Warehouse Receivables & Warehouse Lines of Credit

12 Months Ended

Dec. 31, 2020

Warehouse Receivables And Warehouse Lines Of Credit [Abstract]

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

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(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.