Quarterly report pursuant to Section 13 or 15(d)

Warehouse Lines of Credit (Tables)

v3.21.1
Warehouse Lines of Credit (Tables)
 3 Months Ended
Mar. 31, 2021
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at March 31, 2021 and December 31, 2020. Changes subsequent to March 31, 2021 have been described in the notes referenced with the below table.
Maturity as of March 31,
2021		 March 31, 2021 December 31, 2020
$800 million master repurchase facility agreement(1)
January 2022 $ 353,809  $ 442,593 
$250 million master repurchase facility agreement(2)
September 2021 169,473  148,011 
$500 million master repurchase facility agreement(3)
February 2022 424,687  541,074 
$200 million master repurchase facility agreement(4)
May 2021 171,491  187,214 
$300 million master repurchase facility agreement(5)
September 2021 223,600  232,272 
$500 million master repurchase facility agreement(6)
July 2021 417,250  464,355 
$200 million master repurchase facility agreement(7)
April 2021 136,116  104,880 
$250 million master repurchase facility agreement(8)
N/A 154,616  — 
$75 million master repurchase facility agreement(9)
March 2024 22,439  25,185 
2,073,481  2,145,584 
Prepaid commitment fees (2,148) (2,141)
Net warehouse lines of credit $ 2,071,333  $ 2,143,443 
______________________________
(1)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.
(2)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.  
(3)The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. In February 2021 this facility was reduced to $500.0 million and requires a minimum deposit to $2.5 million.
(4)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. Subsequent to March 31, 2021, this facility was amended with a maturity date of June 2021.
(5)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.
(6)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.
(7)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. Subsequent to March 31, 2021, this facility was amended with a maturity date of June 2021.
(8)This facility agreement was effective January 2021. The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin. This facility’s maturity date is 30 days from written notice by either the financial institution or the Company.
(9)The interest rate on this facility is 3.375%. This facility was opened in 2020 and is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to 4 years. Subsequent to March 31, 2021, the Company completed a buyout extending the maturity to March 2025.