Velocity Financial (VEL) 10-K 17 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Public Float			$ 32,985,877
Entity Common Stock, Shares Outstanding		20,567,494
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 Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Certain portions of our Definitive Proxy Statement pursuant to Regulation 14A of the Securities Exchange Act of 1934 in connection with our 2021 Annual Meeting of Shareholders are incorporated by reference into Part III of this Form 10-K.

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 13,273	$ 21,465
Restricted cash	7,020	6,087
Loans held for sale, net	13,106	214,467
Loans held for investment, net	1,948,089	1,863,360
Loans held for investment, at fair value	1,539	2,960
Total loans, net	1,962,734	2,080,787
Accrued interest receivables	11,373	13,295
Receivables due from servicers	71,044	49,659
Other receivables	4,085	4,778
Real estate owned, net	15,767	13,068
Property and equipment, net	4,145	4,680
Deferred tax asset	6,654	8,280
Other assets	6,779	12,667
Total assets	2,102,874	2,214,766
LIABILITIES
Accounts payable and accrued expenses	63,361	56,146
Secured financing, net	74,982	145,599
Securitizations, net	1,579,019	1,438,629
Warehouse and repurchase facilities, net	75,923	421,548
Total liabilities	1,793,285	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 December 31, 2020, none issued and outstanding at December 31, 2019)	201
Additional paid-in capital	204,190
Retained earnings	15,198
Members’ equity (at December 31, 2019)		152,844
Total stockholders' / members’ equity	219,589	152,844
Total liabilities, mezzanine equity and stockholders' / members’ equity	2,102,874	$ 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 STATEMENTS OF FI_2

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares	Dec. 31, 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 - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Interest income	$ 167,322	$ 157,531	$ 124,722
Interest expense — portfolio related	87,826	83,903	62,597
Net interest income — portfolio related	79,496	73,628	62,125
Interest expense — corporate debt	12,049	14,618	13,322
Net interest income	67,447	59,010	48,803
Provision for loan losses	5,068	1,139	201
Net interest income after provision for loan losses	62,379	57,871	48,602
Other operating income
Gain on disposition of loans	7,576	4,410	1,200
Unrealized gain (loss) on fair value loans	442	(9)	241
Other (expense) income	(1,698)	(1,752)	1,366
Total other operating income	6,320	2,649	2,807
Operating expenses
Compensation and employee benefits	20,731	15,511	15,105
Rent and occupancy	1,743	1,531	1,320
Loan servicing	7,802	7,396	6,009
Professional fees	4,238	2,056	3,040
Real estate owned, net	2,656	2,647	1,373
Other operating expenses	8,400	5,981	5,313
Total operating expenses	45,570	35,122	32,160
Income before income taxes	23,129	25,398	19,249
Income tax expense	5,352	8,106	11,618
Net income	17,777	$ 17,292	$ 7,631
Less deemed dividends on preferred stock	48,955
Net loss allocated to common shareholders	$ (31,178)
Loss per common share
Basic	$ (1.55)
Diluted	$ (1.55)
Weighted average common shares outstanding
Basic	20,087
Diluted	20,087

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' / MEMBERS' EQUITY - USD ($) $ in Thousands		Total	Cumulative Effect, Period of Adoption, Adjustment	Class D equity units	Class C	Class A equity units	Members' Equity	Members' EquityClass D equity units	Members' EquityClass C	Members' EquityClass A equity units	Common Stock	Common Stock, Additional Paid-in Capital	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Beginning balance at Dec. 31, 2017		$ 130,943					$ 130,943
Liquidation preference return					$ (1,774)				$ (1,774)
Net income		7,631					7,631
Ending balance at Dec. 31, 2018		136,800					136,800
Liquidation preference return					$ (1,248)				$ (1,248)
Net income		17,292					17,292
Ending balance at Dec. 31, 2019		152,844					$ 152,844
Cumulative effect of change in accounting principle	[1]		$ (96)											$ (96)
Conversion				$ (60,194)		$ (92,650)		$ (60,194)		$ (92,650)
Issuance of common stock		247,740									$ 201	$ 247,539
Issuance of common stock, shares											20,087,494
Deemed dividends-convertible preferred stock		(48,955)										(46,472)	$ (2,483)
Issuance of warrants		2,158										2,158
Stock-based compensation		965										965
Net income		17,777											17,777
Ending balance at Dec. 31, 2020		$ 219,589									$ 201	$ 204,190	$ 15,198
Ending balance at Dec. 31, 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 17,777	$ 17,292	$ 7,631
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,219	1,414	1,434
Amortization of right-of-use assets	1,227	1,054
Provision for loan losses	5,068	1,139	201
Provision for held for sale loan losses	63	8
Origination of loans held for sale	(96,064)	(336,876)	(148,825)
Proceeds from sales of loans held for sale	80,858	192,523	76,819
Purchase of held for sale loans	(1,232)	(12,919)	(3,926)
Repayments on loans held for sale	19,415	25,137	3,541
Net accretion of discount on purchased loans and deferred loan origination costs	4,587	4,904	3,519
Provision for uncollectible borrower advances	871	112	56
Gain on disposition of loans	(6,911)	(4,119)	(709)
Real estate acquired through foreclosure in excess of recorded investment	(665)	(291)	(491)
Amortization of debt issuance discount and costs	16,156	10,442	7,360
Loss on disposal of property and equipment	42	322	100
Change in valuation of real estate owned	1,734	1,631	888
Change in valuation of fair value loans	(442)	9	(241)
Change in valuation of held for sale loans	(328)	224	174
Gain on sale of real estate owned	(644)	(207)	(640)
Stock-based compensation	965
Deferred tax expense (benefit)	1,667	(7,763)	(517)
(Increase) decrease in operating assets and liabilities:
Accrued interest and other receivables	(5,603)	(14,452)	(16,248)
Other assets	4,074	(3,234)	(3,045)
Accounts payable and accrued expenses	11,058	18,314	434
Net cash provided by (used in) operating activities	54,892	(105,336)	(72,485)
Cash flows from investing activities:
Purchase of loans held for investment	(3,571)	(9,276)	(16,868)
Origination of loans held for investment	(343,607)	(682,878)	(595,746)
Proceeds from sales of loans originally classified as held for investment	99,601
Payoffs of loans held for investment and loans at fair value	341,971	379,286	334,679
Proceeds from sale of real estate owned	7,469	4,497	6,185
Proceeds from insurance related to real estate owned		961
Capitalized real estate owned improvements	(846)	(1,122)	(398)
Change in advances	(8,709)	(1,549)	(1,080)
Change in impounds and deposits	(3,843)	5,029	4,335
Purchase of property and equipment	(726)	(882)	(1,303)
Net cash provided by (used in) investing activities	87,739	(305,934)	(270,196)
Cash flows from financing activities:
Warehouse repurchase facilities advances	420,196	961,658	658,536
Warehouse repurchase facilities repayments	(766,679)	(755,997)	(527,883)
Proceeds from secured financing		153,000
Repayment of secured financing	(75,000)	(127,594)
Proceeds of securitizations, net	536,687	608,121	535,506
Repayment of securitizations	(398,324)	(371,447)	(314,682)
Debt issuance costs	(8,869)	(17,882)	(7,846)
Repurchase of Class C preferred units		(27,714)
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	(149,890)	422,145	343,631
Net (decrease) increase in cash, cash equivalents, and restricted cash	(7,259)	10,875	950
Cash, cash equivalents, and restricted cash at beginning of year	27,552	16,677	15,727
Cash, cash equivalents, and restricted cash at end of year	20,293	27,552	16,677
Supplemental cash flow information:
Cash paid during the year for interest	85,407	86,448	66,457
Cash paid during the year for income taxes	965	15,416	13,217
Noncash transactions from investing and financing activities:
Transfer of loans held for investment to loans held for sale	(110,678)
Transfer of loans held for investment to real estate owned	9,747	11,369	7,389
Capitalized interest on loans held for investment	7,814
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		37	(1,222)
Class C
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		1,248	$ 1,774
Class D Preferred Units
Noncash transactions from investing and financing activities:
Return paid-in-kind on preferred units		$ 14,035

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 (LLC) 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, the 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	12 Months Ended
	Dec. 31, 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). 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 Statements of Financial Condition and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020. 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. 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 December 31, 2020 and 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): December 31, 2020 2019 Restricted cash $ 6,743 $ — Loans held for investment, net 1,874,991 1,571,100 Accrued interest and other receivables 82,342 56,675 Real estate owned, net 9,698 6,091 Other assets 12 11 Total assets $ 1,973,786 $ 1,633,877 Accounts payable and accrued expenses $ 43,795 $ 21,265 Securities issued 1,579,019 1,438,630 Total liabilities $ 1,622,814 $ 1,459,895 The consolidated financial statements as of December 31, 2020 and 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. Restricted Cash Restricted cash consisted of the required specified reserve by the 2011-1 Trust agreement to pay the notes on each payment date if collections on mortgage loans are insufficient to make payments on the notes, and cash held by the Company for potential future advances due certain borrowers. In July 2019, the Company collapsed the 2011-1 Trust and released the restriction on the related reserve. In June and July 2020, the Company issued Trust agreements 2020-2 and 2020-MC1, both of which require specific cash reserves to pay the notes on each payment date if collections on mortgage loans are insufficient to make payments on the notes. Other restricted cash represents cash held by the Company for potential future advances due to certain borrowers. Loans Held for Originated loans and purchased loans are classified as held-for-investment when management has the intent and ability to hold such loans for the foreseeable future or until maturity. Loans held for investment are carried at their outstanding principal balance, adjusted for net deferred loan origination costs and fees and allowance for loan losses. Interest income 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 dates. The deferred loans under the Company’s forbearance program are considered current at the time of deferral, and the Company continues to accrue interest on these loans. Deferred loans that subsequently went 90 days past due after the deferral date were placed on nonaccrual status with any accrued interest income reversed through earnings. The Company evaluates 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. For originated loans, net deferred loan origination costs are amortized to interest income using the level yield method. Loans are classified as held for sale when management has the intent to sell them. These are generally short-term, interest-only loans. They are carried at lower of cost or estimated fair value. On occasion, as part of the Company’s management strategy of the loans held in its portfolio, the Company will transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. The net deferred fees and costs associated with loans held for sale are deferred (not accreted or amortized to interest income) until the related loans are sold. The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (1) the loans have been isolated from the Company, (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and (3) the Company does not maintain effective control over the transferred loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return the specific loans. Gains or losses on the sale of these loans are included in “Gain on disposition of loans” in the consolidated statements of income. Interest income on loans held for sale is recognized over the life of the loans using their contractual interest rates. Income recognition is suspended, and the unpaid interest receivable is reversed against interest income when loans become 90 days delinquent, or when, in management’s opinion, a full recovery of interest and principal becomes doubtful. Income recognition is resumed when the loan becomes contractually current. Purchased Credit Impaired Prior to July 2019, purchased credit impaired (PCI) loans were accounted for in accordance with ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality Loans Held for Investment at Fair VCC has elected to account for certain purchased distressed loans held for investment at fair value using FASB ASC Topic 825, Financial Instruments Allowance for Loan and Lease Prior to January 1, 2020, the allowance for loan and lease losses (ALLL) on loans held for investment was maintained at a level deemed adequate by management to provide for probable and inherent losses in the portfolio at the balance sheet date. The ALLL had a general Loans were considered impaired when, based on current information and events, it was probable that the Company would be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreements. Impaired loans included loans on nonaccrual status and performing troubled debt restructured loans. Income from impaired loans was recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status was recognized to the extent cash is received and when the loan’s principal balance is deemed collectible. Loans that experience insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment was measured on a loan-by-loan basis by comparing the fair value of the underlying collateral, net of estimated selling costs (net realizable value) against the recorded investment of the loan. The net realizable values of the underlying collateral are estimated by management using third-party broker price opinions or appraisals obtained when loans are deemed impaired. To the extent the recorded investment of the loan exceeded the estimated fair value, a specific reserve or charge-off was recorded depending upon either the certainty of the estimate of loss or the fair value of the loan’s collateral. Effective January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments replacing the incurred loss accounting approach with the current expected credit loss approach • 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); • Commercial – Refinance (refinance loans on traditional commercial properties); • Quick Fix 1– 4 Unit – Purchase (short-term loans to purchase 1– 4 unit residential rental properties); and • Quick Fix 1– 4 Unit – Refinance (short-term refinance loans on 1– 4 unit residential rental properties). The Company determines the collectability of its loans in the collective pools by evaluating certain risk characteristics. The segmentation of its loan portfolio was determined based on analyses of its 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 historical experience shows that refinance loans have higher loss rates than loans for property acquisitions. Product type includes residential 1-4 unit property and traditional commercial property. The historical experience shows that traditional commercial property loans have higher loss rates than residential 1-4 unit property. Quick Fix loans have a maturity of one to 2 years from origination. Non-Quick Fix loans have a maturity of up to 30 years from origination. The Company estimates the allowance for loan losses 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 Company uses an open pool loss rate methodology to model expected credit losses. To determine the loss rates for the open pool method, the Company starts with its historical database of losses, segmenting the loans by loan purpose, product type and repayment period. A third-party model applying the open pool method is used to estimate an annual average loss rates by dividing the respective pool's quarterly historical losses by the pool's respective prior quarter’s ending unamortized loan cost balance and deriving an annual average loss rate from the historical quarterly loss rates. The model then adjusts the annual average loss rates based upon macroeconomic forecasts over a reasonable and supportable period, followed by a straight-line reversion to the historical loss rates. The adjusted annual average loss rates are applied to the forecasted pool balance within each segment. The forecasted balances in the loan pool segments are calculated based on a principal amortization using contractual maturity, factoring in further principal reductions from estimated prepayments. Estimated prepayments, or Constant Prepayment Rates ("CPRs") are developed from multiple loan characteristic considerations, such as property types, FICO scores, loan purpose, and prepayment penalty terms, which is the most significant driver of prepayment activity. The prepayment penalty terms differ between the short-term and long-term loans, and the Company has developed a CPR curve for its short-term loans (2-year or less) and one for its long-term loans (30-year). Data from 2012-2020 is used to develop prepayment rates for the Company’s long-term loans. Because of the prepayment penalty structure in the Company’s long-term loans, prepayments during the active penalty term are historically low and begin to ramp up after the prepayment penalty term. The active prepayment penalty term is considered for existing and new loans over the reasonable and supportable forecast period in determining estimated prepayments. For the December 31, 2020 CECL estimate, the Company considered a COVID-19 adverse stress scenario and a COVID-19 severe stress scenario, both with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management decided that using only the adverse stress scenario did not factor for recent additional COVID-related risks such as the post-holiday spike in infections and deaths, unknown impact of a recent mutant virus, success of the vaccine, and impact of recent Presidential executive orders. Management concluded that applying a 50% weight to the adverse and severe stress scenarios was appropriate given the status of the pandemic at year-end. The various scenarios, the weighting of scenarios, as well as the 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. The Company has determined that once a loan becomes nonperforming (90 or more days past due), it no longer shares the same risk characteristics of the other loans within its segment of homogeneous loans (pool). The Company pulls these loans out of the segments and evaluates the loans individually using the practical expedient to determine the credit exposure. Nonperforming loans are considered collateral dependent by the Company. Using the practical expedient, the fair value of the underlying collateral, less estimated selling costs, is compared to the carrying value of the loan in the determination of a credit loss. The allowance for credit losses for individually assessed or evaluated loans is the difference between the fair value of the collateral underlying the loans at the reporting date, adjusted for estimated selling costs, and the amortized cost basis. 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 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. The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. When Troubled Debt Restructurings Troubled debt restructurings (TDRs) are renegotiated loans where borrower concessions have been granted, such as reduction of the UPB or interest rate and for which the borrower is experiencing financial difficulty. Insignificant concessions, such as short-term forbearances, do not constitute a TDR. Accrued but unpaid interest and advances are added to the outstanding principal balance with a corresponding allowance established. Loans classified as TDRs are reported as impaired loans. Accrued Interest and Other Receivables Accrued interest and other receivables represent accrued and uncollected interest on loans in accrual status; principal and interest payments received, but unremitted by the servicer; and receivables from borrowers for escrow and other advances, net of an allowance for uncollectible borrower advances. Real Estate Owned, Net (REO) Properties acquired through foreclosure, deed in lieu of foreclosure, or from third parties that meet all of the following criteria are classified as real estate owned: (i) management has the intent to sell the property; (ii) the property is available for immediate sale in its present condition, or management intends on making necessary repairs to render the property saleable, subject only to terms that are Real estate owned 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, establishing a new cost basis. If the recorded loan balance at the time of transfer exceeds the estimated fair value of the property less estimated costs to sell, the charge is recorded to the allowance for loan losses. If the estimated fair value of the property less estimated costs to sell exceeds the recorded loan balance at the time of transfer, the write-up is first recorded as a recapture to the allowance for loan losses to the extent of any previous charge and then to gain on the REO. Any subsequent write-downs in the fair value of the REO after the transfer date are charged to real estate owned, net in the consolidated statements of income and recognized through a valuation allowance. Subsequent increases in the fair value of the REO less selling costs reduce the valuation allowance, but not below zero, and are credited to real estate owned, net. Property and Equipment, Property and equipment is recorded at cost, less accumulated depreciation, computed principally by the straight-line method based on the estimated useful lives of the specific assets, which range from three to seven years. Software is amortized over the estimated useful lives of the specific assets, which range from three to ten years using the straight-line method. Leasehold improvements are amortized over the lives of the respective leases or the service lives of the improvements, whichever is shorter. Off Balance Sheet Credit Exposure The Company has no off-balance-sheet assets or liabilities and, therefore, no off-balance-sheet credit exposure. Income Income taxes are accounted for using the asset and liability method. Under this method a deferred tax asset or liability is measured based on the enacted tax rates expected to apply to taxable income in the years in which the differences between the financial statement carrying amounts and tax bases of existing assets and liabilities are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets ("DTA") if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the DTA will or will not be realized. The Company's ultimate realization of the DTA is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the nature and amount of historical and projected future taxable income, the scheduled reversal of deferred tax assets and liabilities, and available tax planning strategies in making this assessment. The amount of deferred taxes recognized could be impacted by changes to any of these variables. The Company determines whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the positions in question. Income tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An income tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense. Stock-Based Compensation Compensation expense for stock-based awards is based on the fair value of the award at the date of grant. The fair value of stock options is estimated at the date of grant using a Black-Scholes option pricing model. The fair value of restricted stock is determined based on the Company’s current market price on the date of grant. Compensation expense is recognized in the consolidated financial statements on a straight-line basis over the requisite service period, which is generally defined as the vesting period. The Company recognizes forfeitures as they occur and the income tax effects of awards are recognized in the statement of operations when awards vest or are settled. Earnings per Share Earnings per share are calculated utilizing the two-class method. Basic earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards.

Current Accounting Developments

Current Accounting Developments	12 Months Ended
	Dec. 31, 2020
Accounting Changes And Error Corrections [Abstract]
Current Accounting Developments	Note 3 — Current Accounting Developments Accounting Standards Adopted in 2020 Effective January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The Company adopted ASU 2016-13, or ASC 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. 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. 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 ASU 2020-03, " Codification Improvements to Financial Instruments Effective January 1, 2020, the Company adopted the provisions of ASU 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements Recently Issued Accounting Standards ASU 2019-12, “Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes.” on the Company’s consolidated financial statements. ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” on the Company’s consolidated financial statements. ASU 2020-08, “Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs.” consolidated financial statements 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 implemented a voluntary COVID-19 forbearance program from April through June 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. If any of these loans subsequently became nonperforming after the forbearance period, they were placed on nonaccrual and the previous accrued interest reversed.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	12 Months Ended
	Dec. 31, 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 certain Trusts and potential future advances due 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 as of December 31, 2020, 2019, and 2018. December 31, 2020 2019 2018 Cash and cash equivalents $ 13,273 $ 21,465 $ 15,008 Restricted cash 7,020 6,087 1,669 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 20,293 $ 27,552 $ 16,677

Loans Held for Sale, Net

Loans Held for Sale, Net	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Unpaid principal balance $ 12,929 $ 216,054 Valuation adjustments (17 ) (396 ) Deferred loan origination costs 194 (1,191 ) Ending balance $ 13,106 $ 214,467 The UPB loans held for sale of $216.1 million as of December 31, 2019 were originated and intended for sale. In July 2020, the loans held for sale portfolio with unpaid principal balance of $214.4 million was transferred to the held for investment loan portfolio when the Company changed its intent to hold these loans for investment as collateral for the 2020-MC1 Trust. The related valuation allowance of $1.3 million on these loans was reversed through earnings and included in “Other income” in the consolidated statements of income. Loans held for sale of $13.1 million as of December 31, 2020 were originated with the intent and ability to hold for the foreseeable future (loans held for investment) but were subsequently designated as being held for sale. Loans held for sale are recorded at the lower of cost or fair value.

