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 December 31, 2014, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. The table below summarizes the facilities that are available to us and the balances of short-term debt at December 31, 2014 and 2013, by the type of collateral securing the debt.

Short-Term Debt


	December 31, 2014
(Dollars in Thousands)	Number of Facilities		Outstanding		Limit		Maturity
Collateral Type
Residential loans		5	$	1,076,188	$	1,550,000		2/2015 - 12/2015
Commercial loans		3		109,128		400,000		4/2015 - 10/2016
Real estate securities		9		608,509		—		1/2015 - 3/2015

Total		17	$	1,793,825


	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 December 31, 2014, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

The fair value of residential loans, commercial loans, and real estate securities pledged as collateral was $1.22 billion, $161 million, and $762 million, respectively, at December 31, 2014. For the years ended December 31, 2014, and 2013, the average balance of short-term debt was $1.52 billion and $989 million, respectively. At December 31, 2014 and 2013, accrued interest payable on short-term debt was $1.90 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 December 31, 2014 and 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 December 31, 2014 and 2013.


	December 31, 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	$	1,076,188		1.74	%		156	$	184,789		1.71	%		228
Commercial loan collateral		109,128		3.66	%		185		—		—			—
Real estate securities collateral		608,509		1.38	%		20		677,974		1.34	%		15

Total Short-Term Debt	$	1,793,825		1.73	%		112	$	862,763		1.42	%		61

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at December 31, 2014 and 2013.


(In Thousands)	December 31, 2014		December 31, 2013
Within 30 days	$	515,552	$	659,262
31 to 90 days		447,021		54,434
Over 90 days		831,252		149,067

Total Short-Term Debt	$	1,793,825	$	862,763

For an additional discussion of our short-term debt, see Part II, Item 7 of this Annual Report on Form 10-K under the heading “Risks Relating to Debt Incurred Under Short- and Long-Term Borrowing Facilities”.