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GUARANTEES AND MORTGAGE REPURCHASE LIABILITY | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
GUARANTEES AND MORTGAGE REPURCHASE LIABILITY | GUARANTEES AND MORTGAGE REPURCHASE LIABILITY In the ordinary course of business, the Company sells loans through the Fannie Mae Multifamily Delegated Underwriting and Servicing Program (DUS®) that are subject to a credit loss sharing arrangement. The Company services the loans for Fannie Mae and shares in the risk of loss with Fannie Mae under the terms of the DUS contracts. Under the DUS program, the Company and Fannie Mae share losses on a pro rata basis, where the Company is responsible for losses incurred up to one-third of the principal balance on each loan with two-thirds of the loss covered by Fannie Mae. For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees. At September 30, 2025, the total unpaid principal balance of loans sold under this program was $1.8 billion and the Company’s reserve liability related to this arrangement totaled $554 thousand. There was a reversal of provision of $340 thousand and no actual losses were incurred for the quarter and nine months ended September 30, 2025. Balances and activity from the DUS Program are reported beginning on the Merger date of September 2, 2025, therefore there were no balances or activity for the quarters and nine months ended September 30, 2024 and as of December 31, 2024. In the ordinary course of business, the Company sells residential mortgage loans to government sponsored enterprises and other entities. Under the terms of these sales agreements, the Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $4.5 billion as of September 30, 2025. At September 30, 2025, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated balance sheets of $738 thousand. There was a provision of $4 thousand and no actual losses were incurred for the quarter and nine months ended September 30, 2025. Balances from loans sold on a servicing retained basis and the mortgage repurchase liability are reported beginning on the Merger date of September 2, 2025, therefore there were no balances as of December 31, 2024.

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- Definition The entire disclosure for commitments, contingencies, and guarantees. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/450/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 460 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/460/tableOfContent + Details
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