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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the estimated carrying amount and fair value of the Company's financial instruments and other assets and liabilities measured at fair value on a recurring basis.
 
Successor
 
September 30, 2018
 
 
 
Recurring Fair Value Measurements
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
Mortgage loans held for sale(1)
$
1,681.1

 
$
—

 
$
1,681.1

 
$
—

Mortgage loans held for investment(1)
121.6

 
 
 
—

 
121.6

Mortgage servicing rights(1)
3,485.4

 
—

 
—

 
3,485.4

Derivative financial instruments
 
 
 
 
 
 
 
IRLCs
57.8

 
—

 
57.8

 
—

Forward MBS trades
12.2

 
—

 
12.2

 
—

LPCs
1.7

 
—

 
1.7

 
—

Eurodollar futures(2)
—

 
—

 
—

 
—

Treasury futures(2)
—

 
—

 
—

 
—

Total assets
$
5,359.8

 
$
—

 
$
1,752.8

 
$
3,607.0

Liabilities
 
 
 
 
 
 
 
Derivative financial instruments
 
 
 
 
 
 
 
IRLCs(2)
$
—

 
$
—

 
$
—

 
$
—

Forward MBS trades
0.5

 
—

 
0.5

 
—

LPCs
1.5

 
—

 
1.5

 
—

Eurodollar futures(2)
—

 
—

 
—

 
—

Treasury futures(2)
0.1

 
—

 
0.1

 
—

Mortgage servicing rights financing
26.3

 
—

 
—

 
26.3

Excess spread financing
1,096.5

 
—

 
—

 
1,096.5

Total liabilities
$
1,124.9

 
$
—

 
$
2.1

 
$
1,122.8


(1) Based on the nature and risks of the underlying assets and liabilities, the fair value is presented for the aggregate account.
(2) Fair values of the underlying assets and liabilities are less than $0.1 for the specified dates.
 
Predecessor
 
December 31, 2017
 
 
 
Recurring Fair Value Measurements
 
Total Fair Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
Mortgage loans held for sale(1)
$
1,890.8

 
$
—

 
$
1,890.8

 
$
—

Mortgage servicing rights(1)
2,937.4

 
—

 
—

 
2,937.4

Derivative financial instruments
 
 
 
 
 
 
 
IRLCs
59.3

 
—

 
59.3

 
—

Forward MBS trades
2.4

 
—

 
2.4

 
—

LPCs
0.9

 
—

 
0.9

 
—

Eurodollar futures(2)
—

 
—

 
—

 
—

Treasury futures
1.9

 
—

 
1.9

 
—

Total assets
$
4,892.7

 
$
—

 
$
1,955.3

 
$
2,937.4

Liabilities
 
 
 
 
 
 
 
Derivative financial instruments
 
 
 
 
 
 
 
Forward MBS trades
$
2.8

 
$
—

 
$
2.8

 
$
—

LPCs
0.6

 
—

 
0.6

 
—

Eurodollar futures(2)
—

 
—

 
—

 
—

Treasury futures
1.4

 
—

 
1.4

 
—

Mortgage servicing rights financing
9.5

 
—

 
—

 
9.5

Excess spread financing
996.5

 
—

 
—

 
996.5

Total liabilities
$
1,010.8

 
$
—

 
$
4.8

 
$
1,006.0


(1) Based on the nature and risks of the underlying assets and liabilities, the fair value is presented for the aggregate account.
(2) Fair values of the underlying assets and liabilities are less than $0.1 for the specified dates.
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The table below presents a reconciliation for all of the Company's Level 3 assets and liabilities measured at fair value on a recurring basis.
 
Successor
 
Assets
 
Liabilities
 
Mortgage servicing rights
 
Excess spread financing
 
Mortgage servicing rights financing
For the Period August 1 to September 30, 2018
 
 
 
 
 
Balance - beginning of period
$
3,413

 
$
1,039

 
$
26

Total gains or losses included in earnings
20

 
26

 
—

Purchases, issuances, sales, repayments and settlements
 
 
 
 
 
Purchases
72

 
—

 
—

Issuances
43

 
84

 
—

Sales
(63
)
 
—

 
—

Repayments
—

 
(21
)
 
—

Settlements
—

 
(31
)
 
—

Balance - end of period
$
3,485

 
$
1,097

 
$
26

 
Predecessor
 
Assets
 
Liabilities
 
Mortgage servicing rights
 
Excess spread financing
 
Mortgage servicing rights financing
For the Period January 1 to July 31, 2018
 
 
 