Loans Held for Investment and L

Loans Held for Investment and Loans Held for Investment at Fair Value	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 Loans held for Loans held for Total loans investment, investment, at held for net fair value investment Unpaid principal balance $ 1,930,334 $ 1,541 $ 1,931,875 Valuation adjustments on FVO loans — (2 ) (2 ) Deferred loan origination costs 23,600 — 23,600 1,953,934 1,539 1,955,473 Allowance for loan losses (5,845 ) — (5,845 ) Total loans held for investment, net $ 1,948,089 $ 1,539 $ 1,949,628 December 31, 2019 Loans held for Loans held for Total loans investment, investment, at held for net fair value investment Unpaid principal balance $ 1,839,886 $ 3,404 $ 1,843,290 Discount on acquired loans — — — Valuation adjustments on FVO loans — (444 ) (444 ) Deferred loan origination costs 25,714 — 25,714 1,865,600 2,960 1,868,560 Allowance for loan losses (2,240 ) — (2,240 ) Total loans held for investment, net $ 1,863,360 $ 2,960 $ 1,866,320 During the year ended December 31, 2020, $438.2 million in UPB of loans held for investment have participated in the COVID-19 forbearance program and the Company granted a 90-days forbearance period on these loans. The following table summarizes the UPB and amortized cost basis of the loans in the Company's COVID-19 forbearance program as of December 31, 2020 ($ in thousands): December 31, 2020 UPB % Amortized Cost % Beginning balance $ — $ — Additions 438,152 443,479 Repayments (46,079 ) (46,561 ) Ending balance $ 392,073 $ 396,918 Performing/Accruing $ 327,708 83.6% $ 330,495 83.3% Nonperforming/Nonaccrual $ 64,365 16.4% $ 66,423 16.7% Approximately $400.3 million in UPB or 91.4% of the $438.2 million loans granted a COVID-19 forbearance were subsequently modified and brought current and the related accrued interest of approximately $7.8 million was added to the principal balances of loans to be repaid by the borrowers upon the earlier of loan payoff or loan maturity. The Company continued to accrue interest on the remining $37.9 million loans granted a COVID-19 forbearance during the forbearance period. Loans subsequently became nonperforming after the forbearance period were placed on nonaccrual and the previous accrued interest reversed. Approximately 83.6% of the COVID forbearance loans in UPB was performing, and 16.4% was on nonaccrual status as of December 31, 2020. As of December 31, 2020 and 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): December 31, 2020 2019 The 2013 repurchase agreement $ 91,074 $ 108,504 The 2015 repurchase agreement — 175,689 The Bank credit agreement — 3,331 Total pledged loans $ 91,074 $ 287,524 2014-1 Trust 22,228 29,559 2015-1 Trust 48,179 64,876 2016-1 Trust 71,271 97,727 2016-2 Trust 47,282 68,961 2017-1 Trust 81,376 116,670 2017-2 Trust 137,970 173,390 2018-1 Trust 112,042 141,567 2018-2 Trust 224,195 260,278 2019-1 Trust 203,144 229,151 2019-2 Trust 175,560 210,312 2019-3 Trust 135,527 157,119 2020-1 Trust 241,664 — 2020-2 Trust 123,646 — 2020-MC1 Trust 228,470 — Total $ 1,852,554 $ 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 December 31, 2020 and 2019. The December 31, 2020 table also presents the amortized cost basis of accruing loans that were 90 days or more past due as of December 31, 2020. These loans were granted a forbearance under the Company’s COVID-19 payment forbearance programs. There were no loans accruing interest that were 90 days or more past due as of December 31, 2019. December 31, 2020 Total Nonaccrual Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual/ Impaired Loans Loans 90+ DPD Still Accruing COVID-19 Program ($ in thousands) Commercial - Purchase $ 22,166 $ 20,955 $ 1,211 $ 153 0.7 % $ — Commercial - Refinance 101,117 96,804 4,313 519 2.3 1,747 Residential 1-4 Unit - Purchase 26,373 25,839 534 128 0.6 — Residential 1-4 Unit - Refinance 120,152 113,206 6,946 465 2.1 109 Quick Fix 1-4 Unit - Purchase 6,585 3,808 2,777 525 2.4 — Quick Fix 1-4 Unit - Refinance 59,843 53,616 6,227 878 4.0 123 Total $ 336,236 $ 314,228 $ 22,008 $ 2,668 12.1 % $ 1,979 Troubled Debt Restructuring included in nonaccrual loans: $ 173 $ — $ — $ — — $ — 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. Any future payments received for these loans will be recognized on a cash basis. The Company continues 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 December 31, 2020 and 2019, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 300,903 $ (827 ) $ 286,949 $ (306 ) Commercial - Refinance 685,097 (3,798 ) 707,871 (1,416 ) Residential 1-4 Unit - Purchase 224,593 (887 ) 252,395 (321 ) Residential 1-4 Unit - Refinance 566,925 (4,186 ) 618,370 (1,452 ) Quick Fix 1-4 Unit - Purchase 43,325 (160 ) — — Quick Fix 1-4 Unit - Refinance 133,091 (1,039 ) — — Total $ 1,953,934 $ (10,897 ) $ 1,865,585 $ (3,495 ) For the years ended December 31, 2020 and 2019, cash basis interest income recognized on nonaccrual loans was $17.5 million and $12.7 million, respectively. There was $54.0 thousand of accrued interest income recognized on COVID-19 forbearance granted nonaccrual loans. The average recorded investment of individually evaluated loans, computed using month-end balances, was $250.0 million and $111.2 million for year ended December 31, 2020 and 2019, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified as of December 31, 2020 and 2019. (b) Allowance for Loan The allowance for loan losses as of December 31, 2020 increased to $5.8 million from $2.4 million as of January 1, 2020 including the impact from the adoption of ASC 326, primarily due to the impact of COVID 19 on economic conditions and forecasts. The following tables present the activity in the allowance for loan losses for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Residential Residential Quick Fix Quick Fix Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance 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 1,680 Provision for loan losses (1) 129 1,233 349 440 645 2,272 $ 5,068 1,139 Charge-offs (79 ) (218 ) (173 ) (43 ) (50 ) (1,037 ) $ (1,600 ) (579 ) Ending balance $ 373 $ 2,093 $ 333 $ 1,216 $ 595 $ 1,235 $ 5,845 $ 2,240 Allowance related to: Loans individually evaluated $ 153 $ 519 $ 128 $ 465 $ 525 $ 878 $ 2,668 $ 913 Loans collectively evaluated 220 1,574 205 751 69 357 $ 3,176 1,327 Amortized cost related to: Loans individually evaluated $ 22,166 $ 101,117 $ 26,373 $ 120,152 $ 6,585 $ 59,843 $ 336,236 $ 125,998 Loans collectively evaluated 278,738 583,981 198,220 446,773 36,738 73,248 $ 1,617,698 1,739,587 (1) The provision for loans losses would have been approximately $3.9 million for the year ended December 31, 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. (a) 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. The charged-offs over the average nonperforming loans were 0.65% and 0.56% for the years ended December 31, 2020 and 2019, respectively. The recovery rate on nonperforming assets were 103.1% and 102.4% for the years ended December 31, 2020 and 2019, respectively. 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 $396.9 million loans in the Company’s COVID-19 forbearance program as of December 31, 2020, and as of December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total December 31, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 961 $ 1,307 $ 19,898 $ 22,166 $ — $ 22,166 Commercial - Refinance 2,118 7,532 91,467 101,117 — 101,117 Residential 1-4 Unit - Purchase 192 2,915 23,266 26,373 — 26,373 Residential 1-4 Unit - Refinance 1,440 3,010 115,702 120,152 — 120,152 Investor 1-4 - Purchase — — 6,585 6,585 — 6,585 Investor 1-4 - Refinance 964 760 58,119 59,843 — 59,843 Total loans individually evaluated $ 5,675 $ 15,524 $ 315,037 $ 336,236 $ — $ 336,236 Loans collectively evaluated Commercial - Purchase $ 8,000 $ 7,081 $ — $ 15,081 $ 263,657 $ 278,738 Commercial - Refinance 33,725 13,224 1,747 48,696 535,285 583,981 Residential 1-4 Unit - Purchase 5,030 1,261 — 6,291 191,928 198,219 Residential 1-4 Unit - Refinance 33,144 14,567 109 47,820 398,953 446,773 Quick Fix 1-4 Unit - Purchase 1,972 21,780 — 23,752 12,987 36,739 Quick Fix 1-4 Unit - Refinance 8,406 5,383 123 13,912 59,336 73,248 Total loans collectively evaluated $ 90,277 $ 63,296 $ 1,979 $ 155,552 $ 1,462,146 $ 1,617,698 Ending balance $ 95,952 $ 78,820 $ 317,016 $ 491,788 $ 1,462,146 $ 1,953,934 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 . 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 December 31, 2020 (in thousands): 30–59 days 60–89 days 90+days Total Total December 31, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ — $ 556 $ 7,364 $ 7,920 $ — $ 7,920 Commercial - Refinance — — 21,060 21,060 — 21,060 Residential 1-4 Unit - Purchase — 183 4,092 4,275 — 4,275 Residential 1-4 Unit - Refinance — — 24,806 24,806 — 24,806 Quick Fix 1-4 Unit - Purchase — — 2,881 2,881 — 2,881 Quick Fix 1-4 Unit - Refinance — — 4,240 4,240 — 4,240 Total loans individually evaluated $ — $ 739 $ 64,443 $ 65,182 $ — $ 65,182 Loans collectively evaluated Commercial - Purchase $ 1,352 $ 2,531 $ — $ 3,883 $ 39,573 $ 43,456 Commercial - Refinance 13,285 4,349 1,747 19,381 107,089 126,470 Residential 1-4 Unit - Purchase 1,827 572 — 2,399 22,826 25,225 Residential 1-4 Unit - Refinance 11,866 2,939 109 14,914 73,822 88,736 Quick Fix 1-4 Unit - Purchase 791 21,262 — 22,053 2,144 24,197 Quick Fix 1-4 Unit - Refinance 3,375 3,064 123 6,562 17,090 23,652 Total loans collectively evaluated $ 32,496 $ 34,717 $ 1,979 $ 69,192 $ 262,544 $ 331,736 Ending balance $ 32,496 $ 35,456 $ 66,422 $ 134,374 $ 262,544 $ 396,918 (2) (1) Includes loans in bankruptcy and foreclosure less than 90 days past (2) Net of $46.6 million (amortized cost basis) payoffs from the Company’s COVID-19 forbearance loans. 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 December 31, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 56,446 $ 99,534 $ 64,706 $ 34,862 $ 9,500 $ 13,690 $ 278,738 Nonperforming 1,046 4,666 5,799 7,182 1,539 1,934 22,166 Total Commercial - Purchase $ 57,492 $ 104,200 $ 70,505 $ 42,044 $ 11,039 $ 15,624 $ 300,904 Commercial - Refinance Payment performance Performing $ 75,376 $ 176,854 $ 157,499 $ 87,476 $ 34,858 $ 51,918 $ 583,981 Nonperforming 4,929 26,776 32,955 18,980 10,392 7,085 101,117 Total Commercial - Refinance $ 80,305 $ 203,630 $ 190,454 $ 106,456 $ 45,250 $ 59,003 $ 685,098 Residential 1-4 Unit - Purchase Payment performance Performing $ 26,215 $ 69,775 $ 42,537 $ 25,874 $ 7,056 $ 26,762 $ 198,219 Nonperforming 1,611 5,973 8,949 5,059 1,348 3,433 26,373 Total Residential 1-4 Unit - Purchase $ 27,826 $ 75,748 $ 51,486 $ 30,933 $ 8,404 $ 30,195 $ 224,592 Residential 1-4 Unit - Refinance Payment performance Performing $ 57,945 $ 168,912 $ 96,568 $ 61,033 $ 22,949 $ 39,366 $ 446,773 Nonperforming 3,934 42,159 37,451 17,942 7,653 11,013 120,152 Total Residential 1-4 Unit - Refinance $ 61,879 $ 211,071 $ 134,019 $ 78,975 $ 30,602 $ 50,379 $ 566,925 Quick Fix 1-4 Unit - Purchase Payment performance Performing $ 20,563 $ 15,990 $ 186 $ — $ — $ — $ 36,739 Nonperforming 3,764 2,217 604 — — — 6,585 Total Quick Fix 1-4 Unit - Purchase $ 24,327 $ 18,207 $ 790 $ — $ — $ — $ 43,324 Quick Fix 1-4 Unit - Refinance Payment performance Performing $ 35,234 $ 37,818 $ 196 $ — $ — $ — $ 73,248 Nonperforming 17,318 33,711 8,719 95 — — 59,843 Total Quick Fix 1-4 Unit - Refinance $ 52,552 $ 71,529 $ 8,915 $ 95 $ — $ — $ 133,091 Total Portfolio $ 304,381 $ 684,385 $ 456,169 $ 258,503 $ 95,295 $ 155,201 $ 1,953,934

Mortgage Loans on Real Estate

Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Mortgage Loans on Real Estate	Note 7 — Mortgage Loans on Real Estate The following table presents the Company’s loans (UPB) collateralized by real estate as of December 31, 2020 and 2019 (in thousands). December 31, 2020 Description Interest Rate Final Maturity Date Unpaid Principal Balance (1) (2) Nonaccrual 1-4 unit residential (3) Under $1.0 million 5.2% - 13.5% January 1, 2051 $ 803,663 $ 161,225 $1.0 million and over 6.0% - 11.5% January 1, 2051 159,415 50,046 963,078 211,271 Traditional commercial (4) Under $1.0 million 3.5% - 13.0% January 1, 2051 792,577 88,644 $1.0 million and over 6.0% - 10.5% January 1, 2051 189,149 32,898 981,726 121,542 Total at December 31, 2020 $ 1,944,804 $ 332,813 December 31, 2019 Description Interest Rate Final Maturity Date Unpaid Principal Balance (1) (2) Nonaccrual 1-4 unit residential (3) Under $1.0 million 5.2% - 16.3% January 1, 2050 $ 916,809 $ 85,680 $1.0 million and over 6.0% - 11.5% January 1, 2050 158,662 15,492 1,075,471 101,172 Traditional commercial (4) Under $1.0 million 4.5% - 13.0% January 1, 2050 802,142 42,725 $1.0 million and over 4.1% - 10.5% January 1, 2050 181,731 11,927 983,873 54,652 Total at December 31, 2019 $ 2,059,344 $ 155,824 Note (1): The aggregate cost of the Company’s loan portfolio for Federal income tax purposes was $1,968,579 and $2,082,426 as of December 31, 2020 and 2019, respectively. Note (2): As of December 31, 2020 and 2019, $178.0 million and $217.5 million, respectively, of the total UPB were interest-only loans with interest payable monthly and the principal payable at maturity. Note (3): The principal and interest on the 1-4 unit residential mortgage loans is payable monthly at a level amount over the life of the loan to maturity. These loans generally contain a 3% prepayment penalty provision if the loan is prepaid within the first 3 years. Note (4): The principal and interest on the traditional commercial mortgage loans is payable monthly at a level amount over the life of the loan to maturity. These loans generally contain a 5% prepayment penalty provision if the loan is prepaid within the first 3 years. The following table presents the reconciliation of the UPB of mortgage loans for the years ended December 31, 2020, 2019, and 2018: Year Ended December 31, 2020 2019 2018 Balance at beginning of period $ 2,059,344 $ 1,631,326 $ 1,295,439 Addition during period: New mortgage loans 435,037 1,012,068 737,297 Acquisition 4,643 21,759 16,243 Capitalized Interest 7,814 — — Deduction during period: Collection of principal (374,576 ) (404,757 ) (337,565 ) Foreclosures (10,781 ) (10,442 ) (7,481 ) Mortgages sold (176,677 ) (190,610 ) (72,607 ) Balance at end of period $ 1,944,804 $ 2,059,344 $ 1,631,326

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Property and Equipment, Net	Note 8 — Property and Equipment, Net As of December 31, 2020 and 2019, property and equipment consisted of the following (in thousands): December 31, 2020 2019 Furniture $ 885 $ 805 Computer equipment 1,161 1,044 Office equipment 275 241 Leasehold improvements 578 275 Capitalized software 7,597 7,466 10,496 9,831 Accumulated depreciation and amortization (6,351 ) (5,151 ) Ending balance $ 4,145 $ 4,680 During the years ended December 31, 2020, 2019 and 2018, depreciation and amortization expense was $1.2 million, $1.4 million, and $1.4 million, respectively. The Company engaged a third-party consulting firm to assist in the building and implementation of a data warehouse and loan origination systems. The data warehouse was placed into service in 2017 and the loan origination system was placed into service in 2018. The total capitalized costs for the data warehouse and loan origination systems (LOS) was $5.7 million as of December 31, 2020 and 2019. Total accumulated depreciation and amortization included accumulated amortization on the data warehouse and the LOS of $3.0 million and $2.2 million for the years ended December 31, 2020 and 2019, respectively. The estimated aggregate amortization expense related to capitalized software for each of the next five years is $0.7 million for 2021, $0.4 million for 2022, $0.4 million for 2023, $0.4 million for 2024, and $0.4 million for 2025.

Real Estate Owned, Net

Real Estate Owned, Net	12 Months Ended
	Dec. 31, 2020
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Real Estate Owned, Net	Note 9 — Real Estate Owned, Net The Company’s real estate owned activities were as follows during the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Beginning balance $ 13,068 $ 7,167 Additions 10,412 11,661 Capitalized improvements 846 1,122 Sales (6,825 ) (4,290 ) Other adjustments — (961 ) Valuation adjustments (1,734 ) (1,631 ) Ending balance $ 15,767 $ 13,068 The following table summarizes information about real estate operating income and expenses, realized gains and losses on sales of real estate, and unrealized gains and losses resulting from adjustments to valuation allowances for the years ended December 31, 2020, 2019 and 2018 (in thousands): December 31, 2020 2019 2018 Operating income $ 444 $ 242 $ 2 Operating expenses (2,010 ) (1,465 ) (1,127 ) Valuation adjustments (1,734 ) (1,631 ) (888 ) Net gain on sales of real estate 644 207 640 Total $ (2,656 ) $ (2,647 ) $ (1,373 ) Net gain (loss) on sales of real estate represents the difference between the net proceeds from the liquidation of the underlying properties and their respective carrying values. The following table provides additional information about the number of properties sold and the gross gains and losses recognized in real estate owned, net, in the consolidated statements of income, during the years ended December 31, 2020, 2019 and 2018 (in thousands, except properties sold): Year Ended December 31, 2020 2019 2018 Properties Gain Properties Gain Properties Gain sold (loss) sold (loss) sold (loss) Sales resulting in gains 14 $ 837 10 $ 320 13 $ 649 Sales resulting in losses 9 (193 ) 5 (113 ) 2 (9 ) Total 23 $ 644 15 $ 207 15 $ 640

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Other Assets	Note 10 — Other Assets In 2017, the Company started originating and selling interest-only short-term loans either at a cash premium without any beneficial interest or at par value with a retained beneficial interest in the excess interest spread over a stated coupon rate. The retained beneficial interest or interest-only strips is included in other assets in the consolidated statements of financial condition. Other assets were comprised of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Prepaid expenses $ 1,261 $ 1,574 Interest-only strips and deposits 642 1,086 Deferred costs — 4,000 Operating leases - right of use assets, net 4,780 6,007 Appraisal fees for loans in process 96 — Total other assets $ 6,779 $ 12,667

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Note 11 — Leases The Company adopted ASU 2016-02, Leases The Company determines if a contract arrangement is a lease at inception. The Company primarily enters into operating lease contracts for office space and certain equipment. As part of the property lease agreements, the Company may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The ROU lease asset also includes any lease payments made and lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company does not possess any leases that have variable lease payments or residual value guarantees. The Company uses its incremental borrowing rates to determine the present value of its lease liabilities. The weighted average borrowing rate was 6.01% as of December 31, 2020 and 2019. The Company’s leases have remaining terms ranging from 2 years to 5 years, and the weighted average remaining lease term was 3.6 years as of December 31, 2020. Short-term leases (initial term of less than 12 months) are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. As of December 31, 2020 and 2019, operating lease ROU assets included in other assets was $4.8 million and $6.0 million, respectively. Operating lease liabilities included in accounts payable and accrued expenses was $5.1 million and $6.3 million as of December 31, 2020 and 2019, respectively. Operating lease expense is a component of “Rent and occupancy” expense on the consolidated statements of income. Operating lease expense was $1.5 million and $1.3 million for the year ended December 31, 2020 and 2019, respectively, and included short-term leases that were immaterial. The following table presents supplemental cash flow information related to leases for the year ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,524 $ 1,267 ROU assets obtained in exchange for lease obligations: Operating leases $ — $ 7,061 The following table presents maturities of operating lease liabilities as of December 31, 2020 (in thousands): December 31, 2020 Operating Leases 2021 $ 1,602 2022 1,582 2023 1,394 2024 1,066 2025 55 Thereafter — Total lease payments 5,699 Less: Imputed interest (572 ) Present value of lease liabilities $ 5,127

Securitizations Net

Securitizations Net	12 Months Ended
	Dec. 31, 2020
Transfers And Servicing [Abstract]
Securitization, Net	Note 12 — Securitizations, Net From May 2011 through December 31, 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. The following table summarizes the investor real estate loans securitized, and securities issued, ownership retained by the Company at the time of the securitization, and as of December 31, 2020 and 2019, and the stated maturity for each securitization (in thousands): Securities Retained as of Trusts Mortgage Loans Securities Issued Issuance Date December 31, 2020 December 31, 2019 Stated Maturity Date 2011-1 Trust ( 1) $ 74,898 $ 61,042 $ 13,856 $ — $ — August 2040 2014-1 Trust 191,757 161,076 30,682 — — September 2044 2015-1 Trust 312,829 285,457 27,372 15,522 15,569 July 2045 2016-1 Trust 358,601 319,809 38,792 17,931 17,931 April 2046 2016-2 Trust 190,255 166,853 23,402 9,514 9,514 October 2046 2017-1 Trust 223,064 211,910 11,154 11,154 11,154 April 2047 2017-2 Trust 258,528 245,601 12,927 6,232 8,293 October 2047 2018-1 Trust 186,124 176,816 9,308 6,015 6,884 April 2048 2018-2 Trust 324,198 307,988 16,210 9,762 12,853 October 2048 2019-1 Trust 247,979 235,580 12,399 11,540 11,767 March 2049 2019-2 Trust 217,921 207,020 10,901 9,728 10,491 July 2049 2019-3 Trust 162,546 154,419 8,127 6,441 7,913 October 2049 2020-1 Trust 261,859 248,700 13,159 13,085 — February 2050 2020-2 Trust 128,470 96,352 32,118 12,847 — June 2050 2020-MC1 Trust 275,956 179,371 96,585 98,260 — July 2050 Total $ 3,414,985 $ 3,057,994 $ 356,992 $ 228,031 $ 112,369 (1) The following table summarizes outstanding bond balances for each securitization as of December 31, 2020 and 2019 (in thousands). December 31, 2020 2019 2011-1 Trust $ — $ — 2014-1 Trust 23,391 31,139 2015-1 Trust 36,966 50,631 2016-1 Trust 57,963 86,901 2016-2 Trust 45,195 63,983 2017-1 Trust 72,910 113,540 2017-2 Trust 129,478 163,295 2018-1 Trust 102,063 134,700 2018-2 Trust 200,451 247,580 2019-1 Trust 181,579 214,709 2019-2 Trust 158,199 200,345 2019-3 Trust 127,045 150,725 2020-1 Trust 220,052 — 2020-2 Trust 109,832 — 2020-MC1 Trust 137,794 — Total outstanding bond balances $ 1,602,918 $ 1,457,548 The securities and certificates were issued at a discount to par, which is recorded as a contra liability to the securities issued. The discount is amortized as an adjustment of yield over the stated term of the securities adjusted for prepayments. In 2018, the Company sold some retained securities at a premium, resulting in a net premium for the 2016-2 Trust. As of December 31, 2020 and 2019, unamortized discounts or premiums associated with the Trusts are as follows (in thousands): December 31, 2020 2019 2011-1 Trust $ — $ — 2014-1 Trust 85 243 2015-1 Trust 64 72 2016-1 Trust 259 487 2016-2 Trust (5 ) (148 ) 2017-1 Trust 1,345 1,662 2017-2 Trust 18 26 2018-1 Trust 19 31 2018-2 Trust 23 32 2019-1 Trust 26 36 2019-2 Trust 14 19 2019-3 Trust 10 14 2020-1 Trust 7 — 2020-2 Trust 2,934 — 2020-MC1 Trust 2,219 — Professional and other capitalized issuance costs associated with the securitizations are recorded as a contra liability to the securities issued. As of December 31, 2020 and 2019, capitalized issuance costs associated with the Trusts are as follows (in thousands): December 31, 2020 2019 2011-1 Trust $ — $ — 2014-1 Trust 14 43 2015-1 Trust 272 392 2016-1 Trust 151 401 2016-2 Trust 113 522 2017-1 Trust 369 1,147 2017-2 Trust 1,343 2,133 2018-1 Trust 1,008 1,597 2018-2 Trust 1,937 2,779 2019-1 Trust 1,918 2,619 2019-2 Trust 1,890 2,633 2019-3 Trust 1,552 2,179 2020-1 Trust 2,636 — 2020-2 Trust 1,489 — 2020-MC1 Trust 2,190 — As of December 31, 2020 and 2019, the weighted average rate on the securities and certificates for the Trusts are as follows: December 31, 2020 2019 2011-1 Trust — % — % 2014-1 Trust 7.46 8.33 2015-1 Trust 7.20 6.37 2016-1 Trust 7.78 6.75 2016-2 Trust 6.63 5.59 2017-1 Trust 5.31 4.56 2017-2 Trust 3.42 3.50 2018-1 Trust 4.04 3.95 2018-2 Trust 4.48 4.44 2019-1 Trust 4.01 4.00 2019-2 Trust 3.48 3.44 2019-3 Trust 3.26 3.27 2020-1 Trust 2.83 — 2020-2 Trust 4.55 — 2020-MC1 Trust 4.50 —

