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Securitizations and Financings
 9 Months Ended
Sep. 30, 2019
Variable Interest Entities and Securitizations [Abstract]  
Securitizations and Financings
12. Securitizations and Financings

Variable Interest Entities (VIE)
In the normal course of business, the Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”) determined to be VIEs, which primarily consist of securitization trusts established for a limited purpose. Generally, these SPEs are formed for the purpose of securitization transactions in which the Company transfers assets to an SPE, which then issues to investors various forms of debt obligations supported by those assets.

The Company has determined that the SPEs created in connection with the (i) Nationstar Mortgage Advance Receivables Trust (NMART), (ii) Nationstar Agency Advance Financing Trust (NAAFT) and (iii) Nationstar Advance Agency Receivables Trust (NAART) should be consolidated as the Company is the primary beneficiary of each of these entities. Also, the Company consolidated four reverse mortgage SPEs as it is the primary beneficiary of each of these entities. These SPEs include the Nationstar HECM Loan Trusts.

A summary of the assets and liabilities of the Company’s transactions with VIEs included in the Company’s consolidated financial statements is presented below.
 
Successor
 
September 30, 2019
 
December 31, 2018
 
Transfers
Accounted for as
Secured
Borrowings
 
Reverse Secured Borrowings
 
Transfers
Accounted for as
Secured
Borrowings
 
Reverse Secured Borrowings
Assets
 
 
 
 
 
 
 
Restricted cash
$
70

 
$
46

 
$
70

 
$
63

Reverse mortgage interests, net(1)
—

 
5,471

 
—

 
6,728

Advances and other receivables, net
552

 
—

 
628

 
—

Mortgage loans held for investment, net(2)
—

 
—

 
118

 
—

Total assets
$
622

 
$
5,517

 
$
816

 
$
6,791

 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
Advance facilities(3)
$
449

 
$
—

 
$
505

 
$
—

Payables and other liabilities
1

 
1

 
1

 
1

Participating interest financing
—

 
4,581

 
—

 
5,607

HECM Securitizations (HMBS)
 
 
 
 
 
 
 
Trust 2017-2
—

 
—

 
—

 
231

Trust 2018-1
—

 
201

 
—

 
284

Trust 2018-2
—

 
161

 
—

 
250

Trust 2018-3
—

 
239

 
—

 
326

Trust 2019-1
—

 
339

 
—

 
—

Nonrecourse debt – legacy assets(2)
—

 
—

 
29

 
—

Total liabilities
$
450

 
$
5,522

 
$
535

 
$
6,699



(1) 
Amounts include net purchase discount of $49 and $42 as of September 30, 2019 and December 31, 2018, respectively.
(2) 
The Nationstar Home Equity Loan Trust 2009-A was collapsed in September 2019. Refer to Mortgage Loans Held for Investment in Note 6, Mortgage Loans Held for Sale and Investment, for additional information.
(3) 
Amounts include the Nationstar agency advance financing facility and notes payable recorded by the Nationstar Mortgage Advance Receivable Trust, and the Nationstar Agency Advance Receivables Trust. Refer to Notes Payable in Note 10, Indebtedness, for additional information.

The following table shows a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by the Company.
 
Successor
 
September 30, 2019
 
December 31, 2018
Total collateral balances - UPB
$
1,553

 
$
1,873

Total certificate balances
$
1,562

 
$
1,817



The Company has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of September 30, 2019 and December 31, 2018 and therefore does not have a significant maximum exposure to loss related to these unconsolidated VIEs.

A summary of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 60 days or more past due are presented below.
 
Successor
Principal Amount of Loans 60 Days or More Past Due
September 30, 2019
 
December 31, 2018
Unconsolidated securitization trusts
$
204

 
$
285