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Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
December 31, 2024December 31, 2023
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$500 advance facility(1)
Jul 2026Servicing advance receivables$500 $285 $394 $— $— 
$500 advance facilityAug 2026Servicing advance receivables500 423 475 250 326 
$350 advance facilityOct 2026Servicing advance receivables350 119 151 132 169 
$300 advance facility(2)
Nov 2024Servicing advance receivables300 — — 273 364 
$50 advance facility(3)
Jul 2025Servicing advance receivables50 22 40 27 49 
Advance facilities principal amount 849 1,060 682 908 
Warehouse Facilities
$1,500 Warehouse FacilityJun 2025Mortgage loans or MBS1,500 68 71 107 104 
$1,200 Warehouse Facility(4)
Sep 2026Mortgage loans or MBS1,200 131 148 158 177 
$750 Warehouse FacilityApr 2025Mortgage loans or MBS750 112 140 137 176 
$750 Warehouse FacilityOct 2025Mortgage loans or MBS750 489 530 155 166 
$600 Warehouse FacilityAug 2025Mortgage loans or MBS600 368 381 73 75 
$500 Warehouse FacilityNov 2025Mortgage loans or MBS500 247 256 — — 
$500 Warehouse FacilityJun 2025Mortgage loans or MBS500 90 99 72 78 
$250 Warehouse FacilityNov 2025Mortgage loans or MBS250 238 253 — — 
$200 Warehouse FacilityDec 2026Mortgage loans or MBS200 112 123 82 84 
$200 Warehouse FacilityApr 2025Mortgage loans or MBS200 — — 12 21 
$200 Warehouse Facility(3)
Jul 2025Mortgage loans or MBS200 10510511
$100 Warehouse FacilityApr 2025Mortgage loans or MBS100 56 62 25 33 
$100 Warehouse FacilityApr 2025Mortgage loans or MBS100 ————
$1 Warehouse FacilityDec 2025Mortgage loans or MBS1 — — — — 
Warehouse facilities principal amount 2,016 2,168 822 915 
MSR Facilities
$1,750 Warehouse FacilityApr 2026MSR1,750 950 2,669 980 1,455 
$1,500 Warehouse Facility(1)
Jul 2026MSR1,500 475 2,607 — — 
$1,450 Warehouse Facility(2)
Nov 2024MSR1,450 — — 300 2,164 
$950 Warehouse Facility(4)
Sep 2026MSR950 550 1,711 545 1,306 
$750 Warehouse FacilityJul 2026MSR750 670 1,066 405 655 
$500 Warehouse FacilityJun 2026MSR500 250 519 — — 
$500 Warehouse FacilityJul 2026MSR500 330 629 — — 
$500 Warehouse FacilityApr 2026MSR500 250 781 305 634 
$500 Warehouse FacilityJun 2026MSR500 150 726 250 677 
$50 Warehouse Facility Nov 2025MSR50 25 80 29 67 
MSR facilities principal amount 3,650 10,788 2,814 6,958 
Advance, warehouse and MSR facilities principal amount6,515 $14,016 4,318 $8,781 
Unamortized debt issuance costs(20)(16)
Total advance, warehouse and MSR facilities, net$6,495 $4,302 
(1)Total capacity for this facility is $2,000, of which $500 and $1,500 are internally allocated for advance financing and MSR financing, respectively; capacity is fully fungible and is not restricted by these allocations.
(2)This facility was terminated in July 2024.
(3)Total capacity for this facility is $200, of which $50 is a sublimit for advance financing.
(4)The capacity amount for this facility is $1,200, of which $950 is a sublimit for MSR financing.
Schedule of Unsecured Senior Notes
Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesDecember 31, 2024December 31, 2023
$1,000 face value, 7.125% interest rate payable semi-annually, due February 2032(1)
$1,000 $— 
$850 face value, 5.500% interest rate payable semi-annually, due August 2028
850 850 
$750 face value, 6.500% interest rate payable semi-annually, due August 2029(2)
750 — 
$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 
$550 face value, 5.000% interest rate payable semi-annually, due February 2026
500 500 
Unsecured senior notes principal amount4,950 3,200 
Purchase discount and unamortized debt issuance costs
(59)(49)
Unsecured senior notes, net $4,891 $3,151 

(1)In February 2024, the Company completed the offering of $1,000 unsecured senior notes due 2032 (the “2032 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.
(2)In August 2024, the Company completed the offering of $750 unsecured senior notes due 2029 (the “2029 Notes”) and used the net proceeds from the offering to repay a portion of the amounts outstanding on its MSR facilities.
Schedule of Maturities of Long-term Debt
As of December 31, 2024, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2025$— 
2026500 
2027600 
2028850 
2029750 
Thereafter2,250 
Total unsecured senior notes principal amount$4,950