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Securitizations and Variable Interest Entities (Tables) | 9 Months Ended
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Sep. 30, 2023
Transfers and Servicing [Abstract] |
Schedule of Cash Flows Related to Transfers Accounted for as Sales | The following table presents a summary of cash flows received from and paid to securitization trusts related to transfers of loans accounted for as sales that were outstanding:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2023 |  | 2022 |  | 2023 |  | 2022
Proceeds received from securitizations | $ | 4,619.0 |  |  | $ | 5,227.5 |  |  | $ | 9,233.9 |  |  | $ | 12,925.3 |
Servicing fees collected (1) | 31.0 |  |  | 21.6 |  |  | 86.2 |  |  | 67.2 |
Purchases of previously transferred assets, net of claims reimbursed | (4.0) |  |  | (3.5) |  |  | (11.1) |  |  | (10.3) |
| $ | 4,646.0 |  |  | $ | 5,245.5 |  |  | $ | 9,309.0 |  |  | $ | 12,982.1 |
(1)We receive servicing fees based upon the securitized loan balances and certain ancillary fees, all of which are reported in Servicing and subservicing fees in the unaudited consolidated statements of operations.
Schedule of Assets That Relate to Continuing Involvement with Transferred Financial Assets with Servicing Rights and Maximum Exposure to Loss Including the Unpaid Principal Balance | The following table presents the carrying amounts of our assets that relate to our continuing involvement with forward loans that we have transferred with servicing rights retained as well as an estimate of our maximum exposure to loss including the UPB of the transferred loans:
| September 30, 2023 |  | December 31, 2022
Carrying value of assets |  |  |
MSRs, at fair value | $ | 698.4 |  |  | $ | 524.3 |
Advances | 62.3 |  |  | 75.9 |
UPB of loans transferred (1) | 45,093.6 |  |  | 37,571.1 |
Maximum exposure to loss (2) | $ | 45,854.2 |  |  | $ | 38,171.2 |
(1)Includes $9.7 billion and $6.8 billion of loans delivered to Ginnie Mae as of September 30, 2023 and December 31, 2022, respectively, and includes loan modifications repurchased and delivered through the Ginnie Mae Early Buyout Program (EBO). (2)The maximum exposure to loss in the table above is primarily based on the remaining UPB of loans serviced and assumes all loans were deemed worthless as of the reporting date. It does not take into consideration the proceeds from the underlying collateral liquidation, recoveries or any other recourse available to us, including from mortgage insurance, guarantees or correspondent sellers. We do not believe the maximum exposure to loss from our involvement with these previously transferred loans is representative of the actual loss we are likely to incur based on our contractual rights and historical loss experience and projections. Also, refer to the Loan Put-Back and Related Contingencies section in Note 20 – Contingencies.
Schedule Of Securitization Reverse Mortgage Loans Buyouts And Financing Liabilities | The table below presents the carrying value and classification of the assets and liabilities reported on our consolidated balance sheet that are associated with the securitized reverse mortgage loans buyouts and financing liabilities:
| September 30, 2023 |  |
Mortgage loans (Loans held for sale, at fair value) | $ | 127.4 |  |  |
Receivables, net | 29.4 |  |  |
REO (Other Assets) | 13.4 |  |  |
Debt service accounts (Restricted cash) | 8.4 |  |  |
Outstanding borrowings (Mortgage loan financing facilities, net) | 190.2 |  |  |
Unamortized discount and debt issuance costs (Mortgage loan financing facilities, net) | 23.9 |  |  |
Interest Reserve Account (Restricted cash) | 0.5 |  |  |
Carrying Value And Classification Of Assets And Liabilities Of Advance Financing Facilities | The table below presents the carrying value and classification of the assets and liabilities of the advance financing facilities:
| September 30, 2023 |  | December 31, 2022
Match funded advances (Advances, net) | $ | 471.4 |  |  | $ | 608.4 |
Debt service accounts (Restricted cash) | 11.0 |  |  | 15.8 |
Advance match funded liabilities | 402.2 |  |  | 512.5 |
Carrying Value And Classification Of Assets And Liabilities Of PLS Notes Facility | The table below presents the carrying value and classification of the assets and liabilities of the Agency MSR financing facility and the PLS Notes facility:
| September 30, 2023 |  | December 31, 2022
MSRs pledged (MSRs, at fair value) | $ | 501.9 |  |  | $ | 696.9 |
Debt service account (Restricted cash) | 1.7 |  |  | 1.8 |
Outstanding borrowings (MSR financing facilities, net) | 283.8 |  |  | 366.5 |

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