Warehouse Borrowings

3 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

Warehouse Borrowings

Warehouse Borrowings

The Company's subsidiaries entered into master repurchase agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund the origination of mortgage loans and reverse loans, as well as the repurchase of certain HECMs from Ginnie Mae securitization pools. The facilities had an aggregate funding capacity of $2.6 billion at March 31, 2015 and are secured by certain mortgage loans and reverse loans. The interest rates on the facilities are primarily based on LIBOR plus between 2.10% and 3.50%, in some cases are subject to a LIBOR floor or other minimum rates, and have various expiration dates through March 2016. The facilities are secured by $1.3 billion in unpaid principal balance of residential loans at March 31, 2015.

All of the Company’s subsidiaries' master repurchase agreements contain customary events of default and covenants, the most significant of which are financial covenants. Financial covenants most sensitive to the Company’s operating results and financial position are minimum tangible net worth requirements, indebtedness to tangible net worth ratio requirements, and minimum liquidity and profitability requirements. The Company's subsidiaries were in compliance with their financial covenants on warehouse borrowings at March 31, 2015.