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Warehouse Receivables & Warehouse Lines of Credit | 12 Months Ended
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Dec. 31, 2021
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, 2020 | $ | 1,411,170 |
Origination of mortgage loans | 17,015,839 |
Gains (premiums on loan sales) | 79,925 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (17,114,681) |
Cash collections of premiums on loan sales | (79,925) |
Proceeds from sale of mortgage loans | (17,194,606) |
Net decrease in mortgage servicing rights included in warehouse receivables | (8,611) |
Ending balance at December 31, 2021 | $ | 1,303,717 |
The following table is a summary of our warehouse lines of credit in place as of December 31, 2021 and 2020 (dollars in thousands):
|  |  |  |  |  | December 31, 2021 |  | December 31, 2020
Lender |  | Current Maturity |  | Pricing |  | Maximum 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% |  | $ | 1,335,000 |  |  | $ | 742,124 |  |  | $ | 1,585,000 |  |  | $ | 561,726 |
JP Morgan |  | 10/17/2022 |  | daily floating rate SOFR rate plus 2.75% |  | 15,000 |  |  | 4,326 |  |  | 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 |  |  | 133,084 |  |  | 450,000 |  |  | 132,692 |
TD Bank, N.A. (TD Bank) (3) |  | 7/15/2022 |  | daily floating rate LIBOR plus 1.30% |  | 800,000 |  |  | 217,672 |  |  | 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 |  |  | 178,600 |  |  | 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 |  |  | 1,645 |  |  | 300,000 |  |  | 111,835 |
|  |  |  |  |  | $ | 3,600,000 |  |  | $ | 1,277,451 |  |  | $ | 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 December 31, 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 1.75%, with a LIBOR floor of 0.75%. As of December 31, 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)Effective August 4, 2020, this facility was amended to decrease the accordion feature from $150.0 million to $100.0 million. If utilized, the additional borrowings must be in predefined multiples and are not to occur more than 3 times within 12 consecutive months. 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 During the year ended December 31, 2021, we had a maximum of $2.5 billion of warehouse lines of credit principal outstanding.

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