Short-Term Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Short-Term Debt Facilities

The table below summarizes our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at September 30, 2020 and December 31, 2019.

Table 13.1 – Short-Term Debt

	September 30, 2020
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse (1)	4	$	81,898	$	600,000	2.90	%	10/2020-8/2021	203
Business purpose residential loan warehouse (2)	2	96,811		500,000		3.28	%	6/2021-5/2022	437
Real estate securities repo (1)	3	75,054		—		2.87	%	10/2020-12/2020	38
Total Short-Term Debt Facilities	9	253,763
Servicer advance financing	1	228,998		400,000		1.96	%	11/2020	61
Total Short-Term Debt		$	482,761

	December 31, 2019
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse (1)	4	$	185,894	$	1,425,000	3.23	%	1/2020-10/2020	69
Business purpose residential loan warehouse (2)	8	814,118		1,475,000		4.11	%	12/2020-5/2022	489
Real estate securities repo (1)	10	1,176,579		—		2.94	%	1/2020-3/2020	23
Total Short-Term Debt Facilities	22	2,176,591
Servicer advance financing	1	152,554		400,000		3.56	%	11/2020	335
Total Short-Term Debt		$	2,329,145

(1)Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At September 30, 2020 and December 31, 2019, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

(2)Due to the revolving nature of the borrowings under these facilities, we have classified these facilities as short-term debt at September 30, 2020. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations.

Collateral for Short-Term Debt Facilities

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt facilities at September 30, 2020 and December 31, 2019.

Table 13.2 – Collateral for Short-Term Debt Facilities

(In Thousands)	September 30, 2020		December 31, 2019
Collateral Type
Held-for-sale residential loans	$	95,023	$	201,949
Business purpose residential loans	110,505		988,179
Real estate securities
On balance sheet	24,670		618,881
Sequoia Choice securitizations (1)	63,088		111,341
Freddie Mac SLST securitizations (1)	—		381,640
Freddie Mac K-Series securitizations (1)	26,550		252,284
CAFL securitizations (1)	—		127,840
Total real estate securities owned	114,308		1,491,986
Other assets	—		16,252
Total Collateral for Short-Term Debt Facilities	$	319,836	$	2,698,366

(1)Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these securitizations.

Short-Term Debt by Collateral Type and Remaining Maturities

The following table presents the remaining maturities of our secured short-term debt by the type of collateral securing the debt as well as our convertible notes at September 30, 2020.

Table 13.3 – Short-Term Debt by Collateral Type and Remaining Maturities

	September 30, 2020
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	1,217	$	—	$	80,681	$	81,898
Business purpose residential loans	—		—		96,811		96,811
Real estate securities	37,217		37,837		—		75,054
Total Secured Short-Term Debt	38,434		37,837		177,492		253,763
Servicer advance financing	—		228,998		—		228,998
Total Short-Term Debt	$	38,434	$	266,835	$	177,492	$	482,761