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, 2015, we had outstanding agreements with several 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 and in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2014.

The table below summarizes the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information of the short-term debt at September 30, 2015 and December 31, 2014 by the type of collateral securing the debt.

Table 12.1 – Short-Term Debt by Collateral Type



	September 30, 2015
(Dollars in Thousands)	Number of Facilities	Outstanding		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Collateral Type
Held-for-sale residential loans	4	$	1,161,202	$	1,550,000	1.73	%	12/2015-6/2016	147
Held-for-investment residential loans ⁽¹⁾	1	125,689		—		0.19	%	7/2016-9/2016	286
Commercial loans	3	110,408		450,000		3.59	%	11/2015-9/2016	225
Real estate securities	8	475,494		—		1.44	%	10/2015-12/2015	18
Total	16	$	1,872,793			1.67	%		128


(1)	Amount represents the portion of our borrowings from the FHLBC that were due within 12 months as of September 30, 2015. See Note 14 for additional information on our FHLB-member subsidiary's borrowing agreement with the FHLBC.



	December 31, 2014
(Dollars in Thousands)	Number of Facilities	Outstanding		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Collateral Type
Held-for-sale residential loans	5	$	1,076,188	$	1,550,000	1.74	%	2/2015-12/2015	156
Commercial loans	3	109,128		400,000		3.66	%	4/2015-10/2016	185
Real estate securities	9	608,509		—		1.38	%	1/2015-3/2015	20
Total	17	$	1,793,825			1.73	%		112

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At September 30, 2015, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

During the three months ended September 30, 2015, $26 million of FHLBC borrowings were reclassified from long-term debt to short-term debt as the maturity was less than one year as of September 30, 2015. In addition, during the three months ended September 30, 2015, our FHLB-member subsidiary borrowed $100 million from the FHLBC that was due within 12 months as of September 30, 2015.

The fair value of held-for-sale residential loans, commercial loans, and real estate securities pledged as collateral was $1.30 billion, $185 million, and $587 million, respectively, at September 30, 2015 and $1.22 billion, $161 million, and $762 million, respectively, at December 31, 2014. For the three and nine months ended September 30, 2015, the average balance of short-term debt was $1.69 billion and $1.56 billion, respectively. At both September 30, 2015 and December 31, 2014, accrued interest payable on short-term debt was $2 million.

We also maintain a $10 million committed line of credit with a financial institution that is secured by certain mortgage-backed securities with a fair market value in excess of $11 million at September 30, 2015. At both September 30, 2015 and December 31, 2014, we had no outstanding borrowings on this facility.

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at September 30, 2015.

Table 12.2 – Short-Term Debt by Collateral Type and Remaining Maturities



	September 30, 2015
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for sale residential loans	$	—	$	465,673	$	695,529	$	1,161,202
Held-for-investment residential loans	—		—		125,689		125,689
Commercial loans	—		45,741		64,667		110,408
Real estate securities	433,435		42,059		—		475,494
Total Short-Term Debt	$	433,435	$	553,473	$	885,885	$	1,872,793