - Refinance 695,664 3,092 672,877 990 Residential 1-4 Unit - Purchase 282,212 724 243,972 210 Residential 1-4 Unit - Refinance 735,072 4,156 588,725 894 Total $ 2,006,834 $ 8,548 $ 1,777,918 $ 2,313
Schedule of Activity in Allowance for Credit Losses	The following tables present the activity in the allowance for credit losses for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance $ 524 $ 2,687 $ 403 $ 1,607 $ 5,221 $ 2,096 Provision for loan losses (1) (90 ) (101 ) 171 1,593 1,573 338 Charge-offs — (210 ) (37 ) (799 ) (1,046 ) (323 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ 5,748 $ 2,111 (1) The provision for loans losses would have been approximately $0.4 million for the three months ended September 30, 2020, excluding the $1.2 million impact from the loans held for sale transferred to loans held for investment. The additional $1.2 million provision was mainly offset by the reversal of the $1.3 million valuation allowance on the held for sale loans, which was recorded to “Other income” in the consolidated statements of income. Nine Months Ended September 30, 2020 2019 Residential Residential Commercial Commercial 1-4 Unit 1-4 Unit Purchase Refinance Purchase Refinance Total Total Allowance for credit losses: Beginning balance, prior to adoption of ASC 326 $ 304 $ 1,016 $ 148 $ 772 $ 2,240 $ 1,680 Impact of adopting ASC 326 19 62 9 47 137 — Balance - January 1, 2020 $ 323 $ 1,078 $ 157 $ 819 $ 2,377 Provision for loan losses (1) 190 1,508 553 2,411 4,662 898 Charge-offs (79 ) (210 ) (173 ) (829 ) (1,291 ) (467 ) Ending balance $ 434 $ 2,376 $ 537 $ 2,401 $ 5,748 $ 2,111 Allowance related to: Loans individually evaluated $ 179 $ 549 $ 266 $ 1,389 $ 2,383 $ 739 Loans collectively evaluated 255 1,828 271 1,011 3,365 1,372 Amortized cost related to: Loans individually evaluated $ 20,544 $ 102,337 $ 27,800 $ 165,434 $ 316,115 $ 110,134 Loans collectively evaluated 273,342 593,327 254,412 569,638 1,690,719 1,667,784 (1) The provision for loans losses would have been approximately $3.5 million for the nine months ended September 30, 2020, excluding the $1.2 million impact from the loans held for sale transferred to loans held for investment. The additional $1.2 million provision was mainly offset by the reversal of the $1.3 million valuation allowance on the held for sale loans, which was recorded to “Other income” in the consolidated statements of income.
Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio	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 September 30, 2020, the annualized charge-off rate was 0.55% of average nonperforming loans. The charged-off rate was 0.52% for the year ended December 31, 2019. 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, which includes $416.2 million loans in the Company’s COVID-19 forbearance program as of September 30, 2020, and as of December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total September 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 1,737 $ 455 $ 18,352 $ 20,544 $ — $ 20,544 Commercial - Refinance 5,775 7,856 88,706 102,337 102,337 Residential 1-4 Unit - Purchase 519 — 27,281 27,800 — 27,800 Residential 1-4 Unit - Refinance 2,067 5,410 157,957 165,434 — 165,434 Total loans individually evaluated $ 10,098 $ 13,721 $ 292,296 $ 316,115 $ — $ 316,115 Loans collectively evaluated Commercial - Purchase $ 15,729 $ 6,857 $ 1,222 $ 23,808 $ 249,535 $ 273,343 Commercial - Refinance 39,343 18,666 4,026 62,035 531,291 593,326 Residential 1-4 Unit - Purchase 11,582 27,962 2,662 42,206 212,207 254,413 Residential 1-4 Unit - Refinance 43,226 21,703 6,871 71,800 497,837 569,637 Total loans collectively evaluated $ 109,880 $ 75,188 $ 14,781 $ 199,849 $ 1,490,870 $ 1,690,719 Ending balance $ 119,978 $ 88,909 $ 307,077 $ 515,964 $ 1,490,870 $ 2,006,834 December 31, 2019: Impaired loans $ 6,195 $ 7,696 $ 111,928 $ 125,819 $ 179 $ 125,998 Nonimpaired loans 119,465 41,138 — 160,603 1,578,984 1,739,587 Ending balance $ 125,660 $ 48,834 $ 111,928 $ 286,422 $ 1,579,163 $ 1,865,585 (1) Includes loans in bankruptcy and foreclosure less than 90 days past As of September 30, 2020, borrowers on approximately $308.3 million or 75% of the $411.2 million COVID-19 forbearance granted loans made their next scheduled payment. The following table presents the aging of the amortized cost basis of loans held for investment in the Company's COVID-19 forbearance program as of September 30, 2020 (in thousands): 30–59 days 60–89 days 90+days Total Total September 30, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ — $ — $ 2,533 $ 2,533 $ — $ 2,533 Commercial - Refinance — — 13,793 13,793 — 13,793 Residential 1-4 Unit - Purchase 178 — 2,359 2,537 — 2,537 Residential 1-4 Unit - Refinance — 431 16,143 16,574 — 16,574 Total loans individually evaluated $ 178 $ 431 $ 34,828 $ 35,437 $ — $ 35,437 Loans collectively evaluated Commercial - Purchase $ 8,079 $ 6,253 $ 1,222 $ 15,554 $ 34,053 $ 49,607 Commercial - Refinance 18,456 10,383 4,026 32,865 105,132 137,997 Residential 1-4 Unit - Purchase 2,039 24,308 2,662 29,009 29,913 58,922 Residential 1-4 Unit - Refinance 14,620 12,281 6,871 33,772 100,505 134,277 Total loans collectively evaluated $ 43,194 $ 53,225 $ 14,781 $ 111,200 $ 269,603 $ 380,803 Ending balance $ 43,372 $ 53,656 $ 49,609 $ 146,637 $ 269,603 $ 416,240 (1) Includes loans in bankruptcy and foreclosure less than 90 days past
Schedule of Amortized Cost in Loans Held for Investment based on Accrual Status and by Loan Origination Year	The following table presents 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. Term Loans Amortized Cost Basis by Origination Year September 30, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 35,424 $ 104,154 $ 67,331 $ 41,042 $ 11,409 $ 13,982 $ 273,342 Nonperforming 218 3,716 6,696 5,956 1,800 2,159 20,545 Total Commercial - Purchase $ 35,642 $ 107,870 $ 74,027 $ 46,998 $ 13,209 $ 16,141 $ 293,887 Commercial - Refinance Payment performance Performing $ 49,796 $ 189,642 $ 158,836 $ 95,872 $ 40,744 $ 58,437 $ 593,327 Nonperforming 3,309 23,191 38,192 20,757 7,330 9,557 102,336 Total Commercial - Refinance $ 53,105 $ 212,833 $ 197,028 $ 116,629 $ 48,074 $ 67,994 $ 695,663 Residential 1-4 Unit - Purchase Payment performance Performing $ 43,613 $ 95,082 $ 48,847 $ 30,471 $ 7,405 $ 28,994 $ 254,412 Nonperforming 2,314 7,177 7,340 4,563 1,348 5,059 27,801 Total Residential 1-4 Unit - Purchase $ 45,927 $ 102,259 $ 56,187 $ 35,034 $ 8,753 $ 34,053 $ 282,213 Residential 1-4 Unit - Refinance Payment performance Performing $ 93,414 $ 232,548 $ 107,433 $ 69,918 $ 25,157 $ 41,168 $ 569,638 Nonperforming 18,810 67,792 40,706 16,836 7,350 13,939 165,433 Total Residential 1-4 Unit - Purchase $ 112,224 $ 300,340 $ 148,139 $ 86,754 $ 32,507 $ 55,107 $ 735,071 Total Portfolio $ 246,898 $ 723,302 $ 475,381 $ 285,415 $ 102,543 $ 173,295 $ 2,006,834

