Indebtedness (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Notes Payable

Notes Payable

						March 31, 2020					December 31, 2019
Advance Facilities	Interest Rate	Maturity Date	Collateral	Capacity Amount		Outstanding			Collateral Pledged		Outstanding		Collateral pledged
$325 advance facility(1)	LIBOR+1.5% to 6.5%	August 2021	Servicing advance receivables	$	325	$	223		$	283	$	224	$	285
$250 advance facility(2)	LIBOR+1.5% to 2.6%	December 2020	Servicing advance receivables	250		118			138		98		167
$200 advance facility	LIBOR+2.5%	January 2021	Servicing advance receivables	200		83			117		63		125
$125 advance facility(3)	LIBOR+1.5% to 7.4%	July 2020	Servicing advance receivables	125		66			76		37		88
Advance facilities principal amount						490			$	614	422		$	665
Unamortized debt issuance costs						(1		)			—
Advance facilities, net						$	489				$	422

⁽¹⁾  The capacity amount was subsequently increased to $425 in April 2020 with a maturity date of October 2021.

⁽²⁾  This advance facility was subsequently terminated and transferred to another advance facility in April 2020.

⁽³⁾  The capacity amount was subsequently increased to $875 in April 2020 with a maturity date of April 2021.

						March 31, 2020					December 31, 2019
Warehouse Facilities	Interest Rate	Maturity Date	Collateral	Capacity Amount		Outstanding			Collateral pledged		Outstanding			Collateral pledged
$1,500 warehouse facility	LIBOR+1.0%	June 2020	Mortgage loans or MBS	$	1,500	$	1,214		$	1,160	$	759		$	733
$1,200 warehouse facility	LIBOR+1.5% to 3.0%	November 2020	Mortgage loans or MBS	1,200		566			602		683			724
$1,000 warehouse facility	LIBOR+1.4% to 2.3%	September 2020	Mortgage loans or MBS	1,000		593			608		762			783
$800 warehouse facility(1)	LIBOR+2.1% to 3.8%	April 2021	Mortgage loans or MBS	800		528			639		589			656
$750 warehouse facility	LIBOR+1.4% to 2.8%	September 2020	Mortgage loans or MBS	750		347			355		411			425
$700 warehouse facility	LIBOR+1.3% to 2.2%	November 2020	Mortgage loans or MBS	700		628			649		469			488
$600 warehouse facility	LIBOR+2.0%	February 2021	Mortgage loans or MBS	600		169			203		174			202
$500 warehouse facility	LIBOR+2.0% to 4.0%	May 2020	Mortgage loans or MBS	500		22			23		336			349
$200 warehouse facility	LIBOR+1.4%	January 2021	Mortgage loans or MBS	200		100			101		136			136
$200 warehouse facility	LIBOR+1.2%	April 2021	Mortgage loans or MBS	200		21			21		27			27
$200 warehouse facility	LIBOR+2.0%	May 2020	Mortgage loans or MBS	200		59			83		54			78
$200 warehouse facility	LIBOR+1.3%	October 2020	Mortgage loans or MBS	200		—			—		—			—
$50 warehouse facility	LIBOR+2.0% to 6.0%	June 2020	Mortgage loans or MBS	50		4			6		11			15
$40 warehouse facility	LIBOR+3.3%	September 2020	Mortgage loans or MBS	40		6			7		5			6
Warehouse facilities principal amount						4,257			4,457		4,416			4,622
MSR Facility
$400 warehouse facility	LIBOR+3.5% or 6.1%	January 2023	Mortgage loans or MBS	400		150			836		150			945
$400 warehouse facility	LIBOR+2.3%	December 2020	Mortgage loans or MBS	400		75			190		—			200
$150 warehouse facility(1)	LIBOR+2.8%	April 2021	Mortgage loans or MBS	150		40			119		—			130
$50 warehouse facility	LIBOR+2.8%	August 2020	Mortgage loans or MBS	50		30			71		10			84
MSR facilities principal amount						295			1,216		160			1,359
Warehouse and MSR facilities principal amount						4,552			$	5,673	4,576			$	5,981
Unamortized debt issuance costs						(1		)			(1		)
Warehouse facilities, net						$	4,551				$	4,575
Pledged Collateral:
Mortgage loans held for sale						$	3,659		$	3,748	$	3,826		$	3,931
Reverse mortgage interests						598			709		590			691
MSR						295			1,216		160			1,359

⁽¹⁾  Total capacity amount for this facility is $800 of which $150 is a sublimit for MSR financing.

Schedule of Unsecured Senior Notes

Unsecured senior notes consist of the following:

Unsecured senior notes	March 31, 2020			December 31, 2019
$950 face value, 8.125% interest rate payable semi-annually, due July 2023	$	950		$	950
$750 face value, 9.125% interest rate payable semi-annually, due July 2026	750			750
$600 face value, 6.000% interest rate payable semi-annually, due January 2027(1)	600			—
$600 face value, 6.500% interest rate payable semi-annually, due July 2021(2)	—			492
$300 face value, 6.500% interest rate payable semi-annually, due June 2022(2)	—			206
Unsecured senior notes principal amount	2,300			2,398
Unamortized debt issuance costs, premium and discount	(41		)	(32		)
Unsecured senior notes, net	$	2,259		$	2,366

⁽¹⁾  On January 16, 2020, the Company completed an offering of $600 aggregate principal amount of 6.000% Senior Notes due 2027 (the “2027 notes”).

⁽²⁾  This note was redeemed in full on February 15, 2020 using the net proceeds of the 2027 notes offering, together with cash on hand.

Schedule of Maturities of Long-term Debt

As of March 31, 2020, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:

Year Ending December 31,	Amount
2020	$	—
2021	—
2022	—
2023	950
2024	—
Thereafter	1,350
Total unsecured senior notes principal amount	$	2,300

Schedule of Other Nonrecourse Debt

Other nonrecourse debt consists of the following:

						March 31, 2020		December 31, 2019
Other nonrecourse debt	Issue Date	Maturity Date	Class of Note	Collateral Amount		Outstanding		Outstanding
Participating interest financing(1)	—	—	—	$	—	$	4,045	$	4,284
Securitization of nonperforming HECM loans
Trust 2019-2	November 2019	November 2029	A, M1, M2, M3, M4, M5	306		297		333
Trust 2019-1	June 2019	June 2029	A, M1, M2, M3, M4, M5	286		269		302
Trust 2018-3	November 2018	November 2028	A, M1, M2, M3, M4, M5	209		190		209
Trust 2018-2	July 2018	July 2028	A, M1, M2, M3, M4, M5	157		137		148
Other nonrecourse debt principal amount						4,938		5,276
Unamortized debt issuance costs, premium and discount						7		10
Other nonrecourse debt, net						$	4,945	$	5,286

⁽¹⁾  Amounts represent the Company’s participating interest in GNMA HMBS securitized portfolios.