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Bank Loans and Related Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024Current30-59 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)
$26,157 $29 $4 $11 $44 $26,201 $27 $26,174 
HELOCs (1,2)
450 1 — 4 5 455 1 454 
Total residential real estate26,607 30 4 15 49 26,656 28 26,628 
Pledged asset lines13,833 4 4 — 8 13,841 — 13,841 
Other318 — — — — 318 4 314 
Total bank loans$40,758 $34 $8 $15 $57 $40,815 $32 $40,783 
December 31, 2023        
Residential real estate:
First Mortgages (1,2)
$26,111 $33 $2 $7 $42 $26,153 $32 $26,121 
HELOCs (1,2)
473 1 1 4 6 479 2 477 
Total residential real estate26,584 34 3 11 48 26,632 34 26,598 
Pledged asset lines13,533 11 — 4 15 13,548 — 13,548 
Other297 — — — — 297 4 293 
Total bank loans$40,414 $45 $3 $15 $63 $40,477 $38 $40,439 
(1) First Mortgages and HELOCs include unamortized premiums and discounts and direct origination costs of $101 million and $100 million at March 31, 2024 and December 31, 2023, respectively.
(2) At March 31, 2024 and December 31, 2023, 42% and 43%, 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 March 31, 2024 or December 31, 2023.
Changes in Allowance for Credit Losses on Bank Loans
Changes in the allowance for credit losses on bank loans were as follows:
Three Months Ended
March 31, 2024First MortgagesHELOCsTotal residential real estatePledged asset linesOtherTotal
Balance at beginning of period$32 $2 $34 $— $4 $38 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Provision for credit losses(5)(1)(6)— — (6)
Balance at end of period$27 $1 $28 $— $4 $32 
March 31, 2023
Balance at beginning of period$66 $4 $70 $— $3 $73 
Charge-offs— — — — — — 
Recoveries— — — — — — 
Provision for credit losses1 — 1 — — 1 
Balance at end of period$67 $4 $71 $— $3 $74 
Credit Quality Indicators of First Mortgages and HELOCs
The credit quality indicators of the Company’s First Mortgages and HELOCs are detailed below:
First Mortgages Amortized Cost Basis by Origination Year
March 31, 202420242023202220212020pre-2020Total First MortgagesRevolving HELOCs amortized cost basisHELOCs converted to term loansTotal HELOCs
Origination FICO
<620$— $— $3 $— $1 $1 $5 $— $— $— 
620 – 6795 5 26 30 19 15 100 — 2 2 
680 – 73967 280 773 1,147 390 278 2,935 49 35 84 
≥740559 2,205 5,185 10,304 3,505 1,403 23,161 250 119 369 
Total$631 $2,490 $5,987 $11,481 $3,915 $1,697 $26,201 $299 $156 $455 
Origination LTV
≤70%$453 $1,673 $4,434 $9,954 $3,257 $1,314 $21,085 $271 $109 $380 
>70% – ≤90%178 817 1,553 1,527 658 381 5,114 28 46 74 
>90% – ≤100%— — — — — 2 2 — 1 1 
Total$631 $2,490 $5,987 $11,481 $3,915 $1,697 $26,201 $299 $156 $455 
Updated FICO
<620$— $10 $15 $15 $16 $17 $73 $2 $6 $8 
620 – 6798 37 83 106 34 47 315 7 9 16 
680 – 73961 227 533 922 299 160 2,202 45 24 69 
≥740562 2,216 5,356 10,438 3,566 1,473 23,611 245 117 362 
Total$631 $2,490 $5,987 $11,481 $3,915 $1,697 $26,201 $299 $156 $455 
Estimated Current LTV (1)
≤70%$457 $1,732 $4,838 $11,239 $3,894 $1,691 $23,851 $296 $155 $451 
>70% – ≤90%174 758 1,124 240 20 6 2,322 3 1 4 
>90% – ≤100%— — 20 2 1 — 23 — — — 
>100%— — 5 — — — 5 — — — 
Total$631 $2,490 $5,987 $11,481 $3,915 $1,697 $26,201 $299 $156 $455 
Gross charge-offs$— $— $— $— $— $— $— $— $— $— 
Percent of Loans on
  Nonaccrual Status		0.01 %0.01 %0.02 %0.01 %0.01 %0.39 %0.04 %0.13 %2.36 %0.88 %
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
First Mortgages Amortized Cost Basis by Origination Year
December 31, 20232023202220212020pre-2020Total First MortgagesRevolving HELOCs amortized cost basisHELOCs converted to term loansTotal HELOCs
Origination FICO
<620$— $2 $1 $1 $1 $5 $— $— $— 
620 – 6794 27 30 20 15 96 — 1 1 
680 – 739299 782 1,160 395 294 2,930 50 38 88 
≥7402,391 5,258 10,439 3,558 1,476 23,122 261 129 390 
Total$2,694 $6,069 $11,630 $3,974 $1,786 $26,153 $311 $168 $479 
Origination LTV
≤70%$1,818 $4,492 $10,078 $3,306 $1,382 $21,076 $279 $117 $396 
>70% – ≤90%876 1,577 1,552 668 402 5,075 32 50 82 
>90% – ≤100%— — — — 2 2 — 1 1 
Total$2,694 $6,069 $11,630 $3,974 $1,786 $26,153 $311 $168 $479 
Updated FICO
<620$4 $15 $19 $8 $17 $63 $2 $5 $7 
620 – 67946 77 87 38 50 298 6 10 16 
680 – 739265 575 984 316 169 2,309 48 26 74 
≥7402,379 5,402 10,540 3,612 1,550 23,483 255 127 382 
Total$2,694 $6,069 $11,630 $3,974 $1,786 $26,153 $311 $168 $479 
Estimated Current LTV (1)
≤70%$1,853 $4,855 $11,341 $3,960 $1,781 $23,790 $308 $167 $475 
>70% – ≤90%841 1,185 289 14 5 2,334 3 1 4 
>90% – ≤100%— 28 — — — 28 — — — 
>100%— 1 — — — 1 — — — 
Total$2,694 $6,069 $11,630 $3,974 $1,786 $26,153 $311 $168 $479 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
Percent of Loans on
  Nonaccrual Status		0.01 %0.02 %0.01 %0.01 %0.19 %0.03 %0.07 %2.40 %0.84 %
(1) Represents the LTV for the full line of credit (drawn and undrawn) for revolving HELOCs.
Converting to Amortizing Loans
The following table presents when current outstanding HELOCs will convert to amortizing loans:
March 31, 2024Balance
Converted to an amortizing loan by period end (1)
$156 
Within 1 year17 
> 1 year – 3 years38 
> 3 years – 5 years44 
> 5 years200 
Total$455 
(1) Includes $3 million of HELOCs converted to amortizing loans during the three months ended March 31, 2024.