DEBT (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of Senior Notes and Other Borrowings

Total debt consists of the following (in thousands):

	As of
	June 30, 2018						December 31, 2017
	Principal		Unamortized Debt Issuance Costs		Carrying Value		Principal		Unamortized Debt Issuance Costs		Carrying Value
5.25% Senior Notes due 2021, unsecured	$	550,000	$	3,294	$	546,706	$	550,000	$	3,892	$	546,108
5.875% Senior Notes due 2023, unsecured	350,000		2,718		347,282		350,000		3,002		346,998
5.625% Senior Notes due 2024, unsecured	350,000		3,050		346,950		350,000		3,319		346,681
Senior Notes subtotal	1,250,000		9,062		1,240,938		1,250,000		10,213		1,239,787
Loans payable and other borrowings	136,508		—		136,508		139,453		—		139,453
Revolving Credit Facility(1)	—		—		—		—		—		—
Mortgage warehouse borrowings	49,818		—		49,818		118,822		—		118,822
Total Senior Notes and other financing	$	1,436,326	$	9,062	$	1,427,264	$	1,508,275	$	10,213	$	1,498,062

⁽¹⁾ The Revolving Credit Facility included $3.1 million and $2.0 million of unamortized debt issuance costs as of June 30, 2018 and December 31, 2017, respectively, which is presented in Prepaid expenses and other assets, net on the Consolidated Balance Sheets. As of June 30, 2018 and December 31, 2017, we had $48.4 million and $47.1 million, respectively, of utilized letters of credit, resulting in $551.6 million and $452.9 million, respectively, of availability on the Revolving Credit Facility.

Summary of Mortgage Subsidiary Borrowings

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

	As of June 30, 2018
Facility	Amount Drawn		Facility Amount			Interest Rate	Expiration Date	Collateral (1)
Flagstar	$	1,692	$	5,000	(2)	LIBOR + 2.25%	30 days written notice	Mortgage Loans
Comerica	18,334		50,000			LIBOR + 2.25%	On Demand	Mortgage Loans
J.P. Morgan	29,792		100,000			LIBOR + 2.375%	September 24, 2018	Mortgage Loans and Restricted Cash
Total	$	49,818	$	155,000
	As of December 31, 2017
Facility	Amount Drawn		Facility Amount			Interest Rate	Expiration Date	Collateral (1)
Flagstar	$	12,990	$	39,000		LIBOR + 2.25%	30 days written notice	Mortgage Loans
Comerica	41,447		85,000			LIBOR + 2.25%	On Demand	Mortgage Loans
J.P. Morgan	64,385		125,000			LIBOR + 2.375%	September 24, 2018	Mortgage Loans and Restricted Cash
Total	$	118,822	$	249,000

⁽¹⁾ The mortgage warehouse borrowings outstanding as of June 30, 2018 and December 31, 2017 were collateralized by a) $99.6 million and $187.0 million, respectively, of mortgage loans held for sale, which comprised the balance of mortgage loans held for sale and b) approximately $1.3 million and $1.6 million, respectively, of cash which are included in restricted cash in the accompanying Condensed Consolidated Balance Sheets.

⁽²⁾ We amended our warehouse agreement with Flagstar during the three months ended June 30, 2018 and reduced our capacity from $39.0 million to $5.0 million. From time to time we have the ability to increase or decrease capacity to accommodate funding needs.