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Warehouse Receivables & Warehouse Lines of Credit | 9 Months Ended
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Sep. 30, 2017
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Warehouse Receivables & Warehouse Lines of Credit |
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 September 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 |  |  | 11,441,884 |
Gains (premiums on loan sales) |  |  | 32,711 |
Sale of mortgage loans |  |  | (11,283,330 | )
Cash collections of premiums on loan sales |  |  | (32,711 | )
Proceeds from sale of mortgage loans |  |  | (11,316,041 | )
Net increase in mortgage servicing rights included in warehouse receivables |  |  | 309 |
Ending balance at September 30, 2017 |  | $ | 1,434,910 |
The following table is a summary of our warehouse lines of credit in place as of September 30, 2017 and December 31, 2016 (dollars in thousands):
|  |  |  |  |  | September 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 (2) |  | 10/23/2017 |  | daily one-month LIBOR plus 1.45% |  |  | 800,000 |  |  |  | 704,908 |  |  |  | 700,000 |  |  |  | — |
JP Morgan (2) |  | 10/23/2017 |  | daily one-month LIBOR plus 2.75% |  |  | 25,000 |  |  |  | 1,487 |  |  |  | 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 |  |  |  | 155,744 |  |  |  | 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 |  |  |  | 94,250 |  |  |  | 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 |  |  |  | 366,600 |  |  |  | 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 |  | 7/27/2018 |  | daily one-month LIBOR plus 1.40% |  |  | 200,000 |  |  |  | 93,264 |  |  |  | 200,000 |  |  |  | — |
|  |  |  |  |  | $ | 2,100,000 |  |  | $ | 1,416,253 |  |  | $ | 3,400,000 |  |  | $ | 1,254,653 |
(1) | Temporary facility to accommodate year-end volume.
(2) | On October 23, 2017, this agreement was amended to extend the maturity date to October 22, 2018.
During the nine months ended September 30, 2017, we had a maximum of $1.4 billion of warehouse lines of credit principal outstanding.

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