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Warehouse Receivables & Warehouse Lines of Credit (Tables)

3 Months Ended

Mar. 31, 2024

Warehouse Receivables And Warehouse Lines Of Credit [Abstract]

Schedule of Warehouse Receivables

A rollforward of our warehouse receivables is as follows (dollars in millions):

Beginning balance at December 31, 2023			$	675
Origination of mortgage loans			2,216
Gains (premiums on loan sales)			8
Proceeds from sale of mortgage loans:
Sale of mortgage loans			(2,046)
Cash collections of premiums on loan sales			(8)
Proceeds from sale of mortgage loans			(2,054)
Net increase in mortgage servicing rights included in warehouse receivables			3
Ending balance at March 31, 2024			$	848

Schedule of Warehouse Lines of Credit in Place

The following table is a summary of our warehouse lines of credit in place as of March 31, 2024 and December 31, 2023 (dollars in millions):

																		March 31, 2024												December 31, 2023
Lender						Current Maturity						Pricing						Maximum Facility Size						Carrying Value						Maximum Facility Size						Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan)						12/13/2024						daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%, with a SOFR adjustment of 0.05%						$	1,335					$	711					$	1,335					$	613
JP Morgan (Business Lending Activity)						12/13/2024						daily floating SOFR plus 2.75%, with a SOFR adjustment of 0.05%						15						1						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						20						650						7
TD Bank, N.A. (TD Bank) (1)						7/15/2024						daily floating SOFR plus 1.30%, with a SOFR adjustment of 0.10%						600						21						600						28
Bank of America, N.A. (BofA)						5/22/2024						daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10%						350						86						350						18
BofA						5/22/2024						daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10%						250						—						250						—
																		$	3,200					$	839					$	3,200					$	666

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(1)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 March 31, 2024, the uncommitted $300.0 million temporary line of credit was not utilized.

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Schedule of warehouse receivables rollforward.

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Warehouse receivables and warehouse lines of credit.

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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

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