14 unchanged sentences
The fair value change related to the hedging instruments generally offsets the fair value change in the uncommitted loans.
−Removed: The net fair value change, which for the three months ended December 31, 2022 and 2021 was not significant, is recognized in current earnings.
−Removed: At December 31, 2022, hedging instruments used to mitigate interest rate risk related to uncommitted mortgage loans held for sale and uncommitted IRLCs totaled a notional amount of $3.7 billion.
−Removed: Uncommitted IRLCs totaled a notional amount of approximately $2.6 billion and uncommitted mortgage loans held for sale totaled a notional amount of approximately $1.3 billion at December 31, 2022.
+Added: The net fair value change, which for the three and six months ended March 31, 2023 and 2022 was not significant, is recognized in current earnings.
+Added: At March 31, 2023, hedging instruments used to mitigate interest rate risk related to uncommitted mortgage loans held for sale and uncommitted IRLCs totaled a notional amount of $3.8 billion.
+Added: Uncommitted IRLCs totaled a notional amount of approximately $3.0 billion and uncommitted mortgage loans held for sale totaled a notional amount of approximately $996.4 million at March 31, 2023.
We also use hedging instruments as part of a program to offer below market interest rate financing to our homebuyers.
−Removed: At December 31, 2022 and September 30, 2022, we had MBS totaling $970.8 million and $532.4 million, respectively, that did not yet have IRLCs or closed loans created or assigned and recorded an asset of $1.2 million and $4.8 million, respectively, for the fair value of such MBS position.
−Removed: The following table sets forth principal cash flows by scheduled maturity, effective weighted average interest rates and estimated fair value of our debt obligations as of December 31, 2022.
+Added: At March 31, 2023 and September 30, 2022, we had MBS totaling $1.1 billion and $532.4 million, respectively, that did not yet have IRLCs or closed loans created or assigned and recorded a liability of $2.4 million and an asset of $4.8 million, respectively, for the fair value of such MBS position.
+Added: The following table sets forth principal cash flows by scheduled maturity, effective weighted average interest rates and estimated fair value of our debt obligations as of March 31, 2023.
Because the mortgage repurchase facility is effectively secured by certain mortgage loans held for sale that are typically sold within 60 days, its outstanding balance is included in the most current period presented.
−Removed: The interest rate for our variable rate debt represents the weighted average interest rate in effect at December 31, 2022.
−Removed: September 30, 2023 Fiscal Year Ending September 30, Fair Value at December 31, 2022
+Added: The interest rate for our variable rate debt represents the weighted average interest rate in effect at March 31, 2023.
+Added: September 30, 2023 Fiscal Year Ending September 30, Fair Value at March 31, 2023
2024 2025 2026 2027 2028 Thereafter Total
5 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.