The Company sells substantially all of its originated mortgage loans into the secondary market. Mortgage loans held for sale are loans originated that are expected to be sold into the secondary market. Below is a roll forward of the activity in mortgage loans held for sale:


	Three Months Ended March 31,
	2024		2023
Balance at the beginning of period	$	6,542,232	$	7,343,475
Disbursements of mortgage loans held for sale	19,739,707		16,785,731
Proceeds from sales of mortgage loans held for sale (1)	(17,154,297)		(15,963,604)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (2)	288,587		273,112

Balance at the end of period	$	9,416,229	$	8,438,714

(1) The proceeds from sales of loans held for sale on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of non-mortgage loans.

(2) The Gain on sale of loans excluding fair value of MSRs, net on the Condensed Consolidated Statements of Cash Flows includes amounts related to the sale of non-mortgage loans, interest rate lock commitments, 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 three months ended March 31, 2024 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.