Note 17 - Mortgage Credit Facilities

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Disclosure of Warehouse Agreement Borrowings [Text Block]

17.      

Mortgage Credit Facilities

At June 30, 2016, we had $174.5 million outstanding under our mortgage financing subsidiary’s mortgage credit facilities. These mortgage credit facilities consisted of a $300 million uncommitted repurchase facility with one lender, maturing in January 2017, and a $75 million repurchase facility with another lender, which matured in July 2016. These facilities require our mortgage financing subsidiary to maintain cash collateral accounts, which totaled $3.5 million as of June 30, 2016, and also contain financial covenants which require CalAtlantic Mortgage to, among other things, maintain a minimum level of tangible net worth, not to exceed a debt to tangible net worth ratio, maintain a minimum liquidity amount based on a measure of total assets (inclusive of the cash collateral requirement), and satisfy pretax income (loss) requirements. As of June 30, 2016, CalAtlantic Mortgage was in compliance with the financial and other covenants contained in these facilities.

As of the date of this filing, CalAtlantic Mortgage is currently negotiating a renewal of the $75 million repurchase facility.