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Warehouse Receivables & Warehouse Lines of Credit | 9 Months Ended
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Sep. 30, 2020
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Warehouse Receivables & Warehouse Lines of Credit |
4. | 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, 2020 and December 31, 2019, 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, 2019 |  | $ | 993,058 |
Origination of mortgage loans |  |  | 11,727,227 |
Gains (premiums on loan sales) |  |  | 51,380 |
Proceeds from sale of mortgage loans: |  |  |  |
Sale of mortgage loans |  |  | (11,513,901 | )
Cash collections of premiums on loan sales |  |  | (51,380 | )
Proceeds from sale of mortgage loans |  |  | (11,565,281 | )
Net increase in mortgage servicing rights included in warehouse receivables |  |  | 5,502 |
Ending balance at September 30, 2020 |  | $ | 1,211,886 |
The following table is a summary of our warehouse lines of credit in place as of September 30, 2020 and December 31, 2019 (dollars in thousands):
|  |  |  |  |  | September 30, 2020 |  |  | December 31, 2019 |
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 floating rate LIBOR plus 1.30% |  | $ | 985,000 |  |  | $ | 336,262 |  |  | $ | 985,000 |  |  | $ | 267,075 |
JP Morgan (2) |  | 10/19/2020 |  | daily floating rate LIBOR plus 2.75% |  |  | 15,000 |  |  |  | — |  |  |  | 15,000 |  |  |  | — |
Capital One, N.A. (Capital One) (3) |  | 7/27/2020 |  | daily one-month LIBOR plus 1.25% |  |  | — |  |  |  | — |  |  |  | 200,000 |  |  |  | 39,538 |
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 |  |  |  | 65,505 |  |  |  | 450,000 |  |  |  | 360,784 |
TD Bank, N.A. (TD Bank) (4) |  | (4) |  | daily floating rate LIBOR plus 1.15% |  |  | 800,000 |  |  |  | 596,021 |  |  |  | 800,000 |  |  |  | 92,266 |
Bank of America, N.A. (BofA) (5) |  | 5/26/2021 |  | (6) |  |  | 350,000 |  |  |  | 189,290 |  |  |  | 350,000 |  |  |  | 189,465 |
BofA |  | (7) |  | daily one-month LIBOR plus 1.15% |  |  | — |  |  |  | — |  |  |  | 250,000 |  |  |  | 17,457 |
MUFG Union Bank, N.A. (Union Bank) (8) |  | (8) |  | daily floating rate LIBOR plus 1.50% |  |  | 300,000 |  |  |  | 4,756 |  |  |  | 350,000 |  |  |  | 10,590 |
|  |  |  |  |  | $ | 2,900,000 |  |  | $ | 1,191,834 |  |  | $ | 3,400,000 |  |  | $ | 977,175 |
(1) | Effective October 19, 2020, this facility was amended and the maximum facility size was temporarily increased to $1,585.0 million and will revert back to $985.0 million on January 18, 2021. The interest rate increased to a LIBOR daily floating rate, plus 1.60% and the revised maturity date is October 18, 2021.
(2) | Effective October 19, 2020 the maturity date was extended to October 18, 2021.
(3) | This facility expired on July 27, 2020 and was not renewed.
(4) | Effective July 1, 2020, this facility was amended and provides for a maximum aggregate principal amount of $400.0 million, in addition to an uncommitted $400.0 million temporary line of credit, with an unchanged interest rate and revised maturity date of June 30, 2021. Effective September 21, 2020, CBRE utilized the additional $400.0 million as a temporary increase, which expires on December 31, 2020.
(5) | On June 10, 2020, this facility was amended with a revised maturity date of May 26, 2021. The total commitment amount of $350.0 million includes a separate sublimit borrowing in the amount of $100.0 million, which can be utilized for specific purposes as defined within the agreement. As of September 30, 2020, the sublimit borrowing has not been utilized.
(6) | Effective July 24, 2020, the interest rate on this facility was as follows: (i) a LIBOR daily floating rate for such day, plus 1.40% on the general facility and (ii) a LIBOR daily floating rate for such day, plus 1.75% on the separate sublimit borrowing.
(7) | This facility expired on May 27, 2020 and was not renewed.
(8) | 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. On June 26, 2020, the maturity date was extended to July 28, 2020 and on July 28, 2020 the maturity date was extended to August 27, 2020. Effective August 4, 2020, this facility was amended with a revised interest of LIBOR daily floating rate for such day, plus 1.50% and a maturity date of June 28, 2021. Additionally, this amendment decreased the accordion feature from $150.0 million to $100.0 million, with no changes to the predefined borrowing multiples. On September 22, 2020, the temporary increase of $100.0 million was utilized and expires on January 20, 2021.
During the nine months ended September 30, 2020, we had a maximum of $1.8 billion of warehouse lines of credit principal outstanding.

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