DEBT (Tables)

12 Months Ended

Dec. 31, 2016

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 through 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
2017	$	1,874,653
2018		115,048
2019		5,722
2020		164,015
2021		—
Thereafter		—
Total	$	2,159,438

Warehouse Facilities

Debt

Schedule of Debt Obligations

	December 31, 2016
(dollars in thousands)	Maximum		Outstanding		Loan Type
Facility	Amount		Balance		Funded (1)	Interest rate
Agency warehouse facility #1	$	425,000	$	109,087	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #2		650,000		274,181	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #3		680,000		320,801	LHFS	30-day LIBOR plus 1.35%
Agency warehouse facility #4		350,000		186,869	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #5		30,000		14,551	LHFS	30-day LIBOR plus 1.80%
Fannie Mae repurchase agreement, uncommitted line and open maturity		1,500,000		943,505	LHFS	30-day LIBOR plus 1.15%
Total agency warehouse facilities	$	3,635,000	$	1,848,994
Interim warehouse facility #1	$	85,000	$	36,916	LHFI	30-day LIBOR plus 1.90%
Interim warehouse facility #2		200,000		70,196	LHFI	30-day LIBOR plus 2.00%
Interim warehouse facility #3		75,000		36,005	LHFI	30-day LIBOR plus 2.00% to 2.50%
Total interim warehouse facilities	$	360,000	$	143,117
Debt issuance costs		—		(1,928)
Total warehouse facilities	$	3,995,000	$	1,990,183

	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

(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,
Component	2016		2015		Interest rate and repayments
Unpaid principal balance	$	167,327	$	168,431	Interest rate varies - see above for further details;
Unamortized debt discount		(987)		(1,238)	quarterly principal payments of $0.3 million
Unamortized debt issuance costs		(2,177)		(2,731)
Carrying balance	$	164,163	$	164,462