Annual report pursuant to Section 13 and 15(d)

Accounts and Interest Receivable

v3.21.1
Accounts and Interest Receivable
 12 Months Ended
Dec. 31, 2020
Accounts And Interest Receivable [Abstract]  
Accounts and Interest Receivable

NOTE 4 - ACCOUNTS AND INTEREST RECEIVABLE

Accounts and interest receivable consisted of the following at December 31, 2020 and 2019:

 

 

 

2020

 

 

2019

 

Trust advances

 

$

36,241

 

 

$

17,622

 

Foreclosure advances, net

 

 

2,894

 

 

 

7,348

 

Receivables related to loan sales

 

 

2,707

 

 

 

5,771

 

Other

 

 

1,548

 

 

 

3,870

 

Total accounts and interest receivable

 

$

43,390

 

 

$

34,611

 

 

Management has established a foreclosure reserve for estimated uncollectable balances of the foreclosure and trust advances. Management believes that substantially all other accounts and interest receivable amounts are collectible and, accordingly, no allowance for doubtful accounts is necessary.

The activity of the foreclosure loss reserve was as follows for the years ended December 31, 2020 and 2019:

 

 

 

2020

 

 

2019

 

Balance — beginning of year

 

$

7,869

 

 

$

7,884

 

Utilization of foreclosure reserve

 

 

(3,167

)

 

 

(3,910

)

Provision charged to operations

 

 

7,700

 

 

 

3,895

 

Balance — end of year

 

$

12,402

 

 

$

7,869