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Fair Value - Schedule of Reconciliation of Changes in Fair Value of Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
Level 3 | Loans Held for Investment - Reverse Mortgages |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | $ 6,568,821 | $ 5,726,917 | $ 6,269,596 | $ 5,472,199
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 0 | 0 | 0 | 0
Issuances | 273,142 | 217,757 | 568,074 | 427,021
Sales | 0 | 0 | 0 | 0
Settlements | (195,019) | (127,884) | (370,114) | (232,514)
Transfers to loans held for sale, at fair value | (541) | (488) | (1,119) | (884)
Transfers to other assets | (100) | (36) | (365) | (155)
Transfers to receivables, net | (157) | (45) | (286) | (113)
Purchases, issuances, sales and settlements, total | 77,325 | 89,304 | 243,228 | 193,355
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | 72,846 | 56,186 | 206,168 | 206,853
Calls and other | 0 | 0 |  | 0
Total realized and unrealized gains (losses) included in earnings | 72,846 | 56,186 | 206,168 | 206,853
Transfers in and / or out of Level 3 | 0 | 0 | 0 | 0
Ending balance | 6,718,992 | 5,872,407 | 6,718,992 | 5,872,407
Level 3 | HMBS-Related Borrowings |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | (6,323,091) | (5,614,688) | (6,063,434) | (5,380,448)
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 0 | 0 | 0 | 0
Issuances | (278,391) | (214,543) | (590,640) | (425,106)
Sales | 0 | 0 | 0 | 0
Settlements | 192,804 | 125,626 | 365,233 | 228,015
Transfers to loans held for sale, at fair value | 0 | 0 |  |
Transfers to other assets | 0 | 0 |  | 0
Transfers to receivables, net | 0 | 0 |  |
Purchases, issuances, sales and settlements, total | (85,587) | (88,917) | (225,407) | (197,091)
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | (68,938) | (41,778) | (188,775) | (167,844)
Calls and other | 0 | 0 |  | 0
Total realized and unrealized gains (losses) included in earnings | (68,938) | (41,778) | (188,775) | (167,844)
Transfers in and / or out of Level 3 | 0 | 0 | 0 | 0
Ending balance | (6,477,616) | (5,745,383) | (6,477,616) | (5,745,383)
Level 3 | Loans Held for Inv. - Restricted for Securitization Investors |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 22,561 | 26,237 | 23,342 | 26,520
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 0 | 0 |  |
Issuances | 0 | 0 |  |
Deconsolidation of mortgage-backed securitization trusts | (10,715) |  | (10,715) |
Sales | 0 | 0 |  |
Settlements | (182) | (913) | (963) | (1,196)
Transfers to loans held for sale, at fair value | 0 | 0 |  |
Transfers to other assets | 0 | 0 |  | 0
Transfers to receivables, net | 0 | 0 |  |
Purchases, issuances, sales and settlements, total | (10,897) | (913) | (11,678) | (1,196)
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | 0 | 0 | 0 | 0
Calls and other | 0 | 0 |  |
Total realized and unrealized gains (losses) included in earnings | 0 | 0 | 0 | 0
Transfers in and / or out of Level 3 | 0 | 0 |  |
Ending balance | 11,664 | 25,324 | 11,664 | 25,324
Level 3 | Financing Liability Owed to Securitization Investors |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | (21,365) | (24,562) | (22,002) | (24,815)
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 0 | 0 |  |
Issuances | 0 | 0 |  |
Deconsolidation of mortgage-backed securitization trusts | 9,519 |  | 9,519 |
Sales | 0 | 0 |  |
Settlements | 326 | 865 | 963 | 1,118
Transfers to loans held for sale, at fair value | 0 | 0 |  |
Transfers to other assets | 0 | 0 |  | 0
Transfers to receivables, net | 0 | 0 |  |
Purchases, issuances, sales and settlements, total | 9,845 | 865 | 10,482 | 1,118
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | (144) | 0 | (144) | 0
Calls and other | 0 | 0 |  |
Total realized and unrealized gains (losses) included in earnings | (144) | 0 | (144) | 0
Transfers in and / or out of Level 3 | 0 | 0 |  |
Ending balance | (11,664) | (23,697) | (11,664) | (23,697)
Level 3 | Loans Held for Sale - Fair Value |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 25,582 |  | 0 |
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 58,510 |  | 58,510 |
Issuances | 0 |  |  |
Sales | (58,550) |  | (58,550) |
Settlements | (426) |  | (426) |
Transfers to loans held for sale, at fair value | 0 |  |  |
Transfers to other assets | 0 |  |  |
Transfers to receivables, net | (270) |  | (270) |
Purchases, issuances, sales and settlements, total | (736) |  | (736) |
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | 1,104 |  | 1,104 |
Calls and other | 0 |  |  |
Total realized and unrealized gains (losses) included in earnings | 1,104 |  | 1,104 |
Transfers in and / or out of Level 3 | 0 |  | 25,582 |
Ending balance | 25,950 |  | 25,950 |
Level 3 | Mortgage-Backed Securities |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 1,670 | 1,786 | 2,075 | 1,502
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 0 | 0 | 0 | 0
Issuances | 0 | 0 | 0 | 0
Sales | 0 | 0 | 0 | 0
Settlements | 0 | 0 | 0 | 0
Transfers to loans held for sale, at fair value | 0 | 0 |  |
Transfers to other assets | 0 | 0 |  | 0
Transfers to receivables, net | 0 | 0 |  |
Purchases, issuances, sales and settlements, total | 0 | 0 | 0 | 0
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | 56 | 228 | (349) | 512
Calls and other | 0 | 0 |  | 0
Total realized and unrealized gains (losses) included in earnings | 56 | 228 | (349) | 512
Transfers in and / or out of Level 3 | 0 | 0 | 0 | 0
Ending balance | 1,726 | 2,014 | 1,726 | 2,014
Level 3 | IRLCs |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Beginning balance | 10,478 | 276 | 0 | 678
Purchases, issuances, sales and settlements |  |  |  |
Purchases | 0 | 0 | 0 | 0
Issuances | 69,504 | 0 | 69,504 | 0
Sales | 0 | 0 | 0 | 0
Settlements | (62,323) | 0 | (62,323) | 0
Transfers to loans held for sale, at fair value | 0 | 0 |  |
Transfers to other assets | 0 | 0 |  | 0
Transfers to receivables, net | 0 | 0 |  |
Purchases, issuances, sales and settlements, total | 7,181 | 0 | 7,181 | 0
Total realized and unrealized gains and (losses): |  |  |  |
Change in fair value | 159 | (229) | 159 | (631)
Calls and other | 0 | 0 |  | 0
Total realized and unrealized gains (losses) included in earnings | 159 | (229) | 159 | (631)
Transfers in and / or out of Level 3 | 0 | 0 | 10,478 | 0
Ending balance | $ 17,818 | $ 47 | 17,818 | 47
Cumulative Effect, Period of Adoption, Adjustment |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Cumulative effect of fair value election |  |  | 47,038 | $ 16
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2019-04 | Level 3 | Loans Held for Investment - Reverse Mortgages |  |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |  |  |  |
Cumulative effect of fair value election |  |  | $ 47,038 |

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