Annual report pursuant to Section 13 and 15(d)

Warehouse Lines of Credit (Tables)

v3.22.0.1
Warehouse Lines of Credit (Tables)
 12 Months Ended
Dec. 31, 2021
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at December 31, 2021 and 2020. Changes subsequent to December 31, 2021 have been described in the notes referenced with the below table.
Maturity as of December 31,
2021		 2021 2020
$800 million master repurchase facility agreement(1)
January 2023 $ 472,646  $ 442,593 
$250 million master repurchase facility agreement(2)
August 2022 147,750  148,011 
$500 million master repurchase facility agreement(3)
February 2022 295,444  541,074 
$200 million master repurchase facility agreement(4)
June 2022 146,182  187,214 
$300 million master repurchase facility agreement(5)
September 2022 133,772  232,272 
$500 million master repurchase facility agreement(6)
July 2022 377,416  464,355 
$200 million master repurchase facility agreement(7)
April 2022 117,935  104,880 
$250 million master repurchase facility agreement(8)
N/A 136,173  — 
$75 million master repurchase facility agreement(9)
March 2025 33,452  25,185 
$200 million master repurchase facility agreement(10)
January 2022 26,947  — 
$110 million master repurchase facility agreement(11)
N/A 35,099  — 
$75 million master repurchase facility agreement(12)
March 2022 5,727  — 
1,928,543  2,145,584 
Prepaid commitment fees (1,065) (2,141)
Net warehouse lines of credit $ 1,927,478  $ 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. Subsequent to December 31, 2021, this facility was amended to calculate the variable interest rate using a base rate tied to Secured Overnight Financing Rate ("SOFR"), with no floor, and reduce the facility size to $600.0 million.
(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 to $2.5 million. Subsequent to December 31, 2021, this facility was extended to March 2022 and is anticipated to undergo a full renewal at that time.
(4)The variable interest rate is calculated using a base rate plus LIBOR, with a floor of 0.375% 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 SOFR 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 0.50%, 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 the applicable interest rate margin. Subsequent to December 31, 2021, this facility matured and was not renewed.
(11)This facility agreement is due on demand and the variable interest rate is calculated using a base rate tied to LIBOR plus the applicable interest rate margin. Subsequent to December 31, 2021, this facility was increased to $300.0 million with a variable interest rate calculated using a base rate SOFR with a floor of 0.75%.
(12)The variable interest rate is calculated as the greater of LIBOR or 0.75% LIBOR plus the applicable interest rate margin. Subsequent to December 31, 2021, this facility was terminated.