Other Debt

Other Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Other Debt	Note 13 — 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, 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 December 31, 2020 and 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. The effective interest rates were 5.17% and 5.25% for the years ended December 31, 2020 and 2019, 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 years ended December 31, 2020 and 2019, the effective interest rates were 4.31% and 5.25%, 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 has a current extended maturity date of November 10, 2023. During the borrowing period, the Company can take loan advances from time to time subject to availability. Each loan advance bears interest at the lesser of the one-month LIBOR Rate with a 0.75% floor, plus 3.5% per annum and the maximum rate, which is the highest lawful and non-usurious rate of interest applicable to the loan. The maximum loan amount under this facility is $50 million. This facility was paid down to zero as of December 31, 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%, with an extended maturity date of 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 was secured by $19.7 million of securities issued and retained by the Company through a securitization, and bore interest at three-month LIBOR plus 4.00%. The repurchase date under this agreement was November 24, 2020 and it was completely paid off as of December 31, 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 December 31, 2020 and 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 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 73,502 100,000 190,977 200,000 The Bank credit agreement — — 2,499 50,000 The 2019 loan agreement 2,700 3,000 3,000 3,000 (1) Warehouse repurchase facilities amounts in the Consolidated Statement of Financial Condition The following table provides an overview of the activity and effective interest rate for the years ended December 31, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2020 2019 Warehouse and repurchase facilities: Average outstanding balance $ 168,098 $ 240,608 Highest outstanding balance at any month-end 439,547 422,688 Effective interest rate (1) 4.97 % 5.64 % (1) Represents interest expense divided by average gross outstanding balance and includes average rate (4.31%) and debt issue cost amortization (0.66%) and average rate (5.26%) and debt issue cost amortization (0.38%) as of December 31, 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 years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Warehouse and repurchase facilities $ 8,352 $ 13,583 Securitizations 79,474 70,320 Interest expense — portfolio related 87,826 83,903 Interest expense — corporate debt 12,049 (1) 14,618 Total interest expense $ 99,875 $ 98,521 (1) Included in the $12.1 million of interest expense – corporate debt for the year ended December 31, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated with the repayment of $75.0 million in outstanding principal amount in January 2020.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 — Income Taxes Prior to January 1, 2018, the Company was treated as a partnership and was generally not subject to income taxes. The Company elected to be treated as a corporation, for tax purposes, effective January 1, 2018. As a result, the Company calculated its deferred tax balance as of January 1, 2018 and, per U.S. GAAP, recognized a deferred tax liability of $5.5 million with a corresponding increase to income tax expense in January 2018, the period in which the change was made. The following table details the Company’s income tax expense (benefit) (in thousands): December 31, 2020 2019 Current tax expense: Federal $ 4,454 $ 9,552 State (769 ) 6,317 Total current tax expense $ 3,685 $ 15,869 Deferred tax expense (benefit): Federal $ 564 $ (5,150 ) State 1,103 (2,613 ) Total deferred tax expense (benefit) $ 1,667 $ (7,763 ) Total income tax expense $ 5,352 $ 8,106 The following table contains a reconciliation of the Company’s provision for income taxes at the federal statutory tax rate to the provision for income taxes at the effective tax rate as of December 31, 2020 and 2019: December 31, 2020 2019 Federal income tax provision at statutory rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 8.6 0.8 Permanent items 0.1 0.2 Federal true-ups 0.5 (0.9 ) Tax credits (0.4 ) (0.9 ) Change in unrecognized tax benefit (7.9 ) 11.7 Other 1.2 — Effective tax rate 23.1 % 31.9 % The changes in state income taxes and unrecognized tax benefit in the reconciliation are primarily due to changes in state apportionment and the related valuation impacts on current taxes payable as well as the deferred tax asset. The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are presented below (in thousands): December 31, 2020 2019 Deferred Tax Assets: REMIC book-tax basis difference $ 5,363 $ 14,908 Mark-to-market on loans 3,052 2,610 Lease liability 1,462 2,044 Stock compensation 275 — Accrued vacation 183 196 Intangibles 10 13 Deferred state taxes — 200 Provision for loan loss — 725 Other 83 — Gross deferred tax assets 10,428 20,696 Deferred Tax Liabilities: Right-of-use assets (1,363 ) (1,945 ) Deferred origination costs (1,014 ) (8,688 ) Fixed assets (975 ) (1,138 ) Deferred state taxes (341 ) — REO (81 ) (45 ) Purchase pool market discount — (600 ) Gross deferred tax liabilities (3,774 ) (12,416 ) Total net deferred tax asset $ 6,654 $ 8,280 The Company’s main temporary difference is due to the difference between the U.S. income tax and U.S. GAAP treatment with respect to its REMIC securities. For tax purposes, the issuances are considered taxable sales; whereas, for U.S. GAAP purposes, the REMIC issuances are considered financings. The Company had no valuation allowance as of December 31, 2020 and 2019. Based on the Company’s estimates of taxable income over the years in which the items giving rise to the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions, where applicable. As of December 31, 2020, the Company is no longer subject to U.S. tax examinations for years before 2017 and is no longer subject to state tax examinations for years before 2016. The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities' examinations of the Company's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. The Company had gross unrecognized tax benefits in the amounts of $1.9 million and $3.6 million recorded as of December 31, 2020 and 2019, respectively. If recognized, $1.4 million of the unrecognized tax benefit would affect the 2020 annual effective tax rate. Interest and penalties on unrecognized tax benefits is reported by the Company as a component of tax expense, and the Company recorded interest and penalties in its consolidated statements of income in the amount of ($0.5) million and $1.0 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the accrued interest and penalties related to unrecognized tax benefits is $0.5 million and $1.0 million, respectively. There are no positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of the reporting date. Detailed below is a reconciliation of the Company's gross unrecognized tax benefits for the years ended December 31, 2020 and 2019, respectively (in thousands): December 31, 2020 2019 Beginning balance $ 3,559 $ — Changes related to current year tax positions 46 1,855 Changes related to prior year tax positions (1,745 ) 1,704 Ending balance $ 1,860 $ 3,559

Members' Equity

Members' Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Members' Equity	Note 15 — Members’ Equity VF 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 VF. The Class C and Class D units were preferred units, which had the right to convert to Class A units in VF. The outstanding Class A, Class B and Class D units and equity balance were as follows (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 Class A units were issued when capital contributions were made to the Company in the form of cash. Class B units had been issued as part of the Velocity Financial, LLC 2012 Equity Incentive Plan (formerly, Velocity Commercial Capital, LLC 2007 Equity Incentive Plan) (the Plan) and were subordinate to the Class A units for purposes of distribution preferences. The Class B units were not entitled to receive profit distributions until all Class A, C, and D unit holders had received the stated value of their equity. Therefore, the value of the Class B units as of December 31, 2020 and 2019 was zero. As of December 31, 2019, the majority owner owned approximately 95 million Class A units representing an ownership interest of approximately 97.4% of the Class A units. Representatives of the majority owner held five of nine seats on the Company’s board of managers. All Class A units were converted to common stock upon completion of the Company’s IPO on January 22, 2020. Class B units vest over a three-year period. Under the Plan, approximately 16.1 million Class B units were authorized for grant. As of December 31, 2019, there were 16.1 million units issued and outstanding. The following table summarized the activity in Class B units as of December 31, 2019 and the year then ended (in thousands): 2019 Beginning balance 16,072 Awards granted — Awards canceled — Ending balance 16,072 Vested units 13,406 Class B units were last in the waterfall for distributions and profit sharing upon liquidation. As the value of the Class B units awarded was zero, no share-based compensation expenses had been recognized in the consolidated statements of income for the years ended December 31, 2020 and 2019. All Class B units were converted at zero value upon completion of the Company’s IPO on January 22, 2020. The Company issued 60 million Class D preferred units at one dollar per share on December 19, 2016. On March 6, 2017, the Company issued an aggregate of 193,989 Class D preferred units at one dollar per unit to two investors. The Class D preferred units earned a return equal to sixteen percent (16%) per annum of the Class D Base Amount (purchase price amount plus cumulative quarterly returns paid in kind) with respect to such member’s Class D preferred units until December 19, 2019 and, from and after such date, an amount equaled to fifteen percent (15%) per annum of the Class D Base Amount. The Class D return accrued and was payable in arrears in kind quarterly on the last day of each fiscal quarter of each fiscal year and on any date on which a distribution was paid. For the year ended

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 16 — 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. On December 24, 2020, the Company granted stock options to a non-employee director to purchase 12,500 shares of common stock with an exercise price per share equal to the grant date market price of $6.28. The Company uses the Black-Scholes option pricing model to value stock options in determining the stock-based compensation expense. Forfeitures are recognized as they occur. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The expected dividend yield was zero as Company is not expected to pay dividends in the foreseeable future. Expected volatility is based on the estimated average maximum volatility provided by a third-party investment bank due to the lack of historical volatilities of the Company’s common stock. The following table presents the assumptions used in the option pricing model at the grant date for options granted in the year ended December 31, 2020. Assumptions: 2020 Expected volatility 0.28 Expected dividends — Risk-free interest rate 1.50 Expected forfeited rate — The table below summarizes stock option activity during the year ended December 31, 2020: December 31, 2020 ($ in thousands, except per share amounts) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Options outstanding at beginning of year — $ — Granted 795,000 $ 12.89 Exercised — $ — Forfeited (10,000 ) $ 13.00 Options outstanding at end of year 785,000 $ 12.89 9.1 years $ — Options exercisable at end of year — $ — 9.1 years $ — Options expected to vest (1) 785,000 $ — 9.1 years $ — (1) The number of options expected to vest reflect no expected forfeiture . The aggregate intrinsic value represents the amount by which the fair value of underlying stock exceeds the “in-the-money” option exercise price, which was zero for the year ended December 31, 2020. 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. The Company recognized $0.9 million compensation expense related to the outstanding stock options granted to employees for the year ended December 31, 2020. 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 $2.1 million as of December 31, 2020. As of December 31, 2020, unvested stock options outstanding were 785,000 shares at a weighted average exercise price per share of $12.89.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	Note 17 — 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. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that shared in earnings. The following table presents the basic and diluted loss per share calculations for the year ended December 31, 2020: Year Ended December 31, 2020 (In thousands, except per share data) Basic EPS: Net income $ 17,777 Less deemed dividends on preferred stock 48,955 Net loss allocated to common stock $ (31,178 ) Less earnings allocated to participating securities — Net loss allocated to common stock $ (31,178 ) Weighted average common shares outstanding 20,087 Basic loss per common share $ (1.55 ) Diluted EPS: Net loss allocated to common shareholders $ (31,178 ) Weighted average common shares outstanding 20,087 Add dilutive effects for assumed conversion of Series A preferred stock — Add dilutive effects for warrants — Add dilutive effects for stock options — Weighted average diluted common shares outstanding 20,087 Diluted loss per common share $ (1.55 ) 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: Year Ended December 31, 2020 Shares underlying Series A Convertible Preferred Stock 11,688,312 Shares underlying warrants 3,013,125 Stock options 785,000 Shares equivalents excluded from EPS 15,486,437

Convertible Redeemable Preferre

Convertible Redeemable Preferred Stock	12 Months Ended
	Dec. 31, 2020
Convertible Redeemable Preferred Stock [Abstract]
Convertible Redeemable Preferred Stock	Note 18 — Convertible Redeemable 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 a 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 following October 7, 2021 if the Company’s common stock meets certain weighted average price targets. Beginning 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 Statements of Financial Condition 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. As of December 31, 2020, the Company recognized 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.

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2020
Risks And Uncertainties [Abstract]
Concentration of Risk	Note 19 — Concentration of Risk The Company originates and purchases loans secured by a broad spectrum of commercial property throughout the United States. As of December 31, 2020 and 2019, geographic and property type concentrations of loans, by unpaid principal balance, were as follows: December 31, 2020 2019 Geographic concentration: California 23.5 % 22.6 % New York 22.8 22.4 Florida 11.5 11.7 New Jersey 8.1 8.1 Other states (individually less than 5.0%) 34.1 35.2 100.0 % 100.0 % December 31, 2020 2019 Property type concentration: Investor 1-4 50.0 % 52.2 % Mixed use 13.3 12.2 Multifamily 9.4 9.6 Retail 8.8 8.7 Office 5.6 5.7 Warehouse 6.1 — Other (individually less than 5.0%) 6.8 11.6 100.0 % 100.0 % As of December 31, 2020 and 2019, the Company held $15.8 million and $13.1 million, respectively, of real estate owned, net, with geographic concentrations as follows: December 31, 2020 2019 Geographic concentration: Maryland 23.5 % 30.7 % Connecticut 21.7 25.3 Ohio 10.7 — California 7.9 — North Carolina 7.6 — Arizona 7.1 16.7 Alabama 6.0 — Georgia 4.4 — New Jersey 2.5 5.1 New York 2.5 5.2 Other states (individually less than 5.0%) 6.1 17.0 100.0 % 100.0 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 20 — 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 update the estimated repurchase liability. The level of the repurchase liability for representations and warranties and early payment default requires considerable management judgment. (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.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Retirement Plan	Note 21 — Retirement Plan The Company maintains a qualified 401(k) retirement plan in accordance with the Internal Revenue Service code. Employees meeting certain eligibility requirements as detailed in the plan document may participate by deferring eligible compensation into the plan. The plan allows for discretionary employer matching contribution. For the years ended December 31, 2020, 2019 and 2018, the Company expensed $476 thousand, $366 thousand and $367 thousand, respectively.

Other Operating Expenses

Other Operating Expenses	12 Months Ended
	Dec. 31, 2020
Other Operating Expenses [Abstract]
Other Operating Expenses	Note 22 — Other Operating Expenses The following table presents the components of other operating expenses for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Year Ended December 31, 2020 2019 2018 Travel, marketing and business development $ 578 $ 1,307 $ 1,052 Data processing and telecommunications 2,150 2,094 1,704 Office expenses 1,579 1,891 1,896 Insurance, taxes, and licenses 2,179 470 376 Other (1) 1,914 219 285 Total other operating expenses $ 8,400 $ 5,981 $ 5,313 (1) Other expenses in 2020 include other costs as a new public company, including SEC filing fees and Board of Directors fees.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 23 — Related Party Transactions 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. In the ordinary course of business, the Company sells held for sale loans to various financial institutions. From time to time, the Company sells held for sale loans to an affiliate of TOBI.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 24 — 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 modified discounted cash flow 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 December 31, 2020 and 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at December 31, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,539 $ 1,539 Interest-only strips — — 238 238 Total recurring fair value measurements — — 1,777 1,777 Nonrecurring fair value measurements: Loans held for sale, net — — 13,106 13,106 Real estate owned, net — — 15,767 15,767 Individually evaluated loans requiring specific allowance, net — — 19,340 19,340 Total nonrecurring fair value measurements — — 48,213 48,213 Total assets $ — $ — $ 49,990 $ 49,990 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 gain (losses) recognized on assets measured on a nonrecurring basis for the years indicated (in thousands): As of December 31, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 2018 Loans held for sale, net $ 328 $ (224 ) $ (174 ) Real estate held for sale, net (1,734 ) (1,631 ) (888 ) Individually evaluated loans requiring specific allowance, net (1,755 ) (277 ) 99 Total net loss $ (3,161 ) $ (2,132 ) $ (963 ) The following tables present the primary valuation techniques and unobservable inputs related to Level 3 assets as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 19,340 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 15,767 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 1,539 Discounted cash flow Discount rate 6.2% 6.2% Collateral value (% of UPB) 94.0% to 104.0% 100.0% Timing of resolution/payoff (months) 14 to 31 25.0 Prepayment rate 17.5% to 30.0% 17.5% to 30.0% Default rate 5.0% to 15.0% 12.0% Loss severity rate 1.0% 1.0% Loans held for sale 13,106 Discounted cash flow Discount rate 6.2% 6.2% Timing of resolution/payoff (months) 31 to 34 32.0 Interest-only strips 238 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 1.5 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 years indicated (in thousands): As of December 31, 2020 2019 2018 Beginning balance $ 2,960 $ 3,463 $ 4,632 Loans liquidated (1,808 ) (421 ) (895 ) Principal paydowns (55 ) (73 ) (515 ) Total unrealized gain (loss) included in net income 442 (9 ) 241 Ending balance $ 1,539 $ 2,960 $ 3,463 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the years indicated (in thousands): As of December 31, 2020 2019 2018 Beginning balance $ 894 $ 812 $ 369 Interest-only strip additions 1,820 2,495 1,314 Interest-only strip write-offs (2,469 ) (2,202 ) (97 ) Total unrealized loss included in net income (7 ) (211 ) (774 ) Ending balance $ 238 $ 894 $ 812 The Company estimates the fair value of certain financial instruments on a quarterly basis. These instruments are recorded at fair value using a valuation allowance only if they are impaired. 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 December 31, 2020 and 2019, the only financial assets measured at fair value were certain impaired 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. Impaired loans were carried at approximately $19.3 million and $11.4 million as of December 31, 2020 and 2019, net of specific allowance for loan losses of approximately $2.7 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): December 31, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 13,273 $ 13,273 $ — $ — $ 13,273 Restricted cash 7,020 7,020 — — 7,020 Loans held for sale, net 13,106 — — 13,272 13,272 Loans held for investment, net 1,948,089 — — 2,003,301 2,003,301 Loans held for investment, at fair value 1,539 — — 1,539 1,539 Accrued interest receivables 11,373 11,373 — — 11,373 Interest-only strips 238 — — 238 238 Liabilities: Secured financing, net $ 74,982 $ — $ — $ 78,000 $ 78,000 Warehouse and repurchase facilities, net 75,923 — 75,923 — 75,923 Securitizations, net 1,579,019 — — 1,616,222 1,616,222 Accrued interest payable 5,503 5,503 — — 5,503 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

Select Quarterly Financial Data

Select Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Select Quarterly Financial Data (Unaudited)	Note 25 — Select Quarterly Financial Data (Unaudited) The following tables set forth our unaudited quarterly results for the periods indicated: Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 (in thousands) Interest income $ 41,556 $ 41,374 $ 39,755 $ 44,637 $ 44,124 $ 40,379 $ 36,884 $ 36,143 Interest expense - portfolio related 21,442 22,347 21,189 22,848 22,689 21,827 20,324 19,062 Net interest income - portfolio related 20,114 19,027 18,566 21,789 21,435 18,552 16,560 17,081 Interest expense - corporate debt 1,900 1,913 1,894 6,342 4,070 3,842 3,353 3,353 Net interest income 18,214 17,114 16,672 15,447 17,365 14,710 13,207 13,728 Provision for (reversal of) loan losses 406 1,573 1,800 1,290 242 338 212 348 Net interest income after provision for loan losses 17,808 15,541 14,872 14,157 17,123 14,372 12,995 13,380 Other operating income (expense) 4,691 1,349 (1,339 ) 1,620 833 (212 ) 308 1,721 Operating expenses 10,746 11,865 10,908 12,050 9,814 8,484 8,324 8,500 Income before income taxes 11,753 5,025 2,625 3,727 8,142 5,676 4,979 6,601 Income tax expense 2,177 1,544 484 1,148 2,960 1,796 1,444 1,906 Net income $ 9,576 $ 3,481 $ 2,141 $ 2,579 $ 5,182 $ 3,880 $ 3,535 $ 4,695

