Indebtedness (Tables)

9 Months Ended

Sep. 30, 2020

Notes Payable


						September 30, 2020				December 31, 2019
	Interest Rate	Maturity Date	Collateral	Capacity Amount		Outstanding		Collateral Pledged		Outstanding		Collateral Pledged
Advance Facilities
$875 advance facility(1)	CP+2.5% to 6.5%	April 2021	Servicing advance receivables	$	875	$	144	$	169	$	37	$	88
$640 advance facility(2)	LIBOR+3.9%	August 2022	Servicing advance receivables	640		144		196		—		—
$425 advance facility(3)	LIBOR+2.8% to 6.5%	October 2021	Servicing advance receivables	425		206		261		224		285
$250 advance facility(4)	LIBOR+1.5% to 2.6%	December 2020	Servicing advance receivables	250		—		—		98		167
$100 advance facility	LIBOR+2.5%	January 2021	Servicing advance receivables	100		75		102		63		125
Advance facilities principal amount						569		728		422		665

Warehouse Facilities
$1,500 warehouse facility	LIBOR+1.7%	June 2021	Mortgage loans or MBS	1,500		666		634		759		733
$1,200 warehouse facility	LIBOR+1.5% to 3.0%	November 2020	Mortgage loans or MBS	1,200		564		610		683		724
$1,050 warehouse facility(5)	LIBOR+1.8% to 3.9%	September 2022	Mortgage loans or MBS	1,050		627		679		589		656


					September 30, 2020				December 31, 2019
	Interest Rate	Maturity Date	Collateral	Capacity Amount	Outstanding		Collateral Pledged		Outstanding		Collateral Pledged
$750 warehouse facility	LIBOR+1.8%	August 2021	Mortgage loans or MBS	750	574		591		—		—
$750 warehouse facility	LIBOR+1.7% to 2.8%	October 2021	Mortgage loans or MBS	750	472		481		411		425
$750 warehouse facility(6)	LIBOR+2.3%	September 2022	Mortgage loans or MBS	750	105		135		54		78
$700 warehouse facility(7)	LIBOR+1.3% to 2.2%	November 2020	Mortgage loans or MBS	700	488		505		469		488
$600 warehouse facility	LIBOR+2.2%	February 2021	Mortgage loans or MBS	600	156		185		174		202
$500 warehouse facility	LIBOR+2.5% to 4.0%	May 2021	Mortgage loans or MBS	500	—		—		336		349
$300 warehouse facility	LIBOR+1.4%	January 2021	Mortgage loans or MBS	300	258		258		136		136
$250 warehouse facility(8)	LIBOR+1.4% to 2.3%	December 2020	Mortgage loans or MBS	250	—		—		762		783
$200 warehouse facility	LIBOR+1.8%	April 2021	Mortgage loans or MBS	200	72		74		27		27
$200 warehouse facility	LIBOR+1.3%	November 2020	Mortgage loans or MBS	200	—		—		—		—
$50 warehouse facility	LIBOR+1.8% to 4.8%	April 2021	Mortgage loans or MBS	50	43		45		11		15
$40 warehouse facility	LIBOR+3.3%	January 2021	Mortgage loans or MBS	40	3		4		5		6
Warehouse facilities principal amount					4,028		4,201		4,416		4,622

MSR Facilities
$450 warehouse facility(9)	LIBOR+5.1%	May 2021	MSR	450	—		—		150		945
$260 warehouse facility(2)	LIBOR+3.9%	August 2022	MSR	260	256		659		—		—
$200 warehouse facility(10)	LIBOR+3.5%	August 2021	MSR	200	—		187		—		200
$150 warehouse facility(5)	LIBOR+3.8%	September 2022	MSR	150	—		149		—		130
$50 warehouse facility	LIBOR+2.8%	November 2020	MSR	50	10		80		10		84
MSR facilities principal amount					266		1,075		160		1,359

Advance, warehouse and MSR facilities principal amount					4,863		$	6,004	4,998		$	6,646
Unamortized debt issuance costs					(12)				(1)
Advance and warehouse facilities, net					$	4,851			$	4,997

Pledged Collateral for warehouse and MSR facilities:
Mortgage loans held for sale					$	3,560	$	3,637	$	3,826	$	3,931
Reverse mortgage interests					468		564		590		691
MSR					266		1,075		160		1,359

(1)The capacity amount for this advance facility increased from $125 to $875 in April 2020.

