WAREHOUSE NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2017

WAREHOUSE NOTES PAYABLE

Schedule of Debt Obligations

	March 31, 2017
(dollars in thousands)	Maximum		Outstanding		Loan Type
Facility	Amount		Balance		Funded (1)	Interest rate
Agency warehouse facility #1	$	425,000	$	130,719	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #2		650,000		562,583	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #3		280,000		90,358	LHFS	30-day LIBOR plus 1.35%
Agency warehouse facility #4		350,000		214,116	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #5		30,000		20,348	LHFS	30-day LIBOR plus 1.80%
Fannie Mae repurchase agreement, uncommitted line and open maturity		1,500,000		180,378	LHFS	30-day LIBOR plus 1.15%
Total agency warehouse facilities	$	3,235,000	$	1,198,502
Interim warehouse facility #1	$	85,000	$	36,916	LHFI	30-day LIBOR plus 1.90%
Interim warehouse facility #2		200,000		113,272	LHFI	30-day LIBOR plus 2.00%
Interim warehouse facility #3		75,000		59,006	LHFI	30-day LIBOR plus 2.00% to 2.50%
Total interim warehouse facilities	$	360,000	$	209,194
Debt issuance costs		—		(1,234)
Total warehouse facilities	$	3,595,000	$	1,406,462

(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”).