Securitizations Net (Tables)

Securitizations Net (Tables)	9 Months Ended
	Sep. 30, 2020
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 deals costs, of the securities and the effective interest rate for the nine months ended September 30, 2020 and 2019 (dollars in thousands): Nine Months Ended September 30, 2020 2019 Securitizations: Securitizations, net $ 1,670,930 $ 1,377,733 Interest expense 58,749 51,852 Average outstanding balance 1,728,131 1,318,649 Effective interest rate (1) 4.53 % 5.24 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (3.94%) and debt issue cost amortization (0.59%) and average rate (4.60%) and debt issue cost amortization (0.64%) for the nine months ended September 30, 2020 and 2019, respectively.

Other Debt (Tables)

Other Debt (Tables)	9 Months Ended
	Sep. 30, 2020
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 for the Company’s warehouse facilities and loan agreements as of September 30, 2020 and December 31, 2019 (in thousands): September 30, 2020 December 31, 2019 Period end balance (1) Maximum borrowing capacity Period end balance (1) Maximum borrowing capacity The 2015 repurchase agreement $ — $ — $ 226,212 $ 250,000 The 2013 repurchase agreement 6,476 100,000 190,977 200,000 The Bank credit agreement — — 2,499 50,000 The 2019 loan agreement 2,700 3,000 3,000 3,000 The 2020 repurchase agreement 10,647 10,647 — — (1) Warehouse repurchase facilities amounts in the consolidated balance sheets are net of debt issuance costs amounting to $0.3 million and $1.1 million as of September 30, 2020 and December 31, 2019, respectively.
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the nine months ended September 30, 2020 and 2019 (dollars in thousands): Nine Months Ended September 30, 2020 2019 Warehouse and repurchase facilities: Average outstanding balance $ 204,110 $ 216,613 Highest outstanding balance at any month-end 450,194 349,859 Effective interest rate (1) 4.99 % 5.76 % (1) Represents annualized interest expense divided by average gross outstanding balance and includes average rate (4.34%) and debt issue cost amortization (0.65%) and average rate (5.35%) and debt issue cost amortization (0.41%) for the nine months ended September 30, 2020 and 2019, 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 nine months ended September 30, 2020 and 2019 (in thousands): Nine Months Ended September 30, Warehouse and repurchase facilities $ 7,635 $ 9,362 Securitizations 58,749 51,852 Interest expense — portfolio related 66,384 61,214 Interest expense — corporate debt 10,149 (1) 10,548 Total interest expense $ 76,533 $ 71,762 (1) Included in the $10.1 million of interest expense – corporate debt for the nine months ended September 30, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated repayment of $75.0 million in outstanding principal amount

Members' Equity (Tables)

Members' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Summary of Outstanding Units and Equity Balance	Prior to the Company’s IPO, the outstanding Class A, Class B and Class D units and equity balance were as follows as of December 31, 2019 ($ in thousands): December 31, 2019 Class A units issued and outstanding 97,514 Class A equity balance $ 92,650 Class B units issued and outstanding 16,072 Class B equity balance $ — Class D units issued and outstanding 60,194 Class D equity balance $ 60,194

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	The following table presents the basic and diluted earnings (loss) per share calculations for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 (In thousands, except per share data) Basic EPS: Net income $ 3,481 $ 8,201 Less deemed dividends on preferred stock — 48,955 Net income (loss) allocated to common stock $ 3,481 $ (40,754 ) Less earnings allocated to participating securities — — Net earnings (loss) allocated to common stock $ 3,481 $ (40,754 ) Weighted average common shares outstanding 20,087 20,087 Basic earnings (loss) per common share $ 0.17 $ (2.03 ) Diluted EPS: Net income (loss) allocated to common shareholders $ 3,481 $ (40,754 ) Weighted average common shares outstanding 20,087 20,087 Add dilutive effects for assumed conversion of Series A preferred stock 11,688 — Add dilutive effects for warrants 659 — Add dilutive effects for stock options — — Weighted average diluted common shares outstanding 32,435 20,087 Diluted income (loss) per common share $ 0.11 $ (2.03 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the number of shares excluded from the computation of diluted loss per share, as their inclusion would have been anti-dilutive: Three Months Ended Nine Months Ended September 30, 2020 September 30, 2020 Shares underlying Series A Convertible Preferred Stock — 11,688,312 Shares underlying warrants 1,004,375 3,013,125 Stock options 772,500 772,500 Share equivalents excluded from EPS 1,776,875 15,473,937

