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Subsequent Events
3 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events
Note 23 – Subsequent Events
On October 1, 2021, PMC completed the transaction entered into on June 17, 2021 with Reverse Mortgage Solutions, Inc. (RMS) and its parent, Mortgage Assets Management, LLC (MAM), a subsidiary of investment funds managed by Waterfall Asset Management, LLC, to acquire certain assets of RMS related to reverse mortgage subservicing, including subservicing contracts and related foreclosed properties. The aggregate purchase price at closing was approximately $12.4 million, subject to certain holdbacks and adjustments. In addition, PMC has extended employment offers to approximately 350 former RMS employees. Concurrent with the closing of the transaction, PMC became the subservicer under a five-year subservicing agreement for reverse mortgages owned by RMS and MAM. As a result, PMC became the subservicer for approximately
57,000 reverse mortgages, or approximately $14.3 billion in UPB, which were transferred to our reverse servicing platform concurrent with the closing.