Other income and operating expenses (Tables)

12 Months Ended

Dec. 31, 2021

Other income and operating expenses

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

(in thousands)	December 31, 2021		December 31, 2020
Assets
Restricted cash	$	—	$	178
Paycheck Protection Program loans		867,109		—
Paycheck Protection Program loans, at fair value		3,243		74,931
Other assets		—		—
Prepaid expenses		—		77
PPP fee receivable		407		18
Deferred financing costs		—		—
Accrued interest receivable		7,025		510
Total PPP related assets	$	877,784	$	75,714
Liabilities
Paycheck Protection Program Liquidity Facility borrowings	$	941,505	$	76,276
Interest payable		2,358		104
Deferred LSP revenue		286		10,700
Accrued PPP related costs		12,460		498
Payable to third parties		2,091		2,716
Repair and denial reserve		12,844		3,305
Total PPP related liabilities	$	971,544	$	93,599

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

(in thousands)		Year Ended December 31, 2021		Year Ended December 31, 2020	Financial statement account
Income
LSP origination fees	$	—	$	27,768	Other income
PPP processing fees		—		5,162	Other income
LSP fee income		10,414		4,829	Servicing income
Interest income		79,201		739	Interest income
Total PPP related income	$	89,615	$	38,498
Expense
Direct operating expenses	$	8,241	$	9,600	Other operating expenses
Repair and denial reserve		9,539		3,305	Other income
Interest expense		15,774		2,174	Interest expense
Total PPP related expenses (direct)	$	33,554	$	15,079
Net PPP related income	$	56,061	$	23,419

Schedule of other income and operating expenses

	For the Year Ended December 31,
(in thousands)	2021		2020		2019
Other income:
Origination income	$	12,415	$	40,836	$	5,860
Change in repair and denial reserve		(10,168)		(4,133)		345
Other		6,762		4,813		4,873
Total other income	$	9,009	$	41,516	$	11,078
Other operating expenses:
Origination costs	$	24,337	$	19,815	$	10,168
Technology expense		7,971		6,722		4,834
Impairment on real estate		2,293		3,520		1,317
Rent and property tax expense		6,680		5,006		4,310
Recruiting, training and travel expense		1,309		1,419		2,352
Marketing expense		3,025		1,970		2,052
Loan acquisition costs		110		722		575
Financing costs on purchased future receivables		117		1,495		376
Other		12,559		13,700		7,178
Total other operating expenses	$	58,401	$	54,369	$	33,162