MR. COOPER GROUP INC., 10-Q filed on 7/26/2023
Quarterly Report
v3.23.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2023
Jul. 20, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 001-14667  
Entity Registrant Name Mr. Cooper Group Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 91-1653725  
Entity Address, Address Line One 8950 Cypress Waters Blvd  
Entity Address, City or Town Coppell  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75019  
City Area Code 469  
Local Phone Number 549-2000  
Title of 12(b) Security Common stock, $0.01 par value per share  
Trading Symbol COOP  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   66,848,546
Entity Central Index Key 0000933136  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalents $ 517 $ 527
Restricted cash 170 175
Mortgage servicing rights at fair value 7,149 6,654
Advances and other receivables, net of reserves of $156 and $137, respectively 802 1,019
Mortgage loans held for sale at fair value 1,187 893
Property and equipment, net of accumulated depreciation of $141 and $122, respectively 61 65
Deferred tax assets, net 657 703
Other assets 2,601 2,740
Total assets 13,144 12,776
Liabilities and Stockholders’ Equity    
Unsecured senior notes, net 2,676 2,673
Advance, warehouse and MSR facilities, net 3,512 2,885
Payables and other liabilities 2,395 2,633
MSR related liabilities - nonrecourse at fair value 482 528
Total liabilities 9,065 8,719
Commitments and contingencies (Note 15)
Common stock at $0.01 par value - 300 million shares authorized, 93.2 million shares issued 1 1
Additional paid-in-capital 1,074 1,104
Retained earnings 3,981 3,802
Treasury shares at cost - 26.4 million and 24.0 million shares, respectively (977) (850)
Total stockholders’ equity 4,079 4,057
Total liabilities and stockholders’ equity $ 13,144 $ 12,776
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Advances and other receivables, reserves $ 156 $ 137
Accumulated depreciation $ 141 $ 122
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 300,000,000 300,000,000
Common stock, shares, issued (in shares) 93,200,000 93,200,000
Treasury Stock, Common, Shares 26,400,000 24,000,000.0
v3.23.2
Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Service related, net $ 402 $ 460 $ 663 $ 1,215
Net gain on mortgage loans held for sale 84 139 153 436
Total revenues 486 599 816 1,651
Expenses:        
Salaries, wages and benefits 156 203 304 431
General and administrative 122 125 235 235
Total expenses 278 328 539 666
Interest income 117 50 202 86
Interest expense (122) (111) (232) (217)
Other (expense) income, net (5) (5) (14) 217
Total other (expense) income, net (10) (66) (44) 86
Income before income tax expense 198 205 233 1,071
Less: Income tax expense 56 54 54 262
Net income $ 142 $ 151 $ 179 $ 809
Earnings per share        
Basic $ 2.10 $ 2.08 $ 2.62 $ 11.04
Diluted $ 2.07 $ 2.03 $ 2.57 $ 10.74
v3.23.2
Unaudited Condensed Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Total Mr. Cooper Stockholders’ Equity
Non-controlling Interests
Treasury Share Amount
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Total stockholders’ equity $ 3,367 $ 1 $ 1,116 $ 2,879 $ 3,366 $ 1 $ (630)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2021   73,777          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued / (surrendered) under incentive compensation plan (in shares)   856          
Shares issued / (surrendered) under incentive compensation plan (21)   (39)   (21)   18
Share-based compensation 17   17   17    
Repurchase of common stock (in shares)   (2,982)          
Repurchase of common stock (135)       (135)   (135)
Net income 809     809 809 0  
Shares outstanding, ending balance (in shares) at Jun. 30, 2022   71,651          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Total stockholders’ equity 3,977 $ 1 1,085 3,537 3,976 1 (647)
Shares outstanding, beginning balance (in shares) at Mar. 31, 2022   73,906          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued / (surrendered) under incentive compensation plan (in shares)   6          
Shares issued / (surrendered) under incentive compensation plan 0   0   0   0
Share-based compensation 9   9   9    
Repurchase of common stock (in shares)   (2,261)          
Repurchase of common stock (100)       (100)   (100)
Net income 151     151 151 0  
Shares outstanding, ending balance (in shares) at Jun. 30, 2022   71,651          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Total stockholders’ equity 4,037 $ 1 1,094 3,688 4,036 1 (747)
Total stockholders’ equity 4,057 $ 1 1,104 3,802 4,057 0 (850)
Shares outstanding, beginning balance (in shares) at Dec. 31, 2022   69,266          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued / (surrendered) under incentive compensation plan (in shares)   877          
Shares issued / (surrendered) under incentive compensation plan (24)   (43)   (24)   19
Share-based compensation 13   13   13    
Repurchase of common stock (in shares)   (3,295)          
Repurchase of common stock (146)       (146)   (146)
Net income 179     179 179 0  
Shares outstanding, ending balance (in shares) at Jun. 30, 2023   66,848          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Total stockholders’ equity 3,986 $ 1 1,066 3,839 3,986 0 (920)
Shares outstanding, beginning balance (in shares) at Mar. 31, 2023   68,053          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares issued / (surrendered) under incentive compensation plan (in shares)   7          
Shares issued / (surrendered) under incentive compensation plan 0   0   0   0
Share-based compensation 8   8   8    
Repurchase of common stock (in shares)   (1,212)          
Repurchase of common stock (57)       (57)   (57)
Net income 142     142 142 0  
Shares outstanding, ending balance (in shares) at Jun. 30, 2023   66,848          
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Total stockholders’ equity $ 4,079 $ 1 $ 1,074 $ 3,981 $ 4,079 $ 0 $ (977)
v3.23.2
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating Activities    
Net income $ 179 $ 809
Adjustments to reconcile net income to net cash attributable to operating activities:    
Deferred tax expense 46 241
Net gain on mortgage loans held for sale (153) (436)
Provision for servicing and non-servicing reserves 18 11
Fair value changes in mortgage servicing rights 239 (663)
Fair value changes in MSR related liabilities (6) 131
Depreciation and amortization for property and equipment and intangible assets 18 20
Gain on disposition of assets 0 223
Loss on MSR hedging activities 52 229
Gain on MSR sales (32) (1)
Other operating activities 34 39
Repurchases of loan assets out of Ginnie Mae securitizations (547) (2,686)
Mortgage loans originated and purchased for sale, net of fees (6,593) (19,370)
Sales proceeds and loan payment proceeds for mortgage loans held for sale 6,842 24,056
Changes in assets and liabilities:    
Advances and other receivables 197 311
Other assets (39) 256
Payables and other liabilities (106) (142)
Net cash attributable to operating activities 149 2,582
Investing Activities    
Acquisition of assets (34) 0
Property and equipment additions, net of disposals (10) (9)
Purchase of mortgage servicing rights (841) (1,151)
Proceeds on sale of mortgage servicing rights and excess yield 312 275
Other investing activities (3) 0
Net cash attributable to investing activities (576) (885)
Financing Activities    
Increase (decrease) in advance, warehouse and MSR facilities 630 (1,597)
Settlements and repayment of excess spread financing (40) (353)
Repurchase of common stock (146) (135)
Other financing activities (32) (24)
Net cash attributable to financing activities 412 (2,109)
Net decrease in cash, cash equivalents, and restricted cash (15) (412)
Cash, cash equivalents, and restricted cash - beginning of period 702 1,041
Cash, cash equivalents, and restricted cash - end of period(1) [1] 687 629
Supplemental Disclosures of Non-cash Investing Activities    
Equity consideration received from disposition of assets 0 250
Purchase of mortgage servicing rights 57 45
Mortgage servicing rights sales price holdback $ 0 $ 15
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets.
June 30, 2023June 30, 2022
Cash and cash equivalents$517 $514 
Restricted cash170 115 
Total cash, cash equivalents, and restricted cash$687 $629 
v3.23.2
Unaudited Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Statement of Cash Flows [Abstract]        
Cash and cash equivalents $ 517 $ 527 $ 514  
Restricted cash 170 175 115  
Total cash, cash equivalents, and restricted cash $ 687 [1] $ 702 $ 629 [1] $ 1,041
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the condensed consolidated balance sheets.
June 30, 2023June 30, 2022
Cash and cash equivalents$517 $514 
Restricted cash170 115 
Total cash, cash equivalents, and restricted cash$687 $629 
v3.23.2
Nature of Business and Basis of Presentation
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business and Basis of Presentation
1. Nature of Business and Basis of Presentation

Nature of Business
Mr. Cooper Group Inc., collectively with its consolidated subsidiaries, (“Mr. Cooper,” the “Company,” “we,” “us” or “our”) provides servicing, origination and transaction-based services related to single family residences throughout the United States with operations under its primary brands: Mr. Cooper® and Xome®. Mr. Cooper is one of the largest home loan servicers and originators in the country focused on delivering a variety of servicing and lending products, services and technologies. The Company’s corporate website is located at www.mrcoopergroup.com. The Company has provided a glossary of terms, which defines certain industry-specific and other terms that are used herein, in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of this Form 10-Q.

During the second quarter of 2023, the Company entered into a transaction with Rushmore Loan Management Services, LLC (“Rushmore”) to acquire certain assets and assume certain liabilities for a total purchase price of $34 (the “Rushmore Transaction”). Assets acquired were recorded in the Servicing segment and primarily included subservicing contracts and related servicing advances and receivables. The Company accounted for the transaction as an asset acquisition in accordance with Accounting Standard Codification Topic 805, Business Combinations, whereby the purchase price represents relative fair value of assets and liabilities acquired.

In May 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Home Point Capital Inc., a Delaware corporation (“Home Point”). Per the Merger Agreement, the Company has agreed to commence a tender offer to acquire all of the outstanding shares of common stock of Home Point, other than certain excluded shares, for $2.33 per share. The transaction is expected to close in the third quarter of 2023, subject to customary conditions including receipt of regulatory approvals.

Basis of Presentation
The interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2022.

The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation of the results of the interim periods have been included. Dollar amounts are reported in millions, except per share data and other key metrics, unless otherwise noted.

Basis of Consolidation
The condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, other entities in which the Company has a controlling financial interest and those variable interest entities (“VIE”) where the Company’s wholly-owned subsidiaries are the primary beneficiaries. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date the Company ceases to be the primary beneficiary. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. These investments are initially measured at cost and subsequently adjusted for the Company’s proportionate share of earnings and losses in the investee. Investments in certain companies over which the Company does not exert significant influence are recorded at fair value, or at cost and updated for observable price changes upon election of measurement alternative, at the end of each reporting period. Intercompany balances and transactions on consolidated entities have been eliminated.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, macro-economic uncertainty, changes in interest rates, secondary market pricing for loans held for sale and derivatives, strength of underwriting and servicing practices, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers and such differences could be material.

Reclassifications
Certain reclassifications have been made in the 2022 condensed consolidated statement of cash flows to conform to 2023 presentation. Such reclassifications were not material and did not affect total revenues or net income.

Recent Accounting Guidance Adopted
The Company did not adopt any accounting guidance during the six months ended June 30, 2023 that had a material impact on its condensed consolidated financial statements or disclosures.
v3.23.2
Discontinued Operations and Disposal Groups
 6 Months Ended
Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations, Disclosure
2. Dispositions

Sale of Mortgage Servicing Platform
On March 31, 2022, the Company completed the sale of certain assets and liabilities of its servicing and subservicing technology platform for performing and non-performing mortgage loans (the “Mortgage Servicing Platform”) to Sagent M&C, LLC (“Sagent”), in exchange for Class A-1 Common Units equal to 19.9% ownership of Sagent, and the sale of certain tangible personal property of the Company used in the conduct of the Mortgage Servicing Platform in exchange for $9.9 in cash, for total consideration of $260 (the “Sagent Transaction”). In connection with the Sagent Transaction, the Company recorded a gain of $223, which was included in “other (expense) income, net” within the condensed consolidated statements of operations, and recorded $4 transaction costs during the six months ended June 30, 2022. No transaction costs were recorded in the three months ended June 30, 2022. The net carrying amount of assets and liabilities transferred in connection with the Sagent Transaction was $31 and reported under Corporate/Other.

The Company accounts for the equity interest under the equity method of accounting, as the Company has the ability to exercise significant influence over Sagent’s operating and financial decisions but does not own a majority equity interest or otherwise control the respective entity. Under the equity method of accounting, the investment is initially stated at cost and subsequently adjusted for additional investments and the Company’s proportionate share of Sagent’s earnings or losses and distributions. The initial cost of the equity interest recorded was $250, which represented the fair value as of March 31, 2022. The Company recorded a loss of $4 and $11 during the three and six months ended June 30, 2023, respectively, related to the Company's proportionate share of net loss of Sagent. The Company’s investment in Sagent was $226 as of June 30, 2023.
v3.23.2
Mortgage Servicing Rights and Related Liabilities
 6 Months Ended
Jun. 30, 2023
Transfers and Servicing [Abstract]  
Mortgage Servicing Rights and Related Liabilities
3. Mortgage Servicing Rights and Related Liabilities

The following table sets forth the carrying value of the Company’s mortgage servicing rights (“MSRs”) and the related liabilities. In estimating the fair value of all mortgage servicing rights and related liabilities, the impact of the current environment was considered in the determination of key assumptions.
MSRs and Related LiabilitiesJune 30, 2023December 31, 2022
MSRs - fair value$7,149 $6,654 
Excess spread financing at fair value$459 $509 
Mortgage servicing rights financing at fair value23 19 
MSR related liabilities - nonrecourse at fair value$482 $528 
Mortgage Servicing Rights
The following table sets forth the activities of MSRs:
Six Months Ended June 30,
MSRs - Fair Value20232022
Fair value - beginning of period$6,654 $4,223 
Additions:
Servicing retained from mortgage loans sold133 360 
Purchases of servicing rights870 1,178 
Dispositions:
Sales of servicing assets and excess yield(280)(289)
Changes in fair value:
Changes in valuation inputs or assumptions used in the valuation model (MSR MTM)34 1,124 
Changes in valuation due to amortization(273)(461)
Other changes(1)
11 16 
Fair value - end of period$7,149 $6,151 

(1)Amounts primarily represent negative fair values reclassified from the MSR asset to reserves as underlying loans are removed from the MSR and other reclassification adjustments.

