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 $1.04 billion at December 31, 2022, subject to availability constraints.
+Added: We are exposed to interest rate risk through borrowings under our revolving credit facilities, consisting of the Credit Facility and the MIF Mortgage Repurchase Facility which permitted borrowings of up to $950.0 million at December 31, 2023, 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: 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: 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.
Mortgage Loans Held for Sale :
4 unchanged sentences
Description of Financial Instrument (in thousands) 2023 2022
−Removed: Whole loan contracts and related committed IRLCs $ — $ 782
Uncommitted IRLCs $ 174,274 $ 262,529
17 unchanged sentences
Whole loan contracts 43 (323) 353
−Removed: Total (loss) gain recognized $ (6,116) $ 1,741 $ (382)
+Added: Total gain (loss) recognized
+Added: $ 5,396 $ (6,116) $ 1,741
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, 2023.
−Removed: Because the MIF Mortgage Warehousing Agreement and MIF Mortgage Repurchase Facility are effectively secured by certain mortgage loans held for sale which are typically sold within 30 to 45 days, their outstanding balances are included in the most current period presented.
+Added: Because the MIF Mortgage Repurchase Facility is effectively secured by certain mortgage loans held for sale which are typically sold within 30 to 45 days, its outstanding balance is included in the most current period presented.
The interest rates for our variable rate debt represent the weighted average interest rates in effect at December 31, 2023.
12 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.