Note 16—Commitments and Contingencies

Litigation

The Company is a party to legal proceedings and potential claims arising in the ordinary course of our business. The amount, if any, of ultimate liability with respect to such matters cannot be determined, but despite the inherent uncertainties of litigation, management believes that the ultimate disposition of such proceedings and exposure will not have a material adverse impact on the financial condition, results of operations, or cash flows of the Company.

Regulatory Matters

The Company and/or its subsidiaries are subject to various state and federal regulations related to its loan production and servicing operations by the various states it operates in as well as federal agencies such as the Consumer Financial Protection Bureau, HUD, the Federal Housing Administration as well as subject to the requirements of the Agencies it sells loans to and performs loan servicing for. As the result, the Company may become involved in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by the various federal, state and local regulatory bodies.

Commitments to Purchase and Fund Mortgage Loans

The Company’s commitments to purchase and fund mortgage loans totaled $2.8 billion as of December 31, 2018.

Leases

The Company leases office facilities. Rent expense during the years ended December 31, 2018, 2017 and 2016 was $12.3 million, $12.3 million and $9.1 million, respectively.

The following table provides a summary of future minimum lease payments required under lease agreements, which may also contain renewal options as of December 31, 2018:


Year ended December 31,	Future minimum lease payments
	(in thousands)
2019	$	15,586
2020		15,664
2021		14,693
2022		12,107
2023		11,155
Thereafter		24,495
	$	93,700