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Derivative And Hedging Instruments

3 Months Ended

Mar. 31, 2014

Derivative And Hedging Instruments [Abstract]

Derivative And Hedging Instruments

7.           DERIVATIVE AND HEDGING INSTRUMENTS

Interest Rate Caps.  We utilize interest rate cap agreements to manage the interest rate risk on our Warehouse facilities.  The following tables provide the terms of our interest rate cap agreements that were in effect as ofMarch 31, 2014 and December 31, 2013: 

As of March 31, 2014
Facility (in millions)			Facility Name		Purpose		Start		End		Notional (in millions)				Cap Interest Rate (1)
$	325.0		Warehouse Facility II		Cap Floating Rate		06/2013		12/2014		$	325.0			5.50	%
	75.0		Warehouse Facility III		Cap Floating Rate		06/2012		07/2015			56.3			5.00	%
	75.0		Warehouse Facility IV		Cap Floating Rate		08/2011		09/2015			69.8			5.50	%
	75.0		Warehouse Facility IV		Cap Floating Rate		03/2014		03/2017			5.2			5.50	%

(Dollars in millions)
As of December 31, 2013
Facility (in millions)			Facility Name		Purpose		Start		End		Notional (in millions)				Cap Interest Rate (1)
$	325.0		Warehouse Facility II		Cap Floating Rate		06/2013		12/2014		$	325.0			5.50	%
	75.0		Warehouse Facility III		Cap Floating Rate		06/2012		07/2015			56.3			5.00	%
	75.0		Warehouse Facility IV		Cap Floating Rate		08/2011		09/2015			75.0			5.50	%

(1) Rate excludes the spread over the LIBOR rate or the commercial paper rate, as applicable.

The interest rate caps have not been designated as hedging instruments.  As of March 31, 2014 and December 31, 2013, the interest rate caps had a fair value of less than $0.1 million as the capped rates were significantly above market rates.

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The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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