Loans Held for Investment and Loans Held for Investment at Fair Value

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Loans Held for Investment and Loans Held for Investment at Fair Value

Note 6 — Loans Held for Investment and Loans Held for Investment at Fair Value

The following tables summarize loans held for investment as of June 30, 2022 and December 31, 2021 (in thousands):

	June 30, 2022
	Loans held for investment, net			Loans held for investment, at fair value		Total loans held for investment
Unpaid principal balance	$	3,088,950		$	1,308	$	3,090,258
Valuation adjustments on FVO loans		—			43		43
Deferred loan origination costs		34,754			—		34,754
		3,123,704			1,351		3,125,055
Allowance for loan losses		(4,905	)		—		(4,905	)
Total loans held for investment and loans held for investment at    fair value, net	$	3,118,799		$	1,351	$	3,120,150

	December 31, 2021
	Loans held for investment, net			Loans held for investment, at fair value		Total loans held for investment
Unpaid principal balance	$	2,498,466		$	1,332	$	2,499,798
Valuation adjustments on FVO loans		—			27		27
Deferred loan origination costs		33,360			—		33,360
		2,531,826			1,359		2,533,185
Allowance for loan losses		(4,262	)		—		(4,262	)
Total loans held for investment and loans held for investment at    fair value, net	$	2,527,564		$	1,359	$	2,528,923

The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and six months ended June 30, 2022 and the year ended December 31, 2021 ($ in thousands):

	Three Months Ended June 30, 2022								Six Months Ended June 30, 2022
	UPB			%	Amortized Cost			%	UPB			%	Amortized Cost			%
Beginning balance	$	260,709			$	263,860			$	292,429			$	295,990
Foreclosures		(1,427	)			(1,438	)			(1,427	)			(1,438	)
Repayments		(22,968	)			(23,349	)			(54,688	)			(55,479	)
Ending balance	$	236,314			$	239,073			$	236,314			$	239,073
Performing/Accruing	$	187,872		79.5%	$	190,101		79.5%	$	187,872		79.5%	$	190,101		79.5%
Nonperforming/Nonaccrual	$	48,442		20.5%	$	48,972		20.5%	$	48,442		20.5%	$	48,972		20.5%

	December 31, 2021
	UPB			%	Amortized Cost			%
Beginning balance	$	392,073			$	396,918
Additions		2,616				2,615
Foreclosures		(402	)			(408	)
Repayments		(101,858	)			(103,135	)
Ending balance	$	292,429			$	295,990
Performing/Accruing	$	233,307		79.8%	$	236,076		79.8%
Nonperforming/Nonaccrual	$	59,122		20.2%	$	59,914		20.2%

Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $409.0 million in UPB of loans, which includes capitalized interest of $10.9 million. As of June 30, 2022, $188.8 million in UPB of modified loans has been paid down, which includes $3.8 million of capitalized interest received and the Company has not forgiven any capitalized interest.

Approximately 79.5% and 79.8% of the COVID forbearance loans in UPB were performing, and 20.5% and 20.2% were on nonaccrual status as of June 30, 2022 and December 31, 2021, respectively.

As of June 30, 2022 and December 31, 2021, the gross unpaid principal balance of loans held for investment pledged as collateral for the Company’s warehouse facilities, and securitizations issued were as follows (in thousands):

	June 30, 2022		December 31, 2021
The 2013 repurchase agreement	$	105,783	$	202,511
The 2021 repurchase agreement		101,570		114,072
The Bank credit agreement		33,962		30,959
The 2021 term repurchase agreement		29,828		53,217
The July 2021 term repurchase agreement		875		—
Total pledged loans	$	272,018	$	400,759
2015-1 Trust	$	—	$	31,931
2016-1 Trust		44,917		52,623
2017-2 Trust		75,129		94,809
2018-1 Trust		58,384		71,051
2018-2 Trust		122,113		154,974
2019-1 Trust		116,326		144,727
2019-2 Trust		107,197		132,358
2019-3 Trust		87,283		103,266
2020-1 Trust		162,582		189,547
2020-2 Trust		86,339		98,403
2020-MC1 Trust		—		134,957
2021-1 Trust		224,063		249,396
2021-2 Trust		186,540		198,039
2021-3 Trust		195,199		202,138
2021-4 Trust		293,146		314,547
2022-1 Trust		269,025		—
2022-2 Trust		250,812		—
2022-MC1 Trust		108,055		—
2022-3 Trust		310,432		—
Total	$	2,697,542	$	2,172,766

(a) Nonaccrual Loans

The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment that were nonperforming and on nonaccrual status as of June 30, 2022 and December 31, 2021. There were no loans accruing interest that were greater than 90 days past due as of June 30, 2022 and December 31, 2021.

