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, 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 and 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.”

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 December 31, 2015 and December 31, 2014 by the type of collateral securing the debt.

Table 12.1 – Short-Term Debt by Collateral Type



	December 31, 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	$	950,022	$	1,400,000	1.90	%	2/2016-12/2016	182
Held-for-investment residential loans ⁽¹⁾	1	137,622		—		0.21	%	7/2016-11/2016	204
Commercial loans	2	73,718		300,000		4.13	%	4/2016-10/2016	265
Real estate securities	9	693,641		—		1.47	%	1/2016-3/2016	24
Total	16	$	1,855,003


(1)	Amount represents the portion of our borrowings from the FHLBC that were due within 12 months as of December 31, 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

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At December 31, 2015, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

The fair value of held-for-sale residential loans, commercial loans, and real estate securities pledged as collateral was $1.07 billion, $152 million, and $827 million, respectively, at December 31, 2015 and $1.22 billion, $161 million, and $762 million, respectively, at December 31, 2014. For the years ended December 31, 2015 and 2014, the average balance of short-term debt was $1.67 billion and $1.52 billion, respectively. At both December 31, 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 December 31, 2015. At both December 31, 2015 and December 31, 2014, we had no outstanding borrowings under this facility.

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt at December 31, 2015.

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



	December 31, 2015
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for sale residential loans	$	—	$	351,703	$	598,319	$	950,022
Held-for-investment residential loans	—		—		137,622		137,622
Commercial loans	—		—		73,718		73,718
Real estate securities	606,612		87,029		—		693,641
Total Short-Term Debt	$	606,612	$	438,732	$	809,659	$	1,855,003