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Short-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

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, 2021 and December 31, 2020.

Table 13.1 – Short-Term Debt

						June 30, 2021
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity						Weighted Average Days Until Maturity
Facilities
Residential loan warehouse						6						$	1,049,144					$	2,350,000					1.87		%				8/2021-3/2022						211
Business purpose loan warehouse						2						191,288						355,497						2.99		%				3/2022-5/2022						260
Real estate securities repo						3						80,938						—						1.53		%				7/2021-9/2021						35
Total Short-Term Debt Facilities						11						1,321,370
Servicer advance financing						1						163,629						260,000						1.89		%				11/2021						153
Total Short-Term Debt												$	1,484,999

						December 31, 2020
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity						Weighted Average Days Until Maturity
Facilities
Residential loan warehouse						4						$	137,269					$	1,300,000					2.45		%				1/2021-11/2021						268
Business purpose loan warehouse						2						99,190						500,000						3.37		%				5/2022-6/2022						521
Real estate securities repo						3						77,775						—						2.24		%				1/2021-3/2021						36
Total Short-Term Debt Facilities						9						314,234
Servicer advance financing						1						208,375						335,000						1.95		%				11/2021						334
Total Short-Term Debt												$	522,609

(1)Borrowings under our facilities are generally uncommitted and charged interest based on a specified margin over the 1- or 3-month LIBOR.

Collateral for Short-Term Debt Facilities

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt at June 30, 2021 and December 31, 2020.

Table 13.2 – Collateral for Short-Term Debt

(In Thousands)						June 30, 2021						December 31, 2020
Collateral Type
Held-for-sale residential loans						$	1,152,267					$	156,355
Business purpose loans						249,410						127,029
Real estate securities
On balance sheet						16,435						23,193
Sequoia securitizations (1)						62,387						63,105
Freddie Mac K-Series securitization (1)						30,834						28,255
Total real estate securities owned						109,656						114,553
Restricted cash and other assets						1,709						315
Total Collateral for Short-Term Debt Facilities						1,513,042						398,252
Cash						12,442						9,978
Restricted cash						19,028						23,220
Servicer advances						171,818						217,656
Total Collateral for Servicer Advance Financing						203,288						250,854
Total Collateral for Short-Term Debt						$	1,716,330					$	649,106

(1)Represents securities we have retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS debt issued from these 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 at June 30, 2021.

Table 13.3 – Short-Term Debt by Collateral Type and Remaining Maturities

						June 30, 2021
(In Thousands)						Within 30 days						31 to 90 days						Over 90 days						Total
Collateral Type
Held-for-sale residential loans						$	—					$	119,462					$	929,682					$	1,049,144
Business purpose loans						—						—						191,288						191,288
Real estate securities						44,527						36,411						—						80,938
Total Secured Short-Term Debt						44,527						155,873						1,120,970						1,321,370
Servicer advance financing						—						—						163,629						163,629
Total Short-Term Debt						$	44,527					$	155,873					$	1,284,599					$	1,484,999

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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.

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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=120391452&loc=d3e13212-122682

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