 
 
Balance - beginning of period
$
2,937

 
$
996

 
$
10

Total gains or losses included in earnings
166

 
81

 
16

Purchases, issuances, sales, repayments and settlements
 
 
 
 
 
Purchases
144

 
—

 
—

Issuances
162

 
70

 
—

Sales
4

 
—

 
—

Repayments
—

 
(3
)
 
 
Settlements
—

 
(105
)
 
—

Balance - end of period
$
3,413

 
$
1,039

 
$
26

 
Predecessor
 
Assets
 
Liabilities
 
Mortgage servicing rights
 
Excess spread financing
 
Mortgage servicing rights financing
Nine Months Ended September 30, 2017
 
 
 
 
 
Balance - beginning of period
$
3,160

 
$
1,214

 
$
27

Total gains or losses included in earnings
(361
)
 
—

 
(7
)
Purchases, issuances, sales, repayments and settlements
 
 
 
 
 
Purchases
30

 
—

 
—

Issuances
151

 
—

 
—

Sales
(24
)
 
—

 
—

Repayments
—

 
(9
)
 
—

Settlements
—

 
(159
)
 
—

Balance - end of period
$
2,956

 
$
1,046

 
$
20
Fair Value, by Balance Sheet Grouping
The table below presents a summary of the estimated carrying amount and fair value of the Company's financial instruments.
 
Successor
 
September 30, 2018
 
Carrying
Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
198

 
$
198

 
$
—

 
$
—

Restricted cash
332

 
332

 
—

 
—

Advances and other receivables, net
1,174

 
—

 
—

 
1,174

Reverse mortgage interests, net
8,886

 
—

 
—

 
8,980

Mortgage loans held for sale
1,681

 
—

 
1,681

 
—

Mortgage loans held for investment, net
122

 
—

 
—

 
122

Derivative financial instruments
72

 
—

 
72

 
—

Financial liabilities
 
 
 
 
 
 
 
Unsecured senior notes
2,457

 
2,583

 
—

 
—

Advance facilities
596

 
—

 
596

 
—

Warehouse facilities
2,888

 
—

 
2,888

 
—

Mortgage servicing rights financing liability
26

 
—

 
—

 
26

Excess spread financing
1,097

 
—

 
—

 
1,097

Derivative financial instruments
2

 
—

 
2

 
—

Participating interest financing
6,103

 
—

 
6,101

 
—

HECM Securitization (HMBS)
 
 
 
 
 
 
 
Trust 2017-1
151

 
—

 
—

 
176

Trust 2017-2
258

 
—

 
—

 
283

Trust 2018-1
329

 
—

 
—

 
318

Trust 2018-2
292

 
—

 
—

 
271

Nonrecourse debt - legacy assets
32

 
—

 
—

 
31

 
 
 
 
 
 
 
 
 
Predecessor
 
December 31, 2017
 
Carrying
Amount
 
Fair Value
 
Level 1
 
Level 2
 
Level 3
Financial assets
 
 
 
 
 
 
 
Cash and cash equivalents
$
215

 
$
215

 
$
—

 
$
—

Restricted cash
360

 
360

 
—

 
—

Advances and other receivables, net
1,706

 
—

 
—

 
1,706

Reverse mortgage interests, net
9,984

 
—

 
—

 
10,164

Mortgage loans held for sale
1,891

 
—

 
1,891

 
—

Mortgage loans held for investment, net
139

 
—

 
—

 
139

Derivative financial instruments
65

 
—

 
65

 
—

Financial liabilities
 
 
 
 
 
 
 
Unsecured senior notes
1,874

 
1,912

 
—

 
—

Advance facilities
855

 
—

 
855

 
—

Warehouse facilities
3,285

 
—

 
3,286

 
—

Mortgage servicing rights financing liability
10

 
—

 
—

 
10

Excess spread financing
996

 
—

 
—

 
996

Derivative financial instruments
5

 
—

 
5

 
—

Participating interest financing
7,167

 
—

 
7,353

 
—

HECM Securitization (HMBS)
 
 
 
 
 
 
 
Trust 2016-2
94

 
—

 
—

 
112

Trust 2016-3
138

 
—

 
—

 
155

Trust 2017-1
213

 
—

 
—

 
225

Trust 2017-2
365

 
—

 
—

 
371

Nonrecourse debt - legacy assets
37

 
—

 
—

 
36