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Warehouse Receivables & Warehouse Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 2019
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, 2018 |  | $ | 1,342,468 |
Origination of mortgage loans |  |  | 15,381,864 |
Gains (premiums on loan sales) |  |  | 48,177 |
Proceeds from sale of mortgage loans: |  |  |  |
Sale of mortgage loans |  |  | (15,738,623 | )
Cash collections of premiums on loan sales |  |  | (48,177 | )
Proceeds from sale of mortgage loans |  |  | (15,786,800 | )
Net increase in mortgage servicing rights included in warehouse receivables |  |  | 2,214 |
Ending balance at September 30, 2019 |  | $ | 987,923 |
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, 2019 and December 31, 2018 (dollars in thousands):
|  |  |  |  |  | September 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) (1) |  | 10/21/2019 |  | daily one-month LIBOR plus 1.30% |  | $ | 985,000 |  |  | $ | 476,382 |  |  | $ | 985,000 |  |  | $ | 871,680 |
JP Morgan (1) |  | 10/21/2019 |  | daily one-month LIBOR plus 2.75% |  |  | 15,000 |  |  |  | — |  |  |  | 15,000 |  |  |  | — |
Capital One, N.A. (Capital One) (2) |  | 7/27/2020 |  | daily one-month LIBOR plus 1.25% |  |  | 200,000 |  |  |  | 171,731 |  |  |  | 325,000 |  |  |  | 120,195 |
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (3) |  | Cancelable anytime |  | daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35% |  |  | 450,000 |  |  |  | 209,741 |  |  |  | 450,000 |  |  |  | 149,089 |
TD Bank, N.A. (TD Bank) (4) |  | 6/30/2020 |  | daily one-month LIBOR plus 1.15% |  |  | 800,000 |  |  |  | 84,301 |  |  |  | 400,000 |  |  |  | 165,945 |
Bank of America, N.A. (BofA) |  | 5/27/2020 |  | daily one-month LIBOR plus 1.20% |  |  | 350,000 |  |  |  | 332,130 |  |  |  | — |  |  |  | — |
BofA |  | 5/27/2020 |  | daily one-month LIBOR plus 1.15% |  |  | 250,000 |  |  |  | 45,000 |  |  |  | 200,000 |  |  |  | — |
BofA |  | 6/4/2019 |  | daily one-month LIBOR plus 1.30% |  |  | — |  |  |  | — |  |  |  | 225,000 |  |  |  | 21,852 |
MUFG Union Bank, N.A. (Union Bank) (5) |  | 6/28/2020 |  | daily one-month LIBOR plus 1.20% |  |  | 350,000 |  |  |  | 29,325 |  |  |  | — |  |  |  | — |
|  |  |  |  |  | $ | 3,400,000 |  |  | $ | 1,348,610 |  |  | $ | 2,600,000 |  |  | $ | 1,328,761 |
(1) | Effective October 21, 2019, we amended this facility which extended the maturity date until October 19, 2020.
(2) | 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.
(3) | The maximum facility size was temporarily increased from $450.0 million to $600.0 million effective September 9, 2019. The maximum facility size reverted to $450.0 million on September 30, 2019.
(4) | 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 contains an accordion feature which provides for a temporary increase to $800.0 million, if needed, that will expire on February 1, 2020. To date, the temporary increase has not been requested.
(5) | On June 28, 2019, we added a new warehouse facility for $200.0 million with Union Bank. This facility contains an accordion feature which allows for temporary increases not to exceed an additional $150.0 million. If utilized, the additional borrowings must be in predefined multiples and are not to occur more than three times within a calendar period. Since inception, no short-term temporary increases have been requested.

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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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