Liability for Losses Under Representations and Warranties

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
	(in thousands)
Balance at beginning of quarter	$	21,446	$	21,155
Provision for losses on loans sold:
Resulting from sales of loans		3,712		1,067
Reduction in liability due to change in estimate		(1,676)		(4,210)
Losses incurred, net		(280)		(30)
Balance at end of quarter	$	23,202	$	17,982
Unpaid principal balance of loans subject to representations and warranties at end of quarter	$	186,517,598	$	133,698,782