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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Fair Value Assets and Liabilities | The carrying amounts and the estimated fair values of our financial instruments and certain of our nonfinancial assets measured at fair value on a recurring or non-recurring basis or disclosed, but not measured, at fair value are as follows:
|  |  | September 30, 2019 |  | December 31, 2018
| Level |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value (a) | 2 |  | $ | 207,645 |  |  | $ | 207,645 |  |  | $ | 176,525 |  |  | $ | 176,525 |
Loans held for sale, at lower of cost or fair value (b) | 3 |  | 67,934 |  |  | 67,934 |  |  | 66,097 |  |  | 66,097 |
Total Loans held for sale |  |  | $ | 275,579 |  |  | $ | 275,579 |  |  | $ | 242,622 |  |  | $ | 242,622 |
Loans held for investment |  |  |  |  |  |  |  |  |
Loans held for investment - Reverse mortgages (a) | 3 |  | $ | 6,049,242 |  |  | $ | 6,049,242 |  |  | $ | 5,472,199 |  |  | $ | 5,472,199 |
Loans held for investment - Restricted for securitization investors (a) | 3 |  | 24,445 |  |  | 24,445 |  |  | 26,520 |  |  | 26,520 |
Total loans held for investment |  |  | $ | 6,073,687 |  |  | $ | 6,073,687 |  |  | $ | 5,498,719 |  |  | $ | 5,498,719 |
Advances (including match funded), net (c) | 3 |  | $ | 1,038,444 |  |  | $ | 1,038,444 |  |  | $ | 1,186,676 |  |  | $ | 1,186,676 |
Receivables, net (c) | 3 |  | 152,222 |  |  | 152,222 |  |  | 198,262 |  |  | 198,262 |
Mortgage-backed securities (a) | 3 |  | 2,036 |  |  | 2,036 |  |  | 1,502 |  |  | 1,502 |
U.S. Treasury notes (a) | 1 |  | — |  |  | — |  |  | 1,064 |  |  | 1,064 |
Corporate bonds (a) | 2 |  | 442 |  |  | 442 |  |  | 450 |  |  | 450 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |
Match funded liabilities (c) | 3 |  | $ | 687,497 |  |  | $ | 688,038 |  |  | $ | 778,284 |  |  | $ | 776,485 |
Financing liabilities: |  |  |  |  |  |  |  |  |
HMBS-related borrowings (a) | 3 |  | $ | 5,903,965 |  |  | $ | 5,903,965 |  |  | $ | 5,380,448 |  |  | $ | 5,380,448 |
Financing liability - MSRs pledged (Rights to MSRs) (a) | 3 |  | 986,952 |  |  | 986,952 |  |  | 1,032,856 |  |  | 1,032,856 |
Financing liability - Owed to securitization investors (a) | 3 |  | 22,827 |  |  | 22,827 |  |  | 24,815 |  |  | 24,815 |
Other (c) | 3 |  | 59,815 |  |  | 39,707 |  |  | 69,942 |  |  | 53,570 |
Total Financing liabilities |  |  | $ | 6,973,559 |  |  | $ | 6,953,451 |  |  | $ | 6,508,061 |  |  | $ | 6,491,689 |
Other secured borrowings: |  |  |  |  |  |  |  |  |
Senior secured term loan (c) (d) | 2 |  | $ | 328,119 |  |  | $ | 327,855 |  |  | $ | 226,825 |  |  | $ | 227,449 |
Other (c) | 3 |  | 380,810 |  |  | 380,810 |  |  | 155,713 |  |  | 155,713 |
Total Other secured borrowings |  |  | $ | 708,929 |  |  | $ | 708,665 |  |  | $ | 382,538 |  |  | $ | 383,162 |
Senior notes: |  |  |  |  |  |  |  |  |
Senior unsecured notes (c) (d) | 2 |  | $ | 20,973 |  |  | $ | 13,246 |  |  | $ | 119,924 |  |  | $ | 119,258 |
Senior secured notes (c) (d) | 2 |  | 289,815 |  |  | 244,868 |  |  | 328,803 |  |  | 306,889 |
Total Senior notes |  |  | $ | 310,788 |  |  | $ | 258,114 |  |  | $ | 448,727 |  |  | $ | 426,147 |
Derivative financial instrument assets (liabilities) |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate lock commitments (a) | 2 |  | $ | 4,781 |  |  | $ | 4,781 |  |  | $ | 3,871 |  |  | $ | 3,871 |
Forward trades - Loans held for sale (a) | 1 |  | (3,126 | ) |  | (3,126 | ) |  | (4,983 | ) |  | (4,983 | )
TBA / Forward mortgage-backed securities (MBS) trades - MSR hedging (a) | 1 |  | 887 |  |  | 887 |  |  | — |  |  | — |
Interest rate caps (a) | 3 |  | — |  |  | — |  |  | 678 |  |  | 678 |
MSRs (a) | 3 |  | $ | 1,455,553 |  |  | $ | 1,455,553 |  |  | $ | 1,457,149 |  |  | $ | 1,457,149 |
(a) | Measured at fair value on a recurring basis.
