Short-Term Debt

We enter into repurchase agreements, bank warehouse agreements, and other forms of collateralized (and generally uncommitted) short-term borrowings with several banks and major investment banking firms. At September 30, 2016, we had outstanding agreements with several counterparties and we were in compliance with all of the related covenants. Further information about these financial covenants is set forth in Part I, Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q and in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2015.

The table below summarizes the facilities that are available to us, the outstanding balances, the weighted average interest rate, and the maturity information of the short-term debt at September 30, 2016 and December 31, 2015.

Table 12.1 – Short-Term Debt Facilities



	September 30, 2016
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Residential loan warehouse	4	$	837,846	$	1,325,000	2.07	%	12/2016-8/2017	145
Commercial loan warehouse	1	—		150,000		N/A		10/2016	N/A
Real estate securities repo	7	279,559		—		1.79	%	10/2016-12/2016	26
Total	12	$	1,117,405



	December 31, 2015
(Dollars in Thousands)	Number of Facilities	Outstanding Balance		Limit		Weighted Average Interest Rate		Maturity	Weighted Average Days Until Maturity
Residential loan warehouse	4	$	950,022	$	1,400,000	1.90	%	2/2016-12/2016	182
FHLBC ⁽¹⁾	1	137,622		—		0.21	%	7/2016-11/2016	204
Commercial loan warehouse	2	73,718		300,000		4.13	%	4/2016-10/2016	265
Real estate securities repo	9	693,641		—		1.47	%	1/2016-3/2016	24
Total	16	$	1,855,003


(1)	Amount represents the portion of our borrowings from the FHLBC that were due within 12 months at December 31, 2015. See Note 14 for additional information on our FHLB-member subsidiary's borrowing agreement with the FHLBC.

Borrowings under these facilities are generally charged interest based on a specified margin over the one-month LIBOR interest rate. At September 30, 2016, all of these borrowings were under uncommitted facilities and were due within 364 days (or less) of the borrowing date.

The fair value of held-for-sale residential loans, commercial loans, and real estate securities pledged as collateral was $941 million, zero, and $336 million, respectively, at September 30, 2016 and $1.07 billion, $152 million, and $827 million, respectively, at December 31, 2015. For the three and nine months ended September 30, 2016, the average balance of short-term debt was $1.07 billion and $1.15 billion, respectively. At September 30, 2016 and December 31, 2015, accrued interest payable on short-term debt was $3 million and $2 million, respectively.

We also maintain a $10 million committed line of credit with a financial institution that is secured by certain mortgage-backed securities with a fair market value of $10 million at September 30, 2016. At both September 30, 2016 and December 31, 2015, we had no outstanding borrowings on this facility.

Remaining Maturities of Short-Term Debt

The following table presents the remaining maturities of short-term debt by the type of collateral securing the debt at September 30, 2016.

Table 12.2 – Short-Term Debt by Collateral Type and Remaining Maturities



	September 30, 2016
(In Thousands)	Within 30 days		31 to 90 days		Over 90 days		Total
Collateral Type
Held-for-sale residential loans	$	—	$	434,331	$	403,515	$	837,846
Real estate securities	210,228		69,331		—		279,559
Total Short-Term Debt	$	210,228	$	503,662	$	403,515	$	1,117,405