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Indebtedness | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Indebtedness | 9. Indebtedness Notes Payable
|  |  |  |  |  |  |  |  |  | September 30, 2020 |  | December 31, 2019
|  | Interest Rate |  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral Pledged
Advance Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$875 advance facility(1) |  | CP+2.5% to 6.5% |  | April 2021 |  | Servicing advance receivables |  | $ | 875 |  |  | $ | 144 |  |  | $ | 169 |  |  | $ | 37 |  |  | $ | 88 |
$640 advance facility(2) |  | LIBOR+3.9% |  | August 2022 |  | Servicing advance receivables |  | 640 |  |  | 144 |  |  | 196 |  |  | — |  |  | — |
$425 advance facility(3) |  | LIBOR+2.8% to 6.5% |  | October 2021 |  | Servicing advance receivables |  | 425 |  |  | 206 |  |  | 261 |  |  | 224 |  |  | 285 |
$250 advance facility(4) |  | LIBOR+1.5% to 2.6% |  | December 2020 |  | Servicing advance receivables |  | 250 |  |  | — |  |  | — |  |  | 98 |  |  | 167 |
$100 advance facility |  | LIBOR+2.5% |  | January 2021 |  | Servicing advance receivables |  | 100 |  |  | 75 |  |  | 102 |  |  | 63 |  |  | 125 |
Advance facilities principal amount |  |  |  |  |  | 569 |  |  | 728 |  |  | 422 |  |  | 665 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,500 warehouse facility |  | LIBOR+1.7% |  | June 2021 |  | Mortgage loans or MBS |  | 1,500 |  |  | 666 |  |  | 634 |  |  | 759 |  |  | 733 |
$1,200 warehouse facility |  | LIBOR+1.5% to 3.0% |  | November 2020 |  | Mortgage loans or MBS |  | 1,200 |  |  | 564 |  |  | 610 |  |  | 683 |  |  | 724 |
$1,050 warehouse facility(5) |  | LIBOR+1.8% to 3.9% |  | September 2022 |  | Mortgage loans or MBS |  | 1,050 |  |  | 627 |  |  | 679 |  |  | 589 |  |  | 656 |
|  |  |  |  |  |  |  |  |  | September 30, 2020 |  | December 31, 2019
|  | Interest Rate |  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral Pledged
$750 warehouse facility |  | LIBOR+1.8% |  | August 2021 |  | Mortgage loans or MBS |  | 750 |  |  | 574 |  |  | 591 |  |  | — |  |  | — |
$750 warehouse facility |  | LIBOR+1.7% to 2.8% |  | October 2021 |  | Mortgage loans or MBS |  | 750 |  |  | 472 |  |  | 481 |  |  | 411 |  |  | 425 |
$750 warehouse facility(6) |  | LIBOR+2.3% |  | September 2022 |  | Mortgage loans or MBS |  | 750 |  |  | 105 |  |  | 135 |  |  | 54 |  |  | 78 |
$700 warehouse facility(7) |  | LIBOR+1.3% to 2.2% |  | November 2020 |  | Mortgage loans or MBS |  | 700 |  |  | 488 |  |  | 505 |  |  | 469 |  |  | 488 |
$600 warehouse facility |  | LIBOR+2.2% |  | February 2021 |  | Mortgage loans or MBS |  | 600 |  |  | 156 |  |  | 185 |  |  | 174 |  |  | 202 |
$500 warehouse facility |  | LIBOR+2.5% to 4.0% |  | May 2021 |  | Mortgage loans or MBS |  | 500 |  |  | — |  |  | — |  |  | 336 |  |  | 349 |
$300 warehouse facility |  | LIBOR+1.4% |  | January 2021 |  | Mortgage loans or MBS |  | 300 |  |  | 258 |  |  | 258 |  |  | 136 |  |  | 136 |
$250 warehouse facility(8) |  | LIBOR+1.4% to 2.3% |  | December 2020 |  | Mortgage loans or MBS |  | 250 |  |  | — |  |  | — |  |  | 762 |  |  | 783 |
$200 warehouse facility |  | LIBOR+1.8% |  | April 2021 |  | Mortgage loans or MBS |  | 200 |  |  | 72 |  |  | 74 |  |  | 27 |  |  | 27 |
$200 warehouse facility |  | LIBOR+1.3% |  | November 2020 |  | Mortgage loans or MBS |  | 200 |  |  | — |  |  | — |  |  | — |  |  | — |
$50 warehouse facility |  | LIBOR+1.8% to 4.8% |  | April 2021 |  | Mortgage loans or MBS |  | 50 |  |  | 43 |  |  | 45 |  |  | 11 |  |  | 15 |