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at September 30, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 3,327 $ 3,327 Interest-only strips — — 473 473 Total recurring fair value measurements — — 3,800 3,800 Nonrecurring fair value measurements: Real estate owned, net — — 14,653 14,653 Individually evaluated loans requiring specific allowance, net — — 20,202 20,202 Total nonrecurring fair value measurements — — 34,855 34,855 Total assets $ — $ — $ 38,655 $ 38,655 Fair value measurements using Total at December 31, 2019 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 2,960 $ 2,960 Interest-only strips — — 894 894 Total recurring fair value measurements — — 3,854 3,854 Nonrecurring fair value measurements: Loans held for sale, net — — 214,467 214,467 Real estate owned, net — — 13,068 13,068 Impaired loans requiring specific allowance, net — — 11,373 11,373 Total nonrecurring fair value measurements — — 238,908 238,908 Total assets $ — $ — $ 242,762 $ 242,762
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 and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 2020 2019 Loans held for sale, net $ 1,307 $ 15 $ 345 $ 84 Real estate held for sale, net (528 ) (195 ) (1,744 ) (572 ) Individually evaluated loans requiring specific allowance, net (1,109 ) 65 (1,469 ) (103 ) Total net loss $ (330 ) $ (115 ) $ (2,868 ) $ (591 )
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 September 30, 2020 and December 31, 2019 (dollars in thousands): September 30, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 20,202 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 14,653 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 3,327 Discounted cash flow Discount rate 7.11% 7.11% Collateral value (% of UPB) 92% to 102% 99% Timing of resolution/payoff (months) 1 to 32 12 Prepayment rate 13.83% 13.83% Default rate 4.75% to 15.44% 11.0% Loss severity rate 0.60% 0.60% Interest-only strips 473 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 2.0 December 31, 2019 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Collateral dependent impaired loans requiring specific allowance, net $ 11,373 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 13,068 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 2,960 Discounted cash flow Discount rate 10.5% 10.5% Collateral value (% of UPB) 18.0% to 94.0% 87.0% Timing of resolution/payoff (months) 5 to 218 65.0 Prepayment rate 15.0% 15.0% Default rate 1.0% 1.0% Loss severity rate 10.0% 10.0% Loans held for sale 214,467 Discounted cash flow Discount rate 12.0% to 15.0% 14.7% Timing of resolution/payoff (months) 0 to 12 7.0 Interest-only strips 894 Discounted cash flow Discount rate 15% 15% Timing of resolution/payoff (months) 0 to 7.0 210.0%
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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 2,956 $ 2,974 $ 2,960 $ 3,463 Loans liquidated — — — (421 ) Principal paydowns (9 ) (21 ) (44 ) (55 ) Total unrealized gain (loss) included in net income 380 (17 ) 411 (51 ) Ending balance $ 3,327 $ 2,936 $ 3,327 $ 2,936 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Beginning balance $ 845 $ 1,193 $ 894 $ 812 Interest-only strip additions — — 1,820 1,634 Interest-only strip write-offs (365 ) (499 ) (2,234 ) (1,630 ) Total unrealized loss included in net income (7 ) — (7 ) (122 ) Ending balance $ 473 $ 694 $ 473 $ 694
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): September 30, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 19,210 $ 19,210 $ — $ — $ 19,210 Restricted cash 7,821 7,821 — — 7,821 Loans held for investment, net 2,001,086 — — 2,019,669 2,019,669 Loans held for investment, at fair value 3,327 — — 3,327 3,327 Accrued interest receivables 13,134 13,134 — — 13,134 Interest-only strips 473 — — 473 473 Liabilities: Secured financing, net $ 74,776 $ — $ — $ 77,900 $ 77,900 Warehouse repurchase facilities, net 19,541 — 19,541 — 19,541 Securitizations, net 1,670,930 — — 1,714,210 1,714,210 Accrued interest payable 7,399 7,399 — — 7,399 December 31, 2019 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 21,465 $ 21,465 $ — $ — $ 21,465 Restricted cash 6,087 6,087 — — 6,087 Loans held for sale, net 214,467 — — 222,260 222,260 Loans held for investment, net 1,863,360 — — 1,913,481 1,913,481 Loans held for investment, at fair value 2,960 — — 2,960 2,960 Accrued interest receivable 13,295 13,295 — — 13,295 Real estate owned, net 13,068 — — 13,068 13,068 Interest-only strips 894 — — 894 894 Liabilities: Secured financing, net $ 145,599 $ — $ — $ 153,000 $ 153,000 Warehouse repurchase facilities, net 421,548 — 421,548 — 421,548 Securitizations, net 1,438,629 — — 1,486,990 1,486,990 Accrued interest payable 7,190 7,190 — — 7,190

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)	Jan. 28, 2020	Jan. 22, 2020	Mar. 31, 2020	Sep. 30, 2020	Jan. 16, 2020
Class Of Stock [Line Items]
Date of incorporation				Jul. 9, 2012
Minimum net worth required				$ 250,000
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	20,087,494
Stock price	$ 13	$ 13

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Assets and Liabilities of Trusts (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Loans held for investment, net	$ 2,001,086	$ 1,863,360
Real estate owned, net	14,653	13,068
Other assets	16,489	12,667
Total assets	2,126,866	2,214,766
Accounts payable and accrued expenses	61,859	56,146
Total liabilities	1,827,106	2,061,922
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	7,278
Loans held for investment, net	2,000,787	1,571,100
Accrued interest and other receivables	57,615	56,675
Real estate owned, net	8,832	6,091
Other assets	4	11
Total assets	2,074,516	1,633,877
Accounts payable and accrued expenses	41,932	21,265
Securities issued	1,670,930	1,438,629
Total liabilities	$ 1,712,862	$ 1,459,894

Current Accounting Developmen_3

Current Accounting Developments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect of change in accounting principle	$ (96,000)
COVID-19
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Amount of loan granted for unusual risk forbearance	$ 335,100,000
Percentage of loan granted for unusual risk forbearance	81.00%
Cares Act
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Loans held for investment	$ 411,200,000

Current Accounting Developmen_4

Current Accounting Developments - Schedule of Impact of ASC 326 on Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	$ 5,748	$ 5,221		$ 2,377	$ 2,111	$ 2,096
Pre-ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses				2,240
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			$ 2,377
ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			137
Commercial - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	434	524		323
Commercial - Purchase | Pre-ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses				304
Commercial - Purchase | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			323
Commercial - Purchase | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			19
Commercial - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	2,376	2,687		1,078
Commercial - Refinance | Pre-ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses				1,016
Commercial - Refinance | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			1,078
Commercial - Refinance | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			62
Residential 1-4 Unit - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	537	403		157
Residential 1-4 Unit - Purchase | Pre-ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses				148
Residential 1-4 Unit - Purchase | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			157
Residential 1-4 Unit - Purchase | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			9
Residential 1-4 Unit - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses	$ 2,401	$ 1,607		819
Residential 1-4 Unit - Refinance | Pre-ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses				$ 772
Residential 1-4 Unit - Refinance | ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			819
Residential 1-4 Unit - Refinance | ASU 2016-13 | Impact of ASC 326 Adoption
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for loan losses			$ 47

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	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 19,210	$ 21,465	$ 8,849
Restricted cash	7,821	6,087	3,152
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 27,031	$ 27,552	$ 12,001	$ 16,677

Loans Held for Sale, Net - Summ

Loans Held for Sale, Net - Summary of Loans Held for Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Loans Held For Sale [Abstract]
Unpaid principal balance	$ 216,054
Valuation adjustments	(396)
Deferred loan origination costs	(1,191)
Loans held for sale, net	$ 214,467

Loans Held for Sale, Net - Addi

Loans Held for Sale, Net - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Unusual Risk Or Uncertainty [Line Items]
Allowance for loan losses	$ 2,383	$ 900	$ 739
Cares Act
Unusual Risk Or Uncertainty [Line Items]
Loans held for sale other	214,400
Cares Act | Related valuation allowance [Member]
Unusual Risk Or Uncertainty [Line Items]
Allowance for loan losses	$ 1,300

