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v3.23.1

Indebtedness | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Indebtedness | 9. Indebtedness Advance and Warehouse Facilities
|  |  |  |  |  |  |  | March 31, 2023 |  | December 31, 2022
|  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral Pledged
Advance Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$350 advance facility |  | October 2024 |  | Servicing advance receivables |  | $ | 350 |  |  | $ | 140 |  |  | $ | 179 |  |  | $ | 150 |  |  | $ | 189 |
$300 advance facility(1) |  | November 2024 |  | Servicing advance receivables |  | 300 |  |  | 298 |  |  | 406 |  |  | 308 |  |  | 410 |
$250 advance facility |  | January 2024 |  | Servicing advance receivables |  | 250 |  |  | 161 |  |  | 192 |  |  | 171 |  |  | 209 |
$75 advance facility |  | December 2023 |  | Servicing advance receivables |  | 75 |  |  | 43 |  |  | 65 |  |  | 40 |  |  | 45 |
Advance facilities principal amount |  |  |  |  |  | 642 |  |  | 842 |  |  | 669 |  |  | 853 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,500 Warehouse Facility |  | June 2023 |  | Mortgage loans or MBS |  | 1,500 |  |  | 189 |  |  | 247 |  |  | 206 |  |  | 272 |
$1,500 Warehouse Facility |  | June 2023 |  | Mortgage loans or MBS |  | 1,500 |  |  | 145 |  |  | 144 |  |  | 135 |  |  | 133 |
$750 Warehouse Facility |  | October 2023 |  | Mortgage loans or MBS |  | 750 |  |  | 135 |  |  | 140 |  |  | 202 |  |  | 209 |
$500 Warehouse Facility(2) |  | September 2024 |  | Mortgage loans or MBS |  | 500 |  |  | 9 |  |  | 11 |  |  | 14 |  |  | 17 |
$500 Warehouse Facility |  | June 2023 |  | Mortgage loans or MBS |  | 500 |  |  | 64 |  |  | 67 |  |  | 76 |  |  | 80 |
$500 Warehouse Facility |  | August 2023 |  | Mortgage loans or MBS |  | 500 |  |  | 76 |  |  | 78 |  |  | 31 |  |  | 32 |
$450 Warehouse Facility(3) |  | April 2024 |  | Mortgage loans or MBS |  | 450 |  |  | — |  |  | — |  |  | — |  |  | — |
$300 Warehouse Facility |  | August 2023 |  | Mortgage loans or MBS |  | 300 |  |  | 161 |  |  | 165 |  |  | 115 |  |  | 117 |
$250 Warehouse Facility(4) |  | April 2023 |  | Mortgage loans or MBS |  | 250 |  |  | — |  |  | — |  |  | — |  |  | — |
$200 Warehouse Facility |  | May 2023 |  | Mortgage loans or MBS |  | 200 |  |  | 18 |  |  | 27 |  |  | 19 |  |  | 28 |
$200 Warehouse Facility |  | June 2023 |  | Mortgage loans or MBS |  | 200 |  |  | 50 |  |  | 51 |  |  | 18 |  |  | 21 |
$75 Warehouse Facility |  | December 2023 |  | Mortgage loans or MBS |  | 75 |  |  | 18 |  |  | 18 |  |  | 1 |  |  | 1 |
Warehouse facilities principal amount |  | 865 |  |  | 948 |  |  | 817 |  |  | 910 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,450 warehouse facility(1) |  | November 2024 |  | MSR |  | 1,450 |  |  | 300 |  |  | 2,162 |  |  | 260 |  |  | 2,284 |
$600 warehouse facility |  | April 2025 |  | MSR |  | 600 |  |  | 400 |  |  | 977 |  |  | 380 |  |  | 927 |
$500 warehouse facility(2) |  | September 2024 |  | MSR |  | 500 |  |  | 390 |  | 1,153 |  | 380 |  | 1,482
$500 warehouse facility |  | June 2024 |  | MSR |  | 500 |  |  | 325 |  | 774 |  | 365 |  | 732
$50 warehouse facility |  | November 2023 |  | MSR |  | 50 |  |  | 25 |  | 71 |  | 25 |  | 74
MSR facilities principal amount |  | 1,440 |  | 5,137 |  | 1,410 |  | 5,499
Advance, warehouse and MSR facilities principal amount |  | 2,947 |  |  | $ | 6,927 |  | 2,896 |  |  | $ | 7,262 |
Unamortized debt issuance costs |  | (13) |  |  |  | (11) |  |  |
Advance and warehouse facilities, net |  | $ | 2,934 |  |  |  | $ | 2,885 |  |
(1)Total capacity for this facility is $1,750, of which $300 is internally allocated for advance financing and $1,450 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations. (2)The capacity amount for this facility is $1,000, of which $500 is a sublimit for MSR financing. (3)The capacity decreased in April 2023 to $100. (4)The facility was terminated in April 2023. In April 2023, the Company increased capacity on MSR facilities by $1,150. See further discussion in Liquidity and Capital Resources section within Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. The weighted average interest rate for advance facilities was 7.2% and 2.4% for the three months ended March 31, 2023 and 2022, respectively. The weighted average interest rate for warehouse and MSR facilities was 7.0% and 2.1% for three months ended March 31, 2023 and 2022, respectively. Unsecured Senior Notes Unsecured senior notes consist of the following:
Unsecured Senior Notes | March 31, 2023 |  | December 31, 2022
$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 |  |  | 600 |
Unsecured senior notes principal amount | 2,700 |  |  | 2,700 |
Unamortized debt issuance costs | (25) |  |  | (27) |
Unsecured senior notes, net | $ | 2,675 |  |  | $ | 2,673 |
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 n otes were repurchased or redeemed during th e three months ended March 31, 2023 and 2022. As of March 31, 2023, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2023 through 2026 |  | $ | — |
2027 |  | 600 |
Thereafter |  | 2,100 |
Total unsecured senior notes principal amount |  | $ | 2,700 |
Interest Expense Interest expense primarily includes interest incurred on advance and warehouse facilities, unsecured senior notes, excess spread financing and compensating bank balances, as well as bank fees. The Company incurred interest expense related to advance and warehouse facilities, unsecured senior notes and excess spread financing of $99 and $86 for the three months ended March 31, 2023 and 2022, respectively. 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 March 31, 2023.

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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