XML 35 R20.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Indebtedness | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Disclosure [Abstract] |
Indebtedness | 12. Indebtedness Advance and Warehouse Facilities
|  |  |  |  |  |  |  |  |  | December 31, 2021 |  | December 31, 2020
|  | Interest Rate |  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral pledged
Advance Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$940 advance facility(1) |  | LIBOR+3.5% |  | August 2023 |  | Servicing advance receivables |  | $ | 940 |  |  | $ | 234 |  |  | $ | 318 |  |  | $ | 235 |  |  | $ | 305 |
$350 advance facility(2) |  | LIBOR+1.1% to 6.5% |  | October 2022 |  | Servicing advance receivables |  | 350 |  |  | 160 |  |  | 197 |  |  | 192 |  |  | 246 |
$350 advance facility(3) |  | CP+1.5% to 6.5% |  | January 2023 |  | Servicing advance receivables |  | 350 |  |  | 162 |  |  | 190 |  |  | 168 |  |  | 195 |
$75 advance facility(4) |  | LIBOR+2.0% |  | December 2022 |  | Servicing advance receivables |  | 75 |  |  | 58 |  |  | 89 |  |  | 74 |  |  | 98 |
Advance facilities principal amount |  |  |  |  |  | 614 |  |  | 794 |  |  | 669 |  |  | 844 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$4,000 warehouse facility(5) |  | LIBOR+1.6% to 2.2% |  | February 2023 |  | Mortgage loans or MBS |  | 4,000 |  |  | 1,224 |  |  | 1,341 |  |  | 339 |  |  | 392 |
$2,500 warehouse facility(6) |  | LIBOR+1.5% to 1.9% |  | October 2022 |  | Mortgage loans or MBS |  | 2,500 |  |  | 991 |  |  | 1,024 |  |  | 1,003 |  |  | 1,037 |
$1,600 warehouse facility(7) |  | LIBOR+1.5% to 3.0% |  | September 2023 |  | Mortgage loans or MBS |  | 1,600 |  |  | 409 |  |  | 425 |  |  | 1,067 |  |  | 1,128 |
$1,500 warehouse facility |  | LIBOR+1.5% |  | June 2022 |  | Mortgage loans or MBS |  | 1,500 |  |  | 356 |  |  | 345 |  |  | 1,081 |  |  | 1,028 |
$750 warehouse facility(8) |  | LIBOR+1.5% to 3.0% |  | October 2022 |  | Mortgage loans or MBS |  | 750 |  |  | 256 |  |  | 270 |  |  | 787 |  |  | 839 |
$600 warehouse facility |  | LIBOR+2.5% |  | March 2022 |  | Mortgage loans or MBS |  | 600 |  |  | 5 |  |  | 6 |  |  | 187 |  |  | 222 |
$550 warehouse facility(9) |  | LIBOR+1.5% |  | August 2022 |  | Mortgage loans or MBS |  | 550 |  |  | 87 |  |  | 89 |  |  | 477 |  |  | 492 |
$500 warehouse facility |  | LIBOR+1.6% to 3.0% |  | June 2023 |  | Mortgage loans or MBS |  | 500 |  |  | 188 |  |  | 194 |  |  | — |  |  | — |
$500 warehouse facility(10) |  | LIBOR+1.5% to 1.8% |  | September 2022 |  | Mortgage loans or MBS |  | 500 |  |  | 419 |  |  | 430 |  |  | 562 |  |  | 574 |
$500 warehouse facility |  | LIBOR+1.5% to 4.0% |  | June 2022 |  | Mortgage loans or MBS |  | 500 |  |  | 39 |  |  | 39 |  |  | — |  |  | — |
$500 warehouse facility |  | LIBOR+1.7% |  | August 2023 |  | Mortgage loans or MBS |  | 500 |  |  | 38 |  |  | 39 |  |  | — |  |  | — |
$325 warehouse facility |  | LIBOR+1.5% |  | December 2022 |  | Mortgage loans or MBS |  | 325 |  |  | 67 |  |  | 67 |  |  | 163 |  |  | 164 |
$200 warehouse facility(11) |  | LIBOR+1.8% |  | October 2021 |  | Mortgage loans or MBS |  | 200 |  |  | — |  |  | — |  |  | 131 |  |  | 134 |
$200 warehouse facility(12) |  | LIBOR+1.6% to 4.9% |  | April 2022 |  | Mortgage loans or MBS |  | 200 |  |  | 46 |  |  | 58 |  |  | 37 |  |  | 42 |
$30 warehouse facility(13) |  | LIBOR+3.3% |  | January 2022 |  | Mortgage loans or MBS |  | 30 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
Warehouse facilities principal amount |  | 4,125 |  |  | 4,327 |  |  | 5,835 |  |  | 6,053 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
$400 warehouse facility(14) |  | LIBOR+3.0% |  | August 2022 |  | MSR |  | 400 |  |  | — |  |  | 838 |  |  | — |  |  | 247 |
$400 warehouse facility(7) |  | LIBOR+3.0% |  | September 2023 |  | MSR |  | 400 |  |  | — |  |  | 745 |  |  | — |  |  | 228 |
$260 warehouse facility(1) |  | LIBOR+3.5% |  | August 2023 |  | MSR |  | 260 |  |  | 260 |  |  | 1,107 |  |  | 260 |  |  | 668 |