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	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (5,748)	$ (5,221)	$ (2,377)	$ (2,111)	$ (2,096)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,982,984
Deferred loan origination costs	23,850
Total loans held for investment and loans held for investment at fair value, gross	2,006,834
Allowance for loan losses	(5,748)
Total loans held for investment and loans held for investment at fair value, net	2,001,086
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	3,360
Valuation adjustments on FVO loans	(33)
Total loans held for investment and loans held for investment at fair value, gross	3,327
Total loans held for investment and loans held for investment at fair value, net	3,327
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,986,344		1,843,290
Valuation adjustments on FVO loans	(33)		(444)
Deferred loan origination costs	23,850		25,714
Total loans held for investment and loans held for investment at fair value, gross	2,010,161		1,868,560
Allowance for loan losses	(5,748)		(2,240)
Total loans held for investment and loans held for investment at fair value, net	$ 2,004,413		$ 1,866,320

Loans Held for Investment and_4

Loans Held for Investment and Loans Held for Investment at Fair Value - Additional Information (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Accrued interest on loan	$ 13,134,000		$ 13,295,000
Financing receivable, 90 days or more past due, still accruing	14,781,000		$ 0
Accrued interest income recognized on nonaccrual loans	0	$ 0
Cash basis interest income recognized on nonaccrual loans	11,600,000	8,700,000
Average recorded investment of individually evaluated loans, computed using month-end balances	$ 223,700,000	$ 106,300,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans	0.55%		0.52%
Cares Act
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment	$ 411,200,000
Accrued interest on loan	24,800,000
Loans held for investment on amortized cost basis	$ 416,200,000
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Percentage of loan granted for unusual risk forbearance	81.00%
Amount of loan granted for unusual risk forbearance	$ 335,100,000
Loans	$ 416,200,000		$ 416,200,000
Payment percentage of loan granted for unusual risk forbearance	75.00%
Amount payment of loan granted for unusual risk forbearance	$ 308,300,000

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	$ 8,094	$ 287,524
Total	1,977,074	1,549,610
2013 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	8,094	108,504
2015 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans		175,689
Bank Credit Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans		3,331
2014-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	25,066	29,559
2015-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	55,032	64,876
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	78,125	97,727
2016-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	52,430	68,961
2017-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	89,888	116,670
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	150,330	173,390
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	122,763	141,567
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	230,982	260,278
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	215,248	229,151
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	184,820	210,312
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	142,646	$ 157,119
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	252,406
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	126,694
2020-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 250,644

Loans Held for Investment and_6

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	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2020
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		$ 293,528
Total Nonaccrual	$ 125,819	316,114
Financing receivable, 90 days or more past due, still accruing	0	14,781
Troubled Debt Restructuring included in nonaccrual loans:	$ 179
Percentage of the originated loans held for investment	6.70%
Unpaid principal balance	$ 124,050
Recorded investment	125,998
Recorded investment of impaired loans requiring a specific allowance	12,286
Specific allowance	$ 913
Specific allowance as a percentage of recorded investment of impaired loans requiring a specific allowance	7.40%
Recorded investment of impaired loans not requiring a specific allowance	$ 113,712
Percentage of recorded investment of impaired loans not requiring a specific allowance	90.20%
Recorded investment of TDRs with a specific allowance	$ 179
Specific allowance	$ 25
Commercial - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		19,201
Total Nonaccrual		20,544
Financing receivable, 90 days or more past due, still accruing		1,222
Commercial - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		97,846
Total Nonaccrual		102,336
Financing receivable, 90 days or more past due, still accruing		4,026
Residential 1-4 Unit - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		26,206
Total Nonaccrual		27,800
Financing receivable, 90 days or more past due, still accruing		2,662
Residential 1-4 Unit - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Nonaccrual With No Allowance for Loan Loss		150,275
Total Nonaccrual		165,434
Financing receivable, 90 days or more past due, still accruing		$ 6,871

Loans Held for Investment and_7

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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	$ 2,006,834	$ 1,777,918
Financing Receivable, Accrued Interest, Writeoff	8,548	2,313
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	293,886	272,344
Financing Receivable, Accrued Interest, Writeoff	576	219
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	695,664	672,877
Financing Receivable, Accrued Interest, Writeoff	3,092	990
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	282,212	243,972
Financing Receivable, Accrued Interest, Writeoff	724	210
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Available-for-sale Securities, Amortized Cost Basis	735,072	588,725
Financing Receivable, Accrued Interest, Writeoff	$ 4,156	$ 894

Loans Held for Investment and_8

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326			$ 2,240	$ 1,680
Impact of adopting ASC 326			137
Beginning balance			2,377
Provision for loan losses	$ 1,573	$ 338	4,662	898
Charge-offs	(1,046)	(323)	(1,291)	(467)
Ending balance	5,748	2,111	5,748	2,111
Allowance for loan losses	2,383	739	2,383	739	$ 900
Allowance related to Loans collectively evaluated	3,365	1,372	3,365	1,372
Amortized cost related to Loans individually evaluated	316,115	110,134	316,115	110,134
Amortized cost related to Loans collectively evaluated	1,690,719	$ 1,667,784	1,690,719	$ 1,667,784
Commercial - Purchase
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326			304
Impact of adopting ASC 326			19
Beginning balance			323
Provision for loan losses	(90)		190
Charge-offs			(79)
Ending balance	434		434
Allowance for loan losses	179		179
Allowance related to Loans collectively evaluated	255		255
Amortized cost related to Loans individually evaluated	20,544		20,544
Amortized cost related to Loans collectively evaluated	273,342		273,342
Commercial - Refinance
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326			1,016
Impact of adopting ASC 326			62
Beginning balance			1,078
Provision for loan losses	(101)		1,508
Charge-offs	(210)		(210)
Ending balance	2,376		2,376
Allowance for loan losses	549		549
Allowance related to Loans collectively evaluated	1,828		1,828
Amortized cost related to Loans individually evaluated	102,337		102,337
Amortized cost related to Loans collectively evaluated	593,327		593,327
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326			148
Impact of adopting ASC 326			9
Beginning balance			157
Provision for loan losses	171		553
Charge-offs	(37)		(173)
Ending balance	537		537
Allowance for loan losses	266		266
Allowance related to Loans collectively evaluated	271		271
Amortized cost related to Loans individually evaluated	27,800		27,800
Amortized cost related to Loans collectively evaluated	254,412		254,412
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326			772
Impact of adopting ASC 326			47
Beginning balance			819
Provision for loan losses	1,593		2,411
Charge-offs	(799)		(829)
Ending balance	2,401		2,401
Allowance for loan losses	1,389		1,389
Allowance related to Loans collectively evaluated	1,011		1,011
Amortized cost related to Loans individually evaluated	165,434		165,434
Amortized cost related to Loans collectively evaluated	$ 569,638		$ 569,638

