1 unchanged sentence
Our primary market risk results from fluctuations in interest rates.
−Removed: We are exposed to interest rate risk through borrowings under our revolving credit facilities, consisting of the Credit Facility, the MIF Mortgage Warehousing Agreement, and the MIF Mortgage Repurchase Facility which permitted borrowings of up to $875 million at December 31, 2021, subject to availability constraints.
+Added: We are exposed to interest rate risk through borrowings under our revolving credit facilities, consisting of the Credit Facility, the MIF Mortgage Warehousing Agreement, and the MIF Mortgage Repurchase Facility which permitted borrowings of up to $1.04 billion at December 31, 2022, subject to availability constraints.
Additionally, M/I Financial is exposed to interest rate risk associated with its mortgage loan origination services.
7 unchanged sentences
Forward sales of mortgage-backed securities (“FMBSs”) are used to protect uncommitted IRLC loans against the risk of changes in interest rates between the lock date and the funding date.
−Removed: FMBSs related to uncommitted IRLCs are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings.
+Added: related to uncommitted IRLCs are classified and accounted for as non-designated derivative instruments and are recorded at fair value, with gains and losses recorded in current earnings.
Mortgage Loans Held for Sale :
24 unchanged sentences
Whole loan contracts (323) 353 (360)
−Removed: Total gain (loss) recognized $ 1,741 $ (382) $ 511
+Added: Total (loss) gain recognized $ (6,116) $ 1,741 $ (382)
The following table provides the expected future cash flows and current fair values of borrowings under our credit facilities and mortgage loan origination services that are subject to market risk as interest rates fluctuate, as of December 31, 2022.
14 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.