XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Short-Term Debt | 3 Months Ended
--- | ---
Mar. 31, 2017
Debt Disclosure [Abstract] |
Short-Term Debt | 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 March 31, 2017, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. For additional information about these financial covenants and our short-term debt, see 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 Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2016. 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 March 31, 2017 and December 31, 2016. Table 11.1 – Short-Term Debt Facilities
|  | March 31, 2017
(Dollars in Thousands) |  | Number of Facilities |  | Outstanding Balance |  | Limit |  | Weighted Average Interest Rate |  | Maturity |  | Weighted Average Days Until Maturity
Residential loan warehouse |  | 4 |  |  | $ | 240,961 |  |  | $ | 1,325,000 |  |  | 2.59 | % |  | 8/2017-3/2018 |  | 285
Real estate securities repo |  | 7 |  |  | 322,812 |  |  | — |  |  | 2.11 | % |  | 4/2017-6/2017 |  | 27
Total |  | 11 |  |  | $ | 563,773 |  |  |  |  |  |  |  |  |
|  | December 31, 2016
(Dollars in Thousands) |  | Number of Facilities |  | Outstanding Balance |  | Limit |  | Weighted Average Interest Rate |  | Maturity |  | Weighted Average Days Until Maturity
Residential loan warehouse |  | 4 |  |  | $ | 485,544 |  |  | $ | 1,325,000 |  |  | 2.40 | % |  | 1/2017-12/2017 |  | 206
Real estate securities repo |  | 7 |  |  | 305,995 |  |  | — |  |  | 1.91 | % |  | 1/2017-3/2017 |  | 24
Total |  | 11 |  |  | $ | 791,539 |  |  |  |  |  |  |  |  |
Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At March 31, 2017, 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 and real estate securities pledged as collateral was $266 million and $386 million, respectively, at March 31, 2017 and $534 million and $363 million, respectively, at December 31, 2016. For the three months ended March 31, 2017 and 2016, the average balance of short-term debt was $794 million and $1.28 billion, respectively. At both March 31, 2017 and December 31, 2016, accrued interest payable on short-term debt was $3 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 of $7 million at March 31, 2017. At both March 31, 2017 and December 31, 2016, 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 by the type of collateral securing the debt at March 31, 2017. Table 11.2 – Short-Term Debt by Collateral Type and Remaining Maturities
|  | March 31, 2017
(In Thousands) |  | Within 30 days |  | 31 to 90 days |  | Over 90 days |  | Total
Collateral Type |  |  |  |  |  |  |  |
Held-for-sale residential loans |  | $ | — |  |  | $ | — |  |  | $ | 240,961 |  |  | $ | 240,961 |
Real estate securities |  | 262,241 |  |  | 60,571 |  |  | — |  |  | 322,812 |
Total Short-Term Debt |  | $ | 262,241 |  |  | $ | 60,571 |  |  | $ | 240,961 |  |  | $ | 563,773 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: 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 2: 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 3: 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 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration