Warehouse Receivables & Warehouse Lines of Credit (Tables)

6 Months Ended

Jun. 30, 2018

Warehouse Receivables And Warehouse Lines Of Credit [Abstract]

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

Beginning balance at December 31, 2017	$	928,038
Origination of mortgage loans		7,552,229
Gains (premiums on loan sales)		25,890
Proceeds from sale of mortgage loans:
Sale of mortgage loans		(6,993,724	)
Cash collections of premiums on loan sales		(25,890	)
Proceeds from sale of mortgage loans		(7,019,614	)
Net increase in mortgage servicing rights included in warehouse receivables		1,781
Ending balance at June 30, 2018	$	1,488,324

Summary of Warehouse Lines of Credit in Place

The following table is a summary of our warehouse lines of credit in place as of June 30, 2018 and December 31, 2017 (dollars in thousands):

			June 30, 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	$	725,150	$	1,000,000	$	192,180
JP Morgan	10/23/2018	daily one-month LIBOR plus 2.75%		25,000		—		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		15,338		450,000		205,827
TD Bank, N.A. (TD Bank) (1)	6/30/2019	daily one-month LIBOR plus 1.20%		400,000		366,043		800,000		225,416
Bank of America, N.A. (BofA) (2)	9/4/2018	daily one-month LIBOR plus 1.40%		225,000		225,303		337,500		130,443
Capital One, N.A. (Capital One) (3)	7/27/2018	daily one-month LIBOR plus 1.40%		200,000		139,757		387,500		151,100
			$	2,300,000	$	1,471,591	$	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. During July 2018, to accommodate increased volume, line was increased to $800.0 million, which will continue until maturity date unless we elect to adjust. Our arrangement with TD Bank allows us to increase or decrease the line with two-week notice.

(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. Effective July 2, 2018, line was temporarily increased from $225.0 million to $337.5 million to accommodate projected volume in July. Maximum facility will revert back to $225.0 million on August 18, 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. During July 2018, to accommodate increased volume, the line was temporarily increased from $200.0 million to $375.0 million and will revert back to $200.0 million on October 1, 2018. Additionally, in July 2018 the maturity date of the warehouse line with Capital One was extended for one year.