| Summary of Warehouse Lines of Credit |
Warehouse lines of credit consisted of the following at September 30, 2020 and December 31, 2019. Changes subsequent to September 30, 2020 have been described in the notes referenced with the below table.
|
|
|
Maturity
|
|
September 30,
2020
|
|
|
December 31,
2019
|
|
|
$800 million master repurchase facility agreement (1)
|
|
January 2021
|
|
$
|
499,216
|
|
|
$
|
456,225
|
|
|
$250 million master repurchase facility agreement (2)
|
|
August 2021
|
|
|
146,259
|
|
|
|
80,965
|
|
|
$700 million master repurchase facility agreement (3)
|
|
February 2021
|
|
|
485,152
|
|
|
|
282,579
|
|
|
$200 million master repurchase facility agreement (4)
|
|
June 2021
|
|
|
150,034
|
|
|
|
136,699
|
|
|
$299 million master repurchase facility agreement (5)
|
|
September 2021
|
|
|
108,842
|
|
|
|
148,149
|
|
|
$500 million master repurchase facility agreement (6)
|
|
July 2021
|
|
|
349,308
|
|
|
|
190,221
|
|
|
$200 million master repurchase facility agreement (7)
|
|
April 2021
|
|
|
147,889
|
|
|
|
—
|
|
|
$75 million master repurchase facility agreement (8)
|
|
February 2024
|
|
|
27,996
|
|
|
|
9,569
|
|
|
|
|
|
|
|
1,914,696
|
|
|
|
1,304,407
|
|
|
Prepaid commitment fees
|
|
|
|
|
(2,435
|
)
|
|
|
(1,220
|
)
|
|
Net warehouse lines of credit
|
|
|
|
$
|
1,912,261
|
|
|
$
|
1,303,187
|
|
|
(1)
|
The variable interest rate is calculated using a base rate tied to LIBOR, the Eurodollar, or an alternative base rate, 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 $0.75 million.
|
|
(3)
|
The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin.
|
|
(4)
|
The variable interest rate is calculated using a base rate plus LIBOR, with a floor of 1.525%. This line of credit requires a minimum deposit of $1.1 million.
|
|
(5)
|
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 September 30, 2020, decreasing the borrowing capacity to $299.0 million and extending the maturity to September 2021.
|
|
(6)
|
The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin.
|
|
(7)
|
The variable interest rate is calculated using a base rate tied to LIBOR, plus the applicable interest rate margin with a floor of 1.75%.
|
|
(8)
|
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.
|
|