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WAREHOUSE AND OTHER LINES OF CREDIT (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents information on warehouse and other lines of credit and the outstanding balance as of December 31, 2023 and 2022:
|  |  |  |  |  |  |  | Outstanding Balance
|  | Committed Amount |  | Uncommitted Amount |  | Total Facility Amount | Expiration Date | December 31, 2023 |  | December 31, 2022 |  |
Facility 1(1) |  | $ | 400,000 |  |  | $ | 350,000 |  |  | $ | 750,000 |  | 10/25/2024 | $ | 391,418 |  |  | $ | 382,098 |  |  |
Facility 2(2) |  | 1,000 |  |  | 299,000 |  |  | 300,000 |  | 9/23/2024 | 155,676 |  |  | 236,144 |  |  |
Facility 3 |  | — |  |  | 300,000 |  |  | 300,000 |  | 4/16/2024 | 175,348 |  |  | 177,900 |  |  |
Facility 4 |  | — |  |  | 175,000 |  |  | 175,000 |  | 12/26/2024 | 127,052 |  |  | 202,548 |  |  |
Facility 5(2) |  | — |  |  | 200,000 |  |  | 200,000 |  | N/A | 1,638 |  |  | — |  |  |
Facility 6(2) |  | — |  |  | 600,000 |  |  | 600,000 |  | 9/27/2024 | 359,401 |  |  | 180,273 |  |  |
Facility 7 |  | — |  |  | — |  |  | — |  | 11/1/2023 | — |  |  | 295,064 |  |  |
Facility 8 |  | — |  |  | 300,000 |  |  | 300,000 |  | 9/20/2024 | 236,524 |  |  | 172,575 |  |  |
Facility 9(3) |  | 500,000 |  |  | — |  |  | 500,000 |  | 10/21/2024 | 500,000 |  |  | 500,000 |  |  |
Total |  | $ | 901,000 |  |  | $ | 2,224,000 |  |  | $ | 3,125,000 |  |  | $ | 1,947,057 |  |  | $ | 2,146,602 |  |  |
(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 addition to the warehouse line, the lender provides a separate gestation facility to finance recently sold MBS up to the MBS settlement date. (3)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 and other lines of credit:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Maximum outstanding balance during the period |  | $ | 2,280,996 |  |  | $ | 7,672,559 |  |  | $ | 9,180,276 |
Average balance outstanding during the period |  | 1,704,717 |  |  | 4,127,822 |  |  | 8,149,855 |
Collateral pledged (loans held for sale) |  | 2,065,878 |  |  | 2,214,656 |  |  | 7,815,347 |
Weighted average interest rate during the period |  | 7.04 | % |  | 2.97 | % |  | 2.21 | %

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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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