Warehouse Receivables & Warehouse Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2018

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

Beginning balance at January 1, 2018	$	928,038
Origination of mortgage loans		3,132,008
Gains (premiums on loan sales)		13,308
Sale of mortgage loans		(2,896,873	)
Cash collections of premiums on loan sales		(13,308	)
Proceeds from sale of mortgage loans		(2,910,181	)
Net decrease in mortgage servicing rights included in warehouse receivables		(1,505	)
Ending balance at March 31, 2018	$	1,161,668

The following table is a summary of our warehouse lines of credit in place as of March 31, 2018 and December 31, 2017 (dollars in thousands):

			March 31, 2018				December 31, 2017
			Maximum				Maximum
Lender	Current Maturity	Pricing	Facility Size		Carrying Value		Facility Size		Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan)	10/23/2018	daily one-month LIBOR plus 1.45%	$	1,000,000	$	815,266	$	1,000,000	$	192,180
JP Morgan	10/23/2018	daily one-month LIBOR plus 2.75%		25,000		2,578		25,000		5,800
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program	Cancelable anytime	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		450,000		14,584		450,000		205,827
TD Bank, N.A. (TD Bank) (1)	6/30/2018	daily one-month LIBOR plus 1.25%		400,000		92,672		800,000		225,416
Bank of America, N.A. (BofA) (2)	6/5/2018	daily one-month LIBOR plus 1.40%		225,000		99,223		337,500		130,443
Capital One, N.A. (Capital One) (3)	7/27/2018	daily one-month LIBOR plus 1.40%		200,000		123,682		387,500		151,100
			$	2,300,000	$	1,148,005	$	3,000,000	$	910,766

(1)	Line was temporarily increased from $400.0 million to $800.0 million to accommodate year-end volume. Maximum facility reverted back to $400.0 million on February 1, 2018.

(2)	Line was temporarily increased from $225.0 million to $337.5 million to accommodate year-end volume. Maximum facility reverted back to $225.0 million on January 27, 2018.

(3)	Line was temporarily increased from $200.0 million to $387.5 million to accommodate year-end volume. Maximum facility reverted back to $200.0 million on January 9, 2018.