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Securitizations and Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2021
Transfers and Servicing [Abstract]  
Schedule of Cash Flows Related to Transfers Accounted for as Sales
The following table presents a summary of cash flows received from and paid to securitization trusts related to transfers of loans accounted for as sales that were outstanding:
 Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Proceeds received from securitizations$5,823,765 $2,364,829 $12,220,596 $4,256,082 
Servicing fees collected (1)16,440 12,561 43,968 35,204 
Purchases of previously transferred assets, net of claims reimbursed
(6,065)(2,061)(16,085)(6,338)
$5,834,140 $2,375,329 $12,248,479 $4,284,948 
(1)We receive servicing fees based upon the securitized loan balances and certain ancillary fees, all of which are reported in Servicing and subservicing fees in the unaudited consolidated statements of operations.
Schedule of Assets That Relate to Continuing Involvement with Transferred Financial Assets with Servicing Rights and Maximum Exposure to Loss Including the Unpaid Principal Balance
The following table presents the carrying amounts of our assets that relate to our continuing involvement with forward loans that we have transferred with servicing rights retained as well as an estimate of our maximum exposure to loss including the UPB of the transferred loans:
September 30, 2021December 31, 2020
Carrying value of assets
MSRs, at fair value$281,161 $137,029 
Advances133,994 143,361 
UPB of loans transferred (1)26,724,676 18,062,856 
Maximum exposure to loss$27,139,831 $18,343,246 
(1)Includes $5.3 billion and $4.1 billion of loans delivered to Ginnie Mae as of September 30, 2021 and December 31, 2020, respectively, and includes loan modifications delivered through the Ginnie Mae Early Buyout Program (EBO).
Carrying Value and Classification of Assets and Liabilities of Loans Held for Sale Financing Facility
The table below presents the carrying value and classification of the assets and liabilities of the loans held for sale financing facility:
September 30, 2021
Mortgage loans (Loans held for sale, at fair value)$461,827 
Outstanding borrowings (Mortgage loan warehouse facilities)465,018 
Carrying Value And Classification Of Assets And Liabilities Of Advance Financing Facilities
The table below presents the carrying value and classification of the assets and liabilities of the advance financing facilities:
September 30, 2021December 31, 2020
Match funded advances (Advances, net)$594,645 $651,576 
Debt service accounts (Restricted cash)7,241 14,195 
Unamortized deferred lender fees (Other assets)1,783 4,253 
Prepaid interest (Other assets)205 291 
Advance match funded liabilities516,572 581,288 
Carrying Value And Classification Of Assets And Liabilities Of Agency MSR Financing Facility
The table below presents the carrying value and classification of the assets and liabilities of the Agency MSR financing facility:
September 30, 2021December 31, 2020
MSRs pledged (MSRs, at fair value)$649,202 $476,371 
Unamortized deferred lender fees (Other assets)2,290 1,183 
Debt service account (Restricted cash)104 211 
Outstanding borrowings (MSR financing facilities, net) 349,298 210,755 
Carrying Value And Classification Of Assets And Liabilities Of PLS Notes Facility
The table below presents the carrying value and classification of the assets and liabilities of the PLS Notes facility:
September 30, 2021December 31, 2020
MSRs pledged (MSRs, at fair value)$103,082 $129,204 
Debt service account (Restricted cash)2,071 2,385 
Outstanding borrowings (MSR financing facilities, net) 48,243 68,313 
Unamortized debt issuance costs (MSR financing facilities, net) 506 894