During the six months ended June 30, 2023 and 2022, the Company sold $1,605 and $20,052 in unpaid principal balance (“UPB”) of MSRs, of which $590 and $19,367 were retained by the Company as subservicer, respectively.

During the three months ended June 30, 2023, certain agencies entered into agreements with the Company to purchase excess servicing cash flows (“excess yield”) on certain agency loans with a total UPB of approximately $41,958 for total proceeds of $294. The Company recorded a gain of $33 through the mark-to-market adjustments within “revenues - service related, net” in the condensed consolidated statements of operations.

MSRs are segregated between investor type into agency and non-agency pools (referred to herein as “investor pools”) based upon contractual servicing agreements with investors at the respective balance sheet date to evaluate the MSR portfolio and fair value of the portfolio. Agency investors primarily consist of government sponsored enterprises (“GSE”), such as the Federal Home Loan Mortgage Corp (“Freddie Mac” or “FHLMC”), the Federal National Mortgage Association (“Fannie Mae” or “FNMA”), and the Government National Mortgage Association (“Ginnie Mae” or “GNMA”). Non-agency investors consist of investors in private-label securitizations.

The following table provides a breakdown of UPB and fair value for the Company’s MSRs:
June 30, 2023December 31, 2022
MSRs - UPB and Fair Value Breakdown by Investor PoolsUPBFair ValueUPBFair Value
Agency$431,876 $6,848 $380,502 $6,322 
Non-agency27,600 301 30,880 332 
Total$459,476 $7,149 $411,382 $6,654 

Refer to Note 13, Fair Value Measurements, for further discussion on key weighted-average inputs and assumptions used in estimating the fair value of MSRs.
The following table shows the hypothetical effect on the fair value of the Company’s MSRs when applying certain unfavorable variations of key assumptions to these assets for the dates indicated:
Option Adjusted Spread(1)
Total Prepayment Speeds
Cost to Service per Loan
MSRs - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
June 30, 2023
Mortgage servicing rights$(286)$(549)$(157)$(305)$(69)$(139)
Discount Rate
Total Prepayment Speeds
Cost to Service per Loan
MSRs - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
December 31, 2022
Mortgage servicing rights$(266)$(511)$(136)$(264)$(61)$(122)

(1)Beginning in the second quarter of 2023, the Company valued MSRs using a stochastic option adjusted spread (“OAS”) instead of a static discount rate. Refer to Note 13, Fair Value Measurements, for further discussion.

These hypothetical sensitivities should be evaluated with care. The effect on fair value of an adverse change in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects.

Excess Spread Financing - Fair Value
The Company had excess spread financing liability of $459 and $509, with UPB of $78,838 and $83,706 as of June 30, 2023 and December 31, 2022, respectively. Refer to Note 13, Fair Value Measurements, for key weighted-average inputs and assumptions used in the valuation of excess spread financing liability.

The following table shows the hypothetical effect on the Company’s excess spread financing fair value when applying certain unfavorable variations of key assumptions to these liabilities for the dates indicated:
Option Adjusted Spread(1)
Prepayment Speeds
Excess Spread Financing - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
June 30, 2023
Excess spread financing$16 $34 $6 $18 
Discount Rate
Prepayment Speeds
Excess Spread Financing - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
December 31, 2022
Excess spread financing$19 $40 $11 $22 

(1)Beginning in the second quarter of 2023, the Company valued excess spread financing using a stochastic OAS instead of a static discount rate. Refer to Note 13, Fair Value Measurements, for further discussion.
These hypothetical sensitivities should be evaluated with care. The effect on fair value of an adverse change in assumptions generally cannot be determined because the relationship of the change in assumptions to the fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Also, a positive change in the above assumptions would not necessarily correlate with the corresponding decrease in the net carrying amount of the excess spread financing. Excess spread financing’s cash flow assumptions that are utilized in determining fair value are based on the related cash flow assumptions used in the financed MSRs. Any fair value change recognized in the financed MSRs attributable to related cash flows assumptions would inherently have an inverse impact on the carrying amount of the related excess spread financing.

Mortgage Servicing Rights Financing - Fair Value
The Company had MSR financing liability of $23 and $19 as of June 30, 2023 and December 31, 2022, respectively. Refer to Note 13, Fair Value Measurements, for key weighted-average inputs and assumptions used in the valuation of the MSR financing liability.

Revenues - Service Related, net
The following table sets forth the items comprising total “revenues - service related, net”:
Three Months Ended June 30,Six Months Ended June 30,
Revenues - Service Related, net2023202220232022
Contractually specified servicing fees(1)
$407 $378 $791 $705 
Other service-related income(1)
19 39 33 72 
Incentive and modification income(1)
8 9 14 18 
Servicing late fees(1)
23 19 44 38 
Mark-to-market adjustments - Servicing
MSR MTM139 326 34 1,124 
Loss on MSR hedging activities(111)(89)(52)(229)
Gain on MSR sales32 1 32 1 
Reclassifications(2)
(9)(6)(18)(12)
Excess spread /MSR financing MTM12 (32)6 (131)
Total mark-to-market adjustments - Servicing63 200 2 753 
Amortization, net of accretion
MSR amortization(148)(226)(273)(461)
Excess spread accretion11 27 21 60 
Total amortization, net of accretion(137)(199)(252)(401)
Originations service fees(3)
16 24 27 66 
Corporate/Xome related service fees21 22 40 34 
Other(4)
(18)(32)(36)(70)
Total revenues - Service Related, net$402 $460 $663 $1,215 

(1)The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues. Amounts also include servicing fees from loans sold with servicing retained of $176 and $170 for the three months ended June 30, 2023 and 2022, respectively, and $353 and $316 for the six months ended June 30, 2023 and 2022, respectively.
(2)Reclassifications include the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio.
(3)Amounts include fees collected from customers for originated loans and from other lenders for loans purchased through the correspondent channel, and include loan application, underwriting, and other similar fees.
(4)Other represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements, portfolio runoff and the payments made associated with MSR financing arrangements.
v3.23.2
Advances and Other Receivables
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Advances and Other Receivables
4. Advances and Other Receivables

Advances and other receivables, net, consists of the following:
Advances and Other Receivables, NetJune 30, 2023December 31, 2022
Servicing advances, net of $9 and $12 purchase discount, respectively
$849 $1,053 
Receivables from agencies, investors and prior servicers, net of $7 purchase discount
109 103 
Reserves(156)(137)
Total advances and other receivables, net$802 $1,019 

The following table sets forth the activities of the servicing reserves for advances and other receivables:
Three Months Ended June 30,Six Months Ended June 30,
Reserves for Advances and Other Receivables2023202220232022
Balance - beginning of period$148 $152 $137 $167 
Provision9 6 18 12 
Reclassifications(1)
9 12 16 22 
Write-offs(10)(20)(15)(51)
Balance - end of period$156 $150 $156 $150 

(1)Reclassifications represent required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate.

Purchase Discount for Advances and Other Receivables
The following tables set forth the activities of the purchase discounts for advances and other receivables:
Three Months Ended June 30,
20232022
Purchase Discount for Advances and Other ReceivablesServicing AdvancesReceivables from Agencies, Investors and Prior ServicersServicing AdvancesReceivables from Agencies, Investors and Prior Servicers
Balance - beginning of period$9 $7 $16 $8 
Utilization of purchase discounts— — (2)— 
Balance - end of period$9 $7 $14 $8 

Six Months Ended June 30,
20232022
Purchase Discount for Advances and Other ReceivablesServicing AdvancesReceivables from Agencies, Investors and Prior ServicersServicing AdvancesReceivables from Agencies, Investors and Prior Servicers
Balance - beginning of period $12 $7 $19 $12 
Utilization of purchase discounts(3)— (5)(4)
Balance - end of period$9 $7 $14 $8 

Credit Loss for Advances and Other Receivables
During the three and six months ended June 30, 2023, the Company decreased and increased the current expected credit loss (“CECL”) reserve by $1, respectively. During the three and six months ended June 30, 2022, the Company increased the CECL reserve by $3 and $7, respectively. As of June 30, 2023, the total CECL reserve was $37, of which $30 and $7 were recorded in reserves and purchase discount for advances and other receivables, respectively. As of June 30, 2022, the total CECL reserve was $33, of which $25 and $8 were recorded in reserves and purchase discount for advances and other receivables, respectively.

The Company determined that the credit-related risk associated with applicable financial instruments typically increases with the passage of time. The CECL reserve methodology considers these financial instruments collectible to a point in time of 39 months. Any projected remaining balance at the end of the collection period is considered a loss and factors into the overall CECL loss rate required.
v3.23.2
Mortgage Loans Held for Sale
 6 Months Ended
Jun. 30, 2023
Mortgage Loans Held for Sale and Investment [Abstract]  
Mortgage Loans Held for Sale
5. Mortgage Loans Held for Sale

Mortgage loans held for sale are recorded at fair value as set forth below:
Mortgage Loans Held for SaleJune 30, 2023December 31, 2022
Mortgage loans held for sale – UPB$1,211 $921 
Mark-to-market adjustment(1)
(24)(28)
Total mortgage loans held for sale$1,187 $893 

(1)The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in “revenues - net gain on mortgage loans held for sale” in the condensed consolidated statements of operations.

The following table sets forth the activities of mortgage loans held for sale:
Six Months Ended June 30,
Mortgage Loans Held for Sale20232022
Balance - beginning of period$893 $4,381 
Loans sold and loan payments received(6,845)(24,251)
Mortgage loans originated and purchased, net of fees6,593 19,370 
Repurchase of loans out of Ginnie Mae securitizations(1)
547 2,686 
Net change in unrealized gain (loss) on retained loans held for sale5 (115)
Net transfers of mortgage loans held for sale(2)
(6)1 
Balance - end of period$1,187 $2,072 

(1)The Company has the optional right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. The majority of Ginnie Mae repurchased loans are repurchased in connection with loan modifications and loan resolution activity, with the intent to re-pool into new Ginnie Mae securitizations upon re-performance of the loan or to otherwise sell to third-party investors. Therefore, these loans are classified as held for sale.
(2)Amounts reflect transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing.

For the six months ended June 30, 2023 and 2022, total realized loss was $3 and $195 from total sales proceeds of $6,722 and $23,863, respectively, on the sale of mortgage loans held for sale.

The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows:
June 30, 2023December 31, 2022
Mortgage Loans Held for SaleUPBFair ValueUPBFair Value
Non-accrual(1)
$80 $68 $102 $87 

(1)Non-accrual UPB includes $67 and $90 of UPB related to Ginnie Mae repurchased loans as of June 30, 2023 and December 31, 2022, respectively.

The total UPB of mortgage loans held for sale for which the Company has begun formal foreclosure proceedings was $48 and $65 as of June 30, 2023 and December 31, 2022, respectively.
v3.23.2
Loans Subject to Repurchase from Ginnie Mae
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Loans Subject to Repurchase from Ginnie Mae 6. Loans Subject to Repurchase from Ginnie Mae Loans are sold to Ginnie Mae in conjunction with the issuance of mortgage-backed securities. The Company, as the issuer of the mortgage-backed securities, has the unilateral right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including payments not being received from borrowers for greater than 90 days. Once the Company has the unilateral right to repurchase a delinquent loan, it has effectively regained control over the loan and recognizes these rights to the loan on its condensed consolidated balance sheets and establishes a corresponding repurchase liability regardless of the Company’s intention to repurchase the loan. The Company had loans subject to repurchase from Ginnie Mae of $1,650 and $1,865 as of June 30, 2023 and December 31, 2022, respectively, which are included in both “other assets” and “payables and other liabilities” in the condensed consolidated balance sheets.
v3.23.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets 7. Goodwill and Intangible Assets The Company had goodwill of $120 as of June 30, 2023 and December 31, 2022, and intangible assets of $28 and $8 as of June 30, 2023 and December 31, 2022, respectively. In connection with the Rushmore Transaction, the Company recorded $23 intangible assets in 2023, which primarily consist of subservicing customer relationships. See Note 1, Nature of Business and Basis of Presentation for further details. Goodwill and intangible assets are included in “other assets” within the condensed consolidated balance sheets.
v3.23.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
8. Derivative Financial Instruments

