Receivables

6 Months Ended

Jun. 30, 2024


Note 10 – Receivables


	June 30, 2024		December 31, 2023
Servicing-related receivables:
Government-insured loan claims - Forward	$	37.2	$	43.6
Government-insured loan claims - Reverse	60.8		64.5



Due from custodial accounts	14.8		13.8
Subservicing fees and reimbursable expenses	14.9		14.3
Receivable from sale of MSRs (holdback)	6.3		5.1

Subservicing fees, reimbursable expenses and other - Due from MAV	0.8		3.4
Other	6.4		4.5
	141.3		149.2
Income taxes receivable (1)	27.8		27.1

Other receivables	4.7		3.6
	173.8		179.9
Allowance for losses	(20.4)		(25.1)
	$	153.4	$	154.8

(1)Includes $26.0 million and $25.2 million at June 30, 2024 and December 31, 2023, respectively, from the USVI Bureau of Internal Revenue (BIR) for a refund of income taxes paid in prior years. In December 2022, we executed an agreement with the BIR for payment of the income tax refunds related to tax years 2013 through 2015, plus accrued interest, over a two-year period ending December 31, 2024. The BIR did not make the payment that was due on December 31, 2023 nor any subsequent payments pursuant to the agreement. On February 8, 2024, we filed a lawsuit against the USVI for the refund of income taxes paid in prior years and for the USVI’s breach of the above-referenced agreement.


Allowance for Losses	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Beginning balance	$	22.7	$	29.5	$	25.1	$	34.3
Provision	3.1		4.0		7.1		7.9
Charge-offs and other, net	(5.4)		(6.1)		(11.8)		(14.9)
Ending balance	$	20.4	$	27.4	$	20.4	$	27.4

At June 30, 2024 and December 31, 2023, the allowance for losses related to FHA-, VA- or USDA insured loans repurchased from Ginnie Mae guaranteed securitizations (government-insured claims) was $20.0 million and $24.6 million, respectively.