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Collateralized Transactions | 3 Months Ended
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Mar. 31, 2018
Brokers And Dealers [Abstract] |
Collateralized Transactions |
8. | Collateralized Transactions
Repurchase Agreements Securities sold under agreements to repurchase (“Repurchase Agreements”) are accounted for as collateralized financing transactions and are recorded at the contractual amount for which the securities will be repurchased or resold, including accrued interest. It is the Company’s policy to obtain possession of collateral with a market value equal to or in excess of the principal amount loaned under Reverse Repurchase Agreements. Collateral is valued daily and the Company may require counterparties to deposit additional collateral or return collateral pledged when appropriate. As of March 31, 2018, Cantor facilitated Repurchase Agreements between the Company and Cantor in the amount of $1.0 million for the purpose of financing fails. U.S. Treasury or other fixed income securities were provided to Cantor as collateral for the fair value of the Repurchase Agreement. As of December 31, 2017, the Company had no Repurchase Agreements. Warehouse Notes Payable The Company uses its warehouse lines and a repurchase agreement 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, the Company had the following lines available and borrowings outstanding (in thousands):
|  |  |  |  |  | March 31, 2018 |  |
|  | Committed Lines |  |  | Uncommitted Lines |  |  | Total |  |  | 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 from $300.0 thousand to $400.0 thousand for the period of March 29, 2018 to May 12, 2018. As of December 31, 2017, the Company had the following lines available and borrowings outstanding (in thousands):
|  |  |  |  |  | December 31, 2017 |  |
|  | Committed Lines |  |  | Uncommitted Lines |  |  | Total |  |  | 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 |  |  |  |  |
In connection with these warehouse notes payable, the Company is required to meet a number of financial covenants, including maintaining a minimum of $15.0 million of cash and cash equivalents. The Company was in compliance with all covenants as of March 31, 2018 and December 31, 2017. Securities Loaned As of March 31, 2018, the Company had Securities loaned transactions of $92.6 million with Cantor. The fair value of the securities lent was $94.6 million. As of March 31, 2018, the cash collateral received from Cantor bore interest rates ranging from 2.2% to 2.5%. As of December 31, 2017, the Company had Securities loaned transactions of $202.3 million with Cantor. The fair value of the securities lent was $204.1 million. As of December 31, 2017, the cash collateral received from Cantor bore interest rates ranging from 1.9% to 4.3%. These transactions have no stated maturity date.

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- Definition The entire disclosure for repurchase agreements (also known as repos), resale agreements (also known as reverse repurchase agreements or reverse repos), securities borrowed transactions, and securities loaned transactions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -URI http://asc.fasb.org/topic&trid=2197590 + Details
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