Warehouse Receivables & Warehouse Lines of Credit

12 Months Ended

Dec. 31, 2022

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, 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

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(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.