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MORTGAGE LOANS RECEIVABLE (Tables)
 12 Months Ended
Dec. 31, 2021
Receivables [Abstract]  
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 Geographic Distribution of Mortgage Loans Receivable
The following table summarizes the geographic distribution of the underlying Mortgage Loans Receivable as of December 31, 2021:
State ConcentrationPercentage of Total
Loan Commitment
California58.9 %
Washington12.2 %
New York5.6 %
Other U.S.23.3 %
100.0 %