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Bank Loans and Related Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
Composition of Bank Loans and Delinquency Analysis by Loan Segment
The composition of bank loans and delinquency analysis by portfolio segment and class of financing receivable is as follows:
December 31, 2021Current30-59 days
past due		60-89 days
past due
>90 days past
due and other
nonaccrual loans (3)
Total past due and other
nonaccrual loans		Total
loans		Allowance for credit
losses
Total
bank
loans – net
Residential real estate:
First Mortgages (1,2)
$21,022 $41 $1 $26 $68 $21,090 $13 $21,077 
HELOCs (1,2)
637 2 — 9 11 648 2 646 
Total residential real estate21,659 43 1 35 79 21,738 15 21,723 
Pledged asset lines12,698 3 8 — 11 12,709 — 12,709 
Other207 — — — — 207 3 204 
Total bank loans$34,564 $46 $9 $35 $90 $34,654 $18 $34,636 
       
December 31, 2020       
Residential real estate:
First Mortgages (1,2)
$14,804 $27 $1 $72 $100 $14,904 $22 $14,882 
HELOCs (1,2)
823 1 1 17 19 842 5 837 
Total residential real estate15,627 28 2 89 119 15,746 27 15,719 
Pledged asset lines7,901 10 5 — 15 7,916 — 7,916 
Other181 — — — — 181 3 178 
Total bank loans$23,709 $38 $7 $89 $134 $23,843 $30 $23,813 
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $91 million and $72 million at December 31, 2021 and 2020, respectively.
(2) At December 31, 2021 and 2020, 46% and 45%, respectively, of the First Mortgage and HELOC portfolios were concentrated in California. These loans have performed in a manner consistent with the portfolio as a whole.
(3) There were no loans accruing interest that were contractually 90 days or more past due at December 31, 2021 or 2020.
Changes in Allowance for Credit Losses on Bank Loans
Changes in the allowance for credit losses on bank loans were as follows:
December 31, 2021December 31, 2020December 31, 2019
First MortgagesHELOCsTotal residential real estateOtherTotalFirst MortgagesHELOCsTotal residential real estateOtherTotalFirst MortgagesHELOCsTotal residential real estateOtherTotal
Balance at beginning of year$22 $5 $27 $3 $30 $11 $4 $15 $3 $18 $14 $5 $19 2 $21 
Adoption of ASU 2016-13— — — — — 1 — 1 — 1 — — — — — 
Charge-offs— — — (1)(1)— — — — — — — — — — 
Recoveries— 1 1 — 1 1 — 1 — 1 1 1 2 — 2 
Provision for credit losses(9)(4)(13)1 (12)9 1 10 — 10 (4)(2)(6)1 (5)
Balance at end of year$13 $2 $15 $3 $18 $22 $5 $27 $3 $30 $11 $4 $15 $3 $18 
Bank Loan-related Nonperforming Assets and Troubled Debt Restructurings
A summary of bank loan-related nonperforming assets and troubled debt restructurings is as follows:
December 31,20212020
Nonaccrual loans (1)
$35 $89 
Other real estate owned (2)
1 1 
Total nonperforming assets36 90 
Troubled debt restructurings— 1 
Total nonperforming assets and troubled debt restructurings$36 $91 
(1) Nonaccrual loans include nonaccrual troubled debt restructurings.
(2) Included in other assets on the consolidated balance sheets.