Derivative instruments are used as part of the overall strategy to manage exposure to interest rate risks related to mortgage loans held for sale and IRLCs (“the pipeline”) and the MSR portfolio. The Company economically hedges the pipeline separately from the MSR portfolio primarily using third-party derivative instruments. Such derivative instruments utilized by the Company include IRLCs, LPCs, forward MBS and Treasury futures. The changes in value on the derivative instruments associated with pipeline hedging are recorded in earnings as a component of “revenues - net gain on mortgage loans held for sale” on the condensed consolidated statements of operations and condensed consolidated statement of cash flows, while changes in the value of derivative instruments associated with the MSR portfolio fair value are recorded in “revenues - service related, net” on the condensed consolidated statements of operations and in “(gain) loss on MSR hedging activities” on the condensed consolidated statements of cash flows.
The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments. Gains/(losses) include both realized and unrealized gains/(losses) of each derivative financial instrument.
June 30, 2023Six Months Ended June 30, 2023
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2023$556 $8 $(1)
Derivative financial instruments
IRLCs2023$1,041 $30 $8 
LPCs2023200 1 — 
Forward MBS trades20231,712 10 43 
Treasury futures202372 — — 
Total derivative financial instruments - assets$3,025 $41 $51 
Liabilities
Derivative financial instruments
IRLCs2023$18 $— $— 
LPCs2023234 1 — 
Forward MBS trades20231,175 3 (50)
Treasury futures20232,510 20 (44)
Total derivative financial instruments - liabilities$3,937 $24 $(94)

June 30, 2022Six Months Ended June 30, 2022
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2022$246 $8 $(17)
Derivative financial instruments
IRLCs2022$2,103 $62 $(72)
LPCs2022325 3 — 
Forward MBS trades20221,798 12 429 
Treasury futures202230 — 3 
Total derivative financial instruments - assets$4,256 $77 $360 
Liabilities
Derivative financial instruments
IRLCs2022$56 $1 $(1)
LPCs2022186 1 1 
Forward MBS trades20221,716 13 (31)
Treasury futures2022902 18 (185)
Total derivative financial instruments - liabilities$2,860 $33 $(216)
As of June 30, 2023, the Company held $93 and $9 in collateral deposits and collateral obligations on derivative instruments, respectively. As of December 31, 2022 the Company held $49 and $1 in collateral deposits and collateral obligations on derivative instruments, respectively. Collateral deposits and collateral obligations are recorded in “other assets” and “payables and other liabilities”, respectively, in the Company’s condensed consolidated balance sheets. The Company does not offset fair value amounts recognized for derivative instruments with amounts collected or deposited on derivative instruments in the condensed consolidated balance sheets.
v3.23.2
Indebtedness
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Indebtedness
9. Indebtedness

Advance, Warehouse and MSR Facilities
June 30, 2023December 31, 2022
Maturity DateCollateralCapacity AmountOutstandingCollateral PledgedOutstandingCollateral Pledged
Advance Facilities
$350 advance facilityOctober 2024Servicing advance receivables$350 $134 $169 $150 $189 
$300 advance facility(1)
November 2024Servicing advance receivables300 259 354 308 410 
$250 advance facilityJanuary 2024Servicing advance receivables250 183 210 171 209 
$75 advance facilityDecember 2023Servicing advance receivables75 34 65 40 45 
Advance facilities principal amount 610 798 669 853 
Warehouse Facilities
$1500 Warehouse FacilityJune 2024Mortgage loans or MBS1,500 251 252 206 272 
$750 Warehouse FacilityJune 2024Mortgage loans or MBS750 186 239 135 133 
$750 Warehouse FacilityOctober 2023Mortgage loans or MBS750 155 161 202 209 
$500 Warehouse FacilityJune 2024Mortgage loans or MBS500 78 84 76 80 
$500 Warehouse FacilityAugust 2023Mortgage loans or MBS500 101 103 31 32 
$300 Warehouse FacilityAugust 2023Mortgage loans or MBS300 183 188 115 117 
$250 Warehouse Facility(2)
September 2024Mortgage loans or MBS250 47 52 14 17 
$200 Warehouse FacilityDecember 2024Mortgage loans or MBS200 59 61 18 21 
$100 Warehouse FacilityApril 2024Mortgage loans or MBS100 29 39 19 28 
$100 Warehouse FacilityApril 2024Mortgage loans or MBS100 ————
$75 Warehouse FacilityDecember 2023Mortgage loans or MBS75 181811
Warehouse facilities principal amount1,107 1,197 817 910 
MSR Facilities
$1,450 warehouse facility(1)
November 2024MSR1,450 250 2,185 260 2,284 
$1,000 warehouse facilityApril 2025MSR1,000 550 1,235 380 927 
$750 warehouse facility(2)
September 2024MSR750 3201,1413801,482
$500 warehouse facility June 2024MSR500 265713365732
$500 warehouse facilityApril 2025MSR500 199383——
$500 warehouse facilityJune 2025MSR500 200424——
$50 warehouse facilityNovember 2023MSR50 25662574
MSR facilities principal amount 1,8096,1471,4105,499
Advance, warehouse and MSR facilities principal amount 3,526 8,142 2,896 7,262 
Unamortized debt issuance costs(14)(11)
Advance, warehouse and MSR facilities, net$3,512$2,885

(1)Total capacity for this facility is $1,750, of which $300 is internally allocated for advance financing and $1,450 is internally allocated for MSR financing; capacity is fully fungible and is not restricted by these allocations.
(2)The capacity amount for this facility is $1,000, of which $750 is a sublimit for MSR financing.

The weighted average interest rate for advance facilities was 7.5% and 3.1% for the three months ended June 30, 2023 and 2022, respectively, and 7.4% and 2.8% for the six months ended June 30, 2023 and 2022, respectively. The weighted average interest rate for warehouse and MSR facilities was 7.4% and 3.1% for the three months ended June 30, 2023 and 2022, respectively, and 7.2% and 2.6% for the six months ended June 30, 2023 and 2022, respectively.
Unsecured Senior Notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesJune 30, 2023December 31, 2022
$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(24)(27)
Unsecured senior notes, net $2,676 $2,673 

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 six months ended June 30, 2023 and 2022.

As of June 30, 2023, 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 

Interest Expense
Interest expense primarily includes interest incurred on advance, warehouse and MSR facilities, unsecured senior notes, excess spread financing and compensating bank balances, as well as bank fees. The Company incurred interest expense related to advance, warehouse and MSR facilities, unsecured senior notes and excess spread financing of $112 and $211 for the three and six months ended June 30, 2023, respectively, and $90 and $176 for the three and six months ended June 30, 2022, respectively.

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 June 30, 2023.
v3.23.2
Securitizations and Financings
 6 Months Ended
Jun. 30, 2023
Variable Interest Entities and Securitizations [Abstract]  
Securitizations and Financings
10. Securitizations and Financings

Variable Interest Entities
In the normal course of business, the Company enters into various types of on- and off-balance sheet transactions with special purpose entities (“SPEs”) determined to be VIEs, which primarily consist of securitization trusts established for a limited purpose. Generally, these SPEs are formed for the purpose of securitization transactions in which the Company transfers assets to an SPE, which then issues to investors various forms of debt obligations supported by those assets.

The Company has determined that the SPEs created in connection with certain advance facilities trusts should be consolidated as the Company is the primary beneficiary of each of these entities.
A summary of the assets and liabilities of the Company’s transactions with VIEs included in the Company’s condensed consolidated balance sheets is presented below:
June 30, 2023December 31, 2022
Consolidated Transactions with VIEsTransfers
Accounted for as
Secured
Borrowings		Transfers
Accounted for as
Secured
Borrowings
Assets
Restricted cash$86 $78 
Advances and other receivables, net379 398 
Total assets$465 $476 
Liabilities
Advance facilities, net(1)
$317 $321 
Payables and other liabilities1 1 
Total liabilities$318 $322 

(1)Refer to advance facilities in Note 9, Indebtedness, for additional information.

The following table shows a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by the Company:
Unconsolidated Securitization TrustsJune 30, 2023December 31, 2022
Total collateral balances - UPB$925 $976 
Total certificate balances$901 $949 

The Company has not retained any variable interests in the unconsolidated securitization trusts that were outstanding as of June 30, 2023 and December 31, 2022. Therefore, it does not have a significant maximum exposure to loss related to these unconsolidated VIEs.

A summary of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 60 days or more past due are presented below:
Principal Amount of Transferred Loans 60 Days or More Past DueJune 30, 2023December 31, 2022
Unconsolidated securitization trusts$99 $119 
v3.23.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share
11. Earnings Per Share

Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common stock outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the sum of the weighted average number of shares of common stock and any dilutive securities outstanding during the period. The Company’s potentially dilutive securities are share-based awards. The Company applies the treasury stock method to determine the dilutive weighted average number of shares of common stock outstanding based on the outstanding share-based awards. As of June 30, 2023 and December 31, 2022, the Company had 10 million preferred shares authorized at $0.00001, with zero shares issued and outstanding and aggregate liquidation preference of zero dollars.
The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
Computation of Earnings Per Share2023202220232022
Net income$142 $151 $179 $809 
Weighted average shares of common stock outstanding (in thousands):
Basic67,649 72,709 68,325 73,278 
Dilutive effect of stock awards957 1,618 1,316 2,052 
Diluted68,606 74,327 69,641 75,330 
Earnings per common share
Basic$2.10 $2.08 $2.62 $11.04 
Diluted$2.07 $2.03 $2.57 $10.74 
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
12. Income Taxes

For the three and six months ended June 30, 2023, the effective tax rate for operations was 28.4% and 23.3%, respectively, which differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation.

For the three and six months ended June 30, 2022, the effective tax rate for operations was 26.0% and 24.4% respectively, which differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation.

The change in effective rate during the three and six months ended June 30, 2023 as compared to 2022 is primarily attributable to the impact of quarterly discrete tax items relative to income before taxes for the respective period, including the excess tax benefit from stock-based compensation.
v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements
13. Fair Value Measurements

Fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a three-tiered fair value hierarchy has been established based on the level of observable inputs used in the measurement of fair value (e.g., Level 1 representing quoted prices for identical assets or liabilities in an active market; Level 2 representing values using observable inputs other than quoted prices included within Level 1; and Level 3 representing estimated values based on significant unobservable inputs).

There have been no significant changes to the valuation techniques and inputs used by the Company in estimating fair values of Level 2 and Level 3 assets and liabilities as disclosed in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2022, with the exception of the following:
Mortgage Servicing Rights – Fair Value (Level 3) – The Company estimates the fair value of its MSRs on a recurring basis using a process that combines the use of a discounted cash flow model and analysis of current market data to arrive at an estimate of fair value. Beginning in the second quarter of 2023, the Company valued MSRs using a stochastic option adjusted spread (OAS) instead of a static discount rate. OAS is the incremental spread added to the risk-free rate to reflect embedded (prepayment) optionality and other risk inherent in the MSRs to discount cash flows. The cash flow assumptions used in the discounted cash flow model incorporate prepayment speeds, OAS, costs to service, delinquencies, ancillary revenues, recapture rates and other assumptions, with the key assumptions being mortgage prepayment speeds, OAS, and cost to service. The cash flow assumptions are generated and applied based on collateral stratifications including product type, remittance type, geography, delinquency and coupon dispersion. These assumptions require the use of judgment by the Company and can have a significant impact on the fair value of the MSRs. Quarterly, management obtains third-party valuations to assess the reasonableness of the fair value calculations provided by the internal cash flow model. Because of the nature of the valuation inputs, the Company classifies these valuations as Level 3 in the fair value disclosures. See Note 3, Mortgage Servicing Rights and Related Liabilities, for more information.

Excess Spread Financing (Level 3) – The Company estimates fair value on a recurring basis based on the present value of future expected discounted cash flows with the discount rate approximating current market value for similar financial instruments. Beginning in the second quarter of 2023, the Company valued excess spread financing using a stochastic OAS instead of a static discount rate. The cash flow assumptions used in the model are based on various factors, with the key assumptions being mortgage prepayment speeds and OAS. Quarterly, management obtains a third-party valuation to assess the reasonableness of the fair value calculations provided by the internal cash flow model. As these prices are derived from a combination of internally developed valuation models and quoted market prices based on the value of the underlying MSRs, the Company classifies these valuations as Level 3 in the fair value disclosures. Excess spread financing is recorded in MSR related liabilities within the condensed consolidated balance sheets.

The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis:
 June 30, 2023
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$1,187 $— $1,120 $67 
Mortgage servicing rights7,149 — — 7,149 
Equity investments43 1 — 42 
Derivative financial instruments
IRLCs30 — — 30 
LPCs1 — — 1 
Forward MBS trades10 — 10 — 
Liabilities
Derivative financial instruments
LPCs1 — — 1 
Forward MBS trades3 — 3 — 
Treasury futures20 — 20 — 
Mortgage servicing rights financing23 — — 23 
Excess spread financing459 — — 459 
 December 31, 2022
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$893 $— $819 $74 
Mortgage servicing rights6,654 — — 6,654 
Equity investments47 2 — 45 
Derivative financial instruments
IRLCs22 — — 22 
Forward MBS trades8 — 8 — 
LPCs1 — — 1 
Liabilities
Derivative financial instruments
Forward MBS trades9 — 9 — 
LPCs1 — — 1 
Treasury futures14 — 14 — 
Mortgage servicing rights financing19 — — 19 
Excess spread financing509 — — 509 

The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
Six Months Ended June 30, 2023
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$6,654 $74 $45 $22 $509 $19 
Changes in fair value included in earnings(239)2 (3)8 (10)4 
Purchases/additions (1)
870 47 — — — — 
Issuances133 — — — — — 
Sales/dispositions (2)
(280)(54)— — — — 
Repayments— (2)— — (4)— 
Settlements— — — — (36)— 
Other changes11 — — — — — 
Balance - end of period$7,149 $67 $42 $30 $459 $23 
Six Months Ended June 30, 2022
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$4,223 $54 $134 $768 $10 
Changes in fair value included in earnings663 — (72)117 14 
Purchases1,178 — — — — 
Issuances360 — — — — 
Sales(289)— — — — 
Repayments— — — (292)— 
Settlements— — — (61)— 
Other changes16 — — — — 
Balance - end of period$6,151 $54 $62 $532 $24 

(1)Additions for mortgages loans held for sale include loans that are purchased or transferred in.
(2)Dispositions for mortgage loans held for sales include loans that are sold or transferred out.

