WAREHOUSE NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2019

Debt

Schedule of Maturities of Warehouse Notes Payable and Note Payable

Year Ending December 31,	Maturities
2020	$	825,802
2021		13,032
2022		76,986
2023		3,000
2024		3,000
Thereafter		282,750
Total	$	1,204,570

Warehouse Facilities

Debt

Schedule of Debt Obligations

	December 31, 2019
(dollars in thousands)	Committed		Uncommitted		Total Facility		Outstanding
Facility1	Amount		Amount		Capacity		Balance		Interest rate
Agency Warehouse Facility #1	$	350,000	$	200,000	$	550,000	$	148,877	30-day LIBOR plus 1.15%
Agency Warehouse Facility #2		500,000		300,000		800,000		15,291	30-day LIBOR plus 1.15%
Agency Warehouse Facility #3		500,000		265,000		765,000		35,510	30-day LIBOR plus 1.15%
Agency Warehouse Facility #4		350,000		—		350,000		258,045	30-day LIBOR plus 1.15%
Agency Warehouse Facility #5		—		500,000		500,000		60,751	30-day LIBOR plus 1.15%
Agency Warehouse Facility #6		250,000		100,000		350,000		14,930	30-day LIBOR plus 1.15%
Total National Bank Agency Warehouse Facilities	$	1,950,000	$	1,365,000	$	3,315,000	$	533,404
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		1,500,000		131,984
Total Agency Warehouse Facilities	$	1,950,000	$	2,865,000	$	4,815,000	$	665,388
Interim Warehouse Facility #1	$	135,000	$	—	$	135,000	$	98,086	30-day LIBOR plus 1.90%
Interim Warehouse Facility #2		100,000		—		100,000		49,256	30-day LIBOR plus 1.65%
Interim Warehouse Facility #3		75,000		75,000		150,000		65,991	30-day LIBOR plus 1.90% to 2.50%
Interim Warehouse Facility #4		100,000		—		100,000		28,100	30-day LIBOR plus 1.75%
Total National Bank Interim Warehouse Facilities	$	410,000	$	75,000	$	485,000	$	241,433
Debt issuance costs		—		—		—		(693)
Total warehouse facilities	$	2,360,000	$	2,940,000	$	5,300,000	$	906,128

	December 31, 2018
(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	$	57,572	30-day LIBOR plus 1.20%
Agency Warehouse Facility #2		500,000		300,000		800,000		62,830	30-day LIBOR plus 1.20%
Agency Warehouse Facility #3		500,000		265,000		765,000		451,549	30-day LIBOR plus 1.25%
Agency Warehouse Facility #4		350,000		—		350,000		225,538	30-day LIBOR plus 1.20%
Agency Warehouse Facility #5		30,000		—		30,000		12,484	30-day LIBOR plus 1.80%
Agency Warehouse Facility #6		250,000		100,000		350,000		66,579	30-day LIBOR plus 1.20%
Total National Bank Agency Warehouse Facilities	$	2,055,000	$	865,000	$	2,920,000	$	876,552
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		1,500,000		156,700
Total agency warehouse facilities	$	2,055,000	$	2,365,000	$	4,420,000	$	1,033,252
Interim Warehouse Facility #1	$	85,000	$	—	$	85,000	$	68,390	30-day LIBOR plus 1.90%
Interim Warehouse Facility #2		100,000		—		100,000		37,899	30-day LIBOR plus 2.00%
Interim Warehouse Facility #3		75,000		—		75,000		23,250	30-day LIBOR plus 1.90% to 2.50%
Total interim warehouse facilities	$	260,000	$	—	$	260,000	$	129,539
Debt issuance costs		—		—		—		(1,409)
Total warehouse facilities	$	2,315,000	$	2,365,000	$	4,680,000	$	1,161,382

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.

Notes Payable

Debt

Schedule of Debt Obligations

(in thousands, unless otherwise specified)	December 31,
Component	2019		2018		Interest rate and repayments
Unpaid principal balance	$	297,750	$	300,000	Interest rate varies - see above for further details;
Unamortized debt discount		(1,245)		(1,466)	quarterly principal payments of $0.8 million
Unamortized debt issuance costs		(2,541)		(2,524)
Carrying balance	$	293,964	$	296,010