Derivative and Hedging Instruments

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Instruments

DERIVATIVE AND HEDGING INSTRUMENTS

Interest Rate Caps.  We utilize interest rate cap agreements to manage the interest rate risk on our Warehouse facilities.  The following tables provide the terms of our interestrate cap agreements that were in effect as of June 30, 2015 and December 31, 2014:

As of June 30, 2015
Facility (in millions)		Facility Name	Purpose	Start	End	Notional (in millions)		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	12/2014	06/2016	$	325.0	5.50	%
75.0		Warehouse Facility IV	Cap Floating Rate	08/2011	09/2015	7.6		5.50	%
			Cap Floating Rate	03/2014	03/2017	67.4		5.50	%
						75.0
100.0		Warehouse Facility V	Cap Floating Rate	06/2012	07/2015	56.3		5.00	%
			Cap Floating Rate	06/2015	07/2018	18.7		5.50	%
						75.0

As of December 31, 2014
Facility (in millions)		Facility Name	Purpose	Start	End	Notional (in millions)		Cap Interest Rate (1)
$	325.0	Warehouse Facility II	Cap Floating Rate	12/2014	06/2016	$	325.0	5.50	%
75.0		Warehouse Facility IV	Cap Floating Rate	08/2011	09/2015	29.3		5.50	%
			Cap Floating Rate	03/2014	03/2017	45.7		5.50	%
						75.0
75.0		Warehouse Facility V	Cap Floating Rate	06/2012	07/2015	56.3		5.00	%

(1) Rate excludes the spread over the LIBOR rate or the commercial paper rate, as applicable.

The interest rate caps have not been designated as hedging instruments.  As of June 30, 2015 and December 31, 2014, the interest rate caps had a fair value of less than $0.1 million as the capped rates were significantly above market rates.