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v3.25.2

Other Financing Liabilities, at Fair Value (Tables) | 6 Months Ended
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Jun. 30, 2025
Transfers and Servicing [Abstract] |
Schedule of Activity Related to Financing Liability - MSRs Pledged | The following table presents the activity of the Other financing liabilities, at fair value that are classified as Level 3 within the valuation hierarchy.
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
Pledged MSR liability and ESS financing liability |  | 2025 |  |  |  |  |  | 2024 |  | 2025 |  | 2024
Beginning balance |  | $ | 835.5 |  |  |  |  |  |  | $ | 901.3 |  |  | $ | 846.9 |  |  | $ | 894.4 |
MSR transfers |  |  |  |  |  |  |  |  |  |  |  |
MSR transfers to Rithm and others |  | 7.5 |  |  |  |  |  |  | 5.8 |  |  | 14.2 |  |  | 12.7 |
Total MSR transfers |  | 7.5 |  |  |  |  |  |  | 5.8 |  |  | 14.2 |  |  | 12.7 |
Derecognition of financing liability |  |  |  |  |  |  |  |  |  |  |  |
Derecognition of financing liability - Rithm |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |
Derecognition of financing liability - MAV (1) |  | — |  |  |  |  |  |  | (85.7) |  |  | — |  |  | (85.7) |
Derecognition of financing liability - Others |  | (12.1) |  |  |  |  |  |  | — |  |  | (12.1) |  |  | — |
Total Derecognition of financing liability |  | (12.2) |  |  |  |  |  |  | (85.7) |  |  | (12.2) |  |  | (85.7) |
Fair value (gain) loss |  |  |  |  |  |  |  |  |  |  |  |
Changes in fair value due to inputs and assumptions |  | 5.1 |  |  |  |  |  |  | 36.6 |  |  | 4.1 |  |  | 56.4 |
Realization of expected cash flows |  | (17.8) |  |  |  |  |  |  | (17.4) |  |  | (34.8) |  |  | (37.3) |
Total fair value (gain) loss |  | (12.7) |  |  |  |  |  |  | 19.2 |  |  | (30.7) |  |  | 19.1 |
Ending balance |  | $ | 818.1 |  |  |  |  |  |  | $ | 840.5 |  |  | $ | 818.1 |  |  | $ | 840.5 |
(1)During the three months ended June 30, 2024, we derecognized a portion of the MAV Pledged MSR liability upon sale of the related MSRs by MAV to a third party with a UPB of $5.5 billion.
Schedule of Assets, Liabilities Related to MSR Transfer Agreements | The following table presents financing liabilities carried at fair value which include pledged MSR liabilities recorded in connection with MSR transfers, subservicing retained, that do not qualify for sale accounting, liabilities of consolidated mortgage-backed securitization trusts and MSR excess servicing spread (ESS) financing liability carried at fair value (see Note 12 – Borrowings for ESS financing liability carried at amortized cost).
|  |  |  |  |  |  | Outstanding Balance
Borrowing Type | Collateral |  |  |  | Maturity |  | June 30, 2025 |  | December 31, 2024
MSR transfers not qualifying for sale accounting (1): |  |  |  |  |  |  |  |  |
Pledged MSR liability, at fair value - MAV | MSRs |  |  |  | (1) |  | $ | 313.2 |  |  | $ | 322.7 |
Rights to MSRs Agreements, at fair value - Rithm | MSRs |  |  |  | (1) |  | 111.0 |  |  | 115.1 |
Pledged MSR liability, at fair value - Others | MSRs |  |  |  | (1) |  | 145.4 |  |  | 145.8 |
Total Pledged MSR liability, at fair value |  |  |  |  |  |  | 569.6 |  |  | 583.5 |
ESS financing liability, at fair value (2) | MSRs |  |  |  | (2) |  | 248.6 |  |  | 263.3 |
Total Other financing liabilities, at fair value |  |  |  |  |  |  | $ | 818.1 |  |  | $ | 846.9 |
(1)MSRs transferred in transactions which do not qualify for sale accounting treatment. Until such time as the transaction qualifies as a sale for accounting purposes, we continue to recognize the MSRs and the related financing liability (referred as Pledged MSR liability) on our consolidated balance sheets, as well as the full amount of servicing fee collected as revenue and the servicing fee remitted as Pledged MSR liability expense in our consolidated statements of operations. The fair value of the Pledged MSR liability may differ from the fair value of the associated transferred MSR asset mostly due to the portion of ancillary income that is contractually retained by PHH or other contractual cash flows. (2)Consists of the obligation to remit to third parties a specified percentage of future servicing fee collections (servicing spread) on reference pools of MSRs, which we are entitled to as owner of the related MSRs. The servicing spread remittance is reported in Pledged MSR liability expense and fair value gains and losses of the ESS financing liability are reported in MSR valuation adjustment, net - See Note 9 – MSR Valuation Adjustments, Net.
Schedule of Results of Operations in Connection With MSR Transfer Agreements that Do Not Qualify for Sale Accounting |
| Three Months Ended June 30,
| 2025 |  | 2024
| Rithm and Others |  | MAV |  | Total |  | Rithm and Others |  | MAV |  | Total
Servicing fees collected on behalf of MAV, Rithm and others | $ | 19.3 |  |  | $ | 13.3 |  |  | $ | 32.6 |  |  | $ | 19.1 |  |  | $ | 17.8 |  |  | $ | 36.9 |
Less: Subservicing fee retained by Onity | (3.6) |  |  | (1.8) |  |  | (5.5) |  |  | (4.4) |  |  | (2.3) |  |  | (6.8) |
Ancillary fee/income and other settlement (including expense reimbursement) | 3.0 |  |  | (0.1) |  |  | 2.9 |  |  | 3.1 |  |  | (0.2) |  |  | 3.0 |
Transferred MSR net servicing fee remittance | $ | 18.7 |  |  | $ | 11.3 |  |  | 30.0 |  |  | $ | 17.8 |  |  | $ | 15.3 |  |  | 33.1 |
ESS servicing spread remittance |  |  |  |  | 13.0 |  |  |  |  |  |  | 13.0 |
Pledged MSR liability expense |  |  |  |  | $ | 43.0 |  |  |  |  |  |  | $ | 46.1 |
| Six Months Ended June 30,
| 2025 |  | 2024
| Rithm and Others |  | MAV |  | Total |  | Rithm and Others |  | MAV |  | Total
Servicing fees collected on behalf of Rithm, MAV and others | $ | 38.2 |  |  | $ | 26.7 |  |  | $ | 64.9 |  |  | $ | 37.8 |  |  | $ | 35.8 |  |  | $ | 73.6 |
Less: Subservicing fee retained by Onity | (7.7) |  |  | (3.7) |  |  | (11.4) |  |  | (9.0) |  |  | (4.9) |  |  | (13.9) |
Ancillary fee/income and other settlement (including expense reimbursement) | 5.4 |  |  | (0.2) |  |  | 5.2 |  |  | 5.5 |  |  | (0.3) |  |  | 5.3 |
Transferred MSR net servicing fee remittance | $ | 36.0 |  |  | $ | 22.8 |  |  | 58.8 |  |  | $ | 34.3 |  |  | $ | 30.7 |  |  | 65.0 |
ESS servicing spread remittance |  |  |  |  | 26.1 |  |  |  |  |  |  | 26.1 |
Pledged MSR liability expense |  |  |  |  | $ | 84.9 |  |  |  |  |  |  | $ | 91.0 |

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