Quarterly report pursuant to Section 13 or 15(d)

Mortgage Loans Held for Sale, at Fair Value (Tables)

v3.21.2
Mortgage Loans Held for Sale, at Fair Value (Tables)
9 Months Ended
Sep. 30, 2021
Mortgage Loans Held for Sale At Fair Value [Abstract]  
Schedule of mortgage loans held for sale at fair value
Mortgage loans held for sale, at fair value, consisted of the following for the dates indicated (in thousands):
 
    
September 30, 2021
    
December 31, 2020
 
    
Successor
    
Predecessor
 
Mortgage loans held for sale - UPB:
      
 
        
Residential mortgage loans
  
$
1,859,842
    
$
2,000,795  
Commercial mortgage loans
  
 
138,101
       140,693  
Fair value adjustments
    
49,072
       81,323  
    
 
 
    
 
 
 
Total mortgage loans held for sale, at fair value
  
$
2,047,015
     $ 2,222,811  
    
 
 
    
 
 
 
Schedule of mortgage loans held for sale that were greater than 90 days past due and on non-accrual status
The table below shows the total amount of mortgage loans held for sale that were greater than 90 days past due and on
non-accrual
status (in thousands):
 
    
September 30, 2021
    
December 31, 2020
 
    
Successor
    
Predecessor
 
Loans 90 days or more past due and on
non-accrual
status
      
 
        
Fair value:
      
 
        
Residential mortgage loans
  
$
3,256
     $ 10,628  
Commercial mortgage loans
    
2,952
       5,051  
    
 
 
    
 
 
 
Total fair value
    
6,208
       15,679  
    
 
 
    
 
 
 
Aggregate UPB:
                 
Residential mortgage loans
  
 
3,905
       13,236  
Commercial mortgage loans
    
3,141
       5,317  
    
 
 
    
 
 
 
Total aggregate UPB
  
 
7,046
       18,553  
    
 
 
    
 
 
 
Difference
  
$
(838
   $ (2,874
    
 
 
    
 
 
 
Summary of cash flows between transferor and transferees resulted from sale of mortgage loans held for sale
The following table summarizes cash flows between the Company and transferees as a result of the sale of mortgage loans in transactions where the Company maintains continuing involvement with the mortgage loans (in thousands):
 
    
For the three
months ended
September 30,
2021
   
April 1, 2021
to
September 30,
2021
   
January 1, 2021

to

March 31, 2021
   
For the three
months ended
September 30,
2020
   
For the nine
months ended
September 30,
2020
 
    
Successor
   
Predecessor
 
Cash flows:
              
 
                       
Sales proceeds
  
$
5,529,393
   
$
10,710,950
    $ 6,387,933     $ 2,464,412     $ 5,333,372  
Fair value of retained beneficial interest
(1)
  
 
51,747
   
 
101,055
      66,400       53,401       98,256  
Gross servicing fees received
  
 
14,878
   
 
29,156
      13,877       5,677       7,501  
Repurchases
  
 
(5,320
 
 
(12,138
    (4,144     (10,169     (18,716
Gain
  
 
200,758
   
 
397,887
      284,948       369,473       661,144  
 
(1)
Fair value of retained beneficial interest includes retained servicing rights and other beneficial interests retained as of the statement of financial condition date.