| Summary of Warehouse Lines of Credit |
Warehouse lines of credit consisted of the following at December 31, 2020 and 2019. Changes subsequent to December 31, 2020 have been described in the notes referenced with the below table.
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Maturity as of
December 31,
2020
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2020
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2019
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$800 million master repurchase facility agreement(1)
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|
January 2021
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|
$
|
442,593
|
|
|
$
|
456,225
|
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|
$250 million master repurchase facility agreement(2)
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September 2021
|
|
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148,011
|
|
|
|
80,965
|
|
|
$700 million master repurchase facility agreement(3)
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|
February 2021
|
|
|
541,074
|
|
|
|
282,579
|
|
|
$200 million master repurchase facility agreement(4)
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May 2021
|
|
|
187,214
|
|
|
|
136,699
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$300 million master repurchase facility agreement(5)
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September 2021
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|
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232,272
|
|
|
|
148,149
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$500 million master repurchase facility agreement(6)
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July 2021
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|
|
464,355
|
|
|
|
190,221
|
|
|
$200 million master repurchase facility agreement (7)
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|
April 2021
|
|
|
104,880
|
|
|
|
—
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$75 million master repurchase facility agreement(8)
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|
March 2024
|
|
|
25,185
|
|
|
|
9,569
|
|
|
|
|
|
|
|
2,145,584
|
|
|
|
1,304,407
|
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Prepaid commitment fees
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|
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|
(2,141
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)
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|
(1,220
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)
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Net warehouse lines of credit
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|
|
|
$
|
2,143,443
|
|
|
$
|
1,303,187
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(1)
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The variable interest rate is calculated using a base rate tied to LIBOR, the Eurodollar, or an alternative base rate with a floor of 0.75%, plus the applicable interest rate margin. In July 2020, the borrowing capacity on this facility increased to $800.0 million. Subsequent to December 31, 2020, this facility was amended with a maturity date of 30 days from written notice by either the financial institution or the Company.
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(2)
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The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $1.25 million.
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(3)
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The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This line of credit was amended subsequent to December 31, 2020 with a maturity date of February 2022 and was reduced to $500 million and decreased the required minimum deposit to $2.5 million.
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(4)
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The variable interest rate is calculated using a base rate plus LIBOR, with a floor of 1.525% plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000.
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(5)
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The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.40%, plus the applicable interest rate margin.
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(6)
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The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.75%, plus the applicable interest rate margin.
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(7)
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The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 1.75%, plus the applicable interest rate margin.
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(8)
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The interest rate on this facility is 3.375%. This facility was opened in 2019 and is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to 4 years.
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