$40 warehouse facility |  | LIBOR+3.3% |  | January 2021 |  | Mortgage loans or MBS |  | 40 |  |  | 3 |  |  | 4 |  |  | 5 |  |  | 6 |
Warehouse facilities principal amount |  | 4,028 |  |  | 4,201 |  |  | 4,416 |  |  | 4,622 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$450 warehouse facility(9) |  | LIBOR+5.1% |  | May 2021 |  | MSR |  | 450 |  | — |  | — |  | 150 |  | 945
$260 warehouse facility(2) |  | LIBOR+3.9% |  | August 2022 |  | MSR |  | 260 |  | 256 |  | 659 |  | — |  | —
$200 warehouse facility(10) |  | LIBOR+3.5% |  | August 2021 |  | MSR |  | 200 |  | — |  | 187 |  | — |  | 200
$150 warehouse facility(5) |  | LIBOR+3.8% |  | September 2022 |  | MSR |  | 150 |  | — |  | 149 |  | — |  | 130
$50 warehouse facility |  | LIBOR+2.8% |  | November 2020 |  | MSR |  | 50 |  | 10 |  | 80 |  | 10 |  | 84
MSR facilities principal amount |  | 266 |  | 1,075 |  | 160 |  | 1,359
Advance, warehouse and MSR facilities principal amount |  | 4,863 |  |  | $ | 6,004 |  | 4,998 |  |  | $ | 6,646 |
Unamortized debt issuance costs |  |  |  |  |  |  |  | (12) |  |  |  | (1) |  |  |
Advance and warehouse facilities, net |  | $ | 4,851 |  |  |  | $ | 4,997 |  |
Pledged Collateral for warehouse and MSR facilities: |  |  |  |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |  | $ | 3,560 |  |  | $ | 3,637 |  |  | $ | 3,826 |  |  | $ | 3,931 |
Reverse mortgage interests |  |  |  |  |  |  |  | 468 |  |  | 564 |  |  | 590 |  |  | 691 |
MSR |  |  |  |  |  |  |  | 266 |  |  | 1,075 |  |  | 160 |  |  | 1,359 |
(1)The capacity amount for this advance facility increased from $125 to $875 in April 2020. (2)Total capacity for this facility is $900, of which $640 is internally allocated for Advance financing and $260 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations. (3)The capacity amount for this advance facility increased from $325 to $425 in April 2020. (4)This advance facility was terminated and transferred to another advance facility in April 2020. (5)Total capacity amount for this facility is $1,200, of which $150 is a sublimit for MSR financing. The capacity amount increased from $800 to $1,200 in September 2020. (6)The capacity amount for this warehouse facility increased from $200 to $750 in September 2020. (7)The capacity amount for this warehouse facility was subsequently increased to $1,500 in October 2020 with a maturity date of October 2021. (8)The capacity amount for this warehouse facility decreased from $1,000 to $250 in May 2020. (9)This MSR facility was terminated in August 2020. (10)The capacity amount for this MSR facility decreased from $400 to $200 in August 2020. Unsecured Senior Notes Unsecured senior notes consist of the following:
Unsecured senior notes | September 30, 2020 |  | December 31, 2019
$850 face value, 5.500% interest rate payable semi-annually, due August 2028(1) | $ | 850 |  |  | $ | — |
$750 face value, 9.125% interest rate payable semi-annually, due July 2026 | 750 |  |  | 750 |
$600 face value, 6.000% interest rate payable semi-annually, due January 2027(2) | 600 |  |  | — |
$600 face value, 6.500% interest rate payable semi-annually, due July 2021(3) | — |  |  | 492 |
$300 face value, 6.500% interest rate payable semi-annually, due June 2022(3) | — |  |  | 206 |
$950 face value, 8.125% interest rate payable semi-annually, due July 2023(4) | — |  |  | 950 |
Unsecured senior notes principal amount | 2,200 |  |  | 2,398 |
Unamortized debt issuance costs, premium and discount | (33) |  |  | (32) |
Unsecured senior notes, net | $ | 2,167 |  |  | $ | 2,366 |