The Company had immaterial LPCs assets and liabilities as of June 30, 2023 and 2022. No transfers were made in or out of Level 3 fair value assets and liabilities for the Company during the six months ended June 30, 2023 and 2022.
The table below presents the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities.
June 30, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSRs(1)
Option adjusted spread(2)
6.8 %12.0 %8.0 %N/AN/AN/A
Discount rateN/AN/AN/A10.4 %13.7 %11.4 %
Prepayment speed6.5 %12.7 %7.6 %6.3 %12.2 %7.2 %
Cost to service per loan(3)
$56 $157 $83 $54 $155 $80 
Average life(4)
7.9 years8.1 years
Mortgage loans held for sale
Market pricing45.0 %102.1 %77.5 %37.3 %114.7 %77.4 %
IRLCs
Value of servicing (reflected as a percentage of loan commitment)— %4.0 %2.0 %(0.6)%3.9 %2.3 %
Excess spread financing(1)
Option adjusted spread(2)
6.8 %12.0 %8.5 %N/AN/AN/A
Discount rateN/AN/AN/A10.0 %13.8 %11.3 %
Prepayment speed7.3 %13.7 %9.7 %6.9 %13.3 %9.2 %
Average life(4)
6.4 years6.6 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates5.6 %8.8 %7.0 %5.2 %8.6 %7.1 %
Annual advance recovery rates14.0 %17.2 %15.0 %15.9 %20.6 %17.3 %

(1)The inputs are weighted by investor.
(2)OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. See discussion on methodology above.
(3)Presented in whole dollar amounts.
(4)Average life is included for informational purposes.
The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value:
 June 30, 2023
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$517 $517 $— $— 
Restricted cash170 170 — — 
Advances and other receivables, net802 — — 802 
Loans subject to repurchase from Ginnie Mae1,650 — 1,650 — 
Financial liabilities
Unsecured senior notes, net2,676 — 2,322 — 
Advance, warehouse and MSR facilities, net3,512 — 3,526 — 
Liability for loans subject to repurchase from Ginnie Mae1,650 — 1,650 — 

December 31, 2022
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$527 $527 $— $— 
Restricted cash175 175 — — 
Advances and other receivables, net1,019 — — 1,019 
Loans subject to repurchase from Ginnie Mae1,865 — 1,865 — 
Financial liabilities
Unsecured senior notes, net2,673 — 2,209 — 
Advance, warehouse and MSR facilities, net2,885 — 2,896 — 
Liability for loans subject to repurchase from Ginnie Mae1,865 — 1,865 — 
v3.23.2
Capital Requirements
 6 Months Ended
Jun. 30, 2023
Mortgage Banking [Abstract]  
Capital Requirements
14. Capital Requirements

Fannie Mae, Freddie Mac, Ginnie Mae and certain private label mortgage investors require the Company to maintain minimum net worth (“capital”) requirements, as specified in the respective selling and servicing agreements. In addition, these investors may require capital ratios in excess of the stated requirements to approve large servicing transfers. To the extent that these requirements are not met, the Company’s secondary market investors may utilize a range of remedies ranging from sanctions, suspension or ultimately termination of the Company’s selling and servicing agreements, which would prohibit the Company from further originating or securitizing these specific types of mortgage loans or being an approved servicer. The Company’s various capital requirements related to its outstanding selling and servicing agreements are measured based on the Company’s operating subsidiary, Nationstar Mortgage LLC. As of June 30, 2023, the Company was in compliance with its selling and servicing capital requirements.
v3.23.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
15. Commitments and Contingencies

Litigation and Regulatory
The Company and its subsidiaries are routinely and currently involved in a number of legal proceedings, including, but not limited to, judicial, arbitration, regulatory and governmental proceedings related to matters that arise in connection with the conduct of the Company’s business. While it is not possible to predict the outcome of any of these matters, based on the Company’s assessment of the facts and circumstances, it does not believe any of these matters, individually or in the aggregate, will have a material adverse effect on the financial position, results of operations or cash flows of the Company. However, actual outcomes may differ from those expected and could have a material effect on our financial position, results of operations, or cash flows in a future period.

The Company will continue to monitor legal matters for further developments that could affect the amount of the accrued liability that has been previously established. Legal-related expenses for the Company include legal settlements and the fees paid to external legal service providers and are included in general and administrative expenses on the condensed consolidated statements of operations. The Company recorded legal-related expenses, net of recoveries, which includes legal settlements and the fees paid to external legal service providers, of $12 and $21 during the three and six months ended June 30, 2023, respectively, and $10 and $8 for the three and six months ended June 30, 2022, respectively, which are included in “expenses - general and administrative” on the unaudited condensed consolidated statements of operations. Management currently believes the aggregate range of reasonably possible loss is $2 to $4 in excess of the accrued liability (if any) related to those matters as of June 30, 2023. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, numerous assumptions and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary substantially from the current estimate.

Other Loss Contingencies
As part of the Company’s ongoing operations, it acquires servicing rights of mortgage loan portfolios that are subject to indemnification based on the representations and warranties of the seller. From time to time, the Company will seek recovery under these representations and warranties for incurred costs. As of June 30, 2023, the Company believes all recorded balances for which recovery is sought from the seller are valid claims, and no evidence suggests additional reserves are warranted.

Loan and Other Commitments
The Company enters into IRLCs with prospective borrowers whereby the Company commits to lend a certain loan amount under specific terms and interest rates to the borrower. The Company also enters into LPCs with prospective sellers. These loan commitments are treated as derivatives and are carried at fair value. See Note 8, Derivative Financial Instruments, for more information.
v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information
16. Segment Information

The Company’s segments reflect the internal reporting the chief operating decision maker uses to evaluate operating performance and are based upon the Company’s organizational structure, which focuses primarily on the services offered. A brief description of our current business segments is as follows:

Servicing: This segment performs operational activities on behalf of investors or owners of the underlying mortgages and mortgage servicing rights, including collecting and disbursing borrower payments, investor reporting, customer service, modifying loans where appropriate to help borrowers stay current, and when necessary performing collections, foreclosures, and the sale of REO.

Originations: This segment originates residential mortgage loans through our direct-to-consumer channel, which provides refinance options for our existing customers, and through our correspondent channel, which purchases or originates loans from mortgage bankers.
Corporate/Other: Functional expenses are allocated to individual segments based on the actual cost of services performed, direct resource utilization, or headcount percentage for shared services. During the fourth quarter of 2022, the Company began allocating shared services based on headcount instead of an estimate of percentage use as it changed its segment measures provided to and used by the chief operating decision maker. As a result, all costs for shared services are allocated to individual segments based on headcount. The Company recast segment information for the historical periods presented herein to reflect the allocation method change and to conform to the current presentation. The change affects total expenses for Servicing and Originations segments and Corporate/Other, but had no effect on condensed consolidated statements of operations. Non-allocated corporate expenses include the administrative costs of executive management and other corporate functions that are not directly attributable to the Company’s operating segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. Eliminations are included in Corporate/Other.


The following tables present financial information by segment:
 Three Months Ended June 30, 2023
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$365 $16 $21 $402 
Net gain on mortgage loans held for sale3 81 — 84 
Total revenues368 97 21 486 
Total expenses159 59 60 278 
Interest income107 10 — 117 
Interest expense(73)(10)(39)(122)
Other expense, net— — (5)(5)
Total other income (expenses), net34 — (44)(10)
Income (loss) before income tax expense (benefit)$243 $38 $(83)$198 
Depreciation and amortization for property and equipment and intangible assets$3 $2 $4 $9 
Total assets $10,231 $1,086 $1,827 $13,144 

Three Months Ended June 30, 2022
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$414 $24 $22 $460 
Net (loss) gain on mortgage loans held for sale(19)158 — 139 
Total revenues395 182 22 599 
Total expenses143 125 60 328 
Interest income35 15 — 50 
Interest expense(61)(10)(40)(111)
Other expense, net— — (5)(5)
Total other (expenses) income, net(26)5 (45)(66)
Income (loss) before income tax expense (benefit)$226 $62 $(83)$205 
Depreciation and amortization for property and equipment and intangible assets$5 $5 $(1)$9 
Total assets $9,645 $1,381 $1,869 $12,895 
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ 142 $ 151 $ 179 $ 809
v3.23.2
Insider Trading Arrangements - Jay Bray [Member]
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
shares
Jun. 30, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   Jay Bray, Chairman and Chief Executive Officer, entered into a pre-arranged stock trading plan (the “10b5-1 Plan”) with a brokerage firm to sell up to a maximum of 300,000 shares of the Company’s common stock between September 29, 2023 and September 30, 2024. The 10b5-1 Plan was designed to comply with the guidelines specified in Rule 10b5-1 promulgated under the Securities Exchange Act of 1934, as amended, and is intended to satisfy the affirmative defense of Rule 10b5–1(c).
Name Jay Bray  
Title Chairman and Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date June 14, 2023  
Jay Bray Trading Arrangement Maximum [Member]    
Trading Arrangements, by Individual    
Aggregate Available 300 300
v3.23.2
Nature of Business and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
Basis of Presentation
The interim condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Reports on Form 10-K for the year ended December 31, 2022.
The interim condensed consolidated financial statements are unaudited; however, in the opinion of management, all adjustments, consisting of normal recurring items, considered necessary for a fair presentation of the results of the interim periods have been included. Dollar amounts are reported in millions, except per share data and other key metrics, unless otherwise noted
Basis of consolidation Basis of ConsolidationThe condensed consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, other entities in which the Company has a controlling financial interest and those variable interest entities (“VIE”) where the Company’s wholly-owned subsidiaries are the primary beneficiaries. Assets and liabilities of VIEs and their respective results of operations are consolidated from the date that the Company became the primary beneficiary through the date the Company ceases to be the primary beneficiary. The Company applies the equity method of accounting to investments where it is able to exercise significant influence, but not control, over the policies and procedures of the entity and owns less than 50% of the voting interests. These investments are initially measured at cost and subsequently adjusted for the Company’s proportionate share of earnings and losses in the investee. Investments in certain companies over which the Company does not exert significant influence are recorded at fair value, or at cost and updated for observable price changes upon election of measurement alternative, at the end of each reporting period. Intercompany balances and transactions on consolidated entities have been eliminated.
Use of estimates
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates due to factors such as adverse changes in the economy, macro-economic uncertainty, changes in interest rates, secondary market pricing for loans held for sale and derivatives, strength of underwriting and servicing practices, changes in prepayment assumptions, declines in home prices or discrete events adversely affecting specific borrowers and such differences could be material.
Reclassification
Reclassifications
Certain reclassifications have been made in the 2022 condensed consolidated statement of cash flows to conform to 2023 presentation. Such reclassifications were not material and did not affect total revenues or net income.
Recent accounting guidance adopted Recent Accounting Guidance AdoptedThe Company did not adopt any accounting guidance during the six months ended June 30, 2023 that had a material impact on its condensed consolidated financial statements or disclosures.
v3.23.2
Mortgage Servicing Rights and Related Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Transfers and Servicing [Abstract]  
Schedule of servicing assets at fair value
The following table sets forth the carrying value of the Company’s mortgage servicing rights (“MSRs”) and the related liabilities. In estimating the fair value of all mortgage servicing rights and related liabilities, the impact of the current environment was considered in the determination of key assumptions.
MSRs and Related LiabilitiesJune 30, 2023December 31, 2022
MSRs - fair value$7,149 $6,654 
Excess spread financing at fair value$459 $509 
Mortgage servicing rights financing at fair value23 19 
MSR related liabilities - nonrecourse at fair value$482 $528 
The following table sets forth the activities of MSRs:
Six Months Ended June 30,
MSRs - Fair Value20232022
Fair value - beginning of period$6,654 $4,223 
Additions:
Servicing retained from mortgage loans sold133 360 
Purchases of servicing rights870 1,178 
Dispositions:
Sales of servicing assets and excess yield(280)(289)
Changes in fair value:
Changes in valuation inputs or assumptions used in the valuation model (MSR MTM)34 1,124 
Changes in valuation due to amortization(273)(461)
Other changes(1)
11 16 
Fair value - end of period$7,149 $6,151 

