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Derivative and Hedging Instruments | 9 Months Ended
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Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative and Hedging Instruments | 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 of September 30, 2015 and December 31, 2014:
As of September 30, 2015
Facility (in millions) |  | Facility Name |  | Purpose |  | Start |  | End |  | Notional (in millions) |  | Cap Interest Rate (1)
$ | 400.0 |  |  | Warehouse Facility II |  | Cap Floating Rate |  | 12/2014 |  | 06/2016 |  | $ | 325.0 |  |  | 5.50 | %
75.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 03/2014 |  | 03/2017 |  | 75.0 |  |  | 5.50 | %
100.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 06/2015 |  | 07/2018 |  | 75.0 |  |  | 5.50 | %
As of December 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 |  | 12/2014 |  | 06/2016 |  | $ | 325.0 |  |  | 5.50 | %
75.0 |  |  | Warehouse Facility IV |  | Cap Floating Rate |  | 08/2011 |  | 09/2015 |  | 29.3 |  |  | 5.50 | %
|  |  |  | Cap Floating Rate |  | 03/2014 |  | 03/2017 |  | 45.7 |  |  | 5.50 | %
|  |  |  |  |  |  |  |  |  | 75.0 |  |  |
75.0 |  |  | Warehouse Facility V |  | Cap Floating Rate |  | 06/2012 |  | 07/2015 |  | 56.3 |  |  | 5.00 | %
(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 September 30, 2015 and December 31, 2014, 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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