Liability for Losses Under Representations and Warranties

9 Months Ended

Sep. 30, 2019

Liability for Losses Under Representations and Warranties

Liability for Losses Under Representations and Warranties

Note 12—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,
	2019		2018		2019		2018
	(in thousands)
Balance at beginning of period	$	18,709	$	20,587	$	21,155	$	20,053
Provision for losses on loans sold:
Resulting from sales of loans		2,508		1,842		5,222		4,550
Reduction in liability due to change in estimate		(1,175)		(1,155)		(6,305)		(3,627)
(Recoveries) incurred losses, net		(74)		(252)		(104)		46
Balance at end of period	$	19,968	$	21,022	$	19,968	$	21,022
Unpaid principal balance of loans subject to representations and warranties at end of period	$	166,541,153	$	139,315,779