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Warehouse Receivables & Warehouse Lines of Credit (Tables) | 9 Months Ended
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Sep. 30, 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 | 8,212 |
Gains (premiums on loan sales) | 21 |
Proceeds from sale of mortgage loans: |
Sale of mortgage loans | (7,458) |
Cash collections of premiums on loan sales | (21) |
Proceeds from sale of mortgage loans | (7,479) |
Net increase in mortgage servicing rights included in warehouse receivables | 9 |
Ending balance at September 30, 2024 | $ | 1,438 |
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, 2024 and December 31, 2023 (dollars in millions):
|  |  |  |  |  | September 30, 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 |  |  | $ | 948 |  |  | $ | 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 |  |  | — |  |  | 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 |  |  | 69 |  |  | 650 |  |  | 7 |
TD Bank, N.A. (TD Bank) (1) |  | 7/15/2025 |  | daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% |  | 600 |  |  | 70 |  |  | 600 |  |  | 28 |
Bank of America, N.A. (BofA) (2) |  | 5/21/2025 |  | daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% |  | 350 |  |  | 335 |  |  | 350 |  |  | 18 |
BofA (2) |  | 5/21/2025 |  | daily floating SOFR plus 1.25%, with a SOFR adjustment of 0.10% |  | 250 |  |  | — |  |  | 250 |  |  | — |
|  |  |  |  |  | $ | 3,200 |  |  | $ | 1,422 |  |  | $ | 3,200 |  |  | $ | 666 |
________________________________________________________________________________________________________________________________________ (1)Effective July 31, 2024, this facility was renewed with a maximum aggregate principal amount of $300 million, with an uncommitted $300 million temporary line of credit and a maturity date of July 15, 2025. The SOFR rate was adjusted to 1.25%. The SOFR adjustment rate remained at 0.10% with the extension. As of September 30, 2024, the uncommitted $300 million temporary line of credit was not utilized. (2)Effective May 22, 2024, this facility was renewed to May 21, 2025 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal.

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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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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