WAREHOUSE NOTES PAYABLE

3 Months Ended

Mar. 31, 2013

NOTE 8—WAREHOUSE NOTES PAYABLE

The maximum borrowing amounts and outstanding balances under the warehouse notes payable as of March 31, 2013 were as follows (in thousands):

	Maximum		Outstanding
Facility	Amount		Balance		Interest rate
Committed warehouse facility #1	$	575,000	$	284,095	Average 30-day LIBOR plus 1.85%
Committed warehouse facility #2	450,000		176,801		Average 30-day LIBOR plus 1.75%
Committed warehouse facility #3	35,000		7,125		Average 30-day LIBOR plus 2.50%
Committed warehouse facility #4	50,000		—		Average 30-day LIBOR plus 2.50%
Fannie Mae Repurchase agreement, uncommited line and open maturity	500,000		8,200		Average 30-day LIBOR plus 1.15%
Total	$	1,610,000	$	476,221

On April 2, 2013, the Company executed an amendment to the warehouse agreement related to warehouse facility #2, reducing the interest rate under the line to 30-day LIBOR plus 150 basis points. No other material modifications were made to the agreement.

On April 12, 2013, the Company executed an amendment to the warehousing agreement related to warehouse facility #1, reducing the interest rate under the line to 30-day LIBOR plus 165 basis points. No other material modifications were made to the agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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