(2)Total capacity for this facility is $900, of which $640 is internally allocated for Advance financing and $260 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations.

(3)The capacity amount for this advance facility increased from $325 to $425 in April 2020.

(4)This advance facility was terminated and transferred to another advance facility in April 2020.

(5)Total capacity amount for this facility is $1,200, of which $150 is a sublimit for MSR financing. The capacity amount increased from $800 to $1,200 in September 2020.

(6)The capacity amount for this warehouse facility increased from $200 to $750 in September 2020.

(7)The capacity amount for this warehouse facility was subsequently increased to $1,500 in October 2020 with a maturity date of October 2021.

(8)The capacity amount for this warehouse facility decreased from $1,000 to $250 in May 2020.

(9)This MSR facility was terminated in August 2020.

(10)The capacity amount for this MSR facility decreased from $400 to $200 in August 2020.

Schedule of unsecured senior notes

Unsecured senior notes consist of the following:


Unsecured senior notes	September 30, 2020		December 31, 2019
$850 face value, 5.500% interest rate payable semi-annually, due August 2028(1)	$	850	$	—
$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(2)	600		—
$600 face value, 6.500% interest rate payable semi-annually, due July 2021(3)	—		492
$300 face value, 6.500% interest rate payable semi-annually, due June 2022(3)	—		206
$950 face value, 8.125% interest rate payable semi-annually, due July 2023(4)	—		950
Unsecured senior notes principal amount	2,200		2,398
Unamortized debt issuance costs, premium and discount	(33)		(32)
Unsecured senior notes, net	$	2,167	$	2,366

(1)On August 6, 2020, the Company completed an offering of $850 aggregate principal amount of 5.500% Senior Notes due 2028 (the “2028 Notes”)

(2)On January 16, 2020, the Company completed an offering of $600 aggregate principal amount of 6.000% Senior Notes due 2027 (the “2027 Notes”).

(3)This note was redeemed in full on February 15, 2020 using the net proceeds of the 2027 Notes offering, together with cash on hand.

(4)This note was redeemed in full on August 13, 2020 using the net proceeds of the 2028 Notes offering, together with cash on hand.

Schedule of maturities of long-term debt

As of September 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 through 2024	$	—
Thereafter	2,200
Total unsecured senior notes principal amount	$	2,200

Schedule of other nonrecourse debt

Other nonrecourse debt consists of the following:


							September 30, 2020		December 31, 2019
Other nonrecourse debt	Issue Date	Maturity Date	Interest Rate	Class of Note	Collateral Amount		Outstanding		Outstanding
Participating interest financing(1)	—	—	0.3%-5.6%	—	$	—	$	3,664	$	4,284
Securitization of nonperforming HECM loans
Trust 2020-1	September 2020	September 2030	1.3%-7.5%	A, M1, M2, M3, M4, M5	519		516		—
Trust 2019-2	November 2019	November 2029	2.3%-6.0%	A, M1, M2, M3, M4, M5	275		259		333
Trust 2019-1	June 2019	June 2029	2.7%-6.0%	A, M1, M2, M3, M4, M5	248		226		302
Trust 2018-3(2)	November 2018	November 2028	3.6%-6.0%	A, M1, M2, M3, M4, M5	—		—		209
Trust 2018-2(2)	July 2018	July 2028	3.2%-6.0%	A, M1, M2, M3, M4, M5	—		—		148
Other nonrecourse debt principal amount							4,665		5,276
Unamortized debt issuance costs, premium and discount							6		10
Other nonrecourse debt, net							$	4,671	$	5,286

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

(2)As discussed in Note 4, Reverse Mortgage Interests, Net, Trust 2018-3 and Trust 2018-2 were collapsed and the related debt was extinguished during the nine months ended September 30, 2020.