WAREHOUSE NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2017

WAREHOUSE NOTES PAYABLE

Schedule of Debt Obligations

	June 30, 2017
(dollars in thousands)	Maximum		Outstanding		Loan Type
Facility	Amount		Balance		Funded (1)	Interest rate
Agency warehouse facility #1	$	425,000	$	224,431	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #2		650,000		470,003	LHFS	30-day LIBOR plus 1.40%
Agency warehouse facility #3		880,000		387,932	LHFS	30-day LIBOR plus 1.25%
Agency warehouse facility #4		350,000		238,902	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		93,112	LHFS	30-day LIBOR plus 1.15%
Total agency warehouse facilities	$	3,835,000	$	1,434,728
Interim warehouse facility #1	$	85,000	$	43,440	LHFI	30-day LIBOR plus 1.90%
Interim warehouse facility #2		200,000		100,591	LHFI (2)	30-day LIBOR plus 2.00%
Interim warehouse facility #3		75,000		52,131	LHFI (2)	30-day LIBOR plus 2.00% to 2.50%
Total interim warehouse facilities	$	360,000	$	196,162
Debt issuance costs		—		(622)
Total warehouse facilities	$	4,195,000	$	1,630,268

(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”).

(2) These warehouse lines were used to fund Interim Program loans held for sale and held for investment as of June 30, 2017. $88.6 million of the aggregate balance of these two warehouse lines was used to fund Interim Program loans held for sale as of June 30, 2017, with the remaining $64.1 million used to fund Interim Program loans held for investment. NOTE 1 contains additional details about these loans held for sale.