WAREHOUSE NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2019

WAREHOUSE NOTES PAYABLE

Schedule of Debt Obligations

	September 30, 2019
(dollars in thousands)	Committed		Uncommitted		Total Facility		Outstanding
Facility1	Amount		Amount		Capacity		Balance		Interest rate
Agency Warehouse Facility #1	$	425,000	$	200,000	$	625,000	$	85,730	30-day LIBOR plus 1.15%
Agency Warehouse Facility #2		500,000		300,000		800,000		124,414	30-day LIBOR plus 1.15%
Agency Warehouse Facility #3		500,000		265,000		765,000		127,224	30-day LIBOR plus 1.15%
Agency Warehouse Facility #4		350,000		—		350,000		130,598	30-day LIBOR plus 1.15%
Agency Warehouse Facility #5		—		500,000		500,000		206,141	30-day LIBOR plus 1.15%
Agency Warehouse Facility #6		250,000		100,000		350,000		123,920	30-day LIBOR plus 1.20%
Total National Bank Agency Warehouse Facilities	$	2,025,000	$	1,365,000	$	3,390,000	$	798,027
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		1,500,000		288,597
Total Agency Warehouse Facilities	$	2,025,000	$	2,865,000	$	4,890,000	$	1,086,624
Interim Warehouse Facility #1	$	135,000	$	—	$	135,000	$	87,700	30-day LIBOR plus 1.90%
Interim Warehouse Facility #2		100,000		—		100,000		43,100	30-day LIBOR plus 2.00%
Interim Warehouse Facility #3		75,000		75,000		150,000		45,890	30-day LIBOR plus 1.90% to 2.50%
Interim Warehouse Facility #4		100,000		—		100,000		—	30-day LIBOR plus 1.75%
Total National Bank Interim Warehouse Facilities	$	410,000	$	75,000	$	485,000	$	176,690
Debt issuance costs		—		—		—		(278)
Total warehouse facilities	$	2,435,000	$	2,940,000	$	5,375,000	$	1,263,036

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.