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Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of notes payable
Notes Payable
June 30, 2020December 31, 2019
Advance FacilitiesInterest RateMaturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral pledged
$875 advance facility(1)
CP+2.5% to 6.5%
April 2021Servicing advance receivables$875  $193  $220  $37  $88  
$425 advance facility(2)
LIBOR+2.8% to 6.5%
October 2021Servicing advance receivables425  211  273  224  285  
$250 advance facility(3)
LIBOR+1.5% to 2.6%
December 2020Servicing advance receivables250  —  —  98  167  
$200 advance facility
LIBOR+2.5%
January 2021Servicing advance receivables200  76  106  63  125  
Advance facilities principal amount 480  $599  422  $665  
Unamortized debt issuance costs(5) —  
Advance facilities, net $475  $422  

(1)The capacity amount for this advance facility increased from $125 to $875 in April 2020.
(2)The capacity amount for this advance facility increased from $325 to $425 in April 2020.
(3)This advance facility was terminated and transferred to another advance facility in April 2020.
June 30, 2020December 31, 2019
Warehouse FacilitiesInterest RateMaturity DateCollateralCapacity AmountOutstandingCollateral pledgedOutstandingCollateral pledged
$1,500 warehouse facility
LIBOR+1.7%
June 2021Mortgage loans or MBS$1,500  $669  $637  $759  $733  
$1,200 warehouse facility
LIBOR+1.5% to 3.0%
November 2020Mortgage loans or MBS1,200  568  606  683  724  
$800 warehouse facility(1)
LIBOR+2.1% to 3.8%
April 2021Mortgage loans or MBS800  642  700  589  656  
$750 warehouse facility
LIBOR+1.4% to 2.8%
September 2020Mortgage loans or MBS750  572  583  411  425  
$700 warehouse facility
LIBOR+1.3% to 2.2%
November 2020Mortgage loans or MBS700  624  644  469  488  
$600 warehouse facility
LIBOR+2.2%
February 2021Mortgage loans or MBS600  233  278  174  202  
$500 warehouse facility
LIBOR+2.5% to 4.0%
May 2021Mortgage loans or MBS500  —  1  336  349  
$250 warehouse facility(2)
LIBOR+1.4% to 2.3%
September 2020Mortgage loans or MBS250  —  —  762  783  
$200 warehouse facility
LIBOR+1.4%
January 2021Mortgage loans or MBS200  175  175  136  136  
$200 warehouse facility
LIBOR+2.5%
May 2021Mortgage loans or MBS200  50  74  54  78  
$200 warehouse facility
LIBOR+1.8%
April 2021Mortgage loans or MBS200  19  19  27  27  
$200 warehouse facility
LIBOR+1.3%
October 2020Mortgage loans or MBS200  —  —  —  —  
$50 warehouse facility
LIBOR+1.8% to 4.8%
April 2021Mortgage loans or MBS50  31  36  11  15  
$40 warehouse facility
LIBOR+3.3%
September 2020Mortgage loans or MBS40  4  4  5  6  
Warehouse facilities principal amount 3,587  3,757  4,416  4,622  
MSR Facility
$450 warehouse facility(3)
LIBOR+5.1%
May 2021MSR450  300  628  150  945  
$400 warehouse facility
LIBOR+2.3%
December 2020MSR400  75  176  —  200  
$150 warehouse facility(1)
LIBOR+3.8%
April 2021MSR150  40  117  —  130  
$50 warehouse facility
LIBOR+2.8%
August 2020MSR50  30  87  10  84  
MSR facilities principal amount 445  1,008  160  1,359  
Warehouse and MSR facilities principal amount 4,032  $4,765  4,576  $5,981  
Unamortized debt issuance costs
(1) (1) 
Warehouse facilities, net$4,031  $4,575  
Pledged Collateral:
Mortgage loans held for sale$2,963  $3,016  $3,826  $3,931  
Reverse mortgage interests624  741  590  691  
MSR 445  1,008  160  1,359  

(1)Total capacity amount for this facility is $800 of which $150 is a sublimit for MSR financing.
(2)The capacity amount for this warehouse facility decreased from $1,000 to $250 in May 2020.
(3)The capacity amount for this MSR facility increased from $400 to $450 in May 2020.
Schedule of unsecured senior notes
Unsecured senior notes consist of the following:
Unsecured senior notesJune 30, 2020December 31, 2019
$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, 6.000% interest rate payable semi-annually, due January 2027(1)
600  —  
$600 face value, 6.500% interest rate payable semi-annually, due July 2021(2)
—  492  
$300 face value, 6.500% interest rate payable semi-annually, due June 2022(2)
—  206  
Unsecured senior notes principal amount2,300  2,398  
Unamortized debt issuance costs, premium and discount(39) (32) 
Unsecured senior notes, net $2,261  $2,366  

(1)On January 16, 2020, the Company completed an offering of $600 aggregate principal amount of 6.000% Senior Notes due 2027 (the “2027 Notes”).
(2)This note was redeemed in full on February 15, 2020 using the net proceeds of the 2027 Notes offering, together with cash on hand.
Schedule of maturities of long-term debt
As of June 30, 2020, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2020$—  
2021—  
2022—  
2023950  
2024—  
Thereafter1,350  
Total unsecured senior notes principal amount$2,300  
Schedule of other nonrecourse debt
Other nonrecourse debt consists of the following:
June 30, 2020December 31, 2019
Other nonrecourse debtIssue DateMaturity DateClass of NoteCollateral AmountOutstandingOutstanding
Participating interest financing(1)
———$—  $3,875  $4,284  
Securitization of nonperforming HECM loans
Trust 2019-2November 2019November 2029A, M1, M2, M3, M4, M5287  274  333  
Trust 2019-1June 2019June 2029A, M1, M2, M3, M4, M5264  244  302  
Trust 2018-3November 2018November 2028A, M1, M2, M3, M4, M5200  179  209  
Trust 2018-2July 2018July 2028A, M1, M2, M3, M4, M5149  127  148  
Other nonrecourse debt principal amount4,699  5,276  
Unamortized debt issuance costs, premium and discount8  10  
Other nonrecourse debt, net $4,707  $5,286  

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