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Short-Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021.

Table 13.1 – Short-Term Debt

						March 31, 2022
(Dollars in Thousands)						Number of Facilities						Outstanding Balance						Limit						Weighted Average Interest Rate (1)						Maturity						Weighted Average Days Until Maturity
Facilities
Residential loan warehouse						7						$	1,223,247					$	2,750,000					2.13		%				8/2022-3/2023						288
Business purpose loan warehouse						1						95,161						350,000						3.45		%				3/2023						349
Real estate securities repo						4						75,445						—						1.25		%				4/2022-6/2022						33
Total Short-Term Debt Facilities						12						1,393,853
Servicer advance financing						1						253,393						350,000						2.25		%				11/2022						216
Total Short-Term Debt												$	1,647,246

						December 31, 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						7						$	1,669,344					$	2,900,000					1.87		%				1/2022-12/2022						153
Business purpose loan warehouse						2						138,746						350,000						3.34		%				3/2022-7/2022						105
Real estate securities repo						4						74,825						—						1.13		%				1/2022-3/2022						33
Total Short-Term Debt Facilities						13						1,882,915
Servicer advance financing						1						294,447						350,000						1.90		%				11/2022						306
Total Short-Term Debt												$	2,177,362

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over 1-month SOFR or 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 March 31, 2022 and December 31, 2021.

Table 13.2 – Collateral for Short-Term Debt

(In Thousands)						March 31, 2022						December 31, 2021
Collateral Type
Held-for-sale residential loans						$	1,334,272					$	1,838,797
Business purpose loans						129,179						167,687
Real estate securities
On balance sheet						5,539						5,823
Sequoia securitizations (1)						59,862						61,525
Freddie Mac K-Series securitization (1)						31,921						31,657
Total real estate securities owned						97,322						99,005
Restricted cash and other assets						1,962						1,962
Total Collateral for Short-Term Debt Facilities						1,562,735						2,107,451
Cash						9,615						6,480
Restricted cash						24,170						25,420
Servicer advances						302,837						310,953
Total Collateral for Servicer Advance Financing						336,622						342,853
Total Collateral for Short-Term Debt						$	1,899,357					$	2,450,304

(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 March 31, 2022.

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

						March 31, 2022
(In Thousands)						Within 30 days						31 to 90 days						Over 90 days						Total
Collateral Type
Held-for-sale residential loans						$	—					$	—					$	1,223,247					$	1,223,247
Business purpose loans						—						—						95,161						95,161
Real estate securities						43,675						31,770						—						75,445
Total Secured Short-Term Debt						43,675						31,770						1,318,408						1,393,853
Servicer advance financing						—						—						253,393						253,393
Total Short-Term Debt						$	43,675					$	31,770					$	1,571,801					$	1,647,246

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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.

+ 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=120391452&loc=d3e13212-122682

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