Loans Held for Investment and_9

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for loan losses	$ 1,573	$ 338	$ 4,662	$ 898
Other income (expense)	1,021	$ (250)	(1,504)	$ (1,046)
Allowance for Credit Losses
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for loan losses	400		3,500
Transfer of loans held for sale to held for investment	1,200		1,200
Additional provision for loans losses	1,200		1,200
Other income (expense)	$ 1,300		$ 1,300

Loans Held for Investment an_10

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) - COVID-19 - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		$ 146,637
Loans, current		269,603
Total loans		416,240
Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		515,964	$ 286,422
Loans, current		1,490,870	1,579,163
Total loans		2,006,834	1,865,585
30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		43,372
30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		119,978	125,660
60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		53,656
60-89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		88,909	48,834
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	49,609
90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	307,077	111,928
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		35,437
Total loans		35,437
Loans Individually Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		316,115
Total loans		316,115
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,533
Total loans		2,533
Loans Individually Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		20,544
Total loans		20,544
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		13,793
Total loans		13,793
Loans Individually Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		102,337
Total loans		102,337
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,537
Total loans		2,537
Loans Individually Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		27,800
Total loans		27,800
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		16,574
Total loans		16,574
Loans Individually Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		165,434
Total loans		165,434
Loans Individually Evaluated | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		178
Loans Individually Evaluated | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		10,098
Loans Individually Evaluated | 30–59 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,737
Loans Individually Evaluated | 30–59 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,775
Loans Individually Evaluated | 30–59 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		178
Loans Individually Evaluated | 30–59 days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		519
Loans Individually Evaluated | 30–59 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,067
Loans Individually Evaluated | 60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		431
Loans Individually Evaluated | 60-89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		13,721
Loans Individually Evaluated | 60-89 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		455
Loans Individually Evaluated | 60-89 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,856
Loans Individually Evaluated | 60-89 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		431
Loans Individually Evaluated | 60-89 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,410
Loans Individually Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	34,828
Loans Individually Evaluated | 90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	292,296
Loans Individually Evaluated | 90+days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	2,533
Loans Individually Evaluated | 90+days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	18,352
Loans Individually Evaluated | 90+days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	13,793
Loans Individually Evaluated | 90+days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	88,706
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	2,359
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	27,281
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	16,143
Loans Individually Evaluated | 90+days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	157,957
Loans Collectively Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		111,200
Loans, current		269,603
Total loans		380,803
Loans Collectively Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		199,849
Loans, current		1,490,870
Total loans		1,690,719
Loans Collectively Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		15,554
Loans, current		34,053
Total loans		49,607
Loans Collectively Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		23,808
Loans, current		249,535
Total loans		273,343
Loans Collectively Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		32,865
Loans, current		105,132
Total loans		137,997
Loans Collectively Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		62,035
Loans, current		531,291
Total loans		593,326
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		29,009
Loans, current		29,913
Total loans		58,922
Loans Collectively Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		42,206
Loans, current		212,207
Total loans		254,413
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		33,772
Loans, current		100,505
Total loans		134,277
Loans Collectively Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		71,800
Loans, current		497,837
Total loans		569,637
Loans Collectively Evaluated | 30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		43,194
Loans Collectively Evaluated | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		109,880
Loans Collectively Evaluated | 30–59 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		8,079
Loans Collectively Evaluated | 30–59 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		15,729
Loans Collectively Evaluated | 30–59 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		18,456
Loans Collectively Evaluated | 30–59 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		39,343
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,039
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		11,582
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		14,620
Loans Collectively Evaluated | 30–59 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		43,226
Loans Collectively Evaluated | 60-89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		53,225
Loans Collectively Evaluated | 60-89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		75,188
Loans Collectively Evaluated | 60-89 days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,253
Loans Collectively Evaluated | 60-89 days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,857
Loans Collectively Evaluated | 60-89 days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		10,383
Loans Collectively Evaluated | 60-89 days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		18,666
Loans Collectively Evaluated | 60-89 days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		24,308
Loans Collectively Evaluated | 60-89 days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		27,962
Loans Collectively Evaluated | 60-89 days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		12,281
Loans Collectively Evaluated | 60-89 days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		21,703
Loans Collectively Evaluated | 90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	14,781
Loans Collectively Evaluated | 90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	14,781
Loans Collectively Evaluated | 90+days | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	1,222
Loans Collectively Evaluated | 90+days | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	1,222
Loans Collectively Evaluated | 90+days | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	4,026
Loans Collectively Evaluated | 90+days | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	4,026
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	2,662
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	2,662
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	6,871
Loans Collectively Evaluated | 90+days | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	$ 6,871
Impaired loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			125,819
Loans, current			179
Total loans			125,998
Impaired loans | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			6,195
Impaired loans | 60-89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			7,696
Impaired loans | 90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]		111,928
Nonimpaired loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			160,603
Loans, current			1,578,984
Total loans			1,739,587
Nonimpaired loans | 30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			119,465
Nonimpaired loans | 60-89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			$ 41,138
[1]	Includes loans in bankruptcy and foreclosure less than 90 days past due. Also includes accruing loans 90+ day past due.
[2]	Includes loans in bankruptcy and foreclosure less than 90 days past due