(1)On August 6, 2020, the Company completed an offering of $850 aggregate principal amount of 5.500% Senior Notes due 2028 (the “2028 Notes”) (2)On January 16, 2020, the Company completed an offering of $600 aggregate principal amount of 6.000% Senior Notes due 2027 (the “2027 Notes”). (3)This note was redeemed in full on February 15, 2020 using the net proceeds of the 2027 Notes offering, together with cash on hand. (4)This note was redeemed in full on August 13, 2020 using the net proceeds of the 2028 Notes offering, together with cash on hand. The indentures provide that on or before certain fixed dates, the Company may redeem up to 40% of the aggregate principal amount of the unsecured senior notes with the net proceeds of certain equity offerings at fixed redemption prices, plus accrued and unpaid interest, to the redemption dates, subject to compliance with certain conditions. In addition, the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. During the nine months ended September 30, 2020, the Company repaid $100 in principal of outstanding notes. Additionally, the Company redeemed $950 and $1,548 in principal of outstanding notes during the three and nine months ended September 30, 2020, resulting in a net loss of $53 and $52, respectively. N o notes were repurchased or redeemed during the three and nine months ended September 30, 2019. As of September 30, 2020, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2020 through 2024 |  | $ | — |
Thereafter |  | 2,200 |
Total unsecured senior notes principal amount |  | $ | 2,200 |
Other Nonrecourse Debt Other nonrecourse debt consists of the following:
|  |  |  |  |  |  |  |  |  |  | September 30, 2020 |  | December 31, 2019
Other nonrecourse debt | Issue Date |  | Maturity Date |  | Interest Rate |  | Class of Note |  | Collateral Amount |  | Outstanding |  | Outstanding
Participating interest financing(1) | — |  | — |  | 0.3%-5.6% |  | — |  | $ | — |  |  | $ | 3,664 |  |  | $ | 4,284 |
Securitization of nonperforming HECM loans |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2020-1 | September 2020 |  | September 2030 |  | 1.3%-7.5% |  | A, M1, M2, M3, M4, M5 |  | 519 |  |  | 516 |  |  | — |
Trust 2019-2 | November 2019 |  | November 2029 |  | 2.3%-6.0% |  | A, M1, M2, M3, M4, M5 |  | 275 |  |  | 259 |  |  | 333 |
Trust 2019-1 | June 2019 |  | June 2029 |  | 2.7%-6.0% |  | A, M1, M2, M3, M4, M5 |  | 248 |  |  | 226 |  |  | 302 |
Trust 2018-3(2) | November 2018 |  | November 2028 |  | 3.6%-6.0% |  | A, M1, M2, M3, M4, M5 |  | — |  |  | — |  |  | 209 |
Trust 2018-2(2) | July 2018 |  | July 2028 |  | 3.2%-6.0% |  | A, M1, M2, M3, M4, M5 |  | — |  |  | — |  |  | 148 |
Other nonrecourse debt principal amount |  |  |  |  |  |  |  |  |  |  | 4,665 |  |  | 5,276 |
Unamortized debt issuance costs, premium and discount |  |  |  |  |  |  |  |  |  |  | 6 |  |  | 10 |
Other nonrecourse debt, net |  |  |  |  |  |  |  |  |  |  | $ | 4,671 |  |  | $ | 5,286 |
(1)Amounts represent the Company’s participating interest in GNMA HMBS securitized portfolios. (2)As discussed in Note 4, Reverse Mortgage Interests, Net, Trust 2018-3 and Trust 2018-2 were collapsed and the related debt was extinguished during the nine months ended September 30, 2020. Financial Covenants The Company’s credit facilities contain various financial covenants which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements, which are measured at the Company’s operating subsidiary, Nationstar Mortgage LLC. The Company was in compliance with its required financial covenants as of September 30, 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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