Debt (Tables)

12 Months Ended

Dec. 31, 2015

Debt

Schedule of Consolidated Corporate Leverage Ratio

	Maximum Ratio
Closing Date through December 31, 2014		5.00	to	1.0
January 1, 2015 through December 31, 2015		4.75	to	1.0
January 1, 2016 to December 31, 2016		4.50	to	1.0
January 1, 2017 and thereafter		4.25	to	1.0

Schedule of Maturities

Year Ending December 31,	Maturities
2016	$	2,577,961
2017		50,664
2018		26,697
2019		1,104
2020		164,016
Thereafter		—
Total	$	2,820,442

Warehouse Facilities

Debt

Schedule of Debt Obligations

	December 31, 2015
(dollars in thousands)	Maximum		Outstanding		Loan Type
Facility	Amount		Balance		Funded (1)	Interest rate
Agency warehouse facility #1	$	685,000	$	418,891	LHFS	30-day LIBOR plus 1.40% or 1.75%
Agency warehouse facility #2		1,900,000		1,619,800	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #3		490,000		227,305	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #4		250,000		—	LHFS	30-day LIBOR plus 1.40%
Fannie Mae repurchase agreement, uncommitted line and open maturity		450,000		212,988	LHFS	30-day LIBOR plus 1.15%
Total agency warehouse facilities	$	3,775,000	$	2,478,984
Interim warehouse facility #1	$	85,000	$	15,000	LHFI	30-day LIBOR plus 1.90%
Interim warehouse facility #2		200,000		141,433	LHFI	30-day LIBOR plus 2.00%
Interim warehouse facility #3		75,000		16,594	LHFI	30-day LIBOR plus 2.00% to 2.50%
Total interim warehouse facilities	$	360,000	$	173,027
Debt issuance costs		—		(2,541)
Total warehouse facilities	$	4,135,000	$	2,649,470

	December 31, 2014
(dollars in thousands)	Maximum		Outstanding		Loan Type
Facility	Amount		Balance		Funded (1)	Interest rate
Agency warehouse facility #1	$	725,000	$	466,719	LHFS	30-day LIBOR plus 1.50%
Agency warehouse facility #2		650,000		413,644	LHFS	30-day LIBOR plus 1.50%
Agency warehouse facility #3		239,000		158,653	LHFS	30-day LIBOR plus 1.40%
Fannie Mae repurchase agreement, uncommitted line and open maturity		475,000		16,057	LHFS	30-day LIBOR plus 1.15%
Total agency warehouse facilities	$	2,089,000	$	1,055,073
Interim warehouse facility #1	$	75,000	$	53,500	LHFI	30-day LIBOR plus 2.00%
Interim warehouse facility #2		135,000		81,123	LHFI	30-day LIBOR plus 2.00%
Interim warehouse facility #3		50,000		26,549	LHFI	30-day LIBOR plus 2.00% to 2.50%
Total interim warehouse facilities	$	260,000	$	161,172
Debt issuance costs		—		(1,966)
Total warehouse facilities	$	2,349,000	$	1,214,279

(1) Type of loan the borrowing facility is used to fully or partially fund – loans held for sale (“LHFS”) or loans held for investment (“LHFI”).

Notes Payable

Debt

Schedule of Debt Obligations

(in thousands, unless otherwise specified)	December 31,
Lender	2015		2014		Interest rate and repayments
Institutional Investors - $175.0 million term loan due December 20, 2020	$	168,431	$	173,250	Interest rate varies - see below for further details; quarterly principal payments of $0.3 million
Unamortized debt discount		(1,238)		(1,484)
Unamortized debt issuance costs		(2,731)		(2,671)
Carrying balance	$	164,462	$	169,095