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Warehouse Receivables & Warehouse Lines of Credit
 12 Months Ended
Dec. 31, 2024
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]  
Warehouse Receivables & Warehouse Lines of Credit Warehouse Receivables & Warehouse Lines of Credit
A roll forward of our warehouse receivables is as follows (dollars in millions):
Beginning balance at December 31, 2023$675 
Origination of mortgage loans12,668 
Gains (premiums on loan sales)32 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(12,785)
Cash collections of premiums on loan sales(32)
Proceeds from sale of mortgage loans(12,817)
Net increase in mortgage servicing rights included in warehouse receivables3 
Ending balance at December 31, 2024$561 
The following table is a summary of our warehouse lines of credit in place as of December 31, 2024 and 2023 (dollars in millions):
December 31, 2024December 31, 2023
LenderCurrent
Maturity		PricingMaximum
Facility
Size		Carrying
Value		Maximum
Facility
Size		Carrying
Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1)
12/12/2025
daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%,
 with a SOFR adjustment of 0.05%
$1,310 $306 $1,335 $613 
JP Morgan (Business Lending Activity) (1)
12/12/2025
daily floating SOFR plus 2.75%,
with a SOFR adjustment of 0.05%
15 — 15 — 
JP Morgan (Bridge Loans) (1)
12/12/2025
daily floating SOFR plus 2.00%,
with a SOFR adjustment of 0.05%
25 — — — 
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (2)
Cancelable
anytime
1-month CME term SOFR plus 1.45%,
with a SOFR floor of 0.25%
650 1 650 7 
TD Bank, N.A. (TD Bank) (3)
7/15/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
900 103 600 28 
Bank of America, N.A. (BofA) (4)
5/21/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
350 142 350 18 
BofA (4)
5/21/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
250 — 250 — 
$3,500 $552 $3,200 $666 
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(1)Effective December 13, 2024, this facility was renewed through December 12, 2025 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal. In addition, a Bridge Loan sublimit was added with an interest rate of daily floating rate SOFR plus 2.00%. As of December 31, 2024, both sublimits were not utilized.
(2)Effective October 1, 2024, this facility transitioned to using 1-month CME term SOFR rate.
(3)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. Effective October 30, 2024, the accordion option was used to temporarily increase the line from $300 million to $600 million until January 28, 2025.
(4)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.
During the year ended December 31, 2024, we had a maximum of $1.8 billion of warehouse lines of credit principal outstanding.