v3.22.4
Warehouse And Other Secured Lines Of Credit
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Warehouse And Other Secured Lines Of Credit WAREHOUSE AND OTHER SECURED LINES OF CREDIT
Warehouse Lines of Credit
The Company had the following warehouse lines of credit with financial institutions as of December 31, 2022 and December 31, 2021, respectively, (in thousands):
Warehouse Lines of Credit 1
Date of Initial Agreement With Warehouse LenderCurrent Agreement Expiration DateDecember 31,
2022		December 31,
2021
Master Repurchase Agreement ("MRA") Funding Limits as of December 31, 2022:
N/A2
9/8/2020
N/A2
$— $913,247 
$400 Million3
8/21/20121/18/2023188,607 372,895 
$500 Million4
3/7/20193/22/2023236,462 1,230,017 
$500 Million
4/23/20214/23/2023185,502 755,539 
$150 Million2/29/20125/23/2023142,570 144,534 
$3.0 Billion
5/9/20197/28/20232,239,591 4,482,245 
$700 Million7/24/20208/30/2023642,544 673,471 
$200 Million3/30/20189/6/2023170,478 197,976 
$200 Million
10/30/20209/26/202397,216 1,163,447 
$300 Million8/19/201611/8/2023235,804 280,637 
$250 Million2/26/201612/21/2023193,023 192,614 
$1.0 Billion
7/10/20121/8/2024521,440 963,495 
$2.5 Billion4
12/31/20142/21/20241,588,787 3,349,395 
Early Funding:
$600 Million (ASAP + - see below)No expiration— 516,889 
$750 Million (EF - see below)No expiration1,968 718,537 
$6,443,992 $15,954,938 
All interest rates are variable based upon a spread to SOFR or other alternative index.
1 An aggregate of $401.0 million of these line amounts is committed as of December 31, 2022.
2 The Company elected to not renew this warehouse line of credit agreement prior to December 31, 2022. As of December 31, 2021, this warehouse line of credit agreement had a funding limit of $1.5 billion.
3 This warehouse line of credit agreement expired pursuant to its terms subsequent to December 31, 2022.
4 Represents the current agreement expiration date pursuant to an amendment entered into subsequent to December 31, 2022.
We are an approved lender for loan early funding facilities with Fannie Mae through its As Soon As Pooled Plus (“ASAP+”) program and Freddie Mac through its Early Funding (“EF”) program. As an approved lender for these early funding programs, we enter into an agreement to deliver closed and funded one-to-four family residential mortgage loans, each secured by related mortgages and deeds of trust, and receive funding in exchange for such mortgage loans in some cases before we have grouped them into pools to be securitized by Fannie Mae or Freddie Mac. All such mortgage loans must adhere to a set of eligibility criteria to be acceptable. As of December 31, 2022, there was no amount outstanding through the ASAP+ program and $2.0 million was outstanding under the EF program.
As of December 31, 2022, the Company had pledged mortgage loans at fair value as collateral under the above warehouse lines of credit. The above agreements also contain covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net income, as defined in the agreements. The Company was in compliance with all of these covenants as of December 31, 2022.
MSR Facility
In the third quarter of 2022, the Company's consolidated subsidiary, UWM, entered into a Loan and Security Agreement with Citibank, N.A., providing UWM with up to $1.5 billion of uncommitted borrowing capacity to finance the
origination, acquisition or holding of certain mortgage servicing rights (the “MSR Facility”). The MSR Facility is collateralized by all of UWM's mortgage servicing rights that are appurtenant to mortgage loans pooled in securitization by Fannie Mae or Freddie Mac that meet certain criteria. Available borrowings under the MSR Facility are based on the fair market value of the collateral. Borrowings under the MSR Facility will bear interest based on SOFR plus an applicable margin. The MSR Facility contains covenants which include certain financial requirements, including maintenance of minimum tangible net worth, minimum liquidity, maximum debt to net worth ratio, and net income as defined in the agreement. As of December 31, 2022, the Company was in compliance with all applicable covenants. The MSR Facility has an initial maturity date of September 26, 2023. As of December 31, 2022, $750.0 million was outstanding under the MSR Facility.