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Securitizations and Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2021
Transfers and Servicing [Abstract]  
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 of loans accounted for as sales that were outstanding:
 Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Proceeds received from securitizations$3,147,912 $1,071,252 $6,396,831 $1,891,253 
Servicing fees collected (1)14,350 10,391 27,528 22,643 
Purchases of previously transferred assets, net of claims reimbursed
(6,780)(1,669)(10,019)(4,277)
$3,155,482 $1,079,974 $6,414,340 $1,909,619 
(1)We receive servicing fees based upon the securitized loan balances and certain ancillary fees, all of which are reported in Servicing and subservicing fees in the unaudited consolidated statements of operations.
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:
June 30, 2021December 31, 2020
Carrying value of assets
MSRs, at fair value$219,489 $137,029 
Advances141,041 143,361 
UPB of loans transferred (1)22,484,487 18,062,856 
Maximum exposure to loss$22,845,017 $18,343,246 
(1)Includes $5.0 billion and $4.1 billion of loans delivered to Ginnie Mae as of June 30, 2021 and December 31, 2020, respectively, and includes loan modifications delivered through the Ginnie Mae Early Buyout Program (EBO).
Carrying Value And Classification Of Assets And Liabilities Of Advance Financing Facilities
The table below presents the carrying value and classification of the assets and liabilities of the advance financing facilities:
June 30, 2021December 31, 2020
Match funded advances (Advances, net)$610,964 $651,576 
Debt service accounts (Restricted cash)10,165 14,195 
Unamortized deferred lender fees (Other assets)2,147 4,253 
Prepaid interest (Other assets)279 291 
Advance match funded liabilities530,182 581,288 
Carrying Value And Classification Of Assets And Liabilities Of Agency MSR Financing Facility
The table below presents the carrying value and classification of the assets and liabilities of the Agency MSR financing facility:
June 30, 2021December 31, 2020
MSRs pledged (MSRs, at fair value)$719,455 $476,371 
Unamortized deferred lender fees (Other assets)2,963 1,183 
Debt service account (Restricted cash)104 211 
Outstanding borrowings (MSR financing facilities, net) 382,667 210,755 
Carrying Value And Classification Of Assets And Liabilities Of PLS Notes Facility
The table below presents the carrying value and classification of the assets and liabilities of the PLS Notes facility:
June 30, 2021December 31, 2020
MSRs pledged (MSRs, at fair value)$113,547 $129,204 
Debt service account (Restricted cash)2,135 2,385 
Outstanding borrowings (MSR financing facilities, net) 55,116 68,313 
Unamortized debt issuance costs (Other secured borrowings, net) 635 894