Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 293

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 293
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 typically transfer to mortgage loans held-for-sale at the time of early buyout as the Company’s intent is to cure and resell such loans subsequent to repurchase from GNMA. If such intent to cure and resell changes subsequent to early buyout, the Company reclassifies such loans as held-for-investment. Early buyout loan classified as held-for-investment totaled $156.8 million at December 31, 2024 compared to $150.6 million at December 31, 2023. Such loans consist of both the rebooked GNMA loans and the early buyout exercised loans classified as held-for-investment discussed above. Rebooked GNMA loans held-for-investment amounted to $115.0 million at December 31, 2024, compared to $92.8 million at December 31, 2023. The increase in balance from December 31, 2023 to December 31, 2024 was the result of a slightly higher delinquency rate between periods and less frequent exercising of the early buyout option by the Company. As of December 31, 2024, early buyout exercised loans held-for-investment totaled $41.8 million compared to $57.8 million as of December 31, 2023. At December 31, 2024 and 2023, early buyout exercised mortgage loans held-for-sale remained relatively stable and totaled $141.5 million and $137.2 million, respectively. 

It is not the Company’s current practice to underwrite, and there are no plans to underwrite subprime, Alt A, no or little documentation loans, or option ARM loans. As of December 31, 2024, none of our mortgage loans consist of interest-only loans.

Premium finance receivables — property & casualty. FIRST Insurance Funding and FIFC Canada originated approximately $18.4 billion in property and casualty insurance premium finance receivables during 2024 as compared to approximately $16.4 billion  in 2023. FIRST Insurance Funding and FIFC Canada makes loans to finance insurance premiums related to property and casualty insurance policies. The loans are indirectly originated by working through independent medium and large insurance agents and brokers located throughout the United States and Canada. The insurance premiums financed are primarily for commercial customers’ purchases of liability, property and casualty and other commercial insurance. This lending involves relatively rapid turnover of the loan portfolio and high volume of loan originations. The Company performs ongoing credit and other reviews of