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Reverse Mortgage Interests, Net (Tables)
 3 Months Ended
Mar. 31, 2020
Reverse Mortgage Interests [Abstract]  
Schedule of Reverse Mortgage Interest
The following table sets forth the activities of the servicing reserves for reverse mortgage interests:
Reserves for reverse mortgage interests
Three Months Ended March 31, 2020
 
Three Months Ended March 31, 2019
Balance - beginning of period
$
3

 
$
13

Provision (release), net
—

 
—

Write-offs
—

 
(5
)
Balance - end of period
$
3

 
$
8

The following table sets forth the activities of the purchase premiums and discounts for reverse mortgage interests:
 
Three Months Ended March 31, 2020
Purchase premiums and discounts for reverse mortgage interests
Net Discount for Participating Interests in HMBS(1)
 
Net Discount for Other Interest Securitized(1)
 
Net Discount for Unsecuritized Interests(1)
Balance - beginning of period
$
10

 
$
(56
)
 
$
(68
)
Utilization of purchase discounts(2)
—

 
5

 
5

(Amortization)/Accretion
(44
)
 
17

 
2

Transfers(3)
18

 
(10
)
 
(8
)
Balance - end of period
$
(16
)
 
$
(44
)
 
$
(69
)

 
Three Months Ended March 31, 2019
Purchase premiums and discounts for reverse mortgage interests
Net Premium for Participating Interests in HMBS(1)
 
Net Discount for Other Interest Securitized(1)
 
Net Discount for Unsecuritized Interests(1)
Balance - beginning of period
$
58

 
$
(100
)
 
$
(122
)
Adjustments(4)
(16
)
 
(2
)
 
(6
)
Utilization of purchase discounts(2)
—

 
6

 
22

(Amortization)/Accretion
(14
)
 
(15
)
 
18

Transfers(3)
8

 
(1
)
 
(7
)
Balance - end of period
$
36

 
$
(112
)
 
$
(95
)

(1) 
Net position as certain items are in a premium/(discount) position, based on the characteristics of underlying tranches of loans.
(2) 
Utilization of purchase discounts on liquidated loans, for which the remaining receivable was written-off.
(3) 
Transfer of premium/(discount) based on the transfer of associated loans between categories consistent with the underlying loan characteristics.
(4) 
Adjustments to premium/(discount) due to revised cost to service assumption utilized in the valuation of reverse mortgage assets and liabilities acquired from the Merger during the measurement period.

Reverse mortgage interests, net consists of the following:
Reverse Mortgage Interests, Net
March 31, 2020
 
December 31, 2019
Participating interests in HECM mortgage-backed securities (“HMBS”), net of $16 and $10 purchase discount and premium, respectively
$
4,027

 
$
4,292

Other interests securitized, net of $44 and $56 purchase discount, respectively
851

 
938

Unsecuritized interests, net of $69 and $68 purchase discount, respectively
1,080

 
1,052

Reserves
(3
)
 
(3
)
Total reverse mortgage interests, net
$
5,955

 
$
6,279

Unsecuritized interests in reverse mortgages consist of the following:
Unsecuritized interests
March 31, 2020
 
December 31, 2019
Repurchased HECM loans (exceeds 98% MCA)
$
782

 
$
789

HECM related receivables(1)
257

 
250

Funded borrower draws not yet securitized
64

 
67

Real estate owned (“REO”) related receivables
46

 
14

Purchase discount, net
(69
)
 
(68
)
Total unsecuritized interests
$
1,080

 
$
1,052



(1) 
HECM related receivables consist primarily of receivables from FNMA for corporate advances and service fees and claims receivables from the U.S. Department of Housing and Urban Development (“HUD”) on reverse mortgage interests.