3.	Warehouse Receivables & Warehouse Lines of Credit

Our wholly-owned subsidiary CBRE Capital Markets, Inc. (CBRE Capital Markets) is a Federal Home Loan Mortgage Corporation (Freddie Mac) approved Multifamily Program Plus Seller/Servicer and an approved Federal National Mortgage Association (Fannie Mae) Aggregation and Negotiated Transaction Seller/Servicer. In addition, CBRE Capital Markets’ wholly-owned subsidiary CBRE Multifamily Capital, Inc. (CBRE MCI) is an approved Fannie Mae Delegated Underwriting and Servicing (DUS) Seller/Servicer and CBRE Capital Markets’ wholly-owned subsidiary CBRE HMF, Inc. (CBRE HMF) is a U.S. Department of Housing and Urban Development (HUD) approved Non-Supervised Federal Housing Authority (FHA) Title II Mortgagee, an approved Multifamily Accelerated Processing (MAP) lender and an approved Government National Mortgage Association (Ginnie Mae) issuer of mortgage-backed securities (MBS). Under these arrangements, before loans are originated through proceeds from warehouse lines of credit, we obtain either a contractual loan purchase commitment from either Freddie Mac or Fannie Mae or a confirmed forward trade commitment for the issuance and purchase of a Fannie Mae or Ginnie Mae MBS that will be secured by the loans. Loans funded from the warehouse lines of credit are generally repaid within a one-month period, on average, when Freddie Mac or Fannie Mae buys the loans or upon settlement of the Fannie Mae or Ginnie Mae MBS, while we retain the servicing rights. Such loans are funded at the prevailing market rates. The warehouse lines of credit are recourse only to CBRE Capital Markets and are secured by our related warehouse receivables. We elect the fair value option for all warehouse receivables. At June 30, 2017 and December 31, 2016, all of the warehouse receivables included in the accompanying consolidated balance sheets were either under commitment to be purchased by Freddie Mac or had confirmed forward trade commitments for the issuance and purchase of Fannie Mae or Ginnie Mae mortgage-backed securities that will be secured by the underlying loans.

A rollforward of our warehouse receivables is as follows (dollars in thousands):

Beginning balance at January 1, 2017	$	1,276,047
Origination of mortgage loans		6,848,102
Gains (premiums on loan sales)		21,460

Sale of mortgage loans		(7,050,468	)
Cash collections of premiums on loan sales		(21,460	)
Proceeds from sale of mortgage loans		(7,071,928	)

Net decrease in mortgage servicing rights included in warehouse receivables		(3,792	)
Ending balance at June 30, 2017	$	1,069,889

The following table is a summary of our warehouse lines of credit in place as of June 30, 2017 and December 31, 2016 (dollars in thousands):

			June 30, 2017				December 31, 2016
			Maximum				Maximum
Lender	Current Maturity	Pricing	Facility Size		Carrying Value		Facility Size		Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1)	2/28/2017	daily one-month LIBOR plus 1.45%	$	-	$	-	$	300,000	$	275,945
JP Morgan	10/23/2017	daily one-month LIBOR plus 1.45%		800,000		400,178		700,000		-
JP Morgan	10/23/2017	daily one-month LIBOR plus 2.75%		25,000		1,433		25,000		3,768
Bank of America (BofA) (1)	1/30/2017	daily one-month LIBOR plus 1.60%		-		-		300,000		300,000
BofA	6/5/2018	daily one-month LIBOR plus 1.40%		225,000		127,437		200,000		18,555
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (1)	1/17/2017	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		-		-		200,000		200,000
Fannie Mae ASAP Program	Cancelable anytime	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		450,000		75,293		450,000		111,160
TD Bank, N.A. (TD Bank) (1)	2/28/2017	daily one-month LIBOR plus 1.35%		-		-		375,000		154,032
TD Bank	6/30/2018	daily one-month LIBOR plus 1.25%		400,000		320,074		400,000		-
Capital One, N.A. (Capital One) (1)	1/23/2017	daily one-month LIBOR plus 1.45%		-		-		250,000		191,193
Capital One (2)	7/27/2017	daily one-month LIBOR plus 1.45%		200,000		130,555		200,000		-
			$	2,100,000	$	1,054,970	$	3,400,000	$	1,254,653

(1)	Temporary facility to accommodate year-end volume.

(2)	On July 27, 2017, this agreement was amended to extend the maturity date to July 27, 2018 and reduce the interest rate to daily one-month LIBOR plus 1.40%.

During the six months ended June 30, 2017, we had a maximum of $1.7 billion of warehouse lines of credit principal outstanding.