Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021.

Table 14.1 – Short-Term Debt


	December 31, 2022
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate (1)		Maturity(2)	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse	7	$	703,406	$	2,550,000	6.16	%	3/2023 - 12/2023	267

Business purpose loan warehouse	4	680,100		1,650,000		6.93	%	3/2023 - 9/2023	179
Real estate securities repo	7	124,909		—		5.22	%	1/2023 - 3/2023	27
HEI warehouse	1	111,681		150,000		8.54	%	11/2023	306

Total Short-Term Debt Facilities	19	1,620,096
Servicer advance financing	1	206,510		290,000		6.67	%	11/2023	305
Promissory notes	N/A	27,058		—		6.64	%	N/A	N/A
Convertible notes, net	N/A	176,015		—		4.75	%	8/2023	227
Total Short-Term Debt		$	2,029,679


	December 31, 2021
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate (1)		Maturity	Weighted Average Days Until Maturity
Facilities
Residential loan warehouse	7	$	1,669,344	$	2,900,000	1.87	%	1/2022-12/2022	153

Business purpose loan warehouse	2	138,746		350,000		3.34	%	3/2022-7/2022	105
Real estate securities repo	4	74,825		—		1.13	%	1/2022-3/2022	33
Total Short-Term Debt Facilities	13	1,882,915
Servicer advance financing	1	294,447		350,000		1.90	%	11/2022	306
Convertible notes, net	N/A	—
Total Short-Term Debt		$	2,177,362

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over SOFR at December 31, 2022 or 1- or 3-month LIBOR at December 31, 2021.

(2)Promissory notes payable on demand to lender with 90-day notice.

Collateral for Short-Term Debt

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt facilities at December 31, 2022 and 2021.

Table 14.2 – Collateral for Short-Term Debt


(In Thousands)	December 31, 2022		December 31, 2021
Collateral Type
Held-for-sale residential loans	$	775,545	$	1,838,797
Business purpose loans	871,072		167,687
HEI	191,278		—
Real estate securities
On balance sheet	72,133		5,823
Sequoia securitizations (1)	74,170		61,525
Freddie Mac K-Series securitization (1)	31,767		31,657
Total real estate securities owned	178,070		99,005
Restricted cash and other assets	1,097		1,962
Total Collateral for Short-Term Debt Facilities	2,017,062		2,107,451
Cash	12,713		6,480
Restricted cash	—		25,420
Servicer advances	269,259		310,953
Total Collateral for Servicer Advance Financing	281,972		342,853
Total Collateral for Short-Term Debt	$	2,299,034	$	2,450,304

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

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 at December 31, 2022.

Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities


	December 31, 2022
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	—	$	186,287	$	517,120	$	703,407
Business purpose loans	—		267,588		412,512		680,100
Real estate securities	89,216		35,693		—		124,909

HEI warehouse	—		—		111,681		111,681
Total Secured Short-Term Debt	89,216		489,567		1,041,313		1,620,096
Servicer advance financing	—		—		206,510		206,510
Promissory notes	—		27,058		—		27,058
Convertible notes, net	—		—		176,015		176,015
Total Short-Term Debt	$	89,216	$	516,625	$	1,423,838	$	2,029,679