DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following table presents certain information regarding New Residential’s secured financing agreements and secured notes and bonds payable debt obligations:

	December 31, 2020															December 31, 2019
									Collateral
Debt Obligations/Collateral	Outstanding Face Amount		Carrying Value(A)		Final Stated Maturity(B)	Weighted Average Funding Cost		Weighted Average Life (Years)	Outstanding Face		Amortized Cost Basis		Carrying Value		Weighted Average Life (Years)	Carrying Value(A)
Secured Financing Agreements(C)
Repurchase Agreements:
Warehouse Credit Facilities-Residential Mortgage Loans(F)	$	4,043,156	$	4,039,564	Feb-21 to Dec-22	2.18	%	0.6	$	4,370,264	$	4,496,831	$	4,465,054	19.5	$	5,053,207
Agency RMBS(D)	12,682,427		12,682,427		Jan-21	0.24	%	0.2	12,929,057		13,715,013		13,800,351		0.9	15,481,677
Non-Agency RMBS(E)	818,063		817,209		Jan-21 to Mar-21	3.48	%	0.3	17,183,226		1,534,798		1,548,351		0.7	7,317,519
Real Estate Owned(G) (H)	8,480		8,480		Feb-21 to Dec-22	3.13	%	1.9	N/A		N/A		11,098		N/A	63,822
Total Secured Financing Agreements	17,552,126		17,547,680			0.84	%	0.3								27,916,225
Secured Notes and Bonds Payable
Excess MSRs(I)	275,088		275,088		Aug-24	4.36	%	3.7	101,142,417		317,234		398,969		6.1	217,300
MSRs(J)	2,704,923		2,691,791		Jul-22 to Dec-25	4.52	%	3.5	416,212,194		4,457,541		4,400,657		5.6	2,640,036
Servicer Advance Investments(K)	423,144		423,144		Apr-21 to Dec-22	1.45	%	1.5	449,150		512,958		538,056		6.0	443,248
Servicer Advances(K)	2,593,643		2,585,575		Apr-21 to Sep-23	2.42	%	1.8	2,970,329		3,002,267		3,002,267		0.7	2,738,424
Residential Mortgage Loans(L)	1,045,275		1,039,838		Apr-21 to Aug-60	4.25	%	30.2	1,602,289		1,535,095		1,365,250		4.8	864,451
Consumer Loans(M)	625,166		628,759		Sep -37	2.03	%	3.6	618,055		682,866		682,866		3.6	816,689
Total Secured Notes and Bonds Payable	7,667,239		7,644,195			3.39	%	6.5								7,720,148
Total/Weighted Average	$	25,219,365	$	25,191,875		1.61	%	2.2								$	35,636,373

(A)Net of deferred financing costs.

(B)All debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid.

(C)These secured financing agreements had approximately $48.5 million of associated accrued interest payable as of December 31, 2020.

(D)All Agency RMBS repurchase agreements have a fixed rate.

(E)All Non-Agency RMBS secured financing agreements have LIBOR-based floating interest rates. This also includes repurchase agreements and related collateral of $25.2 million and $35.1 million, respectively, on retained bonds collateralized by Agency MSRs.

(F)Includes $258.0 million of repurchase agreements which bear interest at a fixed rate of 4.4%. All remaining repurchase agreements have LIBOR-based floating interest rates.

(G)All repurchase agreements have LIBOR-based floating interest rates.

(H)Includes financing collateralized by receivables including claims from FHA on Ginnie Mae EBO loans for which foreclosure has been completed and for which New Residential has made or intends to make a claim on the FHA guarantee.

(I)Includes $275.1 million of corporate loans which bear interest at a fixed rate of 4.4%.

(J)Includes $425.1 million of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR and (ii) a margin of 4.5%; $329.9 million of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR and (ii) a margin of 4.5%; and $1,950.0 million of capital markets notes with fixed interest rates ranging 3.8% to 5.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables that secure these notes.

(K)$2.0 billion face amount of the notes have a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.2% to 1.9%. Collateral includes Servicer Advance Investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM.

(L)Represents (i) a $5.7 million note payable to Mr. Cooper which includes a $1.5 million receivable from government agency and bears interest equal to one-month LIBOR plus 2.9%, (ii) $58.3 million of SAFT 2013-1 mortgage-backed securities issued with fixed interest rate of 3.7% (see Note 13 for fair value details), (iii) $150.9 million of MDST

Trusts asset-backed notes held by third parties which bear interest equal to 6.6% (see Note 13 for fair value details), and (iv) $947.5 million of bonds held by third parties which bear interest at a fixed rate ranging from 3.2% to 5.0%.(M)Includes the SpringCastle debt, which is composed of the following classes of asset-backed notes held by third parties: $572.1 million UPB of Class A notes with a coupon of 2.0% and a stated maturity date in September 2037 and $53.0 million UPB of Class B notes with a coupon of 2.7% and a stated maturity date in May 2036

Activities related to the carrying value of New Residential’s debt obligations were as follows:

