7 unchanged sentences
We are exposed to market risk related to the accessibility and terms of long-term financing of our consumer loans.
−Removed: In the past, we have accessed the asset-backed securities market to provide term financing of home-only and non-conforming mortgage originations.
−Removed: At present, independent asset-backed and mortgage-backed securitization markets are not readily available to us or other manufactured housing lenders.
−Removed: Accordingly, we have not continued to securitize our loan originations as a means to obtain long-term funding.
+Added: While we previously accessed the asset-backed securities market to provide term financing of home-only and non-conforming mortgage originations, at present, independent asset-backed and mortgage-backed securitization markets are not readily available to us or other manufactured housing lenders.
+Added: Accordingly, we have not securitized our loan originations as a means to obtain long-term funding.
We are also exposed to market risks related to the consumer and commercial loan notes receivables.
6 unchanged sentences
Securitized financings
−Removed: In originating loans for sale, we issue interest rate lock commitments ("IRLCs") to prospective borrowers and third-party originators.
+Added: In originating loans for sale, we issue IRLCs to prospective borrowers and third-party originators.
These IRLCs represent an agreement to extend credit to a loan applicant, whereby the interest rate on the loan is set prior to loan closing or sale.
5 unchanged sentences
As of April 2, 2022, we had outstanding IRLCs with a notional amount of $51.7 million recorded at fair value in accordance with FASB ASC 815, Derivatives and Hedging .
−Removed: The estimated fair values of IRLCs are based on quoted market values and are recorded in other assets in the Consolidated Balance Sheets.
+Added: The estimated fair values of IRLCs are based on quoted market values and are recorded in Prepaid expenses and other current assets, for net favorable positions, or Accrued expenses and other current liabilities, for net unfavorable positions, in the Consolidated Balance Sheets.
The fair value of IRLCs is based on the value of the underlying loan adjusted for:
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.