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WAREHOUSE LINES OF CREDIT, NET (Tables)
 6 Months Ended
Jun. 30, 2024
Line of Credit Facility [Abstract]  
Summary of Warehouse Lines of Credit
Warehouse lines of credit consisted of the following at June 30, 2024 and December 31, 2023. Changes subsequent to June 30, 2024 have been described in the notes referenced with the below table.
(in thousands)
Maturity
June 30,
2024		December 31,
2023
$165 million master repurchase facility agreement(1)
January 2025$147,062 $122,462 
$250 million master repurchase facility agreement(2)
August 2024198,856 99,059 
$400 million master repurchase facility agreement(3)
August 2024366,086 158,412 
$200 million master repurchase facility agreement(4)
May 2025141,856 87,252 
$200 million master repurchase facility agreement(5)
September 2024139,963 91,039 
$400 million master repurchase facility agreement(6)
September 2024273,412 134,964 
$200 million master repurchase facility agreement(7)
N/A161,931 30,185 
$200 million master repurchase facility agreement(8)
N/A163,022 78,682 
$75 million master repurchase facility agreement(9)
N/A26,944 34,280 
1,619,132 836,335 
Prepaid commitment fees(2,563)(2,554)
Warehouse lines of credit, net
$1,616,569 $833,781 
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(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 $1.3 million, 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 $2.0 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. Subsequent to June 30, 2024, this line was increased to $500.0 million.
(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.
(8)This facility agreement has a maturity of 364 days on the first $150.0 million committed amount and $50.0 million is due on demand. The variable interest rate is calculated using a base rate tied to SOFR with a floor of 0.75%.
(9)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.