	June 30, 2022
	Total Nonaccrual		Nonaccrual with No Allowance for Loan Loss		Nonaccrual with Allowance for Loan Loss		Allowance for Loans Individually Evaluated		% of Allowance to Total Nonaccrual Loans with Allowance
	($ in thousands)
Commercial - Purchase	$	14,911	$	14,647	$	264	$	6		0.1	%
Commercial - Refinance		80,442		76,077		4,365		434		3.7
Residential 1-4 Unit - Purchase		22,885		22,542		343		52		0.4
Residential 1-4 Unit - Refinance		96,649		94,594		2,055		196		1.7
Short Term 1-4 Unit - Purchase		2,302		2,302		—		—		—
Short Term 1-4 Unit - Refinance		38,013		33,268		4,745		476		4.0
Total	$	255,202	$	243,430	$	11,772	$	1,164		9.9	%
Troubled Debt Restructuring included in nonaccrual loans:	$	160	$	—	$	—	$	25		—

	December 31, 2021
	Total Nonaccrual		Nonaccrual with No Allowance for Loan Loss		Nonaccrual with Allowance for Loan Loss		Allowance for Loans Individually Evaluated		% of Allowance to Total Nonaccrual Loans with Allowance
	($ in thousands)
Commercial - Purchase	$	17,260	$	16,501	$	759	$	9		0.1	%
Commercial - Refinance		85,935		79,131		6,804		826		6.2
Residential 1-4 Unit - Purchase		17,385		17,128		257		96		0.7
Residential 1-4 Unit - Refinance		107,552		105,515		2,037		138		1.0
Short Term 1-4 Unit - Purchase		2,986		2,881		105		31		0.2
Short Term 1-4 Unit - Refinance		45,300		41,870		3,430		306		2.3
Total	$	276,418	$	263,026	$	13,392	$	1,406		10.5	%
Troubled Debt Restructuring included in nonaccrual loans:	$	165	$	—	$	—	$	25		—

The Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables. The Company has also made the accounting policy election to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due.

The Company will continue to evaluate the COVID-19 forbearance-granted loans on an individual basis to determine if a reserve should be established on the collectability of the accrued interest and whether any loans should be placed on nonaccrual status at a future date.

The following tables present the amortized cost basis in the loans held for investment, excluding loans held for investment at fair value, as of June 30, 2022 and 2021, and the amount of accrued interest receivables written off by reversing interest income by portfolio segment for the three and six months ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended June 30,
	2022				2021
	Amortized Cost		Interest Reversal		Amortized Cost		Interest Reversal
Commercial - Purchase	$	677,491	$	77	$	366,737	$	53
Commercial - Refinance		912,774		335		690,964		225
Residential 1-4 Unit - Purchase		529,796		61		276,896		63
Residential 1-4 Unit - Refinance		887,720		269		608,543		281
Short Term 1-4 Unit - Purchase		57,973		4		40,205		639
Short Term 1-4 Unit - Refinance		57,950		132		104,371		117
Total	$	3,123,704	$	878	$	2,087,716	$	1,378

	Six Months Ended June 30,
	2022				2021
	Amortized Cost		Interest Reversal		Amortized Cost		Interest Reversal
Commercial - Purchase	$	677,491	$	192	$	366,737	$	192
Commercial - Refinance		912,774		587		690,964		693
Residential 1-4 Unit - Purchase		529,796		281		276,896		121
Residential 1-4 Unit - Refinance		887,720		566		608,543		801
Short Term 1-4 Unit - Purchase		57,973		25		40,205		685
Short Term 1-4 Unit - Refinance		57,950		371		104,371		358
Total	$	3,123,704	$	2,022	$	2,087,716	$	2,850

