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Liability for Losses Under Representations and Warranties (Tables)
 9 Months Ended
Sep. 30, 2024
Liability For Representations And Warranties [Abstract]  
Summary of Company's Liability for Losses under Representations and Warranties

Following is a summary of the Company’s liability for losses under representations and warranties:

 

 

Quarter ended September 30,

 

 

Nine months ended September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(in thousands)

 

Balance, beginning of period

 

$

13,183

 

 

$

37,069

 

 

$

26,143

 

 

$

39,471

 

Provision for losses:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuant to loan sales

 

 

459

 

 

 

448

 

 

 

917

 

 

 

2,126

 

Reduction in liability due to change in estimate

 

 

(5,180

)

 

 

(4,365

)

 

 

(18,598

)

 

 

(7,920

)

Losses incurred

 

 

(147

)

 

 

—

 

 

 

(147

)

 

 

(525

)

Balance, end of period

 

$

8,315

 

 

$

33,152

 

 

$

8,315

 

 

$

33,152

 

UPB of loans subject to representations and warranties at
    end of period

 

 

 

 

 

 

 

$

223,245,804

 

 

$

228,679,429