(b) | Measured at fair value on a non-recurring basis.
(c) | Disclosed, but not measured, at fair value.
(d) | The carrying values are net of unamortized debt issuance costs and discount. See Note 13 – Borrowings for additional information.
Schedule of Reconciliation of Changes in Fair Value of Level 3 Assets and Liabilities | The following tables present a reconciliation of the changes in fair value of Level 3 assets and liabilities that we measure at fair value on a recurring basis:
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Loans Held for Inv. - Restricted for Securitiza- tion Investors |  | Financing Liability - Owed to Securit - ization Investors |  | Mortgage-Backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs
Three months ended September 30, 2019
Beginning balance | $ | 5,872,407 |  |  | $ | (5,745,383 | ) |  | $ | 25,324 |  |  | $ | (23,697 | ) |  | $ | 2,014 |  |  | $ | (844,913 | ) |  | $ | 47 |  |  | $ | 1,312,633 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (345 | ) |  | — |  |  | 11,801 |
Issuances | 248,877 |  |  | (240,714 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11 | ) |  | — |  |  | (15 | )
Settlements | (151,292 | ) |  | 149,079 |  |  | (879 | ) |  | 870 |  |  | — |  |  | 53,756 |  |  | — |  |  | (3,105 | )
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value | (521 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets | (211 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Receivables, net | (89 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 96,764 |  |  | (91,635 | ) |  | (879 | ) |  | 870 |  |  | — |  |  | 53,400 |  |  | — |  |  | 8,681 |
Total realized and unrealized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value (1) | 80,071 |  |  | (66,947 | ) |  | — |  |  | — |  |  | 22 |  |  | (200,703 | ) |  | (47 | ) |  | 134,239 |
Calls and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,264 |  |  | — |  |  | — |
| 80,071 |  |  | (66,947 | ) |  | — |  |  | — |  |  | 22 |  |  | (195,439 | ) |  | (47 | ) |  | 134,239 |
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 6,049,242 |  |  | $ | (5,903,965 | ) |  | $ | 24,445 |  |  | $ | (22,827 | ) |  | $ | 2,036 |  |  | $ | (986,952 | ) |  | $ | — |  |  | $ | 1,455,553 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Loans Held for Inv. - Restricted for Securitiza- tion Investors |  | Financing Liability - Owed to Securit - ization Investors |  | Mortgage-Backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs
Three months ended September 30, 2018
Beginning balance | $ | 5,143,758 |  |  | $ | (5,040,983 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,732 |  |  | $ | (672,619 | ) |  | $ | 1,657 |  |  | $ | 1,043,995 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,924 |
Issuances | 223,563 |  |  | (229,169 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,930 |
Consolidation of mortgage-backed securitization trusts |  |  |  |  | 28,373 |  |  | (26,643 | ) |  |  |  |  |  |  |  |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,119 | )
Settlements | (110,584 | ) |  | 108,790 |  |  | — |  |  | — |  |  | — |  |  | 49,620 |  |  | — |  |  | — |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value | (253 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets | (170 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Receivables, net | (20 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 112,536 |  |  | (120,379 | ) |  | 28,373 |  |  | (26,643 | ) |  | — |  |  | 49,620 |  |  | — |  |  | (3,265 | )
Total realized and unrealized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value | 22,893 |  |  | (22,865 | ) |  | — |  |  | — |  |  | (62 | ) |  | 2,681 |  |  | (446 | ) |  | (41,448 | )
Calls and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 119 |  |  | — |  |  | — |
| 22,893 |  |  | (22,865 | ) |  | — |  |  | — |  |  | (62 | ) |  | 2,800 |  |  | (446 | ) |  | (41,448 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 5,279,187 |  |  | $ | (5,184,227 | ) |  | $ | 28,373 |  |  | $ | (26,643 | ) |  | $ | 1,670 |  |  | $ | (620,199 | ) |  | $ | 1,211 |  |  | $ | 999,282 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Loans Held for Inv. - Restricted for Securitiza- tion Investors |  | Financing Liability - Owed to Securiti- zation Investors |  | Mortgage-backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs
