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Short-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Outstanding Balances of Short-Term Debt by Type of Collateral Securing Debt
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 December 31, 2021 and 2020.
Table 13.1 – Short-Term Debt
December 31, 2021
(Dollars in Thousands)Number of FacilitiesOutstanding BalanceLimit
Weighted Average Interest Rate (1)
MaturityWeighted Average Days Until Maturity
Facilities
Residential loan warehouse (1)
7 $1,669,344 $2,900,000 1.87 %1/2022-12/2022153
Business purpose loan warehouse2 138,746 350,000 3.34 %3/2022-7/2022105
Real estate securities repo4 74,825 — 1.13 %1/2022-3/202233
Total Short-Term Debt Facilities13 1,882,915 
Servicer advance financing1 294,447 350,000 1.90 %11/2022306
Total Short-Term Debt$2,177,362 
December 31, 2020
(Dollars in Thousands)Number of FacilitiesOutstanding BalanceLimit
Weighted Average Interest Rate (1)
MaturityWeighted Average Days Until Maturity
Facilities
Residential loan warehouse4 $137,269 $1,300,000 2.45 %1/2021-11/2021268
Business purpose loan warehouse (2)
2 99,190 500,000 3.37 %5/2022-6/2022521
Real estate securities repo3 77,775 — 2.24 %1/2021-3/202136
Total Short-Term Debt Facilities9 314,234 
Servicer advance financing1 208,375 335,000 1.95 %11/2021334
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, or 1-month SOFR.
(2)Due to the revolving nature of the borrowings under these facilities, we have classified certain these facilities as short-term debt at December 31, 2021 and 2020. Borrowings under these facilities will be repaid as the underlying loans mature or are sold to third parties or transferred to securitizations.
Collateral for Short-Term Debt
The following table below presents the value of loans and securities pledged as collateral under our short-term debt facilities at December 31, 2021 and 2020.
Table 13.2 – Collateral for Short-Term Debt
(In Thousands)December 31, 2021December 31, 2020
Collateral Type
Held-for-sale residential loans$1,838,797 $156,355 
Business purpose loans 167,687 127,029 
Real estate securities
On balance sheet5,823 23,193 
Sequoia securitizations (1)
61,525 63,105 
Freddie Mac K-Series securitizations (1)
31,657 28,255 
Total real estate securities owned99,005 114,553 
Other assets1,962 315 
Total Collateral for Short-Term Debt Facilities$2,107,451 $398,252 
Cash6,480 9,978 
Restricted cash25,420 23,220 
Servicer advances310,953 217,656 
Total Collateral for Servicer Advance Financing342,853 250,854 
Total Collateral for Short-Term Debt$2,450,304 $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.
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 December 31, 2021.
Table 13.3 – Short-Term Debt by Collateral Type and Remaining Maturities
December 31, 2021
(In Thousands)Within 30 days31 to 90 daysOver 90 daysTotal
Collateral Type
Held-for-sale residential loans$101,885 $1,022,271 $545,188 $1,669,344 
Business purpose loans— 103,925 34,821 138,746 
Real estate securities43,833 30,992 — 74,825 
Total Secured Short-Term Debt145,718 1,157,188 580,009 1,882,915 
Servicer advance financing— — 294,447 294,447 
Total Short-Term Debt$145,718 $1,157,188 $874,456 $2,177,362