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Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Loans Sold to Third Parties – In the normal course of business, the Company is obligated to repurchase loans based on violations of representations and warranties in its loan sale agreements. The Company did not repurchase any loans during the three years ended December 31, 2019.

Outstanding Litigation – The Company is at times subject to various legal proceedings arising in the ordinary course of business. As of December 31, 2019, the Company does not believe that any of its current legal proceedings, individually or in the aggregate, will have a material adverse effect on the Company’s operations, financial condition or cash flows.

Leases – As of December 31, 2019, the Company has entered into multi-year lease agreements for office space accounted for as non-cancelable operating leases. Total property lease expense on these leases for the years ended December 31, 2019, 2018, and 2017 amounted to $1.2 million, $0.4 million, and $0.3 million, respectively. The leases are secured by cash deposits in the amount of $0.7 million.

As of December 31, 2019, obligations under non-cancelable operating leases are as follows (dollar amounts in thousands):



Year Ending December 31,
2020	$	1,595
2021	1,710
2022	1,721
2023	1,732
2024	1,548
Thereafter	6,699
Total	$	15,005