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Allowance for Loss-Sharing Obligations | 12 Months Ended
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Dec. 31, 2022
Allowance for Loss-Sharing Obligations |
Allowance for Loss-Sharing Obligations | Note 11 — Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2022 |  | 2021 | ​
Beginning balance | ​ | $ | 56,064 | ​ | $ | 64,303 | ​
Provisions for loss sharing | ​ | ​ | 3,592 | ​ | ​ | 44 | ​
Provisions reversal for loan repayments | ​ | ​ | (1,730) | ​ | ​ | (6,211) | ​
Recoveries (charge-offs), net | ​ |  | (758) | ​ | ​ | (2,072) | ​
Ending balance | ​ | $ | 57,168 | ​ | $ | 56,064 | ​
​ When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At both December 31, 2022 and 2021, we had $34.4 million of guarantee obligations included in the allowance for loss-sharing obligations. In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At December 31, 2022 and 2021, we had outstanding advances of $0.8 million and less than $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations. At December 31, 2022 and 2021, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $22.7 million and $21.7 million, respectively, and represented 0.12% and 0.11%, respectively, of our Fannie Mae servicing portfolio. During 2022, we recorded a $1.1 million increase in CECL reserves, which included a $1.2 million recovery for a loan that paid off during the second quarter of 2022. At December 31, 2022 and 2021, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.49 billion and $3.60 billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service for Fannie Mae, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

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- Definition The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2127163 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 30 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6397426&loc=d3e17499-108355 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 9 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121557415&loc=d3e14557-108349 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2127197 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 4 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=121557415&loc=d3e14435-108349 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.Y.Q4) -URI https://asc.fasb.org/extlink&oid=27011672&loc=d3e149879-122751 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121557415&loc=d3e14326-108349 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -SubTopic 20 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.Y.Q2) -URI https://asc.fasb.org/extlink&oid=27011672&loc=d3e149879-122751 + Details
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