WAREHOUSE NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2020

WAREHOUSE NOTES PAYABLE

Schedule of warehouse lines of credit

	March 31, 2020
(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	$	173,125	30-day LIBOR plus 1.15%
Agency Warehouse Facility #2		500,000		300,000		800,000		207,948	30-day LIBOR plus 1.15%
Agency Warehouse Facility #3		500,000		—		500,000		303,605	30-day LIBOR plus 1.15%
Agency Warehouse Facility #4		350,000		—		350,000		141,921	30-day LIBOR plus 1.15%
Agency Warehouse Facility #5		—		500,000		500,000		207,317	30-day LIBOR plus 1.15%
Total National Bank Agency Warehouse Facilities	$	1,700,000	$	1,000,000	$	2,700,000	$	1,033,916
Fannie Mae repurchase agreement, uncommitted line and open maturity		—		1,500,000		1,500,000		51,235
Total Agency Warehouse Facilities	$	1,700,000	$	2,500,000	$	4,200,000	$	1,085,151
Interim Warehouse Facility #1	$	135,000	$	—	$	135,000	$	100,300	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		42,741	30-day LIBOR plus 1.90% to 2.50%
Interim Warehouse Facility #4		100,000		—		100,000		—	30-day LIBOR plus 1.75%
Interim Warehouse Facility #52		29,184		—		29,184		29,184	30-day LIBOR plus 3.00%
Total National Bank Interim Warehouse Facilities	$	439,184	$	75,000	$	514,184	$	221,481
Debt issuance costs		—		—		—		(786)
Total warehouse facilities	$	2,139,184	$	2,575,000	$	4,714,184	$	1,305,846

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.

² Interim warehouse facility #5 bears interest at 30-day LIBOR plus 3.00%, with an interest-rate floor of 4.50%