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Warehouse Receivables & Warehouse Lines of Credit | 9 Months Ended
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Sep. 30, 2018
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Warehouse Receivables & Warehouse Lines of Credit |
5. | 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. The warehouse lines of credit are generally repaid within a one-month period 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. Loans are funded at the prevailing market rates. We elect the fair value option for all warehouse receivables. At September 30, 2018 and December 31, 2017, 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 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 |
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.
During the nine months ended September 30, 2018, we had a maximum of $2.3 billion of warehouse lines of credit principal outstanding.

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