XML 218 R28.htm IDEA: XBRL DOCUMENT v3.25.3
Warehouse Receivables & Warehouse Lines of Credit (Tables)
 9 Months Ended
Sep. 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 loans11,041 
Gains (premiums on loan sales)21 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(9,963)
Cash collections of premiums on loan sales(21)
Proceeds from sale of mortgage loans(9,984)
Net increase in mortgage servicing rights included in warehouse receivables8 
Ending balance at September 30, 2025$1,647 
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, 2025 and December 31, 2024 (dollars in millions):
September 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%
$1,310 $970 $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 1.35%,
with a SOFR floor of 0.25%
650 395 650 1 
TD Bank, N.A. (TD Bank) (3)
7/15/2026
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
600 35 900 103 
Bank of America, N.A. (BofA) (4)
5/20/2026
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
350 224 350 142 
BofA (4)
5/20/2026
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
250 — 250 — 
$3,200 $1,624 $3,500 $552 
________________________________________________________________________________________________________________________________________
(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 September 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 and was not renewed upon expiration.
(2)Effective October 1, 2024, this facility transitioned to using 1-month CME term SOFR rate. On June 20, 2025, the Fannie Mae ASAP line capacity was temporarily increased from $650 million to $725 million through July 11, 2025 and was not renewed upon expiration. Effective August 1, 2025 the Fannie Mae ASAP line margin rate was reduced from 1.45% to 1.35%.
(3)Effective July 15, 2025, 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, 2026. There were no changes to the SOFR rate or the SOFR adjustment rate at renewal. 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.