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Payables and Other Liabilities | 6 Months Ended
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Jun. 30, 2020
Payables and Accruals [Abstract] |
Payables and other liabilities | 10. Payables and Other Liabilities Payables and other liabilities consist of the following:
Payables and other liabilities | June 30, 2020 |  | December 31, 2019
Loans subject to repurchase right from Ginnie Mae | $ | 1,171 |  |  | $ | 560 |
Payables to servicing and subservicing investors | 345 |  |  | 423 |
Payable to GSEs and securitized trusts | 129 |  |  | 182 |
Operating lease liabilities | 121 |  |  | 135 |
Derivative financial instruments | 50 |  |  | 15 |
Other liabilities | 644 |  |  | 701 |
Total payables and other liabilities | $ | 2,460 |  |  | $ | 2,016 |
Loans Subject to Repurchase Right from Ginnie Mae See Note 7, Other Assets, for a description of assets and liabilities related to loans subject to repurchase right from Ginnie Mae. Loans subject to repurchase from Ginnie Mae as of June 30, 2020 include $818 loans in forbearance related to the CARES Act whereby no payments have been received from borrowers for greater than 90 days. Payables to Servicing and Subservicing Investors and Payables to GSEs and Securitized Trusts Payables to servicing and subservicing investors, GSEs and securitized trusts represent amounts due to investors, GSEs and securitized trusts in connection with loans serviced that are paid from collections of the underlying loans, insurance proceeds or proceeds from property disposal. Derivative Financial Instruments See Note 8, Derivative Financial Instruments, for further details on derivative financial instruments. Operating Lease Liabilities Operating lease liabilities represent the Company’s obligation to make lease payments arising from a lease, measured on a discount basis. Other Liabilities Other liabilities primarily include accrued bonus and payroll, accrued interest, accrued legal expenses, payables to insurance carriers and insurance cancellation reserves, repurchase reserves, accounts payable and other accrued liabilities. Payables to insurance carriers and insurance cancellation reserves consist of insurance premiums received from borrower payments awaiting disbursement to the insurance carrier and/or amounts due to third-party investors on liquidated loans. The following table sets forth the activities of the repurchase reserves:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
Repurchase Reserves | 2020 |  | 2019 |  | 2020 |  | 2019
Balance - beginning of period | $ | 29 |  |  | $ | 16 |  |  | $ | 25 |  |  | $ | 8 |
Provisions | 4 |  |  | 8 |  |  | 9 |  |  | 16 |
Releases | (4) |  |  | (1) |  |  | (5) |  |  | (1) |
Balance - end of period | $ | 29 |  |  | $ | 23 |  |  | $ | 29 |  |  | $ | 23 |
The provision for repurchases represents an estimate of losses to be incurred on the repurchase of loans or indemnification of purchaser’s losses related to forward loans. Certain sale contracts and GSE standards require the Company to repurchase a loan or indemnify the purchaser or insurer for losses if a borrower fails to make initial loan payments or if the accompanying mortgage loan fails to meet certain customary representations and warranties with respect to underwriting standards. The Company regularly evaluates the adequacy of repurchase reserves based on trends in repurchase and indemnification requests, actual loss experience, settlement negotiation, estimated future loss exposure and other relevant factors including economic conditions. Current loss rates have significantly declined attributable to stronger underwriting standards and due to the falloff of loans underwritten prior to the mortgage loan crisis period prior to 2008. The Company believes its reserve balance as of June 30, 2020 is sufficient to cover loss exposure associated with repurchase contingencies.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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