Loans Held for Investment an_11

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 $ in Thousands	Jun. 30, 2020USD ($)
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	$ 246,898
Term Loans Amortized Cost Basis by Origination Year, 2019	723,302
Term Loans Amortized Cost Basis by Origination Year, 2018	475,381
Term Loans Amortized Cost Basis by Origination Year, 2017	285,415
Term Loans Amortized Cost Basis by Origination Year, 2016	102,543
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	173,295
Total loans	2,006,834
Commercial - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	35,642
Term Loans Amortized Cost Basis by Origination Year, 2019	107,870
Term Loans Amortized Cost Basis by Origination Year, 2018	74,027
Term Loans Amortized Cost Basis by Origination Year, 2017	46,998
Term Loans Amortized Cost Basis by Origination Year, 2016	13,209
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	16,141
Total loans	293,887
Commercial - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	35,424
Term Loans Amortized Cost Basis by Origination Year, 2019	104,154
Term Loans Amortized Cost Basis by Origination Year, 2018	67,331
Term Loans Amortized Cost Basis by Origination Year, 2017	41,042
Term Loans Amortized Cost Basis by Origination Year, 2016	11,409
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	13,982
Total loans	273,342
Commercial - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	218
Term Loans Amortized Cost Basis by Origination Year, 2019	3,716
Term Loans Amortized Cost Basis by Origination Year, 2018	6,696
Term Loans Amortized Cost Basis by Origination Year, 2017	5,956
Term Loans Amortized Cost Basis by Origination Year, 2016	1,800
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	2,159
Total loans	20,545
Commercial - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	53,105
Term Loans Amortized Cost Basis by Origination Year, 2019	212,833
Term Loans Amortized Cost Basis by Origination Year, 2018	197,028
Term Loans Amortized Cost Basis by Origination Year, 2017	116,629
Term Loans Amortized Cost Basis by Origination Year, 2016	48,074
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	67,994
Total loans	695,663
Commercial - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	49,796
Term Loans Amortized Cost Basis by Origination Year, 2019	189,642
Term Loans Amortized Cost Basis by Origination Year, 2018	158,836
Term Loans Amortized Cost Basis by Origination Year, 2017	95,872
Term Loans Amortized Cost Basis by Origination Year, 2016	40,744
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	58,437
Total loans	593,327
Commercial - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	3,309
Term Loans Amortized Cost Basis by Origination Year, 2019	23,191
Term Loans Amortized Cost Basis by Origination Year, 2018	38,192
Term Loans Amortized Cost Basis by Origination Year, 2017	20,757
Term Loans Amortized Cost Basis by Origination Year, 2016	7,330
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	9,557
Total loans	102,336
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	45,927
Term Loans Amortized Cost Basis by Origination Year, 2019	102,259
Term Loans Amortized Cost Basis by Origination Year, 2018	56,187
Term Loans Amortized Cost Basis by Origination Year, 2017	35,034
Term Loans Amortized Cost Basis by Origination Year, 2016	8,753
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	34,053
Total loans	282,213
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	43,613
Term Loans Amortized Cost Basis by Origination Year, 2019	95,082
Term Loans Amortized Cost Basis by Origination Year, 2018	48,847
Term Loans Amortized Cost Basis by Origination Year, 2017	30,471
Term Loans Amortized Cost Basis by Origination Year, 2016	7,405
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	28,994
Total loans	254,412
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	2,314
Term Loans Amortized Cost Basis by Origination Year, 2019	7,177
Term Loans Amortized Cost Basis by Origination Year, 2018	7,340
Term Loans Amortized Cost Basis by Origination Year, 2017	4,563
Term Loans Amortized Cost Basis by Origination Year, 2016	1,348
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	5,059
Total loans	27,801
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	112,224
Term Loans Amortized Cost Basis by Origination Year, 2019	300,340
Term Loans Amortized Cost Basis by Origination Year, 2018	148,139
Term Loans Amortized Cost Basis by Origination Year, 2017	86,754
Term Loans Amortized Cost Basis by Origination Year, 2016	32,507
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	55,107
Total loans	735,071
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	93,414
Term Loans Amortized Cost Basis by Origination Year, 2019	232,548
Term Loans Amortized Cost Basis by Origination Year, 2018	107,433
Term Loans Amortized Cost Basis by Origination Year, 2017	69,918
Term Loans Amortized Cost Basis by Origination Year, 2016	25,157
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	41,168
Total loans	569,638
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	18,810
Term Loans Amortized Cost Basis by Origination Year, 2019	67,792
Term Loans Amortized Cost Basis by Origination Year, 2018	40,706
Term Loans Amortized Cost Basis by Origination Year, 2017	16,836
Term Loans Amortized Cost Basis by Origination Year, 2016	7,350
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	13,939
Total loans	$ 165,433

Securitizations, Net - Addition

Securitizations, Net - Additional Information (Detail) $ in Billions	9 Months Ended	113 Months Ended
	Sep. 30, 2020USD ($)Securities	Sep. 30, 2020USD ($)
Securitization Financial Asset For Which Transfer Is Accounted As Sale [Line Items]
Number of securitizations | Securities	15
Securitization loans	$ 3.4	$ 3.4
Issuing of securities to third parties		$ 3.1
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	2050-07

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Securitizations, net	$ 1,670,930	$ 1,377,733	$ 1,670,930	$ 1,377,733	$ 1,438,629
Interest expense — portfolio related	22,347	21,827	66,384	61,214
Average outstanding balance	$ 1,728,131	$ 1,318,649	$ 1,728,131	$ 1,318,649
Effective interest rate			4.53%	5.24%
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related			$ 58,749	$ 51,852

Securitizations Net - Summary_2

Securitizations Net - Summary of Outstanding Balance Net of Discounts and Deals Costs of Securities and Effective Interest Rate (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Transfers And Servicing [Abstract]
Average interest rate	3.94%	4.60%
Debt issue cost amortization rate	0.59%	0.64%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)	Dec. 26, 2019	Aug. 29, 2019	Sep. 12, 2018	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Lines of credit fund maximum percentage of principle balance of mortgage loans					100.00%
Repayment of term loans					$ 75,000,000	$ 127,594,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term			3 years
Debt instrument, description					one-month LIBOR
Debt instrument, spread rate				3.50%
Debt instrument, maturity date					Sep. 12, 2021
Line of credit, maximum capacity			$ 50,000,000
Line of credit, outstanding amount					$ 0
Barclays Repurchase Agreement
Debt Instrument [Line Items]
Proceeds from securities issued and retained debt in securitization					19,700
Barclays Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, face amount					$ 10,600,000
Debt instrument, description					three-month LIBOR
Debt instrument, spread rate					4.00%
Agreement entered date					Aug. 4, 2020
Debt instrument, maturity date					Nov. 24, 2020
Debt Instrument, effective interest rate					4.23%
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Debt instrument, term		5 years
Debt instrument, face amount		$ 153,000,000
Debt instrument, description					one-month LIBOR
Debt instrument, maturity month year		2024-08
Term loans, balance					$ 78,000,000		$ 153,000,000
Repayment of term loans				$ 75,000,000
Debt issuance costs, net					$ 3,200,000		7,400,000
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan | LIBOR
Debt Instrument [Line Items]
Debt instrument, floor rate		1.00%
Debt instrument, spread rate		7.50%
2015 Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, description					one-month LIBOR
Agreement entered date					May 29, 2015
Debt instrument, maturity date					Aug. 3, 2020
Line of credit, maximum capacity					$ 300,000,000		250,000,000
Debt Instrument, effective interest rate					5.17%	5.83%
2015 Repurchase Agreement | Minimum | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, spread rate					3.00%
2015 Repurchase Agreement | Maximum | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, spread rate					3.125%
2013 Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, description					one-month LIBOR
Debt instrument, spread rate					3.25%
Agreement entered date					May 17, 2013
Debt instrument, maturity date					Sep. 29, 2021
Line of credit, maximum capacity					$ 100,000,000		200,000,000
Debt Instrument, effective interest rate					4.39%	5.68%
2019 Term Loan | Short-term Borrowing Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 3,000,000
Debt instrument, maturity date	Jul. 1, 2021
Line of credit, maximum capacity					$ 3,000,000		$ 3,000,000
Debt instrument, maturity date description					earlier of (i) January 1, 2021, and (ii) the date on which the unpaid principal balance of this loan becomes due and payable by acceleration or otherwise pursuant to the loan documents or the exercise by the lender of any right or remedy under any loan document.
Debt instrument, fixed interest rate	9.50%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019	Sep. 12, 2018
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000,000
2015 Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Period end balance		$ 226,212,000
Maximum borrowing capacity	$ 300,000,000	250,000,000
2013 Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Period end balance	6,476,000	190,977,000
Maximum borrowing capacity	100,000,000	200,000,000
Bank Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Period end balance		2,499,000
Maximum borrowing capacity		50,000,000
2019-1 Trust | Short-term Borrowing Facility
Debt Instrument [Line Items]
Period end balance	2,700,000	3,000,000
Maximum borrowing capacity	3,000,000	$ 3,000,000
2020 Repurchase Agreement | Short-term Borrowing Facility
Debt Instrument [Line Items]
Period end balance	10,647,000
Maximum borrowing capacity	$ 10,647,000

