Quarterly report pursuant to Section 13 or 15(d)

WAREHOUSE LINES OF CREDIT (Tables)

v3.22.2.2
WAREHOUSE LINES OF CREDIT (Tables)
 9 Months Ended
Sep. 30, 2022
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit Warehouse lines of credit consisted of the following at September 30, 2022 and December 31, 2021. Changes subsequent to September 30, 2022 have been described in the notes referenced with the below table.
Maturity as of September 30,
2022		 September 30, 2022 December 31, 2021
$600 million master repurchase facility agreement(1)
January 2023 $ 67,594  $ 472,646 
$150 million master repurchase facility agreement(2)
August 2023 25,979  147,750 
$400 million master repurchase facility agreement(3)
March 2023 253,963  295,444 
$200 million master repurchase facility agreement(4)
May 2023 17,853  146,182 
$200 million master repurchase facility agreement(5)
September 2023 50,158  133,772 
$400 million master repurchase facility agreement(6)
June 2023 160,253  377,416 
$200 million master repurchase facility agreement(7)
April 2023 77,395  117,935 
$100 million master repurchase facility agreement(8)
N/A 43,388  136,173 
$75 million master repurchase facility agreement(9)
March 2025 43,427  33,452 
$200 million master repurchase facility agreement(10)
N/A —  26,947 
$300 million master repurchase facility agreement(11)
N/A 81,816  35,099 
$75 million master repurchase facility agreement(12)
N/A —  5,727 
821,826  1,928,543 
Prepaid commitment fees (1,934) (1,065)
Net warehouse lines of credit $ 819,892  $ 1,927,478 
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(1)The variable interest rate is calculated using a base rate tied to the Secured Overnight Financing Rate ("SOFR").
(2)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000.
(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. Subsequent to September 30, 2022, this facility was reduced to $300.0 million and the minimum deposit required was reduced to $1.5 million.
(4)The variable interest rate is calculated using a base rate plus SOFR, with a floor of 0.25% plus the applicable interest rate margin.
(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 SOFR 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)The variable interest rate is calculated using a base rate tied to SOFR, 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.