Servicing rights (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of information regarding portfolio of servicing rights

	Year Ended December 31,
(in thousands)	2021		2020
SBA servicing rights, at amortized cost
Beginning net carrying amount	$	18,764	$	17,660
Additions due to loans sold, servicing retained		8,572		4,153
Amortization		(4,021)		(3,555)
Impairment (recovery)		(1,158)		506
Ending net carrying amount	$	22,157	$	18,764
Multi-family servicing rights, at amortized cost
Beginning net carrying amount	$	19,059	$	13,135
Additions due to loans sold, servicing retained		18,147		8,850
Acquisitions		30,503		—
Amortization		(5,409)		(2,926)
Ending net carrying amount	$	62,300	$	19,059
Total servicing rights, at amortized cost	$	84,457	$	37,823
Residential MSRs, at fair value
Beginning net carrying amount	$	76,840	$	91,174
Additions due to loans sold, servicing retained		46,286		43,701
Loan pay-offs		(19,904)		(20,777)
Unrealized gains (losses)		16,920		(37,258)
Ending fair value amount	$	120,142	$	76,840
Total servicing rights	$	204,599	$	114,663

Residential MSRs

Schedule of servicing rights

	December 31, 2021				December 31, 2020
(in thousands)	UPB		Fair Value		UPB		Fair Value
Fannie Mae	$	4,056,595	$	41,698	$	3,700,450	$	27,632
Ginnie Mae		4,131,904		45,017		2,757,124		25,899
Freddie Mac		2,807,186		33,427		3,071,312		23,309
Total	$	10,995,685	$	120,142	$	9,528,886	$	76,840

Schedule of mortgage servicing rights portfolio

		December 31, 2021						December 31, 2020
		Range of input values				Weighted Average		Range of input values				Weighted Average
Residential MSRs
	Forward prepayment rate	8.4	-	20.9	%	9.5	%	12.6	-	31.4	%	14.3	%
	Discount rate	9.0	-	11.0	%	9.4	%	9.1	-	11.7	%	9.8	%
	Servicing expense	$70	-	$85		$74		$70	-	$85		$74

Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights

(in thousands)	December 31, 2021		December 31, 2020
Residential MSRs
Prepayment rate
Impact of 10% adverse change	$	(5,262)	$	(5,049)
Impact of 20% adverse change	$	(9,262)	$	(9,701)
Discount rate
Impact of 10% adverse change	$	(4,533)	$	(2,601)
Impact of 20% adverse change	$	(8,745)	$	(5,028)
Servicing expense
Impact of 10% adverse change	$	(2,125)	$	(1,469)
Impact of 20% adverse change	$	(4,251)	$	(2,938)

SBA | Multi-family

Schedule of servicing rights

	As of December 31, 2021				As of December 31, 2020
(in thousands)	UPB		Carrying Value		UPB		Carrying Value
SBA	$	856,188	$	22,157	$	643,135	$	18,764
Multi-family		4,232,969		62,300		1,501,998		19,059
Total	$	5,089,157	$	84,457	$	2,145,133	$	37,823

Schedule of assumptions used in the estimated valuation of servicing rights carried at amortized cost

		December 31, 2021						December 31, 2020
		Range of input values				Weighted Average		Range of input values				Weighted Average
SBA servicing rights
	Forward prepayment rate	7.9	-	21.0	%	8.9	%	6.7	-	20.8	%	8.5	%
	Forward default rate	0.0	-	10.4	%	9.1	%	0.0	-	10.5	%	8.2	%
	Discount rate	10.0	-	21.3	%	10.7	%	4.5	-	4.5	%	4.5	%
	Servicing expense	0.4	-	0.4	%	0.4	%	0.4	-	0.4	%	0.4	%
Multi-family servicing rights
	Forward prepayment rate	0.0	-	7.3	%	3.5	%	0.1	-	5.1	%	2.4	%
	Forward default rate	0.0	-	1.3	%	1.0	%	0.0	-	0.4	%	0.3	%
	Discount rate	6.0	-	6.0	%	6.0	%	6.0	-	6.0	%	6.0	%
	Servicing expense	0.0	-	0.8	%	0.1	%	0.2	-	0.3	%	0.2	%

Schedule of adverse changes to key assumptions on the carrying amount of the servicing rights

(in thousands)	December 31, 2021		December 31, 2020
SBA servicing rights
Forward prepayment rate
Impact of 10% adverse change	$	(670)	$	(729)
Impact of 20% adverse change	$	(1,305)	$	(1,420)
Default rate
Impact of 10% adverse change	$	(155)	$	(150)
Impact of 20% adverse change	$	(309)	$	(298)
Discount rate
Impact of 10% adverse change	$	(746)	$	(395)
Impact of 20% adverse change	$	(1,443)	$	(777)
Servicing expense
Impact of 10% adverse change	$	(1,344)	$	(1,250)
Impact of 20% adverse change	$	(2,687)	$	(2,501)
Multi-family servicing rights
Forward prepayment rate
Impact of 10% adverse change	$	(291)	$	(163)
Impact of 20% adverse change	$	(575)	$	(324)
Default rate
Impact of 10% adverse change	$	(25)	$	(6)
Impact of 20% adverse change	$	(50)	$	(13)
Discount rate
Impact of 10% adverse change	$	(1,910)	$	(678)
Impact of 20% adverse change	$	(3,726)	$	(1,324)
Servicing expense
Impact of 10% adverse change	$	(2,659)	$	(1,947)
Impact of 20% adverse change	$	(5,318)	$	(3,894)

Schedule of future amortization expense for the servicing rights

(in thousands)	December 31, 2021
2022	$	12,509
2023		10,922
2024		9,645
2025		8,565
2026		7,685
Thereafter		35,131
Total	$	84,457