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Short-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2022 and December 31, 2021. Table 14.1 – Short-Term Debt
|  | September 30, 2022
(Dollars in Thousands) |  | Number of Facilities |  | Outstanding Balance |  | Limit |  | Weighted Average Interest Rate (1) |  | Maturity (2) |  | Weighted Average Days Until Maturity
Facilities |  |  |  |  |  |  |  |  |  |  |  |
Residential loan warehouse |  | 9 |  |  | $ | 748,962 |  |  | $ | 2,850,000 |  |  | 4.83 | % |  | 12/2022 - 9/2023 |  | 150
Business purpose loan warehouse |  | 4 |  |  | 775,491 |  |  | 1,750,000 |  |  | 5.67 | % |  | 3/2023 - 9/2023 |  | 289
Real estate securities repo |  | 7 |  |  | 124,435 |  |  | — |  |  | 3.50 | % |  | 10/2022 - 12/2022 |  | 32
Total Short-Term Debt Facilities |  | 20 |  |  | 1,648,888 |  |  |  |  |  |  |  |  |
Servicer advance financing |  | 1 |  |  | 233,104 |  |  | 290,000 |  |  | 4.94 | % |  | 11/2023 |  | 397
Promissory notes |  | N/A |  | 30,702 |  |  | N/A |  | 6.58 | % |  | N/A |  | N/A
Convertible notes, net |  | N/A |  | 197,585 |  |  | N/A |  | 4.75 | % |  | 8/2023 |  | 319
Total Short-Term Debt |  |  |  | $ | 2,110,279 |  |  |  |  |  |  |  |  |
|  | 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
Convertible notes, net |  | N/A |  | — |  |  |  |  |  |  |  |  |
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. (2)Promissory notes payable on demand to lender with 90-day notice. Assumed maturity date at September 30, 2022 is December 30, 2022 for this presentation.
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 September 30, 2022 and December 31, 2021. Table 14.2 – Collateral for Short-Term Debt
(In Thousands) |  | September 30, 2022 |  | December 31, 2021
Collateral Type |  |  |  |
Held-for-sale residential loans |  | $ | 828,192 |  |  | $ | 1,838,797 |
Business purpose loans |  | 982,745 |  |  | 167,687 |
Real estate securities |  |  |  |
On balance sheet |  | 60,457 |  |  | 5,823 |
Sequoia securitizations (1) |  | 77,470 |  |  | 61,525 |
Freddie Mac K-Series securitization (1) |  | 32,047 |  |  | 31,657 |
Total real estate securities owned |  | 169,974 |  |  | 99,005 |
Restricted cash and other assets |  | 4,116 |  |  | 1,962 |
Total Collateral for Short-Term Debt Facilities |  | 1,985,027 |  |  | 2,107,451 |
Cash |  | 15,891 |  |  | 6,480 |
Restricted cash |  | 18,569 |  |  | 25,420 |
Servicer advances |  | 274,934 |  |  | 310,953 |
Total Collateral for Servicer Advance Financing |  | 309,394 |  |  | 342,853 |
Total Collateral for Short-Term Debt |  | $ | 2,294,421 |  |  | $ | 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 September 30, 2022. Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities
|  | September 30, 2022
(In Thousands) |  | Within 30 days |  | 31 to 90 days |  | Over 90 days |  | Total
Collateral Type |  |  |  |  |  |  |  |
Held-for-sale residential loans |  | $ | — |  |  | $ | 262,804 |  |  | $ | 486,158 |  |  | $ | 748,962 |
Business purpose loans |  | — |  |  | — |  |  | 775,491 |  |  | 775,491 |
Real estate securities |  | 72,233 |  |  | 52,202 |  |  | — |  |  | 124,435 |
Total Secured Short-Term Debt |  | 72,233 |  |  | 315,006 |  |  | 1,261,649 |  |  | 1,648,888 |
Servicer advance financing |  | — |  |  | — |  |  | 233,104 |  |  | 233,104 |
Promissory notes |  | — |  |  | 30,702 |  |  | — |  |  | 30,702 |
Convertible notes, net |  | — |  |  | — |  |  | 197,585 |  |  | 197,585 |
Total Short-Term Debt |  | $ | 72,233 |  |  | $ | 345,708 |  |  | $ | 1,692,338 |  |  | $ | 2,110,279 |

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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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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