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Note 26 — Subsequent Events In January, the Company added a non-mark-to-market warehouse facility with a maximum capacity of $200.0 million. On January 25, 2021, the judge presiding over the previously disclosed IPO-related class action lawsuit granted our motion to dismiss the lawsuit. In February 2021, the Company entered into a five-year $175.0 million syndicated corporate debt agreement (“2021 Term Loan”). The 2021 Term Loan under this agreement bears interest at a rate equal to one-month LIBOR plus 8.00%, with a 1.00% LIBOR floor, and matures in February 2026. A portion of the net proceeds from the 2021 Term Loan was used to redeem all the outstanding 2019 Term Loan. The Company has evaluated events that have occurred subsequent to December 31, 2020 and has concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Partnership to Corporation Conversion	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 Statements of Financial Condition and the Consolidated Statement of Changes in Stockholders’ Equity effective January 1, 2020.
Use of Estimates	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.
Principles of Consolidation	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 December 31, 2020 and 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): December 31, 2020 2019 Restricted cash $ 6,743 $ — Loans held for investment, net 1,874,991 1,571,100 Accrued interest and other receivables 82,342 56,675 Real estate owned, net 9,698 6,091 Other assets 12 11 Total assets $ 1,973,786 $ 1,633,877 Accounts payable and accrued expenses $ 43,795 $ 21,265 Securities issued 1,579,019 1,438,630 Total liabilities $ 1,622,814 $ 1,459,895
Restricted Cash	Restricted Cash Restricted cash consisted of the required specified reserve by the 2011-1 Trust agreement to pay the notes on each payment date if collections on mortgage loans are insufficient to make payments on the notes, and cash held by the Company for potential future advances due certain borrowers. In July 2019, the Company collapsed the 2011-1 Trust and released the restriction on the related reserve. In June and July 2020, the Company issued Trust agreements 2020-2 and 2020-MC1, both of which require specific cash reserves to pay the notes on each payment date if collections on mortgage loans are insufficient to make payments on the notes. Other restricted cash represents cash held by the Company for potential future advances due to certain borrowers.
Loans Held for Investment and Loans Held for Sale	Loans Held for Originated loans and purchased loans are classified as held-for-investment when management has the intent and ability to hold such loans for the foreseeable future or until maturity. Loans held for investment are carried at their outstanding principal balance, adjusted for net deferred loan origination costs and fees and allowance for loan losses. Interest income 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 dates. The deferred loans under the Company’s forbearance program are considered current at the time of deferral, and the Company continues to accrue interest on these loans. Deferred loans that subsequently went 90 days past due after the deferral date were placed on nonaccrual status with any accrued interest income reversed through earnings. The Company evaluates 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. For originated loans, net deferred loan origination costs are amortized to interest income using the level yield method. Loans are classified as held for sale when management has the intent to sell them. These are generally short-term, interest-only loans. They are carried at lower of cost or estimated fair value. On occasion, as part of the Company’s management strategy of the loans held in its portfolio, the Company will transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. The net deferred fees and costs associated with loans held for sale are deferred (not accreted or amortized to interest income) until the related loans are sold. The Company recognizes transfers of loans as sales when it surrenders control over the loans. Control over transferred loans is deemed to be surrendered when (1) the loans have been isolated from the Company, (2) the transferee has the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred loans, and (3) the Company does not maintain effective control over the transferred loans through either (a) an agreement that entitles and obligates the Company to repurchase or redeem them before their maturity or (b) the ability to unilaterally cause the holder to return the specific loans. Gains or losses on the sale of these loans are included in “Gain on disposition of loans” in the consolidated statements of income.
Purchased Credit Impaired Loans	Purchased Credit Impaired Prior to July 2019, purchased credit impaired (PCI) loans were accounted for in accordance with ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality
Loans Held for Investment at Fair Value	Loans Held for Investment at Fair VCC has elected to account for certain purchased distressed loans held for investment at fair value using FASB ASC Topic 825, Financial Instruments
Allowance for Loan and Lease Losses	Allowance for Loan and Lease Prior to January 1, 2020, the allowance for loan and lease losses (ALLL) on loans held for investment was maintained at a level deemed adequate by management to provide for probable and inherent losses in the portfolio at the balance sheet date. The ALLL had a general Loans were considered impaired when, based on current information and events, it was probable that the Company would be unable to collect the scheduled payments of principal and interest according to the contractual terms of the loan agreements. Impaired loans included loans on nonaccrual status and performing troubled debt restructured loans. Income from impaired loans was recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status was recognized to the extent cash is received and when the loan’s principal balance is deemed collectible. Loans that experience insignificant payment delays and payment shortfalls generally were not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impairment was measured on a loan-by-loan basis by comparing the fair value of the underlying collateral, net of estimated selling costs (net realizable value) against the recorded investment of the loan. The net realizable values of the underlying collateral are estimated by management using third-party broker price opinions or appraisals obtained when loans are deemed impaired. To the extent the recorded investment of the loan exceeded the estimated fair value, a specific reserve or charge-off was recorded depending upon either the certainty of the estimate of loss or the fair value of the loan’s collateral. Effective January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments replacing the incurred loss accounting approach with the current expected credit loss approach • 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); • Commercial – Refinance (refinance loans on traditional commercial properties); • Quick Fix 1– 4 Unit – Purchase (short-term loans to purchase 1– 4 unit residential rental properties); and • Quick Fix 1– 4 Unit – Refinance (short-term refinance loans on 1– 4 unit residential rental properties). The Company determines the collectability of its loans in the collective pools by evaluating certain risk characteristics. The segmentation of its loan portfolio was determined based on analyses of its 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 historical experience shows that refinance loans have higher loss rates than loans for property acquisitions. Product type includes residential 1-4 unit property and traditional commercial property. The historical experience shows that traditional commercial property loans have higher loss rates than residential 1-4 unit property. Quick Fix loans have a maturity of one to 2 years from origination. Non-Quick Fix loans have a maturity of up to 30 years from origination. The Company estimates the allowance for loan losses 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 Company uses an open pool loss rate methodology to model expected credit losses. To determine the loss rates for the open pool method, the Company starts with its historical database of losses, segmenting the loans by loan purpose, product type and repayment period. A third-party model applying the open pool method is used to estimate an annual average loss rates by dividing the respective pool's quarterly historical losses by the pool's respective prior quarter’s ending unamortized loan cost balance and deriving an annual average loss rate from the historical quarterly loss rates. The model then adjusts the annual average loss rates based upon macroeconomic forecasts over a reasonable and supportable period, followed by a straight-line reversion to the historical loss rates. The adjusted annual average loss rates are applied to the forecasted pool balance within each segment. The forecasted balances in the loan pool segments are calculated based on a principal amortization using contractual maturity, factoring in further principal reductions from estimated prepayments. Estimated prepayments, or Constant Prepayment Rates ("CPRs") are developed from multiple loan characteristic considerations, such as property types, FICO scores, loan purpose, and prepayment penalty terms, which is the most significant driver of prepayment activity. The prepayment penalty terms differ between the short-term and long-term loans, and the Company has developed a CPR curve for its short-term loans (2-year or less) and one for its long-term loans (30-year). Data from 2012-2020 is used to develop prepayment rates for the Company’s long-term loans. Because of the prepayment penalty structure in the Company’s long-term loans, prepayments during the active penalty term are historically low and begin to ramp up after the prepayment penalty term. The active prepayment penalty term is considered for existing and new loans over the reasonable and supportable forecast period in determining estimated prepayments. For the December 31, 2020 CECL estimate, the Company considered a COVID-19 adverse stress scenario and a COVID-19 severe stress scenario, both with a five-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management decided that using only the adverse stress scenario did not factor for recent additional COVID-related risks such as the post-holiday spike in infections and deaths, unknown impact of a recent mutant virus, success of the vaccine, and impact of recent Presidential executive orders. Management concluded that applying a 50% weight to the adverse and severe stress scenarios was appropriate given the status of the pandemic at year-end. The various scenarios, the weighting of scenarios, as well as the 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. The Company has determined that once a loan becomes nonperforming (90 or more days past due), it no longer shares the same risk characteristics of the other loans within its segment of homogeneous loans (pool). The Company pulls these loans out of the segments and evaluates the loans individually using the practical expedient to determine the credit exposure. Nonperforming loans are considered collateral dependent by the Company. Using the practical expedient, the fair value of the underlying collateral, less estimated selling costs, is compared to the carrying value of the loan in the determination of a credit loss. The allowance for credit losses for individually assessed or evaluated loans is the difference between the fair value of the collateral underlying the loans at the reporting date, adjusted for estimated selling costs, and the amortized cost basis. 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 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. The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. When
Troubled Debt Restructurings	Troubled Debt Restructurings Troubled debt restructurings (TDRs) are renegotiated loans where borrower concessions have been granted, such as reduction of the UPB or interest rate and for which the borrower is experiencing financial difficulty. Insignificant concessions, such as short-term forbearances, do not constitute a TDR. Accrued but unpaid interest and advances are added to the outstanding principal balance with a corresponding allowance established. Loans classified as TDRs are reported as impaired loans.
Accrued Interest and Other Receivables	Accrued Interest and Other Receivables Accrued interest and other receivables represent accrued and uncollected interest on loans in accrual status; principal and interest payments received, but unremitted by the servicer; and receivables from borrowers for escrow and other advances, net of an allowance for uncollectible borrower advances.
Real Estate Owned, Net (REO)	Real Estate Owned, Net (REO) Properties acquired through foreclosure, deed in lieu of foreclosure, or from third parties that meet all of the following criteria are classified as real estate owned: (i) management has the intent to sell the property; (ii) the property is available for immediate sale in its present condition, or management intends on making necessary repairs to render the property saleable, subject only to terms that are Real estate owned 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, establishing a new cost basis. If the recorded loan balance at the time of transfer exceeds the estimated fair value of the property less estimated costs to sell, the charge is recorded to the allowance for loan losses. If the estimated fair value of the property less estimated costs to sell exceeds the recorded loan balance at the time of transfer, the write-up is first recorded as a recapture to the allowance for loan losses to the extent of any previous charge and then to gain on the REO. Any subsequent write-downs in the fair value of the REO after the transfer date are charged to real estate owned, net in the consolidated statements of income and recognized through a valuation allowance. Subsequent increases in the fair value of the REO less selling costs reduce the valuation allowance, but not below zero, and are credited to real estate owned, net.
Property and Equipment, Net	Property and Equipment, Property and equipment is recorded at cost, less accumulated depreciation, computed principally by the straight-line method based on the estimated useful lives of the specific assets, which range from three to seven years. Software is amortized over the estimated useful lives of the specific assets, which range from three to ten years using the straight-line method. Leasehold improvements are amortized over the lives of the respective leases or the service lives of the improvements, whichever is shorter.
Off Balance Sheet Credit Exposure	Off Balance Sheet Credit Exposure The Company has no off-balance-sheet assets or liabilities and, therefore, no off-balance-sheet credit exposure.
Income Taxes	Income Income taxes are accounted for using the asset and liability method. Under this method a deferred tax asset or liability is measured based on the enacted tax rates expected to apply to taxable income in the years in which the differences between the financial statement carrying amounts and tax bases of existing assets and liabilities are expected to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets ("DTA") if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the DTA will or will not be realized. The Company's ultimate realization of the DTA is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the nature and amount of historical and projected future taxable income, the scheduled reversal of deferred tax assets and liabilities, and available tax planning strategies in making this assessment. The amount of deferred taxes recognized could be impacted by changes to any of these variables. The Company determines whether its tax positions are more likely than not to be sustained upon examination by the applicable taxing authorities, including resolution of any related appeals or litigation processes, based on the technical merits of the positions in question. Income tax positions that meet the more likely than not recognition threshold are measured to determine the amount of benefit to recognize. An income tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in income tax expense.
Stock-Based Compensation	Stock-Based Compensation Compensation expense for stock-based awards is based on the fair value of the award at the date of grant. The fair value of stock options is estimated at the date of grant using a Black-Scholes option pricing model. The fair value of restricted stock is determined based on the Company’s current market price on the date of grant. Compensation expense is recognized in the consolidated financial statements on a straight-line basis over the requisite service period, which is generally defined as the vesting period. The Company recognizes forfeitures as they occur and the income tax effects of awards are recognized in the statement of operations when awards vest or are settled.
Earnings per Share	Earnings per Share Earnings per share are calculated utilizing the two-class method. Basic earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019. Intercompany balances have been eliminated for purposes of this presentation (in thousands): December 31, 2020 2019 Restricted cash $ 6,743 $ — Loans held for investment, net 1,874,991 1,571,100 Accrued interest and other receivables 82,342 56,675 Real estate owned, net 9,698 6,091 Other assets 12 11 Total assets $ 1,973,786 $ 1,633,877 Accounts payable and accrued expenses $ 43,795 $ 21,265 Securities issued 1,579,019 1,438,630 Total liabilities $ 1,622,814 $ 1,459,895

Current Accounting Developmen_2

Current Accounting Developments (Tables)	12 Months Ended
	Dec. 31, 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)	12 Months Ended
	Dec. 31, 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 as of December 31, 2020, 2019, and 2018 December 31, 2020 2019 2018 Cash and cash equivalents $ 13,273 $ 21,465 $ 15,008 Restricted cash 7,020 6,087 1,669 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 20,293 $ 27,552 $ 16,677

Loans Held for Sale, Net (Table

Loans Held for Sale, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Summary of Loans Held for Sale	The following table summarizes loans held for sale as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Unpaid principal balance $ 12,929 $ 216,054 Valuation adjustments (17 ) (396 ) Deferred loan origination costs 194 (1,191 ) Ending balance $ 13,106 $ 214,467

Loans Held for Investment and_2

Loans Held for Investment and Loans Held for Investment at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Summary of Loans Held for Investment	The following tables summarize loans held for investment as of December 31, 2020 and 2019 (in thousands): December 31, 2020 Loans held for Loans held for Total loans investment, investment, at held for net fair value investment Unpaid principal balance $ 1,930,334 $ 1,541 $ 1,931,875 Valuation adjustments on FVO loans — (2 ) (2 ) Deferred loan origination costs 23,600 — 23,600 1,953,934 1,539 1,955,473 Allowance for loan losses (5,845 ) — (5,845 ) Total loans held for investment, net $ 1,948,089 $ 1,539 $ 1,949,628 December 31, 2019 Loans held for Loans held for Total loans investment, investment, at held for net fair value investment Unpaid principal balance $ 1,839,886 $ 3,404 $ 1,843,290 Discount on acquired loans — — — Valuation adjustments on FVO loans — (444 ) (444 ) Deferred loan origination costs 25,714 — 25,714 1,865,600 2,960 1,868,560 Allowance for loan losses (2,240 ) — (2,240 ) Total loans held for investment, net $ 1,863,360 $ 2,960 $ 1,866,320
Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program	The following table summarizes the UPB and amortized cost basis of the loans in the Company's COVID-19 forbearance program as of December 31, 2020 ($ in thousands): December 31, 2020 UPB % Amortized Cost % Beginning balance $ — $ — Additions 438,152 443,479 Repayments (46,079 ) (46,561 ) Ending balance $ 392,073 $ 396,918 Performing/Accruing $ 327,708 83.6% $ 330,495 83.3% Nonperforming/Nonaccrual $ 64,365 16.4% $ 66,423 16.7%
Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued	As of December 31, 2020 and 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): December 31, 2020 2019 The 2013 repurchase agreement $ 91,074 $ 108,504 The 2015 repurchase agreement — 175,689 The Bank credit agreement — 3,331 Total pledged loans $ 91,074 $ 287,524 2014-1 Trust 22,228 29,559 2015-1 Trust 48,179 64,876 2016-1 Trust 71,271 97,727 2016-2 Trust 47,282 68,961 2017-1 Trust 81,376 116,670 2017-2 Trust 137,970 173,390 2018-1 Trust 112,042 141,567 2018-2 Trust 224,195 260,278 2019-1 Trust 203,144 229,151 2019-2 Trust 175,560 210,312 2019-3 Trust 135,527 157,119 2020-1 Trust 241,664 — 2020-2 Trust 123,646 — 2020-MC1 Trust 228,470 — Total $ 1,852,554 $ 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 December 31, 2020 and 2019. The December 31, 2020 table also presents the amortized cost basis of accruing loans that were 90 days or more past due as of December 31, 2020. These loans were granted a forbearance under the Company’s COVID-19 payment forbearance programs. There were no loans accruing interest that were 90 days or more past due as of December 31, 2019. December 31, 2020 Total Nonaccrual Nonaccrual with No Allowance for Loan Loss Nonaccrual with Allowance for Loan Loss Allowance for Loans Individually Evaluated % of Allowance to Total Nonaccrual/ Impaired Loans Loans 90+ DPD Still Accruing COVID-19 Program ($ in thousands) Commercial - Purchase $ 22,166 $ 20,955 $ 1,211 $ 153 0.7 % $ — Commercial - Refinance 101,117 96,804 4,313 519 2.3 1,747 Residential 1-4 Unit - Purchase 26,373 25,839 534 128 0.6 — Residential 1-4 Unit - Refinance 120,152 113,206 6,946 465 2.1 109 Quick Fix 1-4 Unit - Purchase 6,585 3,808 2,777 525 2.4 — Quick Fix 1-4 Unit - Refinance 59,843 53,616 6,227 878 4.0 123 Total $ 336,236 $ 314,228 $ 22,008 $ 2,668 12.1 % $ 1,979 Troubled Debt Restructuring included in nonaccrual loans: $ 173 $ — $ — $ — — $ — 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 December 31, 2020 and 2019, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Amortized Cost Interest Reversal Amortized Cost Interest Reversal Commercial - Purchase $ 300,903 $ (827 ) $ 286,949 $ (306 ) Commercial - Refinance 685,097 (3,798 ) 707,871 (1,416 ) Residential 1-4 Unit - Purchase 224,593 (887 ) 252,395 (321 ) Residential 1-4 Unit - Refinance 566,925 (4,186 ) 618,370 (1,452 ) Quick Fix 1-4 Unit - Purchase 43,325 (160 ) — — Quick Fix 1-4 Unit - Refinance 133,091 (1,039 ) — — Total $ 1,953,934 $ (10,897 ) $ 1,865,585 $ (3,495 )
Schedule of Activity in Allowance for Loan Losses	The allowance for loan losses as of December 31, 2020 increased to $5.8 million from $2.4 million as of January 1, 2020 including the impact from the adoption of ASC 326, primarily due to the impact of COVID 19 on economic conditions and forecasts. The following tables present the activity in the allowance for loan losses for the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Residential Residential Quick Fix Quick Fix Commercial Commercial 1-4 Unit 1-4 Unit 1-4 Unit 1-4 Unit Purchase Refinance 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 1,680 Provision for loan losses (1) 129 1,233 349 440 645 2,272 $ 5,068 1,139 Charge-offs (79 ) (218 ) (173 ) (43 ) (50 ) (1,037 ) $ (1,600 ) (579 ) Ending balance $ 373 $ 2,093 $ 333 $ 1,216 $ 595 $ 1,235 $ 5,845 $ 2,240 Allowance related to: Loans individually evaluated $ 153 $ 519 $ 128 $ 465 $ 525 $ 878 $ 2,668 $ 913 Loans collectively evaluated 220 1,574 205 751 69 357 $ 3,176 1,327 Amortized cost related to: Loans individually evaluated $ 22,166 $ 101,117 $ 26,373 $ 120,152 $ 6,585 $ 59,843 $ 336,236 $ 125,998 Loans collectively evaluated 278,738 583,981 198,220 446,773 36,738 73,248 $ 1,617,698 1,739,587 (1) The provision for loans losses would have been approximately $3.9 million for the year ended December 31, 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	The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, which includes $396.9 million loans in the Company’s COVID-19 forbearance program as of December 31, 2020, and as of December 31, 2019 (in thousands): 30–59 days 60–89 days 90+days Total Total December 31, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ 961 $ 1,307 $ 19,898 $ 22,166 $ — $ 22,166 Commercial - Refinance 2,118 7,532 91,467 101,117 — 101,117 Residential 1-4 Unit - Purchase 192 2,915 23,266 26,373 — 26,373 Residential 1-4 Unit - Refinance 1,440 3,010 115,702 120,152 — 120,152 Investor 1-4 - Purchase — — 6,585 6,585 — 6,585 Investor 1-4 - Refinance 964 760 58,119 59,843 — 59,843 Total loans individually evaluated $ 5,675 $ 15,524 $ 315,037 $ 336,236 $ — $ 336,236 Loans collectively evaluated Commercial - Purchase $ 8,000 $ 7,081 $ — $ 15,081 $ 263,657 $ 278,738 Commercial - Refinance 33,725 13,224 1,747 48,696 535,285 583,981 Residential 1-4 Unit - Purchase 5,030 1,261 — 6,291 191,928 198,219 Residential 1-4 Unit - Refinance 33,144 14,567 109 47,820 398,953 446,773 Quick Fix 1-4 Unit - Purchase 1,972 21,780 — 23,752 12,987 36,739 Quick Fix 1-4 Unit - Refinance 8,406 5,383 123 13,912 59,336 73,248 Total loans collectively evaluated $ 90,277 $ 63,296 $ 1,979 $ 155,552 $ 1,462,146 $ 1,617,698 Ending balance $ 95,952 $ 78,820 $ 317,016 $ 491,788 $ 1,462,146 $ 1,953,934 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 . 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 December 31, 2020 (in thousands): 30–59 days 60–89 days 90+days Total Total December 31, 2020 past due past due past due ( 1) past due Current loans Loans individually evaluated Commercial - Purchase $ — $ 556 $ 7,364 $ 7,920 $ — $ 7,920 Commercial - Refinance — — 21,060 21,060 — 21,060 Residential 1-4 Unit - Purchase — 183 4,092 4,275 — 4,275 Residential 1-4 Unit - Refinance — — 24,806 24,806 — 24,806 Quick Fix 1-4 Unit - Purchase — — 2,881 2,881 — 2,881 Quick Fix 1-4 Unit - Refinance — — 4,240 4,240 — 4,240 Total loans individually evaluated $ — $ 739 $ 64,443 $ 65,182 $ — $ 65,182 Loans collectively evaluated Commercial - Purchase $ 1,352 $ 2,531 $ — $ 3,883 $ 39,573 $ 43,456 Commercial - Refinance 13,285 4,349 1,747 19,381 107,089 126,470 Residential 1-4 Unit - Purchase 1,827 572 — 2,399 22,826 25,225 Residential 1-4 Unit - Refinance 11,866 2,939 109 14,914 73,822 88,736 Quick Fix 1-4 Unit - Purchase 791 21,262 — 22,053 2,144 24,197 Quick Fix 1-4 Unit - Refinance 3,375 3,064 123 6,562 17,090 23,652 Total loans collectively evaluated $ 32,496 $ 34,717 $ 1,979 $ 69,192 $ 262,544 $ 331,736 Ending balance $ 32,496 $ 35,456 $ 66,422 $ 134,374 $ 262,544 $ 396,918 (2) (1) Includes loans in bankruptcy and foreclosure less than 90 days past (2) Net of $46.6 million (amortized cost basis) payoffs from the Company’s COVID-19 forbearance loans.
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 December 31, 2020: 2020 2019 2018 2017 2016 Pre-2016 Total Commercial - Purchase Payment performance Performing $ 56,446 $ 99,534 $ 64,706 $ 34,862 $ 9,500 $ 13,690 $ 278,738 Nonperforming 1,046 4,666 5,799 7,182 1,539 1,934 22,166 Total Commercial - Purchase $ 57,492 $ 104,200 $ 70,505 $ 42,044 $ 11,039 $ 15,624 $ 300,904 Commercial - Refinance Payment performance Performing $ 75,376 $ 176,854 $ 157,499 $ 87,476 $ 34,858 $ 51,918 $ 583,981 Nonperforming 4,929 26,776 32,955 18,980 10,392 7,085 101,117 Total Commercial - Refinance $ 80,305 $ 203,630 $ 190,454 $ 106,456 $ 45,250 $ 59,003 $ 685,098 Residential 1-4 Unit - Purchase Payment performance Performing $ 26,215 $ 69,775 $ 42,537 $ 25,874 $ 7,056 $ 26,762 $ 198,219 Nonperforming 1,611 5,973 8,949 5,059 1,348 3,433 26,373 Total Residential 1-4 Unit - Purchase $ 27,826 $ 75,748 $ 51,486 $ 30,933 $ 8,404 $ 30,195 $ 224,592 Residential 1-4 Unit - Refinance Payment performance Performing $ 57,945 $ 168,912 $ 96,568 $ 61,033 $ 22,949 $ 39,366 $ 446,773 Nonperforming 3,934 42,159 37,451 17,942 7,653 11,013 120,152 Total Residential 1-4 Unit - Refinance $ 61,879 $ 211,071 $ 134,019 $ 78,975 $ 30,602 $ 50,379 $ 566,925 Quick Fix 1-4 Unit - Purchase Payment performance Performing $ 20,563 $ 15,990 $ 186 $ — $ — $ — $ 36,739 Nonperforming 3,764 2,217 604 — — — 6,585 Total Quick Fix 1-4 Unit - Purchase $ 24,327 $ 18,207 $ 790 $ — $ — $ — $ 43,324 Quick Fix 1-4 Unit - Refinance Payment performance Performing $ 35,234 $ 37,818 $ 196 $ — $ — $ — $ 73,248 Nonperforming 17,318 33,711 8,719 95 — — 59,843 Total Quick Fix 1-4 Unit - Refinance $ 52,552 $ 71,529 $ 8,915 $ 95 $ — $ — $ 133,091 Total Portfolio $ 304,381 $ 684,385 $ 456,169 $ 258,503 $ 95,295 $ 155,201 $ 1,953,934