The cash basis interest income recognized on nonaccrual loans was $8.7 million and $9.9 million for the three months ended June 30, 2022 and 2021, respectively, and $16.0 million and $16.7 million for the six months ended June 30, 2022 and 2021, respectively. No accrued interest income was recognized on nonaccrual loans for the three and six months ended June 30, 2022. The average recorded investment of individually evaluated loans, computed using month-end balances, was $260.8 million and $337.9 million for the three months ended June 30, 2022 and 2021, and $271.3 million and $337.5 million for the six months ended June 30, 2022 and 2021, respectively. There were no commitments to lend additional funds to debtors whose loans have been modified in troubled debt restructuring as of June 30, 2022 and 2021.

(b)Allowance for Credit Losses

The allowance for credit losses is maintained at a level deemed adequate by management to provide for expected losses in the portfolio at the balance sheet date. The allowance for credit losses is measured using two components. A component that measures expected credit losses on a collective (pool) basis when similar risk characteristics exist and a component that measures expected credit losses on an individual loan basis. To estimate the allowance for credit losses in the loans held for investment portfolio, management follows a detailed internal process, considering a number of different factors including, but not limited to, the ongoing analyses of loans, historical loss rates, relevant environmental factors, relevant market research, trends in delinquencies, effects and changes in credit concentrations, and ongoing evaluation of fair values.

The Company uses an open pool loss rate methodology to model expected credit losses on a collective basis. To determine the loss rates for the open pool method, the Company starts with its historical database of losses, segmenting the loans by loan purpose, product type and repayment period. A third-party model applying the open pool method is used to estimate an annual average loss rates by dividing the respective pool's quarterly historical losses by the pool's respective prior quarter’s ending unamortized loan cost balance and deriving an annual average loss rate from the historical quarterly loss rates. The model then adjusts the annual average loss rates based upon macroeconomic forecasts over a reasonable and supportable period, followed by a straight-line reversion to the historical loss rates. The adjusted annual average loss rates are applied to the forecasted pool balance within each segment. The forecasted balances in the loan pool segments are calculated based on a principal amortization using contractual maturity, factoring in further principal reductions from estimated prepayments. For the June 30, 2022 estimate, the Company considered a severe stress scenario with a six-quarter reasonable and supportable forecast period followed by a four-quarter straight-line reversion period. Management concluded that applying the severe stress scenario was appropriate given the uncertainty around future COVID cases, the war between Russia and Ukraine, spike in inflation, continued disruption in the supply chain, and concerns of a recession.

Once a loan becomes nonperforming (90 or more days past due), it no longer shares the same risk characteristics of the other loans within its segment of homogeneous loans (pool). Nonperforming loans are considered collateral dependent by the Company. These loans are evaluated individually using the practical expedient to determine the credit exposure.

The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended June 30, 2022
						Residential		Residential		Short Term			Short Term
	Commercial		Commercial			1-4 Unit		1-4 Unit		1-4 Unit			1-4 Unit
	Purchase		Refinance			Purchase		Refinance		Purchase			Refinance			Total
Allowance for credit losses:
Beginning Balance - April 1, 2022	$	518	$	2,140		$	389	$	1,029	$	50		$	537		$	4,663
Provision for loan losses		94		(125	)		51		241		(16	)		34			279
Charge-offs		—		(19	)		—		—		—			(18	)		(37	)
Ending balance	$	612	$	1,996		$	440	$	1,270	$	34		$	553		$	4,905
Allowance related to:
Loans individually evaluated	$	6	$	434		$	52	$	196	$	—		$	476		$	1,164
Loans collectively evaluated		606		1,562			388		1,074		34			77			3,741
Amortized cost related to:
Loans individually evaluated	$	14,911	$	80,442		$	22,885	$	96,649	$	2,302		$	38,013		$	255,202
Loans collectively evaluated		662,580		832,332			506,911		791,071		55,671			19,937			2,868,502

