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.