Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2016

The following table summarizes the components of Debt:



	June 30, 2016						December 31, 2015
	Balance		Interest Rate⁽¹⁾		Available Capacity⁽²⁾		Balance
	(In millions)
Committed warehouse facilities	$	764	2.1	%	$	486	$	632
Uncommitted warehouse facilities	3		3.5	%	2,797		—
Servicing advance facility	98		2.5	%	57		111

Term notes due in 2019⁽³⁾	272		7.375	%	n/a		271
Term notes due in 2021⁽³⁾	334		6.375	%	n/a		334
Unsecured debt	606						605
Total	$	1,471					$	1,348

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⁽¹⁾	Interest rate shown represents the stated interest rate of outstanding borrowings, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the servicing advance facility are variable-rate. Rate shown for warehouse facilities represents the weighted-average rate of current outstanding borrowings.


⁽²⁾	Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.


⁽³⁾	Deferred issuance costs were reclassified from the prior year presentation in Other assets to a reduction in Unsecured debt.

Assets held as collateral that are not available to pay the Company’s general obligations as of June 30, 2016 consisted of:



	Warehouse Facilities		Servicing Advance Facility
	(In millions)
Restricted cash	$	7	$	14
Servicing advances	—		152
Mortgage loans held for sale (unpaid principal balance)	795		—
Total	$	802	$	166

The following table provides the contractual debt maturities as of June 30, 2016:

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⁽¹⁾	Maturities of the servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.