Warehouse Receivables & Warehouse Lines of Credit (Tables)

6 Months Ended

Jun. 30, 2017

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%.