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v3.19.3.a.u2

Indebtedness (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Notes Payable
|  |  |  |  |  |  |  |  |  | Successor
|  |  |  |  |  |  |  |  |  | December 31, 2019 |  | December 31, 2018
Advance Facilities |  | Interest Rate |  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral pledged
$325 advance facility |  | LIBOR+1.5% to 6.5% |  | August 2021 |  | Servicing advance receivables |  | $ | 325 |  |  | $ | 224 |  |  | $ | 285 |  |  | $ | 209 |  |  | $ | 284 |
$250 advance facility |  | LIBOR+1.5% to 2.6% |  | December 2020 |  | Servicing advance receivables |  | 250 |  |  | 98 |  |  | 167 |  |  | 218 |  |  | 255 |
$200 advance facility |  | LIBOR+2.5% |  | January 2021 |  | Servicing advance receivables |  | 200 |  |  | 63 |  |  | 125 |  |  | 90 |  |  | 149 |
$125 advance facility |  | CP +1.5% to 7.4% |  | July 2020 |  | Servicing advance receivables |  | 125 |  |  | 37 |  |  | 88 |  |  | 78 |  |  | 89 |
Advance facilities principal amount |  |  |  |  |  | 422 |  |  | $ | 665 |  |  | 595 |  |  | $ | 777 |
Unamortized debt issuance costs |  |  |  |  |  | — |  |  |  |  | — |  |  |
Advance facilities, net |  |  |  | $ | 422 |  |  |  |  | $ | 595 |  |  |
|  |  |  |  |  |  |  |  |  | Successor
|  |  |  |  |  |  |  |  |  | December 31, 2019 |  | December 31, 2018
Warehouse Facilities |  | Interest Rate |  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral pledged
$1,500 warehouse facility |  | LIBOR+1.0% |  | June 2020 |  | Mortgage loans or MBS |  | $ | 1,500 |  |  | $ | 759 |  |  | $ | 733 |  |  | $ | — |  |  | $ | — |
$1,200 warehouse facility |  | LIBOR+1.5% to 3.0% |  | November 2020 |  | Mortgage loans or MBS |  | 1,200 |  |  | 683 |  |  | 724 |  |  | 560 |  |  | 622 |
$1,000 warehouse facility |  | LIBOR+1.4% to 2.3% |  | September 2020 |  | Mortgage loans or MBS |  | 1,000 |  |  | 762 |  |  | 783 |  |  | 137 |  |  | 140 |
$800 warehouse facility(1) |  | LIBOR+1.5% to 2.9% |  | April 2020 |  | Mortgage loans or MBS |  | 800 |  |  | 589 |  |  | 656 |  |  | 464 |  |  | 514 |
$750 warehouse facility |  | LIBOR+1.4% to 2.8% |  | September 2020 |  | Mortgage loans or MBS |  | 750 |  |  | 411 |  |  | 425 |  |  | 119 |  |  | 122 |
$700 warehouse facility |  | LIBOR+1.3% to 2.2% |  | November 2020 |  | Mortgage loans or MBS |  | 700 |  |  | 469 |  |  | 488 |  |  | 220 |  |  | 248 |
$600 warehouse facility |  | LIBOR+2.3% |  | February 2021 |  | Mortgage loans or MBS |  | 600 |  |  | 174 |  |  | 202 |  |  | 151 |  |  | 168 |
$500 warehouse facility |  | LIBOR+1.5% to 3.0% |  | April 2020 |  | Mortgage loans or MBS |  | 500 |  |  | 336 |  |  | 349 |  |  | 187 |  |  | 200 |
$500 warehouse facility(2) |  | LIBOR+2.0% to 2.3% |  | September 2020 |  | Mortgage loans or MBS |  | 500 |  |  | — |  |  | — |  |  | 290 |  |  | 299 |
$200 warehouse facility |  | LIBOR+1.4% |  | January 2021 |  | Mortgage loans or MBS |  | 200 |  |  | 136 |  |  | 136 |  |  | — |  |  | — |
$200 warehouse facility |  | LIBOR+1.2% |  | April 2021 |  | Mortgage loans or MBS |  | 200 |  |  | 27 |  |  | 27 |  |  | 18 |  |  | 19 |
$200 warehouse facility |  | LIBOR+2.0% |  | May 2020 |  | Mortgage loans or MBS |  | 200 |  |  | 54 |  |  | 78 |  |  | 103 |  |  | 132 |
$200 warehouse facility |  | LIBOR+1.3% |  | October 2020 |  | Mortgage loans or MBS |  | 200 |  |  | — |  |  | — |  |  | — |  |  | — |
$50 warehouse facility |  | LIBOR+2.0% to 6.0% |  | April 2020 |  | Mortgage loans or MBS |  | 50 |  |  | 11 |  |  | 15 |  |  | — |  |  | — |
$40 warehouse facility |  | LIBOR+3.3% |  | September 2020 |  | Mortgage loans or MBS |  | 40 |  |  | 5 |  |  | 6 |  |  | — |  |  | — |
$40 warehouse facility(2) |  | LIBOR+3.0% |  | November 2019 |  | Mortgage loans or MBS |  | 40 |  |  | — |  |  | — |  |  | 1 |  |  | 2 |
Warehouse facilities principal amount |  | 4,416 |  |  | 4,622 |  |  | 2,250 |  |  | 2,466 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$400 warehouse facility |  | LIBOR+3.5% to 6.1% |  | June 2021 |  | Mortgage loans or MBS |  | 400 |  |  | 150 |  |  | 945 |  |  | 100 |  |  | 928 |
$400 warehouse facility |  | LIBOR+2.3% |  | December 2020 |  | Mortgage loans or MBS |  | 400 |  |  | — |  |  | 200 |  |  | — |  |  | 226 |
$150 warehouse facility(1) |  | LIBOR+2.8% |  | April 2020 |  | Mortgage loans or MBS |  | 150 |  |  | — |  |  | 130 |  |  | — |  |  | 430 |
$50 warehouse facility |  | LIBOR+4.5% |  | August 2020 |  | Mortgage loans or MBS |  | 50 |  |  | 10 |  |  | 84 |  |  | — |  |  | 102 |
MSR facilities principal amount |  | 160 |  |  | 1,359 |  |  | 100 |  |  | 1,686 |
Warehouse and MSR facilities principal amount |  |  |  |  |  | 4,576 |  |  | $ | 5,981 |  |  | 2,350 |  |  | $ | 4,152 |
Unamortized debt issuance costs |  |  |  |  |  | (1 | ) |  |  |  | (1 | ) |  |
Warehouse facilities, net |  |  |  | $ | 4,575 |  |  |  |  | $ | 2,349 |  |  |
Pledged Collateral: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans held for sale and mortgage loans held for investment |  |  |  |  |  |  |  | $ | 3,826 |  |  | $ | 3,931 |  |  | $ | 1,528 |  |  | $ | 1,628 |
Reverse mortgage interests |  |  |  |  |  |  |  | 590 |  |  | 691 |  |  | 722 |  |  | 838 |
MSR |  |  |  |  |  |  |  | 160 |  |  | 1,359 |  |  | 100 |  |  | 1,686 |
(1) | Total capacity amount for this facility is $800 of which $150 is a sublimit for MSR financing.
