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Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of 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, 2023 and 2022.

Table 14.1 – Short-Term Debt

						December 31, 2023
(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						4						$	796,537					$	1,150,000					7.27		%				2/2024-12/2024						202
Business purpose loan warehouse						2						71,719						455,000						8.14		%				5/2024-6/2024						166
Real estate securities repo						3						82,622						—						7.01		%				1/2024-3/2024						26
Residential MSR warehouse						1						47,858						50,000						8.60		%				10/2024						302
HEI warehouse						1						122,659						150,000						9.89		%				8/2024						214
Total Short-Term Debt Facilities						11						1,121,395
Servicer advance financing						1						153,653						240,000						7.71		%				12/2024						337
Subordinate securities financing						1						124,552						—						7.21		%				9/2024						266
Promissory notes						N/A						16,064						—						6.97		%				N/A						N/A
Convertible notes, net						N/A						142,558						—						5.63		%				7/2024						197
Total Short-Term Debt												$	1,558,222

						December 31, 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						7						$	703,406					$	2,550,000					6.16		%				3/2023 - 12/2023						267
Business purpose loan warehouse						4						680,100						1,650,000						6.93		%				3/2023 - 9/2023						179
Real estate securities repo						7						124,909						—						5.22		%				1/2023 - 3/2023						27
HEI warehouse						1						111,681						150,000						8.54		%				11/2023						306
Total Short-Term Debt Facilities						19						1,620,096
Servicer advance financing						1						206,510						290,000						6.67		%				11/2023						305
Promissory notes						N/A						27,058						—						6.64		%				N/A						N/A
Convertible notes, net						N/A						176,015						—						4.75		%				8/2023						227
Total Short-Term Debt												$	2,029,679

Footnotes to Table 14.1

(1)Borrowings under our facilities generally are uncommitted and charged interest based on a specified margin over SOFR at December 31, 2023 or 1- or 3-month LIBOR at December 31, 2022.

(2)Promissory notes payable on demand to lender with 90-day notice.

Schedule of Collateral for Short-Term Debt

The following table below presents the value of loans, securities, and other assets pledged as collateral under our short-term debt facilities at December 31, 2023 and 2022.

Table 14.2 – Collateral for Short-Term Debt

(In Thousands)						December 31, 2023						December 31, 2022
Collateral Type
Held-for-sale residential loans						$	907,742					$	775,545
MSRs (1)						76,560						—
Business purpose loans						95,225						871,072
HEI						237,973						191,278
Real estate securities (collateralizing debt facilities)
On balance sheet						4,460						72,133
Sequoia securitizations (2)						52,333						74,170
Freddie Mac K-Series securitization (2)						33,308						31,767
CAFL securitizations (2)						32,010						—
Total real estate securities owned						122,111						178,070
Restricted cash and other assets						—						1,097
Total Collateral for Short-Term Debt Facilities						1,439,611						2,017,062
Cash						15,162						12,713
Real estate securities (collateralizing subordinate securities financing)						175,096						—
Servicer advances						225,345						269,259
Total Collateral for Short-Term Debt						$	1,855,214					$	2,299,034

(1)Includes certificated mortgage servicing rights classified as securities on our consolidated balance sheets.

(2)Represents securities we retained from consolidated securitization entities. For GAAP purposes, we consolidate the loans and non-recourse ABS issued from these securitizations.

Schedule of 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 at December 31, 2023.

Table 14.3 – Short-Term Debt by Collateral Type and Remaining Maturities

						December 31, 2023
(In Thousands)						Within 30 days						31 to 90 days						Over 90 days						Total
Collateral Type
Held-for-sale residential loans						$	—					$	176,502					$	620,035					$	796,537
Business purpose loans						—						—						71,719						71,719
Real estate securities						53,963						28,659						124,552						207,174
MSRs						—						—						47,858						47,858
HEI						—						—						122,659						122,659
Servicer advances						—						—						153,653						153,653
Total Secured Short-Term Debt Facilities						53,963						205,161						1,140,476						1,399,600
Promissory notes (unsecured)						—						16,064						—						16,064
Convertible notes, net (unsecured)						—						—						142,558						142,558
Total Short-Term Debt						$	53,963					$	221,225					$	1,283,034					$	1,558,222

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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
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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