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