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Indebtedness
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Indebtedness
12. Indebtedness

Advance and Warehouse Facilities    
December 31, 2021December 31, 2020
Interest RateMaturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral pledged
Advance Facilities
$940 advance facility(1)
LIBOR+3.5%
August 2023Servicing advance receivables$940 $234 $318 $235 $305 
$350 advance facility(2)
LIBOR+1.1% to 6.5%
October 2022Servicing advance receivables350 160 197 192 246 
$350 advance facility(3)
CP+1.5% to 6.5%
January 2023Servicing advance receivables350 162 190 168 195 
$75 advance facility(4)
LIBOR+2.0%
December 2022Servicing advance receivables75 58 89 74 98 
Advance facilities principal amount 614 794 669 844 
Warehouse Facilities
$4,000 warehouse facility(5)
LIBOR+1.6% to 2.2%
February 2023Mortgage loans or MBS4,000 1,224 1,341 339 392 
$2,500 warehouse facility(6)
LIBOR+1.5% to 1.9%
October 2022Mortgage loans or MBS2,500 991 1,024 1,003 1,037 
$1,600 warehouse facility(7)
LIBOR+1.5% to 3.0%
September 2023Mortgage loans or MBS1,600 409 425 1,067 1,128 
$1,500 warehouse facility
LIBOR+1.5%
June 2022Mortgage loans or MBS1,500 356 345 1,081 1,028 
$750 warehouse facility(8)
LIBOR+1.5% to 3.0%
October 2022Mortgage loans or MBS750 256 270 787 839 
$600 warehouse facility
LIBOR+2.5%
March 2022Mortgage loans or MBS600 5 6 187 222 
$550 warehouse facility(9)
LIBOR+1.5%
August 2022Mortgage loans or MBS550 87 89 477 492 
$500 warehouse facility
LIBOR+1.6% to 3.0%
June 2023Mortgage loans or MBS500 188 194 — — 
$500 warehouse facility(10)
LIBOR+1.5% to 1.8%
September 2022Mortgage loans or MBS500 419 430 562 574 
$500 warehouse facility
LIBOR+1.5% to 4.0%
June 2022Mortgage loans or MBS500 39 39 — — 
$500 warehouse facility
LIBOR+1.7%
August 2023Mortgage loans or MBS500 38 39 — — 
$325 warehouse facility
LIBOR+1.5%
December 2022Mortgage loans or MBS325 67 67 163 164 
$200 warehouse facility(11)
LIBOR+1.8%
October 2021Mortgage loans or MBS200 — — 131 134 
$200 warehouse facility(12)
LIBOR+1.6% to 4.9%
April 2022Mortgage loans or MBS200 46 58 37 42 
$30 warehouse facility(13)
LIBOR+3.3%
January 2022Mortgage loans or MBS30 — — 1 1 
Warehouse facilities principal amount 4,125 4,327 5,835 6,053 
MSR Facilities
$400 warehouse facility(14)
LIBOR+3.0%
August 2022MSR400 — 838 — 247 
$400 warehouse facility(7)
LIBOR+3.0%
September 2023MSR400 — 745 — 228 
$260 warehouse facility(1)
LIBOR+3.5%
August 2023MSR260 260 1,107 260 668 
$50 warehouse facility
LIBOR+2.8%
November 2023MSR50 10 124 10 74 
MSR facilities principal amount 270 2,814 270 1,217 
Advance, warehouse and MSR facilities principal amount 5,009 $7,935 6,774 $8,114 
Unamortized debt issuance costs(12)(11)
Total advance and warehouse facilities, net(15)
$4,997 $6,763 
(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 advance facility decreased from $100 to $75 in 2021.
(5)The capacity amount for this warehouse facility increased from $2,000 to $4,000 in 2021.
(6)The capacity amount for this warehouse facility increased from $1,500 to $2,500 in 2021.
(7)Total 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 $1,200 to $750 in 2021.
(9)The capacity amount for this warehouse facility decreased from $750 to $550 in 2021.
(10)The capacity amount for this warehouse facility decreased from $750 to $500 in 2021.
(11)This facility was terminated in 2021.
(12)The capacity amount for this warehouse facility increased from $50 to $200 in 2021.
(13)This facility was subsequently terminated in 2022.
(14)The capacity amount for this warehouse facility increased from $200 to $400 in 2021.
(15)Total advance and warehouse facilities, net as of December 31, 2020 includes $505 of warehouse facilities related to discontinued operations included in liabilities of discontinued operations within the consolidated balance sheets.

Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesDecember 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 
$600 face value, 5.750% interest rate payable semi-annually, due November 2031
600 — 
Unsecured senior notes principal amount2,700 2,100 
Unamortized debt issuance costs and discount, net of premium(30)(26)
Unsecured senior notes, net $2,670 $2,074 

The ratios included in the indentures for the unsecured senior notes are incurrence-based compared to the customary ratio covenants that are often found in credit agreements that require a company to maintain a certain ratio. The incurrence-based covenants limit the issuer(s) and restricted subsidiaries ability to incur additional indebtedness, pay dividends, make certain investments, create liens, consolidate, merge or sell substantially all of their assets or enter into certain transactions with affiliates. The indentures contain certain events of default, including (subject, in some cases, to customary cure periods and materiality thresholds) defaults based on (i) the failure to make payments under the applicable indenture when due, (ii) breach of covenants, (iii) cross-defaults to certain other indebtedness, (iv) certain bankruptcy or insolvency events, (v) material judgments and (vi) invalidity of material guarantees.

The indentures provide that on or before certain fixed dates, the Company may redeem up to 40% of the aggregate principal amount of the unsecured senior notes with the net proceeds of certain equity offerings at fixed redemption prices, plus accrued and unpaid interest, to the redemption dates, subject to compliance with certain conditions. In addition, the Company may redeem all or a portion of the unsecured senior notes at any time on or after certain fixed dates at the applicable redemption prices set forth in the indentures plus accrued and unpaid interest, to the redemption dates. No notes were repurchased or redeemed during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repaid $100 in principal of outstanding notes. Additionally, the Company redeemed $2,298 in principal of outstanding notes during the year ended December 31, 2020, resulting in a net loss of $138.
As of December 31, 2021, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2022 through 2026$— 
Thereafter2,700 
Total unsecured senior notes principal amount$2,700 

Financial Covenants
The Company’s credit facilities contain various financial covenants, which primarily relate to required tangible net worth amounts, liquidity reserves, leverage requirements, and profitability requirements, which are measured at the Company’s operating subsidiary, Nationstar Mortgage LLC. The Company was in compliance with its required financial covenants as of December 31, 2021.