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quarter second also of I'll that As otherwise be Please to note second relative numbers XXXX my results remarks, the the review the will corresponding fiscal during the comparisons to I all stated. and the of quarter page for unless presentation. refer XXXX will
of highlighted Over quarters, the the last revenue. improving trend year-over-year value fair we fees the in have served cost to FCR change performance that our component several reduce in of
our XX% fact, representing QX confidence basis highlighted material increase last point in percentage we terms reiterated to of as a continue XX was bank dollar to a quarters. quarter, loans. And in received service compared delivering GreenSky fees increase the poised over In positive trends the XXXX, and the when coming increase these incentive that we
point of of night, $XX.X an results cost million quarter noteworthy a a incentive XXXX credit it second grew the XX Slide for a XX% increasing the headwinds. to of serviced released outlined As representing last XX are on moderating fees percentage second quarter strong improving the $XX.X funds assets, presentation million, quarter second as the fees performance basis of foundation that in is byproduct XXXX as and laying from incentive operating COVID-XX despite improvement investor
to future the of new instruments in We guarantee of change escrow, the secured I'll guarantees are couple loan no standard, cash run-off Under as also the of replace arrangements our CECL portfolio innovative or over has credit loan our on originations bank our estimating bank bank portfolio our risk accounting restricted now expected the losses of scope the is credit purposes guaranty that balance significant by for is the quarters last for you not structures into originations the financial as durable well partners that bank loan. for CECL, guidance by Instead, talked with the reserve waterfall very feature partners, are credit about into of you our the factored new with portfolios. creates loan new with losses. the bank primary key briefly which to our how current of portfolio. model of CECL bank loan partners forecast nature accounting programmatic under goes the bank consumer different than per our accounting must standards financial in on their the that of a is calculation. GreenSky's origination Under a which loss partners CECL assume impact portfolios run-off component remind both performance requirements The partner our continual any new sheet. whereby credit we are grow the
non-cash our of For financial recognized $XX.X the million guarantees. charge we associated second quarter, a with
of XXXX, of arrangements important escrow us. is bank none this our that and have to any so the it quarter, in actually under However, had their partners note during to far use with
partner continue we EBITDA non-cash for such, program. our EBITDA reduce to cash the the under uses adjust bank and a our As will guarantees expense financial when
Turning X.XX%, in increase the over to approximately originating of in of XXXX of across XXXX fee the XXXX, quarter transaction billion quarter XX% our XX Page second presentation, from our volume second COVID-XX XX platform. as billion, of transaction which the results, correspond activity our depressed fiscal in in rate $X.X second points quarter financial was was transaction decrease The to company's platform an basis X.XX%. $X.X
offerings As interest into promotional our transaction rate. lower second COVID-XX depressed promotional to economic activity rates, translated during periods the more fee lower quarter, and longer merchants pivoted rates, that their product products, higher
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is arrangements bank servicing, starting funding asset. servicing purpose revenue partners higher of other and fees are amended last model recall, $X.X vehicle. than quarter. second in their servicing with quarter new things million increase on our the several to is fees. income rate year, a our held-for-sale in has create servicing million the to Interest attributable QX servicing to of new excess service from a stream of sheet balance may you increased our market When This the arising special for were fees As fixed second the $XXX loans their among
the million million to in XXXX's of costs, servicing change of cost the components: portfolio a distinct $XX.X to or costs, of Cost revenue compared divided of the second liability. revenue rate cost QX three Turning with totaled into $XX.X historically X.X% XX, fair Slide been revenue of origination of X.XX%. servicing in has FCR quarter the and value
mixed new we to other our revenue, we where funding This our loan component selling mark-to-market to transactions. loans fourth will the add with anticipate related in on we forward-flow mark-to-market of participations. Now cost costs and the a model, recognize is
will we as mark-to-market will We will the loans for recognize spreads, interest rates, such depend marked. as ABS these sale. held-for-sale. the types of owned mark-to-market SPV loans on designated when by as The factors be as market both well All held-for-sale designate loans the
a will on loans rate instance, discounts the For reduced loans market deferred and loans interest whereas generally and or rate be will zero interest depending rate sold. at premiums being sold discount, loans have the
portfolio servicing the the X.XX%. held-for-sale. $XX.X quarter, related loss average of of or $XX.X loan XXXX's was quarter During Servicing sale expenses second consistent the million loans with for QX million we recognized on the a X.XX%
originations Slide quarter XXXX. in XX, of liability. value quarter fair the the the is provided million change marginally down the FCR detail FCR $X on the change expenses we of from origination totaled liability On the the related determined have X.X% second based or in X.XX%.of For in how second
several highlighted Over the paradigm change I improving incentive in FCR the have trends payments. trends in specifically quarters, the within the liability, last and the improving
