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Warehouse Receivables & Warehouse Lines of Credit | 12 Months Ended
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Dec. 31, 2023
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 millions):
Beginning balance at December 31, 2022 | $ | 455 |
Origination of mortgage loans | 9,905 |
Gains (premiums on loan sales) | 27 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (9,687) |
Cash collections of premiums on loan sales | (27) |
Proceeds from sale of mortgage loans | (9,714) |
Net increase in mortgage servicing rights included in warehouse receivables | 2 |
Ending balance at December 31, 2023 | $ | 675 |
The following table is a summary of our warehouse lines of credit in place as of December 31, 2023 and 2022 (dollars in millions):
|  |  |  |  |  | December 31, 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) (1) |  | 12/13/2024 |  | daily floating rate Secured Overnight Financing Rate (SOFR) rate plus 1.50%, with a SOFR adjustment rate of 0.05% |  | $ | 1,335 |  |  | $ | 613 |  |  | $ | 1,335 |  |  | $ | 331 |
JP Morgan (Business Lending Activity) |  | 12/13/2024 |  | daily floating rate SOFR rate plus 2.75%, with a SOFR adjustment rate of 0.05% |  | 15 |  |  | — |  |  | 15 |  |  | — |
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program |  | Cancelable anytime |  | daily floating SOFR plus 1.45%, with a SOFR floor of 0.25% |  | 650 |  |  | 7 |  |  | 650 |  |  | — |
TD Bank, N.A. (TD Bank) (2) |  | 7/15/2024 |  | daily floating rate SOFR plus 1.30%, with a SOFR adjustment rate of 0.10% |  | 600 |  |  | 28 |  |  | 800 |  |  | — |
Bank of America, N.A. (BofA) (3) |  | 5/22/2024 |  | daily floating SOFR rate plus 1.25%, with a SOFR adjustment rate of 0.10% |  | 350 |  |  | 18 |  |  | 350 |  |  | 115 |
BofA (4) |  | 5/22/2024 |  | daily floating rate SOFR plus 1.25%, with a SOFR adjustment rate of 0.10% |  | 250 |  |  | — |  |  | 250 |  |  | — |
MUFG Union Bank, N.A. (Union Bank) (5) |  |  |  |  |  | — |  |  | — |  |  | 200 |  |  | 2 |
|  |  |  |  |  | $ | 3,200 |  |  | $ | 666 |  |  | $ | 3,600 |  |  | $ | 448 |
________________________________________________________________________________________________________________________________________ (1)Effective December 15, 2023, this facility was amended and renewed at an interest rate of daily floating rate SOFR plus 1.50%, with a SOFR adjustment rate of 0.05% and a maturity date of December 13, 2024. (2)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 December 31, 2023, the uncommitted $300.0 million temporary line of credit was not utilized. (3)Effective September 1, 2023, this facility was amended with a downward 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 22, 2024. (4)Effective September 1, 2023, this facility was amended with a downward 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 22, 2024. (5)This facility expired on June 27, 2023, and was not renewed. During the year ended December 31, 2023, we had a maximum of $1.2 billion of warehouse lines of credit principal outstanding.

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