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Short-Term Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Short-Term Debt Facilities

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, 2019 and December 31, 2018.

Table 13.1 – Short-Term Debt

		June 30, 2019
(Dollars in Thousands)		Number of Facilities			Outstanding Balance				Limit				Weighted Average Interest Rate			Maturity		Weighted Average Days Until Maturity
Facilities
Residential loan warehouse (1)		4			$	638,055			$	1,425,000			3.90	%		8/2019-3/2020		166
Real estate securities repo (1)		10			1,213,920				—				3.48	%		7/2019-8/2019		27
Single-family rental loan warehouse (2)		2			53,998				400,000				4.67	%		6/2020-6/2021		426
Residential bridge loan warehouse (2)		4			120,445				330,000				4.93	%		11/2019-5/2022		821
Business purpose loan working capital (2)		1			—				15,000				5.00	%		12/2020		N/A
Total Short-Term Debt Facilities		21			2,026,418
Servicer advance financing		1			236,231				350,000				4.23	%		11/2019		152
Convertible notes, net		N/A			200,236				—				5.63	%		11/2019		138
Total Short-Term Debt					$	2,462,885

		December 31, 2018
(Dollars in Thousands)		Number of Facilities			Outstanding Balance				Limit				Weighted Average Interest Rate			Maturity		Weighted Average Days Until Maturity
Facilities
Residential loan warehouse (1)		4			$	860,650			$	1,425,000			4.10	%		2/2019-12/2019		178
Real estate securities repo (1)		9			988,890				—				3.47	%		1/2019-3/2019		26
Single-family rental loan warehouse (2)		2			22,053				400,000				4.77	%		6/2020-6/2021		560
Residential bridge loan warehouse (2)		2			66,327				80,000				5.20	%		11/2019-4/2021		629
Total Short-Term Debt Facilities		17			1,937,920
Servicer advance financing		1			262,740				350,000				4.32	%		11/2019		333
Convertible notes, net		N/A			199,619								5.63	%		11/2019		319
Total Short-Term Debt					$	2,400,279

(1) Borrowings under our facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At June 30, 2019, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

(2)

Due to the revolving nature of the borrowings under these facilities, we have classified these facilities as short-term debt at June 30, 2019. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations.

Short-Term Debt by Collateral Type and Remaining Maturities

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, 2019.

Table 13.2 – Short-Term Debt by Collateral Type and Remaining Maturities

		June 30, 2019
(In Thousands)		Within 30 days				31 to 90 days				Over 90 days				Total
Collateral Type
Held-for-sale residential loans		$	—			$	189,798			$	448,257			$	638,055
Real estate securities		871,520				342,400				—				1,213,920
Single-family rental loans		—				—				53,998				53,998
Residential bridge loans		—				—				120,445				120,445
Total Secured Short-Term Debt		871,520				532,198				622,700				2,026,418
Servicer advance financing		—				—				236,231				236,231
Convertible notes, net		—				—				200,236				200,236
Total Short-Term Debt		$	871,520			$	532,198			$	1,059,167			$	2,462,885

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Schedule of Maturities of Debt Disclosure.

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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