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DEBT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations:
March 31, 2022December 31, 2021
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)
$6,499,733 $6,496,986 Apr-22 to Sep-252.02 %0.8$7,301,583 $7,243,197 $7,151,031 21.0$10,138,297 
Warehouse Credit Facilities-Mortgage Loans Receivable(E)
1,089,677 1,089,677 Dec-232.59 %1.71,314,181 1,314,181 1,327,176 0.71,252,660 
Agency RMBS(D)
8,852,537 8,852,537 Apr-22 to Jun-220.23 %0.19,076,373 9,335,810 8,530,172 9.18,386,538 
Non-Agency RMBS(E)
634,347 634,347 Apr-22 to Oct-232.81 %0.114,324,636 902,889 931,034 3.2656,874 
SFR properties(E)
208,326 208,326 Dec-222.77 %0.7N/A292,626 292,626 N/A158,515 
Total Secured Financing Agreements17,284,620 17,281,873 1.18 %0.420,592,884 
Secured Notes and Bonds Payable
Excess MSRs(G)
228,497 228,497  Aug-253.74 %3.476,449,292 268,120 330,248 6.7237,835 
MSRs(H)
4,538,376 4,528,074 Dec-22 to Dec-263.53 %3.0529,125,502 5,668,359 7,610,826 6.84,234,771 
Servicer Advance Investments(I)
329,437 328,586 Apr-22 to Dec-221.22 %0.7354,566 375,232 390,770 7.3355,722 
Servicer Advances(I)
2,249,796 2,244,605 May-22 to Nov-242.32 %1.42,712,916 2,652,210 2,652,210 0.72,355,969 
Residential Mortgage Loans(J)
775,179 774,476 Mar-24 to Jul-431.43 %2.7782,973 784,969 784,969 26.8802,526 
Consumer Loans(K)
419,866 413,881 Sep-372.06 %8.1414,800 426,933 462,023 3.2458,580 
SFR Properties437,660 437,414 Mar-23 - Feb-273.21 %3.3N/A483,268 483,268 N/A199,407 
Mortgage Loans Receivable(L)
324,062 324,062 Dec-264.21 %4.7356,514 356,514 356,514 0.4— 
Total Secured Notes and Bonds Payable9,302,873 9,279,595 2.93 %2.88,644,810 
Total/ Weighted Average$26,587,493 $26,561,468 1.80 %1.3$29,237,694 
(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 $21.3 million of associated accrued interest payable as of March 31, 2022.
(D)All fixed interest rates.
(E)All LIBOR-based floating interest rates.
(F)Includes $240.1 million which bear interest at a fixed rate of 4.0% with the remaining having LIBOR-based floating interest rates.
(G)Includes $228.5 million of corporate loans which bear interest at a fixed rate of 3.7%.
(H)Includes $2.4 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or SOFR, and (ii) a margin ranging from 2.5% to 3.5%; and $2.2 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.
(I)$1.8 billion face amount of the notes have 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 mortgage servicing rights and MSR financing receivables owned by NRM.
(J)Represents (i) $25.2 million of SAFT 2013-1 mortgage-backed securities issued with fixed interest rate of 3.8%, and (ii) $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%.
(K)Includes the SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $366.8 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”).
(L)Reflects the 2022-RTL1 Securitization. Refer to Note 20 for details.
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 LoansSFR PropertiesMortgage Loans ReceivableTotal
Balance at December 31, 2021$237,835 $4,234,771 $2,711,691 $9,043,412 $10,940,823 $458,580 $357,922 $1,252,660 $29,237,694 
Secured Financing Agreements
Borrowings— — — 10,081,997 29,037,595 — 123,250 461,867 39,704,709 
Repayments— — — (9,638,525)(32,680,040)— (73,439)(624,850)(43,016,854)
Capitalized deferred financing costs, net of amortization
— — — — 1,134 — — — 1,134 
Secured Notes and Bonds Payable
Borrowings— 435,000 632,886 — — — 296,688 324,062 1,688,636 
Repayments(9,338)(142,026)(772,313)— (30,878)(34,677)(58,740)— (1,047,972)
Unrealized gain on notes, fair value— — — — 2,828 (10,022)— — (7,194)
Capitalized deferred financing costs, net of amortization
— 329 927 — — — 59 — 1,315 
Balance at March 31, 2022$228,497 $4,528,074 $2,573,191 $9,486,884 $7,271,462 $413,881 $645,740 $1,413,739 $26,561,468 
(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 March 31, 2022 are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
April 1 through December 31, 2022$710,834 $13,307,583 $14,018,417 
20231,200,000 4,790,712 5,990,712 
20241,196,018 1,358,936 2,554,954 
2025— 1,954,100 1,954,100 
2026— 1,906,939 1,906,939 
2027 and thereafter445,044 267,327 712,371 
$3,551,896 $23,585,597 $27,137,493 
(A)Includes secured notes and bonds payable of $3.6 billion.
(B)Includes secured financing agreements and secured notes and bonds payable of $17.3 billion and $6.3 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of March 31, 2022:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO$5,353,992 $3,050,672 $2,303,320 
Loan originations16,404,154 5,497,064 10,907,090 
Secured Notes and Bonds Payable
Excess MSRs286,380 228,497 57,883 
MSRs5,582,219 4,538,376 1,043,843 
Servicer advances4,033,346 2,579,233 1,454,113 
Residential mortgage loans200,000 170,335 29,665 
$31,860,091 $16,064,177 $15,795,914 
(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%