Schedule of Mortgage Loans on

Schedule of Mortgage Loans on Real Estate (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Loans (UPB) Collateralized by Real Estate	The following table presents the Company’s loans (UPB) collateralized by real estate as of December 31, 2020 and 2019 (in thousands). December 31, 2020 Description Interest Rate Final Maturity Date Unpaid Principal Balance (1) (2) Nonaccrual 1-4 unit residential (3) Under $1.0 million 5.2% - 13.5% January 1, 2051 $ 803,663 $ 161,225 $1.0 million and over 6.0% - 11.5% January 1, 2051 159,415 50,046 963,078 211,271 Traditional commercial (4) Under $1.0 million 3.5% - 13.0% January 1, 2051 792,577 88,644 $1.0 million and over 6.0% - 10.5% January 1, 2051 189,149 32,898 981,726 121,542 Total at December 31, 2020 $ 1,944,804 $ 332,813 December 31, 2019 Description Interest Rate Final Maturity Date Unpaid Principal Balance (1) (2) Nonaccrual 1-4 unit residential (3) Under $1.0 million 5.2% - 16.3% January 1, 2050 $ 916,809 $ 85,680 $1.0 million and over 6.0% - 11.5% January 1, 2050 158,662 15,492 1,075,471 101,172 Traditional commercial (4) Under $1.0 million 4.5% - 13.0% January 1, 2050 802,142 42,725 $1.0 million and over 4.1% - 10.5% January 1, 2050 181,731 11,927 983,873 54,652 Total at December 31, 2019 $ 2,059,344 $ 155,824 The following table presents the reconciliation of the UPB of mortgage loans for the years ended December 31, 2020, 2019, and 2018: Year Ended December 31, 2020 2019 2018 Balance at beginning of period $ 2,059,344 $ 1,631,326 $ 1,295,439 Addition during period: New mortgage loans 435,037 1,012,068 737,297 Acquisition 4,643 21,759 16,243 Capitalized Interest 7,814 — — Deduction during period: Collection of principal (374,576 ) (404,757 ) (337,565 ) Foreclosures (10,781 ) (10,442 ) (7,481 ) Mortgages sold (176,677 ) (190,610 ) (72,607 ) Balance at end of period $ 1,944,804 $ 2,059,344 $ 1,631,326

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property and Equipment, Net	As of December 31, 2020 and 2019, property and equipment consisted of the following (in thousands): December 31, 2020 2019 Furniture $ 885 $ 805 Computer equipment 1,161 1,044 Office equipment 275 241 Leasehold improvements 578 275 Capitalized software 7,597 7,466 10,496 9,831 Accumulated depreciation and amortization (6,351 ) (5,151 ) Ending balance $ 4,145 $ 4,680

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Summary of Activity in Real Estate Owned	The Company’s real estate owned activities were as follows during the years ended December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Beginning balance $ 13,068 $ 7,167 Additions 10,412 11,661 Capitalized improvements 846 1,122 Sales (6,825 ) (4,290 ) Other adjustments — (961 ) Valuation adjustments (1,734 ) (1,631 ) Ending balance $ 15,767 $ 13,068
Sale of Real Estate Owned	The following table summarizes information about real estate operating income and expenses, realized gains and losses on sales of real estate, and unrealized gains and losses resulting from adjustments to valuation allowances for the years ended December 31, 2020, 2019 and 2018 (in thousands): December 31, 2020 2019 2018 Operating income $ 444 $ 242 $ 2 Operating expenses (2,010 ) (1,465 ) (1,127 ) Valuation adjustments (1,734 ) (1,631 ) (888 ) Net gain on sales of real estate 644 207 640 Total $ (2,656 ) $ (2,647 ) $ (1,373 )
Gross Gains and Losses And Number of Properties Sold	The following table provides additional information about the number of properties sold and the gross gains and losses recognized in real estate owned, net, in the consolidated statements of income, during the years ended December 31, 2020, 2019 and 2018 (in thousands, except properties sold): Year Ended December 31, 2020 2019 2018 Properties Gain Properties Gain Properties Gain sold (loss) sold (loss) sold (loss) Sales resulting in gains 14 $ 837 10 $ 320 13 $ 649 Sales resulting in losses 9 (193 ) 5 (113 ) 2 (9 ) Total 23 $ 644 15 $ 207 15 $ 640

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Other Assets [Abstract]
Schedule of Other Assets	Other assets were comprised of the following as of December 31, 2020 and 2019 (in thousands): December 31, 2020 2019 Prepaid expenses $ 1,261 $ 1,574 Interest-only strips and deposits 642 1,086 Deferred costs — 4,000 Operating leases - right of use assets, net 4,780 6,007 Appraisal fees for loans in process 96 — Total other assets $ 6,779 $ 12,667

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Supplemental Cash Flow Information Related to Leases	The following table presents supplemental cash flow information related to leases for the year ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 1,524 $ 1,267 ROU assets obtained in exchange for lease obligations: Operating leases $ — $ 7,061
Schedule of Maturities of Operating Lease Liabilities	The following table presents maturities of operating lease liabilities as of December 31, 2020 (in thousands): December 31, 2020 Operating Leases 2021 $ 1,602 2022 1,582 2023 1,394 2024 1,066 2025 55 Thereafter — Total lease payments 5,699 Less: Imputed interest (572 ) Present value of lease liabilities $ 5,127

Securitizations Net (Tables)

Securitizations Net (Tables)	12 Months Ended
	Dec. 31, 2020
Transfers And Servicing [Abstract]
Summary of Investor Real Estate Loans Securitized, and Securities Issued, Ownership Retained by the Company	The following table summarizes the investor real estate loans securitized, and securities issued, ownership retained by the Company at the time of the securitization, and as of December 31, 2020 and 2019, and the stated maturity for each securitization (in thousands): Securities Retained as of Trusts Mortgage Loans Securities Issued Issuance Date December 31, 2020 December 31, 2019 Stated Maturity Date 2011-1 Trust ( 1) $ 74,898 $ 61,042 $ 13,856 $ — $ — August 2040 2014-1 Trust 191,757 161,076 30,682 — — September 2044 2015-1 Trust 312,829 285,457 27,372 15,522 15,569 July 2045 2016-1 Trust 358,601 319,809 38,792 17,931 17,931 April 2046 2016-2 Trust 190,255 166,853 23,402 9,514 9,514 October 2046 2017-1 Trust 223,064 211,910 11,154 11,154 11,154 April 2047 2017-2 Trust 258,528 245,601 12,927 6,232 8,293 October 2047 2018-1 Trust 186,124 176,816 9,308 6,015 6,884 April 2048 2018-2 Trust 324,198 307,988 16,210 9,762 12,853 October 2048 2019-1 Trust 247,979 235,580 12,399 11,540 11,767 March 2049 2019-2 Trust 217,921 207,020 10,901 9,728 10,491 July 2049 2019-3 Trust 162,546 154,419 8,127 6,441 7,913 October 2049 2020-1 Trust 261,859 248,700 13,159 13,085 — February 2050 2020-2 Trust 128,470 96,352 32,118 12,847 — June 2050 2020-MC1 Trust 275,956 179,371 96,585 98,260 — July 2050 Total $ 3,414,985 $ 3,057,994 $ 356,992 $ 228,031 $ 112,369 (1)
Summary of Outstanding Bond Balances	The following table summarizes outstanding bond balances for each securitization as of December 31, 2020 and 2019 (in thousands). December 31, 2020 2019 2011-1 Trust $ — $ — 2014-1 Trust 23,391 31,139 2015-1 Trust 36,966 50,631 2016-1 Trust 57,963 86,901 2016-2 Trust 45,195 63,983 2017-1 Trust 72,910 113,540 2017-2 Trust 129,478 163,295 2018-1 Trust 102,063 134,700 2018-2 Trust 200,451 247,580 2019-1 Trust 181,579 214,709 2019-2 Trust 158,199 200,345 2019-3 Trust 127,045 150,725 2020-1 Trust 220,052 — 2020-2 Trust 109,832 — 2020-MC1 Trust 137,794 — Total outstanding bond balances $ 1,602,918 $ 1,457,548
Summary of Unamortized Discounts or Premiums	As of December 31, 2020 and 2019, unamortized discounts or premiums associated with the Trusts are as follows (in thousands): December 31, 2020 2019 2011-1 Trust $ — $ — 2014-1 Trust 85 243 2015-1 Trust 64 72 2016-1 Trust 259 487 2016-2 Trust (5 ) (148 ) 2017-1 Trust 1,345 1,662 2017-2 Trust 18 26 2018-1 Trust 19 31 2018-2 Trust 23 32 2019-1 Trust 26 36 2019-2 Trust 14 19 2019-3 Trust 10 14 2020-1 Trust 7 — 2020-2 Trust 2,934 — 2020-MC1 Trust 2,219 —
Summary of Capitalized Issuance Costs Associated with Trusts	As of December 31, 2020 and 2019, capitalized issuance costs associated with the Trusts are as follows (in thousands): December 31, 2020 2019 2011-1 Trust $ — $ — 2014-1 Trust 14 43 2015-1 Trust 272 392 2016-1 Trust 151 401 2016-2 Trust 113 522 2017-1 Trust 369 1,147 2017-2 Trust 1,343 2,133 2018-1 Trust 1,008 1,597 2018-2 Trust 1,937 2,779 2019-1 Trust 1,918 2,619 2019-2 Trust 1,890 2,633 2019-3 Trust 1,552 2,179 2020-1 Trust 2,636 — 2020-2 Trust 1,489 — 2020-MC1 Trust 2,190 —
Summary of Weighted Average Rate on the Securities and Certificates	As of December 31, 2020 and 2019, the weighted average rate on the securities and certificates for the Trusts are as follows: December 31, 2020 2019 2011-1 Trust — % — % 2014-1 Trust 7.46 8.33 2015-1 Trust 7.20 6.37 2016-1 Trust 7.78 6.75 2016-2 Trust 6.63 5.59 2017-1 Trust 5.31 4.56 2017-2 Trust 3.42 3.50 2018-1 Trust 4.04 3.95 2018-2 Trust 4.48 4.44 2019-1 Trust 4.01 4.00 2019-2 Trust 3.48 3.44 2019-3 Trust 3.26 3.27 2020-1 Trust 2.83 — 2020-2 Trust 4.55 — 2020-MC1 Trust 4.50 —

Other Debt (Tables)

Other Debt (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019 (in thousands): December 31, 2020 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 73,502 100,000 190,977 200,000 The Bank credit agreement — — 2,499 50,000 The 2019 loan agreement 2,700 3,000 3,000 3,000 (1) Warehouse repurchase facilities amounts in the Consolidated Statement of Financial Condition
Schedule of Activity and Effective Interest Rate	The following table provides an overview of the activity and effective interest rate for the years ended December 31, 2020 and 2019 (dollars in thousands): Year Ended December 31, 2020 2019 Warehouse and repurchase facilities: Average outstanding balance $ 168,098 $ 240,608 Highest outstanding balance at any month-end 439,547 422,688 Effective interest rate (1) 4.97 % 5.64 % (1) Represents interest expense divided by average gross outstanding balance and includes average rate (4.31%) and debt issue cost amortization (0.66%) and average rate (5.26%) and debt issue cost amortization (0.38%) as of December 31, 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 years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Warehouse and repurchase facilities $ 8,352 $ 13,583 Securitizations 79,474 70,320 Interest expense — portfolio related 87,826 83,903 Interest expense — corporate debt 12,049 (1) 14,618 Total interest expense $ 99,875 $ 98,521 (1) Included in the $12.1 million of interest expense – corporate debt for the year ended December 31, 2020 was the one-time debt issuance costs write-off of $3.5 million and prepayment penalties of $0.3 million associated with the repayment of $75.0 million in outstanding principal amount in January 2020.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Company’s Income Tax Expense (Benefit)	The following table details the Company’s income tax expense (benefit) (in thousands): December 31, 2020 2019 Current tax expense: Federal $ 4,454 $ 9,552 State (769 ) 6,317 Total current tax expense $ 3,685 $ 15,869 Deferred tax expense (benefit): Federal $ 564 $ (5,150 ) State 1,103 (2,613 ) Total deferred tax expense (benefit) $ 1,667 $ (7,763 ) Total income tax expense $ 5,352 $ 8,106
Summary of Company's Reconciliation of the Company's Provision for Income Taxes at Federal Statutory Tax Rate	The following table contains a reconciliation of the Company’s provision for income taxes at the federal statutory tax rate to the provision for income taxes at the effective tax rate as of December 31, 2020 and 2019: December 31, 2020 2019 Federal income tax provision at statutory rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 8.6 0.8 Permanent items 0.1 0.2 Federal true-ups 0.5 (0.9 ) Tax credits (0.4 ) (0.9 ) Change in unrecognized tax benefit (7.9 ) 11.7 Other 1.2 — Effective tax rate 23.1 % 31.9 %
Summary of Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets and Deferred Tax Liabilities	The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are presented below (in thousands): December 31, 2020 2019 Deferred Tax Assets: REMIC book-tax basis difference $ 5,363 $ 14,908 Mark-to-market on loans 3,052 2,610 Lease liability 1,462 2,044 Stock compensation 275 — Accrued vacation 183 196 Intangibles 10 13 Deferred state taxes — 200 Provision for loan loss — 725 Other 83 — Gross deferred tax assets 10,428 20,696 Deferred Tax Liabilities: Right-of-use assets (1,363 ) (1,945 ) Deferred origination costs (1,014 ) (8,688 ) Fixed assets (975 ) (1,138 ) Deferred state taxes (341 ) — REO (81 ) (45 ) Purchase pool market discount — (600 ) Gross deferred tax liabilities (3,774 ) (12,416 ) Total net deferred tax asset $ 6,654 $ 8,280
Summary of Reconciliation of the Company's Gross Unrecognized Tax Benefits	Detailed below is a reconciliation of the Company's gross unrecognized tax benefits for the years ended December 31, 2020 and 2019, respectively (in thousands): December 31, 2020 2019 Beginning balance $ 3,559 $ — Changes related to current year tax positions 46 1,855 Changes related to prior year tax positions (1,745 ) 1,704 Ending balance $ 1,860 $ 3,559

Members' Equity (Tables)

Members' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Summary of Outstanding Units and Equity Balance	VF 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 VF. The Class C and Class D units were preferred units, which had the right to convert to Class A units in VF. The outstanding Class A, Class B and Class D units and equity balance were as follows (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 Class B units vest over a three-year period. Under the Plan, approximately 16.1 million Class B units were authorized for grant. As of December 31, 2019, there were 16.1 million units issued and outstanding. The following table summarized the activity in Class B units as of December 31, 2019 and the year then ended (in thousands): 2019 Beginning balance 16,072 Awards granted — Awards canceled — Ending balance 16,072 Vested units 13,406

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Assumptions to Estimate Fair Value of Stock Options	The following table presents the assumptions used in the option pricing model at the grant date for options granted in the year ended December 31, 2020. Assumptions: 2020 Expected volatility 0.28 Expected dividends — Risk-free interest rate 1.50 Expected forfeited rate —
Summary of Stock Option Activity	The table below summarizes stock option activity during the year ended December 31, 2020: December 31, 2020 ($ in thousands, except per share amounts) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Intrinsic Value Options outstanding at beginning of year — $ — Granted 795,000 $ 12.89 Exercised — $ — Forfeited (10,000 ) $ 13.00 Options outstanding at end of year 785,000 $ 12.89 9.1 years $ — Options exercisable at end of year — $ — 9.1 years $ — Options expected to vest (1) 785,000 $ — 9.1 years $ — (1) The number of options expected to vest reflect no expected forfeiture .

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Loss Per Share	The following table presents the basic and diluted loss per share calculations for the year ended December 31, 2020: Year Ended December 31, 2020 (In thousands, except per share data) Basic EPS: Net income $ 17,777 Less deemed dividends on preferred stock 48,955 Net loss allocated to common stock $ (31,178 ) Less earnings allocated to participating securities — Net loss allocated to common stock $ (31,178 ) Weighted average common shares outstanding 20,087 Basic loss per common share $ (1.55 ) Diluted EPS: Net loss allocated to common shareholders $ (31,178 ) Weighted average common shares outstanding 20,087 Add dilutive effects for assumed conversion of Series A preferred stock — Add dilutive effects for warrants — Add dilutive effects for stock options — Weighted average diluted common shares outstanding 20,087 Diluted loss per common share $ (1.55 )
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: Year Ended December 31, 2020 Shares underlying Series A Convertible Preferred Stock 11,688,312 Shares underlying warrants 3,013,125 Stock options 785,000 Shares equivalents excluded from EPS 15,486,437

Concentration of Risk (Tables)

Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2020
Commercial Property
Concentration Risk [Line Items]
Concentrations of Loans Unpaid Principal Balance and Real Estate Owned Net	As of December 31, 2020 and 2019, geographic and property type concentrations of loans, by unpaid principal balance, were as follows: December 31, 2020 2019 Property type concentration: Investor 1-4 50.0 % 52.2 % Mixed use 13.3 12.2 Multifamily 9.4 9.6 Retail 8.8 8.7 Office 5.6 5.7 Warehouse 6.1 — Other (individually less than 5.0%) 6.8 11.6 100.0 % 100.0 %
Real Estate Owned, Net
Concentration Risk [Line Items]
Concentrations of Loans Unpaid Principal Balance and Real Estate Owned Net	As of December 31, 2020 and 2019, the Company held $15.8 million and $13.1 million, respectively, of real estate owned, net, with geographic concentrations as follows: December 31, 2020 2019 Geographic concentration: Maryland 23.5 % 30.7 % Connecticut 21.7 25.3 Ohio 10.7 — California 7.9 — North Carolina 7.6 — Arizona 7.1 16.7 Alabama 6.0 — Georgia 4.4 — New Jersey 2.5 5.1 New York 2.5 5.2 Other states (individually less than 5.0%) 6.1 17.0 100.0 % 100.0 %

Other Operating Expenses (Table

Other Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Other Operating Expenses [Abstract]
Summary of Other Operating Expenses	The following table presents the components of other operating expenses for the years ended December 31, 2020, 2019 and 2018 (in thousands): For the Year Ended December 31, 2020 2019 2018 Travel, marketing and business development $ 578 $ 1,307 $ 1,052 Data processing and telecommunications 2,150 2,094 1,704 Office expenses 1,579 1,891 1,896 Insurance, taxes, and licenses 2,179 470 376 Other (1) 1,914 219 285 Total other operating expenses $ 8,400 $ 5,981 $ 5,313 (1) Other expenses in 2020 include other costs as a new public company, including SEC filing fees and Board of Directors fees.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2020 and 2019, by level, in the fair value hierarchy (in thousands): Fair value measurements using Total at December 31, 2020 Level 1 Level 2 Level 3 fair value Recurring fair value measurements: Loans held for investment, at fair value $ — $ — $ 1,539 $ 1,539 Interest-only strips — — 238 238 Total recurring fair value measurements — — 1,777 1,777 Nonrecurring fair value measurements: Loans held for sale, net — — 13,106 13,106 Real estate owned, net — — 15,767 15,767 Individually evaluated loans requiring specific allowance, net — — 19,340 19,340 Total nonrecurring fair value measurements — — 48,213 48,213 Total assets $ — $ — $ 49,990 $ 49,990 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 gain (losses) recognized on assets measured on a nonrecurring basis for the years indicated (in thousands): As of December 31, Gain (loss) on assets measured on a nonrecurring basis 2020 2019 2018 Loans held for sale, net $ 328 $ (224 ) $ (174 ) Real estate held for sale, net (1,734 ) (1,631 ) (888 ) Individually evaluated loans requiring specific allowance, net (1,755 ) (277 ) 99 Total net loss $ (3,161 ) $ (2,132 ) $ (963 )
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 December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 Asset category Fair value Primary valuation technique Unobservable input Range Weighted average Individually evaluated loans requiring allowance, net $ 19,340 Market comparables Selling costs 8.0% 8.0% Real estate owned, net 15,767 Market comparables Selling costs 8.0% 8.0% Loans held for investment, at fair value 1,539 Discounted cash flow Discount rate 6.2% 6.2% Collateral value (% of UPB) 94.0% to 104.0% 100.0% Timing of resolution/payoff (months) 14 to 31 25.0 Prepayment rate 17.5% to 30.0% 17.5% to 30.0% Default rate 5.0% to 15.0% 12.0% Loss severity rate 1.0% 1.0% Loans held for sale 13,106 Discounted cash flow Discount rate 6.2% 6.2% Timing of resolution/payoff (months) 31 to 34 32.0 Interest-only strips 238 Discounted cash flow Discount rate 15.0% 15.0% Timing of resolution/payoff (months) 0 to 12 1.5 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 years indicated (in thousands): As of December 31, 2020 2019 2018 Beginning balance $ 2,960 $ 3,463 $ 4,632 Loans liquidated (1,808 ) (421 ) (895 ) Principal paydowns (55 ) (73 ) (515 ) Total unrealized gain (loss) included in net income 442 (9 ) 241 Ending balance $ 1,539 $ 2,960 $ 3,463 The following is a rollforward of interest-only strips that are measured at estimated fair value on a recurring basis for the years indicated (in thousands): As of December 31, 2020 2019 2018 Beginning balance $ 894 $ 812 $ 369 Interest-only strip additions 1,820 2,495 1,314 Interest-only strip write-offs (2,469 ) (2,202 ) (97 ) Total unrealized loss included in net income (7 ) (211 ) (774 ) Ending balance $ 238 $ 894 $ 812
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): December 31, 2020 Carrying Estimated Asset category Value Level 1 Level 2 Level 3 Fair Value Assets: Cash $ 13,273 $ 13,273 $ — $ — $ 13,273 Restricted cash 7,020 7,020 — — 7,020 Loans held for sale, net 13,106 — — 13,272 13,272 Loans held for investment, net 1,948,089 — — 2,003,301 2,003,301 Loans held for investment, at fair value 1,539 — — 1,539 1,539 Accrued interest receivables 11,373 11,373 — — 11,373 Interest-only strips 238 — — 238 238 Liabilities: Secured financing, net $ 74,982 $ — $ — $ 78,000 $ 78,000 Warehouse and repurchase facilities, net 75,923 — 75,923 — 75,923 Securitizations, net 1,579,019 — — 1,616,222 1,616,222 Accrued interest payable 5,503 5,503 — — 5,503 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