	Three Months Ended June 30, 2021
							Residential			Residential			Short Term			Short Term
	Commercial			Commercial			1-4 Unit			1-4 Unit			1-4 Unit			1-4 Unit
	Purchase			Refinance			Purchase			Refinance			Purchase			Refinance			Total
Allowance for credit losses:
Beginning Balance - April 1, 2021	$	328		$	1,990		$	322		$	1,227		$	386		$	1,628		$	5,881
Provision for loan losses		48			28			(41	)		(229	)		(313	)		(493	)		(1,000	)
Charge-offs		(114	)		(95	)		—			(151	)		—			(558	)		(918	)
Ending balance	$	262		$	1,923		$	281		$	847		$	73		$	577		$	3,963
Allowance related to:
Loans individually evaluated	$	57		$	1,005		$	120		$	342		$	56		$	369		$	1,949
Loans collectively evaluated		205			918			161			507			16			207			2,014
Amortized cost related to:
Loans individually evaluated	$	19,314		$	92,397		$	21,084		$	112,294		$	23,883		$	50,002		$	318,974
Loans collectively evaluated		347,423			598,567			255,812			496,249			16,322			54,369			1,768,742

	Six Months Ended June 30, 2022
							Residential		Residential			Short Term			Short Term
	Commercial			Commercial			1-4 Unit		1-4 Unit			1-4 Unit			1-4 Unit
	Purchase			Refinance			Purchase		Refinance			Purchase			Refinance			Total
Allowance for credit losses:
Beginning Balance - January 1, 2022	$	385		$	2,144		$	400	$	948		$	43		$	342		$	4,262
Provision for loan losses		374			(123	)		40		427			(9	)		300			1,009
Charge-offs		(147	)		(25	)		—		(105	)		—			(89	)		(366	)
Ending balance	$	612		$	1,996		$	440	$	1,270		$	34		$	553		$	4,905
Allowance related to:
Loans individually evaluated	$	6		$	434		$	52	$	196		$	—		$	476		$	1,164
Loans collectively evaluated		606			1,562			388		1,074			34			77			3,741
Amortized cost related to:
Loans individually evaluated	$	14,911		$	80,442		$	22,885	$	96,649		$	2,302		$	38,013		$	255,202
Loans collectively evaluated		662,580			832,332			506,911		791,071			55,671			19,937			2,868,502

	Six Months Ended June 30, 2021
							Residential			Residential			Short Term			Short Term
	Commercial			Commercial			1-4 Unit			1-4 Unit			1-4 Unit			1-4 Unit
	Purchase			Refinance			Purchase			Refinance			Purchase			Refinance			Total
Allowance for credit losses:
Beginning Balance - January 1, 2021	$	373		$	2,093		$	333		$	1,216		$	595		$	1,235		$	5,845
Provision for loan losses		3			(76	)		(15	)		(218	)		(508	)		(81	)		(895	)
Charge-offs		(114	)		(94	)		(37	)		(151	)		(14	)		(577	)		(987	)
Ending balance	$	262		$	1,923		$	281		$	847		$	73		$	577		$	3,963
Allowance related to:
Loans individually evaluated	$	57		$	1,005		$	120		$	342		$	56		$	369		$	1,949
Loans collectively evaluated		205			918			161			507			16			207			2,014
Amortized cost related to:
Loans individually evaluated	$	19,314		$	92,397		$	21,084		$	112,294		$	23,883		$	50,002		$	318,974
Loans collectively evaluated		347,423			598,567			255,812			496,249			16,322			54,369			1,768,742

(c)Credit Quality Indicator

A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-off rate in relation to its nonperforming loans as a credit quality indicator. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. As of June 30, 2022, the annualized charge-off rate was 0.27% of average nonperforming loans. The charge-off rate was 0.42% for the year ended December 31, 2021.

Other credit quality indicators include aging status and accrual status. The following table presents the aging status of the amortized cost basis in the loans held for investment portfolio, excluding loans held for investment at fair value, which include $239.1 million and $296.0 million loans in the Company’s COVID-19 forbearance program as of June 30, 2022 and December 31, 2021, respectively (in thousands):

