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Indebtedness (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of advance and warehouse facilities
Advance and Warehouse Facilities
March 31, 2021December 31, 2020
Interest RateMaturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$875 advance facility
CP+2.0% to 6.5%
January 2022Servicing advance receivables$875 $140 $165 $168 $195 
$640 advance facility(1)
LIBOR+3.9%
August 2022Servicing advance receivables640 231 299 235 305 
$425 advance facility
LIBOR+1.6% to 6.5%
October 2021Servicing advance receivables425 197 250 192 246 
$100 advance facility
LIBOR+2.5%
January 2022Servicing advance receivables100 70 92 74 98 
Advance facilities principal amount 638 806 669 844 
Warehouse Facilities
$2,500 warehouse facility(2)
LIBOR+1.6% to 1.9%
October 2021Mortgage loans or MBS2,500 1,442 1,495 1,003 1,037 
$2,000 warehouse facility
LIBOR+1.6% to 2.0%
February 2023Mortgage loans or MBS2,000 940 1,055 339 392 
$1,500 warehouse facility
LIBOR+1.5%
June 2021Mortgage loans or MBS1,500 867 838 1,081 1,028 
$1,350 warehouse facility(3)
LIBOR+1.7% to 3.9%
September 2022Mortgage loans or MBS1,350 918 990 1,067 1,128 
March 31, 2021December 31, 2020
Interest RateMaturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
$1,200 warehouse facility
LIBOR+1.8% to 3.0%
November 2021Mortgage loans or MBS1,200 497 543 787 839 
$750 warehouse facility
LIBOR+1.8% to 2.3%
August 2021Mortgage loans or MBS750 612 631 477 492 
$750 warehouse facility
LIBOR+1.7% to 2.8%
October 2021Mortgage loans or MBS750 535 549 562 574 
$600 warehouse facility
LIBOR+2.5%
February 2022Mortgage loans or MBS600 332 374 187 222 
$500 warehouse facility
LIBOR+2.5% to 4.0%
May 2021Mortgage loans or MBS500 — — — — 
$300 warehouse facility
LIBOR+1.4%
January 2022Mortgage loans or MBS300 129 130 163 164 
$250 warehouse facility
LIBOR+1.4% to 2.3%
May 2021Mortgage loans or MBS250 1 1 — — 
$200 warehouse facility
LIBOR+1.8%
July 2021Mortgage loans or MBS200 169 173 131 134 
$50 warehouse facility
LIBOR+1.8% to 4.8%
June 2021Mortgage loans or MBS50 36 43 37 42 
$30 warehouse facility(4)
LIBOR+3.3%
January 2022Mortgage loans or MBS30 2 2 1 1 
Warehouse facilities principal amount 6,480 6,824 5,835 6,053 
MSR Facilities
$260 warehouse facility(1)
LIBOR+3.9%
August 2022MSR260260838260668
$200 warehouse facility
LIBOR+3.5%
August 2021MSR200—471—247
$150 warehouse facility(3)
LIBOR+3.8%
September 2022MSR150—438—228
$50 warehouse facility
LIBOR+3.3%
November 2022MSR5010801074
MSR facilities principal amount 2701,8272701,217
Advance, warehouse and MSR facilities principal amount 7,388 $9,4576,774 $8,114 
Unamortized debt issuance costs(9)(11)
Advance and warehouse facilities, net$7,379$6,763
Pledged Collateral for warehouse and MSR facilities:
Mortgage loans held for sale$5,970 $6,210 $5,330 $5,447 
Reverse mortgage interests510 614 505 606 
MSR 270 1,827 270 1,217 

(1)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.
(2)The capacity amount for this warehouse facility increased from $1,500 to $2,500 in 2021.
(3)Total capacity amount for this facility is $1,500, of which $150 is a sublimit for MSR financing.
(4)The capacity amount for this warehouse facility decreased from $40 to $30 in 2021.
Schedule of unsecured senior notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesMarch 31, 2021December 31, 2020
$850 face value, 5.500% interest rate payable semi-annually, due August 2028
$850 $850 
$650 face value, 5.125% interest rate payable semi-annually, due December 2030
650 650 
$600 face value, 6.000% interest rate payable semi-annually, due January 2027
600 600 
Unsecured senior notes principal amount2,100 2,100 
Unamortized debt issuance costs(26)(26)
Unsecured senior notes, net $2,074 $2,074 
Schedule of maturities of long-term debt
As of March 31, 2021, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2021 through 2025$— 
Thereafter2,100 
Total unsecured senior notes principal amount$2,100 
Schedule of other nonrecourse debt
Other nonrecourse debt consists of the following:
March 31, 2021December 31, 2020
Other Nonrecourse DebtIssue DateMaturity DateInterest RateClass of NoteCollateral AmountOutstandingOutstanding
Participating interest financing(1)
——
0.3%-5.6%
—$— $3,306 $3,473 
Securitization of nonperforming HECM loans
Trust 2020-1September 2020September 2030
1.3%-7.5%
A, M1, M2, M3, M4, M5489 471 490 
Trust 2019-2November 2019November 2029
2.3%-6.0%
A, M1, M2, M3, M4, M5254 232 241 
Trust 2019-1June 2019June 2029
2.7%-6.0%
A, M1, M2, M3, M4, M5231 203 212 
Other nonrecourse debt principal amount4,212 4,416 
Unamortized premium, net of debt issuance costs and discount9 8 
Other nonrecourse debt, net $4,221 $4,424 

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