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Indebtedness (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments |
|  |  |  |  |  |  |  | December 31, 2024 |  | December 31, 2023
|  | Maturity Date |  | Collateral |  | Capacity Amount |  | Outstanding |  | Collateral Pledged |  | Outstanding |  | Collateral Pledged
Advance Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$500 advance facility(1) |  | Jul 2026 |  | Servicing advance receivables |  | $ | 500 |  |  | $ | 285 |  |  | $ | 394 |  |  | $ | — |  |  | $ | — |
$500 advance facility |  | Aug 2026 |  | Servicing advance receivables |  | 500 |  |  | 423 |  |  | 475 |  |  | 250 |  |  | 326 |
$350 advance facility |  | Oct 2026 |  | Servicing advance receivables |  | 350 |  |  | 119 |  |  | 151 |  |  | 132 |  |  | 169 |
$300 advance facility(2) |  | Nov 2024 |  | Servicing advance receivables |  | 300 |  |  | — |  |  | — |  |  | 273 |  |  | 364 |
$50 advance facility(3) |  | Jul 2025 |  | Servicing advance receivables |  | 50 |  |  | 22 |  |  | 40 |  |  | 27 |  |  | 49 |
Advance facilities principal amount |  |  |  |  |  | 849 |  |  | 1,060 |  |  | 682 |  |  | 908 |
Warehouse Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,500 Warehouse Facility |  | Jun 2025 |  | Mortgage loans or MBS |  | 1,500 |  |  | 68 |  |  | 71 |  |  | 107 |  |  | 104 |
$1,200 Warehouse Facility(4) |  | Sep 2026 |  | Mortgage loans or MBS |  | 1,200 |  |  | 131 |  |  | 148 |  |  | 158 |  |  | 177 |
$750 Warehouse Facility |  | Apr 2025 |  | Mortgage loans or MBS |  | 750 |  |  | 112 |  |  | 140 |  |  | 137 |  |  | 176 |
$750 Warehouse Facility |  | Oct 2025 |  | Mortgage loans or MBS |  | 750 |  |  | 489 |  |  | 530 |  |  | 155 |  |  | 166 |
$600 Warehouse Facility |  | Aug 2025 |  | Mortgage loans or MBS |  | 600 |  |  | 368 |  |  | 381 |  |  | 73 |  |  | 75 |
$500 Warehouse Facility |  | Nov 2025 |  | Mortgage loans or MBS |  | 500 |  |  | 247 |  |  | 256 |  |  | — |  |  | — |
$500 Warehouse Facility |  | Jun 2025 |  | Mortgage loans or MBS |  | 500 |  |  | 90 |  |  | 99 |  |  | 72 |  |  | 78 |
$250 Warehouse Facility |  | Nov 2025 |  | Mortgage loans or MBS |  | 250 |  |  | 238 |  |  | 253 |  |  | — |  |  | — |
$200 Warehouse Facility |  | Dec 2026 |  | Mortgage loans or MBS |  | 200 |  |  | 112 |  |  | 123 |  |  | 82 |  |  | 84 |
$200 Warehouse Facility |  | Apr 2025 |  | Mortgage loans or MBS |  | 200 |  |  | — |  |  | — |  |  | 12 |  |  | 21 |
$200 Warehouse Facility(3) |  | Jul 2025 |  | Mortgage loans or MBS |  | 200 |  |  | 105 |  | 105 |  | 1 |  | 1
$100 Warehouse Facility |  | Apr 2025 |  | Mortgage loans or MBS |  | 100 |  |  | 56 |  |  | 62 |  |  | 25 |  |  | 33 |
$100 Warehouse Facility |  | Apr 2025 |  | Mortgage loans or MBS |  | 100 |  |  | — |  | — |  | — |  | —
$1 Warehouse Facility |  | Dec 2025 |  | Mortgage loans or MBS |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Warehouse facilities principal amount |  | 2,016 |  |  | 2,168 |  |  | 822 |  |  | 915 |
MSR Facilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
$1,750 Warehouse Facility |  | Apr 2026 |  | MSR |  | 1,750 |  |  | 950 |  |  | 2,669 |  |  | 980 |  |  | 1,455 |