performance the the expense points a million This quarter X.XX%. decline basis XX the continued fees charge-off partner $X.X bank the from pursue the servicing the XXXX, or of million charge-off Note of portfolio comes the was quarter and improvement did of no loans improvement by in the average million, to margins, we for servicing that not second finance quarter's QX portfolio, though of realized down a charges. The that $X.X higher the $XX.X improvement sale. lower second lower bank for year-over-year the trend as XXXX importantly, combination rates, $XX.X continues due during the a recovery was of driven from even million, of whereas more quarter, first gain in quarter, sale rate X.XX% we
investors, will part make to discontinuance The selling continue plan forward. receivables these do we we going time As to program the this of retaining diversification. not funding over more our receivables to these versus sales is
discontinued was with these for sales XXXX adjusted XXXX for or our performance. for sales, comparability As recast EBITDA adjust we these allow to have
reversals, the to line. GreenSky. the paid I'll the which in GreenSky this point expense also XX, the aforementioned receipts fair has effect Bank value reducing increase fair liability paid impact change in basis improvement the Partners, begin by change the to with fee On addition, drivers In occurred liability FCR we of the breakout in value of XX Slide the servicing the balance the FCR of in from despite has increase charge quarter was portfolio, The a or This is $XX.X finance the to in portfolio. our related which of the is in servicing finance reversals. $XX.X expense deferred million the loan our loans future second liability of for in expense X.XX% for in the of interest larger the future this building-up charge of balance sheet X.XX%. expense million up or indicative XXXX’s expense
portfolio can not four this higher interest loans previously stable largely future FCR servicing rate you this increased to driver reversals. the quarter has quarters, year-over-year higher on impact the been charge-off reduced Even the servicing improvement Receipts $XX.X did the transactions. increased last receipts of portfolio. the expense XXXX's loan in strong interest played has we our servicing loan for for finance As of we X.XX% see though noted, quarters. prior The $XX.X has over average the our from build materially deferred from impact rate portfolio sale quarter the of on was a due average out that line. payments to nonetheless The to these of charge X.XX% million itself as the offer APRs receivables QX million, have or incentive within or year-over-year that relatively
net reduced the of points approximately deferred lower basis we risk totaled portfolio XX The despite aforementioned made servicing or million XXXX's X.X% payments incentive interest combination loans in $XX.X the in of from XX higher in servicing finance higher basis of rate approximate charge both rate approximately from the by improvement loans XX a on the loan operation of point as benefits charge-offs as fees fees X.XX%. basis quarter as compared upon the and the bank late Second point portfolio the have approximately to XX portfolio XX benefits points. of well agreed was basis basis for driven average and of QX yields improvement impact declining the as partner Lower points. rates
financial and remaining recognized As to included $X.X expense million cost loan quarter-over-quarter The in CECL a we to million entirely this on the million IT previously, modest held-for-sale. of the methodology guarantee guarantee non-cash of benefits for are and reflects expenses provision increase our and risk organizations. growth quarter, under increases losses higher million $X.X in increased $X.X escrow which largely comp balances our Operating a of $XX.X financial The CECL. million. increase increase attributable $XX.X loans we million driven revenue from by prescribed the of and which reserve noted expense exclude $XX.X expenses,
discipline COVID As with our we infrastructure. balance seeking to and environment, difficult expense this we're in investing team navigate our
due expense million, was to The of a net QX $XX.X XXXX. combination net XX, the of quarter was $X.X recovery of quarter income QX the compared of Slide to CECL to guarantee $XX.X income both during with charge-off million, primarily financial a a decrease proceeds back during million, of profit coupled for $XX.X in the Turning in the a million second sale recognition XXXX. absence versus the
prior our over in indicated have an the of long-term adjustment adjusted financial we provides reflect non-cash performance indicators operating calls, information business. that by non-cash key business construct. maintain accounting we regarding As grow earnings activities whether provided our and the of charge is as CECL EBITDA and sufficient one believe useful is to We our the cash to given its
comparability addition, adjusting In the we recovery have prior-periods for recast by purposes for charge-off sales.
million our focus quarter, now $XX we second $XXX was In which non-cash model improved million second as by reflecting loans Adjusted have highlight times. how assets. improvement XXXX's I noise of the for SPV the financed want we the on mark-to-market despite make non-recourse financing addition, do income on of the returns, to held-for-sale, core maximizing X% balance From the quarter million million, the EBITDA cash. our cash $XX year-over-year standpoint, the operating adjustments sheet business over created are for $XXX operations extreme these of in impacted an a servicing expense and COVID with
to we as aggregate held-for-sale flow and ebb sale You to each flow our partners. our loans investment for should quarter expect loans see
the cash to million demonstrate term as period. addition, flexibility of volatile the we In debt to opportunistically like our held-for-sale. in to to to well during I’d loan investments the from offering, additional Unrestricted Amelia? Q&A. as With as provide loans well quarter, $XX economic of the turn $XXX as both that, debt Amelia million access as our it we reflects kick-off proceeds capital raised the over navigate