Select Quarterly Financial Da_2

Select Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Unaudited Quarterly Results	The following tables set forth our unaudited quarterly results for the periods indicated: Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 (in thousands) Interest income $ 41,556 $ 41,374 $ 39,755 $ 44,637 $ 44,124 $ 40,379 $ 36,884 $ 36,143 Interest expense - portfolio related 21,442 22,347 21,189 22,848 22,689 21,827 20,324 19,062 Net interest income - portfolio related 20,114 19,027 18,566 21,789 21,435 18,552 16,560 17,081 Interest expense - corporate debt 1,900 1,913 1,894 6,342 4,070 3,842 3,353 3,353 Net interest income 18,214 17,114 16,672 15,447 17,365 14,710 13,207 13,728 Provision for (reversal of) loan losses 406 1,573 1,800 1,290 242 338 212 348 Net interest income after provision for loan losses 17,808 15,541 14,872 14,157 17,123 14,372 12,995 13,380 Other operating income (expense) 4,691 1,349 (1,339 ) 1,620 833 (212 ) 308 1,721 Operating expenses 10,746 11,865 10,908 12,050 9,814 8,484 8,324 8,500 Income before income taxes 11,753 5,025 2,625 3,727 8,142 5,676 4,979 6,601 Income tax expense 2,177 1,544 484 1,148 2,960 1,796 1,444 1,906 Net income $ 9,576 $ 3,481 $ 2,141 $ 2,579 $ 5,182 $ 3,880 $ 3,535 $ 4,695

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($)	Jan. 28, 2020	Jan. 22, 2020	Dec. 31, 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	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Loans held for investment, net	$ 1,948,089	$ 1,863,360
Real estate owned, net	15,767	13,068
Other assets	6,779	12,667
Total assets	2,102,874	2,214,766
Accounts payable and accrued expenses	63,361	56,146
Total liabilities	1,793,285	2,061,922
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	6,743
Loans held for investment, net	1,874,991	1,571,100
Accrued interest and other receivables	82,342	56,675
Real estate owned, net	9,698	6,091
Other assets	12	11
Total assets	1,973,786	1,633,877
Accounts payable and accrued expenses	43,795	21,265
Securities issued	1,579,019	1,438,630
Total liabilities	$ 1,622,814	$ 1,459,895

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Off-balance-sheet assets or liabilities	$ 0
Long-Term Loans
Loan period applicable for CPR curve	30 years
Maximum
Quick Fix loans, maturity period	2 years
Non-Quick Fix loans, maturity period	30 years
Property, plant and equipment, useful life	7 years
Maximum | Software Development
Property, plant and equipment, useful life	10 years
Maximum | Short-Term Loans
Loan period applicable for CPR curve	2 years
Minimum
Quick Fix loans, maturity period	1 year
Property, plant and equipment, useful life	3 years
Minimum | Software Development
Property, plant and equipment, useful life	3 years

Current Accounting Developmen_3

Current Accounting Developments - Additional Information (Details) $ in Thousands	Dec. 31, 2020USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to decrease retained earnings	$ 15,198
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | Revision of Prior Period, Adjustment
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Cumulative effect adjustment to decrease retained earnings	$ 96,000

Current Accounting Developmen_4

Current Accounting Developments - Schedule of Impact of ASC 326 on Allowance for Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses	$ 5,845	$ 2,377	$ 2,240	$ 1,680
Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		2,377
Previously Reported | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		2,240
Revision of Prior Period, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		137
Commercial - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses	373	323
Commercial - Purchase | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		323
Commercial - Purchase | Previously Reported | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		304
Commercial - Purchase | Revision of Prior Period, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		19
Commercial - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses	2,093	1,078
Commercial - Refinance | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		1,078
Commercial - Refinance | Previously Reported | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		1,016
Commercial - Refinance | Revision of Prior Period, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		62
Residential 1-4 Unit - Purchase
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses	333	157
Residential 1-4 Unit - Purchase | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		157
Residential 1-4 Unit - Purchase | Previously Reported | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		148
Residential 1-4 Unit - Purchase | Revision of Prior Period, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		9
Residential 1-4 Unit - Refinance
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses	$ 1,216	819
Residential 1-4 Unit - Refinance | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		819
Residential 1-4 Unit - Refinance | Previously Reported | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit losses		772
Residential 1-4 Unit - Refinance | Revision of Prior Period, Adjustment | Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Allowance for credit 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	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash And Cash Equivalents [Abstract]
Cash and cash equivalents	$ 13,273	$ 21,465	$ 15,008
Restricted cash	7,020	6,087	1,669
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 20,293	$ 27,552	$ 16,677	$ 15,727

Loans Held for Sale, Net - Summ

Loans Held for Sale, Net - Summary of Loans Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Loans Held For Sale [Abstract]
Unpaid principal balance	$ 12,929	$ 216,054
Valuation adjustments	(17)	(396)
Deferred loan origination costs	194	(1,191)
Loans held for sale, net	$ 13,106	$ 214,467

Loans Held for Sale, Net - Addi

Loans Held for Sale, Net - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Jul. 31, 2020	Dec. 31, 2019
Unusual Risk Or Uncertainty [Line Items]
Allowance for loan losses	$ 2,668		$ 913
Cares Act
Unusual Risk Or Uncertainty [Line Items]
Loans held for sale other	13,100	$ 214,400	$ 216,100
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	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	Jan. 01, 2019
Accounts Notes And Loans Receivable [Line Items]
Allowance for loan losses	$ (5,845)	$ (2,377)	$ (2,240)	$ (1,680)
Net Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,930,334		1,839,886
Deferred loan origination costs	23,600		25,714
Total loans held for investment and loans held for investment at fair value, gross	1,953,934		1,865,600
Allowance for loan losses	(5,845)		(2,240)
Total loans held for investment, net	1,948,089		1,863,360
Loans At Fair Value Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,541		3,404
Valuation adjustments on FVO loans	(2)		(444)
Total loans held for investment and loans held for investment at fair value, gross	1,539		2,960
Total loans held for investment, net	1,539		2,960
Total Loans Held For Investment
Accounts Notes And Loans Receivable [Line Items]
Unpaid principal balance	1,931,875		1,843,290
Valuation adjustments on FVO loans	(2)		(444)
Deferred loan origination costs	23,600		25,714
Total loans held for investment and loans held for investment at fair value, gross	1,955,473		1,868,560
Allowance for loan losses	(5,845)		(2,240)
Total loans held for investment, net	$ 1,949,628		$ 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 ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2020
Accounts Notes And Loans Receivable [Line Items]
Accrued interest receivables	$ 11,373,000	$ 13,295,000
Financing receivable, 90 days or more past due, still accruing	1,979,000	0
Accrued interest income recognized on nonaccrual loans	54,000	54,000
Cash basis interest income recognized on nonaccrual loans	17,500,000	12,700,000
Average recorded investment of individually evaluated loans, computed using month-end balances	250,000,000	$ 111,200,000
Allowance for loan losses increased including the impact from the adoption of ASC 326	$ 5,800,000		$ 2,400,000
Recovery rate on nonperforming assets	103.10%	102.40%
COVID-19
Accounts Notes And Loans Receivable [Line Items]
Loans	$ 396,900,000	$ 396,900,000
90+days
Accounts Notes And Loans Receivable [Line Items]
Annualized charge rate of non performing loans	0.65%	0.56%
COVID 19 Forbearance Program
Accounts Notes And Loans Receivable [Line Items]
Loans held for investment	$ 438,200,000
Loans held for investment forbearance period	90 days
Percentage of loan granted for unusual risk forbearance	91.40%
Amount of loan granted for unusual risk forbearance	$ 400,300,000
Accrued interest receivables	7,800,000
Remaining amount of loan granted for unusual risk forbearance	$ 37,900,000
Loans held for investment unpaid principal balance performing and accruing, percentage	83.60%
Loans held for investment unpaid principal balance nonperforming and nonaccrual percentage	16.40%

Loans Held for Investment and_5

Loans Held for Investment and Loans Held for Investment at Fair Value - Summary of UPB and Amortized Cost Basis of Loans in COVID-19 Forbearance Program (Details) - COVID 19 Forbearance Program $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Financing Receivable Recorded Investment [Line Items]
UPB Beginning balance
UPB Additions	438,152
UPB Repayments	(46,079)
UPB Ending balance	392,073
UPB Performing/Accruing, Amount	327,708
UPB Nonperforming/Nonaccrual, Amount	$ 64,365
Loans held for investment unpaid principal balance performing and accruing, percentage	83.60%
Loans held for investment unpaid principal balance nonperforming and nonaccrual percentage	16.40%
Amortized Cost Beginning balance
Amortized Cost Additions	443,479
Amortized Cost Repayments	(46,561)
Amortized Cost Ending balance	396,918
Amortized Cost Performing/Accruing, Amount	330,495
Amortized Cost Nonperforming/Nonaccrual, Amount	$ 66,423
Amortized Cost Performing/Accruing, Percentage	83.30%
Amortized Cost Nonperforming/Nonaccrual, Percentage	16.70%

Loans Held for Investment and_6

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Loans Held for Investment Pledged as Collateral for Warehouse Facility Agreements and Securitizations Issued (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	$ 91,074	$ 287,524
Total	1,852,554	1,549,610
2013 Repurchase Agreement
Accounts Notes And Loans Receivable [Line Items]
Total pledged loans	91,074	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	22,228	29,559
2015-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	48,179	64,876
2016-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	71,271	97,727
2016-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	47,282	68,961
2017-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	81,376	116,670
2017-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	137,970	173,390
2018-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	112,042	141,567
2018-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	224,195	260,278
2019-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	203,144	229,151
2019-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	175,560	210,312
2019-3 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	135,527	$ 157,119
2020-1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	241,664
2020-2 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	123,646
2020-MC1 Trust
Accounts Notes And Loans Receivable [Line Items]
Total	$ 228,470

Loans Held for Investment and_7

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Nonaccrual With No Allowance for Loan Loss and Total Nonaccrual of Loans Held for Investment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual	$ 125,819	$ 336,236
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%
Nonaccrual With No Allowance for Loan Loss		314,228
Nonaccrual with Allowance for Loan Loss		22,008
Allowance for loan losses	$ 913	$ 2,668
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		12.10%
Financing receivable, 90 days or more past due, still accruing	0	$ 1,979
Troubled Debt Restructuring included in nonaccrual loans:	179	173
Recorded investment of TDRs with a specific allowance	179
Specific allowance	$ 25
Commercial - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual		22,166
Nonaccrual With No Allowance for Loan Loss		20,955
Nonaccrual with Allowance for Loan Loss		1,211
Allowance for loan losses		$ 153
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		0.70%
Commercial - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual		$ 101,117
Nonaccrual With No Allowance for Loan Loss		96,804
Nonaccrual with Allowance for Loan Loss		4,313
Allowance for loan losses		$ 519
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		2.30%
Financing receivable, 90 days or more past due, still accruing		$ 1,747
Residential 1-4 Unit - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual		26,373
Nonaccrual With No Allowance for Loan Loss		25,839
Nonaccrual with Allowance for Loan Loss		534
Allowance for loan losses		$ 128
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		0.60%
Residential 1-4 Unit - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual		$ 120,152
Nonaccrual With No Allowance for Loan Loss		113,206
Nonaccrual with Allowance for Loan Loss		6,946
Allowance for loan losses		$ 465
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		2.10%
Financing receivable, 90 days or more past due, still accruing		$ 109
Quick Fix 1-4 Unit - Purchase
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual		6,585
Nonaccrual With No Allowance for Loan Loss		3,808
Nonaccrual with Allowance for Loan Loss		2,777
Allowance for loan losses		$ 525
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		2.40%
Quick Fix 1-4 Unit - Refinance
Financing Receivable Nonaccrual Status [Line Items]
Total Nonaccrual		$ 59,843
Nonaccrual With No Allowance for Loan Loss		53,616
Nonaccrual with Allowance for Loan Loss		6,227
Allowance for loan losses		$ 878
Percentage of Allowance to Total Nonaccrual/ Impaired Loans		4.00%
Financing receivable, 90 days or more past due, still accruing		$ 123

Loans Held for Investment and_8

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Accrued Interest Receivables Written Off by Reversing Interest Income by Portfolio Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	$ 1,953,934	$ 1,865,585
Financing Receivable, Accrued Interest, Writeoff	(10,897)	(3,495)
Commercial - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	300,903	286,949
Financing Receivable, Accrued Interest, Writeoff	(827)	(306)
Commercial - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	685,097	707,871
Financing Receivable, Accrued Interest, Writeoff	(3,798)	(1,416)
Residential 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	224,593	252,395
Financing Receivable, Accrued Interest, Writeoff	(887)	(321)
Residential 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	566,925	618,370
Financing Receivable, Accrued Interest, Writeoff	(4,186)	$ (1,452)
Quick Fix 1-4 Unit - Purchase
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	43,325
Financing Receivable, Accrued Interest, Writeoff	(160)
Quick Fix 1-4 Unit - Refinance
Financing Receivable Impaired [Line Items]
Financing Receivable, Amortized Cost Basis	133,091
Financing Receivable, Accrued Interest, Writeoff	$ (1,039)

Loans Held for Investment and_9

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326				$ 2,240				$ 1,680	$ 2,240	$ 1,680
Impact of adopting ASC 326									137
Beginning balance				2,240					2,240
Provision for loan losses	$ 406	$ 1,573	$ 1,800	1,290	$ 242	$ 338	$ 212	$ 348	5,068	1,139	$ 201
Charge-offs									(1,600)	(579)
Ending balance	5,845				2,240				5,845	2,240
Allowance for loan losses	2,668				913				2,668	913
Allowance related to Loans collectively evaluated	3,176				1,327				3,176	1,327
Amortized cost related to Loans individually evaluated	336,236				125,998				336,236	125,998
Amortized cost related to Loans collectively evaluated	1,617,698				$ 1,739,587				1,617,698	$ 1,739,587
Commercial - Purchase
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326				304					304
Impact of adopting ASC 326									19
Provision for loan losses									129
Charge-offs									(79)
Ending balance	373								373
Allowance for loan losses	153								153
Allowance related to Loans collectively evaluated	220								220
Amortized cost related to Loans individually evaluated	22,166								22,166
Amortized cost related to Loans collectively evaluated	278,738								278,738
Commercial - Refinance
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326				1,016					1,016
Impact of adopting ASC 326									62
Provision for loan losses									1,233
Charge-offs									(218)
Ending balance	2,093								2,093
Allowance for loan losses	519								519
Allowance related to Loans collectively evaluated	1,574								1,574
Amortized cost related to Loans individually evaluated	101,117								101,117
Amortized cost related to Loans collectively evaluated	583,981								583,981
Residential 1-4 Unit - Purchase
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326				148					148
Impact of adopting ASC 326									9
Provision for loan losses									349
Charge-offs									(173)
Ending balance	333								333
Allowance for loan losses	128								128
Allowance related to Loans collectively evaluated	205								205
Amortized cost related to Loans individually evaluated	26,373								26,373
Amortized cost related to Loans collectively evaluated	198,220								198,220
Residential 1-4 Unit - Refinance
Allowance for credit losses:
Beginning balance, prior to adoption of ASC 326				$ 772					772
Impact of adopting ASC 326									47
Provision for loan losses									440
Charge-offs									(43)
Ending balance	1,216								1,216
Allowance for loan losses	465								465
Allowance related to Loans collectively evaluated	751								751
Amortized cost related to Loans individually evaluated	120,152								120,152
Amortized cost related to Loans collectively evaluated	446,773								446,773
Quick Fix 1-4 Unit - Purchase
Allowance for credit losses:
Provision for loan losses									645
Charge-offs									(50)
Ending balance	595								595
Allowance for loan losses	525								525
Allowance related to Loans collectively evaluated	69								69
Amortized cost related to Loans individually evaluated	6,585								6,585
Amortized cost related to Loans collectively evaluated	36,738								36,738
Quick Fix 1-4 Unit - Refinance
Allowance for credit losses:
Provision for loan losses									2,272
Charge-offs									(1,037)
Ending balance	1,235								1,235
Allowance for loan losses	878								878
Allowance related to Loans collectively evaluated	357								357
Amortized cost related to Loans individually evaluated	59,843								59,843
Amortized cost related to Loans collectively evaluated	$ 73,248								$ 73,248

Loans Held for Investment an_10

Loans Held for Investment and Loans Held for Investment at Fair Value - Activity in Allowance for Loan Losses (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for loan losses	$ 406	$ 1,573	$ 1,800	$ 1,290	$ 242	$ 338	$ 212	$ 348	$ 5,068	$ 1,139	$ 201
Other (expense) income									(1,698)	$ (1,752)	$ 1,366
Allowance For Credit Losses
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for loan losses									3,900
Transfer of loans held for sale to held for investment									1,200
Additional provision for loans losses									1,200
Other (expense) income									$ 1,300

Loans Held for Investment an_11

Loans Held for Investment and Loans Held for Investment at Fair Value - Schedule of Aging Status of Amortized Cost Basis in Loans Held for Investment Portfolio (Details) - COVID19 Pandemic - USD ($) $ in Thousands		Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		$ 134,374
Loans, current		262,544
Total loans		396,918
Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		491,788	$ 286,422
Loans, current		1,462,146	1,579,163
Total loans		1,953,934	1,865,585
Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		65,182
Total loans		65,182
Loans Individually Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		336,236
Total loans		336,236
Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,920
Total loans		7,920
Loans Individually Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		22,166
Total loans		22,166
Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		21,060
Total loans		21,060
Loans Individually Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		101,117
Total loans		101,117
Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		4,275
Total loans		4,275
Loans Individually Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		26,373
Total loans		26,373
Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		24,806
Total loans		24,806
Loans Individually Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		120,152
Total loans		120,152
Loans Individually Evaluated | Quick Fix 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,881
Total loans		2,881
Loans Individually Evaluated | Quick Fix 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,585
Total loans		6,585
Loans Individually Evaluated | Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		4,240
Total loans		4,240
Loans Individually Evaluated | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		59,843
Total loans		59,843
Loans Collectively Evaluated For Impairment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		69,192
Loans, current		262,544
Total loans		331,736
Loans Collectively Evaluated For Impairment | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		155,552
Loans, current		1,462,146
Total loans		1,617,698
Loans Collectively Evaluated For Impairment | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		3,883
Loans, current		39,573
Total loans		43,456
Loans Collectively Evaluated For Impairment | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		15,081
Loans, current		263,657
Total loans		278,738
Loans Collectively Evaluated For Impairment | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		19,381
Loans, current		107,089
Total loans		126,470
Loans Collectively Evaluated For Impairment | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		48,696
Loans, current		535,285
Total loans		583,981
Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,399
Loans, current		22,826
Total loans		25,225
Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,291
Loans, current		191,928
Total loans		198,219
Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		14,914
Loans, current		73,822
Total loans		88,736
Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		47,820
Loans, current		398,953
Total loans		446,773
Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		22,053
Loans, current		2,144
Total loans		24,197
Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		23,752
Loans, current		12,987
Total loans		36,739
Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		6,562
Loans, current		17,090
Total loans		23,652
Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		13,912
Loans, current		59,336
Total loans		73,248
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
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
30–59 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		32,496
30–59 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		95,952	125,660
30–59 days | Loans Individually Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,675
30–59 days | Loans Individually Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		961
30–59 days | Loans Individually Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,118
30–59 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		192
30–59 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,440
30–59 days | Loans Individually Evaluated | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		964
30–59 days | Loans Collectively Evaluated For Impairment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		32,496
30–59 days | Loans Collectively Evaluated For Impairment | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		90,277
30–59 days | Loans Collectively Evaluated For Impairment | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,352
30–59 days | Loans Collectively Evaluated For Impairment | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		8,000
30–59 days | Loans Collectively Evaluated For Impairment | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		13,285
30–59 days | Loans Collectively Evaluated For Impairment | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		33,725
30–59 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,827
30–59 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,030
30–59 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		11,866
30–59 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		33,144
30–59 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		791
30–59 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,972
30–59 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		3,375
30–59 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		8,406
30–59 days | Impaired Loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			6,195
30–59 days | Nonimpaired Loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			119,465
60–89 days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		35,456
60–89 days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		78,820	48,834
60–89 days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		739
60–89 days | Loans Individually Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		15,524
60–89 days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		556
60–89 days | Loans Individually Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,307
60–89 days | Loans Individually Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,532
60–89 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		183
60–89 days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,915
60–89 days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		3,010
60–89 days | Loans Individually Evaluated | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		760
60–89 days | Loans Collectively Evaluated For Impairment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		34,717
60–89 days | Loans Collectively Evaluated For Impairment | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		63,296
60–89 days | Loans Collectively Evaluated For Impairment | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,531
60–89 days | Loans Collectively Evaluated For Impairment | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		7,081
60–89 days | Loans Collectively Evaluated For Impairment | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		4,349
60–89 days | Loans Collectively Evaluated For Impairment | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		13,224
60–89 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		572
60–89 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		1,261
60–89 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		2,939
60–89 days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		14,567
60–89 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		21,262
60–89 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		21,780
60–89 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		3,064
60–89 days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due		5,383
60–89 days | Impaired Loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			7,696
60–89 days | Nonimpaired Loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due			41,138
90+days
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	66,422
90+days | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	317,016	111,928
90+days | Loans Individually Evaluated
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	64,443
90+days | Loans Individually Evaluated | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	315,037
90+days | Loans Individually Evaluated | Commercial - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	7,364
90+days | Loans Individually Evaluated | Commercial - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	19,898
90+days | Loans Individually Evaluated | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	21,060
90+days | Loans Individually Evaluated | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	91,467
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	4,092
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	23,266
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	24,806
90+days | Loans Individually Evaluated | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	115,702
90+days | Loans Individually Evaluated | Quick Fix 1-4 Unit - Purchase
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	2,881
90+days | Loans Individually Evaluated | Quick Fix 1-4 Unit - Purchase | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	6,585
90+days | Loans Individually Evaluated | Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	4,240
90+days | Loans Individually Evaluated | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	58,119
90+days | Loans Collectively Evaluated For Impairment
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	1,979
90+days | Loans Collectively Evaluated For Impairment | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	1,979
90+days | Loans Collectively Evaluated For Impairment | Commercial - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	1,747
90+days | Loans Collectively Evaluated For Impairment | Commercial - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	1,747
90+days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	109
90+days | Loans Collectively Evaluated For Impairment | Residential 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	109
90+days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[1]	123
90+days | Loans Collectively Evaluated For Impairment | Quick Fix 1-4 Unit - Refinance | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]	$ 123
90+days | Impaired Loans | Aging Status and Accrual Status
Financing Receivable Recorded Investment Past Due [Line Items]
Loans, past due	[2]		$ 111,928
[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_12

