Indebtedness (Tables)

9 Months Ended

Sep. 30, 2019

Notes Payable



						Successor
						September 30, 2019				December 31, 2018
Advance Facilities	Interest Rate	Maturity Date	Collateral	Capacity Amount		Outstanding		Collateral Pledged		Outstanding		Collateral pledged
$325 advance facility	LIBOR + 1.5% to 6.5%	August 2021	Servicing advance receivables	$	325	$	233	$	294	$	209	$	284
$250 advance facility	LIBOR + 1.5% to 2.6%	December 2020	Servicing advance receivables	250		142		173		218		255
$200 advance facility	LIBOR + 2.5%	December 2019	Servicing advance receivables	200		64		125		90		149
$125 advance facility	LIBOR + 1.5% to 7.4%	July 2020	Servicing advance receivables	125		74		84		78		89
Advance facilities principal amount						513		$	676	595		$	777
Unamortized debt issuance costs						—				—
Advance facilities, net						$	513			$	595



						Successor
						September 30, 2019					December 31, 2018
Warehouse Facilities	Interest Rate	Maturity Date	Collateral	Capacity Amount		Outstanding			Collateral pledged		Outstanding			Collateral pledged
$1,500 warehouse facility	LIBOR + 1.0%	June 2020	Mortgage loans or MBS	$	1,500	$	970		$	938	$	—		$	—
$1,200 warehouse facility	LIBOR + 1.7% to 3.5%	November 12, 2019	Mortgage loans or MBS	1,200		734			779		560			622
$1,000 warehouse facility	LIBOR + 1.4% to 2.3%	September 2020	Mortgage loans or MBS	1,000		521			536		137			140
$800 warehouse facility⁽¹⁾	LIBOR + 1.5% to 2.9%	April 2020	Mortgage loans or MBS	800		586			643		464			514
$750 warehouse facility	LIBOR + 1.4% to 2.8%	September 2020	Mortgage loans or MBS	750		511			524		119			122
$600 warehouse facility	LIBOR + 2.3%	February 2020	Mortgage loans or MBS	600		214			251		151			168
$500 warehouse facility	LIBOR + 1.5% to 2.8%	November 14, 2019	Mortgage loans or MBS	500		405			474		220			248
$500 warehouse facility	LIBOR + 1.5% to 3.0%	April 2020	Mortgage loans or MBS	500		391			400		187			200
$200 warehouse facility	LIBOR + 1.5%	December 2019	Mortgage loans or MBS	200		91			92		—			—
$200 warehouse facility	LIBOR + 1.2%	April 2021	Mortgage loans or MBS	200		91			94		18			19
$200 warehouse facility	LIBOR + 2.0%	January 2020	Mortgage loans or MBS	200		67			94		103			132
$200 warehouse facility	LIBOR + 1.5%	October 2020	Mortgage loans or MBS	200		21			21		—			—
$50 warehouse facility	LIBOR + 2.0% to 6.0%	April 2020	Mortgage loans or MBS	50		13			16		—			—
$40 warehouse facility	LIBOR + 3.3%	September 2020	Mortgage loans or MBS	40		27			28		—			—
$40 warehouse facility	LIBOR + 3.0%	November 29, 2019	Mortgage loans or MBS	40		1			2		1			2
$500 warehouse facility⁽²⁾	LIBOR + 2.0% to 2.3%	September 2020	Mortgage loans or MBS	—		—			—		290			299
Warehouse facilities principal amount						4,643			4,892		2,250			2,466
MSR Facility
$400 warehouse facility	LIBOR + 3.5% to 6.1%	June 2021	MSR	400		150			839		100			928
$400 warehouse facility	LIBOR + 2.3%	December 2020	MSR	400		—			193		—			226
$150 warehouse facility⁽¹⁾	LIBOR + 2.8%	April 2020	MSR	150		—			121		—			430
$50 warehouse facility	LIBOR + 2.8%	August 2020	MSR	50		10			84		—			102
						160			1,237		100			1,686
Warehouse and MSR facilities principal amount						4,803			$	6,129	2,350			$	4,152

Unamortized debt issuance costs						(1		)			(1		)
Warehouse facilities, net						$	4,802				$	2,349

Pledged Collateral:
Mortgage loans and mortgage loans held for investment						$	3,980		$	4,119	$	1,528		$	1,628
Reverse mortgage interests						663			773		722			838
MSR						160			1,237		100			1,686


⁽¹⁾	Total capacity amount for this facility is $800 of which $150 is a sublimit for MSR financing.


⁽²⁾	This facility was terminated during August 2019.

Schedule of Unsecured Senior Notes

Unsecured senior notes consist of the following:



	Successor
	September 30, 2019			December 31, 2018
$950 face value, 8.125% interest rate payable semi-annually, due July 2023	$	950		$	950
$750 face value, 9.125% interest rate payable semi-annually, due July 2026	750			750
$600 face value, 6.500% interest rate payable semi-annually, due July 2021⁽¹⁾	592			592
$300 face value, 6.500% interest rate payable semi-annually, due June 2022	206			206
Unsecured senior notes principal amount	2,498			2,498
Unamortized debt issuance costs, premium and discount	(34		)	(39		)
Unsecured senior notes, net	$	2,464		$	2,459


⁽¹⁾	This note was subsequently paid down by $100 in principal balance in October 2019.

Schedule of Maturities of Long-term Debt

As of September 30, 2019, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:



Year Ending December 31,	Amount
2019	$	—
2020	—
2021⁽¹⁾	592
2022	206
2023	950
Thereafter	750
Total unsecured senior notes principal amount	$	2,498


⁽¹⁾	This note does not include the subsequent pay down of $100 in principal balance in October 2019.

Schedule of Other Nonrecourse Debt

Other nonrecourse debt consists of the following:



						Successor
						September 30, 2019		December 31, 2018
	Issue Date	Maturity Date	Class of Note	Securitized Amount		Outstanding		Outstanding
Participating interest financing⁽¹⁾	—	—	—	$	—	$	4,581	$	5,607
Securitization of nonperforming HECM loans
Trust 2017-2⁽²⁾	September 2017	September 2027	A, M1, M2	—		—		231
Trust 2018-1	March 2018	March 2028	A, M1, M2, M3, M4, M5	232		201		284
Trust 2018-2	August 2018	August 2028	A, M1, M2, M3, M4, M5	179		161		250
Trust 2018-3	November 2018	November 2028	A, M1, M2, M3, M4, M5	254		239		326
Trust 2019-1	June 2019	June 2029	A, M1, M2, M3, M4, M5	347		339		—
Nonrecourse Debt - Legacy⁽³⁾	November 2009	October 2039	A	—		—		29
Other nonrecourse debt principal amount						5,521		6,727
Unamortized debt issuance costs, premium and discount						12		68
Other nonrecourse debt, net						$	5,533	$	6,795


⁽¹⁾	Amounts represent the Company’s participating interest in GNMA HMBS securitized portfolios.


⁽²⁾	As discussed in Note 5, Reverse Mortgage Interests, Net, Trust 2017-2 was extinguished.


⁽³⁾	As discussed in Note 6, Mortgage Loans Held for Sale and Investment, Trust 2009-A, the Company’s legacy portfolio, was collapsed and the related debt was extinguished during September 2019.