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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments and Nonfinancial Assets Measured at Fair Value on a Recurring or Non-recurring basis or Disclosed, but not Carried, at Fair Value
The carrying amounts and the estimated fair values of our financial instruments and certain of our nonfinancial assets measured at fair value on a recurring or non-recurring basis or disclosed, but not measured, at fair value are as follows:
December 31,
  20252024
 LevelCarrying ValueFair ValueCarrying ValueFair Value
Financial assets:     
Advances, net (b)
3$483.4 $483.4 $577.2 $577.2 
Loans held for sale, at fair value (a) (d)
3, 2
$1,891.7 $1,891.7 $1,290.2 $1,290.2 
Reverse loans held for sale pooled into HMBS, at fair value (a)
3$9,807.5 $9,807.5 $— $— 
Loans held for investment, at fair value (a)
3$— $— $11,125.3 $11,125.3 
Receivables, net (b)
3$189.8 $189.8 $176.4 $176.4 
Financial liabilities:     
HMBS-related borrowings, at fair value (a)
3$9,611.7 $9,611.7 $10,872.1 $10,872.1 
MSR related financing liabilities, at fair value (a)
3$842.0 $842.0 $846.9 $846.9 
MSR financing facilities (b) (c)
3$1,285.2 $1,278.3 $957.9 $947.6 
Advance match funded liabilities (b)
3$341.9 $341.9 $417.1 $417.1 
Mortgage warehouse facilities (b)
3$1,224.6 $1,224.6 $1,046.3 $1,046.3 
Reverse mortgage securitization notes (b) (c)
3$899.3 $909.6 $481.9 $488.9 
Senior notes (b) (c)
3, 2
$489.6 $515.0 $487.4 $495.0 
Derivative financial instrument assets (liabilities), net     
Interest rate lock commitments (IRLCs) (a)
3$17.3 $17.3 $(0.5)$(0.5)
Other derivatives (a)
11.7 1.7 (11.7)(11.7)
MSRs (a)
3$2,825.3 $2,825.3 $2,466.3 $2,466.3 
(a)Measured at fair value on a recurring basis in our financial statements.
(b)Disclosed, but not measured at fair value in our financial statements.
(c)The carrying values are net of unamortized debt issuance costs and discount. See Note 14 — Borrowings for additional information. 
(d)The newly originated portfolio of loans held for sale pending securitization with the Agencies or sale is classified as Level 2; all other loans are classified as Level 3.
Summary of Reconciliation of the Changes in Fair Value of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present a reconciliation of the changes in fair value of certain Level 3 assets and liabilities that we measure at fair value on a recurring basis (refer to the respective notes for other Level 3 assets and liabilities):
Years Ended December 31,
202520242023
Loans Held for Sale - Fair ValueIRLCsLoans Held for Sale - Fair ValueIRLCsLoans Held for Sale - Fair ValueIRLCs
Beginning balance$472.9 $(0.5)$203.1 $5.6 $32.1 $(0.7)
Purchases, issuances, sales and settlements 
Purchases and other
872.5 — 550.9 — 364.2 — 
Issuances (1)
— 226.4 — 28.9 — 39.3 
Sales(316.9)— (170.8)— (102.4)— 
Settlements(172.3)— (92.2)— (60.5)— 
Transfers from (to):
Loans held for sale, at fair value (1)
— (159.9)— (26.0)— (64.9)
Reverse mortgage loans, at fair value
13.1 — 4.8 — 4.5 — 
Receivables, net(70.5)— (32.9)— (34.7)— 
REO (Other assets)
(61.9)— (26.8)(15.2)— 
Advances (incl. capitalization upon Ginnie Mae modification)
17.3 — 9.4 — 4.4 — 
Other
(6.8)— 2.9 — (0.9)— 
Net additions (disposition/derecognition)
274.5 66.5 245.3 3.0 159.3 (25.6)
Included in earnings:
Change in fair value (1)
32.7 (48.7)24.5 (9.1)11.7 32.0 
Ending balance$780.1 $17.3 $472.9 $(0.5)$203.1 $5.6 
(1)IRLC activity (issuances and transfers) represent changes in fair value included in earnings. This activity is presented on a gross basis in the table for disclosure purposes. Total net change in fair value included in earnings attributed to IRLCs is a gain (loss) of $17.8 million, $(6.2) million and $6.3 million for 2025, 2024 and 2023, respectively. See Note 18 — Derivative Financial Instruments and Hedging Activities.