(1)Amounts primarily represent negative fair values reclassified from the MSR asset to reserves as underlying loans are removed from the MSR and other reclassification adjustments.
The following table provides a breakdown of UPB and fair value for the Company’s MSRs:
June 30, 2023December 31, 2022
MSRs - UPB and Fair Value Breakdown by Investor PoolsUPBFair ValueUPBFair Value
Agency$431,876 $6,848 $380,502 $6,322 
Non-agency27,600 301 30,880 332 
Total$459,476 $7,149 $411,382 $6,654 
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets
The following table shows the hypothetical effect on the fair value of the Company’s MSRs when applying certain unfavorable variations of key assumptions to these assets for the dates indicated:
Option Adjusted Spread(1)
Total Prepayment Speeds
Cost to Service per Loan
MSRs - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
June 30, 2023
Mortgage servicing rights$(286)$(549)$(157)$(305)$(69)$(139)
Discount Rate
Total Prepayment Speeds
Cost to Service per Loan
MSRs - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
December 31, 2022
Mortgage servicing rights$(266)$(511)$(136)$(264)$(61)$(122)
The following table shows the hypothetical effect on the Company’s excess spread financing fair value when applying certain unfavorable variations of key assumptions to these liabilities for the dates indicated:
Option Adjusted Spread(1)
Prepayment Speeds
Excess Spread Financing - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
June 30, 2023
Excess spread financing$16 $34 $6 $18 
Discount Rate
Prepayment Speeds
Excess Spread Financing - Hypothetical Sensitivities
100 bps
Adverse
Change
200 bps
Adverse
Change
10%
Adverse
Change
20%
Adverse
Change
December 31, 2022
Excess spread financing$19 $40 $11 $22 
Schedule of fees earned in exchange for servicing financial assets
The following table sets forth the items comprising total “revenues - service related, net”:
Three Months Ended June 30,Six Months Ended June 30,
Revenues - Service Related, net2023202220232022
Contractually specified servicing fees(1)
$407 $378 $791 $705 
Other service-related income(1)
19 39 33 72 
Incentive and modification income(1)
8 9 14 18 
Servicing late fees(1)
23 19 44 38 
Mark-to-market adjustments - Servicing
MSR MTM139 326 34 1,124 
Loss on MSR hedging activities(111)(89)(52)(229)
Gain on MSR sales32 1 32 1 
Reclassifications(2)
(9)(6)(18)(12)
Excess spread /MSR financing MTM12 (32)6 (131)
Total mark-to-market adjustments - Servicing63 200 2 753 
Amortization, net of accretion
MSR amortization(148)(226)(273)(461)
Excess spread accretion11 27 21 60 
Total amortization, net of accretion(137)(199)(252)(401)
Originations service fees(3)
16 24 27 66 
Corporate/Xome related service fees21 22 40 34 
Other(4)
(18)(32)(36)(70)
Total revenues - Service Related, net$402 $460 $663 $1,215 

(1)The Company recognizes revenue on an earned basis for services performed. Amounts include subservicing related revenues. Amounts also include servicing fees from loans sold with servicing retained of $176 and $170 for the three months ended June 30, 2023 and 2022, respectively, and $353 and $316 for the six months ended June 30, 2023 and 2022, respectively.
(2)Reclassifications include the impact of negative modeled cash flows which have been transferred to reserves on advances and other receivables. The negative modeled cash flows relate to advances and other receivables associated with inactive and liquidated loans that are no longer part of the MSR portfolio.
(3)Amounts include fees collected from customers for originated loans and from other lenders for loans purchased through the correspondent channel, and include loan application, underwriting, and other similar fees.
(4)Other represents the excess servicing fee that the Company pays to the counterparties under the excess spread financing arrangements, portfolio runoff and the payments made associated with MSR financing arrangements.
v3.23.2
Advances and Other Receivables (Tables)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule of accounts receivable
Advances and other receivables, net, consists of the following:
Advances and Other Receivables, NetJune 30, 2023December 31, 2022
Servicing advances, net of $9 and $12 purchase discount, respectively
$849 $1,053 
Receivables from agencies, investors and prior servicers, net of $7 purchase discount
109 103 
Reserves(156)(137)
Total advances and other receivables, net$802 $1,019 

The following table sets forth the activities of the servicing reserves for advances and other receivables:
Three Months Ended June 30,Six Months Ended June 30,
Reserves for Advances and Other Receivables2023202220232022
Balance - beginning of period$148 $152 $137 $167 
Provision9 6 18 12 
Reclassifications(1)
9 12 16 22 
Write-offs(10)(20)(15)(51)
Balance - end of period$156 $150 $156 $150 

(1)Reclassifications represent required reserves provisioned within other balance sheet accounts as associated serviced loans become inactive or liquidate.
The following tables set forth the activities of the purchase discounts for advances and other receivables:
Three Months Ended June 30,
20232022
Purchase Discount for Advances and Other ReceivablesServicing AdvancesReceivables from Agencies, Investors and Prior ServicersServicing AdvancesReceivables from Agencies, Investors and Prior Servicers
Balance - beginning of period$9 $7 $16 $8 
Utilization of purchase discounts— — (2)— 
Balance - end of period$9 $7 $14 $8 

Six Months Ended June 30,
20232022
Purchase Discount for Advances and Other ReceivablesServicing AdvancesReceivables from Agencies, Investors and Prior ServicersServicing AdvancesReceivables from Agencies, Investors and Prior Servicers
Balance - beginning of period $12 $7 $19 $12 
Utilization of purchase discounts(3)— (5)(4)
Balance - end of period$9 $7 $14 $8 
v3.23.2
Mortgage Loans Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2023
Mortgage Loans Held for Sale and Investment [Abstract]  
Schedule of mortgage loans held-for-sale
Mortgage loans held for sale are recorded at fair value as set forth below:
Mortgage Loans Held for SaleJune 30, 2023December 31, 2022
Mortgage loans held for sale – UPB$1,211 $921 
Mark-to-market adjustment(1)
(24)(28)
Total mortgage loans held for sale$1,187 $893 

(1)The mark-to-market adjustment includes net change in unrealized gain/loss, premium on correspondent loans and fees on direct-to-consumer loans. The mark-to-market adjustment is recorded in “revenues - net gain on mortgage loans held for sale” in the condensed consolidated statements of operations.

The following table sets forth the activities of mortgage loans held for sale:
Six Months Ended June 30,
Mortgage Loans Held for Sale20232022
Balance - beginning of period$893 $4,381 
Loans sold and loan payments received(6,845)(24,251)
Mortgage loans originated and purchased, net of fees6,593 19,370 
Repurchase of loans out of Ginnie Mae securitizations(1)
547 2,686 
Net change in unrealized gain (loss) on retained loans held for sale5 (115)
Net transfers of mortgage loans held for sale(2)
(6)1 
Balance - end of period$1,187 $2,072 

(1)The Company has the optional right to repurchase any individual loan in a Ginnie Mae securitization pool if that loan meets certain criteria, including being delinquent greater than 90 days. The majority of Ginnie Mae repurchased loans are repurchased in connection with loan modifications and loan resolution activity, with the intent to re-pool into new Ginnie Mae securitizations upon re-performance of the loan or to otherwise sell to third-party investors. Therefore, these loans are classified as held for sale.
(2)Amounts reflect transfers to other assets for loans transitioning into REO status and transfers to advances and other receivables, net, for claims made on certain government insurance mortgage loans. Transfers out are net of transfers in upon receipt of proceeds from an REO sale or claim filing.
The total UPB and fair value of mortgage loans held for sale on non-accrual status was as follows:
June 30, 2023December 31, 2022
Mortgage Loans Held for SaleUPBFair ValueUPBFair Value
Non-accrual(1)
$80 $68 $102 $87 

(1)Non-accrual UPB includes $67 and $90 of UPB related to Ginnie Mae repurchased loans as of June 30, 2023 and December 31, 2022, respectively.
v3.23.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments
The following tables provide the outstanding notional balances, fair values of outstanding positions and recorded gains/(losses) for the derivative financial instruments. Gains/(losses) include both realized and unrealized gains/(losses) of each derivative financial instrument.
June 30, 2023Six Months Ended June 30, 2023
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2023$556 $8 $(1)
Derivative financial instruments
IRLCs2023$1,041 $30 $8 
LPCs2023200 1 — 
Forward MBS trades20231,712 10 43 
Treasury futures202372 — — 
Total derivative financial instruments - assets$3,025 $41 $51 
Liabilities
Derivative financial instruments
IRLCs2023$18 $— $— 
LPCs2023234 1 — 
Forward MBS trades20231,175 3 (50)
Treasury futures20232,510 20 (44)
Total derivative financial instruments - liabilities$3,937 $24 $(94)

June 30, 2022Six Months Ended June 30, 2022
Derivative Financial InstrumentsExpiration
Dates		Outstanding
Notional		Fair
Value		Gains/(Losses)
Assets
Mortgage loans held for sale
Loan sale commitments2022$246 $8 $(17)
Derivative financial instruments
IRLCs2022$2,103 $62 $(72)
LPCs2022325 3 — 
Forward MBS trades20221,798 12 429 
Treasury futures202230 — 3 
Total derivative financial instruments - assets$4,256 $77 $360 
Liabilities
Derivative financial instruments
IRLCs2022$56 $1 $(1)
LPCs2022186 1 1 
Forward MBS trades20221,716 13 (31)
Treasury futures2022902 18 (185)
Total derivative financial instruments - liabilities$2,860 $33 $(216)
v3.23.2
Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of unsecured senior notes
Unsecured senior notes consist of the following:
Unsecured Senior NotesJune 30, 2023December 31, 2022
$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(24)(27)
Unsecured senior notes, net $2,676 $2,673 
Schedule of maturities of long-term debt
As of June 30, 2023, the expected maturities of the Company’s unsecured senior notes based on contractual maturities are as follows:
Year Ending December 31,Amount
2023 through 2026$— 
2027600 
Thereafter2,100 
Total unsecured senior notes principal amount$2,700 
v3.23.2
Securitizations and Financings (Tables)
 6 Months Ended
Jun. 30, 2023
Variable Interest Entities and Securitizations [Abstract]  
Schedule of assets and liabilities of VIEs included in financial statements
A summary of the assets and liabilities of the Company’s transactions with VIEs included in the Company’s condensed consolidated balance sheets is presented below:
June 30, 2023December 31, 2022
Consolidated Transactions with VIEsTransfers
Accounted for as
Secured
Borrowings		Transfers
Accounted for as
Secured
Borrowings
Assets
Restricted cash$86 $78 
Advances and other receivables, net379 398 
Total assets$465 $476 
Liabilities
Advance facilities, net(1)
$317 $321 
Payables and other liabilities1 1 
Total liabilities$318 $322 

(1)Refer to advance facilities in Note 9, Indebtedness, for additional information.

The following table shows a summary of the outstanding collateral and certificate balances for securitization trusts for which the Company was the transferor, including any retained beneficial interests and MSRs, that were not consolidated by the Company:
Unconsolidated Securitization TrustsJune 30, 2023December 31, 2022
Total collateral balances - UPB$925 $976 
Total certificate balances$901 $949 
A summary of mortgage loans transferred by the Company to unconsolidated securitization trusts that are 60 days or more past due are presented below:
Principal Amount of Transferred Loans 60 Days or More Past DueJune 30, 2023December 31, 2022
Unconsolidated securitization trusts$99 $119 
v3.23.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of earnings per share
The following table sets forth the computation of basic and diluted net income per common share (amounts in millions, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
Computation of Earnings Per Share2023202220232022
Net income$142 $151 $179 $809 
Weighted average shares of common stock outstanding (in thousands):
Basic67,649 72,709 68,325 73,278 
Dilutive effect of stock awards957 1,618 1,316 2,052 
Diluted68,606 74,327 69,641 75,330 
Earnings per common share
Basic$2.10 $2.08 $2.62 $11.04 
Diluted$2.07 $2.03 $2.57 $10.74 
v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value, assets and liabilities measured on recurring basis
The following tables present the estimated carrying amount and fair value of the Company’s financial instruments and other assets and liabilities measured at fair value on a recurring basis:
 June 30, 2023
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$1,187 $— $1,120 $67 
Mortgage servicing rights7,149 — — 7,149 
Equity investments43 1 — 42 
Derivative financial instruments
IRLCs30 — — 30 
LPCs1 — — 1 
Forward MBS trades10 — 10 — 
Liabilities
Derivative financial instruments
LPCs1 — — 1 
Forward MBS trades3 — 3 — 
Treasury futures20 — 20 — 
Mortgage servicing rights financing23 — — 23 
Excess spread financing459 — — 459 
 December 31, 2022
  Recurring Fair Value Measurements
Fair Value - Recurring BasisTotal Fair ValueLevel 1Level 2Level 3
Assets
Mortgage loans held for sale$893 $— $819 $74 
Mortgage servicing rights6,654 — — 6,654 
Equity investments47 2 — 45 
Derivative financial instruments
IRLCs22 — — 22 
Forward MBS trades8 — 8 — 
LPCs1 — — 1 
Liabilities
Derivative financial instruments
Forward MBS trades9 — 9 — 
LPCs1 — — 1 
Treasury futures14 — 14 — 
Mortgage servicing rights financing19 — — 19 
Excess spread financing509 — — 509 
Schedule of fair value, assets and liabilities measured on recurring basis, unobservable input reconciliation
The tables below present a reconciliation for all of the Company’s Level 3 assets and liabilities measured at fair value on a recurring basis:
Six Months Ended June 30, 2023
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsMortgage loans held for saleEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$6,654 $74 $45 $22 $509 $19 
Changes in fair value included in earnings(239)2 (3)8 (10)4 
Purchases/additions (1)
870 47 — — — — 
Issuances133 — — — — — 
Sales/dispositions (2)
(280)(54)— — — — 
Repayments— (2)— — (4)— 
Settlements— — — — (36)— 
Other changes11 — — — — — 
Balance - end of period$7,149 $67 $42 $30 $459 $23 
Six Months Ended June 30, 2022
 AssetsLiabilities
Fair Value - Level 3 Assets and LiabilitiesMortgage servicing rightsEquity investmentsIRLCsExcess spread financingMortgage servicing rights financing
Balance - beginning of period$4,223 $54 $134 $768 $10 
Changes in fair value included in earnings663 — (72)117 14 
Purchases1,178 — — — — 
Issuances360 — — — — 
Sales(289)— — — — 
Repayments— — — (292)— 
Settlements— — — (61)— 
Other changes16 — — — — 
Balance - end of period$6,151 $54 $62 $532 $24 
Fair value measurement inputs and valuation techniques
The table below presents the quantitative information for significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities.
June 30, 2023December 31, 2022
RangeWeighted AverageRangeWeighted Average
Level 3 InputsMinMaxMinMax
MSRs(1)
Option adjusted spread(2)
6.8 %12.0 %8.0 %N/AN/AN/A
Discount rateN/AN/AN/A10.4 %13.7 %11.4 %
Prepayment speed6.5 %12.7 %7.6 %6.3 %12.2 %7.2 %
Cost to service per loan(3)
$56 $157 $83 $54 $155 $80 
Average life(4)
7.9 years8.1 years
Mortgage loans held for sale
Market pricing45.0 %102.1 %77.5 %37.3 %114.7 %77.4 %
IRLCs
Value of servicing (reflected as a percentage of loan commitment)— %4.0 %2.0 %(0.6)%3.9 %2.3 %
Excess spread financing(1)
Option adjusted spread(2)
6.8 %12.0 %8.5 %N/AN/AN/A
Discount rateN/AN/AN/A10.0 %13.8 %11.3 %
Prepayment speed7.3 %13.7 %9.7 %6.9 %13.3 %9.2 %
Average life(4)
6.4 years6.6 years
Mortgage servicing rights financing
Advance financing and counterparty fee rates5.6 %8.8 %7.0 %5.2 %8.6 %7.1 %
Annual advance recovery rates14.0 %17.2 %15.0 %15.9 %20.6 %17.3 %