$50 warehouse facility |  | LIBOR+2.8% |  | November 2023 |  | MSR |  | 50 |  |  | 10 |  |  | 124 |  |  | 10 |  |  | 74 |
MSR facilities principal amount |  | 270 |  |  | 2,814 |  |  | 270 |  |  | 1,217 |
Advance, warehouse and MSR facilities principal amount |  | 5,009 |  |  | $ | 7,935 |  |  | 6,774 |  |  | $ | 8,114 |
Unamortized debt issuance costs |  | (12) |  |  |  |  | (11) |  |  |
Total advance and warehouse facilities, net(15) |  | $ | 4,997 |  |  |  |  | $ | 6,763 |  |  |
(1)Total capacity for this facility is $1,200, of which $940 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, in comparison to $900, $640, and $260 respectively in 2020. (2)The capacity amount for this advance facility decreased from $425 to $350 in 2021. (3)The capacity amount for this advance facility decreased from $875 to $350 in 2021. (4)The capacity amount for this advance facility decreased from $100 to $75 in 2021. (5)The capacity amount for this warehouse facility increased from $2,000 to $4,000 in 2021. (6)The capacity amount for this warehouse facility increased from $1,500 to $2,500 in 2021. (7)Total capacity amount for this facility increased from $1,500 to $2,000, and its related sublimit for MSR financing has increased from $150 to $400 in 2021. (8)The capacity amount for this warehouse facility decreased from $1,200 to $750 in 2021. (9)The capacity amount for this warehouse facility decreased from $750 to $550 in 2021. (10)The capacity amount for this warehouse facility decreased from $750 to $500 in 2021. (11)This facility was terminated in 2021. (12)The capacity amount for this warehouse facility increased from $50 to $200 in 2021. (13)This facility was subsequently terminated in 2022. (14)The capacity amount for this warehouse facility increased from $200 to $400 in 2021. (15)Total advance and warehouse facilities, net as of December 31, 2020 includes $505 of warehouse facilities related to discontinued operations included in liabilities of discontinued operations within the consolidated balance sheets. Unsecured Senior Notes Unsecured senior notes consist of the following:
Unsecured Senior Notes | December 31, 2021 |  | December 31, 2020
$850 face value, 5.500% interest rate payable semi-annually, due August 2028 | $ | 850 |  |  | $ | 850 |
$650 face value, 5.125% interest rate payable semi-annually, due December 2030 | 650 |  |  | 650 |
$600 face value, 6.000% interest rate payable semi-annually, due January 2027 | 600 |  |  | 600 |
$600 face value, 5.750% interest rate payable semi-annually, due November 2031 | 600 |  |  | — |
Unsecured senior notes principal amount | 2,700 |  |  | 2,100 |
Unamortized debt issuance costs and discount, net of premium | (30) |  |  | (26) |
Unsecured senior notes, net | $ | 2,670 |  |  | $ | 2,074 |
The ratios included in the indentures for the unsecured senior notes are incurrence-based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. The incurrence-based covenants limit the issuer(s) and restricted subsidiaries ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of their assets or enter into certain transactions with affiliates. The indentures contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) defaults based on (i) the failure to make payments under the applicable indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material guarantees. 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. No notes were repurchased or redeemed during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repaid $100 in principal of outstanding notes. Additionally, the Company redeemed $2,298 in principal of outstanding notes during the year ended December 31, 2020, resulting in a net loss of $138. As of December 31, 2021, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2022 through 2026 |  | $ | — |
Thereafter |  | 2,700 |
Total unsecured senior notes principal amount |  | $ | 2,700 |
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 December 31, 2021.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration