Warehouse Receivables & Warehouse Lines of Credit (Tables)

6 Months Ended

Jun. 30, 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		10,090,347
Gains (premiums on loan sales)		29,784
Proceeds from sale of mortgage loans:
Sale of mortgage loans		(10,069,484	)
Cash collections of premiums on loan sales		(29,784	)
Proceeds from sale of mortgage loans		(10,099,268	)
Net increase in mortgage servicing rights included in warehouse receivables		2,597
Ending balance at June 30, 2019	$	1,365,928

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, 2019 and December 31, 2018 (dollars in thousands):

			June 30, 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	$	890,625	$	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%		200,000		132,205		325,000		120,195
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		186,423		450,000		149,089
TD Bank, N.A. (TD Bank) (2)	6/30/2019	daily one-month LIBOR plus 1.20%		400,000		60,990		400,000		165,945
Bank of America, N.A. (BofA)	5/27/2020	daily one-month LIBOR plus 1.20%		350,000		79,745		—		—
BofA	5/27/2020	daily one-month LIBOR plus 1.15%		250,000		—		200,000		—
BofA	6/4/2019	daily one-month LIBOR plus 1.30%		—		—		225,000		21,852
MUFG Union Bank, N.A. (Union Bank)	6/28/2020	daily one-month LIBOR plus 1.20%		200,000		—		—		—
			$	2,850,000	$	1,349,988	$	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. In July 2019, this $200.0 million line of credit was renewed with terms that included an interest rate of daily one-month LIBOR plus 1.25% and a maturity date of July 27, 2020.

(2)	Effective July 1, 2019, this facility was amended with a revised interest rate of daily one-month LIBOR plus 1.15% and a maturity date of June 30, 2020. Effective August 1, 2019, this facility was temporarily increased to $800.0 million, and will revert back to $400.0 million on February 1, 2020.