Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance	$	57,168	$	56,064
Provisions for loss sharing	17,864		3,592
Provisions reversal for loan repayments	(2,169)		(1,730)
Recoveries (charge-offs), net	(1,229)		(758)
Ending balance	$	71,634	$	57,168

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 December 31, 2023 and 2022, we had $34.6 million and $34.4 million, respectively, 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, 2023 and 2022, we had outstanding advances of $1.1 million and $0.8 million, respectively, which were netted against the allowance for loss-sharing obligations.

At December 31, 2023 and 2022, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $37.0 million and $22.7 million, respectively, and represented 0.17% and 0.12%, respectively, of our Fannie Mae servicing portfolio. During 2023, we recorded a $14.3 million increase in CECL reserves.

At December 31, 2023 and 2022, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.95 billion and $3.49 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.