XML 68 R58.htm IDEA: XBRL DOCUMENT v3.22.1

Fair Value - Schedule of Fair Value Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loans held for sale
Loans held for sale, at fair value	$ 716,024	$ 917,534	$ 500,814	$ 366,364
Financial liabilities:
Advance match funded liabilities	497,310	512,297
HMBS-related borrowings	7,118,844	6,885,022	6,778,195	6,772,711
Financing liabilities:
Other financing liabilities, at fair value	872,036	804,963
Other secured borrowings:
Mortgage loan warehouse facilities	959,121	1,085,076
MSR financing facilities, net	892,635	900,760
Senior Notes [Abstract]
Senior notes, net ($224,204 and $222,242 due to related party)	617,132	614,797
Derivative financial instruments assets (liabilities):
Derivative liabilities	(12,916)	(3,080)
Derivative liability, fair value	12,916	3,080
Mortgage servicing rights
Mortgage servicing rights, at fair value	2,323,281	2,250,147	$ 1,400,217	$ 1,294,817
Carrying Value
Loans held for sale
Total Loans held for sale	725,051	928,527
Loans held for investment	7,459,277	7,207,641
Financing liabilities:
Other financing liabilities, at fair value	872,036	804,963
Senior Notes [Abstract]
Senior notes, net ($224,204 and $222,242 due to related party)	617,132	614,797
Fair Value
Loans held for sale
Total Loans held for sale	725,051	928,527
Loans held for investment	7,459,277	7,207,641
Financing liabilities:
Other financing liabilities, at fair value	872,036	804,963
Senior Notes [Abstract]
Senior notes, net ($224,204 and $222,242 due to related party)	610,800	674,927
Level 2 | Carrying Value
Loans held for sale
Loans held for sale, at fair value	716,024	917,534
Corporate bonds	211	211
Senior Notes [Abstract]
Senior secured notes	392,928	392,555
Level 2 | Fair Value
Loans held for sale
Loans held for sale, at fair value	716,024	917,534
Corporate bonds	211	211
Senior Notes [Abstract]
Senior secured notes	374,528	413,472
Level 3 | Carrying Value
Loans held for sale
Loans held for sale, at lower of cost or fair value	9,027	10,993
Loans held for investment	7,451,555	7,199,762
Advances (including match funded)	729,973	772,433
Receivables, net	213,460	180,707
Mortgage-backed securities, at fair value	0	1
Financial liabilities:
Advance match funded liabilities	497,310	512,297
HMBS-related borrowings	7,118,844	6,885,022
Other secured borrowings:
Mortgage loan warehouse facilities	959,121	1,085,076
MSR financing facilities, net	892,635	900,760
Derivative financial instruments assets (liabilities):
Interest rate lock commitments	5,673	18,085
Mortgage servicing rights
Mortgage servicing rights, at fair value	2,323,281	2,250,147
Level 3 | Carrying Value | Second Lien
Senior Notes [Abstract]
Senior secured notes	224,204	222,242
Level 3 | Fair Value
Loans held for sale
Loans held for sale, at lower of cost or fair value	9,027	10,993
Loans held for investment	7,451,555	7,199,762
Advances (including match funded)	729,973	772,433
Receivables, net	213,460	180,707
Mortgage-backed securities, at fair value	0	1
Financial liabilities:
Advance match funded liabilities	495,880	511,994
HMBS-related borrowings	7,118,844	6,885,022
Other secured borrowings:
Mortgage loan warehouse facilities	959,121	1,085,076
MSR financing facilities, net	870,538	873,820
Derivative financial instruments assets (liabilities):
Interest rate lock commitments	5,673	18,085
Mortgage servicing rights
Mortgage servicing rights, at fair value	2,323,281	2,250,147
Level 3 | Fair Value | Second Lien
Senior Notes [Abstract]
Senior secured notes	236,272	261,455
Loans Held for Investment Securitization Trusts | Level 3 | Carrying Value
Loans held for sale
Loans held for investment	7,722	7,879
Loans Held for Investment Securitization Trusts | Level 3 | Fair Value
Loans held for sale
Loans held for investment	7,722	7,879
Forward LHFS Trades | Level 1 | Carrying Value
Derivative financial instruments assets (liabilities):
Derivative asset	8	364
Forward LHFS Trades | Level 1 | Fair Value
Derivative financial instruments assets (liabilities):
Derivative asset	8	364
TBA forward MBS trades
Derivative financial instruments assets (liabilities):
Derivative liability, fair value	7,065	1,185
TBA forward MBS trades | Level 1 | Carrying Value
Derivative financial instruments assets (liabilities):
Derivative liabilities	(3,952)
TBA forward MBS trades | Level 1 | Fair Value
Derivative financial instruments assets (liabilities):
Derivative liabilities	(3,952)	(240)
Interest Rate Swap | Level 1 | Carrying Value
Derivative financial instruments assets (liabilities):
Derivative asset	0	1,734
Interest Rate Swap | Level 1 | Fair Value
Derivative financial instruments assets (liabilities):
Derivative asset	0	1,734
TBA Forward Pipelines Trades | Level 1 | Fair Value
Derivative financial instruments assets (liabilities):
Derivative asset	(240)
Option Contracts | Level 1 | Fair Value
Derivative financial instruments assets (liabilities):
Derivative liabilities	(4,666)	(277)
Other
Derivative financial instruments assets (liabilities):
Derivative liability, fair value	677	1,070
Other | Level 3 | Fair Value
Derivative financial instruments assets (liabilities):
Other	(677)	(1,070)
Financing Liability - MSRs Pledged | Level 3 | Carrying Value
Financing liabilities:
Other financing liabilities, at fair value	864,315	797,084
Financing Liability - MSRs Pledged | Level 3 | Fair Value
Financing liabilities:
Other financing liabilities, at fair value	864,315	797,084
Financing Liability Owed to Securitization Investors | Level 3 | Carrying Value
Financing liabilities:
Other financing liabilities, at fair value	7,721	7,879
Financing Liability Owed to Securitization Investors | Level 3 | Fair Value
Financing liabilities:
Other financing liabilities, at fair value	$ 7,721	$ 7,879

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This represents the amount of liability which is a resultant of reverse mortgage loans sold into the secondary with servicing rights retained. As the transfer of these loans do not meet the definition of participating interest because of the servicing requirement that requires the issuer to absorb some level of risk, these transfers are accounted for as financing.

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Other financing liabilities.

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Fair value of firm holdings in corporate fixed income securities. Includes pledged and unpledged holdings.

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The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

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Fair value portion of loans held-for-sale including, but not limited to, mortgage loans and finance receivables.

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Fair value of securitized, pay-through debt securities collateralized by real estate mortgage loans classified as available-for-sale.

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Fair value portion of mortgage loans held-for-sale.

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Amount of borrowings classified as other, maturing within one year or the normal operating cycle, if longer.

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Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.

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Fair value of an asset representing net future revenue from contractually specified servicing fees, late charges, and other ancillary revenues, in excess of future costs related to servicing arrangements.

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