Warehouse Receivables & Warehouse Lines of Credit (Tables)

12 Months Ended

Dec. 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		19,389,979
Gains (premiums on loan sales)		64,002
Proceeds from sale of mortgage loans:
Sale of mortgage loans		(19,741,058	)
Cash collections of premiums on loan sales		(64,002	)
Proceeds from sale of mortgage loans		(19,805,060	)
Net increase in mortgage servicing rights included in warehouse receivables		1,669
Ending balance at December 31, 2019	$	993,058

Summary of Warehouse Lines of Credit in Place

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

			December 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) (1)	10/19/2020	daily one-month LIBOR plus 1.30%	$	985,000	$	267,075	$	985,000	$	871,680
JP Morgan (1)	10/19/2020	daily one-month LIBOR plus 2.75%		15,000		—		15,000		—
Capital One, N.A. (Capital One)	7/27/2020	daily one-month LIBOR plus 1.25%		200,000	$	39,538		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		360,784		450,000		149,089
TD Bank, N.A. (TD Bank) (3)	6/30/2020	daily one-month LIBOR plus 1.15%		800,000		92,266		400,000		165,945
Bank of America, N.A. (BofA)	5/27/2020	daily one-month LIBOR plus 1.20%		350,000		189,465		—		—
BofA	5/27/2020	daily one-month LIBOR plus 1.15%		250,000		17,457		200,000		—
BofA	6/4/2019	daily one-month LIBOR plus 1.30%		—		—		225,000		21,852
MUFG Union Bank, N.A. (Union Bank) (4)	6/28/2020	daily one-month LIBOR plus 1.20%		350,000		10,590		—		—
			$	3,400,000	$	977,175	$	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)	Effective February 6, 2020, the maximum facility size was temporarily increased from $450.0 million to $600.0 million, and will revert back to $450.0 million on March 1, 2020.

(3)

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 contained an accordion feature which provided for a temporary increase to $800.0 million, if needed, and expired on February 1, 2020. The temporary increase was never requested.

(4)

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 twelve consecutive months. Since inception, no short-term temporary increases have been requested.