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Discontinued Operations and Disposal Groups | 9 Months Ended
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Sep. 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. Pursuant to the agreement, total consideration for the sale is dependent on the value of the respective assets and liabilities sold on the closing date. 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 in the fourth quarter of 2021. The Company recorded total transaction costs of $5 for the nine months ended September 30, 2021. There were no transaction costs for the three months ended September 30, 2021. The carrying amounts of assets and liabilities associated with the reverse servicing operation are reported under the Servicing segment. The Company determined the reverse servicing operations met the criteria for classification as held for sale as of June 30, 2021, and for the unsold portion, the operations continue to meet the criteria. The sale of business 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. In August 2021, net assets of $1,039 were transferred to MAM. The balances as of September 30, 2021 represent the remaining balances to be transferred. 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 transfer. In addition, the Company will retain certain loans related to the reverse servicing portfolio, primarily related to previously liquidated loans, with total assets of $95 and total liabilities of $91 as of September 30, 2021. The following table sets forth the assets and liabilities included in discontinued operations:
| September 30, 2021 |  | December 31, 2020
Carrying amounts of assets of discontinued operations |  |  |
Restricted cash | $ | 65 |  |  | $ | 83 |
Reverse mortgage interests, net | 3,705 |  |  | 5,253 |
Other | 5 |  |  | 11 |
Loss recognized on classification as discontinued operations | (53) |  |  | — |
Total assets of discontinued operations | $ | 3,722 |  |  | $ | 5,347 |
Carrying amounts of liabilities of discontinued operations |  |  |
Advances and warehouse facilities, net | $ | 98 |  |  | $ | 505 |
Payables and other liabilities | 208 |  |  | 233 |
Mortgage servicing liabilities | 41 |  |  | 41 |
Other nonrecourse debt, net | 3,393 |  |  | 4,424 |
Total liabilities of discontinued operations | $ | 3,740 |  |  | $ | 5,203 |
The following table sets forth the condensed consolidated statements of operations data for discontinued operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Revenue - service related, net | $ | 4 |  |  | $ | 9 |  |  | $ | 13 |  |  | $ | 35 |
Salaries, wages and benefits expense | (7) |  |  | (10) |  |  | (23) |  |  | (32) |
General and administrative expense | (14) |  |  | 33 |  |  | 50 |  |  | 15 |
Interest income | 31 |  |  | 40 |  |  | 118 |  |  | 136 |
Interest expense | (26) |  |  | (37) |  |  | (90) |  |  | (140) |
Loss on classification as discontinued operations | (3) |  |  | — |  |  | (64) |  |  | — |
(Loss) income from discontinued operations before income tax (benefit) expense | (15) |  |  | 35 |  |  | 4 |  |  | 14 |
Less: Income tax (benefit) expense | (4) |  |  | 8 |  |  | 1 |  |  | 3 |
Net (loss) income from discontinued operations | $ | (11) |  |  | $ | 27 |  |  | $ | 3 |  |  | $ | 11 |

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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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