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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Other Assets and Other Liabilities The following table summarizes the composition of other assets and accrued expenses and other liabilities:
Other AssetsAccrued Expenses and Other Liabilities
December 31,December 31,
2021202020212020
Margin receivable, net(A)
$358,041 $271,753 Margin payable$9,821 $— 
Servicing fee receivables117,935 137,426 MSRs purchase price holdback14,985 25,121 
Due from servicers34,771 67,854 Interest payable30,931 44,623 
Principal and interest receivable85,084 41,589 Accounts payable298,901 87,406 
Equity investments(B)
81,052 55,504 Derivative liabilities (Note 12)34,583 119,762 
Other receivables188,298 109,111 Due to servicers47,000 59,671 
REO21,641 45,299 Due to agencies12,530 26,748 
SFR properties579,607 41,271 Contingent consideration4,951 14,247 
Goodwill(C)
85,199 29,468 Accrued compensation and benefits201,057 67,025 
Notes receivable, at fair value(D)
60,549 52,389 Excess spread financing, at fair value— 18,420 
Warrants, at fair value27,354 23,218 Operating lease liabilities (Note 17)142,620 31,270 
Recovery asset19,251 13,006 Reserve for sales recourse 36,476 9,799 
Property and equipment56,617 26,999 Reserve for servicing losses19,857 9,288 
Receivable from government agency(E)
10,273 14,369 Deferred tax liability440,690 7,859 
Intangible assets143,133 34,125 Other liabilities64,366 16,063 
Prepaid expenses115,110 30,949 $1,358,768 $537,302 
Operating lease right-of-use assets
(Note 17)		117,131 26,913 
Derivative assets (Note 12)138,173 290,144 
Ocwen common stock, at fair value2,559 11,187 
Loans receivable, at fair value(F)
229,631 — 
Credit facilities receivable(G)
41,351 — 
Loans in process and settlements in process(H)
11,681 — 
Other assets83,918 35,848 
$2,608,359 $1,358,422 
(A)Represents collateral posted primarily as a result of changes in fair value of New Residential’s (i) real estate securities securing its secured financing agreements and (ii) derivative instruments.
(B)Represents equity investments in funds that invest in (i) a commercial redevelopment project and (ii) operating companies in the single-family housing industry. The commercial redevelopment project is accounted for at fair value based on the net asset value of New Residential’s investment. Equity investments also includes an investment in
Covius Holding Inc. (“Covius”), a provider of various technology-enabled services to the mortgage and real estate industries, preferred stock in Valon Mortgage, Inc. (“Valon”), a residential mortgage servicing and technology company, and preferred stock in Credijusto Ltd. (“Covalto”), a financial services company.
(C)Includes goodwill derived from the acquisitions of Shellpoint Partners LLC (“Shellpoint”), Guardian Asset Management LLC (“Guardian”) and Genesis. See note 3 for details.
(D)Represents a subordinated debt facility to Covius and a private note with Matic Insurance Services, Inc. (“Matic”). The loans are accounted for under the fair value option. Electing the fair value option allows the Company to record changes in fair value in the Consolidated Statements of Income and provides users of the financial statements with better information regarding the effect of market factors.
(E)Represents claims receivable from the FHA on early buyout (“EBO”) for which foreclosure has been completed and for which New Residential has made or intends to make a claim on the FHA guarantee.
(F)Represents loans made pursuant to a senior credit agreement and a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Manager (Note 18). The loans are accounted for under the fair value option. Electing the fair value option allows the Company to record changes in fair value in the Consolidated Statements of Income and provides users of the financial statements with better information regarding the effect of market factors.
(G)Represents cash deposits and collections associated with certain collateral assets which are held by the lender trust until settled each month.
(H)Loans in process represent timing differences in the disbursing of funds and the closing of the loan. Settlements in process represent timing differences in the receipt of funds and settlement of the loan sale.
Schedule of Real Estate Owned
The following table summarizes activity related to the carrying value of investments in REO:
Balance at December 31, 2019
$93,672 
Purchases6,502
Transfer of loans to real estate owned43,409
Sales(A)
(101,035)
Valuation (provision) reversal2,751
Balance at December 31, 2020
45,299
Purchases2,464 
Transfer of loans to real estate owned30,015 
Sales(A)
(60,407)
Valuation (provision) reversal4,270 
Balance at December 31, 2021
$21,641 
(A)Recognized when control of the property has transferred to the buyer.
The following table summarizes the activity related to the net carrying value of investments in SFR:
Balance at December 31, 2019
$24,133 
Acquisitions and capital improvements17,763 
Dispositions— 
Reclassifications to SFR properties, held for sale, net of dispositions— 
Write-offs— 
Accumulated depreciation(625)
Balance at December 31, 2020
$41,271 
Acquisitions and capital improvements544,850 
Dispositions(442)
Reclassifications to SFR properties, held for sale— 
Write-offs— 
Accumulated depreciation(6,072)
Balance at December 31, 2021
$579,607 
Schedule of Accounts, Notes and Loans Receivable The following table summarizes the activity related to notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2019
$37,001 $— $37,001 
Fundings11,500 — 11,500 
Accrued interest paid-in-kind3,074 — 3,074 
Proceeds from repayments— — — 
Fair value adjustments due to:
Changes in instrument-specific credit risk— — — 
Other factors814 — 814 
Balance at December 31, 2020
$52,389 $— $52,389 
Fundings6,688 250,000 256,688 
Accrued interest paid-in-kind5,298 4,135 9,433 
Proceeds from repayments(3,188)(25,443)(28,631)
Fair value adjustments due to:
Changes in instrument-specific credit risk— — — 
Other factors(638)939 301 
Balance at December 31, 2021
$60,549 $229,631 $290,180 
The following table summarizes residential mortgage loans outstanding by loan type:
December 31,
20212020
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Total residential mortgage loans, held-for-investment, at fair value(B)
$623,937 $569,933 9,718 7.1 %5.1$674,179 
Acquired reverse residential mortgage loans$— $— — — %0.0$5,884 
Acquired performing loans(C)
142,142 130,634 2,839 6.6 %4.6129,345 
Acquired non-performing loans(D)
2,825 2,287 34 7.5 %4.7374,658 
Total residential mortgage loans, held-for-sale, at lower of cost or market$144,967 $132,921 2,873 6.6 %4.6$509,887 
Acquired performing loans(C)(E)
$2,046,945 $2,070,262 12,757 3.5 %12.4$1,423,159 
Acquired non-performing loans(D)(E)
343,133 315,063 2,249 4.8 %6.1335,544 
Originated loans8,565,456 8,829,599 12,479 3.2 %28.02,947,113 
Total residential mortgage loans, held-for-sale, at fair value$10,955,534 $11,214,924 27,485 3.3 %24.4$4,705,816 
Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market$11,100,501 $11,347,845 $5,215,703 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans, held-for-investment, at fair value is grouped and presented as part of Residential Loans and Variable Interest Entity Consumer Loans, Held-for-Investment, at Fair Value on the Consolidated Balance Sheets.
(C)Performing loans are generally placed on nonaccrual status when principal or interest is 120 days or more past due.
(D)As of December 31, 2021, New Residential has placed non-performing loans, held-for-sale on nonaccrual status, except as described in (E) below.
(E)Includes $860.4 million and $221.9 million UPB of Ginnie Mae EBO performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA.
The following table summarizes Mortgage Loans Receivable outstanding by loan purpose as of December 31, 2021:
Carrying
Value(A)
% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
Construction$610,446 40.3 %486 33.2 %8.3 %16.0 
75.6% / 65.0%
Bridge716,764 47.3 %632 43.2 %7.8 %14.573.8 %
Renovation188,552 12.4 %346 23.6 %8.1 %13.4
78.5% / 67.1%
$1,515,762 100.0 %1,464 100.0 %8.1 %15.2
The following table summarizes the activity for Mortgage Loans Receivables:
Balance at December 31, 2020
$— 
Genesis acquisition (Note 3)1,505,635 
Initial loan advances60,125 
Construction holdbacks and draws12,856 
Paydowns and payoffs(60,867)
Fair value adjustments due to:
Changes in instrument-specific credit risk— 
Other factors(1,987)
Balance at December 31, 2021
$1,515,762 
Schedule of Performing Loans Past Due
The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of notes and loans receivable:
December 31, 2021December 31, 2020
Days Past DueUnpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal BalanceUnpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal Balance
Current$289,065 $290,180 $1,115 $51,575 $52,389 $814 
90+— — — — — — 
$289,065 $290,180 $1,115 $51,575 $52,389 $814 
The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of loans:
December 31,
20212020
Days Past DueUnpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal BalanceUnpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal Balance
Less than 120$11,101,345 $11,323,443 $222,098 $5,131,755 $5,099,094 $(32,661)
120+623,093 594,335 (28,758)950,564 790,788 (159,776)
$11,724,438 $11,917,778 $193,340 $6,082,319 $5,889,882 $(192,437)
The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of Mortgage Loans Receivable as of December 31, 2021:
Days Past DueUnpaid Principal BalanceFair ValueFair Value Over (Under) Unpaid Principal Balance
Current$1,473,894 $1,515,762 $41,868 
90+— — — 
$1,473,894 $1,515,762 $41,868 
Schedule of Goodwill
The following table summarizes the carrying value of goodwill by reportable segment:
OriginationServicingMSR
Related Investments		Mortgage Loans ReceivableTotal
Balance at December 31, 2019
$11,836 $12,540 $5,092 $— $29,468 
Goodwill acquired— — — — — 
Accumulated impairment loss— — — — — 
Other adjustments— — — — — 
Balance at December 31, 2020
$11,836 $12,540 $5,092 $— $29,468 
Goodwill acquired(A)
— — — 55,731 55,731 
Accumulated impairment loss— — — — — 
Other adjustments— — — — — 
Balance at December 31, 2021
$11,836 $12,540 $5,092 $55,731 $85,199 
(A)    Refer to Note 3 for discussion regarding the Genesis acquisition.
