XML 31 R19.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Short-Term Debt | 6 Months Ended
--- | ---
Jun. 30, 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 June 30, 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 our short-term debt, including the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information at June 30, 2017 and December 31, 2016. Table 11.1 – Short-Term Debt
|  | June 30, 2017
(Dollars in Thousands) |  | Number of Facilities |  | Outstanding Balance |  | Limit |  | Weighted Average Interest Rate |  | Maturity |  | Weighted Average Days Until Maturity
Facilities |  |  |  |  |  |  |  |  |  |  |  |
Residential loan warehouse |  | 4 |  |  | $ | 575,303 |  |  | $ | 1,325,000 |  |  | 2.80 | % |  | 8/2017-3/2018 |  | 243
Real estate securities repo |  | 8 |  |  | 469,491 |  |  | — |  |  | 2.35 | % |  | 7/2017-9/2017 |  | 22
Total Short-Term Debt Facilities |  | 12 |  |  | 1,044,794 |  |  |  |  |  |  |  |  |
Convertible notes, net |  | N/A |  |  | 250,013 |  |  | — |  |  | 4.63 | % |  | 4/2018 |  | 289
Total Short-Term Debt |  |  |  | $ | 1,294,807 |  |  |  |  |  |  |  |  |
|  | December 31, 2016
(Dollars in Thousands) |  | Number of Facilities |  | Outstanding Balance |  | Limit |  | Weighted Average Interest Rate |  | Maturity |  | Weighted Average Days Until Maturity
Facilities |  |  |  |  |  |  |  |  |  |  |  |
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 Short-Term Debt |  | 11 |  |  | $ | 791,539 |  |  |  |  |  |  |  |  |
Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At June 30, 2017, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date. In addition, during the three months ended June 30, 2017, $288 million principal amount of 4.625% convertible senior notes and $2 million of unamortized deferred issuance costs were reclassified from long-term debt to short-term debt, as the maturity of the notes was less than one year as of April 2017. Additionally, during the three months ended June 30, 2017, we repurchased $37 million par value of these notes at a premium and recorded a loss on extinguishment of debt of $1 million in Realized gains, net on our consolidated statements of income. At June 30, 2017, the accrued interest payable balance on this debt was $2 million. See Note 13 for additional information on our convertible notes. The fair value of held-for-sale residential loans and real estate securities pledged as collateral under our short-term debt facilities was $645 million and $563 million, respectively, at June 30, 2017 and $534 million and $363 million, respectively, at December 31, 2016. For the three and six months ended June 30, 2017, the average balances of our short-term debt facilities were $1.04 billion and $0.92 billion, respectively. At June 30, 2017 and December 31, 2016, accrued interest payable on our short-term debt facilities was $5 million and $3 million, respectively. 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 June 30, 2017. At both June 30, 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 our secured short-term debt by the type of collateral securing the debt as well as our convertible notes at June 30, 2017. Table 11.2 – Short-Term Debt by Collateral Type and Remaining Maturities
|  | June 30, 2017
(In Thousands) |  | Within 30 days |  | 31 to 90 days |  | Over 90 days |  | Total
Collateral Type |  |  |  |  |  |  |  |
Held-for-sale residential loans |  | $ | — |  |  | $ | 127,644 |  |  | $ | 447,659 |  |  | $ | 575,303 |
Real estate securities |  | 386,150 |  |  | 83,341 |  |  | — |  |  | 469,491 |
Total Secured Short-Term Debt |  | 386,150 |  |  | 210,985 |  |  | 447,659 |  |  | 1,044,794 |
Convertible notes, net |  | — |  |  | — |  |  | 250,013 |  |  | 250,013 |
Total Short-Term Debt |  | $ | 386,150 |  |  | $ | 210,985 |  |  | $ | 697,672 |  |  | $ | 1,294,807 |

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