Nine months ended September 30, 2019
Beginning balance | $ | 5,472,199 |  |  | $ | (5,380,448 | ) |  | $ | 26,520 |  |  | $ | (24,815 | ) |  | $ | 1,502 |  |  | $ | (1,032,856 | ) |  | $ | 678 |  |  | $ | 1,457,149 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,221 | ) |  | — |  |  | 128,888 |
Issuances | 675,898 |  |  | (665,820 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11 | ) |  | — |  |  | (585 | )
Settlements | (383,806 | ) |  | 377,094 |  |  | (2,075 | ) |  | 1,988 |  |  | — |  |  | 157,173 |  |  | — |  |  | (7,872 | )
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans held for sale, at fair value | (1,405 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets | (366 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Receivables, net | (202 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 290,119 |  |  | (288,726 | ) |  | (2,075 | ) |  | 1,988 |  |  | — |  |  | 155,941 |  |  | — |  |  | 120,431 |
Total realized and unrealized gains (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value (1) | 286,924 |  |  | (234,791 | ) |  | — |  |  | — |  |  | 534 |  |  | (123,721 | ) |  | (678 | ) |  | (122,027 | )
Calls and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,684 |  |  | — |  |  | — |
| 286,924 |  |  | (234,791 | ) |  | — |  |  | — |  |  | 534 |  |  | (110,037 | ) |  | (678 | ) |  | (122,027 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 6,049,242 |  |  | $ | (5,903,965 | ) |  | $ | 24,445 |  |  | $ | (22,827 | ) |  | $ | 2,036 |  |  | $ | (986,952 | ) |  | $ | — |  |  | $ | 1,455,553 |
| Loans Held for Investment - Reverse Mortgages |  | HMBS-Related Borrowings |  | Loans Held for Inv. - Restricted for Securitiza- tion Investors |  | Financing Liability - Owed to Securiti- zation Investors |  | Mortgage-backed Securities |  | Financing Liability - MSRs Pledged |  | Derivatives |  | MSRs
Nine months ended September 30, 2018
Beginning balance | $ | 4,715,831 |  |  | $ | (4,601,556 | ) |  | $ | — |  |  | $ | — |  |  | $ | 1,592 |  |  | $ | (508,291 | ) |  | $ | 2,056 |  |  | $ | 671,962 |
Purchases, issuances, sales and settlements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 8,809 |
Issuances | 711,035 |  |  | (728,745 | ) |  | — |  |  | — |  |  | — |  |  | (279,586 | ) |  | — |  |  | (445 | )
Consolidation of mortgage-backed securitization trusts | — |  |  | — |  |  | 28,373 |  |  | (26,643 | ) |  | — |  |  | — |  |  | — |  |  | — |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,274 | )
Settlements | (296,800 | ) |  | 290,338 |  |  | — |  |  | — |  |  | — |  |  | 154,129 |  |  | (371 | ) |  | — |
Transfers (to) from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MSRs carried at amortized cost, net of valuation allowance | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 418,925 |
Loans held for sale, at fair value | (694 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other assets | (307 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Receivables, net | (92 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
| 413,142 |  |  | (438,407 | ) |  | 28,373 |  |  | (26,643 | ) |  | — |  |  | (125,457 | ) |  | (276 | ) |  | 419,015 |
Total realized and unrealized gains (losses) included in earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value | 150,214 |  |  | (144,264 | ) |  | — |  |  | — |  |  | 78 |  |  | 11,323 |  |  | (569 | ) |  | (91,695 | )
Calls and other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,226 |  |  | — |  |  | — |
| 150,214 |  |  | (144,264 | ) |  | — |  |  | — |  |  | 78 |  |  | 13,549 |  |  | (569 | ) |  | (91,695 | )
Transfers in and / or out of Level 3 | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Ending balance | $ | 5,279,187 |  |  | $ | (5,184,227 | ) |  | $ | 28,373 |  |  | $ | (26,643 | ) |  | $ | 1,670 |  |  | $ | (620,199 | ) |  | $ | 1,211 |  |  | $ | 999,282 |
(1) | The Change in fair value adjustments on Loans held for investment for the three and nine months ended September 30, 2019 include $3.6 million and $9.2 million, respectively, in connection with the fair value election for future draw commitments on HECM reverse mortgage loans purchased or originated after December 31, 2018.
