Annual report pursuant to Section 13 and 15(d)

Revolving Credit Facilities

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Revolving Credit Facilities
12 Months Ended
Dec. 31, 2019
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 December 31, 2019 and December 31, 2018, the Company had outstanding short- and long-term borrowings under revolving credit facilities of $300.0 million and $310.0 million with a weighted average borrowing rate of 4.26% and 5.60% and weighted average remaining maturities of 1.20 and 4.25 years, respectively.
At December 31, 2019 and December 31, 2018, borrowings under revolving credit facilities had the following remaining maturities:
(in thousands)
December 31,
2019
 
December 31,
2018
Within 30 days
$

 
$

30 to 59 days

 

60 to 89 days

 

90 to 119 days

 

120 to 364 days

 
20,000

One year and over
300,000

 
290,000

Total
$
300,000

 
$
310,000



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 December 31, 2019 and December 31, 2018, MSR with a carrying value of $449.5 million and $458.2 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.