XML 53 R38.htm IDEA: XBRL DOCUMENT
v3.25.1

Reverse Mortgages (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Receivables [Abstract] |
Schedule of Loans Held For Investment and HMBS Related Borrowings | The following table presents the estimated fair value of reverse mortgage loans held for investment:
| March 31, 2025 |  | December 31, 2024 |  |
Unpaid principal balance | $ | 10,361.5 |  |  | $ | 10,699.5 |  |  |
Fair value adjustments | 451.0 |  |  | 425.8 |  |  |
Total fair value | $ | 10,812.5 |  |  | $ | 11,125.3 |  |  |
The following table presents the composition of reverse mortgage loans held for investment, at fair value by type:
| March 31, 2025 |  | December 31, 2024
HECM loans - securitized, pledged to HMBS-related borrowings (1) | $ | 10,676.0 |  |  | $ | 10,950.8 |
New HECM loan originations and HECM loan tails (2) - unsecuritized | 136.5 |  |  | 174.5 |
Total fair value | $ | 10,812.5 |  |  | $ | 11,125.3 |
(1)The Ginnie Mae securitization of conventional, HECM loans does not qualify for sale accounting treatment and is accounted for as a secured financing transaction, with the recognition of both loans and HMBS-related borrowing on the consolidated balance sheets. (2)Tails include draws on securitized HECM loans, mortgage insurance premium, servicing fee and other advances which we subsequently securitize. The following table summarizes the activity in reverse mortgage loans held for investment and HMBS related borrowings that do not qualify for sale accounting:
| Three Months Ended March 31,
| 2025 |  | 2024
| Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings |  | Loans Held for Investment - Reverse Mortgages |  | HMBS - Related Borrowings
Beginning balance | $ | 11,125.3 |  |  | $ | (10,872.1) |  |  | $ | 7,970.0 |  |  | $ | (7,797.3) |
Originations | 277.1 |  |  | — |  |  | 250.3 |  |  | — |
Securitization of HECM loans accounted for as a financing | — |  |  | (309.1) |  |  | — |  |  | (247.4) |
Additional proceeds from securitization of HECM loans and tails | — |  |  | (4.1) |  |  | — |  |  | (3.4) |
Acquisition | — |  |  | — |  |  | — |  |  | — |
Repayments (principal payments received) | (786.1) |  |  | 777.1 |  |  | (276.9) |  |  | 272.1 |
Transfers to: |  |  |  |  |  |  |
Loans held for sale, at fair value | (3.1) |  |  | — |  |  | (1.0) |  |  | — |
Receivables | (2.5) |  |  | — |  |  | (0.9) |  |  | — |
REO (Other assets) | (0.2) |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Fair value gains (losses) included in earnings (1) | 202.1 |  |  | (179.4) |  |  | 183.5 |  |  | (169.0) |
Ending balance | $ | 10,812.5 |  |  | $ | (10,587.6) |  |  | $ | 8,125.0 |  |  | $ | (7,945.0) |
(1)See further breakdown of the net gain (loss) in the table below. Includes interest accruals. On November 1, 2024, we acquired certain reverse mortgage assets of MAM and investment funds managed by Waterfall Asset Management, LLC that own MAM (collectively “Waterfall”). The acquired assets were subserviced by PHH and included HECM reverse mortgage loans and mortgage servicing rights with a UPB of $2.9 billion (which are reported on our consolidated balance sheet as Loans held for investment, at fair value along with HMBS-related borrowings, at fair value), $20.0 million cash, and reverse mortgage buyouts, advances, tails and other related assets and liabilities. In consideration of the net acquired assets, Onity issued shares of a new series of preferred stock. Included in Other liabilities is the consideration for assets transferred with a UPB of $14.2 million for which the final amount of consideration is subject to post-closing adjustment to be agreed upon by the parties and may be settled in the form of cash, additional preferred stock, other instrument, or a combination thereof. The following table presents the Fair value gains (losses) on reverse loans held for investment and HMBS-related borrowings included in earnings:
Fair value gains (losses) included in earnings | Three Months Ended March 31,
| 2025 |  | 2024
Fair value gains (losses) of Reverse loans held for investment | $ | 202.1 |  |  | $ | 183.5 |
Fair value gains (losses) of HMBS related borrowings | (179.4) |  |  | (169.0) |
Total fair value gains (losses) included in earnings | $ | 22.7 |  |  | $ | 14.5 |
The following table presents the components of Gain (loss) on reverse loans held for investment and HMBS-related borrowings, net:
Schedule of Reverse Mortgage Revenue, Net |
Gain (Loss) on Reverse Loans Held for Investment and HMBS-related Borrowings, Net | Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Gain on new originations (1) | $ | 5.8 |  |  | $ | 5.9 |  |  |  |  |
Net interest income (servicing fee) (2) | 8.3 |  |  | 6.0 |  |  |  |  |
Other change in fair value of securitized loans held for investment and HMBS-related borrowings, net | 8.6 |  |  | 2.6 |  |  |  |  |
Fair value gains (losses) included in earnings (3) | 22.7 |  |  | 14.5 |  |  |  |  |
Loan fees and other | 1.1 |  |  | 0.9 |  |  |  |  |
| $ | 23.8 |  |  | $ | 15.4 |  |  |  |  |
(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 interest income on loans held for investment less the interest expense on HMBS-related borrowings. The net interest income includes the servicing fee Onity is contractually entitled to on securitized loans. (3)See breakdown between Loans held for investment and HMBS-related borrowings in the table above.

X
- Definition Schedule of loans held for investment and HMBS related borrowings. + References No definition available. + Details
Name: | onit_ScheduleOfLoansHeldForInvestmentAndHMBSRelatedBorrowingsTableTextBlock
Namespace Prefix: | onit_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration