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DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations:
December 31, 2021December 31, 2020
Collateral
Debt Obligations/CollateralOutstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements(C)
Repurchase Agreements:
Warehouse Credit Facilities-Residential Mortgage Loans(F)
$10,135,658 $10,131,700 Feb-22 to Sep-251.92 %0.7$10,904,545 $10,936,752 $10,977,338 23.0$4,039,564 
Warehouse Credit Facility-
Mortgage Loans Receivable(G)
1,252,660 1,252,660 Dec-232.15 %2.01,473,894 1,473,894 1,515,762 1.3— 
Agency RMBS(D)
8,386,538 8,386,538 Jan-22 to Apr-220.16 %0.18,396,800 8,661,005 8,442,009 6.912,682,427 
Non-Agency RMBS(E)
656,874 656,874 Jan-22 to Aug-222.43 %0.113,370,966 869,226 924,948 3.3817,209 
Other(G)(H)
165,112 165,112 Mar-22 to Sep-252.95 %1.0N/A234,501 230,062 4.48,480 
Total Secured Financing Agreements20,596,842 20,592,884 1.25 %0.617,547,680 
Secured Notes and Bonds Payable
Excess MSRs(I)
237,835 237,835  Aug-253.74 %3.780,461,630 268,102 333,845 6.3275,088 
MSRs(J)
4,245,401 4,234,771 Mar-22 to Dec-263.47 %3.3524,065,651 6,049,595 6,609,171 6.32,691,791 
Servicer Advance Investments(K)
356,580 355,722 Apr-22 to Dec-221.27 %0.9369,440 405,786 421,807 6.9423,144 
Servicer Advances(K)
2,362,080 2,355,969 Feb-22 to Nov-242.19 %1.32,812,974 2,855,148 2,855,148 0.72,585,575 
Residential Mortgage Loans(L)
1,020,206 1,001,933 Mar-23 to Jul-431.82 %3.2889,840 1,158,669 1,147,245 23.91,039,838 
Consumer Loans(M)
454,542 458,580 Sep-372.05 %8.6449,713 461,026 507,242 3.3628,759 
Total Secured Notes and Bonds Payable8,676,644 8,644,810 2.77 %2.97,644,195 
Total/Weighted Average$29,273,486 $29,237,694 1.71 %1.3$25,191,875 
(A)Net of deferred financing costs.
(B)All debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid.
(C)Includes approximately $20.9 million of associated interest payable as of December 31, 2021.
(D)All fixed interest rates.
(E)All LIBOR-based floating interest rates.
(F)Includes $252.2 million which bear interest at a fixed interest rate of 4.0% with the remaining having LIBOR-based floating interest rates.
(G)All LIBOR-based floating interest rates.
(H)Includes $158.5 million of financing collateralized by a portion of our SFR portfolio as well as financing collateralized by REOs.
(I)Includes $237.8 million of corporate loans which bear interest at a fixed interest rate of 3.7%.
(J)Includes $1.9 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR and (ii) a margin ranging from 2.5% to 4.5%; and $2.3 billion of capital market notes with fixed interest rates ranging 3.0% to 5.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR Financing Receivables securing these notes.
(K)$1.8 billion face amount of the notes has a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.1% to 3.5%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR Financing Receivables owned by NRM.
(L)Represents (i) $27.6 million of SAFT 2013-1 mortgage-backed securities issued with fixed interest rate of 3.8%, (ii) $42.9 million of MDST Trusts asset-backed notes held by third parties which bear interest equal to 6.6%, (iii) a $199.7 million note payable collateralized by SFR properties with a fixed interest rate of 2.8%, and (iv) $750.0 million securitization backed by a revolving warehouse facility to finance newly originated first-lien, fixed- and adjustable-rate residential mortgage loans which bears interest equal to one-month LIBOR plus 1.1%.
(M)Includes the SpringCastle debt, comprising the following classes of asset-backed notes held by third parties: $401.5 million UPB of Class A notes with a coupon of 2.0% and a stated maturity date in September 2037 and $53.0 million UPB of Class B notes with a coupon of 2.7% and a stated maturity date in September 2037 (collectively, “SCFT 2020-A”).
