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v3.20.2

Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of fair value, assets and liabilities measured on recurring basis | The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis:
| June 30, 2020 |  |  |  |  |  |
|  |  | Recurring Fair Value Measurements |  |  |  |
Fair value - Recurring basis | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Mortgage loans held for sale | $ | 3,179 |  |  | $ | — |  |  | $ | 3,179 |  |  | $ | — |
Forward mortgage servicing rights | 2,757 |  |  | — |  |  | — |  |  | 2,757 |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 370 |  |  | — |  |  | — |  |  | 370 |
Forward MBS trades | 3 |  |  | — |  |  | 3 |  |  | — |
LPCs | 18 |  |  | — |  |  | — |  |  | 18 |
Total assets | $ | 6,327 |  |  | $ | — |  |  | $ | 3,182 |  |  | $ | 3,145 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
Forward MBS trades | $ | 50 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |
Mortgage servicing rights financing | 49 |  |  | — |  |  | — |  |  | 49 |
Excess spread financing | 1,124 |  |  | — |  |  | — |  |  | 1,124 |
Total liabilities | $ | 1,223 |  |  | $ | — |  |  | $ | 50 |  |  | $ | 1,173 |
| December 31, 2019 |  |  |  |  |  |
|  |  | Recurring Fair Value Measurements |  |  |  |
Fair value - Recurring basis | Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Mortgage loans held for sale | $ | 4,077 |  |  | $ | — |  |  | $ | 4,077 |  |  | $ | — |
Forward mortgage servicing rights | 3,496 |  |  | — |  |  | — |  |  | 3,496 |
Derivative financial instruments |  |  |  |  |  |  |
IRLCs | 135 |  |  | — |  |  | 135 |  |  | — |
Forward MBS trades | 7 |  |  | — |  |  | 7 |  |  | — |
LPCs | 12 |  |  | — |  |  | 12 |  |  | — |
Total assets | $ | 7,727 |  |  | $ | — |  |  | $ | 4,231 |  |  | $ | 3,496 |
Liabilities |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
Forward MBS trades | $ | 12 |  |  | $ | — |  |  | $ | 12 |  |  | $ | — |
LPCs | 3 |  |  | — |  |  | 3 |  |  | — |
Mortgage servicing rights financing | 37 |  |  | — |  |  | — |  |  | 37 |
Excess spread financing | 1,311 |  |  | — |  |  | — |  |  | 1,311 |
Total liabilities | $ | 1,363 |  |  | $ | — |  |  | $ | 15 |  |  | $ | 1,348 |
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation | The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
| Six Months Ended June 30, 2020 |  |  |  |  |  |
| Assets |  |  |  | Liabilities |  |
Fair value - Level 3 assets and liabilities | Forward mortgage servicing rights |  | IRLCs |  | Excess spread financing |  | Mortgage servicing rights financing
Balance - beginning of period | $ | 3,496 |  |  | $ | 135 |  |  | $ | 1,311 |  |  | $ | 37 |
Total gains or losses included in earnings | (1,012) |  |  | 235 |  |  | (101) |  |  | 12 |
Purchases, issuances, sales, repayments and settlements |  |  |  |  |  |  |
Purchases | 24 |  |  | — |  |  | — |  |  | — |
Issuances | 249 |  |  | — |  |  | 24 |  |  | — |
Settlements and repayments | — |  |  | — |  |  | (110) |  |  | — |
Balance - end of period | $ | 2,757 |  |  | $ | 370 |  |  | $ | 1,124 |  |  | $ | 49 |
| Six Months Ended June 30, 2019 |  |  |  |  |  |
| Assets |  |  |  | Liabilities |  |
Fair value - Level 3 assets and liabilities | Forward mortgage servicing rights |  |  |  | Excess spread financing |  | Mortgage servicing rights financing
Balance - beginning of period | $ | 3,665 |  |  |  |  | $ | 1,184 |  |  | $ | 32 |
Total gains or losses included in earnings | (724) |  |  |  |  | (74) |  |  | 11 |
