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Warehouse Receivables & Warehouse Lines of Credit | 12 Months Ended
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Dec. 31, 2022
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, 2021 | $ | 1,303,717 |
Origination of mortgage loans | 13,651,807 |
Gains (premiums on loan sales) | 40,038 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (14,486,882) |
Cash collections of premiums on loan sales | (40,038) |
Proceeds from sale of mortgage loans | (14,526,920) |
Net decrease in mortgage servicing rights included in warehouse receivables | (13,288) |
Ending balance at December 31, 2022 | $ | 455,354 |
The following table is a summary of our warehouse lines of credit in place as of December 31, 2022 and 2021 (dollars in thousands):
|  |  |  |  |  | December 31, 2022 |  | December 31, 2021
Lender |  | Current Maturity |  | Pricing |  | Maximum Facility Size |  | Carrying Value |  | Maximum Facility Size |  | Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1) |  | 12/15/2023 |  | daily floating rate SOFR rate plus 1.60%, with a SOFR adjustment rate of 0.05% |  | $ | 1,335,000 |  |  | $ | 330,509 |  |  | $ | 1,335,000 |  |  | $ | 742,124 |
JP Morgan (Business Lending Activity) (1) |  | 12/15/2023 |  | daily floating rate SOFR rate plus 2.75%, with a SOFR adjustment rate of 0.05% |  | 15,000 |  |  | — |  |  | 15,000 |  |  | 4,326 |
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 1.45%, with a LIBOR floor of 0.25% |  | 650,000 |  |  | — |  |  | 650,000 |  |  | 133,084 |
TD Bank, N.A. (TD Bank) (2) |  | 7/15/2023 |  | daily floating rate SOFR plus 1.30%, with a SOFR adjustment rate of 0.10% |  | 800,000 |  |  | — |  |  | 800,000 |  |  | 217,672 |
Bank of America, N.A. (BofA) (3) |  | 5/24/2023 |  | daily floating SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10% |  | 350,000 |  |  | 115,206 |  |  | 350,000 |  |  | 178,600 |
BofA (4) |  | 5/24/2023 |  | daily floating rate SOFR plus 1.25%, with a SOFR adjustment rate of 0.10% |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |
MUFG Union Bank, N.A. (Union Bank) (5) |  | 6/27/2023 |  | daily floating rate SOFR plus 1.30% |  | 200,000 |  |  | 2,125 |  |  | 200,000 |  |  | 1,645 |
|  |  |  |  |  | $ | 3,600,000 |  |  | $ | 447,840 |  |  | $ | 3,600,000 |  |  | $ | 1,277,451 |
_______________ (1)Effective October 18, 2021, this facility was renewed and amended and the maximum facility size was increased to $1,350.0 million. This facility was revised on October 17, 2022 with a revised interest rate to a Secured Overnight Finance Rate (SOFR) term plus 1.60%, with a SOFR adjustment rate of 0.05%, noting the Business Lending sublimit has a revised interest rate of daily adjusted term SOFR plus 2.75%, with a SOFR adjustment rate of 0.05%. Effective December 16, 2022, this facility was renewed with a revised maturity date of December 15, 2023. (2)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 July 15, 2022, this facility was renewed with a revised interest rate of daily floating rate SOFR plus 1.30%, with a SOFR adjustment rate of 0.10% and a maturity date of July 15, 2023. As of December 31, 2022, the uncommitted $400.0 million temporary line of credit was not utilized. (3)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 May 25, 2022, this facility was renewed with a revised interest rate of daily floating rate SOFR plus 1.25%, with a SOFR adjustment rate of 0.10% and a maturity date of May 24, 2023. The sublimit is subject to an interest rate of daily floating rate SOFR plus 1.75%, with a SOFR adjustment rate of 0.10%. As of December 31, 2022, the sublimit borrowing has not been utilized. (4)Effective May 25, 2022, the advised consent line was renewed for $250.0 million of capacity with a revised interest rate of daily floating rate SOFR plus 1.25%, with a SOFR adjustment rate of 0.10%, and a maturity date of May 24, 2023. (5)Effective June 27, 2022, this facility was renewed with a facility size of $200.0 million and a revised interest rate of daily floating rate SOFR rate plus 1.30% and a maturity date of June 27, 2023. During the year ended December 31, 2022, we had a maximum of $1.7 billion of warehouse lines of credit principal outstanding.

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