Schedule of Finite-Lived Intangible Assets
The following table summarizes the acquired identifiable intangible assets:
As of December 31,
Estimated Useful Lives (Years)20212020
Gross Intangible Assets
Customer relationships
3 to 9
$57,949 $13,247 
Purchased technology
3 to 5
93,241 26,896 
Trademarks / Trade names
1 to 5
10,259 1,876 
161,449 42,019 
Accumulated Amortization
Customer relationships6,574 2,489 
Purchased technology10,578 5,053 
Trademarks / Trade names1,164 352 
18,316 7,894 
Intangible Assets, Net
Customer relationships51,375 10,758 
Purchased technology82,663 21,843 
Trademarks / Trade names9,095 1,524 
$143,133 $34,125 
Schedule of Intangible Assets, Future Amortization Expense
The following table summarizes the expected future amortization expense for acquired intangible assets as of December 31, 2021:
Year EndingAmortization Expense
2022$25,738 
202322,148 
202421,215 
202517,694 
2026 and thereafter33,097 
$119,892 
Schedule of Accretion and Other Amortization As reflected on the Consolidated Statements of Cash Flows, Accretion and Other Amortization consists of the following:
Year Ended December 31,
202120202019
Accretion of net discount on securities and loans(A)
$32,670 $96,148 $323,652 
Accretion of servicer advances receivable discount and investments1,822 55,664 28,094 
Accretion of Excess MSRs income30,855 28,352 32,647 
Amortization of deferred financing costs(14,174)(22,733)(4,019)
Amortization of discount on secured notes and bonds payable(13)(388)(1,245)
Amortization of discount on term loan(1,778)(5,503)— 
Total accretion and other amortization$49,382 $151,540 $379,129 
(A)    Includes accretion of the accretable yield on PCD loans.
Change in Fair Value of Investments The following table summarizes the composition of Change in Fair of Investments:
Year Ended December 31,
202120202019
Excess MSRs
$(15,078)$(16,232)$(10,505)
Excess MSRs, equity method investees
1,818 (3,489)6,800 
Servicer advance investments
(9,076)763 10,288 
Real estate and other securities
(400,369)28,455 2,101 
Residential mortgage loans
155,758 (107,604)(70,914)
Consumer loans(20,133)2,816 — 
Derivative instruments
298,803 (53,467)(56,143)
Total change in fair value of investments$11,723 $(148,758)$(118,373)
Schedule of Gain (Loss) on Settlement of Investments, Net The following table summarizes the composition of Gain (Loss) on Settlement of Investments, Net:
Year Ended December 31,
202120202019
Sale of real estate securities$(89,811)$(753,713)$205,989 
Sale of acquired residential mortgage loans120,680 (5,662)153,174 
Settlement of derivatives(172,581)(74,812)(129,923)
Liquidated residential mortgage loans(5,946)4,644 (4,872)
Sale of REO(6,622)(21,925)(11,521)
Extinguishment of debt(1,485)(66,233)(8,532)
Other(78,796)(12,430)23,666 
Total gain (loss) on settlement of investments, net$(234,561)$(930,131)$227,981 
Schedule of Other Income (Loss), Net The following table summarizes the composition of Other Income (Loss), Net:
Year Ended December 31,
202120202019
Unrealized gain (loss) on secured notes and bonds payable$12,991 $(966)$(1,236)
Unrealized gain (loss) on contingent consideration(1,037)(6,568)(10,487)
Unrealized gain (loss) on equity investments5,986 (54,455)(3,096)
Gain (loss) on transfer of loans to REO3,752 7,945 11,842 
Gain (loss) on transfer of loans to other assets(9)(939)(1,144)
Gain (loss) on Ocwen common stock2,181 3,235 174 
Provision for servicing losses(41,038)(15,330)(9,102)
Bargain purchase gain6,024 — 49,539 
Rental revenue13,750 2,422 194 
Ancillary income53,358 22,987 6,538 
Property and maintenance revenue104,797 70,527 14,449 
Other income (loss)(26,787)(40,855)(17,852)
Total other income (loss), net$133,968 $(11,997)$39,819 
Schedule of General and Administrative Expenses The following table summarizes the composition of General and Administrative expenses:
Year Ended December 31,
202120202019
Legal and professional$102,114 $70,502 $89,489 
Loan origination196,989 92,081 59,418 
Occupancy70,616 36,799 19,388 
Subservicing224,138 201,444 227,482 
Loan servicing16,440 14,126 31,737 
Property and maintenance69,083 42,508 8,112 
Other
184,648 90,981 60,855 
Total general and administrative expenses$864,028 $548,441 $496,481