(1)The inputs are weighted by investor.
(2)OAS represents incremental spread above a risk-free rate (one-month SOFR), which is an observable input. See discussion on methodology above.
(3)Presented in whole dollar amounts.
(4)Average life is included for informational purposes.
Schedule of fair value, by balance sheet grouping
The tables below present a summary of the estimated carrying amount and fair value of the Company’s financial instruments not carried at fair value:
 June 30, 2023
 Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$517 $517 $— $— 
Restricted cash170 170 — — 
Advances and other receivables, net802 — — 802 
Loans subject to repurchase from Ginnie Mae1,650 — 1,650 — 
Financial liabilities
Unsecured senior notes, net2,676 — 2,322 — 
Advance, warehouse and MSR facilities, net3,512 — 3,526 — 
Liability for loans subject to repurchase from Ginnie Mae1,650 — 1,650 — 

December 31, 2022
Carrying
Amount		Fair Value
Financial InstrumentsLevel 1Level 2Level 3
Financial assets
Cash and cash equivalents$527 $527 $— $— 
Restricted cash175 175 — — 
Advances and other receivables, net1,019 — — 1,019 
Loans subject to repurchase from Ginnie Mae1,865 — 1,865 — 
Financial liabilities
Unsecured senior notes, net2,673 — 2,209 — 
Advance, warehouse and MSR facilities, net2,885 — 2,896 — 
Liability for loans subject to repurchase from Ginnie Mae1,865 — 1,865 — 
v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of segment reporting information
The following tables present financial information by segment:
 Three Months Ended June 30, 2023
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$365 $16 $21 $402 
Net gain on mortgage loans held for sale3 81 — 84 
Total revenues368 97 21 486 
Total expenses159 59 60 278 
Interest income107 10 — 117 
Interest expense(73)(10)(39)(122)
Other expense, net— — (5)(5)
Total other income (expenses), net34 — (44)(10)
Income (loss) before income tax expense (benefit)$243 $38 $(83)$198 
Depreciation and amortization for property and equipment and intangible assets$3 $2 $4 $9 
Total assets $10,231 $1,086 $1,827 $13,144 

