Quarterly report pursuant to Section 13 or 15(d)

WAREHOUSE LINES OF CREDIT (Tables)

v3.23.2
WAREHOUSE LINES OF CREDIT (Tables)
 6 Months Ended
Jun. 30, 2023
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at June 30, 2023 and December 31, 2022. Changes subsequent to June 30, 2023 have been described in the notes referenced with the below table.
Maturity as of June 30,
2023		 June 30, 2023 December 31, 2022
$345 million master repurchase facility agreement(1)
January 2024 $ 172,099  $ 47,565 
$150 million master repurchase facility agreement(2)
August 2023 87,082  10,848 
$300 million master repurchase facility agreement(3)
June 2024 201,382  189,512 
$200 million master repurchase facility agreement(4)
May 2024 103,055  110,605 
$200 million master repurchase facility agreement(5)
September 2023 96,035  16,131 
$300 million master repurchase facility agreement(6)
September 2023 165,315  81,353 
$100 million master repurchase facility agreement(7)
July 2023 5,371  56,237 
$50 million master repurchase facility agreement(8)
N/A 33,178  — 
$75 million master repurchase facility agreement(9)
March 2025 36,362  40,096 
$200 million master repurchase facility agreement(10)
N/A 154,979  162,454 
1,054,858  714,801 
Prepaid commitment fees (1,798) (1,650)
Net warehouse lines of credit $ 1,053,060  $ 713,151 
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(1)The variable interest rate is calculated using a base rate tied to 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 $1.5 million.
(4)The variable interest rate is calculated using a base rate plus SOFR, with a floor of 0.375% 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. Subsequent to June 30, 2023, this facility was paid in full and terminated.
(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 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%.