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Warehouse Repurchase Facilities
Debt Instrument [Line Items]
Debt issuance costs, net	$ 0.3	$ 1.1

Other Debt - Schedule of Activi

Other Debt - Schedule of Activity and Effective Interest Rate (Details) - Warehouse and Repurchase Facilities - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Average outstanding balance	$ 204,110	$ 216,613
Highest outstanding balance at any month-end	$ 450,194	$ 349,859
Debt Instrument, effective interest rate	4.99%	5.76%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt Instrument, average rate	4.34%	5.35%
Debt issue cost amortization percentage	0.65%	0.41%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 22,347	$ 21,827	$ 66,384	$ 61,214
Interest expense — corporate debt	$ 1,913	$ 3,842	10,149	10,548
Total interest expense			76,533	71,762
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related			7,635	9,362
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related			$ 58,749	$ 51,852

Other Debt - Summary of Inter_2

Other Debt - Summary of Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Interest expense — corporate debt		$ 1,913	$ 3,842	$ 10,149	$ 10,548
Repayment of outstanding principal amount				75,000	$ 127,594
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019 Term Loan
Debt Instrument [Line Items]
Interest expense — corporate debt				10,100
Write off of debt issuance cost				3,500
Prepayment penalties				$ 300
Repayment of outstanding principal amount	$ 75,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Repurchase liability	$ 76	$ 76

Members' Equity - Additional In

Members' Equity - Additional Information (Details) $ in Millions	Sep. 30, 2020Membership	Aug. 29, 2019USD ($)
Class Of Stock [Line Items]
Number of membership units issued | Membership	4
Class C
Class Of Stock [Line Items]
Preferred units, liquidation preference | $		$ 27.7

Members' Equity - Summary of Ou

Members' Equity - Summary of Outstanding Units and Equity Balance (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock, shares, outstanding	20,087,494	0
Preferred Class A Units
Class Of Stock [Line Items]
Preferred units issued		97,514,000
Preferred units outstanding		97,514,000
Equity Class A
Class Of Stock [Line Items]
Equity outstanding balance		$ 92,650
Preferred Class B Units
Class Of Stock [Line Items]
Preferred units issued		16,072,000
Preferred units outstanding		16,072,000
Class D Preferred Units
Class Of Stock [Line Items]
Preferred units issued		60,194,000
Preferred units outstanding		60,194,000
Equity Class D
Class Of Stock [Line Items]
Equity outstanding balance		$ 60,194

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 31, 2020	Sep. 30, 2020
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 stock options is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straightline method.
Number of shares of stock options forfeited		10,000
Compensation expense related to the outstanding stock options granted		$ 0.5
Amount of unrecognized compensation expense related to unvested stock options		$ 2.3
Number of shares of unvested stock options outstanding		772,500
Exercise price of unvested stock options		$ 13
2020 Omnibus Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares of authorized to grant		1,520,000
Stock options granted	782,500
2020 Omnibus Incentive Plan | Initial Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options granted	$ 13

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Common Share Calculations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic EPS:
Net income	$ 3,481	$ 2,141	$ 2,579	$ 3,880	$ 8,201	$ 12,110
Less deemed dividends on preferred stock					48,955
Net income (loss) allocated to common shareholders	$ 3,481				$ (40,754)
Weighted average common shares outstanding	20,087,000				20,087,000
Basic	$ 0.17				$ (2.03)
Diluted EPS:
Net income (loss) allocated to common shareholders	$ 3,481				$ (40,754)
Weighted average common shares outstanding	20,087,000				20,087,000
Add dilutive effects for warrants	659,000
Weighted average diluted common shares outstanding	32,435,000				20,087,000
Diluted	$ 0.11				$ (2.03)
Series A Preferred Stock
Diluted EPS:
Add dilutive effects for assumed conversion of Series A preferred stock	11,688,000

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	1,776,875	15,473,937
Series A Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS		11,688,312
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	1,004,375	3,013,125
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	772,500	772,500

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions	Apr. 07, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2020Director$ / sharesshares	Nov. 29, 2024$ / shares	Nov. 28, 2024$ / shares	Oct. 07, 2022$ / shares
Convertible Preferred Stock [Line Items]
Proceeds from issuance of preferred stock and warrants | $	$ 43.2
Number of directors right to elect by preferred stock holders | Director			2
Initial conversion price per share | $ / shares			$ 3.85
Common stock applicable conversion rate price | $ / shares			$ 1,000
Percentage of common stock held by warrant holder and affiliates			49.00%
Preferred stock redemption description			Preferred becomes redeemable at any time after 2.5 years from the Closing Date of April 7, 2020
Maximum
Convertible Preferred Stock [Line Items]
Preferred stock redemption value | $		$ 90
Preferred stock, redemption price per share | $ / shares		$ 2,000
Preferred stock redemption share | shares		45,000
Deemed dividends- preferred stock redemption value | $		$ 49
Exercise Price of $2.96 per Share of Common Stock
Convertible Preferred Stock [Line Items]
Exercise price per share | $ / shares			$ 2.96
Warrants to purchase an aggregate shares | shares			2,008,750
Warrants to purchase an aggregate shares | shares			2,008,750
Exercise Price of $4.94 per Share of Common Stock
Convertible Preferred Stock [Line Items]
Exercise price per share | $ / shares			$ 4.94
Warrants to purchase an aggregate shares | shares			1,004,375
Warrants to purchase an aggregate shares | shares			1,004,375
Scenario, Forecast
Convertible Preferred Stock [Line Items]
Preferred stock liquidation preference per share | $ / shares				$ 3,000	$ 3,000	$ 2,000
Warrants
Convertible Preferred Stock [Line Items]
Exercise price per share | $ / shares	$ 1,000
Warrants to purchase an aggregate shares | shares	3,013,125
Warrants to purchase an aggregate shares | shares	3,013,125
Private Placement | Series A Convertible Preferred Stock
Convertible Preferred Stock [Line Items]
Issuance of common stock, shares | shares	45,000
Stock price | $ / shares	$ 0.01