Three Months Ended June 30, 2022
Financial Information by SegmentServicingOriginationsCorporate/OtherConsolidated
Revenues
Service related, net$414 $24 $22 $460 
Net (loss) gain on mortgage loans held for sale(19)158 — 139 
Total revenues395 182 22 599 
Total expenses143 125 60 328 
Interest income35 15 — 50 
Interest expense(61)(10)(40)(111)
Other expense, net— — (5)(5)
Total other (expenses) income, net(26)5 (45)(66)
Income (loss) before income tax expense (benefit)$226 $62 $(83)$205 
Depreciation and amortization for property and equipment and intangible assets$5 $5 $(1)$9 
Total assets $9,645 $1,381 $1,869 $12,895 
v3.23.2
Nature of Business and Basis of Presentation (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Jun. 30, 2023
May 01, 2023
Business Combination, Description [Abstract]    
Asset Acquisition, Consideration Transferred $ 34  
Home Point Capital Inc [Member]    
Business Combination, Description [Abstract]    
Price per share (in dollars per share)   $ 2.33
v3.23.2
Discontinued Operations and Disposal Groups (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Jun. 30, 2022
Mar. 31, 2022
Sagent M&C, LLC        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income (Loss) from Equity Method Investments $ 4.0 $ 11.0    
Equity Method Investments $ 226.0 226.0   $ 250.0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgage Servicing Platform        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Disposal Group, Discontinued Operation, Transaction Cost   $ 0.0 $ 4.0  
Purchase price       260.0
Disposal Group, Including Discontinued Operation, Assets, Noncurrent       31.0
Cash received from disposal       $ 9.9
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal     $ 223.0  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgage Servicing Platform | Sagent M&C, LLC | Mr. Cooper Group Inc.        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Ownership interest percentage       19.90%
v3.23.2
Mortgage Servicing Rights and Related Liabilities - MSRs and Related Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Mortgage Servicing Rights [Line Items]    
Excess spread financing at fair value $ 459 $ 509
Mortgage servicing rights financing at fair value 23 19
MSR related liabilities - nonrecourse at fair value 482 528
Mortgage servicing rights    
Mortgage Servicing Rights [Line Items]    
MSRs - fair value $ 7,149 $ 6,654
v3.23.2
Mortgage Servicing Rights and Related Liabilities - MSR's at Fair Value (Details) - Mortgage servicing rights - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Servicing Asset at Fair Value, Amount [Roll Forward]    
Fair value - beginning of period $ 6,654 $ 4,223
Servicing retained from mortgage loans sold 133 360
Purchases of servicing rights 870 1,178
Sales of servicing assets and excess yield (280) (289)
Changes in valuation inputs or assumptions used in the valuation model (MSR MTM) 34 1,124
Changes in valuation due to amortization (273) (461)
Other changes(1) 11 16
Fair value - end of period $ 7,149 $ 6,151
v3.23.2
Mortgage Servicing Rights and Related Liabilities - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Servicing Asset at Amortized Cost [Line Items]      
Excess spread financing - fair value $ 459 $ 509  
Forward MSRs Sold      
Servicing Asset at Amortized Cost [Line Items]      
UPB 1,605   $ 20,052
Forward MSRs Sold, Subservicing Retained      
Servicing Asset at Amortized Cost [Line Items]      
UPB 590   $ 19,367
Excess spread financing      
Servicing Asset at Amortized Cost [Line Items]      
UPB $ 78,838 $ 83,706  
v3.23.2
Mortgage Servicing Rights and Related Liabilities - UPB related to owned MSRs (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Owned Service Loans [Line Items]      
Gain on Sale of Excess Yield $ 33    
Sale of Excess Yield, Total Proceeds 294    
Sale of Excess Yield, UPB 41,958    
Mortgage servicing rights      
Owned Service Loans [Line Items]      
UPB 459,476 $ 411,382  
Fair Value 7,149 6,654  
Forward MSRs Sold      
Owned Service Loans [Line Items]      
UPB 1,605   $ 20,052
Forward MSRs Sold, Subservicing Retained      
Owned Service Loans [Line Items]      
UPB 590   $ 19,367
Agency | Mortgage servicing rights      
Owned Service Loans [Line Items]      
UPB 431,876 380,502  
Fair Value 6,848 6,322  
Non-agency | Mortgage servicing rights      
Owned Service Loans [Line Items]      
UPB 27,600 30,880  
Fair Value $ 301 $ 332  
v3.23.2
Mortgage Servicing Rights and Related Liabilities - Fair Value Sensitivity Analysis (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Mortgage servicing rights    
Excess Spread Financing - Hypothetical Sensitivities    
Total prepayment speeds, 10% Adverse Change $ (157) $ (136)
Total prepayment speeds, 20% Adverse Change (305) (264)
Cost to Service per Loan, 10% Adverse Change (69) (61)
Cost to Service per Loan, 20% Adverse Change (139) (122)
Mortgage servicing rights | 100 bps Adverse Change    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1) (286)  
Mortgage servicing rights | 200 bps Adverse Change    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1) (549)  
Excess spread financing    
Excess Spread Financing - Hypothetical Sensitivities    
Total prepayment speeds, 10% Adverse Change 6 11
Total prepayment speeds, 20% Adverse Change 18 22
Excess spread financing | 100 bps Adverse Change    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1) 16  
Excess spread financing | 200 bps Adverse Change    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1) $ 34  
100 bps Adverse Change | Mortgage servicing rights    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1)   (266)
100 bps Adverse Change | Excess spread financing    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1)   19
200 bps Adverse Change | Mortgage servicing rights    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1)   (511)
200 bps Adverse Change | Excess spread financing    
Excess Spread Financing - Hypothetical Sensitivities    
Option Adjusted Spread(1)   $ 40
v3.23.2
Mortgage Servicing Rights and Related Liabilities - Servicing Revenue (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Transfers and Servicing [Abstract]        
Contractually specified servicing fees(1) $ 407,000,000 $ 378,000,000 $ 791,000,000 $ 705,000,000
Other service-related income(1) 19,000,000 39,000,000 33,000,000 72,000,000
Incentive and modification income(1) 8,000,000 9,000,000 14,000,000 18,000,000
Servicing late fees(1) 23,000,000 19,000,000 44,000,000 38,000,000
MSR MTM (139,000,000) (326,000,000) (34,000,000) (1,124,000,000)
Loss on MSR hedging activities (111,000,000) (89,000,000) (52,000,000) (229,000,000)
Gain on MSR sales 32,000,000 1,000,000 32,000,000 1,000,000
Reclassifications(2) (9,000,000) (6,000,000) (18,000,000) (12,000,000)
Excess spread /MSR financing MTM 12,000,000 (32,000,000) 6,000,000 (131,000,000)
Total mark-to-market adjustments - Servicing (63,000,000) (200,000,000) (2,000,000) (753,000,000)
MSR amortization 148,000,000 226,000,000 273,000,000 461,000,000
Excess spread accretion (11,000,000) (27,000,000) (21,000,000) (60,000,000)
Total amortization, net of accretion 137,000,000 199,000,000 252,000,000 401,000,000
Originations service fees(3) 16,000,000 24,000,000 27,000,000 66,000,000
Corporate/Xome related service fees 21,000,000 22,000,000 40,000,000 34,000,000
Other(4) 18,000,000 32,000,000 36,000,000 70,000,000
Total revenues - Service Related, net 402,000,000 460,000,000 663,000,000 1,215,000,000
Cash Flows Between Transferor and Transferee, Servicing Fees $ 176,000,000 $ 170,000,000 $ 353,000,000 $ 316,000,000
v3.23.2
Advances and Other Receivables - Schedule of Accounts Receivable (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Receivables [Abstract]            
Servicing advances, net of $9 and $12 purchase discount, respectively $ 849   $ 1,053      
Receivables from agencies, investors and prior servicers, net of $7 purchase discount 109   103      
Reserves (156)   (137)      
Total advances and other receivables, net 802   1,019      
Servicing advances discount 9 $ 9 12 $ 14 $ 16 $ 19
Receivables discount $ 7 $ 7 $ 7 $ 8 $ 8 $ 12
v3.23.2
Advances and Other Receivables - Advances and Other Receivables Roll Forward (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Reserves for Advances and Other Receivables        
Advances and Other Receivables, Servicing Reserves $ 148 $ 152 $ 137 $ 167
Provision 9 6 18 12
Reclassifications(1) 9 12 16 22
Write-offs (10) (20) (15) (51)
Advances and Other Receivables, Servicing Reserves $ 156 $ 150 $ 156 $ 150
v3.23.2
Advances and Other Receivables - Purchase Discount (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Servicing Advances        
Servicing Advances, Discount $ 9 $ 16 $ 12 $ 19
Utilization of purchase discounts 0 (2) (3) (5)
Servicing Advances, Discount 9 14 9 14
Receivables from Agencies, Investors and Prior Servicers        
Receivable with Imputed Interest, Discount 7 8 7 8
Utilization of purchase discounts 0 0 0 (4)
Receivable with Imputed Interest, Discount $ 7 $ 8 $ 7 $ 12
v3.23.2
Advances and Other Receivables - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, allowance for credit loss $ 37 $ 33 $ 37 $ 33
Financial instruments collection period     39 months  
Advances and other receivables reserve        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Provision 1 (3) $ (1) (7)
Financing receivable, allowance for credit loss 30 25 30 25
Purchase Discount        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Financing receivable, allowance for credit loss $ 7 $ 8 $ 7 $ 8
v3.23.2
Mortgage Loans Held for Sale - Mortgage Loans Held for Sale (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Mortgage loans held for sale – UPB $ 1,211 $ 921
Mark-to-market adjustment(1) (24) (28)
Total mortgage loans held for sale 1,187 893
UPB 80 102
Fair Value 68 87
Ginnie mae repurchased loans    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB $ 67 $ 90
v3.23.2
Mortgage Loans Held for Sale - Reconciliation to Cash Flow (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Mortgage Loans Held for Sale    
Balance - beginning of period $ 893 $ 4,381
Loans sold and loan payments received (6,845) (24,251)
Mortgage loans originated and purchased, net of fees 6,593 19,370
Repurchase of loans out of Ginnie Mae securitizations(1) 547 2,686
Net change in unrealized gain (loss) on retained loans held for sale 5 (115)
Net transfers of mortgage loans held for sale(2) (6) 1
Balance - end of period $ 1,187 $ 2,072
v3.23.2
Mortgage Loans Held for Sale - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Mortgage Loans Held for Sale and Investment [Abstract]      
Gain (Loss) on Sale of Mortgage Loans $ (3) $ (195)  
Sale of mortgage loans held for sale 6,722 $ 23,863  
Mortgage loans held for sale in foreclosure $ 48   $ 65
v3.23.2
Goodwill and Intangible Assets (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 120 $ 120
Intangible assets 28 $ 8
Intangible assets acquired $ 23  
v3.23.2
Derivative Financial Instruments - Derivative Instruments (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Treasury futures    
Derivatives, Fair Value [Line Items]    
Fair Value   $ (18)
Assets    
Derivatives, Fair Value [Line Items]    
Outstanding Notional $ 3,025 4,256
Fair Value 41 77
Gains/(Losses) 51 360
Assets | Loan sale commitments    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 556 246
Fair Value 8 8
Gains/(Losses) (1) (17)
Assets | IRLCs    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 1,041 2,103
Fair Value 30 62
Gains/(Losses) 8 (72)
Assets | LPCs    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 200 325
Fair Value 1 3
Gains/(Losses) 0 0
Assets | Forward MBS trades    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 1,712 1,798
Fair Value 10 12
Gains/(Losses) 43 429
Assets | Treasury futures    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 72 30
Fair Value 0 0
Gains/(Losses) 0 3
Liabilities    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 3,937 2,860
Fair Value (24) (33)
Gains/(Losses) (94) (216)
Liabilities | IRLCs    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 18 56
Fair Value 0 (1)
Gains/(Losses) 0 (1)
Liabilities | LPCs    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 234 186
Fair Value (1) (1)
Gains/(Losses) 0 1
Liabilities | Forward MBS trades    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 1,175 1,716
Fair Value (3) (13)
Gains/(Losses) (50) (31)
Liabilities | Treasury futures    
Derivatives, Fair Value [Line Items]    
Outstanding Notional 2,510 902
Fair Value (20)  
Gains/(Losses) $ (44) $ (185)
v3.23.2
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Other assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Margin Deposit Assets $ 93 $ 49
Payables and other liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Margin Deposit Liability $ 9 $ 1
v3.23.2
Indebtedness - Advance and Warehouse Facilities Summary (Details) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Advance, warehouse and MSR facilities, net $ 3,512,000,000 $ 2,885,000,000
Advance Facilities | Servicing | Loans payable | $350 advance facility    
Debt Instrument [Line Items]    
Capacity Amount 350,000,000  
Outstanding 134,000,000 150,000,000
Collateral Pledged 169,000,000 189,000,000
Advance Facilities | Servicing | Loans payable | $300 advance facility(1)    
Debt Instrument [Line Items]    
Capacity Amount 300,000,000  
Outstanding 259,000,000 308,000,000
Collateral Pledged 354,000,000 410,000,000
Advance Facilities | Servicing | Loans payable | $250 advance facility    
Debt Instrument [Line Items]    
Capacity Amount 250,000,000  
Outstanding 183,000,000 171,000,000
Collateral Pledged 210,000,000 209,000,000
Advance Facilities | Servicing | Notes payable to banks    
Debt Instrument [Line Items]    
Outstanding 610,000,000 669,000,000
Collateral Pledged 798,000,000 853,000,000
Advance Facilities | Servicing | Notes payable to banks | $75 advance facility    
Debt Instrument [Line Items]    
Capacity Amount 75,000,000  
Outstanding 34,000,000 40,000,000
Collateral Pledged 65,000,000 45,000,000
Warehouse Facilities | Originations    
Debt Instrument [Line Items]    
Outstanding 1,107,000,000 817,000,000
Warehouse Facilities | Originations | Notes payable to banks    
Debt Instrument [Line Items]    
Collateral Pledged 1,197,000,000 910,000,000
Warehouse Facilities | Originations | Notes payable to banks | $1500 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 1,500,000,000  
Outstanding 251,000,000 206,000,000
Collateral Pledged 252,000,000 272,000,000
Warehouse Facilities | Originations | Notes payable to banks | $750 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 750,000,000  
Outstanding 186,000,000 135,000,000
Collateral Pledged 239,000,000 133,000,000
Warehouse Facilities | Originations | Notes payable to banks | $750 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 750,000,000  
Outstanding 155,000,000 202,000,000
Collateral Pledged 161,000,000 209,000,000
Warehouse Facilities | Originations | Notes payable to banks | $250 Warehouse Facility(2)    
Debt Instrument [Line Items]    
Capacity Amount 250,000,000  
Outstanding 47,000,000 14,000,000
Collateral Pledged 52,000,000 17,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 500,000,000  
Outstanding 78,000,000 76,000,000
Collateral Pledged 84,000,000 80,000,000
Warehouse Facilities | Originations | Notes payable to banks | $500 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 500,000,000  
Outstanding 101,000,000 31,000,000
Collateral Pledged 103,000,000 32,000,000
Warehouse Facilities | Originations | Notes payable to banks | $300 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 300,000,000  
Outstanding 183,000,000 115,000,000
Collateral Pledged 188,000,000 117,000,000
Warehouse Facilities | Originations | Notes payable to banks | $200 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 200,000,000  
Outstanding 59,000,000 18,000,000
Collateral Pledged 61,000,000 21,000,000
Warehouse Facilities | Originations | Notes payable to banks | $100 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 100,000,000  
Outstanding 29,000,000 19,000,000
Collateral Pledged 39,000,000 28,000,000
Warehouse Facilities | Originations | Notes payable to banks | $100 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 100,000,000  
Outstanding 0 0
Collateral Pledged 0 0
Warehouse Facilities | Originations | Notes payable to banks | $75 Warehouse Facility    
Debt Instrument [Line Items]    
Capacity Amount 75,000,000  
Outstanding 18,000,000 1,000,000
Collateral Pledged 18,000,000 1,000,000
Warehouse Facilities | Originations | Notes payable to banks | $1,000 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 1,000,000,000  
MSR Facilities | Servicing | Notes payable to banks    
Debt Instrument [Line Items]    
Outstanding 1,809,000,000 1,410,000,000
Collateral Pledged 6,147,000,000 5,499,000,000
MSR Facilities | Servicing | Notes payable to banks | $1,450 warehouse facility(1)    
Debt Instrument [Line Items]    
Capacity Amount 1,450,000,000  
Outstanding 250,000,000 260,000,000
Collateral Pledged 2,185,000,000 2,284,000,000
MSR Facilities | Servicing | Notes payable to banks | $1,000 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 1,000,000,000  
Outstanding 550,000,000 380,000,000
Collateral Pledged 1,235,000,000 927,000,000
MSR Facilities | Servicing | Notes payable to banks | $750 warehouse facility(2)    
Debt Instrument [Line Items]    
Capacity Amount 750,000,000  
Outstanding 320,000,000 380,000,000
Collateral Pledged 1,141,000,000 1,482,000,000
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 500,000,000  
Outstanding 265,000,000 365,000,000
Collateral Pledged 713,000,000 732,000,000
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 500,000,000  
Outstanding 199,000,000 0
Collateral Pledged 383,000,000 0
MSR Facilities | Servicing | Notes payable to banks | $500 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 500,000,000  
Outstanding 200,000,000 0
Collateral Pledged 424,000,000 0
MSR Facilities | Servicing | Notes payable to banks | $50 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 50,000,000  
Outstanding 25,000,000 25,000,000
Collateral Pledged 66,000,000 74,000,000
MSR Facilities | Servicing | Notes payable to banks | $1750 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 1,750,000,000  
