SoFi Technologies Inc

The following table presents the components of our total noninterest income:

Loan Platform Business

The following table presents the components of noninterest income associated with our Loan Platform Business:

(1)Recorded within noninterest income—loan platform feesin the consolidated statements of operations and comprehensive income (loss), and the Financial Services reportable segment.

(2)Recorded within noninterest income—servicingin the consolidated statements of operations and comprehensive income (loss), and the Lending reportable segment. Amounts reflect revenue from our servicing agreements on loans which we did not originate, excluding the impacts of changes in fair value inputs and assumptions on related servicing rights as they were immaterial for all periods presented.

2024 vs. 2023. Total noninterest income increased by $97.3 million, or 11%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily attributable to: (i) inloan origination, sales and securitizations, higher origination fees of $242.9 million primarily related to a product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate; (ii) growth in our Loan Platform Business of $121.4 million composed of an increase of $108.0 million reported inloan platform fees related to revenue from loans that we originate on behalf of third parties and pre-qualified borrower referrals to third-party loan origination partners, as well as a related increase inservicing income of $13.4 million; (iii) inother, an increase in gains on extinguishment of debt of $47.9 million, and an increase in interchange fee revenue of $32.4 million on higher volume; and (iv) intechnology products and solutions, an increase in technology services fee revenue of $26.3 million driven by increased processing and service arrangement activity among our integrated technology solutions clients as well as account growth.

These increases were partially offset by lower revenue inloan origination, sales and securitizations reflecting: (i) higher personal and student loan net charge-offs of $172.5 million, primarily driven by growth in the portfolios and elevated charge off rates; (ii) a net decrease of $111.0 million related to the following: lower fair value gains on personal loans, which were primarily impacted by smaller decreases in discount rate assumptions during 2024 (a decrease of $371.2 million); lower fair value gains on student loans, which were primarily impacted by higher discount rate assumptions (a decrease of $77.7 million; and gains on student loan, personal loan and risk retention interest rate swap positions during 2024 compared to losses in 2023, primarily driven by larger increases in interest rates in the 2024 period (an increase of $337.9 million). In addition, servicing income decreased $28.4 million primarily related to unfavorable changes in valuation inputs and assumptions for personal loans and student loans, which was primarily attributable to increased prepayment rate and default rate assumptions, respectively, during 2024; and (iii) higher losses of $66.1 million on personal loan sales in the 2024 period, and were due to both price and volume factors, as well as delinquent loan sales in the 2024 period only.

2023 vs. 2022. Total noninterest income decreased by $128.4 million, or 13%, for the year ended December 31, 2023 compared to the year ended December 31, 2022, which was primarily attributable to: (i) higher personal loan write-offs in 2023, (ii) higher origination fees primarily related to a new product feature offered on personal loans, whereby a borrower may optionally elect to pay origination fees to qualify for a lower annual percentage rate, (iii) the net effect of higher income related to in period originations, loan sale execution and fair value adjustments on loans and securitization loans, which were primarily impacted by higher personal loan origination volume, lower student loan prepayment assumptions, and an increase in securitization loan fair market values primarily associated with a consolidated securitization transaction in the first quarter of 2023, partially offset by losses in 2023 compared to gains in 2022 on loan hedging and risk retention hedge activities due to smaller increases in interest rates during the 2023 period, (iv) growth in technology products and solutions fees largely driven by revenue contribution from Technisys for the full period in 2023, (v) increased interchange revenue, and (vi) gain on extinguishment of debt during 2023.