Warehouse Lines of Credit (Warehouse Agreement Borrowings [Member])

12 Months Ended

Dec. 31, 2014

Warehouse Agreement Borrowings [Member]

9. Warehouse Lines of Credit

The Company has a $45,000,000 master repurchase agreement expiring January 15, 2015, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is at 2.30% above LIBOR. The line is collateralized by the underlying mortgages and related documents and instruments. The Company is in current negotiations to renew the agreement for a twelve month period. The outstanding balance under the master repurchase agreement was $21,210,431 at December 31, 2014. The terms of this agreement were amended subsequent to December 31, 2014 (see Note 27 - Subsequent Events).

The Company has a $35,000,000 warehouse line of credit agreement expiring September 28, 2015, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is 2.25% above LIBOR with a LIBOR floor of 2.50%. The line is collateralized by the underlying mortgages and related documents and instruments. The outstanding balance under the line amounted to $27,499,080 at December 31, 2014.

The Company has a $30,000,000 warehouse line of credit expiring October 26, 2015, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is at 2.25% above LIBOR with a 2.75% floor. The line is collateralized by the underlying mortgages and related documents and instruments. The outstanding balance under the line amounted to $29,619,453 at December 31, 2014.

During 2014, the Company entered into a $20,000,000 master repurchase agreement expiring June 30, 2016, which provides financing for the Company's origination of mortgage loans held for sale. Interest under the agreement is at 2.75% above LIBOR. The line is collateralized by the underlying mortgages and related documents and instruments. The outstanding balance under the line amounted to $11,088,600 at December 31, 2014.

The above agreements contain covenants that include certain financial requirements, including maintenance of minimum liquidity, minimum tangible net worth, maximum debt to net worth ratio and current ratio and limitations on capital expenditures, indebtedness, distributions, transactions with affiliates and maintenance of positive net income, as defined in the agreements. The Company was in compliance with all significant debt covenants for the year ended December 31, 2014.

The following table presents certain information regarding the Company's warehouse lines of credit at December 31, 2014 by remaining maturity:

	December 31, 2014
	Balance		Weighted Average Rate
Warehouse lines of credit maturing within
30 days or less	$	21,210,431		2.47	%
Greater than 180 days to 1 year		57,118,533		2.46
Greater than 1 year		11,088,600		2.92
Total/weighted average	$	89,417,564		2.52	%

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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