The following table summarizes activities related to the carrying value of debt obligations:
Excess MSRsMSRs
Servicer Advances(A)
Real Estate SecuritiesResidential Mortgage Loans and REOConsumer LoansMortgage Loans ReceivableTotal
Balance at December 31, 2019$217,300 $2,640,036 $3,181,672 $22,799,196 $5,981,480 $816,689 $— $35,636,373 
Secured Financing Agreements
Borrowings— — — 113,228,180 63,453,603 — — 176,681,783 
Repayments— — — (122,526,887)(64,520,481)— — (187,047,368)
Capitalized deferred financing costs, net of amortization— — — (853)(2,107)— — (2,960)
Secured Notes and Bonds Payable
Borrowings193,357 3,575,811 4,072,560 — 875,758 663,047 — 9,380,533 
Repayments(135,569)(3,517,429)(4,245,295)— (697,789)(851,688)— (9,447,770)
Discount on borrowings, net of amortization— — — — — (2,882)— (2,882)
Unrealized (gain) loss on notes, fair value— — — — (2,627)3,593 — 966 
Capitalized deferred financing costs, net of amortization— (6,627)(218)— 45 — — (6,800)
Balance at December 31, 2020$275,088 $2,691,791 $3,008,719 $13,499,636 $5,087,882 $628,759 $— $25,191,875 
Secured Financing Agreements
Acquired borrowings, net of discount (Note 3)— — — — 7,090,577 — — 7,090,577 
Borrowings— — — 64,749,425 129,876,689 — 1,278,647 195,904,761 
Repayments— — — (69,206,600)(130,719,004)— (25,987)(199,951,591)
Capitalized deferred financing costs, net of amortization— — — 951 506 — — 1,457 
Secured Notes and Bonds Payable— 
Acquired borrowings, net of discount— 1,045,000 76,772 — — — — 1,121,772 
Borrowings— 4,042,325 2,971,974 — 949,778 — — 7,964,077 
Repayments(37,253)(3,549,148)(3,346,873)— (974,176)(170,623)— (8,078,073)
Unrealized (gain) loss on notes, fair value— — — — (13,435)444 — (12,991)
Capitalized deferred financing costs, net of amortization— 4,803 1,099 — (72)— — 5,830 
Balance at December 31, 2021$237,835 $4,234,771 $2,711,691 $9,043,412 $11,298,745 $458,580 $1,252,660 $29,237,694 
(A)New Residential net settles daily borrowings and repayments of the Secured Notes and Bonds Payable on its servicer advances.
Schedule of Contractual Maturities of Debt Obligations
Contractual maturities of debt obligations as of December 31, 2021:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
2022$1,088,882 $17,402,381 $18,491,263 
20231,380,352 3,824,659 5,205,011 
2024750,000 1,211,791 1,961,791 
2025— 2,043,989 2,043,989 
2026 and thereafter525,036 1,596,396 2,121,432 
$3,744,270 $26,079,216 $29,823,486 
(A)Includes secured notes and bonds payable of $3.7 billion.
(B)Includes secured financing agreements and secured notes and bonds payable of $20.6 billion and $5.5 billion, respectively.
Schedule of Borrowing Capacity
The following table summarizes borrowing capacity as of December 31, 2021:
Debt Obligations/ CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO$5,178,992 $3,478,514 $1,700,478 
Loan originations21,564,856 8,824,916 12,739,940 
Secured Notes and Bonds Payable
Excess MSRs286,380 237,835 48,546 
MSRs4,999,244 4,245,401 753,843 
Servicer advances4,002,644 2,718,660 1,283,984 
Residential mortgage loans200,000 199,713 287 
$36,232,116 $19,705,039 $16,527,078 
(A)Although available financing is uncommitted, New Residential’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption The 2025 Senior Notes mature on October 15, 2025 and the Company may redeem some or all of the 2025 Senior Notes at the Company’s option, at any time from time to time, on or after October 15, 2022 at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2025 Senior Notes to be redeemed):
YearPrice
2022103.125%
2023101.563%
2024 and thereafter100.000%