(2) | This facility was terminated during 2019.
Schedule of Unsecured Senior Notes | Unsecured senior notes consist of the following:
| Successor
| December 31, 2019 |  | December 31, 2018
$950 face value, 8.125% interest rate payable semi-annually, due July 2023 | $ | 950 |  |  | $ | 950 |
$750 face value, 9.125% interest rate payable semi-annually, due July 2026 | 750 |  |  | 750 |
$600 face value, 6.500% interest rate payable semi-annually, due July 2021(1) | 492 |  |  | 592 |
$300 face value, 6.500% interest rate payable semi-annually, due June 2022(1) | 206 |  |  | 206 |
Unsecured senior notes principal amount | 2,398 |  |  | 2,498 |
Unamortized debt issuance costs, premium and discount | (32 | ) |  | (39 | )
Unsecured senior notes, net | $ | 2,366 |  |  | $ | 2,459 |
(1) | This note was subsequently redeemed in full in February 2020. See Note 26, Subsequent Events, for further information.
Schedule of Maturities of Long-term Debt | As of December 31, 2019, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2020 |  | $ | — |
2021(1) |  | 492 |
2022(1) |  | 206 |
2023 |  | 950 |
2024 |  | — |
Thereafter |  | 750 |
Total unsecured senior notes principal amount |  | $ | 2,398 |
(1) | This note was subsequently redeemed in full in February 2020. See Note 26, Subsequent Events, for further information.
Schedule of Other Nonrecourse Debt | Other nonrecourse debt consists of the following:
|  |  |  |  |  |  |  |  |  | Successor
|  |  |  |  |  |  |  |  |  | December 31, 2019 |  | December 31, 2018
|  | Issue Date |  | Maturity Date |  | Class of Note |  | Collateral Amount |  | Outstanding |  | Outstanding
Participating interest financing(1) |  | — |  | — |  | — |  | $ | — |  |  | $ | 4,284 |  |  | $ | 5,607 |
Securitization of nonperforming HECM loans |  |  |  |  |  |  |  |  |  |  |  |
Trust 2019-2 |  | November 2019 |  | November 2029 |  | A, M1, M2, M3, M4, M5 |  | 337 |  |  | 333 |  |  | — |
Trust 2019-1 |  | June 2019 |  | June 2029 |  | A, M1, M2, M3, M4, M5 |  | 315 |  |  | 302 |  |  | — |
Trust 2018-3 |  | November 2018 |  | November 2028 |  | A, M1, M2, M3, M4, M5 |  | 226 |  |  | 209 |  |  | 326 |
Trust 2018-2 |  | August 2018 |  | August 2028 |  | A, M1, M2, M3, M4, M5 |  | 168 |  |  | 148 |  |  | 250 |
Trust 2018-1(2) |  | March 2018 |  | March 2028 |  | A, M1, M2, M3, M4, M5 |  | — |  |  | — |  |  | 284 |
Trust 2017-2(2) |  | September 2017 |  | September 2027 |  | A, M1, M2 |  | — |  |  | — |  |  | 231 |
Nonrecourse Debt - Legacy(3) |  | November 2009 |  | October 2039 |  | A |  | — |  |  | — |  |  | 29 |
Other nonrecourse debt principal amount |  |  |  |  |  |  |  |  |  | 5,276 |  |  | 6,727 |
Unamortized debt issuance costs, premium and discount |  |  |  |  |  |  |  |  |  | 10 |  |  | 68 |
Other nonrecourse debt, net |  |  |  |  |  |  |  |  |  | $ | 5,286 |  |  | $ | 6,795 |
(1) | Amounts represent the Company’s participating interest in GNMA HMBS securitized portfolios.
(2) | As discussed in Note 6, Reverse Mortgage Interests, Net, Trust 2017-2 and Trust 2018-1 were collapsed and the related debt extinguished during the year ended December 31, 2019.
(3) | As discussed in Note 7, Mortgage Loans Held for Sale and Investment, Trust 2009-A, the Company’s legacy portfolio, was collapsed and the related debt was extinguished in September 2019.

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