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 3,327	$ 2,960
Total recurring fair value measurements	38,655	242,762
Real estate owned, net	14,653	13,068
Individually evaluated/Impaired loans requiring specific allowance, net		125,998
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	38,655	242,762
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	3,327	2,960
Interest-only strips	473	894
Total recurring fair value measurements	3,800	3,854
Recurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	3,327	2,960
Interest-only strips	473	894
Total recurring fair value measurements	3,800	3,854
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	34,855	238,908
Loans held for sale, net		214,467
Real estate owned, net	14,653	13,068
Individually evaluated/Impaired loans requiring specific allowance, net	20,202	11,373
Nonrecurring Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	34,855	238,908
Loans held for sale, net		214,467
Real estate owned, net	14,653	13,068
Individually evaluated/Impaired loans requiring specific allowance, net	$ 20,202	$ 11,373

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (330)	$ (115)	$ (2,868)	$ (591)
Loans Held for Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	1,307	15	345	84
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(528)	(195)	(1,744)	(572)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (1,109)	$ 65	$ (1,469)	$ (103)

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 38,655	$ 242,762
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 38,655	$ 242,762
Level 3 | Weighted Average | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest-only strips		2.10
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 allowance, net	0.080
Real estate owned, net	0.080	0.080
Collateral dependent impaired loans requiring specific allowance, net		0.080
Level 3 | Valuation, Market Approach | Weighted Average | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring allowance, net	0.080
Real estate owned, net	0.080	0.080
Collateral dependent impaired loans requiring specific allowance, net		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	0.0711	0.105
Interest-only strips	0.150	0.15
Level 3 | Discounted Cash Flow | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.1383	0.150
Level 3 | Discounted Cash Flow | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value		0.010
Level 3 | 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	0.0060	0.100
Level 3 | Discounted Cash Flow | Minimum | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale		0.120
Level 3 | Discounted Cash Flow | Minimum | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.92	0.18
Level 3 | Discounted Cash Flow | Minimum | 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	5 months
Interest-only strips	0 months	0 months
Loans held for sale		0 months
Level 3 | Discounted Cash Flow | Minimum | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.0475
Level 3 | Discounted Cash Flow | Maximum | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale		0.150
Level 3 | Discounted Cash Flow | Maximum | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1.02	0.94
Level 3 | Discounted Cash Flow | Maximum | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	32 months	218 months
Interest-only strips	12 months	7 months
Loans held for sale		12 months
Level 3 | Discounted Cash Flow | Maximum | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.1544
Level 3 | Discounted Cash Flow | Weighted Average | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.0711	0.105
Interest-only strips	0.150	0.15
Loans held for sale		0.147
Level 3 | Discounted Cash Flow | Weighted Average | Collateral Value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.99	0.870
Level 3 | Discounted Cash Flow | Weighted Average | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	12 months	65 months
Interest-only strips	2 months
Loans held for sale		7 months
Level 3 | Discounted Cash Flow | Weighted Average | Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.1383	0.150
Level 3 | Discounted Cash Flow | Weighted Average | Default Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.110	0.010
Level 3 | Discounted Cash Flow | Weighted Average | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	0.0060	0.100
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	$ 20,202
Level 3 | Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	14,653	$ 13,068
Level 3 | Loans Held for Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	3,327	2,960
Level 3 | Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements	$ 473	894
Level 3 | Collateral Dependent Impaired Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements		11,373
Level 3 | Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total recurring fair value measurements		$ 214,467

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 2,956	$ 2,974	$ 2,960	$ 3,463
Loans liquidated				(421)
Principal paydowns	(9)	(21)	(44)	(55)
Total unrealized gain (loss) included in net income	380	(17)	411	(51)
Ending balance	3,327	2,936	3,327	2,936
Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	845	1,193	894	812
Interest-only strip additions			1,820	1,634
Interest-only strip write-offs	(365)	(499)	(2,234)	(1,630)
Total unrealized gain (loss) included in net income	(7)		(7)	(122)
Ending balance	$ 473	$ 694	$ 473	$ 694

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 20,200	$ 11,400
Allowance for loan losses	$ 2,383	$ 900	$ 739

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Assets:
Restricted cash	$ 7,821	$ 6,087	$ 3,152
Loans held for investment, net	2,001,086	1,863,360
Loans held for investment, at fair value	3,327	2,960
Real estate owned, net	14,653	13,068
Liabilities:
Secured financing, net	74,776	145,599
Securitizations, net	1,670,930	1,438,629	$ 1,377,733
Carrying Value
Assets:
Cash	19,210	21,465
Restricted cash	7,821	6,087
Loans held for sale, net		214,467
Loans held for investment, net	2,001,086	1,863,360
Loans held for investment, at fair value	3,327	2,960
Accrued interest receivables	13,134	13,295
Interest-only strips	473	894
Real estate owned, net		13,068
Liabilities:
Secured financing, net	74,776	145,599
Warehouse repurchase facilities, net	19,541	421,548
Securitizations, net	1,670,930	1,438,629
Accrued interest payable	7,399	7,190
Estimated Fair Value
Assets:
Cash	19,210	21,465
Restricted cash	7,821	6,087
Loans held for sale, net		222,260
Loans held for investment, net	2,019,669	1,913,481
Loans held for investment, at fair value	3,327	2,960
Accrued interest receivables	13,134	13,295
Interest-only strips	473	894
Real estate owned, net		13,068
Liabilities:
Secured financing, net	77,900	153,000
Warehouse repurchase facilities, net	19,541	421,548
Securitizations, net	1,714,210	1,486,990
Accrued interest payable	7,399	7,190
Level 1 | Estimated Fair Value
Assets:
Cash	19,210	21,465
Restricted cash	7,821	6,087
Accrued interest receivables	13,134	13,295
Liabilities:
Accrued interest payable	7,399	7,190
Level 2 | Estimated Fair Value
Liabilities:
Warehouse repurchase facilities, net	19,541	421,548
Level 3 | Estimated Fair Value
Assets:
Loans held for sale, net		222,260
Loans held for investment, net	2,019,669	1,913,481
Loans held for investment, at fair value	3,327	2,960
Interest-only strips	473	894
Real estate owned, net		13,068
Liabilities:
Secured financing, net	77,900	153,000
Securitizations, net	$ 1,714,210	$ 1,486,990