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Warehouse Borrowings
9 Months Ended
Sep. 30, 2014
Warehouse Borrowings  
Warehouse Borrowings

Note 4.—Warehouse Borrowings

 

The Company, through its subsidiaries, is a party to four Master Repurchase Agreements with lenders providing warehouse facilities. The warehouse facilities are used to fund, and are secured by, residential mortgage loans that are held for sale.

 

The following table presents certain information on warehouse borrowings and related accrued interest for the periods indicated:

 

 

 

Maximum

 

 

 

 

 

 

 

Borrowing

 

Balance Outstanding At

 

 

 

Capacity

 

September 30, 2014

 

December 31, 2013

 

Short-term borrowings:

 

 

 

 

 

 

 

Repurchase agreement 1

 

$

100,000

 

$

65,966

 

$

50,794

 

Repurchase agreement 2

 

40,000

 

38,084

 

19,493

 

Repurchase agreement 3 (1)

 

50,000

 

29,087

 

15,592

 

Repurchase agreement 4 (2)

 

125,000

 

88,233

 

33,755

 

Total short-term borrowings

 

$

315,000

 

$

221,370

 

$

119,634

 

 

 

(1)     In September 2014, the maturity was extended to September 2015.

 

(2)     In September 2014, the maturity was extended to September 2015.  As part of the agreement, the Company has a $40 million sublimit for re-warehousing with $4.3 million outstanding at September 30, 2014.