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Warehouse Receivables & Warehouse Lines of Credit | 12 Months Ended
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Dec. 31, 2020
Warehouse Receivables And Warehouse Lines Of Credit [Abstract] |
Warehouse Receivables & Warehouse Lines of Credit | Warehouse Receivables & Warehouse Lines of Credit A rollforward of our warehouse receivables is as follows (dollars in thousands):
Beginning balance at December 31, 2019 | $ | 993,058 |
Origination of mortgage loans | 21,268,114 |
Gains (premiums on loan sales) | 75,227 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (20,862,294) |
Cash collections of premiums on loan sales | (75,227) |
Proceeds from sale of mortgage loans | (20,937,521) |
Net increase in mortgage servicing rights included in warehouse receivables | 12,292 |
Ending balance at December 31, 2020 | $ | 1,411,170 |
The following table is a summary of our warehouse lines of credit in place as of December 31, 2020 and 2019 (dollars in thousands):
|  |  |  |  |  | December 31, 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) |  | 10/18/2021 |  | daily floating rate LIBOR plus 1.60% |  | $ | 1,585,000 |  |  | $ | 561,726 |  |  | $ | 985,000 |  |  | $ | 267,075 |
JP Morgan (2) |  | 10/18/2021 |  | daily floating rate LIBOR plus 2.75% |  | 15,000 |  |  | — |  |  | 15,000 |  |  | — |
Capital One, N.A. (Capital One) (3) |  |  |  |  |  | — |  |  | — |  |  | 200,000 |  |  | 39,538 |
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (4) |  | Cancelable anytime |  | daily one-month LIBOR plus 1.45%, with a LIBOR floor of 0.25% |  | 450,000 |  |  | 132,692 |  |  | 450,000 |  |  | 360,784 |
TD Bank, N.A. (TD Bank) (5) |  | 6/30/2021 |  | 2-Business Day Prior LIBOR plus 1.15% |  | 800,000 |  |  | 401,849 |  |  | 800,000 |  |  | 92,266 |
Bank of America, N.A. (BofA) (6) |  | 5/26/2021 |  | (7) |  | 350,000 |  |  | 175,862 |  |  | 350,000 |  |  | 189,465 |
BofA (8) |  |  |  |  |  | — |  |  | — |  |  | 250,000 |  |  | 17,457 |
MUFG Union Bank, N.A. (Union Bank) (9) |  | 6/28/2021 |  | daily floating rate LIBOR plus 1.50%, with a LIBOR floor of 0.25% |  | 300,000 |  |  | 111,835 |  |  | 350,000 |  |  | 10,590 |
|  |  |  |  |  | $ | 3,500,000 |  |  | $ | 1,383,964 |  |  | $ | 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 reverted back to $985.0 million on January 18, 2021. The interest rate increased to daily floating rate LIBOR plus 1.60% and the revised maturity date is October 18, 2021. Effective December 1, 2020, the maximum facility was temporarily increased to $2,085.0 million, which reverted back to $1,585.0 million on December 31, 2020. (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 September 25, 2020, the spread was increased by 10 bps and the LIBOR floor was reduced to 0.25%. (5)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 expired on December 31, 2020. (6)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 December 31, 2020, the sublimit borrowing has not been utilized. (7)Effective July 24, 2020, the interest rate on this facility was as follows: (i) daily floating rate LIBOR plus 1.40%, with a LIBOR floor of 0.25%, on the general facility and (ii) daily floating rate LIBOR plus 1.75% on the separate sublimit borrowing. (8)This facility expired on May 27, 2020 and was not renewed. (9)On June 28, 2019, we added a new warehouse facility for $200.0 million that contains an accordion feature which allowed 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 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 rate of daily floating rate LIBOR plus 1.50%, with a floor of 0.25%, 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 expired on January 20, 2021. During the year ended December 31, 2020, we had a maximum of $3.5 billion of warehouse lines of credit principal outstanding.

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