The Company sells its originated mortgage loans into the secondary market. MLHFS are loans originated that are expected to be sold into the secondary market. MLHFS are carried at fair value, which includes the UPB and any related mark-to-market adjustment. Refer to Note 3, Fair Value Measurements for additional detail.


	Six Months Ended June 30,
	2026		2025
Balance at the beginning of period	$	15,471	$	9,020

Disbursements of mortgage loans held for sale	93,228		50,012
Proceeds from sales of mortgage loans held for sale	(94,028)		(48,759)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (1)	877		896

Balance at the end of period	$	15,548	$	11,169

(1) The Gain on sale of loans excluding fair value of originated MSRs, net on the Condensed Consolidated Statements of Cash Flows includes income related to IRLCs, forward commitments and provision for investor reserves.

The Company is subject to credit risk associated with mortgage loans that it purchases and originates during the period of time prior to the sale of these loans. The Company considers credit risk associated with these loans to be minimal as it holds the loans for a short period of time, which for the six months ended June 30, 2026 is generally less than 45 days from the date of borrowing, and the market for these loans continues to be highly liquid. The Company is also subject to credit risk associated with mortgage loans it has repurchased as a result of breaches of representations and warranties during the period of time between repurchase and resale.