Revolving Credit Facilities (Notes) |
12 Months Ended |
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Dec. 31, 2016 | |
Revolving Credit Facilities [Abstract] | |
Short-term Debt [Text Block] |
Revolving Credit Facilities
To finance MSR, the Company enters into revolving credit facilities collateralized by the value of the MSR pledged. As of December 31, 2016, the Company had outstanding short-term borrowings under revolving credit facilities of $70.0 million with a weighted average borrowing rate of 4.53% and weighted average remaining maturities of 306 days. The Company did not have any revolving credit facilities in place at December 31, 2015.
Although the transactions under revolving credit facilities represent committed borrowings from the time of funding until maturity, the respective lender retains the right to mark the underlying collateral to fair value. A reduction in the value of pledged assets below a designated threshold would require the Company to provide additional collateral or pay down the facility. As of December 31, 2016, MSR with a carrying value of $180.9 million was pledged as collateral for the Company’s future payment obligations under its revolving credit facilities. The Company does not anticipate any defaults by its revolving credit facility counterparties, although there can be no assurance that any such default or defaults will not occur.
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- Definition Revolving Credit Facilities [Abstract] No definition available.
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- Definition The entire disclosure for short-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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