WAREHOUSE NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2017

WAREHOUSE NOTES PAYABLE

Schedule of Debt Obligations

	September 30, 2017
(dollars in thousands)	Committed		Uncommitted		Temporary		Total Facility		Outstanding
Facility1	Amount		Amount		Increase		Capacity		Balance		Interest rate
Agency Warehouse Facility #1	$	425,000	$	—	$	—	$	425,000	$	190,054	30-day LIBOR plus 1.40%
Agency Warehouse Facility #2		500,000		—		2,066,000		2,566,000		2,228,837	30-day LIBOR plus 1.30%
Agency Warehouse Facility #3		480,000		—		400,000		880,000		424,714	30-day LIBOR plus 1.25%
Agency Warehouse Facility #4		350,000		—		—		350,000		285,170	30-day LIBOR plus 1.40%
Agency Warehouse Facility #5		30,000		—		—		30,000		5,797	30-day LIBOR plus 1.80%
Agency Warehouse Facility #6		250,000		250,000		—		500,000		—	30-day LIBOR plus 1.35%
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		—		1,500,000		75,391	30-day LIBOR plus 1.15%
Total Agency Warehouse Facilities	$	2,035,000	$	1,750,000	$	2,466,000	$	6,251,000	$	3,209,963
Interim Warehouse Facility #1	$	85,000	$	—	$	—	$	85,000	$	43,440	30-day LIBOR plus 1.90%
Interim Warehouse Facility #2		200,000		—		—		200,000		23,272	30-day LIBOR plus 2.00%
Interim Warehouse Facility #3		75,000		—		—		75,000		29,132	30-day LIBOR plus 2.00% to 2.50%
Total Interim Warehouse Facilities	$	360,000	$	—	$	—	$	360,000	$	95,844
Debt issuance costs		—		—		—		—		(218)
Total warehouse facilities	$	2,395,000	$	1,750,000	$	2,466,000	$	6,611,000	$	3,305,589

1 Agency Warehouse Facilities and the Fannie Mae repurchase agreement are used to fund loans held for sale, while Interim Warehouse Facilities are used to partially fund loans held for investment.