Credit Quality Indicators of Bank Loan Portfolio
The credit quality indicators of the Company’s First Mortgages and HELOCs are detailed below:
First Mortgages Amortized Cost Basis by Origination Year
December 31, 202120212020201920182017pre-2017Total First MortgagesRevolving HELOCs amortized cost basisHELOCs converted to term loansTotal HELOCs
Origination FICO
<620$1 $1 $— $— $— $1 $3 $— $— $— 
620 – 67934 25 5 1 6 19 90 — 2 2 
680 – 7391,306 524 146 41 98 215 2,330 61 60 121 
≥74011,649 4,454 1,049 165 354 996 18,667 308 217 525 
Total$12,990 $5,004 $1,200 $207 $458 $1,231 $21,090 $369 $279 $648 
Origination LTV
≤70%$11,234 $4,159 $948 $160 $351 $909 $17,761 $305 $199 $504 
>70% – ≤90%1,756 845 252 47 107 319 3,326 64 78 142 
>90% – ≤100%— — — — — 3 3 — 2 2 
Total$12,990 $5,004 $1,200 $207 $458 $1,231 $21,090 $369 $279 $648 
Weighted Average
  Updated FICO
<620$5 $2 $1 $— $2 $12 $22 $2 $6 $8 
620 – 67996 69 19 7 8 30 229 6 14 20 
680 – 7391,265 421 115 24 53 149 2,027 51 39 90 
≥74011,624 4,512 1,065 176 395 1,040 18,812 310 220 530 
Total$12,990 $5,004 $1,200 $207 $458 $1,231 $21,090 $369 $279 $648 
Estimated Current LTV (1)
≤70%$11,707 $4,961 $1,196 $206 $455 $1,229 $19,754 $368 $277 $645 
>70% – ≤90%1,283 43 4 1 3 2 1,336 1 2 3 
>90% – ≤100%— — — — — — — — — — 
>100%— — — — — — — — — — 
Total$12,990 $5,004 $1,200 $207 $458 $1,231 $21,090 $369 $279 $648 
Percent of Loans on
Nonaccrual Status		0.03 %0.10 %0.03 %0.03 %0.03 %1.40 %0.12 %0.64 %2.33 %1.39 %
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
First Mortgages Amortized Cost Basis by Origination Year
December 31, 20202020201920182017pre-2017Total First MortgagesRevolving HELOCs amortized cost basisHELOCs converted to term loansTotal HELOCs
Origination FICO
<620$1 $— $— $— $2 $3 $— $— $— 
620 – 67929 13 3 8 31 84 1 3 4 
680 – 739794 355 105 181 419 1,854 82 80 162 
≥7407,150 2,452 449 858 2,054 12,963 380 296 676 
Total$7,974 $2,820 $557 $1,047 $2,506 $14,904 $463 $379 $842 
Origination LTV
≤70%$6,653 $2,211 $396 $793 $1,935 $11,988 $351 $269 $620 
>70% – ≤90%1,321 609 161 254 568 2,913 112 107 219 
>90% – ≤100%— — — — 3 3 — 3 3 
Total$7,974 $2,820 $557 $1,047 $2,506 $14,904 $463 $379 $842 
Weighted Average
  Updated FICO
<620$5 $2 $1 $4 $19 $31 $3 $9 $12 
620 – 67967 34 16 21 60 198 12 20 32 
680 – 739784 252 66 121 281 1,504 58 55 113 
≥7407,118 2,532 474 901 2,146 13,171 390 295 685 
Total$7,974 $2,820 $557 $1,047 $2,506 $14,904 $463 $379 $842 
Estimated Current LTV (1)
≤70%$6,999 $2,582 $533 $1,034 $2,490 $13,638 $452 $368 $820 
>70% – ≤90%975 238 24 13 16 1,266 11 9 20 
>90% – ≤100%— — — — — — — 1 1 
>100%— — — — — — — 1 1 
Total$7,974 $2,820 $557 $1,047 $2,506 $14,904 $463 $379 $842 
Percent of Loans on
Nonaccrual Status		0.09 %0.38 %1.02 %0.87 %1.57 %0.48 %1.37 %2.80 %2.02 %
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
Convert to Amortizing Loans
The following table presents HELOCs converted to amortizing loans during each period presented:
December 31,20212020
HELOCs converted to amortizing loans$19 $26 
The following table presents when current outstanding HELOCs will convert to amortizing loans:
December 31, 2021Balance
Converted to an amortizing loan by period end$279 
Within 1 year16 
> 1 year – 3 years72 
> 3 years – 5 years65 
> 5 years216 
Total$648