v3.24.3
Warehouse Receivables & Warehouse Lines of Credit (Tables)
 9 Months Ended
Sep. 30, 2024
Warehouse Receivables And Warehouse Lines Of Credit [Abstract]  
Schedule of Warehouse Receivables
A rollforward of our warehouse receivables is as follows (dollars in millions):
Beginning balance at December 31, 2023$675 
Origination of mortgage loans8,212 
Gains (premiums on loan sales)21 
Proceeds from sale of mortgage loans:
Sale of mortgage loans(7,458)
Cash collections of premiums on loan sales(21)
Proceeds from sale of mortgage loans(7,479)
Net increase in mortgage servicing rights included in warehouse receivables9 
Ending balance at September 30, 2024$1,438 
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, 2024 and December 31, 2023 (dollars in millions):
September 30, 2024December 31, 2023
LenderCurrent
Maturity		PricingMaximum
Facility
Size		Carrying
Value		Maximum
Facility
Size		Carrying
Value
JP Morgan Chase Bank, N.A. (JP Morgan)12/13/2024
daily floating Secured Overnight Financing Rate (SOFR) plus 1.50%,
with a SOFR adjustment of 0.05%
$1,335 $948 $1,335 $613 
JP Morgan (Business Lending Activity)12/13/2024
daily floating SOFR plus 2.75%,
with a SOFR adjustment of 0.05%
15 — 15 — 
Fannie Mae Multifamily As Soon As Pooled Plus Agreement and Multifamily As Soon As Pooled Sale Agreement (ASAP) ProgramCancelable
anytime
daily floating SOFR plus 1.45%,
with a SOFR floor of 0.25%
650 69 650 7 
TD Bank, N.A. (TD Bank) (1)
7/15/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
600 70 600 28 
Bank of America, N.A. (BofA) (2)
5/21/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
350 335 350 18 
BofA (2)
5/21/2025
daily floating SOFR plus 1.25%,
with a SOFR adjustment of 0.10%
250 — 250 — 
$3,200 $1,422 $3,200 $666 
________________________________________________________________________________________________________________________________________
(1)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. As of September 30, 2024, the uncommitted $300 million temporary line of credit was not utilized.
(2)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.