Warehouse Receivables & Warehouse Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2019

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, 2018	$	1,342,468
Origination of mortgage loans		4,646,348
Gains (premiums on loan sales)		8,515
Proceeds from sale of mortgage loans:
Sale of mortgage loans		(4,445,282	)
Cash collections of premiums on loan sales		(8,515	)
Proceeds from sale of mortgage loans		(4,453,797	)
Net increase in mortgage servicing rights included in warehouse receivables		4,715
Ending balance at March 31, 2019	$	1,548,249

Summary of Warehouse Lines of Credit in Place

The following table is a summary of our warehouse lines of credit in place as of March 31, 2019 and December 31, 2018 (dollars in thousands):

			March 31, 2019				December 31, 2018
Lender	Current Maturity	Pricing	Maximum Facility Size		Carrying Value		Maximum Facility Size		Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan)	10/21/2019	daily one-month LIBOR plus 1.30%	$	985,000	$	959,921	$	985,000	$	871,680
JP Morgan	10/21/2019	daily one-month LIBOR plus 2.75%		15,000		—		15,000		—
Capital One, N.A. (Capital One) (1)	7/27/2019	daily one-month LIBOR plus 1.35%		700,000		33,230		325,000		120,195
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (2)	Cancelable anytime	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		450,000		123,237		450,000		149,089
TD Bank, N.A. (TD Bank)	6/30/2019	daily one-month LIBOR plus 1.20%		400,000		260,740		400,000		165,945
Bank of America, N.A. (BofA)	6/4/2019	daily one-month LIBOR plus 1.30%		225,000		184,079		225,000		21,852
BofA	6/4/2019	daily one-month LIBOR plus 1.15%		200,000		—		200,000		—
			$	2,975,000	$	1,561,207	$	2,600,000	$	1,328,761

(1)

During 2018, the maximum facility size was temporarily increased to $325.0 million and reverted to $200.0 million on January 31, 2019. The line was then temporarily increased from $200.0 million to $700.0 million effective February 27, 2019. The maximum facility size reverted to $200.0 million on April 1, 2019.

(2)	The maximum facility size was temporarily increased from $450.0 million to $575.0 million effective January 2, 2019. The maximum facility size reverted to $450.0 million on February 4, 2019.