	30–59 days		60–89 days		90+days		Total				Total
June 30, 2022	past due		past due		past due(1)		past due		Current		loans
Loans individually evaluated
Commercial - Purchase	$	310	$	1,875	$	12,726	$	14,911	$	—	$	14,911
Commercial - Refinance		3,551		6,314		70,417		80,282		160		80,442
Residential 1-4 Unit - Purchase		325		672		21,888		22,885		—		22,885
Residential 1-4 Unit - Refinance		1,029		2,701		92,919		96,649		—		96,649
Short Term 1-4 Unit - Purchase		—		—		2,302		2,302		—		2,302
Short Term 1-4 Unit - Refinance		—		247		37,766		38,013		—		38,013
Total loans individually evaluated	$	5,215	$	11,809	$	238,018	$	255,042	$	160	$	255,202
Loans collectively evaluated
Commercial - Purchase	$	13,431	$	9,952	$	—	$	23,383	$	639,197	$	662,580
Commercial - Refinance		30,249		14,483		—		44,732		787,600		832,332
Residential 1-4 Unit - Purchase		14,855		3,805		—		18,660		488,251		506,911
Residential 1-4 Unit - Refinance		42,227		10,519		—		52,746		738,325		791,071
Short Term 1-4 Unit - Purchase		3,052		677		—		3,729		51,942		55,671
Short Term 1-4 Unit - Refinance		3,476		570		—		4,046		15,891		19,937
Total loans collectively evaluated	$	107,290	$	40,006	$	—	$	147,296	$	2,721,206	$	2,868,502
Ending balance	$	112,505	$	51,815	$	238,018	$	402,338	$	2,721,366	$	3,123,704

	30–59 days		60–89 days		90+days		Total				Total
December 31, 2021	past due		past due		past due(1)		past due		Current		loans
Loans individually evaluated
Commercial - Purchase	$	700	$	2,314	$	14,246	$	17,260	$	—	$	17,260
Commercial - Refinance		4,464		6,818		74,488		85,770		165		85,935
Residential 1-4 Unit - Purchase		—		682		16,703		17,385		—		17,385
Residential 1-4 Unit - Refinance		807		1,088		105,657		107,552		—		107,552
Short Term 1-4 Unit - Purchase		1,224		—		1,762		2,986		—		2,986
Short Term 1-4 Unit - Refinance		615		1,010		43,675		45,300		—		45,300
Total loans individually evaluated	$	7,810	$	11,912	$	256,531	$	276,253	$	165	$	276,418
Loans collectively evaluated
Commercial - Purchase	$	17,319	$	4,034	$	—	$	21,353	$	470,808	$	492,161
Commercial - Refinance		31,769		7,025		—		38,794		658,532		697,326
Residential 1-4 Unit - Purchase		14,905		5,580		—		20,485		370,900		391,385
Residential 1-4 Unit - Refinance		39,045		9,548		—		48,593		574,175		622,768
Short Term 1-4 Unit - Purchase		21,412		217		—		21,629		4,374		26,003
Short Term 1-4 Unit - Refinance		4,060		5,561		—		9,621		16,144		25,765
Total loans collectively evaluated	$	128,510	$	31,965	$	—	$	160,475	$	2,094,933	$	2,255,408
Ending balance	$	136,320	$	43,877	$	256,531	$	436,728	$	2,095,098	$	2,531,826

(1)Includes loans in bankruptcy and foreclosure less than 90 days past due.

In addition to the aging status, the Company also evaluates credit quality by accrual status. The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of June 30, 2022 and December 31, 2021 (in thousands).

