Other assets and other liabilities

12 Months Ended

Dec. 31, 2020

Other assets and other liabilities

Other assets and other liabilities

Note 19. Other assets and other liabilities

The following table details the Company’s other assets and other liabilities as of the consolidated balance sheet dates.

(In Thousands)	December 31, 2020		December 31, 2019
Other assets:
Deferred tax asset	$	18,396	$	31,803
Tax receivable		—		4,019
Deferred loan exit fees		13,940		13,039
Accrued interest		12,656		10,583
Goodwill		11,206		11,206
Due from servicers		11,171		10,127
Right-of-use lease asset		3,172		4,531
Intangible assets		6,986		8,309
Deferred financing costs		2,612		2,046
Other assets		9,364		11,262
Other assets	$	89,503	$	106,925
Accounts payable and other accrued liabilities:
Deferred tax liability	$	16,839	$	18,757
Accrued salaries, wages and commissions		35,724		21,146
Accrued interest payable		19,695		17,305
Servicing principal and interest payable		7,318		14,145
Repair and denial reserve		9,557		5,179
Payable to related parties		4,088		2,697
Accrued professional fees		1,365		1,809
Lease payable		3,670		4,618
Deferred PPP loan revenue		10,700		—
Other liabilities		26,699		11,751
Total accounts payable and other accrued liabilities	$	135,655	$	97,407

Intangible assets

The following table presents information about the intangible assets held by the Company:

(In Thousands)	December 31, 2020		December 31, 2019		Estimated Useful Life
Internally developed software - Knight Capital	$	3,061	$	3,694	6 years
Broker network - Knight Capital		889		1,156	4.5 years
SBA license		1,000		1,000	Indefinite life
Favorable lease		768		905	12 years
Trade name - Knight Capital		709		855	6 years
Trade name - GMFS		559		699	15 years
Total Intangible Assets	$	6,986	$	8,309

Amortization expense related to the intangible assets previously acquired for the years ended December 31, 2020 and 2019 was $1.3 million and $0.5 million, respectively. Such amounts are recorded as other operating expenses in the consolidated statements of income.

At December 31, 2020, accumulated amortization for finite-lived intangible assets is as follows:

(In Thousands)	December 31, 2020
Favorable lease	$	712
Trade name - GMFS		664
Internally developed software - Knight Capital		739
Broker network - Knight Capital		311
Trade name - Knight Capital		171
Total Accumulated Amortization	$	2,597

Amortization expense related to the finite-lived intangible assets for the five years subsequent to 2020 is as follows:

(In Thousands)	December 31, 2020
2021		1,295
2022		1,268
2023		1,242
2024		1,032
2025		787
Thereafter		362
Total	$	5,986

Loan indemnification reserve

A liability has been established for potential losses related to representations and warranties made by GMFS for loans sold with a corresponding provision recorded for loan indemnification losses. The liability is included in accounts payable and other accrued liabilities in the Company's consolidated balance sheets and the provision for loan indemnification losses is included in variable expenses on residential mortgage banking activities, in the Company's consolidated statements of income. In assessing the adequacy of the liability, management evaluates various factors including historical repurchases and indemnifications, historical loss experience, known delinquent and other problem loans, outstanding repurchase demand, historical rescission rates and economic trends and conditions in the industry. Actual losses incurred are reflected as a reduction of the reserve liability. At December 31, 2020 and 2019, the loan indemnification reserve was $4.1 million and $2.1 million, respectively.

Because of the uncertainty in the various estimates underlying the loan indemnification reserve, there is a range of losses in excess of the recorded loan indemnification reserve that is reasonably possible. The estimate of the range of possible losses for representations and warranties does not represent a probable loss, and is based on current available information, significant judgment, and a number of assumptions that are subject to change. At December 31, 2020 and 2019, the reasonably possible loss above the recorded loan indemnification reserve was not considered material.