Other income and operating expenses (Tables)

12 Months Ended

Dec. 31, 2020

Other income and operating expenses

Schedule of the financial position related to the Paycheck Protection Program (PPP) activities

(In Thousands)	December 31, 2020
Assets
Restricted cash	$	178
PPP loans, at fair value		74,931
Other assets
Prepaid expenses		77
PPP fee receivable		18
Accrued interest receivable		510
Total PPP related assets	$	75,714
Liabilities
Secured borrowings	$	76,276
Interest payable		104
Deferred LSP revenue		10,700
Accrued PPP related costs		498
Payable to third parties		2,716
Repair and denial reserve		3,305
Total PPP related liabilities	$	93,599

Schedule of the income and expenses related to the Paycheck Protection Program (PPP) activities.

(In Thousands)	Year Ended December 31, 2020		Financial statement account
Income
LSP origination fees	$	27,768	Other income - origination fees
PPP processing fees		5,162	Other income - origination fees
LSP fee income		4,829	Servicing income
Interest income		739	Interest income
Total PPP related income	$	38,498
Expense
Direct operating expenses	$	9,600	Other operating expenses - origination costs
R&D reserve		3,305	Other income - change in repair and denial reserve
Interest expense		2,174	Interest expense
Total PPP related expenses (direct)	$	15,079
Net PPP related income	$	23,419

Schedule of other income and operating expenses

	For the Year Ended December 31,
(In Thousands)	2020		2019		2018
Other income
Origination income	$	40,836	$	5,860	$	4,590
Change in repair and denial reserve		(4,133)		345		163
Other		4,813		4,873		833
Total other income	$	41,516	$	11,078	$	5,586
Other operating expenses
Origination costs	$	19,815	$	10,168	$	7,752
Technology expense		6,722		4,834		3,624
Impairment on real estate		3,520		1,317		1,086
Rent and property tax expense		5,006		4,310		2,524
Recruiting, training and travel expense		1,419		2,352		2,287
Marketing expense		1,970		2,052		2,433
Loan acquisition costs		722		575		1,458
Financing costs on purchased future receivables		1,495		376		—
Other		13,700		7,178		7,583
Total other operating expenses	$	54,369	$	33,162	$	28,747