Summary of Estimated Change in the Value of MSRs Carried at Fair Value | The following table summarizes the estimated change in the value of the MSRs that we carry at fair value as of September 30, 2019 given 10% and 20% hypothetical shifts in prepayment speeds and discount rate assumptions:
Adverse change in fair value | 10% |  | 20%
Weighted average prepayment speeds | $ | (123,564 | ) |  | $ | (235,153 | )
Weighted average discount rate | (47,473 | ) |  | (92,074 | )
Loans Held for Investment [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation |
Significant valuation assumptions | September 30, 2019 |  | December 31, 2018
Life in years |  |  |
Range | 2.2 to 8.1 |  |  | 3.0 to 7.6 |
Weighted average | 6.3 |  |  | 5.9 |
Conditional repayment rate |  |  |
Range | 6.9% to 29.3% |  |  | 6.8% to 38.4% |
Weighted average | 13.6 | % |  | 14.7 | %
Discount rate | 2.6 | % |  | 3.4 | %
Mortgage Servicing Rights - Fair Value [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation |
Significant valuation assumptions | September 30, 2019 |  | December 31, 2018
Agency |  | Non-Agency |  | Agency |  | Non-Agency
Weighted average prepayment speed | 13.4 | % |  | 12.2 | % |  | 8.5 | % |  | 15.4 | %
Weighted average delinquency rate | 3.4 | % |  | 26.3 | % |  | 6.6 | % |  | 27.1 | %
Advance financing cost | 5-year swap |  |  | 5-year swap plus 2.00% |  |  | 5-year swap |  |  | 5-yr swap plus 2.75% |
Interest rate for computing float earnings | 5-year swap |  |  | 5-year swap minus 0.50% |  |  | 5-year swap |  |  | 5-yr swap minus 0.50% |
Weighted average discount rate | 9.3 | % |  | 11.3 | % |  | 9.1 | % |  | 12.8 | %
Weighted average cost to service (in dollars) | $ | 84 |  |  | $ | 277 |  |  | $ | 90 |  |  | $ | 297 |
HMBS - Related Borrowings [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation |
Significant valuation assumptions | September 30, 2019 |  | December 31, 2018
Life in years |  |  |
Range | 2.2 to 8.1 |  |  | 3.0 to 7.6 |
Weighted average | 6.3 |  |  | 5.9 |
Conditional repayment rate |  |  |
Range | 6.9% to 29.3% |  |  | 6.8% to 38.4% |
Weighted average | 13.6 | % |  | 14.7 | %
Discount rate | 2.5 | % |  | 3.3 | %
Mortgage Servicing Rights Pledged [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Schedule of Significant Assumptions used in Valuation |
Significant valuation assumptions | September 30, 2019 |  | December 31, 2018
Weighted average prepayment speed | 12.6 | % |  | 13.9 | %
Weighted average delinquency rate | 20.6 | % |  | 20.3 | %
Advance financing cost | 5-year swap plus 0% to 2.00% |  |  | 5-year swap plus 0% to 2.75% |
Interest rate for computing float earnings | 5-year swap minus 0% to 0.50% |  |  | 5-year swap minus 0% to 0.50% |
Weighted average discount rate | 10.6 | % |  | 12.0 | %
Weighted average cost to service (in dollars) | $ | 222 |  |  | $ | 234 |

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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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