Purchases, issuances, sales, repayments and settlements |  |  |  |  |  |  |
Purchases | 689 |  |  |  |  | — |  |  | — |
Issuances | 169 |  |  |  |  | 438 |  |  | — |
Sales | (294) |  |  |  |  | — |  |  | — |
Settlements and repayments | — |  |  |  |  | (119) |  |  | — |
Balance - end of period | $ | 3,505 |  |  |  |  | $ | 1,429 |  |  | $ | 43 |
Schedule of fair value, by balance sheet grouping | The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments:
| June 30, 2020 |  |  |  |  |  |
| Carrying Amount |  | Fair Value |  |  |  |
Financial instruments |  |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,041 |  |  | $ | 1,041 |  |  | $ | — |  |  | $ | — |
Restricted cash | 260 |  |  | 260 |  |  | — |  |  | — |
Advances and other receivables, net | 668 |  |  | — |  |  | — |  |  | 668 |
Reverse mortgage interests, net | 5,709 |  |  | — |  |  | — |  |  | 5,736 |
Mortgage loans held for sale | 3,179 |  |  | — |  |  | 3,179 |  |  | — |
Derivative financial instruments | 391 |  |  | — |  |  | 3 |  |  | 388 |
Financial liabilities |  |  |  |  |  |  |
Unsecured senior notes(1) | 2,261 |  |  | 2,307 |  |  | — |  |  | — |
Advance facilities(1) | 475 |  |  | — |  |  | 475 |  |  | — |
Warehouse facilities(1) | 4,031 |  |  | — |  |  | 4,031 |  |  | — |
Mortgage servicing rights financing liability | 49 |  |  | — |  |  | — |  |  | 49 |
Excess spread financing | 1,124 |  |  | — |  |  | — |  |  | 1,124 |
Derivative financial instruments | 50 |  |  | — |  |  | 50 |  |  | — |
Participating interest financing(1) | 3,886 |  |  | — |  |  | — |  |  | 3,857 |
HECM Securitization (HMBS)(1) |  |  |  |  |  |  |
Trust 2019-2 | 272 |  |  | — |  |  | — |  |  | 272 |
Trust 2019-1 | 243 |  |  | — |  |  | — |  |  | 243 |
Trust 2018-3 | 179 |  |  | — |  |  | — |  |  | 179 |
Trust 2018-2 | 127 |  |  | — |  |  | — |  |  | 127 |
(1)The amounts are presented net of unamortized debt issuance costs, premium and discount.
| December 31, 2019 |  |  |  |  |  |
| Carrying Amount |  | Fair Value |  |  |  |
Financial instruments |  |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 329 |  |  | $ | 329 |  |  | $ | — |  |  | $ | — |
Restricted cash | 283 |  |  | 283 |  |  | — |  |  | — |
Advances and other receivables, net | 988 |  |  | — |  |  | — |  |  | 988 |
Reverse mortgage interests, net | 6,279 |  |  | — |  |  | — |  |  | 6,318 |
Mortgage loans held for sale | 4,077 |  |  | — |  |  | 4,077 |  |  | — |
Derivative financial instruments | 153 |  |  | — |  |  | 153 |  |  | — |
Financial liabilities |  |  |  |  |  |  |
Unsecured senior notes(1) | 2,366 |  |  | 2,505 |  |  | — |  |  | — |
Advance facilities(1) | 422 |  |  | — |  |  | 422 |  |  | — |
Warehouse facilities(1) | 4,575 |  |  | — |  |  | 4,575 |  |  | — |
Mortgage servicing rights financing liability | 37 |  |  | — |  |  | — |  |  | 37 |
Excess spread financing | 1,311 |  |  | — |  |  | — |  |  | 1,311 |
Derivative financial instruments | 15 |  |  | — |  |  | 15 |  |  | — |
Participating interest financing(1) | 4,299 |  |  | — |  |  | — |  |  | 4,299 |
HECM Securitization (HMBS)(1) |  |  |  |  |  |  |
Trust 2019-2 | 331 |  |  | — |  |  | — |  |  | 331 |
Trust 2019-1 | 300 |  |  | — |  |  | — |  |  | 300 |
Trust 2018-3 | 208 |  |  | — |  |  | — |  |  | 208 |
Trust 2018-2 | 148 |  |  | — |  |  | — |  |  | 148 |
(1)The amounts are presented net of unamortized debt issuance costs, premium and discount.

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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