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Short-Term Debt | 9 Months Ended
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Sep. 30, 2014
Short-Term Debt | Note 12. Short-Term Debt We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At September 30, 2014, we had outstanding agreements with 17 counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q. The table below summarizes the facilities that are available to us and the balances of short-term debt at September 30, 2014 and December 31, 2013 by the type of collateral securing the debt.
|  | September 30, 2014 |
(Dollars in Thousands) |  | Number of Facilities |  |  | Outstanding |  |  | Limit |  |  | Maturity |
Collateral Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  |  | 5 |  |  | $ | 1,188,179 |  |  | $ | 1,550,000 |  |  |  | 12/2014-8/2015 |
Commercial loans |  |  | 2 |  |  |  | 52,895 |  |  |  | 340,000 |  |  |  | 4/2015-9/2015 |
Real estate securities |  |  | 10 |  |  |  | 646,614 |  |  |  | - |  |  |  | 10/2014-12/2014 |
Total |  |  | 17 |  |  | $ | 1,887,688 |  |  |  |  |  |  |  |  |
|  | December 31, 2013 |
(Dollars in Thousands) |  | Number of Facilities |  |  | Outstanding |  |  | Limit |  |  | Maturity |
Collateral Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loans |  |  | 5 |  |  | $ | 184,789 |  |  | $ | 1,400,000 |  |  |  | 1/2014 - 12/2014 |
Commercial loans |  |  | 1 |  |  |  | - |  |  |  | 100,000 |  |  |  | 4/2014 |
Real estate securities |  |  | 7 |  |  |  | 677,974 |  |  |  | - |  |  |  | 1/2014 - 2/2014 |
Total |  |  | 13 |  |  | $ | 862,763 |  |  |  |  |  |  |  |  |
Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At September 30, 2014, all of these borrowings were under uncommitted facilities except for $100 million that is committed under one commercial facility and were due within 364 days (or less) of the borrowing date. During the quarter, we transferred one commercial loan repurchase facility from long-term to short-term debt, due to its expiration falling within one year as of September 30, 2014. The fair value of residential loans, commercial loans, and real estate securities pledged as collateral was $1.32 billion, $85 million, and $812 million, respectively, at September 30, 2014. For the three and nine months ended September 30, 2014, the average balance of short-term debt was $1.87 billion and $1.40 billion, respectively. At September 30, 2014 and December 31, 2013, accrued interest payable on short-term debt was $1.61 million and less than $1 million, respectively. We also maintain a $10 million committed line of credit with one financial institution, which is secured by our pledge of certain mortgage-backed securities we own. At both September 30, 2014 and December 31, 2013, we had no outstanding borrowings on this facility. Characteristics of Short-Term Debt The table below summarizes short-term debt by weighted average interest rates and by collateral type at September 30, 2014 and December 31, 2013.
|  | September 30, 2014 |  |  | December 31, 2013 |
(Dollars in Thousands) |  | Amount Borrowed |  |  | Weighted Average Interest Rate |  |  | Weighted Average Days Until Maturity |  |  | Amount Borrowed |  |  | Weighted Average Interest Rate |  |  | Weighted Average Days Until Maturity |
Collateral Type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential loan collateral |  | $ | 1,188,179 |  |  |  | 1.71% |  |  |  | 216 |  |  | $ | 184,789 |  |  |  | 1.71% |  |  |  | 228 |
Commercial loan collateral |  |  | 52,895 |  |  |  | 5.15% |  |  |  | 359 |  |  |  | - |  |  |  | - |  |  |  | - |
Real estate securities collateral |  |  | 646,614 |  |  |  | 1.37% |  |  |  | 23 |  |  |  | 677,974 |  |  |  | 1.34% |  |  |  | 15 |
Total Short-Term Debt |  | $ | 1,887,688 |  |  |  | 1.69% |  |  |  | 154 |  |  | $ | 862,763 |  |  |  | 1.42% |  |  |  | 61 |
Remaining Maturities of Short-Term Debt The following table presents the remaining maturities of short-term debt at September 30, 2014 and December 31, 2013.
(In Thousands) |  | September 30, 2014 |  |  | December 31, 2013 |
Within 30 days |  | $ | 548,890 |  |  | $ | 659,262 |
31 to 90 days |  |  | 213,330 |  |  |  | 54,434 |
Over 90 days |  |  | 1,125,468 |  |  |  | 149,067 |
Total Short-Term Debt |  | $ | 1,887,688 |  |  | $ | 862,763 |

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 16 -Article 7 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03.16) -URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.13) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 13 -Article 9 + Details
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