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 (Parenthetical) (Details) $ in Millions	Dec. 31, 2020USD ($)
COVID19 Pandemic
Financing Receivable Recorded Investment Past Due [Line Items]
Loans Held For Investment On Amortized Cost Basis	$ 46.6

Loans Held for Investment an_13

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	Dec. 31, 2020USD ($)
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	$ 304,381
Term Loans Amortized Cost Basis by Origination Year, 2019	684,385
Term Loans Amortized Cost Basis by Origination Year, 2018	456,169
Term Loans Amortized Cost Basis by Origination Year, 2017	258,503
Term Loans Amortized Cost Basis by Origination Year, 2016	95,295
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	155,201
Total loans	1,953,934
Commercial - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	57,492
Term Loans Amortized Cost Basis by Origination Year, 2019	104,200
Term Loans Amortized Cost Basis by Origination Year, 2018	70,505
Term Loans Amortized Cost Basis by Origination Year, 2017	42,044
Term Loans Amortized Cost Basis by Origination Year, 2016	11,039
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	15,624
Total loans	300,904
Commercial - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	56,446
Term Loans Amortized Cost Basis by Origination Year, 2019	99,534
Term Loans Amortized Cost Basis by Origination Year, 2018	64,706
Term Loans Amortized Cost Basis by Origination Year, 2017	34,862
Term Loans Amortized Cost Basis by Origination Year, 2016	9,500
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	13,690
Total loans	278,738
Commercial - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	1,046
Term Loans Amortized Cost Basis by Origination Year, 2019	4,666
Term Loans Amortized Cost Basis by Origination Year, 2018	5,799
Term Loans Amortized Cost Basis by Origination Year, 2017	7,182
Term Loans Amortized Cost Basis by Origination Year, 2016	1,539
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	1,934
Total loans	22,166
Commercial - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	80,305
Term Loans Amortized Cost Basis by Origination Year, 2019	203,630
Term Loans Amortized Cost Basis by Origination Year, 2018	190,454
Term Loans Amortized Cost Basis by Origination Year, 2017	106,456
Term Loans Amortized Cost Basis by Origination Year, 2016	45,250
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	59,003
Total loans	685,098
Commercial - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	75,376
Term Loans Amortized Cost Basis by Origination Year, 2019	176,854
Term Loans Amortized Cost Basis by Origination Year, 2018	157,499
Term Loans Amortized Cost Basis by Origination Year, 2017	87,476
Term Loans Amortized Cost Basis by Origination Year, 2016	34,858
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	51,918
Total loans	583,981
Commercial - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	4,929
Term Loans Amortized Cost Basis by Origination Year, 2019	26,776
Term Loans Amortized Cost Basis by Origination Year, 2018	32,955
Term Loans Amortized Cost Basis by Origination Year, 2017	18,980
Term Loans Amortized Cost Basis by Origination Year, 2016	10,392
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	7,085
Total loans	101,117
Residential 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	27,826
Term Loans Amortized Cost Basis by Origination Year, 2019	75,748
Term Loans Amortized Cost Basis by Origination Year, 2018	51,486
Term Loans Amortized Cost Basis by Origination Year, 2017	30,933
Term Loans Amortized Cost Basis by Origination Year, 2016	8,404
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	30,195
Total loans	224,592
Residential 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	26,215
Term Loans Amortized Cost Basis by Origination Year, 2019	69,775
Term Loans Amortized Cost Basis by Origination Year, 2018	42,537
Term Loans Amortized Cost Basis by Origination Year, 2017	25,874
Term Loans Amortized Cost Basis by Origination Year, 2016	7,056
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	26,762
Total loans	198,219
Residential 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	1,611
Term Loans Amortized Cost Basis by Origination Year, 2019	5,973
Term Loans Amortized Cost Basis by Origination Year, 2018	8,949
Term Loans Amortized Cost Basis by Origination Year, 2017	5,059
Term Loans Amortized Cost Basis by Origination Year, 2016	1,348
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	3,433
Total loans	26,373
Residential 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	61,879
Term Loans Amortized Cost Basis by Origination Year, 2019	211,071
Term Loans Amortized Cost Basis by Origination Year, 2018	134,019
Term Loans Amortized Cost Basis by Origination Year, 2017	78,975
Term Loans Amortized Cost Basis by Origination Year, 2016	30,602
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	50,379
Total loans	566,925
Residential 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	57,945
Term Loans Amortized Cost Basis by Origination Year, 2019	168,912
Term Loans Amortized Cost Basis by Origination Year, 2018	96,568
Term Loans Amortized Cost Basis by Origination Year, 2017	61,033
Term Loans Amortized Cost Basis by Origination Year, 2016	22,949
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	39,366
Total loans	446,773
Residential 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	3,934
Term Loans Amortized Cost Basis by Origination Year, 2019	42,159
Term Loans Amortized Cost Basis by Origination Year, 2018	37,451
Term Loans Amortized Cost Basis by Origination Year, 2017	17,942
Term Loans Amortized Cost Basis by Origination Year, 2016	7,653
Term Loans Amortized Cost Basis by Origination Year, Pre-2016	11,013
Total loans	120,152
Quick Fix 1-4 Unit - Purchase
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	24,327
Term Loans Amortized Cost Basis by Origination Year, 2019	18,207
Term Loans Amortized Cost Basis by Origination Year, 2018	790
Total loans	43,324
Quick Fix 1-4 Unit - Purchase | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	20,563
Term Loans Amortized Cost Basis by Origination Year, 2019	15,990
Term Loans Amortized Cost Basis by Origination Year, 2018	186
Total loans	36,739
Quick Fix 1-4 Unit - Purchase | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	3,764
Term Loans Amortized Cost Basis by Origination Year, 2019	2,217
Term Loans Amortized Cost Basis by Origination Year, 2018	604
Total loans	6,585
Quick Fix 1-4 Unit - Refinance
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	52,552
Term Loans Amortized Cost Basis by Origination Year, 2019	71,529
Term Loans Amortized Cost Basis by Origination Year, 2018	8,915
Term Loans Amortized Cost Basis by Origination Year, 2017	95
Total loans	133,091
Quick Fix 1-4 Unit - Refinance | Performing
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	35,234
Term Loans Amortized Cost Basis by Origination Year, 2019	37,818
Term Loans Amortized Cost Basis by Origination Year, 2018	196
Total loans	73,248
Quick Fix 1-4 Unit - Refinance | Nonperforming
Financing Receivable Recorded Investment [Line Items]
Term Loans Amortized Cost Basis by Origination Year, 2020	17,318
Term Loans Amortized Cost Basis by Origination Year, 2019	33,711
Term Loans Amortized Cost Basis by Origination Year, 2018	8,719
Term Loans Amortized Cost Basis by Origination Year, 2017	95
Total loans	$ 59,843

Schedule of Loans (UPB) Collate

Schedule of Loans (UPB) Collateralized by Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Unpaid Principal Balance	[1],[2]		$ 2,059,344
Nonaccrual			155,824
Residential Real Estate
Debt Instrument [Line Items]
Unpaid Principal Balance	[1],[2]	$ 963,078	1,075,471
Nonaccrual		$ 211,271	$ 101,172
Residential Real Estate | Less Than One Million
Debt Instrument [Line Items]
Final Maturity Date	[3]	Jan. 1, 2051	Jan. 1, 2050
Unpaid Principal Balance	[1],[2],[3]	$ 803,663	$ 916,809
Nonaccrual	[3]	$ 161,225	$ 85,680
Residential Real Estate | Less Than One Million | Minimum
Debt Instrument [Line Items]
Interest Rate	[3]	5.20%	5.20%
Residential Real Estate | Less Than One Million | Maximum
Debt Instrument [Line Items]
Interest Rate	[3]	13.50%	16.30%
Residential Real Estate | One Million And More
Debt Instrument [Line Items]
Final Maturity Date	[4]	Jan. 1, 2051	Jan. 1, 2050
Unpaid Principal Balance	[1],[2],[4]	$ 159,415	$ 158,662
Nonaccrual	[4]	$ 50,046	$ 15,492
Residential Real Estate | One Million And More | Minimum
Debt Instrument [Line Items]
Interest Rate	[4]	6.00%	6.00%
Residential Real Estate | One Million And More | Maximum
Debt Instrument [Line Items]
Interest Rate	[4]	11.50%	11.50%
Commercial Real Estate
Debt Instrument [Line Items]
Unpaid Principal Balance	[1],[2]	$ 981,726	$ 983,873
Nonaccrual		$ 121,542	$ 54,652
Commercial Real Estate | Less Than One Million
Debt Instrument [Line Items]
Final Maturity Date	[3]	Jan. 1, 2051	Jan. 1, 2050
Unpaid Principal Balance	[1],[2],[3]	$ 792,577	$ 802,142
Nonaccrual	[3]	$ 88,644	$ 42,725
Commercial Real Estate | Less Than One Million | Minimum
Debt Instrument [Line Items]
Interest Rate	[3]	3.50%	3.50%
Commercial Real Estate | Less Than One Million | Maximum
Debt Instrument [Line Items]
Interest Rate	[3]	13.00%	13.00%
Commercial Real Estate | One Million And More
Debt Instrument [Line Items]
Final Maturity Date	[4]	Jan. 1, 2051	Jan. 1, 2050
Unpaid Principal Balance	[1],[2],[4]	$ 189,149	$ 181,731
Nonaccrual	[4]	$ 32,898	$ 11,927
Commercial Real Estate | One Million And More | Minimum
Debt Instrument [Line Items]
Interest Rate	[4]	6.00%	4.10%
Commercial Real Estate | One Million And More | Maximum
Debt Instrument [Line Items]
Interest Rate	[4]	10.50%	10.50%
Real Estate
Debt Instrument [Line Items]
Unpaid Principal Balance	[1],[2]	$ 1,944,804
Nonaccrual		$ 332,813
[1]	As of December 31, 2020 and 2019, $178.0 million and $217.5 million, respectively, of the total UPB were interest-only loans with interest payable monthly and the principal payable at maturity.
[2]	The aggregate cost of the Company’s loan portfolio for Federal income tax purposes was $1,968,579 and $2,082,426 as of December 31, 2020 and 2019, respectively.
[3]	Note (3):The principal and interest on the 1-4 unit residential mortgage loans is payable monthly at a level amount over the life of the loan to maturity. These loans generally contain a 3% prepayment penalty provision if the loan is prepaid within the first 3 years.
[4]	Note (4):The principal and interest on the traditional commercial mortgage loans is payable monthly at a level amount over the life of the loan to maturity. These loans generally contain a 5% prepayment penalty provision if the loan is prepaid within the first 3 years.

Loans (UPB) Collateralized by R

Loans (UPB) Collateralized by Real Estate - Additional Informaiton (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Aggregate Cost of Mortgage loans, Federal Income tax	$ 1,968,579	$ 2,082,426
Interest Expense, Debt	$ 178,000,000	$ 217,500,000
Residential Real Estate
Debt Instrument [Line Items]
Provision for prepayment penalty rate	3.00%
Commercial Real Estate
Debt Instrument [Line Items]
Provision for prepayment penalty rate	5.00%

Schedule of Reconciliation of t

Schedule of Reconciliation of the UPB Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deduction during period:
Balance at end of period	$ 3,414,985
UPB
Debt Instrument [Line Items]
Balance at beginning of period	2,059,344	$ 1,631,326	$ 1,295,439
Addition during period:
New mortgage loans	435,037	1,012,068	737,297
Acquisition	4,643	21,759	16,243
Capitalized Interest	7,814
Deduction during period:
Collection of principal	(374,576)	(404,757)	(337,565)
Foreclosures	(10,781)	(10,442)	(7,481)
Mortgages sold	(176,677)	(190,610)	(72,607)
Balance at end of period	$ 1,944,804	$ 2,059,344	$ 1,631,326

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 10,496	$ 9,831
Accumulated depreciation and amortization	(6,351)	(5,151)
Property, Plant and Equipment, Net	4,145	4,680
Furniture
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	885	805
Computer equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	1,161	1,044
Office equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	275	241
Leasehold improvements
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	578	275
Software Development
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 7,597	$ 7,466

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Depreciation and amortization expense	$ 1,219	$ 1,414	$ 1,434
Accumulated depreciation and amortization	6,351	5,151
Data Warehouse and Loan Origination Systems (LOS)
Property Plant And Equipment [Line Items]
Total capitalized costs	5,700	5,700
Accumulated depreciation and amortization	3,000	$ 2,200
Software Development
Property Plant And Equipment [Line Items]
Estimated amortization expense, 2021	700
Estimated amortization expense, 2022	400
Estimated amortization expense, 2023	400
Estimated amortization expense, 2024	400
Estimated amortization expense, 2025	$ 400

Real Estate Owned, Net - Summar

Real Estate Owned, Net - Summary of Activity in Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Real Estate [Roll Forward]
Beginning balance	$ 13,068	$ 7,167
Additions	10,412	11,661
Capitalized improvements	846	1,122
Sales	(6,825)	(4,290)
Other adjustments		(961)
Valuation adjustments	(1,734)	(1,631)	$ (888)
Ending balance	$ 15,767	$ 13,068	$ 7,167

Real Estate Owned, Net - Sale o

Real Estate Owned, Net - Sale of Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Operating income	$ 444	$ 242	$ 2
Operating expenses	(2,010)	(1,465)	(1,127)
Valuation adjustments	(1,734)	(1,631)	(888)
Net gain on sales of real estate	644	207	640
Total	$ (2,656)	$ (2,647)	$ (1,373)

Real Estate Owned, Net - Gross

Real Estate Owned, Net - Gross Gains and Losses And Number of Properties Sold (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)Property	Dec. 31, 2019USD ($)Property	Dec. 31, 2018USD ($)Property
Real Estate Owned Disclosure Of Detailed Components [Abstract]
Sales resulting in gains, properties sold | Property	14	10	13
Sales resulting in losses, properties sold | Property	9	5	2
Total, properties sold | Property	23	15	15
Sales resulting in gains | $	$ 837	$ 320	$ 649
Sales resulting in losses | $	(193)	(113)	(9)
Total | $	$ 644	$ 207	$ 640

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Prepaid expenses	$ 1,261	$ 1,574
Interest-only strips and deposits	642	1,086
Deferred costs		4,000
Operating leases - right of use assets, net	4,780	6,007
Appraisal fees for loans in process	96
Total other assets	$ 6,779	$ 12,667

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee Lease Description [Line Items]
Weighted average borrowing rate	6.01%	6.01%
Operating lease weighted average remaining lease term	3 years 7 months 6 days
Operating leases - right of use assets, net	$ 4,780	$ 6,007
Operating lease rent expense	$ 1,500	$ 1,300
Operating Lease Liability Statement Of Financial Position Extensible List	us-gaap:OtherLiabilitiesMember	us-gaap:OtherLiabilitiesMember
Operating lease liabilities	$ 5,127
Other Liabilities
Lessee Lease Description [Line Items]
Operating lease liabilities	$ 5,100	$ 6,300
Minimum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	2 years
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining lease term	5 years

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 1,524	$ 1,267
ROU assets obtained in exchange for lease obligations:
Operating leases		$ 7,061

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 1,602
2022	1,582
2023	1,394
2024	1,066
2025	55
Total lease payments	5,699
Less: Imputed interest	(572)
Operating lease liabilities	$ 5,127

Securitizations, Net - Addition

Securitizations, Net - Additional Information (Detail) $ in Billions	12 Months Ended	116 Months Ended
	Dec. 31, 2020USD ($)Securities	Dec. 31, 2020USD ($)
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%
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%

Securitizations, Net - Summary

Securitizations, Net - Summary of Investor Real Estate Loans Securitized, and Securities Issued, Ownership Retained by the Company (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Mortgage loans		$ 3,414,985
Securities issued		3,057,994
Securities retained as of issuance date		356,992
Securities retained		228,031	$ 112,369
2011-1 Trust
Debt Instrument [Line Items]
Mortgage loans	[1]	74,898
Securities issued	[1]	61,042
Securities retained as of issuance date	[1]	$ 13,856
Stated maturity date	[1]	2040-08
2014-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 191,757
Securities issued		161,076
Securities retained as of issuance date		$ 30,682
Stated maturity date		2044-09
2015-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 312,829
Securities issued		285,457
Securities retained as of issuance date		27,372
Securities retained		$ 15,522	15,569
Stated maturity date		2045-07
2016-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 358,601
Securities issued		319,809
Securities retained as of issuance date		38,792
Securities retained		$ 17,931	17,931
Stated maturity date		2046-04
2016-2 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 190,255
Securities issued		166,853
Securities retained as of issuance date		23,402
Securities retained		$ 9,514	9,514
Stated maturity date		2046-10
2017-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 223,064
Securities issued		211,910
Securities retained as of issuance date		11,154
Securities retained		$ 11,154	11,154
Stated maturity date		2047-04
2017-2 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 258,528
Securities issued		245,601
Securities retained as of issuance date		12,927
Securities retained		$ 6,232	8,293
Stated maturity date		2047-10
2018-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 186,124
Securities issued		176,816
Securities retained as of issuance date		9,308
Securities retained		$ 6,015	6,884
Stated maturity date		2048-04
2018-2 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 324,198
Securities issued		307,988
Securities retained as of issuance date		16,210
Securities retained		$ 9,762	12,853
Stated maturity date		2048-10
2019-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 247,979
Securities issued		235,580
Securities retained as of issuance date		12,399
Securities retained		$ 11,540	11,767
Stated maturity date		2049-03
2019-2 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 217,921
Securities issued		207,020
Securities retained as of issuance date		10,901
Securities retained		$ 9,728	10,491
Stated maturity date		2049-07
2019-3 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 162,546
Securities issued		154,419
Securities retained as of issuance date		8,127
Securities retained		$ 6,441	$ 7,913
Stated maturity date		2049-10
2020-1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 261,859
Securities issued		248,700
Securities retained as of issuance date		13,159
Securities retained		$ 13,085
Stated maturity date		2050-02
2020-2 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 128,470
Securities issued		96,352
Securities retained as of issuance date		32,118
Securities retained		$ 12,847
Stated maturity date		2050-06
2020-MC1 Trust
Debt Instrument [Line Items]
Mortgage loans		$ 275,956
Securities issued		179,371
Securities retained as of issuance date		96,585
Securities retained		$ 98,260
Stated maturity date		2050-07
[1]	The Trust was collapsed in July 2019.

Securitizations, Net - Summar_2

Securitizations, Net - Summary of Investor Real Estate Loans Securitized, and Securities Issued, Ownership Retained by the Company (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020
Transfers And Servicing [Abstract]
Trust collapsed period	2019-07

Securitizations, Net - Summar_3

Securitizations, Net - Summary of Outstanding Bond Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Outstanding bond balances	$ 1,602,918	$ 1,457,548
2014-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	23,391	31,139
2015-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	36,966	50,631
2016-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	57,963	86,901
2016-2 Trust
Debt Instrument [Line Items]
Outstanding bond balances	45,195	63,983
2017-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	72,910	113,540
2017-2 Trust
Debt Instrument [Line Items]
Outstanding bond balances	129,478	163,295
2018-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	102,063	134,700
2018-2 Trust
Debt Instrument [Line Items]
Outstanding bond balances	200,451	247,580
2019-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	181,579	214,709
2019-2 Trust
Debt Instrument [Line Items]
Outstanding bond balances	158,199	200,345
2019-3 Trust
Debt Instrument [Line Items]
Outstanding bond balances	127,045	$ 150,725
2020-1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	220,052
2020-2 Trust
Debt Instrument [Line Items]
Outstanding bond balances	109,832
2020-MC1 Trust
Debt Instrument [Line Items]
Outstanding bond balances	$ 137,794

Securitizations, Net - Summar_4

Securitizations, Net - Summary of Unamortized Discounts or Premiums (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2014-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	$ 85	$ 243
2015-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	64	72
2016-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	259	487
2016-2 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	(5)	(148)
2017-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	1,345	1,662
2017-2 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	18	26
2018-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	19	31
2018-2 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	23	32
2019-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	26	36
2019-2 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	14	19
2019-3 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	10	$ 14
2020-1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	7
2020-2 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	2,934
2020-MC1 Trust
Debt Instrument [Line Items]
Unamortized discounts or premiums	$ 2,219

Securitizations, Net - Summar_5

Securitizations, Net - Summary of Capitalized Issuance Costs Associated with Trusts (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
2014-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	$ 14	$ 43
2015-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	272	392
2016-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	151	401
2016-2 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	113	522
2017-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	369	1,147
2017-2 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,343	2,133
2018-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,008	1,597
2018-2 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,937	2,779
2019-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,918	2,619
2019-2 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,890	2,633
2019-3 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,552	$ 2,179
2020-1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	2,636
2020-2 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	1,489
2020-MC1 Trust
Debt Instrument [Line Items]
Capitalized issuance costs	$ 2,190

Securitizations, Net - Summar_6

Securitizations, Net - Summary of Weighted Average Rate on the Securities and Certificates (Details)	Dec. 31, 2020	Dec. 31, 2019
2014-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	7.46%	8.33%
2015-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	7.20%	6.37%
2016-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	7.78%	6.75%
2016-2 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	6.63%	5.59%
2017-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	5.31%	4.56%
2017-2 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	3.42%	3.50%
2018-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	4.04%	3.95%
2018-2 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	4.48%	4.44%
2019-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	4.01%	4.00%
2019-2 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	3.48%	3.44%
2019-3 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	3.26%	3.27%
2020-1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	2.83%
2020-2 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	4.55%
2020-MC1 Trust
Debt Instrument [Line Items]
Weighted average rate on the securities and certificates	4.50%

Other Debt - Additional Informa

Other Debt - Additional Information (Details) - USD ($)	Dec. 26, 2019	Aug. 29, 2019	Sep. 12, 2018	Jan. 31, 2020	Dec. 31, 2020	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
Agreement entered date					Sep. 12, 2018
Debt instrument, maturity date					Nov. 10, 2023
Line of credit, maximum capacity			$ 50,000,000
Line of credit, outstanding amount					$ 0
LIBOR | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, floor rate				0.75%
Debt instrument, spread rate				3.50%
Barclays Repurchase Agreement
Debt Instrument [Line Items]
Proceeds from securities issued and retained debt in securitization					19,700,000
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
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					$ 3,000,000	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%	5.25%
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					4.31%	5.25%
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, fixed interest rate	9.50%

Other Debt - Summary of Maximum

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Details) - USD ($)	Dec. 31, 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	73,502,000	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 Term Loan | 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

Other Debt - Summary of Maxim_2

Other Debt - Summary of Maximum Borrowing Capacity and Current Gross Balances Outstanding (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Average outstanding balance	$ 168,098	$ 240,608
Highest outstanding balance at any month-end	$ 439,547	$ 422,688
Debt Instrument, effective interest rate	4.97%	5.64%

