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v3.23.3

Reverse Mortgages (Tables) | 9 Months Ended
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Sep. 30, 2023
Receivables [Abstract] |
Schedule of Loans Held For Investment and HMBS Related Borrowings |
| Three Months Ended September 30,
| 2023 |  | 2022
| Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings
Beginning balance | $ | 7,674.8 |  |  | $ | (7,486.4) |  |  | $ | 7,376.5 |  |  | $ | (7,155.3) |
Originations | 264.4 |  |  | — |  |  | 349.1 |  |  | — |
Securitization of HECM loans accounted for as a financing (including realized fair value changes) | — |  |  | (281.3) |  |  | — |  |  | (357.7) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (0.9) |  |  | — |  |  | (7.8) |
Repayments (principal payments received) | (280.0) |  |  | 277.3 |  |  | (326.3) |  |  | 326.3 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (1.5) |  |  | — |  |  | (6.5) |  |  | — |
Receivables, net | (0.6) |  |  | — |  |  | (16.7) |  |  | — |
REO (Other assets) | — |  |  | — |  |  | (0.1) |  |  | — |
Change in fair value included in earnings (1) | 120.6 |  |  | (122.4) |  |  | 19.6 |  |  | (13.9) |
Ending balance | $ | 7,777.6 |  |  | $ | (7,613.6) |  |  | $ | 7,395.5 |  |  | $ | (7,208.4) |
Securitized loans (pledged to HMBS-related borrowings) | $ | 7,671.1 |  |  | $ | (7,613.6) |  |  | $ | 7,268.0 |  |  | $ | (7,208.4) |
Unsecuritized loans | 106.5 |  |  |  |  | 127.5 |  |  |
Total | $ | 7,777.6 |  |  |  |  | $ | 7,395.5 |  |  |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings
Beginning balance | $ | 7,504.1 |  |  | $ | (7,326.8) |  |  | $ | 7,199.8 |  |  | $ | (6,885.0) |
Originations | 771.8 |  |  | — |  |  | 1,494.0 |  |  | — |
Securitization of HECM loans accounted for as a financing (including realized fair value changes) | — |  |  | (783.7) |  |  | — |  |  | (1,507.6) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (7.1) |  |  | — |  |  | (30.1) |
Acquisition | — |  |  | — |  |  | 211.3 |  |  | (209.1) |
Repayments (principal payments received) | (807.3) |  |  | 802.4 |  |  | (1,321.4) |  |  | 1,319.8 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (4.6) |  |  | — |  |  | (26.2) |  |  | — |
Receivables, net | (2.6) |  |  | — |  |  | (66.1) |  |  | — |
REO (Other assets) | (0.1) |  |  | — |  |  | (0.2) |  |  | — |
Change in fair value included in earnings (1) | 316.3 |  |  | (298.5) |  |  | (95.5) |  |  | 103.6 |
Ending balance | $ | 7,777.6 |  |  | $ | (7,613.6) |  |  | $ | 7,395.5 |  |  | $ | (7,208.4) |
Securitized loans (pledged to HMBS-related borrowings) | $ | 7,671.1 |  |  | $ | (7,613.6) |  |  | $ | 7,268.0 |  |  | $ | (7,208.4) |
Unsecuritized loans | 106.5 |  |  |  |  | 127.5 |  |  |
Total | $ | 7,777.6 |  |  |  |  | $ | 7,395.5 |  |  |
(1)See further breakdown of the net gain (loss) in the table below.
Schedule of Reverse Mortgage Revenue, Net |
Gain (Loss) on Reverse Loans Held for Investment and HMBS-related Borrowings, Net | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Gain on new originations (1) | $ | 4.4 |  |  | $ | 9.3 |  |  | $ | 13.9 |  |  | $ | 42.6 |
Gain on tail securitizations (2) | 2.8 |  |  | 2.6 |  |  | 8.9 |  |  | 9.3 |
Net interest income (servicing fee) (3) | 5.9 |  |  | 5.5 |  |  | 17.7 |  |  | 16.3 |
Other change in fair value of securitized loans held for investment and HMBS-related borrowings, net | (14.8) |  |  | (11.8) |  |  | (22.6) |  |  | (60.1) |
Fair value gains (losses) included in earnings (2) | (1.7) |  |  | 5.7 |  |  | 17.8 |  |  | 8.1 |
Loan fees and other | 1.3 |  |  | 1.2 |  |  | 3.7 |  |  | 9.3 |
| $ | (0.4) |  |  | $ | 6.9 |  |  | $ | 21.5 |  |  | $ | 17.4 |
(1)Includes the changes in fair value of newly originated loans held for investment in the period from interest rate lock commitment date through securitization date. (2)Includes the cash realized gains upon securitization of tails (previously reported within Other change in fair value of securitized loans held for investment and HMBS-related borrowings, net in the table above). (3)Includes the interest income on loans held for investment less the interest expense on HMBS-related borrowings (previously reported within Other change in fair value of securitized loans held for investment and HMBS-related borrowings, net in the table above). The net interest income includes the servicing fee Ocwen is contractually entitled to on securitized loans.

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