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Securitizations and Financings
 9 Months Ended
Sep. 30, 2020
Variable Interest Entities and Securitizations [Abstract]  
Securitizations and Financings
10. Securitizations and Financings

Variable Interest Entities
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 certain advance facilities trusts should be consolidated as the Company is the primary beneficiary of each of these entities. Also, the Company consolidated certain 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:
September 30, 2020December 31, 2019
Consolidated transactions with VIEsTransfers
Accounted for as
Secured
Borrowings		Reverse Secured BorrowingsTransfers
Accounted for as
Secured
Borrowings		Reverse Secured Borrowings
Assets
Restricted cash$44 $25 $66 $42 
Reverse mortgage interests, net(1)
— 4,603 — 5,230 
Advances and other receivables, net430 — 540 — 
Total assets$474 $4,628 $606 $5,272 
Liabilities
Advance facilities(2)
$347 $— $359 $— 
Payables and other liabilities— — 1 1 
Participating interest financing— 3,664 — 4,284 
HECM Securitizations (HMBS)
Trust 2020-1— 516 — — 
Trust 2019-2— 259 — 333 
Trust 2019-1— 226 — 302 
Trust 2018-3— — — 209 
Trust 2018-2— — — 148 
Total liabilities$347 $4,665 $360 $5,277 

(1)Amounts include net purchase discount of $62 and $46 as of September 30, 2020 and December 31, 2019, respectively.
(2)Refer to advance facilities in Note 9, 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:
Unconsolidated securitization trustsSeptember 30, 2020December 31, 2019
Total collateral balances - UPB$1,378 $1,503 
Total certificate balances$1,378 $1,512 

The Company has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of September 30, 2020 and December 31, 2019 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:
Principal Amount of Transferred Loans 60 Days or More Past DueSeptember 30, 2020December 31, 2019
Unconsolidated securitization trusts$179 $193