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Indebtedness
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Indebtedness
12. Indebtedness

Advance and Warehouse Facilities    
December 31, 2022December 31, 2021
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$350 advance facilityOctober 2024Servicing advance receivables$350 $150 $189 $234 $318 
$350 advance facility(1)
January 2024Servicing advance receivables350 171 209 160 197 
$350 advance facility(2)
November 2024Servicing advance receivables350 308 410 162 190 
$75 advance facilityDecember 2023Servicing advance receivables75 40 45 58 89 
Advance facilities principal amount 669 853 614 794 
Warehouse Facilities
$1,500 Warehouse FacilityJune 2023Mortgage loans or MBS1,500 206 272 1,224 1,341 
$1,500 Warehouse FacilityJune 2023Mortgage loans or MBS1,500 135 133 356 345 
$750 Warehouse FacilityOctober 2023Mortgage loans or MBS750 202 209 991 1,024 
$750 Warehouse Facility(3)
October 2022Mortgage loans or MBS— — — 256 270 
$500 Warehouse Facility(4)
September 2024Mortgage loans or MBS500 14 17 409 425 
$500 Warehouse FacilityJune 2023Mortgage loans or MBS500 76 80 39 39 
$500 Warehouse FacilityAugust 2023Mortgage loans or MBS500 31 32 38 39 
$450 Warehouse FacilityApril 2023Mortgage loans or MBS450 — — 87 89 
$300 Warehouse FacilityAugust 2023Mortgage loans or MBS300 115 117 419 430 
$250 Warehouse FacilityApril 2023Mortgage loans or MBS250 — — 5 6 
$200 Warehouse FacilityApril 2023Mortgage loans or MBS200 19 28 46 58 
$200 Warehouse FacilityJune 2023Mortgage loans or MBS200 18 21 188 194 
$125 Warehouse FacilityDecember 2023Mortgage loans or MBS125 1 1 67 67 
$30 Warehouse Facility(5)
January 2022Mortgage loans or MBS— — — — — 
Warehouse facilities principal amount 817 910 4,125 4,327 
MSR Facilities
$1,050 Warehouse Facility(2)
November 2024MSR1,050 260 2,284 260 1,107 
$600 Warehouse FacilityApril 2023MSR600 380 927 — 838 
$500 Warehouse Facility(4)
September 2024MSR500 380 1,482 — 745 
$500 Warehouse FacilityJune 2024MSR500 365 732 — — 
$50 Warehouse Facility November 2023MSR50 25 74 10 124 
MSR facilities principal amount 1,410 5,499 270 2,814 
Advance, warehouse and MSR facilities principal amount 2,896 $7,262 5,009 $7,935 
Unamortized debt issuance costs(11)(12)
Total advance and warehouse facilities, net$2,885 $4,997 

(1)The capacity decreased in January 2023 to $250.
(2)Total capacity for this facility is $1,400, of which $350 and $1,050 are internally allocated for advance financing and MSR financing, respectively; capacity is fully fungible and is not restricted by these allocations.
(3)This facility was terminated in October 2022.
(4)The capacity amount for this facility is $1,000, of which $500 is a sublimit for MSR financing.
(5)This facility was terminated in January 2022.

The weighted average interest rate for advance facilities was 4.1% and 2.8% for the year ended December 31, 2022 and 2021, respectively. The weighted average interest rate for warehouse and MSR facilities was 4.0% and 2.0% for the year ended December 31, 2022 and 2021, respectively.
Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesDecember 31, 2022December 31, 2021
$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
600 600 
Unsecured senior notes principal amount2,700 2,700 
Unamortized debt issuance costs and discount, net of premium(27)(30)
Unsecured senior notes, net $2,673 $2,670 

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, 2022 and 2021.

As of December 31, 2022, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2023 through 2026$— 
2027600 
Thereafter2,100 
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, 2022.