XML 36 R24.htm IDEA: XBRL DOCUMENT v3.21.2
Warehouse Receivables & Warehouse Lines of Credit (Tables)
 9 Months Ended
Sep. 30, 2021
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]  
Schedule of Warehouse Receivables
A rollforward of our warehouse receivables is as follows (dollars in thousands):
Beginning balance at December 31, 2020$1,411,170 
Origination of mortgage loans12,712,118 
Gains (premiums on loan sales)61,870 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(12,705,674)
Cash collections of premiums on loan sales(61,870)
Proceeds from sale of mortgage loans(12,767,544)
Net decrease in mortgage servicing rights included in warehouse receivables(8,576)
Ending balance at September 30, 2021$1,409,038 
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, 2021 and December 31, 2020 (dollars in thousands):
September 30, 2021December 31, 2020
LenderCurrent
Maturity		PricingMaximum
Facility
Size		Carrying
Value		Maximum
Facility
Size		Carrying
Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1)
10/17/2022
daily floating rate SOFR rate plus 1.60%
$985,000 $734,815 $1,585,000 $561,726 
JP Morgan10/17/2022
daily floating rate SOFR rate plus 2.75%
15,000 3,003 15,000 — 
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 1.45%, with a
LIBOR floor of 0.25%
650,000 31,485 450,000 132,692 
TD Bank, N.A. (TD Bank) (3)
7/15/2022
daily floating rate LIBOR plus 1.30%
800,000 222,311 800,000 401,849 
Bank of America, N.A. (BofA) (4)
5/25/2022
daily floating rate LIBOR plus 1.30%, with a
LIBOR floor of 0.30%
350,000 265,368 350,000 175,862 
BofA (5)
5/25/2022
daily floating rate LIBOR plus 1.30%, with a
LIBOR floor of 0.30%
250,000 — — — 
MUFG Union Bank, N.A. (Union Bank) (6)
6/28/2022
daily floating rate LIBOR plus 1.30%
200,000 126,790 300,000 111,835 
$3,250,000 $1,383,772 $3,500,000 $1,383,964 
_______________________________
(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. Effective October 18, 2021, this facility was renewed and amended and the maximum facility size was increased to $1,335.0 million. This facility has a revised maturity date of October 17, 2022 and a revised interest rate to a Secured Overnight Finance Rate ("SOFR") term plus 1.60%, noting the Business Lending sublimit has a revised interest rate of daily adjusted term SOFR plus 2.75%.
(2)Effective January 15, 2021, the maximum facility was temporarily increased to $650.0 million.
(3)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. Effective June 28, 2021, this facility was renewed with a revised interest rate of daily floating rate LIBOR plus 1.30% and a maturity date of July 15, 2022. As of September 30, 2021, the uncommitted $400.0 million temporary line of credit was not utilized.
(4)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. Effective June 30, 2021, this facility was renewed with a revised interest rate of daily floating LIBOR plus 1.30% and a maturity date of May 25, 2022. The sublimit is subject to an interest rate of daily floating LIBOR plus 1.30%, with a LIBOR floor of 0.30%. As of September 30, 2021, the sublimit borrowing has not been utilized.
(5)Effective June 30, 2021, the advised consent line was renewed for $250.0 million of capacity with a revised interest rate of daily floating LIBOR plus 1.30%, with a LIBOR floor of 0.30%, and a maturity date of May 25, 2022.
(6)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 3 times within 12 consecutive months. Effective August 4, 2020, this facility was amended and 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. Effective June 28, 2021, this facility was renewed with a revised interest rate of daily floating rate LIBOR plus 1.30%, removing the LIBOR floor, and a maturity date of June 28, 2022.