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Warehouse Receivables & Warehouse Lines of Credit (Tables)
 6 Months Ended
Jun. 30, 2025
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]  
Schedule of Warehouse Receivables
A roll forward of our warehouse receivables is as follows (dollars in millions):
Beginning balance at December 31, 2024$561 
Origination of mortgage loans6,646 
Gains (premiums on loan sales)12 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(5,764)
Cash collections of premiums on loan sales(12)
Proceeds from sale of mortgage loans(5,776)
Net increase in mortgage servicing rights included in warehouse receivables5 
Ending balance at June 30, 2025$1,448 
Schedule of Warehouse Lines of Credit in Place
The following table is a summary of our warehouse lines of credit in place as of June 30, 2025 and December 31, 2024 (dollars in millions):
June 30, 2025December 31, 2024
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%
$1,660 $956 $1,310 $306 
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 — 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%
725 101 650 1 
TD Bank, N.A. (TD Bank) (3)
7/15/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
600 206 900 103 
Bank of America, N.A. (BofA) (4)
5/20/2026
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
350 169 350 142 
BofA (4)
5/20/2026
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
250 — 250 — 
$3,625 $1,432 $3,500 $552 
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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 June 30, 2025, both sublimits were not utilized. On June 9, 2025, the Chase warehouse line was temporarily increased from $1.4 billion to $1.7 billion until July 18, 2025.
(2)Effective October 1, 2024, this facility transitioned to using 1-month CME term SOFR rate. On June 20, 2025, the FNMA ASAP line capacity was temporarily increased from $650 million to $725 million through July 11, 2025.
(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 July 15, 2025, this facility was renewed to July 15, 2026. Effective October 30, 2024, the accordion option was used to temporarily increase the line from $300 million to $600 million until January 28, 2025. The accordion option was not renewed upon expiration.
(4)Effective May 21, 2025, this facility was renewed to May 20, 2026 and there were no changes to the SOFR rate or the SOFR adjustment rate at renewal.