Securitizations and Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2019

Schedule of Cash Flows Related to Transfers Accounted for as Sales

The following table presents a summary of cash flows received from and paid to securitization trusts related to transfers accounted for as sales that were outstanding:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Proceeds received from securitizations	$	235,175		$	282,507		$	674,108		$	998,204
Servicing fees collected	8,866			9,808			37,610			30,233
Purchases of previously transferred assets, net of claims reimbursed	(2,093		)	(1,507		)	(3,140		)	(4,336		)
	$	241,948		$	290,808		$	708,578		$	1,024,101

Schedule of Assets That Relate to Continuing Involvement with Transferred Financial Assets with Servicing Rights and Maximum Exposure to Loss Including the Unpaid Principal Balance

The following table presents the carrying amounts of our assets that relate to our continuing involvement with forward loans that we have transferred with servicing rights retained as well as an estimate of our maximum exposure to loss including the UPB of the transferred loans:



	September 30, 2019		December 31, 2018
Carrying value of assets
MSRs, at fair value	$	93,533	$	132,774
Advances and match funded advances	143,083		138,679
UPB of loans transferred (1)	14,077,333		15,600,971
Maximum exposure to loss	$	14,313,949	$	15,872,424


(1)	Represents UPB of loans we transferred for which we continue to act as servicer or subservicer. Our estimate of maximum exposure to loss does not include loans that we do not service for which we have provided representations and warranties because we cannot estimate such amounts. Maximum exposure to loss does not consider any collateral liquidation proceeds.

Schedule of Carrying Value of Assets and Liabilities of Consolidated Mortgage-backed Securitization Trusts

The table below presents the carrying value and classification of the assets and liabilities of two consolidated mortgage-backed securitization trusts included in our unaudited consolidated balance sheets as a result of residual securities issued by the trust that we acquired during 2018.



	September 30, 2019		December 31, 2018
Loans held for investment, at fair value - Restricted for securitization investors	$	24,445	$	26,520
Financing liability - Owed to securitization investors, at fair value	22,827		24,815