Quarterly report pursuant to Section 13 or 15(d)

Revolving Credit Facilities

v3.20.1
Revolving Credit Facilities
 3 Months Ended
Mar. 31, 2020
Revolving Credit Facilities [Abstract]  
Revolving Credit Facilities Revolving Credit Facilities
To finance MSR, the Company has entered into revolving credit facilities collateralized by the value of the MSR pledged. As of March 31, 2020 and December 31, 2019, the Company had outstanding short- and long-term borrowings under revolving credit facilities of $252.1 million and $300.0 million with a weighted average borrowing rate of 3.49% and 4.26% and weighted average remaining maturities of 0.95 and 1.20 years, respectively.
At March 31, 2020 and December 31, 2019, borrowings under revolving credit facilities had the following remaining maturities:
(in thousands)
March 31,
2020
 
December 31,
2019
Within 30 days
$
—

 
$
—

30 to 59 days
—

 
—

60 to 89 days
—

 
—

90 to 119 days
—

 
—

120 to 364 days
252,143

 
—

One year and over
—

 
300,000

Total
$
252,143

 
$
300,000



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 March 31, 2020 and December 31, 2019, MSR with a carrying value of $372.4 million and $449.5 million, respectively, 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.