	Excess MSRs		MSRs		Servicer Advances(A)		Real Estate Securities		Residential Mortgage Loans and REO		Consumer Loans		Total
Balance at December 31, 2018	$	297,563	$	2,360,856	$	3,382,455	$	11,780,855	$	3,898,059	$	936,447	$	22,656,235
Secured Financing Agreements:
Borrowings	—		—		—		207,138,969		36,177,659		—		243,316,628
Repayments	—		—		—		(196,120,793)		(34,833,314)		—		(230,954,107)
Capitalized deferred financing costs, net of amortization	—		—		—		165		(429)		—		(264)
Secured Notes and Bonds Payable:
Ditech Acquisition(B)	—		—		—		—		209,459		—		209,459
Borrowings	456,741		2,456,410		4,952,585		—		912,445		928,683		9,706,864
Repayments	(537,200)		(2,178,755)		(5,149,327)		—		(383,635)		(1,054,610)		(9,303,527)
Discount on borrowings, net of amortization	—		—		102		—		—		6,169		6,271
Unrealized (gain) loss on notes, fair value	—		—		—		—		1,236		—		1,236
Capitalized deferred financing costs, net of amortization	196		1,525		(4,143)		—		—		—		(2,422)
Balance at December 31, 2019	$	217,300	$	2,640,036	$	3,181,672	$	22,799,196	$	5,981,480	$	816,689	$	35,636,373
Secured Financing Agreements:
Borrowings	—		—		—		113,228,180		63,453,603		—		176,681,783
Repayments	—		—		—		(122,526,887)		(64,520,481)		—		(187,047,368)
Capitalized deferred financing costs, net of amortization	—		—		—		(853)		(2,107)		—		(2,960)
Secured Notes and Bonds Payable:
Borrowings	193,357		3,575,811		4,072,560		—		875,758		663,047		9,380,533
Repayments	(135,569)		(3,517,429)		(4,245,295)		—		(697,789)		(851,688)		(9,447,770)
Discount on borrowings, net of amortization	—		—		—		—		—		(2,882)		(2,882)
Unrealized (gain) loss on notes, fair value	—		—		—		—		(2,627)		3,593		966
Capitalized deferred financing costs, net of amortization	—		(6,627)		(218)		—		45		—		(6,800)
Balance at December 31, 2020	$	275,088	$	2,691,791	$	3,008,719	$	13,499,636	$	5,087,882	$	628,759	$	25,191,875

(A)New Residential net settles daily borrowings and repayments of the Secured Notes and Bonds Payable on its servicer advances.

(B)As a result of the Ditech Acquisition, New Residential acquired the servicing on certain residual tranches of Non-Agency RMBS it already owned, and now consolidates the respective securities.  See Note 9 for the associated loans.

Schedule of Contractual Maturities of Debt Obligations

New Residential’s debt obligations as of December 31, 2020 had contractual maturities as follows:

Year Ending	Nonrecourse(A)		Recourse(B)		Total
2021	$	882,761	$	17,186,206	$	18,068,967
2022	800,000		1,260,621		2,060,621
2023	1,200,000		302,851		1,502,851
2024	—		583,801		583,801
2025	257,468		1,888,428		2,145,896
2026 and thereafter	1,407,229		—		1,407,229
	$	4,547,458	$	21,221,907	$	25,769,365

(A)Includes secured notes and bonds payable of $4.5 billion.

(B)Includes secured financing agreements and secured notes and bonds payable of $17.7 billion and $3.5 billion, respectively.

Schedule of Borrowing Capacity

The following table represents New Residential’s borrowing capacity as of December 31, 2020:

Debt Obligations/ Collateral	Borrowing Capacity		Balance Outstanding		Available Financing
Secured Financing Agreements
Residential mortgage loans and REO	$	4,913,746	$	1,254,198	$	3,659,548
New Loan Originations	6,823,000		2,797,437		4,025,563
Secured Notes and Bonds Payable
Excess MSRs	286,380		275,088		11,292
MSRs(B)	3,689,991		2,704,923		985,068
Servicer advances(A)(B)	4,365,000		3,016,787		1,348,213
	$	20,078,117	$	10,048,433	$	10,029,684

(A)New Residential’s unused borrowing capacity is available if New Residential has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.

(B)The borrowing capacity for servicing advance and MSR capital notes is equal to the current outstanding principal note balance at December 31,2020.

Schedule Term Loans

The table below summarizes the interest expense on the 2020 Term Loan:

	Year Ended December 31,
	2020		2019
Coupon interest at 11%	$	20,435	$	—
Amortization of debt discounts and issuance costs	5,006		—
Total	$	25,441	$	—

Schedule of Debt Redemption

The 2025 Senior Notes mature on October 15, 2025 and the Company may redeem some or all of the 2025 Senior Notes at the Company’s option, at any time from time to time, on or after October 15, 2022 at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2025 Senior Notes to be redeemed):

Year	Price
2022	103.125%
2023	101.563%
2024 and thereafter	100.000%