Warehouse Receivables & Warehouse Lines of Credit (Tables)

9 Months Ended

Sep. 30, 2020

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, 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

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, 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.