$1,500 Warehouse Facility(1) |  | Jul 2026 |  | MSR |  | 1,500 |  |  | 475 |  |  | 2,607 |  |  | — |  |  | — |
$1,450 Warehouse Facility(2) |  | Nov 2024 |  | MSR |  | 1,450 |  |  | — |  |  | — |  |  | 300 |  |  | 2,164 |
$950 Warehouse Facility(4) |  | Sep 2026 |  | MSR |  | 950 |  |  | 550 |  |  | 1,711 |  |  | 545 |  |  | 1,306 |
$750 Warehouse Facility |  | Jul 2026 |  | MSR |  | 750 |  |  | 670 |  |  | 1,066 |  |  | 405 |  |  | 655 |
$500 Warehouse Facility |  | Jun 2026 |  | MSR |  | 500 |  |  | 250 |  |  | 519 |  |  | — |  |  | — |
$500 Warehouse Facility |  | Jul 2026 |  | MSR |  | 500 |  |  | 330 |  |  | 629 |  |  | — |  |  | — |
$500 Warehouse Facility |  | Apr 2026 |  | MSR |  | 500 |  |  | 250 |  |  | 781 |  |  | 305 |  |  | 634 |
$500 Warehouse Facility |  | Jun 2026 |  | MSR |  | 500 |  |  | 150 |  |  | 726 |  |  | 250 |  |  | 677 |
$50 Warehouse Facility |  | Nov 2025 |  | MSR |  | 50 |  |  | 25 |  |  | 80 |  |  | 29 |  |  | 67 |
MSR facilities principal amount |  | 3,650 |  |  | 10,788 |  |  | 2,814 |  |  | 6,958 |
Advance, warehouse and MSR facilities principal amount |  | 6,515 |  |  | $ | 14,016 |  |  | 4,318 |  |  | $ | 8,781 |
Unamortized debt issuance costs |  | (20) |  |  |  |  | (16) |  |  |
Total advance, warehouse and MSR facilities, net |  | $ | 6,495 |  |  |  |  | $ | 4,302 |  |  |
(1)Total capacity for this facility is $2,000, of which $500 and $1,500 are internally allocated for advance financing and MSR financing, respectively; capacity is fully fungible and is not restricted by these allocations. (2)This facility was terminated in July 2024. (3)Total capacity for this facility is $200, of which $50 is a sublimit for advance financing. (4)The capacity amount for this facility is $1,200, of which $950 is a sublimit for MSR financing.
Schedule of Unsecured Senior Notes | Unsecured Senior Notes Unsecured senior notes consist of the following:
Unsecured Senior Notes | December 31, 2024 |  | December 31, 2023
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1) | $ | 1,000 |  |  | $ | — |
$850 face value, 5.500% interest rate payable semi-annually, due August 2028 | 850 |  |  | 850 |
$750 face value, 6.500% interest rate payable semi-annually, due August 2029(2) | 750 |  |  | — |
$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 |
$550 face value, 5.000% interest rate payable semi-annually, due February 2026 | 500 |  |  | 500 |
Unsecured senior notes principal amount | 4,950 |  |  | 3,200 |
Purchase discount and unamortized debt issuance costs | (59) |  |  | (49) |
Unsecured senior notes, net | $ | 4,891 |  |  | $ | 3,151 |
(1)In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities. (2)In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.
Schedule of Maturities of Long-term Debt | As of December 31, 2024, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31, |  | Amount
2025 |  | $ | — |
2026 |  | 500 |
2027 |  | 600 |
2028 |  | 850 |
2029 |  | 750 |
Thereafter |  | 2,250 |
Total unsecured senior notes principal amount |  | $ | 4,950 |

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