WAREHOUSE NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2018

WAREHOUSE NOTES PAYABLE

Schedule of Debt Obligations

	June 30, 2018
(dollars in thousands)	Committed		Uncommitted		Temporary		Total Facility		Outstanding
Facility1	Amount		Amount		Increase		Capacity		Balance		Interest rate
Agency Warehouse Facility #1	$	425,000	$	300,000	$	—	$	725,000	$	200,652	30-day LIBOR plus 1.30%
Agency Warehouse Facility #2		500,000		300,000		—		800,000		204,359	30-day LIBOR plus 1.30%
Agency Warehouse Facility #3		500,000		265,000		—		765,000		375,701	30-day LIBOR plus 1.25%
Agency Warehouse Facility #4		350,000		—		—		350,000		209,517	30-day LIBOR plus 1.30%
Agency Warehouse Facility #5		30,000		—		—		30,000		18,978	30-day LIBOR plus 1.80%
Agency Warehouse Facility #6		250,000		250,000		—		500,000		—	30-day LIBOR plus 1.35%
Agency Warehouse Facility #7		250,000		100,000		—		350,000		37,980	30-day LIBOR plus 1.30%
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		—		1,500,000		169,920	30-day LIBOR plus 1.15%
Total Agency Warehouse Facilities	$	2,305,000	$	2,715,000	$	—	$	5,020,000	$	1,217,107
Interim Warehouse Facility #1	$	85,000	$	—	$	—	$	85,000	$	10,290	30-day LIBOR plus 1.90%
Interim Warehouse Facility #2		100,000		—		—		100,000		24,662	30-day LIBOR plus 2.00%
Interim Warehouse Facility #3		75,000		—		—		75,000		—	30-day LIBOR plus 1.90% to 2.50%
Total Interim Warehouse Facilities	$	260,000	$	—	$	—	$	260,000	$	34,952
Debt issuance costs		—		—		—		—		(1,417)
Total warehouse facilities	$	2,565,000	$	2,715,000	$	—	$	5,280,000	$	1,250,642

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