Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

Goodwill

Goodwill was $120 as of December 31, 2022 and 2021. During the years ended December 31, 2022 and 2021, the Company performed a quantitative assessment of its three reporting units (Servicing, Originations and Xome) and determined that no impairment of goodwill existed. As of December 31, 2022 and 2021, $80, $28 and $12 of the goodwill is associated with the Servicing, Originations and Xome reporting units, respectively. The goodwill associated with the Xome reporting unit is included in Corporate/Other. Goodwill is recorded in “other assets” within the consolidated balance sheets.

Intangible Assets

The following tables present the composition of intangible assets:

	December 31, 2022
Intangible Assets	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life in Years
Customer relationships	$	74	$	(67)	$	7	5.6
Technology	25		(25)		—		—
Trade name	7		(6)		1		0.6
Total intangible assets	$	106	$	(98)	$	8	5.1

	December 31, 2021
Intangible Assets	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Life in Years
Customer relationships	$	74	$	(62)	$	12	5.6
Technology(1)	25		(25)		—		2.1
Trade name	7		(5)		2		1.6
Total intangible assets	$	106	$	(92)	$	14	4.9

(1)Technology intangible assets’ net carrying amount as of December 31, 2021 is less than $1.

Intangible assets are recorded in “other assets” within the consolidated balance sheets. The Company recognized $6 and $12 of amortization expense related to intangible assets during the years ended December 31, 2022 and 2021, respectively. The Company expects to record amortization expense for existing amortizable intangible assets of $4 in the year ending December 31, 2023, and $1 for each of the years ending December 31, 2024 to 2027. No impairment on intangible assets was recorded during the years ended December 31, 2022 and December 31, 2021.