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Other Assets | 9 Months Ended
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Sep. 30, 2022
Other Assets [Abstract] |
Other Assets |
Note 11 – Other Assets
| September 30, 2022 |  | December 31, 2021
Contingent loan repurchase asset | $ | 249,755 |  |  | $ | 403,740 |
Derivative margin deposit | 26,104 |  |  | 2,024 |
Derivatives, at fair value | 24,760 |  |  | 21,675 |
Prepaid expenses | 20,791 |  |  | 21,498 |
Intangible assets, net (net of accumulated amortization of $4.1 million and $0.7 million) | 18,622 |  |  | 14,335 |
REO | 9,968 |  |  | 10,075 |
Prepaid lender fees, net | 7,872 |  |  | 7,150 |
Prepaid representation, warranty and indemnification claims - Agency MSR sale | 5,173 |  |  | 15,173 |
Deferred tax asset, net | 3,323 |  |  | 3,329 |
Security deposits | 900 |  |  | 1,174 |
Other | 4,022 |  |  | 7,077 |
| $ | 371,290 |  |  | $ | 507,250 |
Intangible assets, net are primarily comprised of a reverse subservicing contract intangible asset with an unamortized balance of $18.0 million and $13.7 million at September 30, 2022 and December 31, 2021, respectively. On April 1, 2022, PMC boarded approximately 19,000 reverse mortgage loans with a UPB of $4.1 billion onto our servicing platform under the five-year subservicing agreement executed on October 1, 2021 with Mortgage Assets Management, LLC (formerly known as Reverse Mortgage Solutions, Inc.) (MAM (RMS)). A purchase price of $6.9 million was paid on April 7, 2022 with the assumption of a liability for curtailments and $8.1 million was recognized as a subservicing contract intangible asset, based on its relative fair value, to be amortized ratably over the five-year term of the subservicing contract based on portfolio runoff. This boarding is in addition to approximately 40,000 reverse mortgage loans with a UPB of $9.1 billion boarded during the first quarter of 2022.

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