What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2022-02-07 compared with 2021-02-02 · 1 added, 1 removed, 70 unchanged (3% of the section changed)

34 unchanged sentences

In periods of low or decreasing interest rates, the length of exposure will also generally increase as customers desire to lock before the possibility of rising rates.

In order to reduce these risks, we use other derivative financial instruments, principally cash forward placement contracts on mortgage-backed securities and whole loan investor commitments, to economically hedge the interest rate lock commitment.

In order to reduce these risks, we use derivative financial instruments, principally cash forward placement contracts on mortgage-backed securities and whole loan investor commitments, to economically hedge the interest rate lock commitment.

We generally enter into one of the aforementioned derivative financial instruments upon accepting interest rate lock commitments.

34 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.