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Reverse Mortgage Interests, Net (Tables) | 9 Months Ended
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Sep. 30, 2019
Reverse Mortgage Interests [Abstract] |
Schedule of Reverse Mortgage Interest | Reverse mortgage interests, net consists of the following:
| Successor
| September 30, 2019 |  | December 31, 2018
Participating interests in HECM mortgage-backed securities (“HMBS”), including $14 and $58 purchase premium, respectively | $ | 4,592 |  |  | $ | 5,664 |
Other interests securitized, net of $63 and $100 purchase discount, respectively | 879 |  |  | 1,064 |
Unsecuritized interests, net of $75 and $122 purchase discount, respectively | 1,204 |  |  | 1,219 |
Reserves | (13 | ) |  | (13 | )
Total reverse mortgage interests, net | $ | 6,662 |  |  | $ | 7,934 |
The following table sets forth the activities of the servicing reserves for reverse mortgage interests.
| Successor |  |  | Predecessor
Reserves for reverse mortgage interests | Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019 |  | Two Months Ended September 30, 2018 |  |  | One Month Ended July 31, 2018 |  | Seven Months Ended July 31, 2018
Balance - beginning of period | $ | 8 |  |  | $ | 13 |  |  | $ | — |  |  |  | $ | 117 |  |  | $ | 115 |
Provision (release), net | 5 |  |  | 7 |  |  | 1 |  |  |  | 12 |  |  | 32 |
Write-offs | — |  |  | (7 | ) |  | — |  |  |  | — |  |  | (18 | )
Balance - end of period | $ | 13 |  |  | $ | 13 |  |  | $ | 1 |  |  |  | $ | 129 |  |  | $ | 129 |
Unsecuritized interests in reverse mortgages consist of the following:
| Successor
| September 30, 2019 |  | December 31, 2018
Repurchased HECM loans (exceeds 98% MCA) | $ | 874 |  |  | $ | 949 |
HECM related receivables(1) | 289 |  |  | 300 |
Funded borrower draws not yet securitized | 92 |  |  | 76 |
REO-related receivables | 24 |  |  | 16 |
Purchase discount, net | (75 | ) |  | (122 | )
Total unsecuritized interests | $ | 1,204 |  |  | $ | 1,219 |
(1) | HECM related receivables consist primarily of FNMA receivables for corporate advances and service fees and claims receivables from the U.S. Department of Housing and Urban Development (“HUD”).
The following table sets forth the activities of the purchase premiums and discounts for reverse mortgage interests.
| Successor
| Three Months Ended September 30, 2019
Purchase premiums and discounts for reverse mortgage interests | Net Premium for Participating Interests in HMBS(1) |  | Net Discount for Other Interest Securitized(1) |  | Net Discount for Unsecuritized Interests(1)
Balance - beginning of period | $ | 18 |  |  | $ | (84 | ) |  | $ | (97 | )
Utilization of purchase discounts(2) | — |  |  | 11 |  |  | 29 |
(Amortization)/Accretion | (4 | ) |  | 9 |  |  | (6 | )
Transfers(3) | — |  |  | 1 |  |  | (1 | )
Balance - end of period | $ | 14 |  |  | $ | (63 | ) |  | $ | (75 | )
| Successor
| Nine Months Ended September 30, 2019
Purchase premiums and discounts for reverse mortgage interests | Net Premium for Participating Interests in HMBS(1) |  | Net Discount for Other Interest Securitized(1) |  | Net Discount for Unsecuritized Interests(1)
Balance - beginning of period | $ | 58 |  |  | $ | (100 | ) |  | $ | (122 | )
Adjustments(4) | (16 | ) |  | (2 | ) |  | (6 | )
Utilization of purchase discounts(2) | — |  |  | 24 |  |  | 56 |
(Amortization)/Accretion | (41 | ) |  | 22 |  |  | 3 |
Transfers(3) | 13 |  |  | (7 | ) |  | (6 | )
Balance - end of period | $ | 14 |  |  | $ | (63 | ) |  | $ | (75 | )
| Successor
| Two Months Ended September 30, 2018
Purchase premiums and discounts for reverse mortgage interests | Net Premium for Participating Interests in HMBS(1) |  | Net Discount for Other Interest Securitized(1) |  | Net Discount for Unsecuritized Interests(1)
Balance - beginning of period | $ | 58 |  |  | $ | (117 | ) |  | $ | (161 | )
(Amortization)/Accretion | (3 | ) |  | — |  |  | 10 |
Balance - end of period | $ | 55 |  |  | $ | (117 | ) |  | $ | (151 | )
(1) | Net position as certain items are in a premium/(discount) position, based on the characteristics of underlying tranches of loans.
(2) | Utilization of purchase discounts to mitigate loss on liquidated loans, for which the remaining receivable was written-off.
(3) | Transfer of premium/(discount) based on the transfer of associated loans between categories consistent with the underlying loan characteristics.
(4) | Adjustments to premium/(discount) due to revised cost to service assumption utilized in the valuation of reverse mortgage assets and liabilities acquired from the Merger. See Note 2, Acquisitions for additional information.
In connection with previous reverse mortgage portfolio acquisitions, the Predecessor recorded a purchase discount within Unsecuritized Interests. The following table sets forth the activities of the purchase discount for reverse mortgage interests.
| Predecessor
Purchase discount for reverse mortgage interests | One Month Ended July 31, 2018 |  | Seven Months Ended July 31, 2018
Balance - beginning of period | $ | (84 | ) |  | $ | (89 | )
Additions | — |  |  | (7 | )
Accretion | 2 |  |  | 14 |
Balance - end of period | $ | (82 | ) |  | $ | (82 | )

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