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Warehouse Receivables & Warehouse Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 2018
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Schedule of Warehouse Receivables | A rollforward of our warehouse receivables is as follows (dollars in thousands):
Beginning balance at December 31, 2017 |  | $ | 928,038 |
Origination of mortgage loans |  |  | 13,979,299 |
Gains (premiums on loan sales) |  |  | 38,963 |
Proceeds from sale of mortgage loans: |  |  |  |
Sale of mortgage loans |  |  | (13,312,627 | )
Cash collections of premiums on loan sales |  |  | (38,963 | )
Proceeds from sale of mortgage loans |  |  | (13,351,590 | )
Net increase in mortgage servicing rights included in warehouse receivables |  |  | 3,311 |
Ending balance at September 30, 2018 |  | $ | 1,598,021 |
Summary of Warehouse Lines of Credit in Place | The following table is a summary of our warehouse lines of credit in place as of September 30, 2018 and December 31, 2017 (dollars in thousands):
|  |  |  |  |  | September 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) (1) |  | 10/23/2018 |  | daily one-month LIBOR plus 1.45% |  | $ | 1,000,000 |  |  | $ | 870,446 |  |  | $ | 1,000,000 |  |  | $ | 192,180 |
JP Morgan (2) |  | 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 |  |  |  | 34,655 |  |  |  | 450,000 |  |  |  | 205,827 |
TD Bank, N.A. (TD Bank) (3) |  | 6/30/2019 |  | daily one-month LIBOR plus 1.20% |  |  | 400,000 |  |  |  | 296,487 |  |  |  | 800,000 |  |  |  | 225,416 |
Bank of America, N.A. (BofA) (4) |  | 6/4/2019 |  | daily one-month LIBOR plus 1.30% |  |  | 225,000 |  |  |  | 220,348 |  |  |  | 337,500 |  |  |  | 130,443 |
Capital One, N.A. (Capital One) (5) |  | 7/27/2019 |  | daily one-month LIBOR plus 1.35% |  |  | 200,000 |  |  |  | 157,804 |  |  |  | 387,500 |  |  |  | 151,100 |
|  |  |  |  |  | $ | 2,300,000 |  |  | $ | 1,579,740 |  |  | $ | 3,000,000 |  |  | $ | 910,766 |
(1) | In October 2018, the maximum facility size was increased to $1,010.0 million, the interest rate was changed to daily one-month LIBOR plus 1.30% and the maturity date was extended to October 21, 2019.
(2) | In October 2018, the maximum facility size was reduced to $15.0 million and the maturity date was extended to October 21, 2019.
(3) | Line was temporarily increased from $400.0 million to $800.0 million to accommodate 2017 year-end volume. Maximum facility reverted to $400.0 million on February 1, 2018. During July 2018, to accommodate increased volume, line was again temporarily increased to $800.0 million, reduced to $625.0 million on September 21, 2018, and reverted to $400.0 million on September 30, 2018. Our arrangement with TD Bank allows us to increase or decrease the line with a two-week notice.
(4) | Line was temporarily increased from $225.0 million to $337.5 million to accommodate 2017 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 reverted to $225.0 million on August 18, 2018.
(5) | Line was temporarily increased from $200.0 million to $387.5 million to accommodate 2017 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 reverted to $200.0 million on September 21, 2018.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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