Receivables

6 Months Ended

Jun. 30, 2022


Note 9 – Receivables


	June 30, 2022		December 31, 2021
Servicing-related receivables:
Government-insured loan claims - Forward	$	78,956	$	90,603
Government-insured loan claims - Reverse	45,394		39,895

Due from custodial accounts	20,792		7,777
Receivable from sale of MSRs (holdback)	14,933		—
Reimbursable expenses	6,063		6,056
Servicing fees	6,813		6,662
Subservicing fees, reimbursable expenses and other - Due from MAV	4,765		4,933
Subservicing fees and reimbursable expenses - Due from NRZ	1,932		3,781
Other	1,706		1,223
	181,354		160,930
Income taxes receivable	30,757		56,776
Due from MAV	974		990
Other receivables	5,489		3,760
	218,574		222,456
Allowance for losses	(40,094)		(41,749)
	$	178,480	$	180,707

At June 30, 2022 and December 31, 2021, the allowance for losses primarily related to receivables of our Servicing business. The allowance for losses related to FHA-, VA- or USDA insured loans repurchased from Ginnie Mae guaranteed securitizations (government-insured claims) was $39.8 million and $41.5 million at June 30, 2022 and December 31, 2021, respectively. The government-insured claims that do not exceed HUD, VA, FHA or USDA insurance limits are not subject to any allowance for losses as guaranteed by the U.S. government. The receivable amount in excess of the guaranteed claim limits or recoverable amounts per insurer guidelines or as a result of servicer error, such as exceeding key filing or foreclosure timelines, is subject to an allowance for losses. Receivables are financial assets subject to the credit loss allowance model under ASC 326: Financial Instruments - Credit Losses (CECL). The allowance for expected credit losses is estimated 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. We generally charge off the receivable balance when management determines the receivable to be uncollectible and when the receivable has been classified as a loss by our servicing claims analysis process.


Allowance for Losses - Government-Insured Loan Claims	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Beginning balance	$	40,836	$	40,437	$	41,495	$	38,339
Provision	3,258		2,579		5,497		7,537
Charge-offs and other, net	(4,343)		(1,800)		(7,241)		(4,660)
Ending balance	$	39,751	$	41,216	$	39,751	$	41,216