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Advances | 9 Months Ended
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Sep. 30, 2020
Advances [Abstract] |
Advances |
Note 7 – Advances
| September 30, 2020 |  | December 31, 2019
Principal and interest | $ | 299,355 |  |  | $ | 414,846 |
Taxes and insurance | 342,704 |  |  | 422,383 |
Foreclosures, bankruptcy, REO and other | 196,623 |  |  | 229,219 |
| 838,682 |  |  | 1,066,448 |
Allowance for losses | (6,078) |  |  | (9,925) |
Advances, net | $ | 832,604 |  |  | $ | 1,056,523 |
The following table summarizes the activity in net advances:
| Nine Months Ended September 30,
| 2020 |  | 2019
Beginning balance | $ | 1,056,523 |  |  | $ | 1,186,676 |
Asset acquisitions | 14 |  |  | 1,457 |
New advances | 667,577 |  |  | 394,964 |
Sales of advances | (604) |  |  | (747) |
Collections of advances and other | (894,753) |  |  | (557,868) |
Net decrease in allowance for losses (1) | 3,847 |  |  | 13,962 |
Ending balance | $ | 832,604 |  |  | $ | 1,038,444 |
(1) As disclosed in Note 1, there was no significant adjustment as of January 1, 2020 as a result of the adoption of ASU 2016-13. Servicing advances are generally expected to be fully reimbursed under the terms of the servicing agreements. The estimate for the allowance for losses is based on relevant qualitative and quantitative information about past events, including historical collection and loss experience, current conditions, and reasonable and supportable forecasts that affect collectability. The allowance for losses includes an estimate for claimable (with investors) but nonrecoverable expenses, for example due to servicer error, such as lack of reasonable documentation as to the type and amount of advances.
Allowance for Losses | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Beginning balance | $ | 7,820 |  |  | $ | 27,653 |  |  | $ | 9,925 |  |  | $ | 23,259 |
Provision | 2,173 |  |  | 729 |  |  | 5,944 |  |  | 4,532 |
Net charge-offs and other (1) | (3,915) |  |  | (19,085) |  |  | (9,791) |  |  | (18,494) |
Ending balance | $ | 6,078 |  |  | $ | 9,297 |  |  | $ | 6,078 |  |  | $ | 9,297 |
(1)$18.0 million allowance related to sold advances was reclassified in the third quarter of 2019 and presented as Other liabilities (Liability for indemnification obligations).

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- Definition Advances [Abstract] + References No definition available. + Details
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- Definition Disclosure of non-interest-bearing advances made on behalf of borrowers or on foreclosed properties. Includes receivables for funds advanced by the servicer to meet contractual principal and interest remittance requirements for the investors, pay property taxes and insurance premiums and process foreclosures. Also includes receivables for funds advanced to maintain, repair and market foreclosed real estate properties on behalf of investors. + References No definition available. + Details
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