Quarterly report pursuant to Section 13 or 15(d)

Warehouse Lines of Credit (Tables)

v3.22.1
Warehouse Lines of Credit (Tables)
 3 Months Ended
Mar. 31, 2022
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at March 31, 2022 and December 31, 2021. Changes subsequent to March 31, 2022 have been described in the notes referenced with the below table.
Maturity as of March 31,
2022		 March 31, 2022 December 31, 2021
$600 million master repurchase facility agreement(1)
January 2023 $ 141,484  $ 472,646 
$250 million master repurchase facility agreement(2)
August 2022 74,647  147,750 
$400 million master repurchase facility agreement(3)
March 2023 363,979  295,444 
$200 million master repurchase facility agreement(4)
June 2022 4,046  146,182 
$300 million master repurchase facility agreement(5)
September 2022 130,425  133,772 
$500 million master repurchase facility agreement(6)
July 2022 223,188  377,416 
$200 million master repurchase facility agreement(7)
April 2023 71,126  117,935 
$250 million master repurchase facility agreement(8)
N/A 94,044  136,173 
$75 million master repurchase facility agreement(9)
March 2025 25,047  33,452 
$200 million master repurchase facility agreement(10)
N/A —  26,947 
$300 million master repurchase facility agreement(11)
N/A 29,927  35,099 
$75 million master repurchase facility agreement(12)
N/A —  5,727 
1,157,913  1,928,543 
Prepaid commitment fees (1,084) (1,065)
Net warehouse lines of credit $ 1,156,829  $ 1,927,478 
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(1)The variable interest rate is calculated using a base rate tied to Secured Overnight Financing Rate ("SOFR").
(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 SOFR, plus the applicable interest rate margin. This facility requires a minimum deposit of $2.0 million.
(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 SOFR with a floor of 0.25%, 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 is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to four years.
(10)This facility matured in January 2022 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 SOFR with a floor of 0.75%.
(12)This facility was terminated prior to maturity.