Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Outstanding Balances of Short-Term Debt by Type of Collateral Securing Debt

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 December 31, 2020 and December 31, 2019.

Table 13.1 – Short-Term Debt

	December 31, 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	$	137,269	$	1,300,000	2.45	%	1/2021-11/2021	268
Business purpose loan warehouse (2)	2	99,190		500,000		3.37	%	5/2022-6/2022	521
Real estate securities repo (1)	3	77,775		—		2.24	%	1/2021-3/2021	36
Total Short-Term Debt Facilities	9	314,234
Servicer advance financing	1	208,375		335,000		1.95	%	11/2021	334
Total Short-Term Debt		$	522,609

	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 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 December 31, 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 December 31, 2020 and December 31, 2019. 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

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

Table 13.2 – Collateral for Short-Term Debt

(In Thousands)	December 31, 2020		December 31, 2019
Collateral Type
Held-for-sale residential loans	$	156,355	$	201,949
Business purpose loans	127,029		988,179
Real estate securities
On balance sheet	23,193		618,881
Sequoia Choice securitizations (1)	63,105		111,341
Freddie Mac SLST securitizations (1)	—		381,640
Freddie Mac K-Series securitizations (1)	28,255		252,284
CAFL securitizations (1)	—		127,840
Total real estate securities owned	114,553		1,491,986
Other assets (2)	315		16,252
Total Collateral for Short-Term Debt	$	398,252	$	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.

(2)In addition to securities that serve as collateral for our securities repo borrowings, we had posted $0.3 million of cash collateral as margin with our borrowing counterparties.

Remaining Maturities of Short Term Debt

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 December 31, 2020.

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

	December 31, 2020
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	3,918	$	14,801	$	118,550	$	137,269
Business purpose loans	—		—		99,190		99,190
Real estate securities	40,455		37,320		—		77,775
Total Secured Short-Term Debt	44,373		52,121		217,740		314,234
Servicer advance financing	—		—		208,375		208,375
Total Short-Term Debt	$	44,373	$	52,121	$	426,115	$	522,609