Derivative and Hedging Instruments

6 Months Ended

Jun. 30, 2016

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 certain secured financings. The following tables provide the terms of our interestrate cap agreements that were in effect as of June 30, 2016 and December 31, 2015:

As of June 30, 2016
Facility (in millions)		Facility Name	Purpose	Start	End	Notional (in millions)		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	06/2016	12/2017	$	325.0	5.50	%
75.0		Warehouse Facility IV	Cap Floating Rate	03/2014	03/2017	56.2		5.50	%
			Cap Floating Rate	04/2016	04/2019	18.8		5.50	%
						75.0
100.0		Warehouse Facility V	Cap Floating Rate	06/2015	07/2018	75.0		5.50	%
385.0		Term ABS 2016-1	Cap Floating Rate	04/2016	02/2019	385.0		5.00	%

As of December 31, 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	03/2014	03/2017	75.0		5.50	%
100.0		Warehouse Facility V	Cap Floating Rate	06/2015	07/2018	75.0		5.50	%

(1) Rate excludes the spread over the LIBOR rate.

The interest rate caps have not been designated as hedging instruments. As of June 30, 2016 and December 31, 2015, the interest rate caps had a fair value of less than $0.1 million as the capped rates were significantly above market rates.