Schedule of Significant Assumptions used in Valuation Significant unobservable assumptions include conditional prepayment rate and discount rate. The conditional prepayment rate assumption displayed in the table below is inclusive of voluntary (repayment or payoff) and involuntary (inactive/delinquent status and default) prepayments. The discount rate assumption is primarily based on an assessment of current market yields on reverse mortgage loan and tail securitizations, expected duration of the asset and current market interest rates.
December 31,
Significant unobservable assumptions20252024
Life in years
Range
0.6 to 7.8
0.4 to 7.6
Weighted average 4.7 4.2 
Conditional prepayment rate (CPR), including voluntary and involuntary prepayments (a)
Range
13.1% to 26.6%
13.1% to 31.6%
Weighted average 18.9 %21.3 %
Discount rate4.8 %5.4 %
(a)Annualized rate of lifetime projected prepayments as a percentage of the UPB at the beginning of any given period.
Significant Unobservable Assumptions
December 31,
20252024
GSE
Ginnie Mae
Non-AgencyGSE
Ginnie Mae
Non-Agency
Discount rate
Range
8.9% to 15.1%
10.5% to 15.0%
9.5% to 14.5%
7.9% to 16.0%
10.8% to 15.3%
9.5% to 14.5%
Weighted average
9.2 %10.6 %10.4 %9.8 %10.8 %10.9 %
Prepayment speed
Range
4.0% to 10.0%
5.7% to 10.6%
5.4% to
 7.5%
3.7% to
8.8%
5.6% to 12.5%
5.7% to
 8.7%
Weighted average
6.8 %7.7 %6.4 %6.2 %7.6 %7.8 %
Delinquency
Range
0.4% to
 1.0%
4.8% to
 9.1%
9.0% to 17.7%
0.4% to
 1.2%
5.2% to 10.7%
8.0% to 18.3%
Weighted average
0.5 %5.6 %12.0 %0.5 %6.0 %10.4 %
Cost to service (in dollars)
Range
$67 to
$69
$92 to
 $108
$158 to
 $189
$67 to
 $70
$93 to
 $117
$177 to
 $226
Weighted average
$67 $96 $173 $67 $98 $193 
December 31,
Significant unobservable assumptions20252024
Life in years
Range
0.6 to 7.8
0.4 to 7.6
Weighted average 4.7 4.2
Conditional prepayment rate
Range
13.1% to 26.6%
13.1% to 31.6%
Weighted average 18.9 %21.3 %
Discount rate4.7 %5.3 %
December 31,
Significant unobservable assumptions20252024
Weighted average prepayment speed5.2 %5.4 %
Weighted average delinquency rate3.3 %3.0 %
Weighted average subservicing life (in years)5.24.7
Weighted average discount rate9.6 %10.3 %
Weighted average cost to service (in dollars)$124 $133 
Summary of Estimated Change in the Value of MSRs Carried at Fair Value
The following table summarizes the estimated change in the value of the MSRs as of December 31, 2025 given hypothetical increases in significant unobservable assumptions:
Adverse change in fair value10%20%
Change in weighted average discount rate (in percentage points)1.0 1.9 
Change in fair value due to change in weighted average discount rate
$(98.1)$(188.4)
Change in weighted average prepayment speeds (in percentage points)0.8 1.6 
Change in fair value due to change in weighted average prepayment speeds$(77.8)$(147.6)
Change in weighted average delinquency (in percentage points)
0.4 0.8 
Change in fair value due to change in weighted average delinquency
$(18.4)$(33.3)
Change in weighted average cost to service (in dollars)
8.2 16.4 
Change in fair value due to change in weighted average cost to service (in dollars)
$(19.7)$(39.5)