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Discontinued Operations and Disposal Groups | 6 Months Ended
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Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Disposal Groups, Including Discontinued Operations, Disclosure | 2. Discontinued Operations On July 1, 2021, the Company entered into a definitive agreement for the sale of its reverse servicing portfolio, operating under Champion, to MAM. Upon close of the transaction, which is subject to regulatory approvals and other closing conditions, MAM will assume Champion’s reverse portfolio and related operations. The sale is expected to close prior to the end of 2021. The carrying amounts of assets and liabilities associated with the reverse servicing operation are reported under the Servicing segment. The Company determined reverse servicing operations met the criteria for classification as held for sale as of June 30, 2021 and represents a strategic shift in the Company’s operations. Therefore, the sale of the reverse servicing portfolio qualifies for reporting as discontinued operations, and the assets and liabilities of the reverse servicing portfolio are reported as discontinued operations in the condensed consolidated balance sheets and related results of operations are reported as discontinued operations in the condensed consolidated statements of operations for all periods presented. As part of the transaction, the Company entered into a servicing agreement with MAM, under which the Company will be compensated for continuing to service these reverse loans through the date that the loans are transferred out of Company’s servicing system, which will be the date of close. In addition, the Company will retain certain loans related to the reverse servicing portfolio, primarily related to previously liquidated loans, with total assets of $112 and total liabilities of $88 as of June 30, 2021. The following table sets forth the assets and liabilities included in discontinued operations:
| June 30, 2021 |  | December 31, 2020
Carrying amounts of assets of discontinued operations |  |  |
Restricted cash | $ | 77 |  |  | $ | 83 |
Reverse mortgage interests, net | 4,910 |  |  | 5,253 |
Other | 9 |  |  | 11 |
Loss recognized on classification as discontinued operations | (61) |  |  | — |
Total assets of discontinues operations | $ | 4,935 |  |  | $ | 5,347 |
Carrying amounts of liabilities of discontinued operations |  |  |
Advances and warehouse facilities, net | $ | 525 |  |  | $ | 505 |
Payables and other liabilities | 224 |  |  | 233 |
Mortgage servicing liabilities | 42 |  |  | 41 |
Other nonrecourse debt, net | 3,999 |  |  | 4,424 |
Total liabilities of discontinued operations | $ | 4,790 |  |  | $ | 5,203 |
The following table sets forth the condensed consolidated statements of operations data for discontinued operations:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenue - service related, net | $ | 1 |  |  | $ | 12 |  |  | $ | 9 |  |  | $ | 26 |
Salaries, wages and benefits expense | (8) |  |  | (10) |  |  | (16) |  |  | (22) |
General and administrative expense | 71 |  |  | (10) |  |  | 64 |  |  | (18) |
Interest income | 43 |  |  | 53 |  |  | 87 |  |  | 96 |
Interest expense | (30) |  |  | (50) |  |  | (64) |  |  | (103) |
Loss on classification as discontinued operations | (61) |  |  | — |  |  | (61) |  |  | — |
Income (loss) from discontinued operations before income tax expense (benefit) | 16 |  |  | (5) |  |  | 19 |  |  | (21) |
Less: Income tax expense (benefit) | 4 |  |  | (1) |  |  | 5 |  |  | (5) |
Net income (loss) from discontinued operations | $ | 12 |  |  | $ | (4) |  |  | $ | 14 |  |  | $ | (16) |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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