Derivative and Hedging Instruments

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 interest rate cap agreements that were in effect as of March 31, 2018 and December 31, 2017:



(Dollars in millions)
As of March 31, 2018
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	12/2017	12/2020	$	205.0	5.50	%

100.0		Warehouse Facility IV	Cap Floating Rate	04/2016	04/2019	75.0		5.50	%
			Cap Floating Rate	05/2017	04/2021	25.0		6.50	%
						100.0

100.0		Warehouse Facility V	Cap Floating Rate	06/2015	07/2018	75.0		5.50	%
355.2		Term ABS 2016-1	Cap Floating Rate	04/2016	02/2019	352.9		5.00	%
150.0		Warehouse Facility VII	Cap Floating Rate	12/2017	11/2021	150.0		5.50	%



(Dollars in millions)
As of December 31, 2017
Facility Amount		Facility Name	Purpose	Start	End	Notional		Cap Interest Rate (1)
$	400.0	Warehouse Facility II	Cap Floating Rate	12/2017	12/2020	$	205.0	5.50	%

100.0		Warehouse Facility IV	Cap Floating Rate	04/2016	04/2019	75.0		5.50	%
			Cap Floating Rate	05/2017	04/2021	25.0		6.50	%
						100.0

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	%
150.0		Warehouse Facility VII	Cap Floating Rate	12/2017	11/2021	150.0		5.50	%


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

The interest rate caps have not been designated as hedging instruments. As of March 31, 2018 and December 31, 2017, the interest rate caps had a fair value of $0.0 million as the capped rates were significantly above market rates.