Warehouse Receivables & Warehouse Lines of Credit (Tables)

12 Months Ended

Dec. 31, 2017

A rollforward of our warehouse receivables is as follows (dollars in thousands):

Beginning balance at January 1, 2017	$	1,276,047
Origination of mortgage loans		17,655,104
Gains (premiums on loan sales)		52,742
Sale of mortgage loans		(18,000,014	)
Cash collections of premiums on loan sales		(52,742	)
Proceeds from sale of mortgage loans		(18,052,756	)
Net decrease in mortgage servicing rights included in warehouse receivables		(3,099	)
Ending balance at December 31, 2017	$	928,038

The following table is a summary of our warehouse lines of credit in place as of December 31, 2017 and 2016 (dollars in thousands):

			December 31, 2017				December 31, 2016
			Maximum				Maximum
Lender	Current Maturity	Pricing	Facility Size		Carrying Value		Facility Size		Carrying Value
JP Morgan Chase Bank, N.A. (JP Morgan) (1)	2/28/2017	daily one-month LIBOR plus 1.45%	$	—	$	—	$	300,000	$	275,945
JP Morgan	10/23/2018	daily one-month LIBOR plus 1.45%		1,000,000		192,180		700,000		—
JP Morgan	10/23/2018	daily one-month LIBOR plus 2.75%		25,000		5,800		25,000		3,768
Bank of America, N.A. (BofA) (1)	1/30/2017	daily one-month LIBOR plus 1.60%		—		—		300,000		300,000
BofA (2)	6/5/2018	daily one-month LIBOR plus 1.40%		337,500		130,443		200,000		18,555
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) Program (1)	1/17/2017	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		—		—		200,000		200,000
Fannie Mae ASAP Program	Cancelable anytime	daily one-month LIBOR plus 1.35%, with a LIBOR floor of 0.35%		450,000		205,827		450,000		111,160
TD Bank, N.A. (TD Bank) (1)	2/28/2017	daily one-month LIBOR plus 1.35%		—		—		375,000		154,032
TD Bank (3)	6/30/2018	daily one-month LIBOR plus 1.25%		800,000		225,416		400,000		—
Capital One, N.A. (Capital One) (1)	1/23/2017	daily one-month LIBOR plus 1.45%		—		—		250,000		191,193
Capital One (4)	7/27/2018	daily one-month LIBOR plus 1.40%		387,500		151,100		200,000		—
			$	3,000,000	$	910,766	$	3,400,000	$	1,254,653

(1)	Temporary facility to accommodate year-end volume.

(2)	Line was temporarily increased from $200.0 million to $337.5 million to accommodate year-end volume. Maximum facility reverted back to $200.0 million on January 27, 2018.

(3)	Line was temporarily increased from $400.0 million to $800.0 million to accommodate year-end volume. Maximum facility reverted back to $400.0 million on February 1, 2018.

(4)	Line was temporarily increased from $200.0 million to $387.5 million to accommodate year-end volume. Maximum facility reverted back to $200.0 million on January 9, 2018.