Debt (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Senior Notes and Other Borrowings

Total debt consists of the following (in thousands):

	As of
	September 30, 2016						December 31, 2015
	Principal		Unamortized Debt Issuance Costs		Carrying Value		Principal		Unamortized Debt Issuance Costs		Carrying Value
5.25% Senior Notes due 2021, unsecured	$	550,000	$	5,389	$	544,611	$	550,000	$	6,287	$	543,713
5.875% Senior Notes due 2023, unsecured	350,000		3,711		346,289		350,000		4,160		345,840
5.625% Senior Notes due 2024, unsecured	350,000		3,992		346,008		350,000		4,396		345,604
Senior Notes subtotal	1,250,000		13,092		1,236,908		1,250,000		14,843		1,235,157
Loans payable and other borrowings	142,786		—		142,786		134,824		—		134,824
Revolving Credit Facility	215,000		3,916		211,084		115,000		5,053		109,947
Mortgage warehouse borrowings	91,166		—		91,166		183,444		—		183,444
Total Senior Notes and bank financing	$	1,698,952	$	17,008	$	1,681,944	$	1,683,268	$	19,896	$	1,663,372

Summary of Mortgage Subsidiary Borrowings

The following is a summary of our mortgage warehouse borrowings (in thousands):

	As of September 30, 2016
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Flagstar	$	24,559	$	55,000	LIBOR + 2.5%	30 days written notice	Mortgage Loans
Comerica	19,183		50,000		LIBOR + 2.25%	November 16, 2016	Mortgage Loans
J.P. Morgan	47,424		100,000		LIBOR + 2.375%	September 25, 2017	Mortgage Loans and Pledged Cash
Total	$	91,166	$	205,000
	As of December 31, 2015
Facility	Amount Drawn		Facility Amount		Interest Rate	Expiration Date	Collateral (1)
Flagstar	$	63,210	$	75,000	LIBOR + 2.5%	30 days written notice	Mortgage Loans
Comerica	18,009		50,000		LIBOR + 2.25%	November 16, 2016	Mortgage Loans
J.P. Morgan	102,225		120,000		(2)	September 26, 2016	Mortgage Loans and Pledged Cash
Total	$	183,444	$	245,000

⁽¹⁾ The mortgage warehouse borrowings outstanding as of September 30, 2016 and December 31, 2015, are collateralized by a) $119.0 million and $201.7 million, respectively, of mortgage loans held for sale, which comprise the balance of mortgage loans held for sale and b) $1.3 million, for both periods presented, which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.

⁽²⁾ Through the date of expiration of September 28, 2015, interest under the J.P. Morgan agreement ranged from 2.50% plus 30-day LIBOR to 2.875% plus 30-day LIBOR or 0.25% (whichever was greater). The agreement was renewed in September 2015 setting the interest rate at 2.375% plus 30-day LIBOR.