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Debt Warehouse Facilities (Tables)

3 Months Ended

Mar. 31, 2025

Warehouse Facilities [Abstract]

Schedule of Warehouse Facilities

Warehouse Facilities

We maintain our Warehouse facilities with third-party lenders for the purpose of funding mortgage loans that will be resold (Warehouse receivables). The following table shows our gross cash activity related to Warehouse receivables as well as the corresponding, and largely offsetting, net change of our Warehouse facilities. This activity, in aggregate, is reflected as net cash flows from operating activities in our Consolidated Statements of Cash Flows.

			Three Months Ended March 31,
(in millions)			2025			2024
Origination of mortgage loans			$	(1,824.1)		(1,587.3)
Proceeds from the sales of mortgage loans			2,064.3			1,929.4
Net decrease in Warehouse facilities			(240.3)			(340.5)

The following table provides details regarding our Warehouse facilities lines of credit.

			March 31, 2025									December 31, 2024
($ in millions)			Outstanding Balance			Maximum Capacity						Outstanding Balance			Maximum Capacity
Warehouse facilities:
SOFR plus 1.40%, expires September 15, 2025			$	85.2		700.0						341.3			700.0
SOFR plus 1.30%, expires September 13, 2025			348.4			1,200.0						416.5			2,100.0
SOFR plus 1.40%, expires October 23, 2025			167.7			400.0						8.8			400.0
Fannie Mae ASAP(1) program, SOFR plus 1.25%			—			n/a						75.3			n/a
Gross warehouse facilities			601.3			2,300.0						841.9			3,200.0
Debt issuance costs			(0.6)			n/a						(0.9)			n/a
Total warehouse facilities			$	600.7		2,300.0						841.0			3,200.0

(1) As Soon As Pooled ("ASAP") funding program

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- Definition

Warehouse Facilities [Abstract]

+ References

No definition available.

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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

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