Short-Term Debt

We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At December 31, 2016, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. For additional information about these financial covenants and our short-term debt, see Part II, Item 7 of this Annual Report on Form 10-K under the heading “Risks Relating to Debt Incurred Under Short- and Long-Term Borrowing Facilities.”

The table below summarizes the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information of the short-term debt at December 31, 2016 and December 31, 2015.

Table 12.1 – Short-Term Debt Facilities



	December 31, 2016
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Residential loan warehouse	4	$	485,544	$	1,325,000	2.40	%	1/2017-12/2017	206
Real estate securities repo	7	305,995		—		1.91	%	1/2017-3/2017	24
Total	11	$	791,539



	December 31, 2015
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Residential loan warehouse	4	$	950,022	$	1,400,000	1.90	%	2/2016-12/2016	182
FHLBC⁽¹⁾	1	137,622		—		0.21	%	7/2016-11/2016	204
Commercial loan warehouse	2	73,718		300,000		4.13	%	4/2016-10/2016	265
Real estate securities repo	9	693,641		—		1.47	%	1/2016-3/2016	24
Total	16	$	1,855,003


(1)	Amount represents the portion of our borrowings from the FHLBC that were due within 12 months at December 31, 2015. See Note 14 for additional information on our FHLB-member subsidiary's borrowing agreement with the FHLBC.

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At December 31, 2016, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

The fair value of held-for-sale residential loans, commercial loans, and real estate securities pledged as collateral was $534 million, zero, and $363 million, respectively, at December 31, 2016 and $1.07 billion, $152 million, and $827 million, respectively, at December 31, 2015. For the years ended December 31, 2016 and 2015, the average balance of short-term debt was $1.09 billion and $1.67 billion, respectively. At December 31, 2016 and December 31, 2015, accrued interest payable on short-term debt was $3 million and $2 million, respectively.

We also maintain a $10 million committed line of credit with a financial institution that is secured by certain mortgage-backed securities with a fair market value of $8 million at December 31, 2016. At both December 31, 2016 and December 31, 2015, we had no outstanding borrowings on this facility.

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt by the type of collateral securing the debt at December 31, 2016.

Table 12.2 – Short-Term Debt by Collateral Type and Remaining Maturities



	December 31, 2016
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for sale residential loans	$	109,152	$	67,038	$	309,354	$	485,544
Real estate securities	235,945		70,050		—		305,995
Total Short-Term Debt	$	345,097	$	137,088	$	309,354	$	791,539