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v3.20.4

Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments |
|  |  |  |  |  |  |  |  |  | Successor
|  |  |  |  |  |  |  |  |  | December 31, 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% |  | January 2022 |  | Servicing advance receivables |  | $ | 875 |  |  | $ | 168 |  |  | $ | 195 |  |  | $ | 37 |  |  | $ | 88 |
$640 advance facility(2) |  | LIBOR+3.9% |  | August 2022 |  | Servicing advance receivables |  | 640 |  |  | 235 |  |  | 305 |  |  | — |  |  | — |
$425 advance facility(3) |  | LIBOR+1.6% |  | October 2021 |  | Servicing advance receivables |  | 425 |  |  | 192 |  |  | 246 |  |  | 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 2022 |  | Servicing advance receivables |  | 100 |  |  | 74 |  |  | 98 |  |  | 63 |  |  | 125 |
Advance facilities principal amount |  |  |  |  |  | 669 |  |  | 844 |  |  | 422 |  |  | 665 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$2,000 warehouse facility(5) |  | LIBOR+2.3% |  | September 2022 |  | Mortgage loans or MBS |  | 2,000 |  |  | 339 |  |  | 392 |  |  | 54 |  |  | 78 |
$1,500 warehouse facility |  | LIBOR+1.7% |  | June 2021 |  | Mortgage loans or MBS |  | 1,500 |  |  | 1,081 |  |  | 1,028 |  |  | 759 |  |  | 733 |
$1,500 warehouse facility(6) |  | LIBOR+1.6% to 1.9% |  | October 2021 |  | Mortgage loans or MBS |  | 1,500 |  |  | 1,003 |  |  | 1,037 |  |  | 469 |  |  | 488 |
$1,350 warehouse facility(7) |  | LIBOR+1.8% to 3.9% |  | September 2022 |  | Mortgage loans or MBS |  | 1,350 |  |  | 1,067 |  |  | 1,128 |  |  | 589 |  |  | 656 |
$1,200 warehouse facility |  | LIBOR+1.8% to 3.0% |  | November 2021 |  | Mortgage loans or MBS |  | 1,200 |  |  | 787 |  |  | 839 |  |  | 683 |  |  | 724 |
$750 warehouse facility |  | LIBOR+1.7% to 2.8% |  | October 2021 |  | Mortgage loans or MBS |  | 750 |  |  | 562 |  |  | 574 |  |  | 411 |  |  | 425 |
$750 warehouse facility |  | LIBOR+1.8% |  | August 2021 |  | Mortgage loans or MBS |  | 750 |  |  | 477 |  |  | 492 |  |  | — |  |  | — |
$600 warehouse facility |  | LIBOR+2.2% |  | February 2022 |  | Mortgage loans or MBS |  | 600 |  |  | 187 |  |  | 222 |  |  | 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 2022 |  | Mortgage loans or MBS |  | 300 |  |  | 163 |  |  | 164 |  |  | 136 |  |  | 136 |
$250 warehouse facility(8) |  | LIBOR+1.4% to 2.3% |  | March 2021 |  | Mortgage loans or MBS |  | 250 |  |  | — |  |  | — |  |  | 762 |  |  | 783 |
$200 warehouse facility |  | LIBOR+1.8% |  | April 2021 |  | Mortgage loans or MBS |  | 200 |  |  | 131 |  |  | 134 |  |  | 27 |  |  | 27 |
$200 warehouse facility(9) |  | 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 |  |  | 37 |  |  | 42 |  |  | 11 |  |  | 15 |
$40 warehouse facility |  | LIBOR+3.3% |  | January 2022 |  | Mortgage loans or MBS |  | 40 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | 6 |
Warehouse facilities principal amount |  | 5,835 |  |  | 6,053 |  |  | 4,416 |  |  | 4,622 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$450 warehouse facility(10) |  | LIBOR+5.1% |  | May 2021 |  | MSR |  | 450 |  |  | — |  |  | — |  |  | 150 |  |  | 945 |
$260 warehouse facility(2) |  | LIBOR+3.9% |  | August 2022 |  | MSR |  | 260 |  |  | 260 |  |  | 668 |  |  | — |  |  | — |
$200 warehouse facility(11) |  | LIBOR+3.5% |  | August 2021 |  | MSR |  | 200 |  |  | — |  |  | 247 |  |  | — |  |  | 200 |
$150 warehouse facility(7) |  | LIBOR+3.8% |  | September 2022 |  | MSR |  | 150 |  |  | — |  |  | 228 |  |  | — |  |  | 130 |
|  |  |  |  |  |  |  |  |  | Successor
|  |  |  |  |  |  |  |  |  | December 31, 2020 |  | December 31, 2019
|  | Interest Rate |  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral pledged
$50 warehouse facility |  | LIBOR+3.3% |  | November 2022 |  | MSR |  | 50 |  |  | 10 |  |  | 74 |  |  | 10 |  |  | 84 |
MSR facilities principal amount |  | 270 |  |  | 1,217 |  |  | 160 |  |  | 1,359 |
Advance, warehouse and MSR facilities principal amount |  | 6,774 |  |  | $ | 8,114 |  |  | 4,998 |  |  | $ | 6,646 |
Unamortized debt issuance costs |  | (11) |  |  |  |  | (1) |  |  |
Advance and warehouse facilities, net |  | $ | 6,763 |  |  |  |  | $ | 4,997 |  |  |
Pledged Collateral for warehouse and MSR facilities: |  |  |  |  |  |  |  |  |  |
