Quarterly report pursuant to Section 13 or 15(d)

ACCOUNTS, NOTES AND INTEREST RECEIVABLE

v3.23.1
ACCOUNTS, NOTES AND INTEREST RECEIVABLE
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
ACCOUNTS, NOTES AND INTEREST RECEIVABLE ACCOUNTS, NOTES AND INTEREST RECEIVABLEAccounts, notes and interest receivable consisted of the following:
  March 31, 2023 December 31, 2022
Trust advances $ 32,629  $ 44,164 
Foreclosure advances, net 15,090  12,320 
Receivables related to loan sales 767  562 
Notes receivable 11,250  — 
Accrued interest - notes receivable 29  — 
Other 2,401  1,258 
Total accounts, notes and interest receivable $ 62,166  $ 58,304 
Management has established a foreclosure reserve for estimated uncollectible balances of the foreclosure and trust advances. Management believes that substantially all other accounts, notes 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:
Three Months Ended
March 31,
  2023 2022
Balance — beginning of period $ 8,698  $ 10,355 
Utilization of foreclosure reserve (1,547) 237 
Provision for (reversal of) foreclosure losses 1,514  (321)
Balance — end of period $ 8,665  $ 10,271 
Notes Receivable
In March 2023, the Company issued a note receivable to Cherry Creek Financial, LLC in the amount of $11.3 million in connection with the acquisition of Cherry Creek Mortgage, LLC, ("CCM") which closed subsequent to period end (see Note 18). The note bears interest at a variable rate tied to the Secured Overnight Financing Rate ("SOFR") plus an applicable margin. Also, pursuant to the acquisition, CCM will be entitled to earn-out payments that will be first allocated to repay the interest and principal due on the note receivable and the note receivable will mature in April 2027.