Quarterly report pursuant to Section 13 or 15(d)

Warehouse Lines of Credit (Tables)

v3.21.2
Warehouse Lines of Credit (Tables)
 9 Months Ended
Sep. 30, 2021
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at September 30, 2021 and December 31, 2020. On July 1, 2021, the effective date of the RMS acquisition, RMS' debt outstanding was recognized at provisional fair value and with no change to existing terms. Changes subsequent to September 30, 2021 have been described in the notes referenced with the below table.
Maturity as of September 30,
2021		 September 30, 2021 December 31, 2020
$800 million master repurchase facility agreement(1)
January 2022 $ 262,389  $ 442,593 
$250 million master repurchase facility agreement(2)
August 2022 175,901  148,011 
$500 million master repurchase facility agreement(3)
February 2022 289,547  541,074 
$200 million master repurchase facility agreement(4)
June 2022 99,873  187,214 
$300 million master repurchase facility agreement(5)
December 2021 134,855  232,272 
$500 million master repurchase facility agreement(6)
July 2022 299,674  464,355 
$200 million master repurchase facility agreement(7)
April 2022 117,980  104,880 
$250 million master repurchase facility agreement(8)
N/A 170,786  — 
$75 million master repurchase facility agreement(9)
March 2025 38,108  25,185 
$200 million master repurchase facility agreement(10)
January 2022 148,459  — 
$200 million master repurchase facility agreement(11)
N/A 103,739  — 
$30 million master repurchase facility agreement(12)
N/A 13,712  — 
$75 million master repurchase facility agreement(13)
March 2022 54,551  — 
1,909,574  2,145,584 
Prepaid commitment fees (1,579) (2,141)
Net warehouse lines of credit $ 1,907,995  $ 2,143,443 
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(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. This facility matured in September 2021 and was amended with a maturity date of August 2022.
(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.
(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. This facility matured in September 2021 and was amended with a maturity date of December 2021.
(6)The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 0.50%, plus the applicable interest rate margin.
(7)The variable interest rate is calculated using a base rate tied to LIBOR with a floor of 1.0%, plus the applicable interest rate margin.
(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 four years.
(10)The variable interest rate is calculated as the greater of LIBOR or 0.75% LIBOR floor plus 1.75%. This facility includes a sublimit of up to $10.0 million for construction loan advances, which accrue interest at LIBOR plus 3.0%.
(11)This variable interest rate is calculated using a base rate tied to LIBOR plus 1.75%. The facility matures 30 days from written notice by either the financial institution or the Company.
(12)This facility agreement is due on demand and the variable interest rate is calculated using a base rate tied to LIBOR plus 2.0% to 3.5%. This facility includes a sublimit of up to $10.0 million for construction loan advances, which accrue interest at LIBOR plus 2.5%.
(13)The variable interest rate is calculated as the greater of LIBOR or 0.75% LIBOR plus 1.75%. This facility includes a sublimit of up to $20.0 million for construction loan advances, which accrue interest at the greater of LIBOR or 1.0% LIBOR plus 2.65%.