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WAREHOUSE LINES OF CREDIT, NET (Tables) | 3 Months Ended
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Mar. 31, 2024
Line of Credit Facility [Abstract] |
Summary of Warehouse Lines of Credit | Warehouse lines of credit consisted of the following at March 31, 2024 and December 31, 2023. Changes subsequent to March 31, 2024 have been described in the notes referenced with the below table.
|  |  | (in thousands)
| Maturity |  | March 31, 2024 |  | December 31, 2023
$165 million master repurchase facility agreement(1) | January 2025 |  | $ | 144,366 |  |  | $ | 122,462 |
$150 million master repurchase facility agreement(2) | August 2024 |  | 117,676 |  |  | 99,059 |
$300 million master repurchase facility agreement(3) | June 2024 |  | 224,468 |  |  | 158,412 |
$200 million master repurchase facility agreement(4) | May 2024 |  | 79,205 |  |  | 87,252 |
$200 million master repurchase facility agreement(5) | September 2024 |  | 109,497 |  |  | 91,039 |
$300 million master repurchase facility agreement(6) | September 2024 |  | 183,168 |  |  | 134,964 |
$50 million master repurchase facility agreement(7) | N/A |  | 33,764 |  |  | 30,185 |
$75 million master repurchase facility agreement(8) | N/A |  | 33,390 |  |  | 34,280 |
$200 million master repurchase facility agreement(9) | N/A |  | 135,278 |  |  | 78,682 |
|  |  | 1,060,812 |  |  | 836,335 |
Prepaid commitment fees |  |  | (2,855) |  |  | (2,554) |
Warehouse lines of credit, net |  |  | $ | 1,057,957 |  |  | $ | 833,781 |
______________________________ (1)The variable interest rate is calculated using a base rate tied to SOFR. (2)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This line of credit requires a minimum deposit of $750,000, included in restricted cash. (3)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This facility requires a minimum deposit of $1.5 million, included in restricted cash. (4)The variable interest rate is calculated using a base rate plus SOFR, with a floor of 0.375% plus the applicable interest rate margin. This facility requires a minimum deposit of $300,000, included in restricted cash. (5)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.40%, plus the applicable interest rate margin. (6)The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.50%, plus the applicable interest rate margin. (7)The variable interest rate is calculated using a base rate tied to SOFR, plus the applicable interest rate margin. This facility’s maturity date is 30 days from written notice by either the financial institution or the Company. Subsequent to March 31, 2024, this line was increased to $200.0 million. (8)The interest rate on this facility is 3.375%. This facility is used for GNMA delinquent buyouts. Each buyout represents a separate transaction that can remain on the facility for up to five years. (9)This facility agreement is due on demand and the variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.75%.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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