16. Commitments

In the normal course of business, the Company has open purchase and sale commitments. At June 30, 2012, the Company had purchase commitments to fund mortgage loans and other investments of $10.5 million. Included in this total, the Company had commitments to originate mortgage loans of $8.4 million at June 30, 2012 with fixed interest rates ranging from 4.13% to 5.50%. At June 30, 2012, the Company also had a commitment to fund one construction-to-permanent loan of $0.3 million that is subject to the borrower’s performance.