Quarterly report pursuant to Section 13 or 15(d)

Term Notes Payable

Term Notes Payable
3 Months Ended
Mar. 31, 2020
Term Notes Payable [Abstract]  
Term Notes Payable Term Notes Payable
The debt issued in connection with the Company’s on-balance sheet securitization is classified as term notes payable and carried at outstanding principal balance, net of any unamortized deferred debt issuance costs, on the Company’s condensed consolidated balance sheets. As of March 31, 2020 and December 31, 2019, the outstanding amount due on term notes payable was $394.8 million and $394.5 million, net of deferred debt issuance costs, with a weighted average interest rate of 3.72% and 4.59% and weighted average remaining maturities of 4.2 years and 4.5 years. At March 31, 2020 and December 31, 2019, the Company pledged MSR with a carrying value of $566.8 million and $575.1 million and weighted average underlying loan coupon of 4.16% and 4.25%, respectively, as collateral for term notes payable.