Quarterly report pursuant to Section 13 or 15(d)

Warehouse Lines of Credit (Tables)

v3.21.2
Warehouse Lines of Credit (Tables)
 6 Months Ended
Jun. 30, 2021
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at June 30, 2021 and December 31, 2020. Changes subsequent to June 30, 2021 have been described in the notes referenced with the below table.
Maturity as of June 30,
2021		 June 30, 2021 December 31, 2020
$800 million master repurchase facility agreement(1)
January 2022 $ 246,639  $ 442,593 
$250 million master repurchase facility agreement(2)
September 2021 152,254  148,011 
$500 million master repurchase facility agreement(3)
February 2022 445,947  541,074 
$200 million master repurchase facility agreement(4)
June 2022 118,922  187,214 
$300 million master repurchase facility agreement(5)
September 2021 278,544  232,272 
$500 million master repurchase facility agreement(6)
July 2021 413,790  464,355 
$200 million master repurchase facility agreement(7)
April 2022 89,340  104,880 
$250 million master repurchase facility agreement(8)
N/A 96,805  — 
$75 million master repurchase facility agreement(9)
March 2025 43,081  25,185 
1,885,322  2,145,584 
Prepaid commitment fees (1,657) (2,141)
Net warehouse lines of credit $ 1,883,665  $ 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. This facility requires a minimum deposit of $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. This facility matured in June 2021 and was amended with a maturity date of June 2022.
(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. Subsequent to June 30, 2021, this facility was amended with a maturity date of July 2022. As part of the amendment, the LIBOR floor was revised to 0.50%.
(7)The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 1.25%, plus the applicable interest rate margin. This facility matured in June 2021 and was amended with a maturity date of April 2022.
(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 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.