Advance Financing, Internally Allocated | Servicing | Loans payable | $300 advance facility(1)    
Debt Instrument [Line Items]    
Capacity Amount 300,000,000  
MSR Financing, Internally Allocated | Servicing | Notes payable to banks | $1,450 warehouse facility(1)    
Debt Instrument [Line Items]    
Capacity Amount 1,450,000,000  
MSR Financing, Internally Allocated | Servicing | Notes payable to banks | $500 warehouse facility    
Debt Instrument [Line Items]    
Capacity Amount 750,000,000  
Advance, Warehouse and MSR Facilities    
Debt Instrument [Line Items]    
Outstanding 3,526,000,000 2,896,000,000
Collateral Pledged 8,142,000,000 7,262,000,000
Unamortized debt issuance costs (14,000,000) (11,000,000)
Advance, warehouse and MSR facilities, net $ 3,512,000,000 $ 2,885,000,000
v3.23.2
Indebtedness - Summary of Unsecured Senior Notes (Details) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Unsecured senior notes, net $ 2,676,000,000 $ 2,673,000,000
Unsecured Senior Notes    
Debt Instrument [Line Items]    
Unsecured senior notes principal amount 2,700,000,000 2,700,000,000
Unamortized debt issuance costs (24,000,000) (27,000,000)
Unsecured senior notes, net 2,676,000,000 2,673,000,000
Unsecured Senior Notes | $850 face value, 5.500% interest rate payable semi-annually, due August 2028    
Debt Instrument [Line Items]    
Unsecured senior notes principal amount 850,000,000 850,000,000
Face value $ 850,000,000  
Debt Instrument, Interest Rate, Stated Percentage 5.50%  
Unsecured Senior Notes | $650 face value, 5.125% interest rate payable semi-annually, due December 2030    
Debt Instrument [Line Items]    
Unsecured senior notes principal amount $ 650,000,000 650,000,000
Face value $ 650,000,000  
Debt Instrument, Interest Rate, Stated Percentage 5.125%  
Unsecured Senior Notes | $600 face value, 6.000% interest rate payable semi-annually, due January 2027    
Debt Instrument [Line Items]    
Unsecured senior notes principal amount $ 600,000,000 600,000,000
Face value $ 600,000,000  
Debt Instrument, Interest Rate, Stated Percentage 6.00%  
Unsecured Senior Notes | $600 face value, 5.750% interest rate payable semi-annually, due November 2031    
Debt Instrument [Line Items]    
Unsecured senior notes principal amount $ 600,000,000 $ 600,000,000
Face value $ 600,000,000  
Debt Instrument, Interest Rate, Stated Percentage 5.75%  
v3.23.2
Indebtedness - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Debt Instrument [Line Items]        
Interest Expense $ 122 $ 111 $ 232 $ 217
Advance Facilities        
Debt Instrument [Line Items]        
Short-Term Debt, Weighted Average Interest Rate, over Time     7.40% 2.80%
Advance Facilities | Servicing        
Debt Instrument [Line Items]        
Short-Term Debt, Weighted Average Interest Rate, over Time 7.50% 3.10%    
Warehouse & MSR Facilities        
Debt Instrument [Line Items]        
Short-Term Debt, Weighted Average Interest Rate, over Time 7.40% 3.10% 7.20% 2.60%
Debt        
Debt Instrument [Line Items]        
Interest Expense $ 112 $ 90 $ 211 $ 176
Unsecured Senior Notes        
Debt Instrument [Line Items]        
Maximum percentage redeemable on unsecured debt     40.00%  
Repayments of debt     $ 0 0
Amount of principal amount outstanding repaid     $ 0 $ 0
v3.23.2
Indebtedness - Schedule of Notes Maturity (Details) - Unsecured Senior Notes - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
2023 through 2026 $ 0  
2027 600  
Thereafter 2,100  
Total unsecured senior notes principal amount $ 2,700 $ 2,700
v3.23.2
Securitizations and Financings - Assets and Liabilities of Consolidated VIEs (Details) - Residential mortgage - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Assets - transfers accounted for as secured borrowings $ 465 $ 476
Liabilities - transfers accounted for as secured borrowings 318 322
Restricted cash    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Assets - transfers accounted for as secured borrowings 86 78
Advances and other receivables, net    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Assets - transfers accounted for as secured borrowings 379 398
Advance facilities, net(1)    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Liabilities - transfers accounted for as secured borrowings 317 321
Payables and other liabilities    
Assets and Associated Liabilities of Transfers Accounted for as Secured Borrowings [Line Items]    
Liabilities - transfers accounted for as secured borrowings $ 1 $ 1
v3.23.2
Securitizations and Financings - Securitization Trusts (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Variable Interest Entities and Securitizations [Abstract]    
Total collateral balances - UPB $ 925 $ 976
Total certificate balances 901 949
Financial Asset, Past Due    
Financing Receivable, Past Due [Line Items]    
Unconsolidated securitization trusts $ 99 $ 119
v3.23.2
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
Jun. 30, 2023
Dec. 31, 2022
Preferred Shares [Abstract]    
Preferred Stock, Shares Authorized 10,000,000 10,000,000
Preferred Stock, Par or Stated Value Per Share $ 0.00001 $ 0.00001
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Preferred stock, liquidation preference $ 0 $ 0
v3.23.2
Earnings Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Earnings Per Share [Abstract]        
Net income $ 142 $ 151 $ 179 $ 809
Earnings Per Share, Basic [Abstract]        
Basic $ 2.10 $ 2.08 $ 2.62 $ 11.04
Diluted $ 2.07 $ 2.03 $ 2.57 $ 10.74
Weighted average shares of common stock outstanding (in thousands):        
Basic 67,649 72,709 68,325 73,278
Dilutive effect of stock awards 957 1,618 1,316 2,052
Diluted 68,606 74,327 69,641 75,330
v3.23.2
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Tax Disclosure [Abstract]        
Effective tax rate 28.40% 26.00% 23.30% 24.40%
v3.23.2
Fair Value Measurements - Measured on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Assets      
Mortgage loans held for sale $ 1,187 $ 893  
Liabilities      
Mortgage servicing rights financing 23 19  
Treasury futures      
Assets      
Fair Value     $ 18
Recurring Fair Value Measurements      
Assets      
Mortgage loans held for sale 1,187 893  
Mortgage servicing rights 7,149 6,654  
Equity investments 43 47  
Liabilities      
Mortgage servicing rights financing 23 19  
Excess spread financing 459 509  
Recurring Fair Value Measurements | IRLCs      
Assets      
Fair Value 30 22  
Recurring Fair Value Measurements | LPCs      
Assets      
Fair Value 1 1  
Fair Value 1 1  
Recurring Fair Value Measurements | Forward MBS trades      
Assets      
Fair Value 10 8  
Fair Value 3 9  
Recurring Fair Value Measurements | Treasury futures      
Assets      
Fair Value 20 14  
Recurring Fair Value Measurements | Level 1      
Assets      
Mortgage loans held for sale 0 0  
Mortgage servicing rights 0 0  
Equity investments 1 2  
Liabilities      
Mortgage servicing rights financing 0 0  
Excess spread financing 0 0  
Recurring Fair Value Measurements | Level 1 | IRLCs      
Assets      
Fair Value 0 0  
Recurring Fair Value Measurements | Level 1 | LPCs      
Assets      
Fair Value 0 0  
Fair Value 0 0  
Recurring Fair Value Measurements | Level 1 | Forward MBS trades      
Assets      
Fair Value 0 0  
Fair Value 0 0  
Recurring Fair Value Measurements | Level 1 | Treasury futures      
Assets      
Fair Value 0 0  
Recurring Fair Value Measurements | Level 2      
Assets      
Mortgage loans held for sale 1,120 819  
Mortgage servicing rights 0 0  
Equity investments 0 0  
Liabilities      
Mortgage servicing rights financing 0 0  
Excess spread financing 0 0  
Recurring Fair Value Measurements | Level 2 | IRLCs      
Assets      
Fair Value 0 0  
Recurring Fair Value Measurements | Level 2 | LPCs      
Assets      
Fair Value 0 0  
Fair Value 0 0  
Recurring Fair Value Measurements | Level 2 | Forward MBS trades      
Assets      
Fair Value 10 8  
Fair Value 3 9  
Recurring Fair Value Measurements | Level 2 | Treasury futures      
Assets      
Fair Value 20 14  
Recurring Fair Value Measurements | Level 3      
Assets      
Mortgage loans held for sale 67 74  
Mortgage servicing rights 7,149 6,654  
Equity investments 42 45  
Liabilities      
Mortgage servicing rights financing 23 19  
Excess spread financing 459 509  
Recurring Fair Value Measurements | Level 3 | IRLCs      
Assets      
Fair Value 30 22  
Recurring Fair Value Measurements | Level 3 | LPCs      
Assets      
Fair Value 1 1  
Fair Value 1 1  
Recurring Fair Value Measurements | Level 3 | Forward MBS trades      
Assets      
Fair Value 0 0  
Fair Value 0 0  
Recurring Fair Value Measurements | Level 3 | Treasury futures      
Assets      
Fair Value $ 0 $ 0  
v3.23.2
Fair Value Measurements - Level 3 Reconciliation (Details) - Recurring Fair Value Measurements - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Excess spread financing    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance - beginning of period $ 509 $ 768
Changes in fair value included in earnings (10) 117
Purchases/additions (1) 0 0
Issuances 0 0
Sales/dispositions (2) 0 0
Repayments 4 (292)
Settlements (36) (61)
Other changes 0 0
Balance - end of period 459 532
Mortgage servicing rights financing    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance - beginning of period 19 10
Changes in fair value included in earnings 4 14
Purchases/additions (1) 0 0
Issuances 0 0
Sales/dispositions (2) 0 0
Repayments 0 0
Settlements 0 0
Other changes 0 0
Balance - end of period 23 24
Mortgage servicing rights    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance - beginning of period 6,654 4,223
Changes in fair value included in earnings (239) 663
Purchases/additions (1) 870 1,178
Issuances 133 360
Sales/dispositions (2) (280) (289)
Repayments 0 0
Settlements 0 0
Other changes 11 16
Balance - end of period 7,149 6,151
Mortgage loans held for sale    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance - beginning of period 74  
Changes in fair value included in earnings 2  
Purchases/additions (1) 47  
Issuances 0  
Sales/dispositions (2) (54)  
Repayments 2  
Settlements 0  
Other changes 0  
Balance - end of period 67  
Equity investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance - beginning of period 45 54
Changes in fair value included in earnings (3) 0
Purchases/additions (1) 0 0
Issuances 0 0
Sales/dispositions (2) 0 0
Repayments 0 0
Settlements 0 0
Other changes 0 0
Balance - end of period 42 54
IRLCs    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance - beginning of period 22 134
Changes in fair value included in earnings 8 (72)
Purchases/additions (1) 0 0
Issuances 0 0
Sales/dispositions (2) 0 0
Repayments 0 0
Settlements 0 0
Other changes 0 0
Balance - end of period $ 30 $ 62
v3.23.2
Fair Value Measurements - Unobservable Inputs (Details) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
MSRs(1)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Average life(4) 7 years 10 months 24 days 8 years 1 month 6 days
Excess spread financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Average life(4) 6 years 4 months 24 days 6 years 7 months 6 days
Min | MSRs(1)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Option adjusted spread(2) 6.80%  
Discount rate   10.40%
Prepayment speed 6.50% 6.30%
Cost to service per loan(3) $ 56 $ 54
Min | Mortgage loans held for sale    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market pricing $ 0.450 $ 0.373
Min | IRLCs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Value of servicing (reflected as a percentage of loan commitment) 0 (0.006)
Min | Excess spread financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Option adjusted spread(2) 6.80%  
Discount rate   10.00%
Prepayment speed 7.30% 6.90%
Min | Mortgage servicing rights financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Advance financing and counterparty fee rates 5.60% 5.20%
Annual advance recovery rates 14.00% 15.90%
Max | MSRs(1)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Option adjusted spread(2) 12.00%  
Discount rate   13.70%
Prepayment speed 12.70% 12.20%
Cost to service per loan(3) $ 157 $ 155
Max | Mortgage loans held for sale    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market pricing $ 1.021 $ 1.147
Max | IRLCs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Value of servicing (reflected as a percentage of loan commitment) 0.040 0.039
Max | Excess spread financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Option adjusted spread(2) 12.00%  
Discount rate   13.80%
Prepayment speed 13.70% 13.30%
Max | Mortgage servicing rights financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Advance financing and counterparty fee rates 8.80% 8.60%
Annual advance recovery rates 17.20% 20.60%
Weighted Average | MSRs(1)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Option adjusted spread(2) 8.00%  
Discount rate   11.40%
Prepayment speed 7.60% 7.20%
Cost to service per loan(3) $ 83 $ 80
Weighted Average | Mortgage loans held for sale    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Market pricing $ 0.775 $ 0.774
Weighted Average | IRLCs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Value of servicing (reflected as a percentage of loan commitment) 0.020 0.023
Weighted Average | Excess spread financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Option adjusted spread(2) 8.50%  
Discount rate   11.30%
Prepayment speed 9.70% 9.20%
Weighted Average | Mortgage servicing rights financing    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Advance financing and counterparty fee rates 7.00% 7.10%
Annual advance recovery rates 15.00% 17.30%
v3.23.2
Fair Value Measurements - Fair Value by Balance Sheet Line Item (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Financial assets      
Restricted cash $ 170 $ 175 $ 115
Loans subject to repurchase from Ginnie Mae 1,650 1,865  
Financial liabilities      
Unsecured senior notes, net 2,676 2,673  
Advance, warehouse and MSR facilities, net 3,512 2,885  
Nonrecurring Fair Value Measurements      
Financial assets      
Cash and cash equivalents 517 527  
Restricted cash 170 175  
Advances and other receivables, net 802 1,019  
Loans subject to repurchase from Ginnie Mae 1,650 1,865  
Financial liabilities      
Unsecured senior notes, net 2,676 2,673  
Advance, warehouse and MSR facilities, net 3,512 2,885  
Liability for loans subject to repurchase from Ginnie Mae 1,650 1,865  
Nonrecurring Fair Value Measurements | Level 1      
Financial assets      
Cash and cash equivalents 517 527  
Restricted cash 170 175  
Advances and other receivables, net 0 0  
Loans subject to repurchase from Ginnie Mae 0 0  
Financial liabilities      
Unsecured senior notes, net 0 0  
Advance, warehouse and MSR facilities, net 0 0  
Liability for loans subject to repurchase from Ginnie Mae 0 0  
Nonrecurring Fair Value Measurements | Level 2      
Financial assets      
Cash and cash equivalents 0 0  
Restricted cash 0 0  
Advances and other receivables, net 0 0  
Loans subject to repurchase from Ginnie Mae 1,650 1,865  
Financial liabilities      
Unsecured senior notes, net 2,322 2,209  
Advance, warehouse and MSR facilities, net 3,526 2,896  
Liability for loans subject to repurchase from Ginnie Mae 1,650 1,865  
Nonrecurring Fair Value Measurements | Level 3      
Financial assets      
Cash and cash equivalents 0 0  
Restricted cash 0 0  
Advances and other receivables, net 802 1,019  
Loans subject to repurchase from Ginnie Mae 0 0  
Financial liabilities      
Unsecured senior notes, net 0 0  
Advance, warehouse and MSR facilities, net 0 0  
Liability for loans subject to repurchase from Ginnie Mae $ 0 $ 0  
v3.23.2
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Loss Contingencies [Line Items]        
Legal Fees (Recoveries), net $ 12 $ 10 $ 21 $ 8
Litigation and regulatory matters | Min        
Loss Contingencies [Line Items]        
Estimate of possible loss 2   2  
Litigation and regulatory matters | Max        
Loss Contingencies [Line Items]        
Estimate of possible loss $ 4   $ 4  
v3.23.2
Segment Information - Financial Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Revenues:          
Service related, net $ 402 $ 460 $ 663 $ 1,215  
Net gain on mortgage loans held for sale 84 139 153 436  
Total revenues 486 599 816 1,651  
Total expenses 278 328 539 666  
Other income (expenses)          
Interest income 117 50 202 86  
Interest expense (122) (111) (232) (217)  
Other expense, net (5) (5) (14) 217  
Total other income (expenses), net (10) (66) (44) 86  
Income before income tax expense 198 205 233 1,071  
Depreciation and amortization for property and equipment and intangible assets 9 9 18 20  
Total assets 13,144 12,895 13,144 12,895 $ 12,776
Operating Segments | Servicing          
Revenues:          
Service related, net 365 414 596 1,115  
Net gain on mortgage loans held for sale 3 (19) 3 (4)  
Total revenues 368 395 599 1,111  
Total expenses 159 143 312 265  
Other income (expenses)          
Interest income 107 35 186 54  
Interest expense (73) (61) (136) (115)  
Other expense, net 0 0 0 0  
Total other income (expenses), net 34 (26) 50 (61)  
Income before income tax expense 243 226 337 785  
Depreciation and amortization for property and equipment and intangible assets 3 5 5 10  
Total assets 10,231 9,645 10,231 9,645  
Operating Segments | Originations          
Revenues:          
Service related, net 16 24 27 66  
Net gain on mortgage loans held for sale 81 158 150 440  
Total revenues 97 182 177 506  
Total expenses 59 125 115 299  
Other income (expenses)          
Interest income 10 15 16 32  
Interest expense (10) (10) (17) (22)  
Other expense, net 0 0 0 0  
Total other income (expenses), net 0 5 (1) 10  
Income before income tax expense 38 62 61 217  
Depreciation and amortization for property and equipment and intangible assets 2 5 4 9  
Total assets 1,086 1,381 1,086 1,381  
Corporate/Other          
Revenues:          
Service related, net 21 22 40 34  
Net gain on mortgage loans held for sale 0 0 0 0  
Total revenues 21 22 40 34  
Total expenses 60 60 112 102  
Other income (expenses)          
Interest income 0 0 0 0  
Interest expense (39) (40) (79) (80)  
Other expense, net (5) (5) (14) 217  
Total other income (expenses), net (44) (45) (93) 137  
Income before income tax expense (83) (83) (165) 69  
Depreciation and amortization for property and equipment and intangible assets 4 (1) 9 1  
Total assets $ 1,827 $ 1,869 $ 1,827 $ 1,869