	Term Loans Amortized Cost Basis by Origination Year
June 30, 2022:	2022		2021		2020		2019		2018		Pre-2018		Total
Commercial - Purchase
Payment performance
Performing	$	215,509	$	268,001	$	41,591	$	64,227	$	39,948	$	33,304	$	662,580
Nonperforming		—		1,212		186		6,540		1,535		5,438		14,911
Total Commercial - Purchase	$	215,509	$	269,213	$	41,777	$	70,767	$	41,483	$	38,742	$	677,491
Commercial - Refinance
Payment performance
Performing	$	224,064	$	225,103	$	58,086	$	124,285	$	100,753	$	100,041	$	832,332
Nonperforming		540		8,266		3,857		21,462		20,646		25,671		80,442
Total Commercial - Refinance	$	224,604	$	233,369	$	61,943	$	145,747	$	121,399	$	125,712	$	912,774
Residential 1-4 Unit - Purchase
Payment performance
Performing	$	162,492	$	242,544	$	11,541	$	39,733	$	22,505	$	28,096	$	506,911
Nonperforming		985		8,063		2,169		3,042		3,474		5,152		22,885
Total Residential 1-4    Unit - Purchase	$	163,477	$	250,607	$	13,710	$	42,775	$	25,979	$	33,248	$	529,796
Residential 1-4 Unit - Refinance
Payment performance
Performing	$	247,970	$	314,865	$	26,150	$	95,470	$	44,360	$	62,256	$	791,071
Nonperforming		509		14,566		7,111		28,920		24,066		21,477		96,649
Total Residential 1-4    Unit - Purchase	$	248,479	$	329,431	$	33,261	$	124,390	$	68,426	$	83,733	$	887,720
Short Term 1-4 Unit - Purchase
Payment performance
Performing	$	29,097	$	7,493	$	15,037	$	4,044	$	—	$	—	$	55,671
Nonperforming		—		—		995		1,202		105		—		2,302
Total Short Term 1-4    Unit - Purchase	$	29,097	$	7,493	$	16,032	$	5,246	$	105	$	—	$	57,973
Short Term 1-4 Unit - Refinance
Payment performance
Performing	$	13,024	$	1,582	$	2,543	$	2,788	$	—	$	—	$	19,937
Nonperforming		—		244		12,464		20,264		5,041		—		38,013
Total Short Term 1-4    Unit - Refinance	$	13,024	$	1,826	$	15,007	$	23,052	$	5,041	$	—	$	57,950
Total Portfolio	$	894,190	$	1,091,939	$	181,730	$	411,977	$	262,433	$	281,435	$	3,123,704

	Term Loans Amortized Cost Basis by Origination Year
December 31, 2021	2021		2020		2019		2018		2017		Pre-2017		Total
Commercial - Purchase
Payment performance
Performing	$	277,618	$	45,836	$	81,541	$	46,637	$	24,164	$	16,365	$	492,161
Nonperforming		288		1,781		5,541		4,180		3,539		1,931		17,260
Total Commercial - Purchase	$	277,906	$	47,617	$	87,082	$	50,817	$	27,703	$	18,296	$	509,421
Commercial - Refinance
Payment performance
Performing	$	239,688	$	64,966	$	144,017	$	118,735	$	62,374	$	67,545	$	697,325
Nonperforming		2,482		3,949		26,012		26,869		16,492		10,131		85,935
Total Commercial - Refinance	$	242,170	$	68,915	$	170,029	$	145,604	$	78,866	$	77,676	$	783,260
Residential 1-4 Unit - Purchase
Payment performance
Performing	$	263,180	$	12,878	$	48,930	$	29,544	$	12,863	$	23,990	$	391,385
Nonperforming		1,372		2,749		3,896		3,736		3,487		2,145		17,385
Total Residential 1-4    Unit - Purchase	$	264,552	$	15,627	$	52,826	$	33,280	$	16,350	$	26,135	$	408,770
Residential 1-4 Unit - Refinance
Payment performance
Performing	$	343,199	$	31,334	$	114,145	$	59,825	$	31,774	$	42,491	$	622,768
Nonperforming		11,646		6,040		31,816		30,626		16,677		10,747		107,552
Total Residential 1-4    Unit - Purchase	$	354,845	$	37,374	$	145,961	$	90,451	$	48,451	$	53,238	$	730,320
Short Term 1-4 Unit - Purchase
Payment performance
Performing	$	1,890	$	15,582	$	8,531	$	—	$	—	$	—	$	26,003
Nonperforming		—		1,565		1,316		105		—		—		2,986
Total Short Term 1-4    Unit - Purchase	$	1,890	$	17,147	$	9,847	$	105	$	—	$	—	$	28,989
Short Term 1-4 Unit - Refinance
Payment performance
Performing	$	1,448	$	11,991	$	12,326	$	—	$	—	$	—	$	25,765
Nonperforming		1,038		15,819		22,618		5,825		—		—		45,300
Total Short Term 1-4    Unit - Refinance	$	2,486	$	27,810	$	34,944	$	5,825	$	—	$	—	$	71,065
Total Portfolio	$	1,143,849	$	214,490	$	500,689	$	326,082	$	171,370	$	175,345	$	2,531,825