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Indebtedness (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of advance and warehouse facilities
Advance and Warehouse Facilities
September 30, 2021December 31, 2020
Interest RateMaturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$940 advance facility(1)
LIBOR+3.5%
August 2023Servicing advance receivables$940 $170 $228 $235 $305 
$350 advance facility(2)
LIBOR+1.1% to 6.5%
October 2022Servicing advance receivables350 168 211 192 246 
$350 advance facility(3)
CP+2.0% to 6.5%
January 2022Servicing advance receivables350 136 159 168 195 
$100 advance facility
LIBOR+2.5%
January 2022Servicing advance receivables100 65 86 74 98 
Advance facilities principal amount 539 684 669 844 
Warehouse Facilities
$4,000 warehouse facility(4)
LIBOR+1.6% to 2.2%
February 2023Mortgage loans or MBS4,000 3,117 3,352 339 392 
$2,500 warehouse facility(5)
LIBOR+1.6% to 1.9%
October 2022Mortgage loans or MBS2,500 1,225 1,276 1,003 1,037 
$1,600 warehouse facility(6)(7)
LIBOR+1.5% to 3.0%
September 2023Mortgage loans or MBS1,600 906 945 951 977 
$1,500 warehouse facility
LIBOR+1.5%
June 2022Mortgage loans or MBS1,500 546 529 1,081 1,028 
$1,200 warehouse facility(6)
LIBOR+1.8% to 3.0%
November 2021Mortgage loans or MBS1,200 473 492 586 607 
$600 warehouse facility(6)
LIBOR+2.5%
February 2022Mortgage loans or MBS600 37 38 — — 
$550 warehouse facility(8)
LIBOR+1.5%
August 2022Mortgage loans or MBS550 84 86 477 492 
$500 warehouse facility
LIBOR+1.5% to 3.0%
June 2023Mortgage loans or MBS500 439 452 — — 
$500 warehouse facility(9)
LIBOR+1.5% to 1.8%
September 2022Mortgage loans or MBS500 231 238 562 574 
$500 warehouse facility(6)
LIBOR+1.5% to 4.0%
June 2022Mortgage loans or MBS500 125 125 — — 
$500 warehouse facility
LIBOR+1.7%
August 2023Mortgage loans or MBS500 48 49 — — 
$300 warehouse facility
LIBOR+1.4%
January 2022Mortgage loans or MBS300 94 96 163 164 
$200 warehouse facility(10)
LIBOR+1.8%
October 2021Mortgage loans or MBS200 3 3 131 134 
$200 warehouse facility(11)
LIBOR+1.6% to 4.9%
April 2022Mortgage loans or MBS200 47 54 37 42 
$30 warehouse facility(6)(12)
LIBOR+3.3%
January 2022Mortgage loans or MBS30 — — — — 
Warehouse facilities principal amount 7,375 7,735 5,330 5,447 
MSR Facilities
$400 warehouse facility(13)
LIBOR+3.0%
August 2022MSR40035685—247
$400 warehouse facility(7)
LIBOR+3.0%
September 2023MSR400—601—228
$260 warehouse facility(1)
LIBOR+3.5%
August 2023MSR260260940260668
$50 warehouse facility
LIBOR+3.3%
November 2022MSR5010691074
MSR facilities principal amount 3052,2952701,217
Advance, warehouse and MSR facilities principal amount 8,219 $10,7146,269 $7,508 
Unamortized debt issuance costs(13)(11)
Advance and warehouse facilities, net$8,206$6,258
(1)Total capacity for this facility is $1,200, of which $940 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, in comparison to $900, $640, and $260 respectively in 2020.
(2)The capacity amount for this advance facility decreased from $425 to $350 in 2021.
(3)The capacity amount for this advance facility decreased from $875 to $350 in 2021.
(4)The capacity amount for this warehouse facility increased from $2,000 to $4,000 in 2021.
(5)The capacity amount for this warehouse facility increased from $1,500 to $2,500 in 2021.
(6)The outstanding and collateral pledged amounts excluded balances related to reverse mortgage interests, which are included in liabilities of discontinued operations. Refer to Note 2, Discontinued Operations for further details on liabilities of discontinued operations.
(7)The capacity amount for this facility increased from $1,500 to $2,000, and its related sublimit for MSR financing has increased from $150 to $400 in 2021.
(8)The capacity amount for this warehouse facility decreased from $750 to $550 in 2021.
(9)The capacity amount for this warehouse facility decreased from $750 to $500 in 2021.
(10)This facility was subsequently terminated in October 2021.
(11)The capacity amount for this warehouse facility increased from $50 to $200 in 2021
(12)The capacity amount for this warehouse facility decreased from $40 to $30 in 2021.
(13)The capacity amount for this warehouse facility increased from $200 to $400 in 2021.
Schedule of unsecured senior notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesSeptember 30, 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(24)(26)
Unsecured senior notes, net $2,076 $2,074 
Schedule of maturities of long-term debt
As of September 30, 2021, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2021 through 2025$— 
Thereafter2,100 
Total unsecured senior notes principal amount$2,100