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Warehouse Receivables & Warehouse Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2022 | $ | 455,354 |
Origination of mortgage loans | 7,610,859 |
Gains (premiums on loan sales) | 19,611 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (7,061,390) |
Cash collections of premiums on loan sales | (19,611) |
Proceeds from sale of mortgage loans | (7,081,001) |
Net increase in mortgage servicing rights included in warehouse receivables | 5,836 |
Ending balance at September 30, 2023 | $ | 1,010,659 |
Schedule 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, 2023 and December 31, 2022 (dollars in thousands):
|  |  |  |  |  | September 30, 2023 |  | December 31, 2022
Lender |  | Current Maturity |  | Pricing |  | Maximum Facility Size |  | Carrying Value |  | Maximum Facility Size |  | Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan) |  | 12/15/2023 |  | daily floating rate Secured Overnight Financing Rate (SOFR) rate plus 1.60%, with a SOFR adjustment rate of 0.05% |  | $ | 1,335,000 |  |  | $ | 841,189 |  |  | $ | 1,335,000 |  |  | $ | 330,509 |
JP Morgan (Business Lending Activity) |  | 12/15/2023 |  | daily floating rate SOFR rate plus 2.75%, with a SOFR adjustment rate of 0.05% |  | 15,000 |  |  | — |  |  | 15,000 |  |  | — |
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 |  |  | 55,697 |  |  | 650,000 |  |  | — |
TD Bank, N.A. (TD Bank) (1) |  | 7/15/2024 |  | daily floating rate SOFR rate 1.30%, with a SOFR adjustment rate of 0.10% |  | 600,000 |  |  | 24,532 |  |  | 800,000 |  |  | — |
Bank of America, N.A. (BofA) (2) |  | 5/22/2024 |  | daily floating rate SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10% |  | 350,000 |  |  | 72,701 |  |  | 350,000 |  |  | 115,206 |
BofA (3) |  | 5/22/2024 |  | daily floating rate SOFR rate 1.25%, with a SOFR adjustment rate of 0.10% |  | 250,000 |  |  | — |  |  | 250,000 |  |  | — |
MUFG Union Bank, N.A. (Union Bank) (4) |  |  |  |  |  | — |  |  | — |  |  | 200,000 |  |  | 2,125 |
|  |  |  |  |  | $ | 3,200,000 |  |  | $ | 994,119 |  |  | $ | 3,600,000 |  |  | $ | 447,840 |
_______________________________ (1)Effective July 15, 2022, this facility was amended with a revised interest rate of daily floating rate SOFR rate plus 1.30%, with a SOFR adjustment rate of 0.10% and a maturity date of July 15, 2023. Effective July 15, 2023, this facility was renewed and amended to a maximum aggregate principal amount of $300.0 million, with an uncommitted $300.0 million temporary line of credit and a maturity date of July 15, 2024. As of September 30, 2023, the uncommitted $300.0 million temporary line of credit was not utilized. (2)Effective September 1, 2023, this facility was amended with a downward revised interest rate of daily floating rate of SOFR plus 1.25%, with a SOFR adjustment rate of 0.10% and a maturity date of May 22, 2024. (3)Effective September 1, 2023, this facility was amended with a downward revised interest rate of daily floating rate of SOFR plus 1.25%, with a SOFR adjustment rate of 0.10% and a maturity date of May 22, 2024. (4)This facility expired on June 27, 2023, and was not renewed.

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- Definition Schedule of warehouse receivables rollforward. + References No definition available. + Details
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- Definition Warehouse receivables and warehouse lines of credit. + References No definition available. + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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