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Warehouse Notes Payable | 3 Months Ended
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Mar. 31, 2018
Brokers And Dealers [Abstract] |
Warehouse Notes Payable |
(19) | Warehouse Notes Payable
Newmark uses its warehouse lines and repurchase agreements to fund mortgage loans originated under its various lending programs. Outstanding borrowings against these lines are collateralized by an assignment of the underlying mortgages and third-party purchase commitments. As of March 31, 2018, Newmark had the following lines available and borrowings outstanding (in thousands):
|  | Committed Lines |  |  | Uncommitted Lines |  |  | Balance at March 31, 2018 |  |  | Stated Spread to One Month LIBOR |  | Rate Type
Warehouse line due June 20, 2018 |  | $ | 450,000 |  |  | $ | — |  |  | $ | 390,295 |  |  | 130 bps |  | Variable
Warehouse line due September 25, 2018 |  |  | 200,000 |  |  |  | — |  |  |  | 166,480 |  |  | 130 bps |  | Variable
Warehouse line due October 11, 2018(1) |  |  | 400,000 |  |  |  | — |  |  |  | 361,739 |  |  | 130 bps |  | Variable
Fannie Mae repurchase agreement, open maturity |  |  | — |  |  |  | 325,000 |  |  |  | 31,965 |  |  | 120 bps |  | Variable
|  | $ | 1,050,000 |  |  | $ | 325,000 |  |  | $ | 950,479 |  |  |  |  |
(1) | The warehouse line was temporarily increased by $300.0 million to $400.0 million for the period of March 29, 2018 to May 12, 2018.
As of December 31, 2017, Newmark had the following lines available and borrowings outstanding (in thousands):
|  | Committed Lines |  |  | Uncommitted Lines |  |  | Balance at December 31, 2017 |  |  | Stated Spread to One Month LIBOR |  | Rate Type
Warehouse line due June 20, 2018 |  | $ | 450,000 |  |  | $ | — |  |  | $ | 60,715 |  |  | 130 bps |  | Variable
Warehouse line due September 25, 2018 |  |  | 200,000 |  |  |  | — |  |  |  | 107,383 |  |  | 130 bps |  | Variable
Warehouse line due October 11, 2018 |  |  | 300,000 |  |  |  | — |  |  |  | 174,102 |  |  | 130 bps |  | Variable
Fannie Mae repurchase agreement, open maturity |  |  | — |  |  |  | 325,000 |  |  |  | 18,240 |  |  | 120 bps |  | Variable
|  | $ | 950,000 |  |  | $ | 325,000 |  |  | $ | 360,440 |  |  |  |  |
Newmark is required to meet a number of financial covenants, including maintaining a minimum of $15.0 million of cash and cash equivalents. Newmark was in compliance with all covenants on March 31, 2018 and December 31, 2017 and for the three months ended March 31, 2018 and the year ended December 31, 2017. The borrowing rates on the warehouse lines are based on short term London Interbank Offered Rate (LIBOR) plus applicable margins. Due to the short term maturity of these instruments, the carrying amounts approximate fair value.

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