Other Debt - Schedule of Acti_2

Other Debt - Schedule of Activity and Effective Interest Rate (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt Instrument, average rate	4.31%	5.26%
Debt issue cost amortization percentage	0.66%	0.38%

Other Debt - Summary of Interes

Other Debt - Summary of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense — portfolio related	$ 21,442	$ 22,347	$ 21,189	$ 22,848	$ 22,689	$ 21,827	$ 20,324	$ 19,062	$ 87,826	$ 83,903	$ 62,597
Interest expense — corporate debt	$ 1,900	$ 1,913	$ 1,894	$ 6,342	$ 4,070	$ 3,842	$ 3,353	$ 3,353	12,049	14,618	$ 13,322
Total interest expense									99,875	98,521
Warehouse and Repurchase Facilities
Debt Instrument [Line Items]
Interest expense — portfolio related									8,352	13,583
Securitizations
Debt Instrument [Line Items]
Interest expense — portfolio related									$ 79,474	$ 70,320

Other Debt - Summary of Inter_2

Other Debt - Summary of Interest Expense (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2020	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Interest expense — corporate debt		$ 1,900	$ 1,913	$ 1,894	$ 6,342	$ 4,070	$ 3,842	$ 3,353	$ 3,353	$ 12,049	$ 14,618	$ 13,322
Repayment of outstanding principal amount										75,000	$ 127,594
Corporate Debt Agreement | Owl Rock Capital Corporation | 2019-1 Trust
Debt Instrument [Line Items]
Interest expense — corporate debt										12,100
Write off of debt issuance cost										3,500
Prepayment penalties										$ 300
Repayment of outstanding principal amount	$ 75,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2018
Income Tax Disclosure [Abstract]
Income tax examination, increase (decrease) in liability from prior year			$ 5,500,000
Valuation allowance	$ 0	$ 0
Gross unrecognized tax benefits	1,860,000	3,559,000
Unrecognized tax benefits that would impact effective tax rate	1,400,000
Accrued interest and penalties	500,000	1,000,000
Interest and penalties	$ (500,000)	$ 1,000,000

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expense:
Federal									$ 4,454	$ 9,552
State									(769)	6,317
Total current tax expense									3,685	15,869
Deferred tax expense (benefit):
Federal									564	(5,150)
State									1,103	(2,613)
Total deferred tax expense (benefit)									1,667	(7,763)
Total income tax expense	$ 2,177	$ 1,544	$ 484	$ 1,148	$ 2,960	$ 1,796	$ 1,444	$ 1,906	$ 5,352	$ 8,106	$ 11,618

Income Taxes - Summary of Com_2

Income Taxes - Summary of Company's Reconciliation of the Company's Provision for Income Taxes at Federal Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income tax provision at statutory rate	21.00%	21.00%
State income taxes, net of federal tax benefit	8.60%	0.80%
Permanent items	0.10%	0.20%
Federal true-ups	0.50%	(0.90%)
Tax credits	(0.40%)	(0.90%)
Change in unrecognized tax benefit	(7.90%)	11.70%
Other	1.20%
Effective tax rate	23.10%	31.90%

Income Taxes - Summary of Tax E

Income Taxes - Summary of Tax Effects of Temporary Differences That Give Rise to Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets:
REMIC book-tax basis difference	$ 5,363	$ 14,908
Mark-to-market on loans	3,052	2,610
Lease liability	1,462	2,044
Stock compensation	275
Accrued vacation	183	196
Intangibles	10	13
Deferred state taxes		200
Provision for loan loss		725
Other	83
Gross deferred tax assets	10,428	20,696
Deferred Tax Liabilities:
Right-of-use assets	(1,363)	(1,945)
Deferred origination costs	(1,014)	(8,688)
Fixed assets	(975)	(1,138)
Deferred state taxes	(341)
REO	(81)	(45)
Purchase pool market discount		(600)
Gross deferred tax liabilities	(3,774)	(12,416)
Total net deferred tax asset	$ 6,654	$ 8,280

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of the Company's Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Beginning balance	$ 3,559
Changes related to current year tax positions	46	$ 1,855
Changes related to prior year tax positions	(1,745)
Changes related to prior year tax positions		1,704
Ending balance	$ 1,860	$ 3,559

Members' Equity - Summary of Ou

Members' Equity - Summary of Outstanding Units and Equity Balance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 06, 2017	Dec. 19, 2016
Class Of Stock [Line Items]
Ending balance	0
Preferred Units Class A
Class Of Stock [Line Items]
Preferred units issued	97,514,000
Preferred units outstanding	97,514,000
Common Class A
Class Of Stock [Line Items]
Equity outstanding balance	$ 92,650,000
Ending balance	95,000,000
Preferred Units Class B
Class Of Stock [Line Items]
Preferred units issued	16,072,000
Preferred units outstanding	16,072,000
Common Class B
Class Of Stock [Line Items]
Beginning balance	16,072,000
Ending balance	16,072,000
Vested units	13,406,000
Class D Preferred Units
Class Of Stock [Line Items]
Preferred units issued	60,194,000	193,989	60,000,000
Preferred units outstanding	60,194,000
Common Stock Class D
Class Of Stock [Line Items]
Equity outstanding balance	$ 60,194,000

Members' Equity - Additional In

Members' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018	Mar. 06, 2017	Dec. 19, 2016
Class Of Stock [Line Items]
Common stock, shares, outstanding	0	20,087,494
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares, issued	0	20,087,494
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Common Class A
Class Of Stock [Line Items]
Common stock, shares, outstanding	95,000,000
Common Class A | Velocity Financial L L C
Class Of Stock [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	97.40%
Common Class B
Class Of Stock [Line Items]
Common stock, shares, outstanding	16,072,000		16,072,000
Common stock, shares authorized	16,100,000
Common stock, shares, issued	16,100,000
Class D Preferred Units
Class Of Stock [Line Items]
Preferred units issued	60,194,000			193,989	60,000,000
Dividends, Preferred Stock, Paid-in-kind, Percentage	16.00%
Dividends Payable, Preferred Stock, Percentage	15.00%
Dividends, Preferred Stock, Cash	$ 14.1
Preferred Stock, Redemption Price Per Share	$ 0.876971
Preferred units, liquidation preference	$ 96.9

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 24, 2020	Jan. 31, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted			795,000
Exercise price of stock options granted			$ 12.89
Aggregate Intrinsic Value, Outstanding at end of year			$ 0
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 straight-line method
Compensation expense related to the outstanding stock options granted			$ 900
Amount of unrecognized compensation expense related to unvested stock options			$ 2,100
Number of shares of unvested stock options outstanding			785,000
Exercise price of unvested stock options			$ 12.89
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	12,500	782,500
Exercise price of stock options granted	$ 6.28
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

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options (Details) - Stock Options [Member]	12 Months Ended
	Dec. 31, 2020
Assumptions:
Expected volatility	0.28%
Risk-free interest rate	1.50%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock options granted	795,000
Options, Forfeited	(10,000)
Options, Outstanding at end of year	785,000
Options, Expected to vest	785,000	[1]
Weighted Average Exercise Price, Granted | $ / shares	$ 12.89
Weighted Average Exercise Price, Forfeited | $ / shares	13
Weighted Average Exercise Price, Outstanding at end of year | $ / shares	$ 12.89
Weighted Average Remaining Contractual Term, Outstanding	9 years 1 month 6 days
Weighted Average Remaining Contractual Term, Exercisable at end of year	9 years 1 month 6 days
Weighted Average Remaining Contractual Term, Expected to vest	9 years 1 month 6 days	[1]
Aggregate Intrinsic Value, Outstanding at end of year | $	$ 0
[1]	The number of options expected to vest reflect no expected forfeiture.

Earnings (Loss) Per Share - Sch

Earnings (Loss) Per Share - Schedule of Loss Per Common Share Calculations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic EPS:
Net income	$ 9,576	$ 3,481	$ 2,141	$ 2,579	$ 5,182	$ 3,880	$ 3,535	$ 4,695	$ 17,777	$ 17,292	$ 7,631
Less deemed dividends on preferred stock									48,955
Net loss allocated to common shareholders									(31,178)
Less earnings allocated to participating securities
Weighted average common shares outstanding									20,087
Basic									$ (1.55)
Diluted EPS:
Net loss allocated to common shareholders									$ (31,178)
Add dilutive effects for warrants
Add dilutive effects for stock options
Weighted average diluted common shares outstanding									20,087
Diluted loss per common share									$ (1.55)
Series A Convertible Preferred Stock
Diluted EPS:
Add dilutive effects for assumed conversion of Series A preferred stock

Earnings (Loss) Per Share - S_2

Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)	12 Months Ended
	Dec. 31, 2020shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	15,486,437
Series A Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	11,688,312
Shares underlying warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	3,013,125
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Share equivalents excluded from EPS	785,000

Convertible Redeemable Prefer_2

Convertible Redeemable Preferred Stock - Additional Information (Details) $ / shares in Units, $ in Millions	Apr. 07, 2020USD ($)$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2020Director$ / sharesshares	Nov. 29, 2024$ / shares	Nov. 28, 2024$ / shares	Oct. 07, 2022$ / shares
Convertible Redeemable 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			$ 3.85
Common stock applicable conversion rate price			$ 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 Redeemable Preferred Stock [Line Items]
Preferred stock redemption value | $		$ 90
Preferred Stock, Redemption Price Per Share		$ 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 Redeemable Preferred Stock [Line Items]
Exercise price per share			$ 2.96
Warrants to purchase an aggregate shares | shares			2,008,750
Exercise Price of $4.94 per Share of Common Stock
Convertible Redeemable Preferred Stock [Line Items]
Exercise price per share			$ 4.94
Warrants to purchase an aggregate shares | shares			1,004,375
Scenario, Forecast
Convertible Redeemable Preferred Stock [Line Items]
Preferred stock liquidation preference per share				$ 3,000	$ 3,000	$ 2,000
Shares underlying warrants
Convertible Redeemable Preferred Stock [Line Items]
Exercise price per share	$ 1,000
Warrants to purchase an aggregate shares | shares	3,013,125
Private Placement | Series A Convertible Preferred Stock
Convertible Redeemable Preferred Stock [Line Items]
Issuance of common stock, shares | shares	45,000
Stock price	$ 0.01

Concentration of Risk - Concent

Concentration of Risk - Concentrations of Loans Unpaid Principal Balance (Details) - Commercial Property	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Geographic Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Property Type Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Property Type Concentration | Investor 1-4
Concentration Risk [Line Items]
Concentration risk, percentage	50.00%	52.20%
Property Type Concentration | Mixed use
Concentration Risk [Line Items]
Concentration risk, percentage	13.30%	12.20%
Property Type Concentration | Multifamily
Concentration Risk [Line Items]
Concentration risk, percentage	9.40%	9.60%
Property Type Concentration | Retail
Concentration Risk [Line Items]
Concentration risk, percentage	8.80%	8.70%
Property Type Concentration | Office
Concentration Risk [Line Items]
Concentration risk, percentage	5.60%	5.70%
Property Type Concentration | Warehouse
Concentration Risk [Line Items]
Concentration risk, percentage	6.10%
Property Type Concentration | Other (individually less than 5.0%)
Concentration Risk [Line Items]
Concentration risk, percentage	6.80%	11.60%
California | Geographic Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	23.50%	22.60%
New York | Geographic Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	22.80%	22.40%
Florida | Geographic Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	11.50%	11.70%
New Jersey | Geographic Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	8.10%	8.10%
Other states (individually less than 5.0%) | Geographic Concentration
Concentration Risk [Line Items]
Concentration risk, percentage	34.10%	35.20%

Concentration of Risk - Additio

Concentration of Risk - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Transfer of loans held for investment to real estate owned	$ 9,747	$ 11,369	$ 7,389
Real Estate Owned, Net | Geographic Concentration
Concentration Risk [Line Items]
Transfer of loans held for investment to real estate owned	$ 15,800	$ 13,100

Concentration of Risk - Summary

Concentration of Risk - Summary of Real Estate Owned, Net (Details) - Real Estate Owned, Net - Geographic Concentration	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Concentration risk, percentage	100.00%	100.00%
Maryland
Concentration Risk [Line Items]
Concentration risk, percentage	23.50%	30.70%
Connecticut
Concentration Risk [Line Items]
Concentration risk, percentage	21.70%	25.30%
Ohio
Concentration Risk [Line Items]
Concentration risk, percentage	10.70%
California
Concentration Risk [Line Items]
Concentration risk, percentage	7.90%
North Carolina
Concentration Risk [Line Items]
Concentration risk, percentage	7.60%
Arizona
Concentration Risk [Line Items]
Concentration risk, percentage	7.10%	16.70%
Alabama
Concentration Risk [Line Items]
Concentration risk, percentage	6.00%
Georgia
Concentration Risk [Line Items]
Concentration risk, percentage	4.40%
New Jersey
Concentration Risk [Line Items]
Concentration risk, percentage	2.50%	5.10%
New York
Concentration Risk [Line Items]
Concentration risk, percentage	2.50%	5.20%
Other states (individually less than 5.0%)
Concentration Risk [Line Items]
Concentration risk, percentage	6.10%	17.00%

Retirement Plan - Additional In

Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]
Discretionary employer matching contribution amount	$ 476	$ 366	$ 367

Other Operating Expenses - Summ

Other Operating Expenses - Summary of Other Operating Expenses (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Operating Expenses [Abstract]
Travel, marketing and business development		$ 578	$ 1,307	$ 1,052
Data processing and telecommunications		2,150	2,094	1,704
Office expenses		1,579	1,891	1,896
Insurance, taxes, and licenses		2,179	470	376
Other	[1]	1,914	219	285
Total other operating expenses		$ 8,400	$ 5,981	$ 5,313
[1]	Other expenses in 2020 include other costs as a new public company, including SEC filing fees and Board of Directors fees.

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - $ / shares	Apr. 07, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Preferred stock, par or stated value per share		$ 0.01	$ 0.01
Shares underlying warrants
Related Party Transaction [Line Items]
Exercise price per share	$ 1,000
Warrants to purchase an aggregate shares	3,013,125
Private Placement | Series A Convertible Preferred Stock
Related Party Transaction [Line Items]
Issuance of common stock, shares	45,000
Preferred stock, par or stated value per share	$ 0.01

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Information on Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	$ 1,539	$ 2,960
Total assets	49,990	242,762
Real estate owned, net	15,767	13,068
Individually evaluated loans requiring specific allowance, net		125,998
Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1,539	2,960
Interest-only strips	238	894
Total assets	1,777	3,854
Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	48,213	238,908
Loans held for sale, net	13,106	214,467
Real estate owned, net	15,767	13,068
Individually evaluated loans requiring specific allowance, net	19,340	11,373
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	49,990	242,762
Level 3 | Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment, at fair value	1,539	2,960
Interest-only strips	238	894
Total assets	1,777	3,854
Level 3 | Nonrecurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	48,213	238,908
Loans held for sale, net	13,106	214,467
Real estate owned, net	15,767	13,068
Individually evaluated loans requiring specific allowance, net	$ 19,340	$ 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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (3,161)	$ (2,132)	$ (963)
Loans Held for Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	328	(224)	(174)
Real Estate Held For Sale, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	(1,734)	(1,631)	(888)
Individually Evaluated Loans Requiring Specific Allowance, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total net loss	$ (1,755)	$ (277)	$ 99

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Techniques and Unobservable Inputs Related to Level 3 Assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 49,990	$ 242,762
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 49,990	$ 242,762
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	8
Real estate owned, net	8	8
Collateral dependent impaired loans requiring specific allowance, net		8
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	6.2	10.5
Loans held for sale	6.2
Interest-only strips	15	15
Level 3 | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value		15
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	1	10
Level 3 | Minimum | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale		12
Level 3 | Minimum | Discounted Cash Flow | Collateral value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	94	18
Level 3 | Minimum | Discounted Cash Flow | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	14 months	5 months
Loans held for sale	31 months	0 months
Interest-only strips	0 months	0 months
Level 3 | Minimum | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	17.5
Level 3 | Minimum | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	5	5
Level 3 | Maximum | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for sale		15
Level 3 | Maximum | Discounted Cash Flow | Collateral value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	104	94
Level 3 | Maximum | Discounted Cash Flow | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	31 months	218 months
Loans held for sale	34 months	12 months
Interest-only strips	12 months	7 months
Level 3 | Maximum | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	30
Level 3 | Maximum | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	15	15
Level 3 | Weighted Average | Valuation, Market Approach | Measurement Input Selling Cost
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Individually evaluated loans requiring allowance, net	8
Real estate owned, net	8	8
Collateral dependent impaired loans requiring specific allowance, net		8
Level 3 | Weighted Average | Discounted Cash Flow | Discount rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	6.2	10.5
Loans held for sale	6.2	14.7
Interest-only strips	15	15
Level 3 | Weighted Average | Discounted Cash Flow | Collateral value (% of UPB)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	100	87
Level 3 | Weighted Average | Discounted Cash Flow | Timing of Resolution/Payoff
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	25 months	65 months
Loans held for sale	32 months	7 months
Interest-only strips	1 month 15 days
Level 3 | Weighted Average | Discounted Cash Flow | Measurement Input, Prepayment Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	30	15
Level 3 | Weighted Average | Discounted Cash Flow | Default Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	12	1
Level 3 | Weighted Average | Discounted Cash Flow | Loss Severity Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loans held for investment,at fair value	1	10
Level 3 | Individually evaluated loans requiring allowance net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 19,340
Level 3 | Real Estate Owned, Net
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	15,767	$ 13,068
Level 3 | Loans Held for Investment
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	1,539	2,960
Level 3 | Loans Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	13,106	214,467
Level 3 | Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets	$ 238	894
Level 3 | Collateral Dependent Impaired Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total assets		$ 11,373

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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	$ 2,960	$ 3,463	$ 4,632
Loans liquidated	(1,808)	(421)	(895)
Principal paydowns	(55)	(73)	(515)
Total unrealized gain (loss) included in netincome	442	(9)	241
Ending balance	1,539	2,960	3,463
Interest-only Strips
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning balance	894	812	369
Interest-only strip additions	1,820	2,495	1,314
Interest-only strip write-offs	(2,469)	(2,202)	(97)
Total unrealized gain (loss) included in netincome	(7)	(211)	(774)
Ending balance	$ 238	$ 894	$ 812

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Loans individually evaluated for allowance	$ 19,300	$ 11,400
Allowance for loan losses	$ 2,668	$ 913

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Restricted cash	$ 7,020	$ 6,087	$ 1,669
Loans held for investment, net	1,948,089	1,863,360
Loans held for investment, at fair value	1,539	2,960
Liabilities:
Secured financing, net	74,982	145,599
Securitizations, net	1,579,019	1,438,629
Real estate owned, net	15,767	13,068
Carrying Value
Assets:
Cash	13,273	21,465
Restricted cash	7,020	6,087
Loans held for sale, net	13,106	214,467
Loans held for investment, net	1,948,089	1,863,360
Loans held for investment, at fair value	1,539	2,960
Accrued interest receivables	11,373	13,295
Interest-only strips	238	894
Liabilities:
Secured financing, net	74,982	145,599
Warehouse and repurchase facilities, net	75,923	421,548
Securitizations, net	1,579,019	1,438,629
Accrued interest payable	5,503	7,190
Real estate owned, net		13,068
Estimate of Fair Value Measurement
Assets:
Cash	13,273	21,465
Restricted cash	7,020	6,087
Loans held for sale, net	13,272	222,260
Loans held for investment, net	2,003,301	1,913,481
Loans held for investment, at fair value	1,539	2,960
Accrued interest receivables	11,373	13,295
Interest-only strips	238	894
Liabilities:
Secured financing, net	78,000	153,000
Warehouse and repurchase facilities, net	75,923	421,548
Securitizations, net	1,616,222	1,486,990
Accrued interest payable	5,503	7,190
Real estate owned, net		13,068
Level 1 | Estimate of Fair Value Measurement
Assets:
Cash	13,273	21,465
Restricted cash	7,020	6,087
Accrued interest receivables	11,373	13,295
Liabilities:
Accrued interest payable	5,503	7,190
Level 2 | Estimate of Fair Value Measurement
Liabilities:
Warehouse and repurchase facilities, net	75,923	421,548
Level 3 | Estimate of Fair Value Measurement
Assets:
Loans held for sale, net	13,272	222,260
Loans held for investment, net	2,003,301	1,913,481
Loans held for investment, at fair value	1,539	2,960
Interest-only strips	238	894
Liabilities:
Secured financing, net	78,000	153,000
Securitizations, net	$ 1,616,222	1,486,990
Real estate owned, net		$ 13,068

Select Quarterly Financial Da_3

Select Quarterly Financial Data (Unaudited) - Schedule of Unaudited Quarterly Results (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Interest income	$ 41,556	$ 41,374	$ 39,755	$ 44,637	$ 44,124	$ 40,379	$ 36,884	$ 36,143	$ 167,322	$ 157,531	$ 124,722
Interest expense — portfolio related	21,442	22,347	21,189	22,848	22,689	21,827	20,324	19,062	87,826	83,903	62,597
Net interest income — portfolio related	20,114	19,027	18,566	21,789	21,435	18,552	16,560	17,081	79,496	73,628	62,125
Interest expense — corporate debt	1,900	1,913	1,894	6,342	4,070	3,842	3,353	3,353	12,049	14,618	13,322
Net interest income	18,214	17,114	16,672	15,447	17,365	14,710	13,207	13,728	67,447	59,010	48,803
Provision for (reversal of) loan losses	406	1,573	1,800	1,290	242	338	212	348	5,068	1,139	201
Net interest income after provision for loan losses	17,808	15,541	14,872	14,157	17,123	14,372	12,995	13,380	62,379	57,871	48,602
Other operating income (expense)	4,691	1,349	(1,339)	1,620	833	(212)	308	1,721	6,320	2,649	2,807
Operating expenses	10,746	11,865	10,908	12,050	9,814	8,484	8,324	8,500	45,570	35,122	32,160
Income before income taxes	11,753	5,025	2,625	3,727	8,142	5,676	4,979	6,601	23,129	25,398	19,249
Income tax expense	2,177	1,544	484	1,148	2,960	1,796	1,444	1,906	5,352	8,106	11,618
Net income	$ 9,576	$ 3,481	$ 2,141	$ 2,579	$ 5,182	$ 3,880	$ 3,535	$ 4,695	$ 17,777	$ 17,292	$ 7,631

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) $ in Millions	1 Months Ended
	Feb. 28, 2021	Jan. 31, 2021
Corporate Debt Agreement | 2021 Term Loan
Subsequent Event [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount	$ 175
Debt instrument, description	one-month LIBOR
Debt instrument, maturity month year	2026-02
LIBOR | Corporate Debt Agreement | 2021 Term Loan
Subsequent Event [Line Items]
Debt instrument, spread rate	8.00%
Debt instrument, floor rate	1.00%
Warehouse Facility
Subsequent Event [Line Items]
Line of credit, maximum capacity		$ 200