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WAREHOUSE AND OTHER LINES OF CREDIT (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents certain information on warehouse borrowings:
|  |  |  |  |  |  |  | Outstanding Balance
|  | Committed Amount |  | Uncommitted Amount |  | Total Facility Amount | Expiration Date | September 30, 2021 |  | December 31, 2020 |  |
Facility 1(1) (2) |  | $ | 1,000,000 |  |  | $ | 500,000 |  |  | $ | 1,500,000 |  | 10/29/2021 | $ | 1,327,881 |  |  | $ | 1,665,005 |  |  |
Facility 2(3) |  | — |  |  | 600,000 |  |  | 600,000 |  | 9/26/2022 | 378,870 |  |  | 226,891 |  |  |
Facility 3 |  | — |  |  | 500,000 |  |  | 500,000 |  | 4/19/2022 | 341,899 |  |  | 206,863 |  |  |
Facility 4(4) |  | 100,000 |  |  | 300,000 |  |  | 400,000 |  | 10/6/2021 | 262,104 |  |  | 335,096 |  |  |
Facility 5(3) |  | — |  |  | 200,000 |  |  | 200,000 |  | N/A | 244 |  |  | — |  |  |
Facility 6(3)(5) |  | 100,000 |  |  | 1,000,000 |  |  | 1,100,000 |  | 10/11/2021 | 989,433 |  |  | 626,741 |  |  |
Facility 7(6) |  | 750,000 |  |  | 1,250,000 |  |  | 2,000,000 |  | 5/5/2023 | 1,555,688 |  |  | 919,068 |  |  |
Facility 8(7) |  | — |  |  | — |  |  | — |  | 5/14/2021 | — |  |  | 300,000 |  |  |
Facility 9(7) |  | 300,000 |  |  | — |  |  | 300,000 |  | 10/23/2021 | 300,000 |  |  | 299,803 |  |  |
Facility 10 |  | — |  |  | 850,000 |  |  | 850,000 |  | N/A | 365,145 |  |  | 358,761 |  |  |
Facility 11(8) |  | 600,000 |  |  | — |  |  | 600,000 |  | 10/25/2022 | 600,000 |  |  | 600,000 |  |  |
Facility 12(8) |  | 500,000 |  |  | — |  |  | 500,000 |  | 12/17/2023 | 499,544 |  |  | 500,000 |  |  |
Facility 13 |  | — |  |  | 1,000,000 |  |  | 1,000,000 |  | 9/23/2022 | 386,920 |  |  | 259,247 |  |  |
Facility 14(7) |  | — |  |  | — |  |  | — |  | 2/10/2021 | — |  |  | 279,954 |  |  |
Facility 15(8) |  | 500,000 |  |  | — |  |  | 500,000 |  | 2/2/2024 | 500,000 |  |  | — |  |  |
Facility 16(8) |  | 500,000 |  |  | — |  |  | 500,000 |  | 4/23/2024 | 500,000 |  |  | — |  |  |
Facility 17 |  | — |  |  | 500,000 |  |  | 500,000 |  | 9/22/2022 | 204,414 |  |  | — |  |  |
Total |  | $ | 4,350,000 |  |  | $ | 6,700,000 |  |  | $ | 11,050,000 |  |  | $ | 8,212,142 |  |  | $ | 6,577,429 |  |  |
(1)The total facility is available both to fund loan originations and also provide liquidity under a gestation facility to finance recently sold MBS up to the MBS settlement date. (2)In October 2021, this facility was extended to mature in October 2022. (3)In addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date. (4)In October 2021, this facility was extended to mature in November 2021. (5)In October 2021, this facility was extended to mature in December 2021. (6)In addition to the outstanding balance secured by mortgage loans, the Company has $15.0 million outstanding to finance servicing rights included within debt obligations in the consolidated balance sheets. (7)This facility expired. (8)Securitization backed by a revolving warehouse facility to finance newly originated first-lien fixed and adjustable rate mortgage loans. The following table presents certain information on warehouse borrowings:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Maximum outstanding balance during the period |  | $ | 9,078,257 |  |  | $ | 4,622,250 |  |  | $ | 9,180,276 |  |  | $ | 4,622,250 |
Average balance outstanding during the period |  | 8,515,189 |  |  | 3,633,792 |  |  | 8,066,303 |  |  | 3,433,434 |
Collateral pledged (loans held for sale) |  | 8,675,750 |  |  | 4,805,413 |  |  | 8,675,750 |  |  | 4,805,413 |
Weighted average interest rate during the period |  | 2.22 | % |  | 2.41 | % |  | 2.25 | % |  | 2.65 | %

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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