Receivables

9 Months Ended

Sep. 30, 2022


Note 9 – Receivables


	September 30, 2022		December 31, 2021
Servicing-related receivables:
Government-insured loan claims - Forward	$	70,089	$	90,603
Government-insured loan claims - Reverse	48,840		39,895

Due from custodial accounts	29,900		7,777
Receivable from sale of MSRs (holdback)	7,794		—
Servicing fees	7,033		6,662
Reimbursable expenses	6,770		6,056
Subservicing fees and reimbursable expenses - Due from Rithm	2,245		3,781
Subservicing fees, reimbursable expenses and other - Due from MAV	1,594		4,933
Other	948		1,223
	175,213		160,930
Income taxes receivable	27,815		56,776
Due from MAV	432		990
Other receivables	4,542		3,760
	208,002		222,456
Allowance for losses	(37,164)		(41,749)
	$	170,838	$	180,707

At September 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 $36.5 million and $41.5 million at September 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning balance	$	39,751	$	41,216	$	41,495	$	38,339
Provision	3,319		2,990		8,816		10,526
Charge-offs and other, net	(6,577)		(3,141)		(13,818)		(7,800)
Ending balance	$	36,493	$	41,065	$	36,493	$	41,065