Mortgage loans held for sale |  |  |  |  |  |  |  | $ | 5,330 |  |  | $ | 5,447 |  |  | $ | 3,826 |  |  | $ | 3,931 |
Reverse mortgage interests |  |  |  |  |  |  |  | 505 |  |  | 606 |  |  | 590 |  |  | 691 |
MSR |  |  |  |  |  |  |  | 270 |  |  | 1,217 |  |  | 160 |  |  | 1,359 |
(1)The capacity amount for this advance facility increased from $125 to $875 in 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 2020. (4)T his advance facility was terminated and transferred to another advance facility in 2020. (5)The capacity amount for this warehouse facility increased from $200 to $2,000 in 2020. (6)The capacity amount for this warehouse facility was increased from $700 to $1,500 in 2020. (7)Total capacity amount for this facility is $1,500, of which $150 is a sublimit for MSR financing. The capacity amount increased from $800 to $1,500 in 2020. (8)The capacity amount for this warehouse facility dec reased from $1,000 to $250 in 2020. (9)This warehouse facility was terminated in 2020. (10)This MSR facility was terminated in 2020. (11)The capacity amount for this MSR facility decreased from $400 to $200 in 2020.
Schedule of Unsecured Senior Notes | Unsecured senior notes consist of the following:
| Successor
Unsecured Senior Notes | December 31, 2020 |  | December 31, 2019
$850 face value, 5.500% interest rate payable semi-annually, due August 2028(1) | $ | 850 |  |  | $ | — |
$650 face value, 5.125% interest rate payable semi-annually, due December 203 0(2) | 650 |  |  | — |
$600 face value, 6.000% interest rate payable semi-annually, due January 2027(3) | 600 |  |  | — |
$950 face value, 8.125% interest rate payable semi-annually, due July 2023(1) | — |  |  | 950 |
$750 face value, 9.125% interest rate payable semi-annually, due July 2026(2) | — |  |  | 750 |
$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 |
Unsecured senior notes principal amount | 2,100 |  |  | 2,398 |
Unamortized debt issuance costs and discount, net of premium | (26) |  |  | (32) |
Unsecured senior notes, net | $ | 2,074 |  |  | $ | 2,366 |
(1)In August 2020, the Company completed the offering of the unsecured senior notes due 2028 and used the net proceeds from the offering, together with cash on hand, to redeem the unsecured senior notes due 2023. (2)In December 2020, the Company completed the offering of the unsecured senior notes due 2030 and used the net proceeds from the offering, together with cash on hand, to redeem the unsecured senior notes due 2026. (3)In January 2020, the Company completed the offering of the unsecured senior notes due 2027 and, in February 2020, used the net proceeds from the offering, together with cash on hand, to redeem the unsecured senior notes due 2021 and 2022.
Schedule of Maturities of Long-term Debt | As of December 31, 2020, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2021 through 2025 |  | $ | — |
Thereafter |  | 2,100 |
Total unsecured senior notes principal amount |  | $ | 2,100 |
Schedule of Other Nonrecourse Debt | Other nonrecourse debt consists of the following:
|  |  |  |  |  |  |  |  |  |  |  | Successor
|  |  |  |  |  |  |  |  |  |  |  | December 31, 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% |  | — |  | $ | — |  |  | $ | 3,473 |  |  | $ | 4,284 |
Securitization of nonperforming HECM loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2020-1 |  | September 2020 |  | September 2030 |  | 1.3%-7.5% |  | A, M1, M2, M3, M4, M5 |  | 501 |  |  | 490 |  |  | — |
Trust 2019-2 |  | November 2019 |  | November 2029 |  | 2.3%-6.0% |  | A, M1, M2, M3, M4, M5 |  | 260 |  |  | 241 |  |  | 333 |
Trust 2019-1 |  | June 2019 |  | June 2029 |  | 2.7%-6.0% |  | A, M1, M2, M3, M4, M5 |  | 236 |  |  | 212 |  |  | 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 |  |  |  |  |  |  |  |  |  |  |  | 4,416 |  |  | 5,276 |
Unamortized premium, net of debt issuance costs and discount |  |  |  |  |  |  |  |  |  |  |  | 8 |  |  | 10 |
Other nonrecourse debt, net |  |  |  |  |  |  |  |  |  |  |  | $ | 4,424 |  |  | $ | 5,286 |
(1)Amounts represent the Company’s participating interest in GNMA HMBS securitized portfolios. (2)As discussed in Note 5, Reverse Mortgage Interests, Trust 2018-3 and Trust 2018-2 were collapsed and the related debt extinguished during the year ended December 31, 2020.

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